Document:

<PAGE>
                                                                    Exhibit 10.5

                               OPERATING AGREEMENT

                                       of

                                 AGRILIANCE LLC

            THIS OPERATING AGREEMENT (this "Agreement") is made and entered into
as of this 4th day of January 2000, by and among UNITED COUNTRY BRANDS, LLC
("UCB"), a Delaware limited liability company, CENEX HARVEST STATES COOPERATIVES
("CHS"), a cooperative corporation organized under the laws of Minnesota,
FARMLAND INDUSTRIES, INC. ("FII"), a cooperative corporation organized under the
laws of Kansas, and LAND O' LAKES, INC. ("LOL"), a cooperative corporation
organized under the laws of Minnesota.

                                   PREMISES

            WHEREAS, UCB, FII and CHS and LOL have caused Agriliance LLC (the
"Company") to be formed as a limited liability company under the Delaware
Limited Liability Company Act and do hereby adopt this Operating Agreement as
the limited liability company agreement of the Company within the meaning of
Section 18-101(7) of the Act.

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements contained herein, the parties hereto agree as follows:

                            ARTICLE I ORGANIZATION

            1.1 Principal Office.  The principal office of the Company shall
be located at such place as the Managers, as hereinafter defined, may
determine from time to time.

            1.2 Registered Office and Registered Agent. The location of the
registered office and the name of the registered agent of the Company in the
State of Delaware shall be as stated in the Certificate of Formation for the
Company (the "Certificate of Formation") or as shall be determined from time to
time by the Managers and on file in the appropriate public offices of the State
of Delaware pursuant to applicable provisions of law.

                            ARTICLE II DEFINITIONS

            As used in this Agreement, capitalized terms shall have the meanings
set forth in the Articles, Sections or Subsections referred to in the
definitions appendix, attached hereto, and

            "Agreement" means this Operating Agreement, as amended from time to
time.

            "Agro Distribution" means Agro Distribution, LLC, a Delaware limited
liability company.
<PAGE>
            "Agro/Transition Expenses" means any expenses of any nature
whatsoever (including, without limitation, severance costs, "stay" bonuses,
relocation costs, costs of closure of facilities, and environmental expenses)
which relate to the assets or business of Agro Distribution and which are
associated with the formation and capitalization of the JV-CPS Business or
reorganization of its operations following its formation, or which are
transition expenses associated with the formation and capitalization of the
JV-CPS Business or reorganization of its operations following its formation).

            "Crop Protection Business" means the business, conducted on a
wholesale basis only, of marketing, sale and distribution of crop protection
products (including micronutrients, surfactants, adjuvants and any other such
products sold by WilFarm prior to the Company's formation, if such products are
sold by the Company in connection with the Crop Protection Business) and
services, the sale of the winter wheat seed inventories contributed by WilFarm
to the Company, the services to be rendered by the Company to LOL's seed
business as described in the Seed Agreement between LOL, Farmland and WilFarm
dated as of the January 4, 2000, all as carried on by the Company, and any other
services performed or offered by WilFarm prior to the formation of the Company.

            "Members" means LOL, CHS, FII and UCB and the persons who are
hereafter admitted as members of the Company in accordance with this Agreement
until LOL, CHS, FII, UCB or any such persons shall cease to be members of the
Company pursuant to this Agreement.

            "Non-Crop Protection Business" means all business carried on by
Agriliance LLC except the Crop Protection Business.

            "Interest" means the entire ownership interest of a Member in the
Company at any particular time, including, without limitation, the right of such
Member to any and all benefits to which a Member may be entitled as provided in
this Agreement and under law, together with the obligations of such Member to
comply with all of the terms and provisions set forth in this Agreement and
under law.

                ARTICLE III PURPOSE AND POWERS OF THE COMPANY

            The Company shall engage in the business of owning, operating and
managing the assets and business of a wholesale agronomy company and in such
other businesses as the Members may from time to time determine in accordance
with the provisions of this Agreement. The Company shall have all powers and
rights of a Delaware limited liability company as provided in the Delaware
Limited Liability Company Act, as amended from time to time (the "Act").

                        ARTICLE IV TERM OF THE COMPANY

            The term of the Company shall be perpetual.

                                       2
<PAGE>
                         ARTICLE V COMPANY ACCOUNTING

            5.1 Fiscal Year.  The fiscal and taxable year of the Company
shall end on the last day of August of each year unless otherwise designated
by the Members.

            5.2 Accounting Method. The Company books of account shall be
maintained and its income, gains, losses, deductions and credits shall be
reported, for financial and tax accounting purposes, on the accrual method of
accounting, applied consistently and in accordance with generally accepted
accounting principles. The Company shall construct and maintain its accounting
records and systems to account for, and shall report all aspects of the Crop
Protection Business (as defined above) and the Non-Crop Protection Business as
separate profit centers. The Company shall also construct and maintain its
accounting records and systems to account for the Agro/Transition Expenses and
shall report the Agro/Transition Expenses as part of the reporting for the Crop
Protection Business.

            5.3 Books and Records.

                  5.3.1 Records. The Company shall keep at its principal office
or, if none has been established by the Managers, at its registered office, the
following:

                  (a) A current list of the full name and last known business or
mailing address of each Member and Manager, both past and present;

                  (b) A copy of the Certificate of Formation, and all amendments
thereto, together with executed copies of any powers of attorney pursuant to
which any amendment has been executed;

                  (c) Copies of the Company's federal, state, and local income
tax returns and reports, if any, for the three (3) most recent years;

                  (d) Copies of this Agreement and copies of any financial
statements of the Company for the three (3) most recent years;

                  (e) Minutes of all meetings of the Managers;

                  (f) Minutes of every annual and special meeting of the
Members; and

                  (g) Any written consents obtained from the Members or
Managers.

                  5.3.2 Access. Each Member (or such Member's designated
representative) shall have the right during ordinary business hours to inspect
and copy (at such Member's own expense) all books and records of the Company
(including all subsidiaries of the Company of which the Company owns a voting
interest in excess of 50%). WECO shall have the right during ordinary business
hours to inspect and copy on a reasonable basis (at WECO" own expense) all books
and records of the Company (including all subsidiaries of the Company of which
the Company owns a voting interest in excess of 50%), other than those relating
solely to the non-

                                       3
<PAGE>
Crop Protection Business.

            5.4 Reports. As soon as reasonably practicable after the end of each
month and fiscal year of the Company, the Company shall cause to be prepared and
delivered to each Member an income statement and balance sheet of the Company as
of the end of such month or fiscal year. The financial statements of the Company
for each fiscal year shall be compiled and audited by an independent public
accountant retained by the Company. As soon as reasonably practicable after the
end of each month and fiscal year of the Company, the Company shall cause to be
prepared and delivered to WECO an income statement and balance sheet of the Crop
Protection Business, as of the end of such month or fiscal year. Such income
statement and balance sheet for each fiscal year shall either be audited by a
nationally recognized accounting firm or shall be prepared using procedures
which have been agreed upon with such a firm and are disclosed as part of the
income statement and balance sheet for such fiscal year.

            5.5 Tax Returns. The Company shall cause to be prepared and timely
filed all federal, state and local income tax returns or other returns or
statements required by applicable law. Copies of all tax returns shall be
furnished for review and approval by each Member at least fifteen (15) days
prior to the due date for filing and reasonable efforts shall be made to avoid
filing extensions.

            5.6 Section 754 Election.

            (a) In the event a distribution of Company assets occurs which
satisfies the provisions of Section 734 of the Code upon the decision of the
Managers, the Company may elect, pursuant to Section 754 of the Code, to adjust
the basis of the Company's property to the extent allowed by such Section 734
and shall cause such adjustments to be made and maintained.

            (b) In the event a transfer of an interest occurs which satisfies
the provisions of Section 743 of the Code, upon the decision of the purchasing
party, the Company shall elect, pursuant to Section 754 of the Code, to adjust
the basis of the Company's property to the extent allowed by such Section 743
and shall cause such adjustments to be made and maintained.

            5.7 Tax Matters Member. The Managers shall designate from time to
time a Member to serve as the "Tax Matters Member" of the Company under the
Code.

            5.8 Bank Accounts. All funds of the Company shall be deposited in a
separate bank, money market or similar account(s) approved by the Managers and
in the Company's name. Withdrawals therefrom shall be made only by persons
authorized to do so by the Managers.

            5.9 Wilbur-Ellis Right to Audit. Wilbur-Ellis Company, a California
corporation ("WECO"), shall have the right to audit all of the books and records
of the Crop Protection Business (including those relating to the Agro/Transition
Expenses) and the other business of the Company to the extent necessary to
confirm the net income, adjusted Net Income (Loss) and EBITDA of the Crop
Protection Business. Such audit shall be at the cost of WECO unless the audit
accurately discloses a variance in excess of a 5% deficiency to WECO, in which
case the reasonable cost of the audit shall be borne by the Company.

                                       4
<PAGE>
                         ARTICLE VI MEMBERS MEETINGS

            6.1 Meetings of Members, Place of Meetings. Meetings of the Members
may be held for any purpose or purposes, unless otherwise prohibited by statute
or by the Certificate of Formation. All meetings of the Members shall be held at
one of the headquarters facilities of the Company in Kansas City, Missouri or
Inver Grove Heights, Minnesota or at such other place as shall be designated
from time to time by the Managers and stated in the notice of the meeting or in
a duly executed waiver of the notice thereof.

            6.2 Quorum. All Members shall constitute a quorum at all meetings of
Members for the transaction of any business, except as otherwise provided under
the Act, or in this Agreement.

            6.3 Special Meetings.  Special meetings of the Members may be
held for any purpose or purposes, unless otherwise prohibited by statute, and
may be called by any Manager or by any Member as provided in Section 6.5
below.

            6.4 Action Without Meeting. Any action required or permitted to be
taken at any annual or special meeting of Members of the Company may be taken
without a meeting if the action is evidenced by one or more written consents
describing the action taken, signed by each Member entitled to vote.

            6.5 Notice. Written notice stating the place, day and hour of the
meeting and, in the case of a special meeting, the purpose for which the meeting
is called, shall be delivered to each Member entitled to vote at such meeting
not less than ten (10) days nor more than fifty (50) days before the date of the
meeting, either personally or by mail, by or at the direction of any Manager or
person calling the meeting. Notice to Members, if mailed, shall be deemed
delivered as to any Member when deposited in the United States mail, addressed
to the Member at its usual place of business or last known address, with postage
prepaid.

            6.6 Waiver of Notice. When any notice is required to be given to any
Member hereunder, a waiver thereof in writing signed by the person entitled to
such notice, whether before, at, or after the time stated therein, shall be
equivalent to the giving of such notice. By attending a meeting, a Member (a)
waives objection to lack of notice or defect of notice of such meeting unless
the Member, at the beginning of the meeting, objects to the holding of the
meeting or the transacting of business at the meeting, and (b) waives objection
to consideration at such meeting of a particular matter not within the purpose
or purposes described in the notice of the meeting unless the Member objects to
considering the matter when it is presented.

                      ARTICLE VII MANAGEMENT AND CONTROL

            7.1 Election of Managers. Except as provided below, UCB and LOL
shall each have the right to designate two (2) Managers for the Company (each a
"Manager" and collectively the "Managers"). Each Manager shall hold office until
such Manager's successor has been designated by the Members by whom such Manager
was designated or until such Manager's earlier death, resignation or removal.

                                       5
<PAGE>
            7.2 Vacancies. Any vacancies in the Manager positions designated and
elected by a Member shall be filled by the election and designation by such
Member of a replacement Manager.

            7.3 Removal of Managers; Resignations. The Manager designated and
elected by a Member may be removed from such position at any time with or
without cause, by the Member that elected and designated such Manager. A Manager
may resign at any time upon giving thirty (30) days prior notice to all the
other Managers.

            7.4 Powers of the Managers. The business and affairs of the Company
shall be managed by or under the direction of the Managers. In addition to the
powers and authority conferred upon them by this Agreement, the Certificate of
Formation and the Act, the Managers collectively may exercise all of the powers
of the Company and do all such lawful acts and things that are not by statute or
by the Certificate of Formation or by this Agreement directed or required to be
exercised or done by the Members. Notwithstanding the foregoing, the Managers,
by reason of their being managers, are not agents of the Company and do not have
any authority to take any actions or execute any instruments on behalf of
Company or otherwise act for or bind the Company.

            7.5 Voting Requirement.  Each Manager shall have one vote on all
matters to come before the Managers.  Unless otherwise required by law or in
this Agreement, the unanimous vote of the Managers is necessary in order for
there to be a valid act or decision of the Managers

            7.6 Election of Chairman and Executive Officer. The Managers at
their first meeting shall select a Chairman to preside at that meeting.
Thereafter, the Chair shall alternate between UCB and LOL from meeting to
meeting on a Manager-by-Manager basis, whether such meeting be a regular meeting
or special meeting of the Managers or a regular or special meeting of the
Members. The terms of such Managers as Chairman shall be from immediately after
a meeting through the completion of the next held meeting, and all matters to be
undertaken by the Chairman during such time period shall be the obligation of
the then acting Chair (the "Chairman"). The Chairman shall preside at meetings
of the Managers and the Members. The Managers may elect one or more executive
officers (the "Executive Officer"), who shall serve at the pleasure of the
Managers.

            7.7 Powers of Executive Officer. The Executive Officer (if one is
elected) shall be responsible, subject to direction and control of the Managers,
for running the day-to-day business operations of the Company. Except as
otherwise provided herein, the Executive Officer (if one is elected) shall carry
into effect the Business Plan and all directions and resolutions of the
Managers, shall have authority to take any and all actions on behalf of the
Company and, except to the extent otherwise required by the Act, if authorized
by the Managers, may execute all bonds, notes, debentures, mortgages and other
instruments and agreements for and in the name of the Company. Notwithstanding
the foregoing, except as specifically authorized by the Business Plan or by
policy adopted unanimously by the Managers, the following actions may be taken
by the Chairman or the Executive Officer (if one is elected) on behalf of the
Company and only upon the approval or direction of a majority of the Managers:

                                       6
<PAGE>
            (a) The purchase, lease or other acquisition or the sale, lease or
other disposition of or the creation of any lien or encumbrance, upon (i) any
personal property with a cost or market value, whichever is greater (or
aggregate cost or market value in the case of related items or transactions) in
excess of $100,000 for dispositions and $250,000 for acquisitions, or (ii) any
real property;

            (b) The creation of any obligation of the Company as a surety,
guarantor or accommodation party to any obligation;

            (c) The confession of any judgment, the making of any assignment for
the benefit of creditors or the institution of any bankruptcy proceedings
against the Company, which for purposes of this Agreement shall mean the entry
of an order for relief under the United States Bankruptcy Code;

            (d) Any act contrary to an earlier decision of the Managers; or

            (e) Any decision which by any provision of this Agreement is
required to be made by the Members or the Managers.

            7.8 Notice of Meetings; Waiver of Notice.

                  7.8.1 Regular Meeting. Regular meetings of the Managers may be
held without notice on a rotating basis from meeting to meeting at the
headquarters offices of the Members, at such times as fixed by resolution
adopted by all of the Managers or at such times and places either within or
without the States of Missouri or Minnesota as shall from time to time be fixed
by resolution adopted by all of the Managers. Any business may be transacted at
a regular meeting.

                  7.8.2 Special Meetings.

                        (a) Special meetings of the Managers may be called at
any time by any of the Managers. The place shall be at one of the Company's
headquarters facilities as set forth in the notice, unless all of the Managers
consent to another place.

                        (b) Written or printed notice of each special meeting
of the Managers, stating the place, day and hour of the meeting and purpose or
purposes thereof, shall be mailed to each Manager addressed to him at his
residence or usual place of business at least ten (10) days before the day on
which the meeting is to be held or shall be sent to him by telegram, facsimile
or delivered to him personally, at least eight (8) days before the day on which
the meeting is to be held. If mailed, such notice shall be deemed to be
delivered when it is deposited in the United States mail with postage thereon
addressed to the Manager at his residence or usual place of business. If given
by telegraph, such notice shall be deemed to be delivered when it is delivered
by the telegraph company. If given by facsimile, such notice shall be deemed to
have been delivered when confirmation of receipt of the facsimile is printed by
the sender's facsimile machine. The notice may be given by any person having
authority to call the meeting.

                                       7
<PAGE>
                  7.8.3 Waiver of Notice. Whenever any notice is required to be
given hereunder, a written waiver thereof, signed by the person entitled to such
notice, whether before or after the time stated therein, shall be deemed
equivalent to notice. Attendance of a person at a meeting shall constitute a
waiver of notice of such meeting, except when the person attends a meeting for
the express purpose of objecting, at the beginning of the meeting, to the
transaction of any business because the meeting is not lawfully called or
convened. Neither the business to be transacted at, nor the purpose of, any
regular meeting of the Managers need be specified in any written waiver of
notice, but the business to be transacted at, or the purpose of, any special
meeting of the Managers shall be specified in any written waiver of notice.

            7.9 Meetings by Conference Telephone or Similar Communications
Equipment. The Managers may participate in a meeting by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and participation in a meeting
pursuant hereto shall constitute presence in person at such meeting.

            7.10 Action Without Meeting. Any action required or permitted to be
taken at any meeting of the Managers may be taken without a meeting if written
consent thereto is signed by all of the Managers and such written consent is
filed with the books and records of the Company.

            7.11 Compensation. The Managers may, by resolution, fix the
compensation to be paid the Managers for serving as Managers of the Company and
may, by resolution, provide for reimbursement of expenses incurred by Managers
in attending such meetings. The Managers shall also fix the compensation to be
paid to the Executive Officer of the Company for acting in such capacity.

            7.12 Conflicts of Interest. As to any matter before the Managers in
which a Member has a direct or indirect interest which is or may be material,
the nature of that interest shall be disclosed to the other Managers and
recorded in the minutes of the Managers' meeting or in a recital in an action by
unanimous written consent. The Company shall not engage in any transaction or
arrangement with a party affiliated with the Company or with any Member which is
not on arms' length terms which are at least as favorable to the Company as
similar terms obtainable from an unrelated party.

            7.13 Liability of Managers. Except in the case where the Managers
are guilty of fraud, gross negligence, misconduct, reckless disregard of duty or
a criminal act which is a felony, the Managers shall not be liable to the
Company or any other Member for any loss, damage, liability or expense suffered
by the Company or any other Member on account of any action taken or omitted to
be taken by him as a Manager.

                                       8
<PAGE>
            7.14 Indemnification.

            (a) Except as provided in Section 7.12 above, each Member and
Manager shall indemnify and hold the Company and its Members harmless from and
against any loss or damage incurred by it or them as a result of any agreement,
contract, instrument, obligation or act legally binding the Company that was
incurred or performed by such Member or Manager outside the scope of the
authority granted to such Member or Manager pursuant to this Agreement.

            (b) To the fullest extent permitted by law, each Manager, Executive
Officer, officer and employee of the Company (individually, an "Indemnitee")
shall be indemnified, held harmless and defended by the Company from and against
any and all losses, claims, damages, liabilities, whether joint or several,
expenses (including legal fees and expenses), judgments, fines and other amounts
paid in settlement, incurred or suffered by such Indemnitee, as a party or
otherwise, in connection with any threatened, pending or completed claim,
demand, action, suit or proceeding, whether civil, criminal, administrative or
investigative, and whether formal or informal, arising out of or in connection
with the business or the operation of the Company and by reason of the
Indemnitee's status as a Manager, Executive Officer, officer or employee of the
Company regardless of whether the Indemnitee continues to be a Manager,
Executive Officer, officer or employee of the Company at the time any such loss,
claim, damage, liability or other expense is paid or incurred if (i) the
Indemnitee acted in good faith and in a manner he or she reasonably believed to
be in the best interests of the Company and, with respect to any criminal
proceeding, had no reasonable cause to believe that his or her conduct was
unlawful, (ii) the Indemnitee's conduct did not constitute intentional
misconduct or a material breach of the terms of this Agreement and (iii) the
Indemnitee's conduct did not involve a transaction from which the Manager,
Executive Officer, officer or employee of the Company derived an improper
personal benefit. The termination of any action, suit or proceeding by judgment,
order, settlement or upon a plea of nolo contendere, or its equivalent, shall
not, of itself, create a presumption that the Indemnitee acted in a manner
contrary to the standards specified in clauses (i), (ii) or (iii) of this
Section 7.13(b).

            (c) To the fullest extent permitted by law, expenses incurred by an
Indemnitee in defending any claim, demand, action, suit or proceeding subject to
this Section 8.1 shall, from time to time, be advanced by the Company prior to
the final disposition of such claim, demand, action, suit or proceeding upon
receipt by the Company of an undertaking by or on behalf of the Indemnitee to
repay such amount unless it is determined that such Indemnitee is entitled to be
indemnified therefor pursuant to this Section 7.13.

            (d) The indemnification provided by this Section 7.13 shall be in
addition to any other rights to which any Indemnitee may be entitled under any
other agreement, pursuant to any vote of the Managers, as a matter of law or
otherwise, and shall inure to the benefit of the heirs, legal representatives,
successors, assigns and administrators of the Indemnities.

            (e) Any indemnification under this Section 7.13 shall be satisfied
solely out of the assets of the Company and no Indemnitee shall have any
recourse against any Member with respect to such indemnification.

                                       9
<PAGE>
            (f) An Indemnitee shall not be denied indemnification in whole or in
part under this Section 7.13 merely because the Indemnitee had an interest in
the transaction with respect to which the indemnification applies, if the
transaction was not otherwise prohibited by the terms of this Agreement and the
conduct of the Indemnitee satisfied the conditions set forth in Section 7.13(b).

            (g) The Company may, but shall have no obligation to, purchase and
maintain insurance covering any potential liability of the Indemnitees for any
actions or omissions for which indemnification is permitted hereunder, including
such types of insurance (including extended coverage liability and casualty and
workers' compensation) as would be customary for any person engaged in a similar
business, and may name the Indemnitees as additional insured parties thereunder.

            7.15 Indemnification Procedures: Survival.

            (a) Promptly after receipt by an Indemnitee of notice of the
commencement of any action that may result in a claim for indemnification
pursuant to Section 7.13, the Indemnitee shall notify the Company in writing
within thirty (30) days thereafter; provided, however, that any omission so to
notify the Company will not relieve it of any liability for indemnification
hereunder as to the particular item for which indemnification may then be sought
(except to the extent that the failure to give notice shall have been materially
prejudicial to the Company) nor from any other liability that it may have to any
Indemnitee. The Company shall have the right to assume sole and exclusive
control of the defense of any claim for indemnification pursuant to Section 8.1,
including the choice and direction of any legal counsel.

            (b) An Indemnitee shall have the right to employ separate counsel in
any action as to which indemnification may be sought under any provision of this
Agreement and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnitee unless (i) the
Company has agreed in writing to pay such fees and expenses, (ii) the Company
has failed to assume the defense thereof and employ counsel within a reasonable
period of time after being given the notice required above or (iii) the
Indemnitee shall have been advised by its counsel that representation of such
Indemnitee and other parties by the same counsel would be inappropriate under
applicable standards of professional conduct (whether or not such representation
by the same counsel has been proposed) due to actual or potential differing
interests between them. It is understood, however, that to the extent more than
one Indemnitee is entitled to employ separate counsel at the Company's expense
pursuant to clause (iii) above, the Company shall, in connection with any one
such action or separate but substantially similar or related actions in the same
jurisdiction arising out of the same general allegations or circumstances, be
liable for the reasonable fees and expenses of only one separate firm of
attorneys at any time for all such Indemnitees having actual or potential
differing interests with the Company, unless but only to the extent the
Indemnitees have actual or potential differing interests with each other.

            (c) The Company shall not be liable for any settlement of any such
action effected without its written consent, but if settled with such written
consent, or if there is a final. judgment against the Indemnitee in any such
action, the Company agrees to indemnify and hold

                                       10
<PAGE>
harmless the Indemnitee to the extent provided above from and against any loss,
claim, damage, liability or expense by reason of such settlement or judgment.

            (d) The indemnification obligations set forth in Section 7.13 and
this Section 7.14 shall survive the termination of this Agreement.

            7.16 Other Business Ventures.

            (a) LOL, LOL/CHS, CHS, WilFarm and Farmland each agree not to
directly or indirectly engage in the wholesale marketing of fertilizer and
agricultural chemicals except through the Company in the territory of North
America during the time it, or an entity of which it is a material owner,
remains a member of the Company and for a period of four years thereafter.

            (b) The Parties believe that the restrictive covenant contained in
this Section 7.15 is reasonable. However, if any court having jurisdiction shall
at any time hereafter hold this restriction to be unenforceable or unreasonable,
whether as to scope, territory or period of time specified herein, and if such
court shall declare or determine the scope, territory or period of time which it
deems to be reasonable, such scope, territory or period of time shall be deemed
to be reduced to that declared or determined by said court to be reasonable.

            (c) Each Party recognizes that in the event of violation of the
terms of the above covenant, the other Parties will suffer irreparable damages
and that it will be difficult if not impossible to compute actual damages
sustained by such Parties as the result of such unauthorized competition.
Therefore, the Parties agree that each Party shall be entitled to apply to a
court of competent jurisdiction to enjoin any breach, threatened or actual, of
the covenants contained herein.

            (d) Notwithstanding (a) and (b) above, the termination of any
noncompete covenant contained in the Joint Venture shall effectively terminate
any noncompete obligations under this Agreement.

                  ARTICLE VIII SPECIFIC VOTING REQUIREMENTS

            8.1.

                  8.1.1 Preparation. At least sixty (60) days prior to the
beginning of each fiscal year for the Company, the management of the Company
shall prepare, approve and submit to the Managers a business plan for such
fiscal year which, subject to approval by the Members, may be amended from time
to time by the Managers (the "Business Plan"). Such Business Plan shall include
an annual budget for expenses, revenues, working capital reserves, and capital
expenditures; any additional capital contributions needed from Members for the
operation of the business; and method of setting the transfer price for products
purchased by the Company from any Member or Farmland Industries, Inc. or CF
Industries. Provided, the Business Plan shall not include any provision for
capital expenditures other than in the ordinary course of business, sales of
assets other than in the ordinary course of business, the incurrence of any
long-term indebtedness, or any other provision requiring special approval as
provided below.

                                       11
<PAGE>
                  8.1.2 Adoption. The Business Plan, or amendments, as adopted
by the Managers, shall be adopted on behalf of the Company only if approved by a
unanimous vote of the Members.

                  8.1.3 Sale of Products. Unless approved by a unanimous vote of
the Members, products produced by or on behalf of the Company shall not be sold
or distributed by the Company to any person other than a Member, members and
patrons of Members and such other persons as are approved by the Members. No
Member shall be under any restrictions on the sale or distribution of any
product acquired or received from the Company.

                  8.1.4 Expansion. Any capital expenditures for the purpose of
expanding production of the Company or on behalf of the Company, for purchasing
additional production facilities, for purchasing additional inventory, or for
the purpose of changing the types of products to be produced by or on behalf of
Members shall require the unanimous approval of the Members.

                  8.1.5 Sale of Assets. The sale of assets of the Company other
than in the ordinary course of business shall require the unanimous approval of
the Members.

                  8.1.6 Liabilities. The Company shall not incur any
indebtedness, other than in the ordinary course of business, without the
unanimous approval of the Members.

                  8.1.7 Additional Capital Contributions.  Any requirements
for Additional Capital Contributions, other than as included in a duly
approved Business Plan, shall require the unanimous approval of the Members.

                  8.1.8 Amendments.  Amendments to the Certificate of
Formation or this Agreement shall require the unanimous approval of the
Members.

                  8.1.9 Admission of an Additional Member. The admission or
qualification of any additional Member other than the Members that are parties
to this Agreement shall require the unanimous approval of the Members.

                  8.1.10 Appointment, Replacement or Discharge of Executive
Officer.  The appointment, replacement or the discharge of a Executive
Officer shall require the unanimous approval of the Members.

                  8.1.11 Distributions of Net Cash Flow.  The distribution of
any amounts of Net Cash Flow, as described in and authorized under Paragraph
13.1, must be approved by all Members.

                  8.1.12 Income Tax or Accounting Elections.  Income tax or
special accounting elections must be approved by all Members.

                                       12
<PAGE>
                       ARTICLE IX PERCENTAGE INTERESTS

            In exchange for the capital contribution provided for in Article X,
the Members shall have the following percentage interests ("Percentage
Interest"):

<TABLE>
<S>                                     <C>
                        UCB                  50%

                        LOL               38.75%

                        Farmland          9.795%

                        CHS               1.455%
</TABLE>

                  ARTICLE X CAPITAL CONTRIBUTIONS AND LOANS

            10.1 Capital Contributions. Each Member shall make an aggregate
contribution to the capital of the Company of cash, perpetual beneficial use of
assets and goodwill ("Capital Contributions") as agreed by FII, CHS and LOL.

            10.2 Additional Capital Contributions.

                  10.2.1 Time. If additional amounts are required from the
Members ("Additional Capital Contributions"), either pursuant to a duly adopted
Business Plan or as approved by the Members, the amount from each Member shall
be in proportion to the Interests held by each such Member. The due dates for
making the Additional Capital Contributions shall be specified in writing by the
Managers; provided, however, such due date shall be at least thirty (30) days
from the date notice was given to all Members unless waived by all Members.

                  10.2.2 Default. In the event a Member fails to make all or a
portion of a required Additional Capital Contribution on the due date (a
"Defaulting Member"), the amount due from such Defaulting Member shall bear
interest at the Default Interest Rate until paid by such Defaulting Member, or
until an amount equal to such Defaulting Member's Additional Capital
Contribution, together with such interest, has been withheld from distributions
from the Company otherwise due the Defaulting Member. If one or more of the
Members has advanced to the Company the amount due as an Additional Capital
Contribution by the Defaulting Member, such Member or Members shall receive the
amount advanced, together with interest at the Default Interest Rate per annum,
from the Defaulting Member and from first distributions (if any) from the
Company to such Defaulting Member. If no Member advances such amounts, any
interest paid by the Defaulting Member or from such distributions shall be paid
pro rata to all of those Members who made their respective Additional Capital
Contributions. For purposes of this Section, "Default Interest Rate" shall mean
a rate equal to the Interest Rate, as hereinafter defined, plus three percent
(3%).

                  10.2.3 Default Purchase Option. In the event a Defaulting
Member has not made its Additional Capital Contribution, plus interest thereon,
within the time periods set forth

                                       13
<PAGE>
below, those Members who advanced the amounts due from such Defaulting Member
(or, if no Member advanced such amounts, those Members who timely made their
respective Additional Capital Contributions) shall have the option to purchase
all or any portion of the Interest owned by the Defaulting Member, on the
following terms and conditions (the "Option"):

                  10.2.3.1 The purchase price for the proportionate Interest
owned by the Defaulting Member shall be equal to the Interest Value determined
as follows: Interest Value = (i) the initial capital contribution and the value
of any other contribution (which shall be established as of the time of such
contribution) and any prior Additional Capital Contributions by the Defaulting
Member with respect to such Interests, plus accrued but unpaid interest (if any)
thereon as provided in Subsection 14.1.1, divided by the total number of
Interests held by such Member, minus (ii) all prior cash distributions to such
Member with respect to such Interests pursuant to Section 14.1.2, plus (iii)
such Member's allocable share of any undistributed Net Cash Flow with respect to
such Interests.

                  10.2.3.2 At the option of the Member exercising the Option
("Purchasing Member"), the proportionate Interest Value will be based on the net
fair market value of the Company as a going concern (after payment of all
indebtedness of the Company and after payment of all distributions pursuant to
Subsections 14.1.1 and 14.1.2) as if the Company's assets had then been sold at
fair market value. To determine fair market value, the Members shall select a
mutually acceptable investment banker or qualified consultant to determine the
fair market value. If the Members cannot agree upon such person, the Company's
regular independent accountant shall select such person, but shall not select a
person theretofore objected to by one of the Members. The investment banker or
consultant shall determine the fair market value of the Company (without the
capital contributions at issue). The investment banker or consultant may engage
such professionals, including appraisers, as he deems necessary in order to make
such determination.

                  10.2.3.3 For purposes of the Option, the time periods during
which a Member shall make an Additional Capital Contribution or be subject to
the Option shall be as follows:

            (a) Six (6) months from the date of notice by the Managers to all
Members with respect to Additional Capital Contributions which are included in a
duly approved Business Plan.

            (b) One (1) year from the date of such notice with respect to any
other Additional Capital Contributions.

                  10.2.3.4 The Option may be exercised after the expiration of
the applicable time period set forth in Subsection 10.2.4 upon ten (10) days'
written notice to the Defaulting Member but will terminate if the Defaulting
Member has either made all required contributions or all required contributions
have been withheld from distributions due the Defaulting Member.

                  10.2.3.5 In the event more than one (1) Member exercises the
Option, the number of Interests to be purchased by each Member shall be in
proportion to the Interests owned by such Member to the Interests owned by all
Members exercising the Option.

                                       14
<PAGE>
                  10.2.3.6  The purchase price shall be paid as follows:

            (a) A down payment equal to twenty percent (20%) of the purchase
price shall be paid upon closing, which shall be within ten (10) days of the
final determination of the Interest Value;

            (b) The balance, together with interest at the Prime Rate, shall be
paid in four (4) equal annual installments of principal, plus accrued interest,
with the first such payment due one (1) year from the date of purchase. For
purposes of this Agreement, "Prime Rate" shall be the base lending rate as
published by The Wall Street Journal as the base rate on corporate loans at
large money center commercial banks, plus two percent (2%) computed on a daily
basis (the "Interest Rate"). Prepayment of all or any portion thereof shall be
permitted without penalty; and

            (c) All payments shall be made to the Company which shall be paid or
credited, as applicable, to the Company or to the Members who have advanced such
sum on behalf of the Defaulting Member, as applicable, pursuant to Subsection
10.2.2, prior to any payment to the Defaulting Member.

            10.3 Capital Withdrawal Rights, Interest and Priority. Prior to the
dissolution and termination of the Company, no Member shall be entitled to
withdraw or reduce such Member's Capital Account or to receive any distributions
from the Company, other than distributions as provided in Article XIV hereof.
Except as provided in Article XIV, no Member shall be entitled to receive or be
credited with any interest on the balance in such Member's Capital Account at
any time. No Member shall have any priority over any other Member as to the
return of the balance in such Member's Capital Account.

            10.4 Loans. Any Member may make a loan to the Company in such
amounts, at such times and on such terms and conditions as may be approved by
the Managers. Loans by any Member to the Company shall not be considered as
contributions to the capital of the Company.

            10.5 Limited Liability. Except as otherwise provided above, no
Member shall be liable for the debts, liabilities, contracts, or any other
obligations of the Company. Except as otherwise provided by applicable state law
or this Agreement, a Member shall be liable only to make its Capital
Contributions and shall not be required to lend any funds to the Company or,
after its Capital Contributions have been paid, to make any additional Capital
Contributions to the Company. No Member shall have any personal liability for
the repayment of any Capital Contributions of any other Member.

            10.6 Debit Balance in Capital Account. A debit balance in a Member's
Capital Account, whether occasioned by distributions and withdrawals in excess
of such Member's share of Company profits or by charging such Member for such
Member's share of Company losses or by any other circumstance, shall not
constitute a liability of such Member to the Company or to the other Members,
except upon termination of the Company or liquidation of such Member's interest
in the Company, as hereinafter provided.

                                       15
<PAGE>
                      ARTICLE XI TRANSFERS OF INTERESTS

            11.1 General.

                  11.1.1 Voluntary Sale or Transfer. No Member may sell,
transfer, assign, give, mortgage, alienate, pledge, hypothecate or otherwise
encumber or dispose of all or any part of such Member's Interest, voluntarily,
involuntarily or by operation of law, without the unanimous written consent of
all Members. Any purported encumbrance or disposition of any Interests in
violation of the terms of this Agreement shall be null and void and of no
effect.

                  11.1.2 Transfer by Legal Process. Upon any involuntary
Transfer of all or any portion of the Units of a Member pursuant to a levy of
execution, foreclosure of pledge, garnishment, attachment, divorce decree,
bankruptcy or other legal process (or by operation of law resulting from the
death, disability, liquidation, dissolution or winding up of a Member), such
Member shall cease to be a Member, but any successor in title to the transferred
Units shall have no right to become a Member or vote in any Company matters
unless admitted as a Member by written unanimous consent of the other Members.
If such successor does not become a Member, such successor shall be merely an
assignee within the meaning of Section 18-702(b) of the Act.

                  11.1.3 Assignment of Right to Distributions. Each Member shall
have the right to sell, transfer or assign, for cash, or cash and notes, by a
written instrument its right to receive distributions of cash or other property
from the Company; provided that any such assignment is not secured by the
Interests and further provided that such an assignee shall not be substituted as
a Substitute Member in place of any Member.

            11.2 Resignation and Withdrawal of Member. No Member may resign or
withdraw from the Company without the unanimous written consent of the other
Members.

                ARTICLE XII ALLOCATIONS OF PROFITS AND LOSSES
                   AND OTHER TAX AND ACCOUNTING PROVISIONS

            12.1 Accounting Tax Definitions.

                  "Adjusted Capital Account Deficit" shall mean, with respect to
any Member, the deficit balance, if any, in such Member's Capital Account as of
the end of the relevant fiscal year, after giving effect to the following
adjustments: (a) increased for any amounts such Member is unconditionally
obligated to restore and the amount of such Member's share of Company Minimum
Gain and Member Minimum Gain after taking into account any changes during such
year; and (b) reduced by the items described in Treas. Reg. Section
1.704-1(b)(2)(ii)(d)(4), (5) and (6).

                  "Capital Accounts." A separate Capital Account shall be
maintained for each Member. Each Member's Capital Account shall be (a) increased
by (i) the amount of money

                                       16
<PAGE>
contributed by such Member, (ii) the fair market value of property contributed
by such Member (net of liabilities secured by such contributed property that the
Company is considered to assume or take subject to under Code Section 752),
(iii) allocations to such Member, pursuant to Article XII, of Company income and
gain (or items thereof), and (iv) to the extent not already netted out under
clause (b)(ii) below, the amount of any Company liabilities assumed by the
Member or which are secured by any property distributed to such Member; and (b)
decreased by (i) the amount of money distributed to such Member, (ii) the fair
market value of property distributed to such Member (net of liabilities secured
by such distributed property that such Member is considered to assume or take
subject to under Code Section 752), (iii) allocations to such Member, pursuant
to Article XII, of Company loss and deduction (or items thereof), and (iv) to
the extent not already netted out under clause (a)(ii) above, the amount of any
liabilities of the Member assumed by the Company or which are secured by any
property contributed by such Member to the Company.

                  In the event any interest in the Company is transferred in
accordance with the terms of this Agreement, the transferee shall succeed to the
Capital Account of the transferor to the extent it relates to the transferred
interest.

                  The foregoing provisions and the other provisions of this
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Treas. Reg. Section 1.704-1(b) and Treas. Reg. Section 1.704-2, and shall
be interpreted and applied in a manner consistent with such Regulations. In the
event the Chairman determines that it is prudent to modify the manner in which
the Capital Accounts, or any increases or decreases thereto, are computed in
order to comply with such Regulations, the Chairman may cause such modification
to be made without the consent of the Members, provided that it is not likely to
have a material effect on the amounts distributable to any Member upon the
dissolution of the Company. The Chairman may make any appropriate modifications
to this Agreement's provisions without the consent of the Members in the event
unanticipated events might otherwise cause this Agreement not to comply with
Treas. Reg. Section 1.704-1(b) and Treas. Reg. Section 1.704-2.

                  "Capital Asset" shall have the meaning given such term in the
Code, as hereinafter defined.

                  "Capital Reserve" shall mean such amount as is determined in
the Business Plan to be established and maintained by the Company for use for
working capital, debt service, future investments and for such other purposes as
the Managers deem necessary or advisable.

                  "Capital Transaction Proceeds" means any and all proceeds from
(a) the sale or other disposition of a Capital Asset of the Company, or (b) the
refinancing of the Company, reduced by any expenses incurred by the Company in
connection with such

                                       17
<PAGE>
transaction and Company liabilities paid in connection with such transaction.

                  "Code" means the Internal Revenue Code of 1986, as amended
from time to time.

                  "Company Minimum Gain" shall have the same meaning as
partnership minimum gain set forth in Treas. Reg. Section 1.704-2(d)(1).

                  "Credits" means all investment tax credits or other business
tax credits allowed by the Code with respect to activities of the Company or its
assets.

                  "Gross Asset Value" means, with respect to any asset, the
asset's adjusted basis for federal income tax purposes, except as follows:

                 (a) The initial Gross Asset Value of any asset contributed by a
Member to the Company shall be the gross fair market value of such asset, as
determined by the contributing Member and the Company;

                 (b) The Gross Asset Values of all Company assets shall be
adjusted to equal their respective gross fair market values, as determined by
the Managers, as of the following times: (i) the acquisition of an additional
interest in the Company by any new or existing Member in exchange for more than
a de minimis Capital Contribution; and (ii) the termination of the Company for
federal income tax purposes pursuant to Code Section 708(b)(1)(B); and

                 (c) If the Gross Asset Value of an asset has been determined or
adjusted pursuant to paragraph (b) above, such Gross Asset Value shall
thereafter be adjusted by the depreciation taken into account with respect to
such asset for purposes of computing Income and Losses.

                  "Income" and "Loss" means, respectively, for each fiscal year
or other period, an amount equal to the Company's taxable income or loss for
such year or period, determined in accordance with Code Section 703(a), except
that for this purpose (a) all items of income, gain, deduction or loss required
to be separately stated by Code Section 703(a)(1) shall be included in taxable
income or loss; (b) tax exempt income shall be added to taxable income or loss;
(c) any expenditures described in Code Section 705(a)(2)(B) (or treated as Code
Section 705(a)(2)(B) expenditures pursuant to Treas. Reg. Section
1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing taxable
income or loss shall be subtracted; (d) taxable income or loss shall be adjusted
to reflect any item of income or loss specifically allocated to a Member, (e)
rebates shall be allocated to an accounting period in a manner consistent with
the past practice of

                                       18
<PAGE>
WilFarm, and (f) income shall include any patronage dividends received by the
Company.

                  "Member Minimum Gain" shall have the same meaning as the
term "partner nonrecourse debt minimum gain" as set forth in Treas. Reg. Section
1.704-2(i)(3).

                  "Member Nonrecourse Debt" shall have the same meaning as
partner nonrecourse debt set forth in Treas. Reg. Section 1.704-2(b)(4).

                  "Member Nonrecourse Deductions" shall have the same meaning as
partner nonrecourse deductions set forth in Treas. Reg. Section 1.704-2(i)(2).
Generally, the amount of Member Nonrecourse Deductions with respect to a Member
Nonrecourse Debt for a fiscal year equals the net increase during the year in
the amount of the Member Minimum Gain (determined in accordance with Treas. Reg.
Section 1.704-2(i)) reduced (but not below zero) by the aggregate amount of any
distributions made during the fiscal year proceeds of Member Nonrecourse Debt
and are allocable to an increase in Member Minimum Gain determined in accordance
with Treas. Reg. Section 1.704-2(i).

                  "Net Cash Flow" of the Company shall be determined for each
Company fiscal year in accordance with sound, cash basis accounting principles,
and shall consist of (a) all cash receipts of the Company during such year, from
whatever source, whether or not taxable (excluding Capital Transaction Proceeds
and Capital Contributions by Members), plus (b) any cash that becomes available
during such year by reason of a reduction in the working Capital Reserve of the
Company referred to below, less (c) all cash expenditures as provided for in the
Business Plan for such fiscal year and cash losses of the Company during such
year, whether capital or current, tax deductible or nondeductible (excluding
only distributions to Members), and less (d) any additions during such year to
the Company's working Capital Reserve as approved by all Members.

                  "Nonrecourse Deduction" shall have the same meaning as
nonrecourse deductions set forth in Treas. Reg. Section 1.704-2(c). Generally,
the amount of Nonrecourse Deductions for a fiscal year equals the net increase,
if any, in the amount of Company Minimum Gain, determined according to the
provisions of Treas. Reg. Section 1.704-2(d), during such year reduced (but not
below zero) by the aggregate distributions made during the year of proceeds of a
Nonrecourse Liability that are allocable to the increased in Company Minimum
Gain, determined in accordance with Treas. Reg. Section 1.704-2(c) and (h).

                  "Nonrecourse Liability" means a Company liability with
respect to which no Member bears the economic risk of loss as determined
under Treas. Reg. Section 1.752-1(a)(2) and 1.752-2.

                                       19
<PAGE>
                  "Regulations" mean Treasury Regulations issued pursuant to the
Internal Revenue Code of 1986, as amended.

            12.2 Allocation of Income and Losses. Except as provided in Sections
12.3 through 12.13 hereof, all income and loss for any fiscal year of the
Company shall be allocated to the Members in proportion to their Percentage
Interests:

            12.3 Other Allocation Rules.

            For purposes of determining the Income, Losses, or any other items
allocable to any period, Income, Losses, and any such other items shall be
determined on a daily, monthly, or other basis, as determined by the Managers
using any permissible method under Code Section 706 and the Regulations
thereunder.

            Except as otherwise provided in this Agreement, all items of Company
income, gain, loss, deduction, and any other allocations not otherwise provided
for shall be divided among the Members in the same proportions as they share
Income or, Losses, as the case may be, for the year.

            The Members are aware of the income tax consequences of the
allocations made by this Article XII and hereby agree to be bound by the
provisions of this Article XII in reporting their shares of Company income and
loss for income tax purposes.

            Notwithstanding the foregoing allocations, for a period of three (3)
years from the date hereof, all gains and losses from the sale of the assets
acquired from Terra Industries, Inc. or its affiliates pursuant to an Asset
Purchase Agreement dated May 3, 1999, by entities contributed by CHS to
Agriliance, which would otherwise be allocated to UCB or Farmland, shall be
allocated to CHS or, in the event CHS is not a Member, to UCB for the benefit of
CHS. Such allocations shall not be limited to the net income of the Company and,
notwithstanding anything herein to the contrary, may result in an adjusted
capital account deficit to the extent of such allocation

            12.4 Minimum Gain Chargeback. Notwithstanding any other provision of
this Article XII, if there is a net decrease in Company Minimum Gain during a
Company taxable year, each Member shall be allocated items of income and gain
for such year (and, if necessary, for subsequent years) in that Member's share
of the net decrease in Company Minimum Gain during such year (hereinafter
referred to as the "Minimum Gain Chargeback Requirement"). A Member's share of
the net decrease in Company Minimum Gain is the amount of the total decrease
multiplied by the Member's percentage share of the Company Minimum Gain at the
end of the immediately preceding taxable year. A Member is not subject to the
Minimum Gain Chargeback Requirement to the extent: (1) the Member's share of the
net decrease in Company Minimum Gain is caused by a guarantee, refinancing or
other change in the debt instrument causing it to become partially or wholly
recourse debt or a Member Nonrecourse Debt, and the Member bears the economic
risk of loss for the newly guaranteed, refinanced or otherwise changed
liability; (2) the Member contributes capital to the Company that is used to
repay the Nonrecourse Debt and the Member's share of the net decrease in Company
Minimum Gain

                                       20
<PAGE>
results from the repayment; or (3) the Minimum Gain Chargeback Requirement would
cause a distortion and the Commissioner of the Internal Revenue Service waives
such requirement.

            A Member's share of Company Minimum Gain shall be computed in
accordance with Treasury Regulation Section 1.704-2(g) and as of the end of any
Company taxable year shall equal: (1) the sum of the Nonrecourse Deductions
allocated to that Member up to that time and the distributions made to that
Member up to that time of proceeds of a Nonrecourse Debt allocable to an
increase of Company Minimum Gain, minus (2) the sum of that Member's aggregate
share of net decrease in Company Minimum Gain plus that Member's aggregate share
of decreases resulting from revaluations of Property subject to Nonrecourse
Debts. In addition, a Member's share of Company Minimum Gain shall be adjusted
for the conversion of recourse and Member Nonrecourse Debts into Nonrecourse
Debts in accordance with Treasury Regulation Section 1.704-2(g)(3). In computing
the above, amounts allocated or distributed to the Member's predecessor in
interest shall be taken into account.

            12.5 Member Minimum Gain Chargeback. Notwithstanding any other
provision of this Article XII other than Section 12.5, if there is a net
decrease in Member Minimum Gain during a Company taxable year, each Member who
has a share of the Member Minimum Gain (determined under Treasury Regulation
Section 1.704-2(i)(5) as of the beginning of the year) shall be allocated items
of income and gain for such year (and, if necessary, for subsequent years) equal
to that Member's share of the net decrease in Member Minimum Gain. In accordance
with Treasury Regulation Section 1.704-2(i)(4), a Member is not subject to this
Member Minimum Gain Chargeback requirement to the extent the net decrease in
Member Minimum Gain arises because the liability ceases to be Member Nonrecourse
Debt due to a conversion, refinancing or other change in the debt instrument
that causes it to be partially or wholly a Nonrecourse Debt. The amount that
would otherwise be subject to the Member Minimum Gain Chargeback requirement is
added to the Member's share of Company Minimum Gain.

            12.6 Qualified Income Offset. In the event any Member unexpectedly
receives an adjustment, allocation or distribution described in Treas. Reg.
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), which causes or increases such
Member's Adjusted Capital Account Deficit, items of Company income and gain
shall be specially allocated to such Member in an amount and manner sufficient
to eliminate such Adjusted Capital Account Deficit as quickly as possible,
provided that an allocation under this Section 12.6 shall be made if and only to
the extent such Member would have an Adjusted Capital Account Deficit after all
other allocations under this Article XII have been made.

            12.7 Nonrecourse Deductions.  Nonrecourse Deductions for any
fiscal year or other period shall be allocated to the Members in proportion
to their respective Percentage Interest.

            12.8 Member Nonrecourse Deductions.  Any Member Nonrecourse
Deduction shall be allocated to the Member who bears the risk of loss with
respect to the loan to which such Member Nonrecourse Deductions are
attributable in accordance with Treas. Reg. Section 1.704-2(i).

            12.9 Curative Allocations. Any special allocations of items of
income, gain,

                                       21
<PAGE>
deduction or loss pursuant to Sections 12.4, 12.5, 12.6, 12.7, 12.8 and 12.10
shall be taken into account in computing subsequent allocations of income and
gain pursuant to this Article XII, so that the net amount of any items so
allocated and all other items allocated to each Member pursuant to this Article
XII shall, to the extent possible, be equal to the net amount that would have
been allocated to each such Member pursuant to the provisions of this Article
XII if such adjustments, allocations or distributions had not occurred. No
allocations pursuant to Sections 12.4 and 12.5 shall be made prior to the
Company taxable year during which there is a net decrease in Company Minimum
Gain or Member Minimum Gain, respectively. In addition, allocations pursuant to
this Section 12.9 with respect to Nonrecourse Deductions in Section 12.7 and
Member Nonrecourse Deductions in Section 12.8 shall be deferred to the extent
the Members reasonably determine that such allocations are likely to be offset
by subsequent allocations of Company Minimum Gain or Member Minimum Gain,
respectively.

            12.10 Loss Allocation Limitation. Notwithstanding the other
provisions of this Article XII, unless otherwise agreed to by the Managers, no
Member shall be allocated Loss in any taxable year which would cause or increase
an Adjusted Capital Account Deficit as of the end of such taxable year.

            12.11 Share of Nonrecourse Liabilities.  Solely for purposes of
determining a Member's proportionate share of the "excess nonrecourse
liabilities" of the Company within the meaning of Treas. Reg. Section
1.752-3(a)(3), each Member's interest in Company Income is equal to its
respective Applicable Percentage Interests.

            12.12 Compliance with Regulation. The foregoing provisions are
intended to comply with Treas. Regs. Sections 1.704-1(b), 1.704-2 and
1.752-l through 1.752-5, and shall be interpreted and applied in a manner
consistent with such Regulations. In the event it is determined by the Managers
that it is prudent or advisable to amend this Agreement in order to comply with
such regulations, the Managers are empowered to amend or modify Sections 12.4
through 12.11 of this Agreement notwithstanding any other provision of this
Agreement.

            12.13 Tax Allocations: Code Section 704(c). In accordance with Code
Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction
with respect to any property contributed to the capital of the Company shall,
solely for tax purposes, be allocated among the Members so as to take account of
any variation between the adjusted basis of such property to the Company for
federal income tax purposes and its initial Gross Asset Value.

                  In the event the Gross Asset Value of any Company asset is
adjusted, subsequent allocations of income, gain, loss, and deduction with
respect to such asset shall take account of any variation between the adjusted
basis of such asset for federal income tax purposes and its Gross Asset Value in
the same manner as under Code Section 704(c) and the Regulations thereunder.

                  The Members hereby agree that any allocations described in
this Section 12 relating to tax allocations under Section 704(c) shall be
determined in accordance with the traditional method of making Section 704(c)
allocations with curative allocations as described in Regulation Section
1.704-3(c). Allocations pursuant to this Section 12.13 are solely for purposes

                                       22
<PAGE>
of federal, state and local taxes and shall not affect, or in any way be taken
into account in computing, any Member's Capital Account or share of Income,
Losses, other items or distributions pursuant to any provisions of this
Agreement.

                          ARTICLE XIII DISTRIBUTIONS

            13.1 Net Cash Flow. Net Cash Flow, if any, shall be distributed, at
such times as the Managers may determine, but not less frequently than monthly,
in the following order and, priority:

            First, to those Members who have made Additional Capital
Contributions, after reduction for amounts distributed to such Member under
Subsection 14.2.1, a distribution equal to the Interest Rate per annum on such
Additional Capital Contribution. Such amount, if possible, shall be distributed
monthly. Any amounts distributable under this Subsection 13.1.1 shall be
cumulative.

            Second, to those Members who have made Additional Capital
Contributions, after reduction for amounts distributed to such Member under
Subsection 13.2.2, an amount equal to such Additional Capital Contributions.

            The balance, if any, to the Members in proportion to the Interests
owned by such Member.

            13.2 Capital Transactions Proceeds.  Capital transactions
proceeds shall be distributed, at such times as the Managers may determine,
in the following order and priority:

            13.2.1 First, to the Members entitled to distributions under
Section 13.1.1, an amount equal to amounts distributable under Section 13.1.1
theretofore not distributed.

            13.2.2 Second, to the Members who made Additional Capital
Contributions, an amount equal to the excess, if any, of (a) the Additional
Capital Contributions of Members, over (b) the sum of all prior distributions to
such Members pursuant to Section 13.1.2 hereof and this Section 13.2.2.

            13.2.3 The balance, if any, to the Members in proportion to the
Percentage Interests of each Member.

            13.3 Amounts Withheld. All amounts withheld pursuant to the Code or
any provision of any state or local tax law with respect to any payment or
distribution to the Members shall be treated as amounts distributed to the
Members for all purposes under this Agreement.

                   ARTICLE XIV DISSOLUTION AND TERMINATION

            14.1 Events Causing Dissolution.  The Company shall be dissolved
upon the unanimous written agreement of the Members to dissolve.

                                       23
<PAGE>
            14.2 Effect of Dissolution. Except as otherwise provided in this
Agreement, upon the dissolution of the Company, the Managers shall take such
actions as may be required pursuant to the Act and shall proceed to wind up,
liquidate and terminate the business and affairs of the Company. In connection
with such winding up, the Managers shall have the authority to liquidate and
reduce to cash (to the extent necessary or appropriate) the assets of the
Company as promptly as is consistent with obtaining a fair market value
therefor, to apply and distribute the proceeds of such liquidation and any
remaining assets in accordance with the provisions of Section 15.3 below, and to
do any and all acts and things authorized by, and in accordance with, the Act
and other applicable laws for the purpose of winding up and liquidation.

            14.3 Application of Proceeds. Upon dissolution and liquidation of
the Company, the assets of the Company, after providing for the payment of all
liabilities, shall be applied and distributed in the order of priority set forth
in Article XIII.

                           ARTICLE XV MISCELLANEOUS

            15.1 Amendments. Except as otherwise provided herein, this Agreement
shall not be modified or amended in any manner other than by the unanimous
written agreement of the Members.

            15.2 Title to Assets. Title to all other assets acquired by the
Company shall be held in the name of the Company. No Member shall individually
have any ownership interest or rights in any other assets of the Company, except
indirectly by virtue of such Member's ownership of an Interest. No Member shall
have any right to seek or obtain a partition of the real property or other
assets of the Company, nor shall any Member have the right to any specific
assets of the Company upon the liquidation of or any distribution from the
Company.

            15.3 Nature of Interest in the Company.  A Member's Interest
shall be personal property for all purposes.

            15.4 Organizational Expenses.  The Company shall pay all
organizational expenses incurred in connection with the creation and
formation of the Company. Such expenses may be paid directly by the Company
or may be reimbursed by the Company to the Members.

            15.5 Office. Except for the Notices required by Articles VI and VII
which shall be governed by those Sections, all notices or other communications
required or permitted under this Agreement shall be in writing and shall be
delivered personally, telegraphed, telecopied. (facsimile) or telexed or sent by
registered, certified or express mail, postage prepaid as hereinafter provided.
Any such notice or other communication, if mailed by prepaid first class mail at
any time other than during a general discontinuance of postal service due to
strike, lockout or otherwise, shall be deemed to have been received on the
fourth Business Day, as hereinafter defined, after the postmarked date thereof,
or if sent by facsimile or other means of electronic communication, shall be
deemed to have been received on the Business Day following the sending, or if
delivered by hand, shall be deemed to have been received at the time it is
delivered to the applicable address noted below either to the individual
designated below or to an individual at such address having apparent authority
to accept deliveries on behalf of the

                                       24
<PAGE>
addressee. Notice of change of address shall also be governed by this Section.
In the event of a general discontinuance of postal service due to strike,
lockout or otherwise, notices or other communications shall be delivered by hand
or sent by facsimile or other means of electronic communication and shall be
deemed to have been received in accordance with this Section. Notice and other
communications shall be addressed as follows:

      IF TO UCB:

            Mr. Robert W. Honse
            Farmland Industries, Inc.
            3315 North Oak Trafficway
            P.O. Box 7305, Dept. 65
            Kansas City, Missouri 64116-0005

      With a copy to:

            Robert Terry, Esq.
            Farmland Industries, Inc.
            3315 North Oak Trafficway
            P.O. Box 7305, Dept. 62
            Kansas City, Missouri 64116-0005

                        and

            Mr. John Johnson
            CENEX HARVEST STATES COOPERATIVES
            PO Box 64089
            St. Paul, Minnesota 55077

      With a copy to:

            David A. Kastelic, Esq.
            Cenex Harvest States Cooperatives
            PO Box 64089
            St. Paul, Minnesota  55077

      IF TO LAND O' LAKES

            Mr. Duane Halverson
            Land O' Lakes, Inc.
            P.O. Box 64101
            St. Paul, Minnesota  55164-0101

      With a copy to:

            John Rebane, Esq.

                                       25
<PAGE>
            Land O'Lakes, Inc.
            P.O. Box 64101
            St. Paul, Minnesota  55164-0101

      IF TO CHS

            Mr. John Johnson
            CENEX HARVEST STATES COOPERATIVES
            P.O. Box 64089
            St. Paul, Minnesota 55077

      With a copy to:

            David A. Kastelic, Esq.
            Cenex Harvest States Cooperatives
            P.O. Box 64089
            St. Paul, Minnesota  55077

      If to FII

            Mr. Robert Honse
            Farmland Industries, Inc.
            3315 North Oak Trafficway
            P.O. Box 7305, Dept. 65
            Kansas City, Missouri 64116-0005

      With a copy to:

            Robert Terry, Esq.
            Farmland Industries, Inc.
            3315 North Oak Trafficway
            P.O. Box 7305, Dept. 62
            Kansas City, Missouri 64116-0005

For the purposes hereof, "Business Day" means any day, other than Saturday,
Sunday or any statutory holiday.

            15.6 Waiver of Default. No consent or waiver, express or implied, by
the Company or a Member with respect to any breach or default by another Member
hereunder shall be deemed or construed to be a consent or waiver with respect to
any other breach or default by such Member of the same provision or any other
provision of this Agreement. Failure on the part of the Company or a Member to
complain of any act or failure to act of another Member or to declare such

            15.7 No Third Party Rights. None of the provisions contained in this
Agreement shall be for the benefit of or enforceable by any third parties,
including creditors of the Company.

                                       26
<PAGE>
other Member in default shall not be deemed or constitute a waiver by the
Company or the Member of any rights hereunder; provided, however, that WECO is
an intended third party beneficiary of Sections 5.3 and 5.4 and shall have the
right to enforce its rights under Sections 5.3 and 5.4 directly against the
Company.

            15.8 Entire Agreement. This Agreement (together with the Certificate
of Formation) contains the entire agreement between the Members relative to the
formation, operation and continuation of the Company, and this Agreement shall
not be altered, modified or changed except by a written document duly executed
by all parties hereto at the time of such alteration, modification or change.

            15.9 Severability. In the event any provision of this Agreement is
held to be illegal, invalid or unenforceable to any extent, the legality,
validity and enforceability of the remainder of this Agreement shall not be
affected thereby and shall remain in full force and effect and shall be enforced
to the greatest extent permitted by law.

            15.10 Assignment.  This Agreement and the rights and obligations
hereunder shall not be assignable by any of the parties.

            15.11 Governing. This Agreement and the rights and obligations of
the parties hereto shall be governed by and construed in accordance with the
laws of the state of Delaware, without regard to conflict of law.

            15.12 Jurisdiction. Each Member hereby irrevocably submits itself to
the jurisdiction of the States of Missouri or Minnesota, and to the jurisdiction
of the Federal District Courts for the District of Jackson County, Missouri or
Ramsey County, Minnesota, for the purpose of any suit, action, or other
proceeding arising out of or relating to this Agreement. Each Member hereby
agrees that it will not bring or file any suit, action, or other proceeding
arising out of or relating to this Agreement in a venue other than the two
listed above.

            15.13 Binding Agreement. Subject to the restrictions on the
disposition of Interests herein contained, the provisions of this Agreement
shall be binding upon, and inure to the benefit of, the parties hereto and their
respective heirs, personal representatives, successors and permitted assigns.

            15.14 Headings. The headings of the Articles, Sections and
Subsections of this Agreement are for convenience only and shall not be
considered in construing or interpreting any of the terms or provisions hereof.

            15.15 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
shall constitute one agreement that is binding upon all of the parties hereto,
notwithstanding that all parties are not signatories to the same counterpart.

            15.16 Interpretation. Words of the masculine gender shall be deemed
to include the feminine and neuter genders, and vice versa, where applicable.
Words of the singular number shall be deemed to include the plural number, and
vice versa, where applicable.

                                       27
<PAGE>
            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date first above written.

                     UNITED COUNTRY BRANDS

                           By:   Farmland Industries, Inc.
                                 (as Member)

                                 By:   /s/ Robert W. Honse
                                     --------------------------------
                                 Print Name: Robert W. Honse
                                 Title: Executive Vice President &
                                        Chief Operating Officer

                           By:   Cenex Harvest States Cooperatives
                                 (as Member)

                                 By:   /s/ John D. Johnson
                                     --------------------------
                                 Print Name: John D. Johnson
                                 Title:      President
                                        -----------------------

                     LAND O'LAKES, INC.

                     By:   /s/ Duane Halverson
                         --------------------------------------
                     Print Name  Duane Halverson
                               --------------------------------
                     Title Chief Operating Officer, Ag Services
                          -------------------------------------

                     CENEX HARVEST STATES COOPERATIVES

                     By:   /s/ John D. Johnson
                         --------------------------------------
                     Print Name  John D. Johnson
                               --------------------------------
                     Title President
                          -------------------------------------

                     FARMLAND INDUSTRIES, INC.

                     By: /s/ Robert W. Honse
                          -------------------------------------
                     Print Name Robert W. Honse
                          -------------------------------------
                     Title Executive Vice President &
                          -------------------------------------
                           Chief Operating Officer

                                       28<PAGE>
                                                                    Exhibit 10.6

                           JOINT VENTURE AGREEMENT

            THIS JOINT VENTURE AGREEMENT (this "Agreement"), effective January
1, 2000 is entered into by and between FARMLAND INDUSTRIES, INC., a cooperative
corporation organized under the laws of Kansas ("Farmland"), CENEX HARVEST
STATES COOPERATIVES, a cooperative corporation organized under the laws of
Minnesota ("CHS"), United Country Brands LLC, a Delaware limited liability
company ("United LLC") and LAND O'LAKES, INC., a cooperative corporation
organized under the laws of Minnesota ("LOL") (Farmland, CHS, United LLC and LOL
each individually a "Party" and collectively the "Parties". Farmland and CHS
together are "UCB Parties").

                            W I T N E S S E T H :

             WHEREAS, the UCB Parties have formed United LLC as a Delaware
limited liability company for the purpose of holding certain of their interests
in the joint venture created by this Agreement.

            WHEREAS, each of the Parties is engaged in businesses of or related
to the wholesale marketing of plant food and crop protection products in North
America; and

            WHEREAS, in order to better realize the potential of the businesses,
UCB Parties and LOL desire to form a joint venture by establishing and operating
a limited liability company and by entering into agreements ancillary thereto;

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein, the Parties agree as follows:

                                   ARTICLE I

                   ESTABLISHMENT OF LIMITED LIABILITY COMPANY

1.    Limited Liability Company. On or before the Operational Closing Date,
      the Parties shall cause to be formed a Delaware limited liability
      company with a name to be determined by the agreement of the Parties
      (the "Company"). The members of the Company to be formed shall be
      Farmland, CHS, United LLC and LOL (each of which is sometimes referred
      to as a "Member" and all of which  are herein sometimes referred to
      collectively as the "Members"). United LLC and LOL shall each own a 50%
      governance interest in the Company. LOL shall own a 38.75 % economic
      interest in the Company.  United LLC shall own a 50% economic interest
      in the Company.  Farmland shall own a 9.795% economic interest in the
      Company. CHS shall own a 1.455% economic interest in the Company.
      United LLC and LOL each shall at all times exercise all management
      rights with respect to the Company in such a manner as to ensure
      compliance with the provisions of this Agreement.  The Members shall
      execute and deliver to each other a Limited Liability Company Agreement
      consistent with the provisions hereof and incorporating such other
      provisions as may be agreed to by the Parties.  Upon completion of the
      Limited Liability Company Agreement  it shall be separately initialed
      by the Parties and attached hereto as Exhibit B ("LLC Agreement").

                                       i
<PAGE>
         1.1 Purpose and Scope of Joint Venture.

         (a) Business Objectives: The Company's objectives and scope of business
         include: (i) selling plant food and crop protection products to
         cooperative members and patrons of Members (and others as may be
         otherwise agreed to by the Members) for resale or use in North American
         markets, and (ii) providing other goods and services to Members and
         members and patrons of Members (and others as may be otherwise agreed
         to by the Members). Until the time of the Working Asset Closing (as
         hereinafter defined), the Company shall act as the manager of all of
         such direct and indirect businesses of the Members and of WilFarm LLC
         and the earnings and losses of such businesses and WilFarm shall inure
         to the joint shared benefit of the Members and in accordance with the
         agreement of WilFarm with the Company. Following the Working Asset
         Closing, the Company shall use the LOL Contributed Assets and the
         United LLC Contributed Assets for purposes of operation of the
         businesses in its own name pursuant to clauses (a)(i) and (a)(ii)
         above.

         (b) Term. It is anticipated that the term of the Company shall be
         perpetual subject to the earlier termination in accordance with the
         provisions of Delaware law. To the extent it is not in material breach
         of the LLC Agreement or any of the Ancillary Agreements, at the end of
         the term of the venture each of United LLC and LOL will be granted a
         right of last refusal to meet or exceed the highest offer for the
         assets of the Company in liquidation. In the event that both members
         desire to at least meet such highest offer, the Members shall
         participate in an internal auction for the purchase by one Member of
         the other Member's interest in the Company in accordance with the
         procedures set forth in Schedule 1.1(b).

         (c) Products: The Company's main products will be a variety of plant
         food and crop protection products mutually agreed upon by the unanimous
         decision of the Members.

                  1.2 Financing of the Company. LOL expects to have contributed
38.75% of the capital of the Company, consisting of cash and the beneficial use
of the LOL Contributed Assets referred to in Section 1.4. Farmland, CHS, and
United LLC expect to have together directly or indirectly contributed 61.25% of
the capital of the Company, consisting of cash and the beneficial use of United
LLC Contributed Assets referred to in Section 1.5, subject to the provisions of
the LLC Agreement. The Parties shall arrange for financing of the joint venture
pursuant to the terms of the LLC Agreement, it being the intent of the Parties
to obtain non-recourse as to the Members financing for the Company, as soon as
practical and in any event not later than April 30, 2000.

                  1.3 Compliance with Laws. All matters referred to herein are
subject to and conditioned upon compliance with all applicable laws.

                  1.4 LOL's Contribution to Company.

         (a) Contribution of LOL Assets: At the Operational Closing, in addition
         to any cash amount required by the LLC Agreement, except as the parties
         may otherwise agree, LOL shall contribute, or cause to be contributed,
         to the Company the economic benefit derived from the use of: (i) all
         LOL's rights and interest to real property used

                                       ii
<PAGE>
         by it in the wholesale marketing of plant food and crop protection
         products in North America listed on Schedule 1.4(a) (the "LOL Real
         Property"), (ii) all of LOL's rights and interest in the Assigned
         Investments and Agreements listed on Schedule 1.4(a) attached hereto
         (including, without limitation, its interest and title to, and goodwill
         attendant thereto, its ownership, equity, and governance interests in,
         and the beneficial use of the assets of, Cenex/LOL Agronomy Company,
         Agro Distribution LLC, Omnium LLC, Imperial Inc., and RSA Microtech,
         Inc.), (iii) all of LOL's rights and interest in Other Assets (as
         defined below) and (iv) the personal property listed on Schedule 1.4(a)
         attached hereto (the "LOL Personal Property") (collectively, the "LOL
         Contributed Assets"). The Parties hereby acknowledge and agree that the
         economic benefit derived from the use of LOL Contributed Assets shall
         be deemed for all purposes to have been contributed to the Company
         effective as of the first day of January, 2000, (the "Effective Date")
         and the net earnings or loss arising from such assets from the
         Effective Date until the actual date of Closing shall be included among
         the assets to be contributed pursuant to this Agreement. The parties
         further agree that the earnings and loss arising from operation of such
         assets prior to the Effective Date, including without limitation
         chemical rebates earned on business conducted prior to January 1, 2000,
         shall inure to LOL.

         (b) Other Assets: As used herein, the term "Other Assets" means the
         beneficial use of the following items pertaining to the LOL Real
         Property (or any portion thereof): (i) any and all rights, licenses,
         permits, betterments, accretions, easements, and any personal property
         of every kind and character owned by LOL (and/or any Affiliate
         thereof), attached to, appurtenant to, located in, or used or useful in
         connection with the LOL Real Property; (ii) all construction,
         engineering, consulting, architectural and other similar contracts, and
         any and all amendments and modifications thereto, relating to the LOL
         Real Property and all warranties with respect thereto; (iii) all
         architectural, plans, specifications, soils tests, engineering reports
         and similar materials relating to the LOL Real Property; (iv) all
         deposits, performance bonds, guarantees or other payments given or made
         with respect to the LOL Real Property and any and all modifications and
         extensions thereto relating to the LOL Real Property; (v) all
         governmental entitlements (including, without limitation, all
         environmental reports, declarations, map approvals, conditional use
         permits, and any other permits related to the LOL Real Property),
         permissions, environmental clearances, rights, licenses and permits
         which relate to the LOL Real Property; (vi) all leases, licenses and
         occupancy agreements with respect to the LOL Real Property; (vii) all
         rights and remedies of LOL against the party from which LOL purchased
         the LOL Real Property; and (viii) all other general intangibles
         relating to the development and/or use of the LOL Real Property and the
         improvements thereon including, without limitation, all refunds and
         payments of any kind relating to the ownership, operation, use and/or
         disposition of the LOL Real Property, and all proceeds and claims
         arising on account of any loss, damage to or taking of the LOL Real
         Property (or any part thereof).

         (c) Transfer on an "AS-IS" Basis. Each Party acknowledges and agrees
         that, except for the express representations and warranties set forth
         in this Agreement, the Company is acquiring the beneficial use of LOL
         Contributed Assets "AS IS" without any representation or warranty of
         LOL (or any other Party), express, implied or

                                      iii
<PAGE>
         statutory, as to the nature or condition of the Contributed Assets, the
         condition of title to the Contributed Assets or the fitness for use of
         the Contributed Assets.

         (d) Prorations and Adjustments. The following shall be prorated and
         adjusted between LOL and the Company as of the Effective Date, except
         as otherwise specified:

                  (i) General real estate, personal property and ad valorem
         taxes and assessments for the current tax year for the Contributed
         Assets with LOL being responsible for the payment of such items for the
         period before the Effective Date and the Company being responsible for
         such payment for the period on and after the Effective Date.

                  (ii) Utility charges, if any, costs of maintaining the
         Contributed Assets, if any, and such other items that are customarily
         prorated in transactions of this nature shall be ratably prorated with
         LOL being responsible for the payment of such items for the period
         before the Effective Date and the Company being responsible for such
         payment for the period on and after the Effective Date.

         (e) Commissions or Fees. LOL hereby represents and warrants to the
         Company and the other Members that no person or entity is entitled to
         any commission, broker's fee or other compensation based on contacts or
         understandings between such claimant and LOL or its Affiliates with
         respect to the contribution of the LOL Contributed Assets.

                  1.5 United LLC's Contribution to Company.

      (a) Contribution of United LLC Assets: At the Operational Closing, in
      addition to any cash amount required by the LLC Agreement, except as the
      Parties may otherwise agree, the UCB Parties and United LLC shall
      contribute to the Company the economic benefit derived from the use of (i)
      all rights and interest of UCB Parties and United LLC to real property
      used by any of them in the wholesale marketing of plant food and crop
      protection products in North America listed on Schedule 1.5(a) (the
      "United LLC Real Property") (ii) all of the rights and interest in the
      Assigned Investments and Agreements listed on Schedule 1.5(a) attached
      hereto (including, without limitation, all interest and title to, and
      goodwill attendant thereto, its ownership, equity, and governance
      interests in WilFarm, Cenex/LOL Agronomy Company, Agro Distribution LLC,
      Omniun LLC, Imperial Inc., and RSA Microtech, Inc.), (iii) all rights and
      interest in Other Assets (as defined below) and (iv) the personal property
      listed on Schedule 1.5(a) attached hereto (the "United LLC Personal
      Property") (collectively, the "United LLC Contributed Assets"). Farmland
      will also contribute or, pursuant to the contract with Wilbur Ellis
      attached hereto as Exhibit C (to be provided no later than the Operational
      Closing) will cause Wilbur Ellis to contribute its ownership, equity, and
      governance interests in WilFarm and goodwill attendant thereto. The
      Parties hereby acknowledge and agree that the United LLC Contributed
      Assets shall be deemed for all purposes to have been contributed to the
      Company effective as of the Effective Date, and the net earnings or loss
      arising from the assets from the Effective Date until the actual date of
      Closing shall

                                       iv
<PAGE>
         be included among the assets to be contributed pursuant to this
         Agreement. The parties further agree that the earnings and loss arising
         from operation of such assets prior to the Effective Date, including
         without limitation chemical rebates earned on business conducted prior
         to January 1, 2000, shall inure to the UCB Parties.

         (b) Other Assets: As used herein, the term "OTHER ASSETS" means the
         beneficial use of the following items pertaining to the United LLC Real
         Property (or any portion thereof): (i) any and all rights, licenses,
         permits, betterments, accretions, easements, and any personal property
         of every kind and character owned by United LLC (and/or any Affiliate
         thereof), attached to, appurtenant to, located in, or used or useful in
         connection with the United LLC Real Property; (ii) all construction,
         engineering, consulting, architectural and other similar contracts, and
         any and all amendments and modifications thereto, relating to the
         United LLC Real Property and all warranties with respect thereto; (iii)
         all architectural, plans, specifications, soils tests, engineering
         reports and similar materials relating to the United LLC Real Property;
         (iv) all deposits, performance bonds, guarantees or other payments
         given or made with respect to the United LLC Real Property and any and
         all modifications and extensions thereto relating to the United LLC
         Real Property; (v) all governmental entitlements (including, without
         limitation, all environmental reports, declarations, map approvals,
         conditional use permits, and any other permits related to the United
         LLC Real Property), permissions, environmental clearances, rights,
         licenses and permits which relate to the United LLC Real Property; (vi)
         all leases, licenses and occupancy agreements with respect to the
         United LLC Real Property; (vii) all rights and remedies of UCB parties
         or United LLC against the party from which such UCB Party or United LLC
         purchased the United LLC Real Property; and (viii) all other general
         intangibles relating to the development and/or use of the United LLC
         Real Property and the improvements thereon including, without
         limitation, all refunds and payments of any kind relating to the
         ownership, operation, use and/or disposition of the United LLC Real
         Property, and all proceeds and claims arising on account of any loss,
         damage to or taking of the United LLC Real Property (or any part
         thereof).

         (c) Transfer on an "AS-IS" Basis. Each Party acknowledges and agrees
         that, except for the express representations and warranties set forth
         in this Agreement, the Company is acquiring the beneficial use of
         United LLC Contributed Assets "AS IS" without any representation or
         warranty of United LLC, Farmland, CHS (or any other Party), express,
         implied or statutory, as to the nature or condition of the United LLC
         Contributed Assets, the condition of title to the United LLC
         Contributed Assets or the fitness for use of the United LLC Contributed
         Assets.

         (d) Prorations and Adjustments. The following shall be prorated and
         adjusted between United LLC or the UCB Parties as appropriate on the
         one part and the Company on the other part as of the Effective Date,
         except as otherwise specified:

            (i) General real estate, personal property and ad valorem taxes and
            assessments for the current tax year for the United LLC Contributed
            Assets with United LLC or the UCB Parties being responsible for the
            payment of such items for the period before the Effective Date and
            the Company being responsible for such payment for the period on and
            after the Effective Date.

                                       v
<PAGE>
            (ii) Utility charges, if any, costs of maintaining the United LLC
            Contributed Assets, if any, and such other items that are
            customarily prorated in transactions of this nature shall be ratably
            prorated with United LLC or the UCB Parties being responsible for
            the payment of such items for the period before the Effective Date
            and the Company being responsible for such payment for the period on
            and after Effective Date.

      (e) Commissions or Fees. Each of the UCB Parties and United LLC hereby
      represent and warrant to the Company and the other Members that no person
      or entity is entitled to any commission, broker's fee or other
      compensation based on contacts or understandings between such claimant and
      UCB Parties, United LLC, or their respective Affiliates with respect to
      the contribution of the United LLC Contributed Assets.

            1.6 No Adjustment of Economic Interest. Barring any purchase or sale
of any economic interest in the Company among Members, all of which such sales
and purchases may be made by agreement by any of the Members and as to which
consent of each of the other Members is hereby given, the economic interests of
the Parties shall remain as they are except as may be agreed to from time to
time by the Parties. It is anticipated that any expansion of the wholesale
fertilizer and crop protection business by the Parties hereto shall be solely
through the Company with any and all assets used in such expansion being
acquired by, and pursuant to terms negotiated by, the Company. If any of the
Members acquire any wholesale fertilizer and/or crop protection business assets
in North America by operation of law or otherwise, the Company and such Member
shall negotiate in good faith to sell such assets to the Company upon terms and
conditions acceptable to both parties. If the Company and such Member or are
unable to reach agreement on the terms of the sale to the Company such assets
shall, within a two (2) year period following the acquisition by such Member ,
be sold or transferred to a third party unrelated to such Member by ownership or
by continuing contract. Pending such sale such assets shall to the extent
legally permissible be operated and managed by the Company for the sole economic
benefit of such Member. To the extent such management and operation is not
legally permissible in the reasonable determination of the Company, such assets
shall, pending sale, be operated by the Member on a full arms length basis for
its own account.

            1.7 Fertilizer and Agricultural Chemical Procurement and Marketing
Arrangements with LOL, United LLC and UCB Parties.

            (a) Procurement. It is anticipated that the Company will procure
            plant food product primarily from Farmland and CF Industries Inc.
            ("CF"). Procurement of product from Farmland will be accomplished
            directly by the Company. Such purchases will not be on a patronage
            basis, and production earnings therefrom will remain with Farmland
            for retention or distribution in its sole determination. The
            purchases of CF product, either directly or through CHS or LOL, will
            not be on a patronage basis from the perspective of the Company, and
            any patronage earned will go to or remain with CHS or LOL for
            retention or distribution in their sole determination. Product
            procured from non-CF third parties shall be procured directly by the
            Company, or if through the Members, shall be by each Member ratably
            in proportion to its economic interest in the Company.

                                       vi
<PAGE>
         (b) Allocation of Product Sourced from CF. For purposes of CF patronage
         and the CF base capital plan, CHS and LOL will allocate between
         themselves nitrogen product purchased from CF on the basis described
         herein. For purposes of this section, Farmland and CF shall each have
         an annual "base level" of product to be supplied to the Company as
         follows:
                     Nitrogen Products (on a total N basis)
                     --------------------------------------
                         Farmland - 2,998,000 tons annually
                         CF - 1,831,000 tons annually

         The base percentage split between the Members ("Base Percentage
         Split"), for all CF-sourced nitrogen product (on a total N basis) shall
         be LOL 61.8% and CHS 38.2%. The Base Percentage Split shall apply to
         all nitrogen product sourced from CF in any fiscal year up to the CF
         base level. For CF-sourced product over the base level and to the
         extent such increase results from an increase in produced tons
         available to the Company, LOL shall receive credit for 100% of such
         product, but only to the extent that Farmland-sourced product exceeds
         Farmland's base level as a result of an increase in Farmland production
         being sold to the Company; provided that this sentence shall apply only
         in the case of a merger between Farmland and CHS or other combination
         resulting in the participation by CHS in the economic results of the
         Farmland fertilizer production business and, if no such merger or other
         combination has occurred the Parties will renegotiate the terms of this
         sentence to protect the rights of all Members to participate in such
         increase in sourcing and production on an equitable basis. To the
         extent that CF-sourced product exceeds the CF base level by more tons
         than the Farmland-sourced product exceeds the Farmland base level, the
         CF-sourced product shall be subject to the Base Percentage Split
         between CHS and LOL.

         (c)      Phosphate Fertilizer. The allocation for phosphate
         fertilizer will operate in the same manner as the nitrogen
         allocation except that the following base levels shall apply:

            Farmland         589,000 tons
            CF               552,000 tons

         All CF-sourced phosphate fertilizer shall be sourced for the account of
         LOL or CHS in accordance with the Base Percentage Split.

         (d)      Potash.  There shall not be any special allocation rule for
         potash.  All potash sourced from CF shall be sourced subject to the
         Base Percentage Split.

         (e) Supply. The Company will be the preferred supplier of fertilizer
         and agricultural chemicals to the Members, and the Members agree to
         purchase such product from the Company for retail resale so long as it
         is commercially reasonable to do so and the prices and terms offered by
         the Company are competitive.

            1.8 Exhibits and Schedules. The Exhibits and Schedules attached to
this Agreement shall be construed with and be an integral part of this Agreement
to the same extent as if the same had been set forth verbatim herein. In case of
any inconsistency between the terms of this Agreement and the terms of any
Exhibit or Schedule, the terms of this Agreement shall prevail. The following
are the Exhibits and Schedules attached to or to be attached and incorporated in
this Agreement:

                                      vii

                                       29
<PAGE>
<TABLE>
<Caption>
Name of Exhibit or Schedule   Description
---------------------------   -----------
<S>                           <C>
Schedule 1.1(b)               Internal Auction Process

Schedule 1.4(a)               List of LOL  Property Contributed to the Company

Schedule 1.5(a)               List of United LLC Property Contributed to the
                              Company

Schedule 3.1(c)               LOL Consents and Approvals

Schedule 3.1(d)               LOL Violations or Conflicts

Schedule 3.1(g)               Liabilities or Obligations relating to LOL
                              Contributed Assets

Schedule 3.2(c)               Farmland Consents and Approvals

Schedule 3.2(d)               Farmland Violations or Conflicts

Schedule 3.2(g)               Liabilities or Obligations relating to Farmland-
                              originated United LLC Contributed Assets

Schedule 3.3(c)               CHS Consents and Approvals

Schedule 3.3(d)               CHS Violations or Conflicts

Schedule 3.3(g)               Liabilities or Obligations relating to
                              CHS-originated United LLC  Contributed Assets

Schedule 8.1                  Services to Company or to WilFarm

Exhibit A                     Defined Terms

Exhibit B                     Limited Liability Company Agreement

Exhibit C                     Agreement between Farmland and Wilbur Ellis

Exhibit D                     Management Agreement
</TABLE>

                                   ARTICLE II

                                   DEFINITIONS

            Capitalized terms used but not defined herein shall have the
respective meanings set forth or made applicable in Exhibit A hereto.

                                      viii
<PAGE>
                                 ARTICLE III

                        REPRESENTATIONS AND WARRANTIES

            3.1 By LOL.  LOL hereby represents and warrants to the Company
and other Members as follows:

         (a) Organization. LOL is an agricultural cooperative duly organized,
         validly existing and in good standing under the laws of the State of
         Minnesota and has full power and authority to own and operate its
         assets and properties and to carry on its business as presently being
         conducted and as presently proposed to be conducted (including in the
         manner contemplated by this Agreement) and is duly qualified to do
         business and is in good standing in all jurisdictions in which the
         ownership or occupancy of its properties or its activities presently
         make such qualification necessary, except where the failure to so
         qualify would not have a Material Adverse Effect upon it.

         (b) Authority. LOL has all requisite corporate power and authority to
         execute and deliver this Agreement and each Ancillary Agreement to
         which it is a party, to perform its obligations hereunder and
         thereunder, to contribute both the beneficial use of, and ultimately,
         the fee title to the Contributed Assets to the Company and to
         consummate the other transactions contemplated hereby and thereby. The
         execution, delivery and performance of this Agreement and each such
         Ancillary Agreement by LOL and the consummation by LOL of the
         transactions contemplated hereby and thereby have been duly and validly
         authorized by all requisite corporate proceedings of LOL. This
         Agreement and each Ancillary Agreement that has been executed by LOL on
         or prior to the date hereof have been duly and validly executed and
         delivered by LOL and each constitutes a legal, valid and binding
         obligation of LOL, enforceable against LOL in accordance with its
         terms, subject to applicable bankruptcy, insolvency, reorganization,
         moratorium and similar laws affecting creditors' rights generally and
         to general principles of equity.

         (c) Consents and Approvals. Except as set forth in Schedule 3.1(c)
         attached hereto and made a part hereof, no Consents are required to be
         obtained from, and no registrations, declarations and filings are
         required to be made with, any Governmental Authority to permit LOL to
         execute, deliver and perform this Agreement and any Ancillary Agreement
         to which it is a party. All terms and conditions contained in, or
         existing in respect of, such Consents have been duly satisfied and
         performed to the extent necessary prior to the date of the execution
         and delivery of this Agreement.

         (d) No Violations or Conflicts. The execution, delivery and performance
         of this Agreement and each Ancillary Agreement to which it is a party
         by LOL do not and will not, subject to those items set forth on
         Schedule 3.1(d), (i) violate or conflict with any provision of, or
         result in the breach of, any applicable statute, law, rule or
         regulation of any Governmental Authority, the Articles of Incorporation
         or By-laws of LOL, or any contract, agreement, indenture or other
         instrument or obligation to which LOL is a party or by which LOL or any
         of its assets (including the Contributed Assets) is bound or of any
         order, judgment, writ, injunction, award, ruling or decree applicable
         to LOL, or (ii)

                                       ix
<PAGE>
         constitute an event which, after notice or lapse of time or both, would
         result in any such violation, conflict, breach or termination, or
         result in a violation or revocation of any permit from any Governmental
         Authority, regulatory body or other third party, except to the extent
         that the occurrence of any of the foregoing would not individually or
         in the aggregate have a Material Adverse Effect on the ability of LOL
         to consummate the transactions contemplated hereby or by any Ancillary
         Agreement.

         (e) Litigation. There is no action, suit or proceeding pending, or to
         the knowledge of LOL threatened, against LOL which questions the
         validity of this Agreement, the Contributed Assets or any Ancillary
         Agreement or any action taken or to be taken pursuant to or in
         connection with this Agreement, the Contributed Assets or any Ancillary
         Agreement or which would, if adversely determined, affect the ability
         of LOL to perform its obligations hereunder or thereunder or have a
         Material Adverse Effect on LOL.

         (f) Compliance with Law. LOL and its Affiliates have conducted their
         respective businesses in material compliance with applicable statutes
         and other laws, rules, regulations, or interpretation of any
         Governmental Authority and any Governmental Licenses.

         (g) Contributed Assets. LOL has, and for the term of the Company will
         maintain, except as may be agreed between the Company and LOL, good and
         marketable title to the LOL Contributed Assets, free and clear of any
         mortgages, liens, claims, encumbrances, pledges, conditional sale
         agreements, security agreements and charges in favor of any third party
         of any nature. Except as disclosed on Schedule 3.1(g), there are no
         liabilities, including environmental liabilities, or obligations of any
         nature, whether absolute, accrued, contingent or otherwise, relating to
         the Contributed Assets, other than obligations which are in amounts
         which, in the aggregate, shall not have a material impact on the value
         of the LOL Contributed Assets. Any contracts included in the
         Contributed Assets are assignable and are in full force and effect, no
         dispute or disagreement exists under any such contract. LOL has made,
         or will make, available to the other Members true and correct copies of
         each such contract. Neither LOL nor, to its knowledge, any other party
         is in default in connection with any such contract.

      3.2   By Farmland.  Farmland hereby represents and warrants to the
Company and the other Members as follows:

         (a) Organization. Farmland is a corporation duly organized, validly
         existing and in good standing under the laws of Kansas; has full
         corporate power and authority to own and operate its assets and
         properties and carry on its business as presently being conducted and
         as presently proposed to be conducted (including in the manner
         contemplated by this Agreement) and is duly qualified to do business
         and is in good standing in all jurisdictions in which the ownership or
         occupancy of its properties or its activities presently make such
         qualification necessary, except where the failure to so qualify would
         not have a Material Adverse Effect upon it.

                                       x
<PAGE>
      (b) Authority. Farmland has all requisite corporate power and authority to
      execute and deliver this Agreement and each Ancillary Agreement to which
      it is a party, to perform its obligations hereunder and thereunder, to
      contribute both the beneficial use of, and ultimately, the fee title to
      the Farmland-sourced United LLC Contributed Assets to the Company and to
      consummate the transactions contemplated hereby and thereby. The
      execution, delivery and performance of this Agreement and each Ancillary
      Agreement to which it is a party by Farmland and the consummation by
      Farmland of the transactions contemplated hereby and thereby have been
      duly and validly authorized by all requisite corporate proceedings. This
      Agreement and each Ancillary Agreement that has been executed by Farmland
      on or prior to the date hereof have been duly and validly executed and
      delivered by such corporation and each such agreement constitutes a legal,
      valid and binding obligation of Farmland, enforceable against it in
      accordance with its terms, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium and similar laws affecting creditors' rights
      generally and to general principles of equity.

      (c) Consents and Approvals. Except as set forth in Schedule 3.2(c)
      attached hereto, and made a part hereof, no Consents are required to be
      obtained from, and no registrations, declarations and filings, are
      required to be made with, any Governmental Authorities to permit Farmland
      to execute, deliver and perform this Agreement and any Ancillary Agreement
      to which it is a party. All terms and conditions contained in, or existing
      in respect of, such Consents have been duly satisfied and performed, to
      the extent necessary prior to the date of the execution and delivery of
      this Agreement.

      (d) No Violations or Conflicts. The execution, delivery and performance of
      this Agreement and each Ancillary Agreement to which it is a party by
      Farmland do not and will not, subject to those items set forth on Schedule
      3.2(d) attached hereto, (i) violate or conflict with any provision of, or
      result in the breach of, any applicable statute, law, rule or regulation
      of any Governmental Authority, the Articles of Incorporation or By-laws of
      Farmland or any contract, agreement, indenture or other instrument or
      obligation to which Farmland is a party or by which Farmland or any of the
      assets of Farmland is bound, or of any order, judgment, writ, injunction,
      award, ruling or decree applicable to Farmland, or (ii) constitute an
      event which, after notice or lapse of time or both, would result in any
      such violation, conflict, breach or termination, or result in a violation
      or revocation of any permit from any Governmental Authority, regulatory
      body or other third party, except to the extent that the occurrence of any
      of the foregoing would not individually or in the aggregate have a
      Material Adverse Effect on the ability of Farmland to consummate the
      transactions contemplated hereby or by an Ancillary Agreement.

      (e) Litigation. There is no action, suit or proceeding pending, or to the
      knowledge of Farmland threatened, against Farmland which questions the
      validity of this Agreement or any Ancillary Agreement or any action taken
      or to be taken pursuant to or in connection with this Agreement or any
      Ancillary Agreement or which would, if adversely determined, affect the
      ability of Farmland to perform its obligations hereunder or thereunder or
      have a Material Adverse Effect on Farmland.

      (f) Compliance with Law. Farmland and its Affiliates have conducted their
      respective businesses in material compliance with applicable statutes and
      other laws, rules,

                                       xi
<PAGE>
         regulations, or interpretation of any Governmental Authority and any
         Governmental Licenses.

         (g) Contributed Assets. Farmland has, and for the term of the Company
         will maintain, except as may be agreed between the Company and
         Farmland, good and marketable title to the Farmland-sourced United LLC
         Contributed Assets, free and clear of any mortgages, liens, claims,
         encumbrances, pledges, conditional sale agreements, security agreements
         and charges in favor of any third party of any nature. Except as
         disclosed on Schedule 3.2(g), to the knowledge of Farmland there are no
         liabilities, including environmental liabilities, or obligations of any
         nature, whether absolute, accrued, contingent or otherwise, relating to
         the Farmland-sourced United LLC Contributed Assets, other than
         obligations which are in amounts which, in the aggregate, shall not
         have a material impact on the value of the Farmland-sourced United LLC
         Contributed Assets. Any contracts included in the Farmland-sourced
         United LLC Contributed Assets are assignable and are in full force and
         effect, no dispute or disagreement exists under any such contract.
         Farmland has made, or will make, available to the other Members true
         and correct copies of each such contract. Neither Farmland nor, to its
         knowledge, any other party is in default in connection with any such
         contract.

      3.3   By CHS.  CHS hereby represents and warrants to the Company and
the other Members as follows:

         (a) Organization. CHS is a corporation duly organized, validly existing
         and in good standing under the laws of Minnesota; has full corporate
         power and authority to own and operate its assets and properties and
         carry on its business as presently being conducted and as presently
         proposed to be conducted (including in the manner contemplated by this
         Agreement) and is duly qualified to do business and is in good standing
         in all jurisdictions in which the ownership or occupancy of its
         properties or its activities presently make such qualification
         necessary, except where the failure to so qualify would not have a
         Material Adverse Effect upon it.

         (b) Authority. CHS has all requisite corporate power and authority to
         execute and deliver this Agreement and each Ancillary Agreement to
         which it is a party, to perform its obligations hereunder and
         thereunder, to contribute both the beneficial use of, and ultimately,
         the fee title to the CHS-sourced United LLC Contributed Assets to the
         Company and to consummate the transactions contemplated hereby and
         thereby. The execution, delivery and performance of this Agreement and
         each Ancillary Agreement to which it is a party by CHS and the
         consummation by CHS of the transactions contemplated hereby and thereby
         have been duly and validly authorized by all requisite corporate
         proceedings. This Agreement and each Ancillary Agreement that has been
         executed by CHS on or prior to the date hereof have been duly and
         validly executed and delivered by such corporation and each such
         agreement constitutes a legal, valid and binding obligation of CHS,
         enforceable against it in accordance with its terms, subject to
         applicable bankruptcy, insolvency, reorganization, moratorium and
         similar laws affecting creditors' rights generally and to general
         principles of equity.

                                      xii
<PAGE>
         (c) Consents and Approvals. Except as set forth in Schedule 3.3(c)
         attached hereto, and made a part hereof, no Consents are required to be
         obtained from, and no registrations, declarations and filings, are
         required to be made with, any Governmental Authorities to permit CHS to
         execute, deliver and perform this Agreement and any Ancillary Agreement
         to which it is a party. All terms and conditions contained in, or
         existing in respect of, such Consents have been duly satisfied and
         performed, to the extent necessary prior to the date of the execution
         and delivery of this Agreement.

         (d) No Violations or Conflicts. The execution, delivery and performance
         of this Agreement and each Ancillary Agreement to which it is a party
         by CHS do not and will not, subject to those items set forth on
         Schedule 3.3(d) attached hereto, (i) violate or conflict with any
         provision of, or result in the breach of, any applicable statute, law,
         rule or regulation of any Governmental Authority, the Articles of
         Incorporation or By-laws of CHS or any contract, agreement, indenture
         or other instrument or obligation to which CHS is a party or by which
         CHS or any of the assets of CHS is bound, or of any order, judgment,
         writ, injunction, award, ruling or decree applicable to CHS, or (ii)
         constitute an event which, after notice or lapse of time or both, would
         result in any such violation, conflict, breach or termination, or
         result in a violation or revocation of any permit from any Governmental
         Authority, regulatory body or other third party, except to the extent
         that the occurrence of any of the foregoing would not individually or
         in the aggregate have a Material Adverse Effect on the ability of CHS
         to consummate the transactions contemplated hereby or by an Ancillary
         Agreement.

         (e) Litigation. There is no action, suit or proceeding pending, or to
         the knowledge of CHS threatened, against CHS which questions the
         validity of this Agreement or any Ancillary Agreement or any action
         taken or to be taken pursuant to or in connection with this Agreement
         or any Ancillary Agreement or which would, if adversely determined,
         affect the ability of CHS to perform its obligations hereunder or
         thereunder or have a Material Adverse Effect on CHS.

         (f) Compliance with Law. CHS and its Affiliates have conducted their
         respective businesses in material compliance with applicable statutes
         and other laws, rules, regulations, or interpretation of any
         Governmental Authority and any Governmental Licenses.

         (g) Contributed Assets. CHS has, and for the term of the Company will
         maintain, except as may be agreed between the Company and CHS, good and
         marketable title to the CHS-sourced United LLC Contributed Assets, free
         and clear of any mortgages, liens, claims, encumbrances, pledges,
         conditional sale agreements, security agreements and charges in favor
         of any third party of any nature. Except as disclosed on Schedule
         3.3(g), to the knowledge of CHS there are no liabilities, including
         environmental liabilities, or obligations of any nature, whether
         absolute, accrued, contingent or otherwise, relating to the CHS-sourced
         United LLC Contributed Assets, other than obligations which are in
         amounts which, in the aggregate, shall not have a material impact on
         the value of the Contributed Assets. Any contracts included in the
         CHS-sourced United LLC Contributed Assets are assignable and are in
         full force and effect, no dispute or disagreement exists under any such
         contract. CHS has made, or will make, available to the other Members

                                      xiii
<PAGE>
         true and correct copies of each such contract. Neither CHS nor, to its
         knowledge, any other party is in default in connection with any such
         contract.

      3.4 Survival. All representations and warranties made herein shall survive
the execution and delivery of this Agreement and for a period of time equal to
the statutes of limitations applicable or related thereto.

      3.5 Finder's Fees. Each Party represents that it has not engaged or
authorized any broker, finder or similar agent who would be entitled to a
commission or other fee in respect of the transactions contemplated herein.

      3.6 Bring Down of Representations and Warranties. The parties agree that
each shall deliver a certificate, at each Closing described in Article V,
verifying the continued accuracy of the representations and warranties contained
herein, as applicable, together with such other and further representations and
warranties as the Parties may deep appropriate or advisable.

                                  ARTICLE IV

                    COVENANTS PRIOR TO OPERATIONAL CLOSING

      4.1   Covenants.  Each Party shall, prior to the Operational Closing
effected pursuant to this Agreement:

         (a) Due Diligence. Upon written request, make available to other
         Parties any documents and materials reasonably necessary to permit them
         to conduct legal, business and economic due diligence, provided
         however, that nothing herein shall be deemed to permit a Party hereto
         to conduct a Phase II environmental audit on or with respect to the
         real property of another Party without the written permission of the
         other Party given or withheld in its sole discretion.

         (b) Assistance to Company. Use reasonable efforts to assist the Company
         in obtaining all necessary permits and licenses necessary for it to
         conduct the business contemplated hereby.

         (c) Covenant to Close. Have duly performed and complied with all
         agreements and conditions required by this Agreement and the LLC
         Agreement to be performed or complied with by it on or prior to the
         Operational Closing Date.

         (d) Conduct of Business. Will not cause or permit the use of the
         Contributed Assets in any material transaction outside the ordinary
         course of business. Consistent with and subject to the foregoing, each
         Party shall cause its respective Contributed Assets to be kept and
         maintained in good operating condition and repair and shall use its
         good faith best efforts consistent with good business practice to cause
         the value of the business on an on-going basis to be preserved.

                                      xiv

<PAGE>

      4.2 Publicity. Any and all publicity concerning any matters contemplated
under this Agreement or an Ancillary Agreement shall be agreed upon in writing
by all Parties, unless otherwise required by law.

                                  ARTICLE V

                                   CLOSINGS

            5.1 Execution of this Agreement. The execution of this Agreement by
each of the Parties shall take place no later than February 4, 2000. The
effective date hereof shall nonetheless be January 1, 2000.

            5.2 Operational Closing. The Operational Closing shall be held as
soon as practicable and in any event within 10 business days after each of the
conditions referred to in Sections 5.2 have been satisfied or waived (the
"OPERATIONAL CLOSING DATE") at the offices of CHS, or at such other date, time
and place as the Parties shall mutually agree; provided that this Agreement has
not been terminated pursuant to Article VI prior to such date. At the
Operational Closing, the actions and deliveries referred to in Sections 5.4 and
5.5 shall take place and the documents referred to therein shall be exchanged.
The Parties agree and acknowledge that it is their mutual intention to be bound
in good faith by this Agreement in accordance with its terms, it being agreed
and understood that the Operational Closing contemplated by this Agreement shall
be subject only to the satisfaction or waiver by the appropriate Party of the
conditions set forth in this Article V.

            5.3   Conditions to the Obligations of All Parties to Effect the
Operational Closing.  The obligations of the Parties set forth in this
Agreement are subject to the following conditions:

         (a) The results of legal, business and economic due diligence
         investigations, if any, conducted by LOL and UCB Parties shall be
         completed to the satisfaction of the investigating Party;

         (b) Each of the representations and warranties made by the Parties
         shall be true and correct when made and as of the Closing Date;

         (c) Each Party shall have performed and complied with all agreements
         and covenants required by this Agreement to be performed or complied
         with by it on or prior to the Operational Closing Date;

         (d) Restructuring of WilFarm, LLC ownership and other contractual
         arrangements between Farmland and Wilbur Ellis Company to the
         satisfaction of Farmland, LOL and CHS; and

                                       xv
<PAGE>
         (e) All necessary Consents from Governmental Authorities and
         Governmental Licenses shall have been obtained by the Parties.

            5.4 LOL, Farmland, CHS and United LLC Actions and Deliveries at the
Operational Closing. At or prior to the Operational Closing, each of the Parties
shall:

         (a) Execute and deliver a signed copy of the Ancillary Agreements to
         which it is a party;

         (b) Deliver a certificate signed by its duly authorized representative
         stating that all its representations and warranties contained in this
         Agreement and the LLC Agreement are true and correct as of the
         Operational Closing Date and all its covenants required to be performed
         as of the Operational Closing Date have been performed;

         (c) Respectively deliver documents reasonably required by the Company
         to permit its use and occupancy of the LOL Real Property, the LOL
         Personal Property, the United LLC Personal Property, and the United LLC
         Real Property for such time as any of LOL, or the UCB Parties remains a
         Member of the Company; and

         (d) Execute and deliver an Management Agreement in the form of EXHIBIT
         D attached hereto.

            5.5 Company Actions and Deliveries at the Operational Closing. At or
prior to the Operational Closing, following execution and delivery of the LLC
Agreement by the parties thereto, the Certificate shall be executed and filed
with the Secretary of State of the State of Delaware.

            5.6 Working Asset Closing. The Working Asset Closing shall be held
as soon as practicable and in any event within 10 business days after the
financing referred to in Section 1.2 has been obtained (the "WORKING ASSET
CLOSING") at the offices of CHS, or at such other date, time and place as the
Parties shall mutually agree. At the Working Asset Closing, each of the parties
shall sell to the Company their respective inventories of plant food and crop
protection products which can reasonably be marketed by the Company.

                                   ARTICLE VI

                                   TERMINATION

            6.1 Termination. Prior to the Operational Closing, this Agreement
shall be terminated upon the occurrence of either of the following events:

         (a) The written election of a Party that is not in material default or
         material breach under any of the provisions of this Agreement, (i) if
         there is a material default by another Party in its obligations
         hereunder, or there is a material breach by another Party of its

                                      xvi
<PAGE>
         representations and warranties hereunder, and such default or breach,
         as the case may be, shall not have been cured by the defaulting or
         breaching Party within twenty (20) business days after notice of such
         default or breach has been given by the non-defaulting, non-breaching
         Party to the defaulting Party or (ii) if the First Operational Closing
         has not occurred by October 1, 2000;

         (b) The written election of the Party not subject to the same, upon (i)
         the admission in writing by a Party of its inability to pay its debts
         as they become due; (ii) the institution by a Party of proceedings for
         relief as a debtor under United States law, as now constituted or
         hereafter in effect, including, without limitation, Title 11 of the
         United States Code, or under any state or other law for the relief of
         debtors; (iii) the institution against a Party or its direct or
         indirect parent of any proceeding seeking to adjudicate it bankrupt or
         insolvent, or seeking liquidation or reorganization under any
         bankruptcy, insolvency or similar laws for the relief of debtors, or
         seeking the appointment of a receiver or equivalent official for any
         substantial part of its assets, and such proceeding shall not have been
         dismissed or withdrawn within sixty (60) days from the date of the
         institution thereof; (iv) the making by a Party or its direct or
         indirect parent of an assignment for the benefit of creditors; or (v)
         the appointment of a receiver or trustee for the business or properties
         of a Party or its direct or indirect parent.

            6.2 Right to terminate after June 30,2000. Any party shall have the
right to terminate this Agreement after June 30, 2000, upon at least ninety (90)
days prior written notice to the other parties, if at the time of such notice
the Working Asset Closing has not occurred and such terminating party has
reasonably determined in good faith that, as a result of such Closing not having
occurred, continued operation of the Company will have a material adverse effect
on the terminating party.

                                 ARTICLE VII

                               INDEMNIFICATION

            7.1 Indemnification by a Party. Subject to Section 7.2, each Party
(the "INDEMNIFYING PARTY") shall indemnify, defend and hold harmless the
Company, the other Parties, the other Parties Affiliates, and the other Parties
and each such Affiliate's employees, officers, directors and agents, and the
Company's officers and representatives (collectively the "INDEMNIFIED PERSONS")
from and against any and all claims, demands, actions, suits, damages,
liabilities, losses, costs and expenses (including reasonable attorneys' fees),
to the extent caused by, resulting from or arising out of or in connection with
any of the following:

         (a) The breach of, or misrepresentation contained in, any written
         representation or warranty made by the Indemnifying Party or its
         Affiliates in this Agreement, in any Ancillary Agreement, in any
         officer's certificate delivered hereunder, or in any written agreement
         between a Party and the Company;

         (b) All liabilities or obligations of the Indemnifying Party, or
         conditions, existing at the time of contribution or transfer of any
         property or assets to the Company with respect

                                      vxii
<PAGE>
         to property or assets so contributed or transferred by the Indemnifying
         Party except to the extent specifically assumed by the Company;

         (c) The breach or default in performance of any covenant or agreement
         required to be performed by the Indemnifying Party contained in the
         Agreement or any Ancillary Agreement; or

         (d) Any claim, action, suit or proceeding or threat thereof, made or
         instituted as a result of acts or omissions of the Indemnifying Party
         or its Affiliates unrelated to the business and operations of the
         Company or outside the scope of the Indemnifying Party's rights or
         authority conferred by this Agreement.

            7.2   Survival; Limitations; Procedures.

         (a) The indemnification obligations contained in Section 7.1 shall
         survive the Fee Closing and shall remain in effect [for a period of
         time thereafter equal to the statutes of limitations applicable or
         related to the matters indemnified against].

         (b) The rights and remedies provided to the Parties and the Company in
         this Agreement are cumulative and non-exclusive and shall not preclude
         any other right or remedy available to any Party or the Company at law
         or in equity.

         (c) Notwithstanding any other provision hereof, neither the Company nor
         any Party shall be liable to any other Party or its Affiliates, the
         Company, or any other Indemnified Person for special, indirect,
         punitive or consequential damages, including but not limited to loss of
         profit.

         (d) If the Indemnifying Party makes any payment in respect of indemnity
         obligations under Section 7.1, it shall be subrogated, to the extent of
         such payment, to all rights and remedies of the Indemnified Person to
         any insurance benefits or other claims of the Indemnified Person with
         respect to such claim.

         (e) Notwithstanding any other provision hereof, neither the Company nor
         any Party shall be liable to any other Party or its Affiliates for
         debts, liabilities or any other obligations except as specifically
         assumed in a writing in or pursuant to this Agreement.

                                 ARTICLE VIII

                           POST OPERATIONAL CLOSING

            8.1 Services to Company. Existing agreements relating to services
currently being provided to the Cenex/LOL Agronomy Co. by LOL or CHS or to
WilFarm by Farmland including but not limited to those listed on Schedule 8.1
attached hereto will be reviewed and, to the extent appropriate, revised as
necessary or terminated in a manner agreeable to the parties, the intent of all
parties being that the Company should procure at the cost/benefit ratio most

                                      xviii
<PAGE>
favorable to the Company. It is anticipated that the definitive agreements will
be negotiated prior to the Operational Closing reflecting the services to be
provided by any of the Members which agreements may but shall not necessarily
include reimbursement for costs of terminating services formerly provided by the
Members with respect to their respective contributed assets.

            8.2 Extension of Membership or Patronage Rights. LOL, CHS and
Farmland will each as soon as practical following the Operational Closing extend
the offer of membership and the ability to procure plant food and crop
protection products through the Company on a cooperative basis as facilitated by
each of them, the intention being that all qualified patrons of LOL, CHS and
Farmland will be entitled to participate on a patronage basis in the earnings of
the Members derived from the Company. Except as may be otherwise agreed by the
Members, all marketing of fertilizer and agricultural chemical by the Company is
anticipated to be for the benefit of members and patrons of the Members with the
intention being that LOL, CHS and Farmland will be able to treat their
respective earnings therefrom as patronage business done for their respective
members and patrons as permitted under the Internal Revenue Code. Earnings of
the Company will be split on the basis of the economic interests of the parties
as determined from time to time. An accounting system shall be maintained by the
Company permitting its earnings to be calculated and distributed separately for
fertilizer and crop protection products.

            8.3  Non-Competition.

      (a) Effective upon the Operational Closing, LOL, CHS and Farmland each
      agree not to directly or indirectly engage in the wholesale marketing of
      fertilizer and agricultural chemicals except through the Company in the
      territory of North America during the time it, or an entity of which it is
      a material owner, remains a member of the Company and for a period of four
      years thereafter.

      (b) The Parties believe that the restrictive covenant contained in this
      Section 8.3 is reasonable. However, if any court having jurisdiction shall
      at any time hereafter hold this restriction to be unenforceable or
      unreasonable, whether as to scope, territory or period of time specified
      herein, and if such court shall declare or determine the scope, territory
      or period of time which it deems to be reasonable, such scope, territory
      or period of time shall be deemed to be reduced to that declared or
      determined by said court to be reasonable.

      (c) Each Party recognizes that in the event of violation of the terms of
      the above covenant, the other Parties will suffer irreparable damages and
      that it will be difficult if not impossible to compute actual damages
      sustained by such Parties as the result of such unauthorized competition.
      Therefore, the Parties agree that each Party shall be entitled to apply to
      a court of competent jurisdiction to enjoin any breach, threatened or
      actual, of the covenants contained herein.

                                      xix
<PAGE>
                                  ARTICLE IX

                                MISCELLANEOUS

            9.1 Expenses. The Parties shall bear their own costs and expenses
incurred in connection with the performance of their obligations under this
Agreement.

            9.2 Exchange of Information. Neither any Party nor any of its
Affiliates shall prior to the Operational Closing Date produce to, or exchange
with, another Party any competitively sensitive information unless counsel to
each Party has reached the independent determination, made in good faith, that
the production or exchange of such information will not violate Sections 1 and 2
of the Sherman Act, 15 U.S.C. Sections 1, 2, Section 7 and 7A of the Clayton
Act, 15 U.S.C. Sections 18, 18A, and Section 5 of the Federal Trade Commission
Act, 15 U.S.C. Section 45. For these purposes, the term "competitively sensitive
information" shall mean: (i) information concerning allowable and unallowable
costs, including rates for services and price quotes or bids provided to any
government agency or other customer, (ii) trade secrets or confidential
practices, methods or processes, or (iii) any business plans, strategic plans or
competitive strategies.

            9.3 Notice. All notices, reports, requests, demands and other
communications under or in connection with this Agreement or any other
agreements entered into between the Parties in connection with this Agreement
shall be written in the English language and shall be sent by registered
airmail, postage prepaid, return receipt requested, and addressed as follows,
and all notices, reports, requests, demands and other communications shall be
deemed to have been given on the date of receipt indicated on the return
receipt.

            If to Farmland:   Farmland Industries, Inc.
                              3315 N. Oak Trafficway
                              P. O. Box 7305
                              Kansas City, MO  64116

                              Attention: General Counsel

            If to LOL:        Land O'Lakes, Inc.
                              4001 Lexington Avenue North
                              Arden Hills, MN  55126

                              Attention: Law Department

            If to CHS:        Cenex Harvest States Cooperatives
                              PO Box 64089
                              5500 Cenex Drive
                              St. Paul, MN  55164-0089

                              Attention: Law Department

Any Party may change its postal address for the purpose of this Section 9.3 by
notice given to the other Parties in the manner set forth above.

                                       xx
<PAGE>
            9.4 Assignability; Transferability of Interests in the Company.
Except as otherwise expressly provided in this Agreement, no Party shall assign
or transfer or otherwise dispose of to any third party all or any part of this
Agreement or any of the rights or obligations to accrue hereunder, without the
prior written consent of the other Parties; provided that restrictions, if any,
on the transfer of any interest in the Company shall be as set forth in the LLC
Agreement.

            9.5 Entire Agreement and Non-Waiver.

       (a) This Agreement and the Ancillary Agreements constitute the entire and
      only agreement among the Parties hereto relating to the subject matter of
      the joint venture arrangement, and supersede and cancel all previous
      negotiations, agreements, commitments or representations (if any), oral or
      written, in respect thereto, and shall not be discharged, changed or
      modified in any manner except by instruments signed by duly authorized
      representatives of the Parties.

      (b) Any failure by any Party to enforce any provision of this Agreement
      shall not be considered as constituting a waiver of that Party's right to
      enforce thereafter the same provision or other provisions hereof whether
      or not of similar character.

            9.6 Further Assurances. Each Party hereto agrees to perform any
further acts, and to execute and deliver (with acknowledgment, verification,
and/or affidavit, if required) any further documents and instruments, as may be
reasonably necessary or desirable to implement and/or accomplish the provisions
of this Agreement and the transactions contemplated herein.

            9.7 No Third Party Beneficiaries. This Agreement is solely for the
benefit of the Parties hereto and no other person or entity is entitled to rely
upon or benefit from this Agreement or any term hereof, except by a writing
signed by all of the Parties hereto.

            9.8 Modification. The terms of this Agreement may not be modified,
amended, or otherwise changed in any manner, except by an instrument in writing
executed by each of the parties hereto.

            9.9 Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of the permitted successors and assigns of the
parties hereto.

                                      xxi
<PAGE>
            IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the day and year first above written.

      FARMLAND INDUSTRIES, INC.

      By: /s/ Robert W. Honse
         ------------------------------
            Name: Robert W. Honse
            Title: Executive Vice-President and COO
            Date:  February 3, 2000

      CENEX HARVEST STATES COOPERATIVES

      By:   /s/ John D. Johnson
         ------------------------------
            Name:  John D. Johnson
            Title:  President
            Date: 2/03/00

      LAND O'LAKES, INC.

      By: /s/ John E. Gherty
         ------------------------------
            Name: John E. Gherty
            Title: President and CEO
            Date: February 3, 2000

      UNITED COUNTRY BRANDS LLC

      By: /s/ Robert W. Honse
         ------------------------------         By:   /s/ John D. Johnson
            Name: Robert W. Honse                  -----------------------------
            Title: Executive Vice-President           Name:  John D. Johnson
                   and COO                            Title:  Manager

<PAGE>
                                  EXHIBIT A

                                DEFINED TERMS

            The definitions shall apply equally to both the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words
"include," "includes" and "including" shall be deemed to be followed by the
phrase "without limitation". All references herein to Articles, Sections,
Exhibits and Schedules shall be deemed to be references to Articles and Sections
of, and Exhibits and Schedules to, this Agreement unless the context shall
otherwise require. The headings of the Articles and Sections are inserted for
convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement. Unless the context shall
otherwise require, any reference to any contract or law are to it as amended and
supplemented from time to time (and, in the case of a statute or regulation, to
any successor provision). Any reference in this Agreement to a "day" or a number
of "days" (without the explicit qualification of "business") shall be
interpreted as a reference to a calendar day or number of calendar days. If any
action or notice is to be taken or given on or by a particular calendar day, and
such calendar day is not a business day, then such action or notice shall be
deferred until, or may be taken or given on, the next business day. Unless
otherwise specifically indicated, the word "or" shall be deemed to be inclusive
and not exclusive.

            "AFFILIATE", when used with reference to a specified Person, shall
mean a Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the specified
Person. For purposes of this definition, "CONTROL" shall mean the direct or
indirect actual or beneficial ownership of securities or other interests having
by their terms ordinary voting power to elect a majority of the board of
directors or others performing similar functions with respect to such Person.

            "AGREEMENT" means this Joint Venture Agreement among CHS, Farmland,
and LOL.

            "ANCILLARY AGREEMENTS" means the documents listed as Exhibits B
through L in Article I, in each case as such document may be amended, restated
or otherwise modified from time to time in accordance with the terms of such
document and this Agreement.

            "CHS" means Cenex Harvest States Cooperatives.

            "COMPANY" shall have the meaning set forth in Section 1.1.

            "CONSENT" means any consent, approval, permit, or other
authorization of, or declaration or notice to or filing with, any Governmental
Authority or any other Person.

            "UCB" means the company surviving as the result of the merger
between Farmland and CHS.

            "UNITED LLC CONTRIBUTED ASSETS" shall have the meaning set forth in
Section 1.5(a).

            "UCB PARTIES" means Farmland and CHS collectively.

                                     xxiii
<PAGE>
            "UNITED LLC PERSONAL PROPERTY" shall have the meaning set forth in
Section 1.5(a).

            "DISPUTE" means any dispute, controversy or claim arising out of or
relating to this Agreement regarding any alleged or actual breach, termination
or invalidity thereof.

            "EXHIBIT" means any of Exhibits A through D attached to this
Agreement.

            "FARMLAND" means Farmland Industries, Inc.

            "GOVERNMENTAL AUTHORITY" means any nation or government, any region,
state or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government, and any Person owned or controlled through stock or
capital ownership or otherwise by any of the foregoing.

            "GOVERNMENTAL LICENSES" means all licenses, permits, and other
authorizations issued by any Governmental Authority.

            "INDEMNIFIED PERSONS" shall have the meaning set forth in Section
7.1.

            "INDEMNIFYING PARTY" shall have the meaning set forth in Section
7.1.

            "LLC AGREEMENT" shall have the meaning set forth in Section 1.

            "LOL" means LOL, Inc.

            "LOL CONTRIBUTED ASSETS" shall have the meaning set forth in Section
1.4(a).

            "LOL PERSONAL PROPERTY" shall have the meaning set forth in Section
1.4(a).

             "KNOWLEDGE" means the actual knowledge of the officers of the Party
and its Affiliates as of the date of this Agreement.

             "MATERIAL ADVERSE EFFECT" means, with respect to a specific asset,
business or Person, any fact, circumstance or condition that would reasonably be
expected to have a material adverse effect on the business, operations, assets,
financial condition or prospects thereof, taken as a whole.

            "MEMBERS" means UNITED LLC and LOL, collectively.

            "OTHER ASSETS" shall have the meaning set forth in Section 1.5(b).

            "OPERATIONAL CLOSING" means the meeting at which the actions and
deliveries referenced in section 5.4 are made, and "OPERATIONAL CLOSING DATE"
means the date of such closing as also set forth in Section 5.4.

            "PARTY" and "PARTIES" shall have the meaning set forth in the
Preamble.

            "RECIPIENT" shall have the meaning set forth in Section 8.2(c).

            "SCHEDULE" means any of Schedules attached to this Agreement.

            "THIRD PARTY CLAIM" shall have the meaning set forth in Section
7.2(d).

            "WORKING ASSET CLOSING" means the meeting at which the actions and
deliveries referenced in section 5.5 are made, and "WORKING ASSET CLOSING DATE"
means the date of such closing as also set forth in Section 5.5.

                                      xxiv

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]