Document:

Exhibit 4.2-Option Agreement

Golden Spirit Minerals Ltd.

INCENTIVE STOCK OPTION AGREEMENT

Agreement dated ____________, between Golden Spirit Minerals Ltd., a Delaware
Corporation (the "Company"), with its principal office at Suite 806-1288
Alberni Street, Vancouver, B.C., Canada, V6E 4N5 and ______________________,
residing at ____________________________________________________________
("Optionee").

1. Grant of Option . The Company hereby grants to Optionee effective as of
________________, ("Grant Date"), the right and option ("Option") to purchase
from the Company, for a price equal to the exercise price determined as
described below ("Exercise Price"), up to _______ shares of the Company's common
stock ("Shares"), as a qualified incentive stock option ("Option"), which Option
shall be subject to the applicable terms and conditions set forth below and is
being granted pursuant to the Precise Life Sciences Ltd. Incentive Stock Option
Plan ("Plan").

2. Terms and Conditions of Option . The Option evidenced by this Agreement is
subject to the following terms and conditions, as well as the terms and
conditions of Section 3 hereof.

a. Exercise Price . The Exercise Price is $________ per Share, which is the fair
market value per Share on the Grant Date as determined in accordance with the
Plan.

b. Term of Option . The term of the Option over which the Option may be
exercised shall commence on the Grant Date and, subject to the provisions of
Section 3(b) below, shall terminate five years thereafter.

c. Exercisability of Option . As to the total number of Shares with respect to
which the Option is granted, the Option shall be exercisable [on and after the
first anniversary of the Grant Date] [as follows: (i) _____% of the Option in
the aggregate may be exercised on or after __________; (ii) _____% of the Option
in the aggregate may be exercised on or after __________; (iii) . . . .]

However, the right of Optionee to exercise the Option shall be deferred to the
extent that the Option otherwise would not be treated as a qualified incentive
stock option by reason of the $100,000 annual limitation under Section 422(d) of
the Internal Revenue Code of 1986, as amended (the "Code").

3. Additional Terms and Conditions .

a. Exercise of Option; Payments for Shares . An Option may be exercised from
time to time with respect to all or any portion of the number of Shares with
respect to which the Option has become exercisable, in whole or in part, by
written notice to the Company at the Company's then principal office, to the
attention of the Administrative Committee for the Precise Life Sciences Ltd.
Incentive Stock Option Plan (the "Committee"), substantially in the form of
Exhibit A attached hereto. Notwithstanding anything in this Agreement to the
contrary, no Option may be exercised prior to the date on which the Plan is
approved by the Company's shareholders. Any notice of exercise of the Option
shall be accompanied by payment of the full Exercise Price for the Shares being
purchased by certified or bank check payable to the order of Precise Life
Sciences Ltd. or, as may be allowed by the Committee, by delivery to the Company
of a number of Shares already owned by Optionee having a fair market value equal
to such Exercise Price. In addition, with the consent of the Committee, the
Company may cooperate with Optionee in arranging a "cashless exercise" of the
Option through a broker approved by the Committee. The Option shall not be
exercised for any fractional Shares and no fractional Shares shall be issued or
delivered. The date of actual receipt by the Company of the notice of exercise
shall be treated as the date of exercise of the Option for the Shares being
purchased.

b. Termination of Option . If Optionee's employment with the Company or any
Subsidiary terminates, the Option shall continue to be exercisable, to the
extent it is exercisable on the date such employment terminated, for three (3)
months after such termination, but in no event after the date the Option
otherwise terminates. However, if Optionee's employment terminates because of
Optionee's death or disability, the Option shall continue to be exercisable, to
the extent it is exercisable on the date such employment terminated, for twelve
(12) months after such termination, but in no event after the date the Option
otherwise terminates.

c. Continued Employment . The Option granted hereunder shall confer no right on
Optionee to continue in the employ of the Company or any Subsidiary, or limit in
any respect the right of the Company or any Subsidiary (in the absence of a
specific agreement to the contrary) to terminate Optionee's employment at any
time.

d. Issuance of Shares; Registration; Withholding Taxes . As soon as practicable
after the exercise date of the Option, the Company shall cause to be issued and
delivered to Optionee, or for the Optionee's account, a certificate or
certificates for the Option Shares purchased. The Company may postpone the
issuance or delivery of the Shares until (i) the completion of registration or
other qualification of such Shares or transaction under any state or federal
law, rule or regulation, or any listing on any securities exchange, as the
Company shall determine to be necessary or desirable; (ii) the receipt by the
Company of such written representations or other documentation as the Company
deems necessary to establish compliance with all applicable laws, rules and
regulations, including applicable federal and state securities laws and listing
requirements, if any; and (iii) the payment to the Company, upon its demand, of
any amount requested by the Company to satisfy any federal, state or other
governmental withholding tax requirements related to the exercise of the Option.
Optionee shall comply with any and all legal requirements relating to Optionee's
resale or other disposition of any Shares acquired under this Agreement. The
certificates representing the Shares acquired pursuant to the Option may bear
such legend as described in Section 6 and as counsel to the Company otherwise
deems appropriate to assure compliance with applicable law.

e. Nontransferability of Options . The Option and this Agreement shall not be
assignable or transferable by Optionee other than by will or by the laws of
descent and distribution. During Optionee's lifetime, the Option and all rights
of Optionee under this Agreement may be exercised only by Optionee (or by his
guardian or legal representative). If the Option is exercised after Optionee's
death, the Committee may require evidence reasonably satisfactory to it of the
appointment and qualification of Optionee's personal representatives and their
authority and of the right of any heir or distributee to exercise the Option.

f. Option is Incentive Stock Option . The Option granted hereunder is intended
to qualify as an "incentive stock option", as that term is defined in Section
422 of the Internal Revenue Code of 1986, as amended.

4. Changes in Capitalization; Reorganization .

a. Adjustments . The number of shares of Common Stock which may be subject to
options under the Plan, the number of Shares subject to the Option, and the
Exercise Price shall be adjusted proportionately for any increase or decrease in
the number of issued shares of Common Stock by reason of stock dividends, split-
ups, recapitalizations or other capital adjustments. Notwithstanding the
foregoing, (i) no adjustment shall be made, unless the Committee determines
otherwise, if the aggregate effect of all such increases and decreases occurring
in any fiscal year is to increase or decrease the number of issued shares by
less than five percent (5%); (ii) any right to purchase fractional shares
resulting from any such adjustment shall be eliminated; and (iii) the terms of
this Section 4(a) are subject to the terms of Section 4(b) below.

b. Corporate Transactions . Pursuant to Article 13 of the Program, in the event
of (i) a dissolution or liquidation of the Company, (ii) merger or consolidation
or reorganization of the Company in which the Company is not the surviving
corporation, (iii) merger or consolidation or reorganization in which the
Company is the surviving corporation but after which the shareholders cease to
own their shares in the Company, (iv) the sale of substantially all of the
assets of the Company, or (v) the acquisition, sale, or transfer of more than
fifty percent (50%) of the outstanding shares of the Company (herein referring
to (i) through (v) as "Corporate Transaction"), or (iv) the Board of Directors
of the Company proposes that the Company enter into a Corporate Transaction,
then the Committee may in its discretion take any or all of the following
actions: (i) by written notice to Optionee, provide that the Option shall be
terminated unless exercised within thirty (30) days (or such longer period as
the Committee shall determine its discretion) after the date of such notice; and
(ii) accelerate the dates upon which any or all outstanding Options granted to
Optionee shall be exercisable.

Whenever deemed appropriate by the Committee, any action referred to in this
Section 4(b) may be made conditional upon the consummation of the applicable
Corporate Transaction.

c. Committee Determination . Any adjustments or other action pursuant to this
Section 4 shall be made by the Committee, and the Committee's determination as
to what adjustments shall be made or actions taken, and the extent thereof,
shall be final and binding.

5. No Rights as Shareholder . Optionee shall acquire none of the rights of a
shareholder of the Company with respect to the Shares until a certificate for
the shares are issued to Optionee upon the exercise of the Option. Except as
otherwise provided in Section 4 above, no adjustments shall be made for
dividends, distributions or other rights (whether ordinary or extraordinary, and
whether in cash, securities or other property) for which the record date is
prior to the date such certificate is issued.

6. Legends . All certificates evidencing Shares purchased under this Agreement
in an unregistered transaction shall bear the following legend (and such other
restrictive legends as are required or deemed advisable under the provisions of
any applicable law):

THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1934, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED
WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF
COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS
NOT REQUIRED.

If, in the opinion of the Company and it counsel, any legend placed on a stock
certificate representing Shares sold under this Agreement is no longer required,
the holder of such certificate shall be entitled to exchange such certificate
for a certificate representing the same number of Shares but without such
legend.

7. Optionee Bound by Plan . Optionee hereby acknowledges receipt of a copy of
the Plan and acknowledges that Optionee shall be bound by its terms, regardless
of whether such terms have been set forth in the Agreement. Notwithstanding the
foregoing, if there is an inconsistency between the terms of the Plan and the
terms of this Agreement, Optionee shall be bound by the terms of the Plan.

8. Notices . Any notice or other communication made in connection with this
Agreement shall be deemed duly given when delivered in person or mailed by
certified or registered mail, return receipt requested, to Optionee at
Optionee's address listed above or such other address of which Optionee shall
have advised the Company by similar notice, or to the Company at its then
principal office, to the attention of the Committee.

9. Miscellaneous . This Agreement and the Plan set forth the parties' final and
entire agreement with respect to the subject matter hereof, may not be changed
or terminated orally and shall be governed by and shall be construed in
accordance with the laws of the State of Nevada, United States of America,
despite the fact that one or both parties may be or shall become a resident of a
different state or country. This Agreement shall bind and benefit Optionee, the
heirs, distributees and personal representative of Optionee, and the Company and
its successors and assigns.

IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date
first above written.

Golden Spirit Minerals Ltd.

By: ________________________

Title: _____________________

OPTIONEE

_________________________

EXHIBIT A

________________, 2004

Golden Spirit Minerals Ltd.
Attention: Administrative Committee for
Golden Spirit Minerals Ltd.
Suite 806,
1288 Alberni Street
Vancouver, B.C. Canada
V6E 4R8

Dear Sir/Madam:

Pursuant to the provisions of the Golden Spirit Minerals Ltd. Incentive Stock
Option Agreement, dated _______________, 2004 (the "Option Agreement"), whereby
you have granted me the Option to purchase up to _____ shares of common stock of
Golden Spirit Minerals Ltd. (the "Company"), I hereby notify you that I elect to
exercise my option to purchase _____ of the shares covered by the Option at
$________, the price determined in accordance with the Option Agreement. In full
payment of such price for the shares being purchased hereby, I am delivering to
you . The undersigned hereby agrees to provide the Company, prior to the receipt
of the shares being purchased hereby, with such representations or
certifications or payments that the Company may require pursuant to the terms of
the Plan and the Option Agreement.

Sincerely,

Address:

(For notices, reports, dividend checks and communications to shareholders.)Exhibit
10.32

 

Loan No. Z269S02

 

STATUSED
REVOLVING
CREDIT SUPPLEMENT

 

THIS SUPPLEMENT to
the Amended and Restated Master Loan Agreement dated July 21, 2003 (the
“MLA”), is entered into as of November 7, 2003, between CoBANK, ACB (“CoBank”) and
AMERICAN
CRYSTAL SUGAR COMPANY, Moorhead,
Minnesota (the “Company.

 

SECTION 1.                            On
the terms and conditions set forth in the MLA and this Supplement, CoBank
agrees to make loans to the Company during the period set forth below in an
aggregate principal amount not to exceed, at any one time outstanding, the
lesser of the “Borrowing Base” (as calculated pursuant to the Borrowing Base
Certificate, the form of this is attached hereto as Exhibit A) or the sum of
$45,000,000.00 (the “S02 Commitment”) plus the commitment under the Supplement
Z269S01F (the “S01 Commitment”).  Within the limits of the S02 Commitment,
but subject to the combined limit of the S02 Commitment and the S01 Commitment
and the limit of the Borrowing Base, the Company may borrow, repay and reborrow.

 

SECTION 2.                            Purpose.  The purpose of
the Commitment is to finance the Company’s general corporate purposes and fund
working capital requirements.

 

SECTION 3.                            Term.  The term of the Commitment shall be from
the date hereof, up to and including May 15, 2004, or such later date as
CoBank may, in its sole discretion, authorize in writing.

 

SECTION 4.                            Interest.  The Company agrees to pay interest on
the unpaid balance of the loans in accordance with one or more of the following
interest rate options, as selected by the Company:

 

(A)                               Base Rate Option.  At a rate per
annum at all times equal to the Base Rate. 
For the purposes hereof, Base Rate means that rate in effect from day to
day defined as 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
Lender in its reasonable discretion. 
Loans for which the Base Rate option is selected are referred to herein
as “Base Rate Loans”.  Base Rate Loans
shall be:  (a) in minimum amounts of
$5,000,000 and incremental multiples of $1,000,000; and (b) made available on
any Banking Day.

 

(B)                               Quoted Rate.  At a fixed rate per annum to be
quoted by CoBank in its sole discretion in each instance.  Under this option, rates may be fixed on
such balances and for such periods, as may be agreeable to CoBank in its sole
discretion in each instance, provided that: 
(1) the maximum fixed period shall be 1 day; and (2) the minimum amount
that may be fixed each time shall be $5,000,000.00.

 

(C)                               LIBOR Option.  At a fixed
rate equal to “LIBOR” (as hereinafter defined) plus 100 basis points per
annum.  Under this option:  (a) rates may be fixed for “Interest
Periods” (as hereinafter defined) of 1, 2, 
or 3 months, as selected by the Company; (b) the minimum amount that may
be fixed at any one time shall be $5,000,000.00; and (c) rates may only be
fixed on a “Banking Day” (as hereinafter defined) or, at the option of the
Company, on 3 Banking Days’ prior notice. 
For purposes hereof: (i) ”LIBOR” shall mean the rate (rounded
upward to the nearest sixteenth and adjusted for reserves required on
“Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB
Regulation D” (as hereinafter defined) or required by any other federal law or
regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m.
London time 2 Banking Days before the commencement of the

 

 

Interest Period for the offering of
U.S. dollar deposits in the London interbank market for the Interest Period
designated by the Company, as published by Bloomberg or another major
information vendor listed on the BBA’s official website; (ii) “Banking Day”
shall mean a day on which CoBank is open for business, dealings in U.S. dollar
deposits are being carried out in the London interbank market, and banks are
open for business in New York City and London, England; (iii) “Interest Period”
shall mean a period commencing on the day the Company elects to fix a rate
under this option and ending on the numerically corresponding day in the next
calendar month or the month that is 1, 2, or 3 months thereafter, as the case
may be; provided, however, that:  (x) in
the event such ending day is not a Banking Day, such period shall be extended
to the next Banking Day unless such next Banking Day falls in the next calendar
month, in which case it shall end on the preceding Banking Day; and (y) if
there is no numerically corresponding day in the month, then such period shall
end on the last Banking Day in the relevant month; (iv) “Eurocurrency
Liabilities” shall have meaning as set forth in FRB Regulation D; and (v) “FRB
Regulation D” shall mean Regulation D as promulgated by the Board of Governors
of the Federal Reserve System, 12 CFR Part 204, as amended.

 

(1)                                  Notwithstanding
anything herein to the contrary, if, on or prior to the determination of the
LIBOR rate for any LIBOR Interest Period, CoBank determines (which
determination shall be conclusive) that quotations of interest rates in
accordance with the definition of LIBOR rate are not being provided in the
relevant amounts or for the relevant maturities for purposes of determining
rates of interest for LIBOR rate advances as provided in this Supplement, then
CoBank shall give the Company prompt notice thereof, and so long as such
condition remains in effect, CoBank shall be under no obligation to make LIBOR
rate loans, convert Base Rate loans into LIBOR rate loans, or continue LIBOR
rate loans, and the Company shall, on the last day(s) of the then current
applicable LIBOR Interest Period(s) for the outstanding LIBOR rate loans,
either prepay such LIBOR rate loans or such LIBOR rate loans shall
automatically be converted into a Base Rate loan in accordance with this
Section 4

 

(2)                                  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 date hereof (each, a “Change in Law”) shall make it unlawful
for CoBank to (a) advance any LIBOR rate loan or (b) maintain all or any
portion of a LIBOR rate loan, then CoBank shall promptly notify the Company
thereof.  In the former event, any
obligation of CoBank to make available any future LIBOR rate loan shall immediately
be canceled (and, in lieu thereof shall be made as a Base Rate loan or Quoted
Rate loan at the option of the Company), and in the latter event, any such
unlawful LIBOR rate loan or portions thereof then outstanding shall be
converted, at the option of the Company, to either a Base Rate loan or a Quoted
Rate loan; provided, however, that if any such Change in Law shall permit the
LIBOR rate to remain in effect until the expiration of the LIBOR rate period
applicable to any such unlawful LIBOR rate loan, then such LIBOR rate loan
shall continue in effect until the expiration of such LIBOR rate period.  Upon the occurrence of any of the foregoing
events on account of any Change in Law, the Company shall pay to CoBank
immediately upon demand such amounts as may be necessary to compensate CoBank
for any fees, charges, or other costs incurred or payable by CoBank as a result
thereof and which are attributable to any LIBOR rate loans made available to
the Company hereunder.

 

(3)                                  If
CoBank shall determine that, after the date hereof, the adoption of any
applicable Law, rule or regulation regarding capital adequacy, or any change
therein, or any change in the interpretation or administration thereof by any
governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or any request or

 

2

 

directive
regarding capital adequacy (whether or not having the force of law) of any such
governmental authority, central bank or comparable agency, has or would have
the effect of reducing the rate of return on capital of CoBank as a consequence
of CoBank’s obligations hereunder to a level below that which CoBank could have
achieved but for such adoption, change, request or directive (taking into
consideration its policies with respect to capital adequacy existing on the
date of this Supplement) by an amount deemed by CoBank to be material, then
from time to time, within fifteen (15) days after demand by CoBank, the Company
shall pay to CoBank such additional amount or amounts as will compensate CoBank
for such reduction.  CoBank agrees to
take reasonable steps to reduce the amount of such increase, provided, however,
that CoBank shall not be required to take any such step, if in CoBank’s sole
opinion, CoBank would suffer an economic loss or any negative legal or
regulatory consequences as a result thereof. 
If CoBank is to require the Company to make payments under this
Section then CoBank must make a demand on the Company to make such payment
within ninety (90) days of the later of (1) the date on which such capital
costs are actually incurred by CoBank, or (2) the date on which CoBank knows,
or should have known, that such capital costs have been incurred by CoBank.

 

The Company shall select
the applicable rate option at the time it requests a loan hereunder and may,
subject to the limitations set forth above, elect to convert balances bearing
interest at the variable rate option to one of the fixed rate options.  Upon the expiration of any fixed rate
period, interest shall automatically accrue at the variable rate unless the
amount fixed is repaid or fixed for an additional period.  Notwithstanding the foregoing, rates may not
be fixed for periods expiring after the maturity date of the loans.  All elections provided for herein shall be
made telephonically or in writing and must be received by 12:00 Noon Company’s
local time; in the case of LIBOR rate loans, all such elections must be made in
writing.  Interest shall be calculated
on the actual number of days each loan is outstanding on the basis of a year
consisting of 360 days and shall be payable monthly in arrears by the 20th
day of the following month or such other day that CoBank shall require in a
written notice to the Company, and at maturity; provided, however, in the event
the Company elects to fix all or a portion of the indebtedness outstanding
under the LIBOR interest rate option above, interest shall be payable at the
maturity of the interest period and if the LIBOR interest rate fix is for a
period longer than 3 months, interest on that portion of the indebtedness
outstanding shall be payable quarterly in arrears on each anniversary of the
date the LIBOR interest rate fix was made and at maturity.

 

SECTION 5.                            Promissory
Note. The Company promises to repay the unpaid principal balance of the
loans on the first CoBank business day following the last day of the term of
the Commitment.  In addition to the
above, the Company promises to pay interest on the unpaid principal balance of
the loans at the times and in accordance with the provisions set forth in
Section 4 hereof.

 

SECTION 6.                            Borrowing
Base Certificate, Etc.  The Company
agrees to furnish a Borrowing Base Certificate to CoBank at such times or
intervals as CoBank may from time to time request.  Until receipt of such a request, the Company agrees to furnish a
Borrowing Base Certificate to CoBank as soon as available after the end of each
quarter, but in no event more than 5 days after the Company’s quarterly filing
with the Securities Exchange Commission, calculating the Borrowing Base as of
the last day of the quarter for which the Certificate is being furnished.  However, if no balance is outstanding
hereunder on the last day of such period, no Report need be furnished.  Regardless of the frequency of the
reporting, if

 

3

 

at any time the amount
outstanding under the Commitment exceeds the Borrowing Base, the Company shall
immediately notify CoBank and repay so much of the loans as is necessary to
reduce the amount outstanding under the Commitment to the limits of the
Borrowing Base.

 

SECTION 7.                            Commitment
Fee.  In consideration of the
Commitment, the Company agrees to pay to CoBank a commitment fee on the average
daily unused portion of the Commitment at the rate of 20 basis points per annum
(calculated on a 360 day basis), payable quarterly in arrears by the 20th
day following each calendar quarter. 
Such fee shall be payable for each calendar quarter (or portion thereof)
occurring during the original or any extended term of the Commitment.  For purposes of calculating the commitment
fee only, the “Commitment” shall mean the dollar amount specified in
Section 1 hereof, irrespective of the Borrowing Base.

 

SECTION 9.  Facility Fee.  In
consideration of the Commitment, the Company agrees to pay to CoBank on
the execution hereof, a fee in the amount of $33,750.00.

 

 

IN WITNESS WHEREOF,
the parties have caused this Supplement to be executed by their duly authorized
officers as of the date shown above.

 

	
  CoBANK, ACB

  	
  AMERICAN CRYSTAL SUGAR COMPANY

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Michael Tousignant

  	
   

  	
  By:

  	
  /s/ Sam Wai

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Vice President

  	
   

  	
  Title:

  	
  Treasurer

  	
   

  

 

4

 

EXHIBIT “A”

 

[Form
of Borrowing Base]

American Crystal Sugar Company

Monthly Borrowing Base

For the month ended
                        

 

	
  Trade Accounts Receivables

  	
   

  	
  $

  	
  @ 80%

  	
  $

  	
   

  

(a)

Trade Accounts Receivables are defined as those of the Company and all
Subsidiaries which:  (1) arise from the
sale and delivery of inventory on ordinary trade terms; (2) are evidenced by an
invoice; (3) are net of any credit, trade or other allowance given to the
account debtor; (4) are not owing by an account debtor who has become insolvent
or is the subject of any bankruptcy, reorganization, liquidation or like
proceeding; (5) are not subject to any offset or deduction; (6) are not owing
by an affiliate of Company; (7) are not owing by an obligor located outside of
the U.S. unless the receivable is supported by a letter of credit issued by a
bank acceptable to the CoBank; and (8) are not government receivables.  The above provisions notwithstanding, Trade
Receivables shall also exclude (i) any accounts that are past due more than 90
days, and (ii) any contra account regardless of the date;

 

	
  Inventory

  	
   

  	
  $

  	
   (b)

  	
   

  	
   

  

 

Inventory as determined
on the basis of Net Realizable Value, defined as the expected selling price of
an inventory item less expected costs to complete and dispose, as determined in
accordance with GAAP.

 

	
  Crop Payments due Non-members and members

  	
   

  	
  $

  	
  (c)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Inventory Value (b-c)

  	
   

  	
  $

  	
  @ 75%

  	
  $

  	
   

  
	
  (d)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Borrowing Base (a+d)

  	
   

  	
   

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Commercial Paper

  	
   

  	
   

  	
   

  	
  $

  	
  (e)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seasonal Loan – Z269S01F

  	
   

  	
   

  	
   

  	
   

  	
  (f)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Seasonal Loan – Z269S02

  	
   

  	
   

  	
   

  	
   

  	
  (g)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Commodity Credit Corp. loans

  	
   

  	
   

  	
   

  	
   

  	
  (h)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total Short-term Loans (e+f+g+h)

  	
   

  	
  $

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