Document:

exv4w4

 

May 14, 2007

Corn Products International, Inc.

5 Westbrook Corporate Center

Westchester, IL 60154

Attention: Treasurer

          Re:     Extension Letter

Ladies and Gentlemen:

We refer to that certain Revolving Credit Agreement (the “Credit Agreement”) as made and
entered into as of April 26, 2006, by and among Corn Products International, Inc., a Delaware
corporation (the “U.S. Borrower”), Canada Starch Operating Company Inc., a company
constituted under the federal laws of Canada (the “Canadian Borrower”; together with the
U.S. Borrower, each individually a “Borrower” and collectively the “Borrowers”),
the several banks and other financial institutions and lenders from time to time party thereto (the
“Lenders”), Bank of Montreal, as Canadian Funding Agent, (the “Canadian Funding
Agent”), as Canadian issuing bank (the “Canadian Issuing Bank”) and as Canadian swing
line lender (the “Canadian Swing Line Lender”), and SunTrust Bank, in its capacity as
administrative agent for the Lenders (the “Administrative Agent”), as US issuing bank (the
“U.S. Issuing Bank”) and as US swing line lender (the “U.S. Swing Line Lender”).
Capitalized terms used herein and not otherwise defined shall have the meanings given to such terms
in the Credit Agreement.

     You
have requested that the Lenders extend the Revolving Commitment Termination Date
from April 26, 2011 until April 26, 2012 and the Lenders hereby agree to such extension and as a
result thereof, the Borrowers, the Agents and the Lenders agree that the definition of Revolving
Commitment Termination Date set forth in the Credit Agreement is hereby amended as follows:

     “Revolving Commitment Termination Date” shall mean the earlier of (i) April 26, 2012,
and (ii) the date on which all amounts outstanding under this Agreement have been declared to be,
or have automatically become, due and payable pursuant to Article IX.

     Each Borrower hereby represents and warrants that no Default or Event of Default has occurred
and is continuing and that all of the representations and warranties made by it in the Loan
Documents are true and correct in all material respects, both immediately before and after giving
effect to this letter agreement.

     The amendment set forth above is limited solely to the specific matters listed above and shall
not be deemed to be a waiver of any Default or Event of Default or an amendment of any other
provision of the Credit Agreement. This letter shall be governed by, and construed in accordance
with the internal laws (and not the laws of conflicts) of the State of New York and all applicable
laws of the United States of America. All terms of the Credit Agreement and the

 

 

other Loan Documents, as modified hereby, remain in full force and effect and constitute the
legal, valid, binding obligations of the Borrowers enforceable against each Borrower in accordance
with such terms, except as enforceability may be limited by bankruptcy, insolvency, or similar laws
affecting the enforcement of creditors’ rights generally. This letter may be executed in any
number of separate counterparts, each of which shall, collectively and separately, constitute one
agreement. Delivery of an executed counterpart of this letter agreement by facsimile transmission
or by electronic mail in pdf form shall be as effective as delivery of a manually executed
counterpart hereof.

[signature pages follow]

2

 

	 	 	 	 	 
	 	Very truly yours,

SUNTRUST BANK, as Lender, Administrative Agent, U.S. Issuing Bank and U.S. Swing Line Lender

 	 
	 	By:  	/s/ Hugh Brown
 	 
	 	 	Name:  	Hugh Brown 	 
	 	 	Title:  	Director 	 
	 

Signature Page to Corn Products Extension Letter

 

 

	 	 	 	 	 
	 	BANK OF MONTREAL, as Lender, Canadian Funding Agent, Canadian Issuing Bank and Canadian Swing Line Lender

 	 
	 	By:  	/s/ Ben Ciallella
 	 
	 	 	Name:  	Ben Ciallella 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Corn Products Extension Letter

 

 

	 	 	 	 	 
	 	HARRIS N.A., as Lender and Syndication Agent

 	 
	 	By:  	/s/ Robert H. Wolohan
 	 
	 	 	Name:  	Robert H. Wolohan 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Corn Products Extension Letter

 

 

	 	 	 	 	 
	 	ING CAPITAL LLC, as Lender and Co-Documentation Agent

 	 
	 	By:  	/s/ Lina A. Garcia
 	 
	 	 	Name:  	Lina A. Garcia 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to Corn Products Extension Letter

 

 

	 	 	 	 	 
	 	COÖPERATIEVE CENTRALE RAIFFEISEN

BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as Lender and Co-Documentation Agent

 	 
	 	By:  	/s/ Brad Peterson
 	 
	 	 	Name:  	Brad Peterson 	 
	 	 	Title:  	Executive Director 	 
	 
	 	 	 
	 	By:  	                /s/ Andrew Sherman
 	 
	 	 	Name:  	Andrew Sherman 	 
	 	 	Title:  	Executive Director 	 
	 
	 

	 	 	 	 	 
	 	COÖPERATIEVE CENTRALE RAIFFEISEN BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, CANADIAN BRANCH, as Lender

 	 
	 	By:  	/s/ Khurram Rahman-Khan
 	 
	 	 	Name:  	Khurram Rahman-Khan 	 
	 	 	Title:  	Executive Director 	 
	 
	 	 	 
	 	By:  	                  /s/ Juan Cumming
 	 
	 	 	Name:  	Juan Cumming 	 
	 	 	Title:  	Executive Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AGFIRST FARM CREDIT BANK, as Lender and

Co-Documentation Agent

 	 
	 	By:  	/s/ J. Michael Mancini, Jr.
 	 
	 	 	Name:  	J. Michael Mancini, Jr. 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A. as Lender

 	 
	 	By:  	/s/ Thomas R. Durham
 	 
	 	 	Name:  	Thomas R. Durham 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF CHINA, NEW YORK BRANCH, as Lender

 	 
	 	By:  	/s/ William W. Smith
 	 
	 	 	Name:  	William W. Smith 	 
	 	 	Title:  	Deputy General Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF CHINA, LOS ANGELES BRANCH, as Lender

 	 
	 	By:  	/s/ Xiao Wang
 	 
	 	 	Name:  	Xiao Wang 	 
	 	 	Title:  	Branch Manager & First VP 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE GOVERNOR AND COMPANY OF THE BANK OF

IRELAND, as Lender

 	 
	 	By:  	/s/ Adrian Behan
 	 
	 	 	Name:  	Adrian Behan 	 
	 	 	Title:  	Deputy Manager 	 
	 
	 	 	 
	 	By:  	                 /s/ Mary Geffrey
 	 
	 	 	Name:  	Mary Geffrey 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COBANK, ACB, as Lender

 	 
	 	By:  	/s/ Michael Tousignant
 	 
	 	 	Name:  	Michael Tousignant 	 
	 	 	Title:  	VP 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FARM CREDIT BANK OF TEXAS, as Lender

 	 
	 	By:  	/s/ Eric J. Paul
 	 
	 	 	Name:  	Eric J. Paul 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LASALLE BANK N.A., as Lender

 	 
	 	By:  	/s/ Lora Backofen
 	 
	 	 	Name:  	Lora Backofen 	 
	 	 	Title:  	SVP & Division Head 	 
	 

 

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as Lender
 

 	 
	 	By:  	/s/ Robert Gallagher
 	 
	 	 	Name:  	Robert Gallagher 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	NATIONAL CITY BANK, as Lender

 	 
	 	By:  	/s/ Michael Leong
 	 
	 	 	Name:  	Michael Leong 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Lender

 	 
	 	By:  	/s/ James N. DeVries
 	 
	 	 	Name:  	James N. DeVries 	 
	 	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Lender

 	 
	 	By:  	/s/ Edward J. Daugherty
 	 
	 	 	Name:  	Edward J. Daugherty 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMERICA BANK, as Lender

 	 
	 	By:  	/s/ Arden J. Anderson
 	 
	 	 	Name:  	A.J. Anderson 	 
	 	 	Title:  	First Vice President 	 
	 

	 	 	 	 	 
	 	COMERICA BANK, CANADA BRANCH, as Lender

 	 
	 	By:  	/s/ Omer Ahmed
 	 
	 	 	Name:  	Omer Ahmed 	 
	 	 	Title:  	Portfolio Manager 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FARM CREDIT SERVICES OF AMERICA, PCA, as Lender

 	 
	 	By:  	/s/ Bruce P. Rouse
 	 
	 	 	Name:  	Bruce P. Rouse 	 
	 	 	Title:  	Vice-President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK (CHICAGO), A MICHIGAN BANKING CORPORATION, as Lender

 	 
	 	By:  	/s/ Joseph A. Wemhoff
 	 
	 	 	Name:  	Joseph A. Wemhoff 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GREENSTONE FARM CREDIT SERVICES, ACA/FLCA, as Lender

 	 
	 	By:  	/s/ Ben Mahlich
 	 
	 	 	Name:  	Ben Mahlich 	 
	 	 	Title:  	Assistant Vice President/Lending Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE NORTHERN TRUST COMPANY, as Lender

 	 
	 	By:  	/s/ Keith Burson
 	 
	 	 	Name:  	Keith Burson 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A., as Lender

 	 
	 	By:  	/s/ Daniel Van Aken
 	 
	 	 	Name:  	Daniel Van Aken 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	1ST FARM CREDIT SERVICES, PCA, as Lender

 	 
	 	By:  	/s/ Dale A. Richardson
 	 
	 	 	Name:  	Dale A. Richardson 	 
	 	 	Title:  	Vice President, Illinois Capital Markets Group 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Lender

 	 
	 	By:  	/s/ M.D. Smith
 	 
	 	 	Name:  	M.D. Smith 	 
	 	 	Title:  	Agent Operations 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as Lender

 	 
	 	By:  	/s/ Dana C. Mahoney
 	 
	 	 	Name:  	Dana C. Mahone 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

Acknowledged and agreed to as of the

date herein above written:

BORROWERS:

	 	 	 	 	 
	CORN PRODUCTS INTERNATIONAL, INC.,

as U.S. Borrower

 	 
	By:  	/s/ Cheryl K. Beebe
 	 
	 	Name:  	Cheryl K. Beebe 	 
	 	Title:  	Vice President and Chief Financial Officer 	 
	 
	 	 	 
	By:  	                  /s/ Kimberly A. Hunter
 	 
	 	Name:  	Kimberly A. Hunter 	 
	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	CANADA STARCH OPERATING COMPANY INC.,

as Canadian Borrower

 	 
	By:  	/s/ Cheryl K. Beebe
 	 
	 	Name:  	Cheryl K. Beebe 	 
	 	Title:  	Vice President and Chief Financial Officer
of Corn Products International, Inc.,
Authorized Signatory of Canada Starch
Operating Company, Inc. 	 
	 
	 	 	 
	By:  	                       /s/ Kimberly A. Hunter
 	 
	 	Name:  	Kimberly A. Hunter 	 
	 	Title:  	Treasurer of Corn Products International, Inc.,

Authorized Signatory of Canada Starch

Operating Company Inc.exv10w1

 

EXHIBIT 10.1

REVISED CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

          At Red Trail Energy, LLC (“Red Trail” or the “Company”) the honesty, integrity and sound
judgment of Red Trail’s senior financial officers, which includes Red Trail’s chief executive
officer, chief financial officer or controller and other persons performing similar functions (the
“Senior Financial Officers”), is fundamental to the financial reporting process and the reputation
and success of Red Trail. Red Trail’s Senior Financial Officers hold an important and elevated role
in corporate governance in that they are uniquely capable and empowered to ensure that all
stakeholders’ interests are appropriately balanced, protected and preserved. Because of this
special role, each of the Senior Financial Officers agrees to be bound by this Code of Ethics for
Senior Financial Officers and each agrees that he or she will:

	 	1.	 	Act with honesty and integrity and ethically handle actual
or apparent conflicts of interest in personal and
professional relationships involving Red Trail or its
business.
	 
	 	2.	 	Provide information that is accurate, complete, objective,
relevant, timely and understandable to ensure full, fair,
accurate, timely and understandable disclosure in reports
and documents that Red Trail files with, or submits to,
government agencies, including the Securities and Exchange
Commission (the “SEC”) and in other public communications.
	 
	 	3.	 	Comply with applicable laws, rules and regulations of
federal, state, provincial and local governments, and other
appropriate private and public regulatory agencies,
affecting Red Trail’s business and its conduct in business
matters.
	 
	 	4.	 	In all matters affecting Red Trail’s business and its
conduct in business matters, act in good faith,
responsibly, with due care, competence and diligence,
without misrepresenting material facts or allowing his/her
independent judgment to be subordinated.
	 
	 	5.	 	Respect the confidentiality of information acquired in the
course of his/her work for Red Trail except when authorized
or otherwise legally obligated to disclose. Confidential
information acquired in the course of his/her work for Red
Trail shall not be used for personal advantage.
	 
	 	6.	 	Proactively promote and be an example of ethical behavior
as a responsible partner among peers in Red Trail’s working
environment.
	 
	 	7.	 	Achieve responsible use of and control over all Red Trail
assets and resources employed or entrusted to him/her.

          Each of the Senior Financial Officers are expected to adhere to this Code of Ethics for Senior
Financial Officers and Red Trail’s Code of Business Conduct at all times. Any violations of either
of these Codes shall be promptly reported in accordance with the procedures set forth in Red
Trail’s Complaint Procedures for Accounting and Auditing Matters. If any Senior Financial Officer
is found to be in violation of this Code of Ethics for Senior Financial Officers, such person will
be subject to disciplinary action, which may include termination of employment. It is against Red
Trail policy to retaliate against any employee for good faith reporting of violations of this Code
of Ethics for Senior Financial Officers or Red Trail’s Code of Business Conduct.

          The Board of Governors (or, if permitted under applicable SEC and Nasdaq Stock Market Listing
Standards), and so appointed by the Board of Governors, the Audit Committee of the Board of
Governors) shall have the sole discretionary authority to approve any amendment to or waiver of
this Code of Ethics for Senior Financial Officers. Any such amendment to or waiver of this Code of
Ethics for Senior Financial Officers shall be publicly disclosed in the manner specified by SEC
rules.

 

 

EXHIBIT B

COMPLAINT PROCEDURES FOR

ACCOUNTING AND AUDITING MATTERS

          Red Trail Energy, LLC (“Red Trail” or the “Company”) is committed to continuing compliance
with all applicable securities laws and regulations, accounting standards, accounting controls and
audit practices. In furtherance of this commitment, Red Trail wishes to assure you that you may
submit a good faith complaint regarding accounting or auditing matters to management without fear
of harassment, discrimination, dismissal or retaliation of any kind.

          To facilitate reporting of complaints, Red Trail’s Audit Committee has established these
procedures for (1) the receipt, retention and treatment of complaints regarding accounting,
internal accounting controls, or auditing matters (referred to in this document as “Accounting
Matters”) and (2) the confidential, anonymous submission by employees of concerns regarding
questionable Accounting Matters.

I. Scope of Matters Covered by These Procedures

          These procedures relate to complaints relating to any questionable Accounting Matters,
including, without limitation, the following:

	 	1.	 	fraud or deliberate error in the preparation, evaluation, review or audit of any financial
statement of Red Trail;
	 
	 	2.	 	fraud or deliberate error in the recording and maintaining of financial records of Red Trail;
	 
	 	3.	 	deficiencies in or noncompliance with Red Trail’s internal accounting controls;
	 
	 	4.	 	misrepresentation or false statement to or by a senior officer or accountant regarding a
matter contained in the financial records, financial reports or audit reports of Red Trail;
	 
	 	5.	 	deviation from full and fair reporting of Red Trail’s financial condition; or
	 
	 	6.	 	violations of Red Trail’s Code of Ethics for Senior Financial Officers.

II. Receipt of Complaints

	 	 	Concerns regarding Accounting Matters may be reported as follows:

1. Regular mail to:

Audit Committee

Red Trail Energy, LLC

P.O. Box 11

Richardton, North Dakota, 58652

2. E-mail to:

auditcommitte@redtrailenergy.com

3. Telephone voicemail to:

701-974-3908 or 1-866-918-4964

 

 

          We want to assure that all employees have a way to address any actual or possible violations
regarding Accounting Matters with the Audit Committee of our Board of Directors. That may be done
via phone message or e-mail as follows:

1. E-mail to:

auditcommitte@redtrailenergy.com

2. Telephone voicemail to:

701-974-3908 or 1-866-918-4964.

          All employee complaints may be made on a confidential or anonymous basis. If an employee
provides a complaint on a confidential or anonymous basis, we encourage the submitter to provide
enough specifics and facts to allow Red Trail to fully review the complaint and act appropriately.
We also encourage the submitter to provide a way for us to follow up if more information is needed
and to allow acknowledgment of the complaint. We emphasize, however, that this is not required to
submit a complaint.

III. Treatment of Complaints

          Upon receipt of a complaint, Mick Miller the Ethics Compliance Officer will (i) determine
whether the complaint actually pertains to Accounting Matters and (ii) when possible, acknowledge
receipt of the complaint to the sender. Complaints relating to Accounting Matters will be reviewed
under Audit Committee direction and oversight by the Ethics Compliance Officer or such other
persons as the Audit Committee determines to be appropriate. Prompt and appropriate corrective
action will be taken when and as warranted in the judgment of the Audit Committee.

          Red Trail will not discharge, demote, suspend, threaten, harass or in any manner discriminate
against any employee in the terms and conditions of employment based upon any lawful actions of
such employee with respect to good faith reporting of complaints regarding Accounting Matters or
otherwise as specified in Section 806 of the Sarbanes-Oxley Act of 2002.

IV. Reporting and Retention of Complaints and Investigations

          The Ethics Compliance Officer will maintain a log of all complaints, tracking their receipt,
investigation and resolution and shall prepare a periodic summary report thereof for the Audit
Committee. Copies of complaints and such log will be maintained in accordance with Red Trail’s then
applicable document retention policy.

CERTIFICATION

          I have read and understand the Company’s Code of Business Conduct (the “Code”). I understand
that the Company’s Ethics Compliance Officer is available to answer any questions I have regarding
the Code. I agree to comply with the Code in all respects during my employment or other
relationship with the Company. I understand that my failure to comply in all respects with the Code
is a basis for termination for cause of my employment or other relationship with the Company.

	 	 	 	 	 
	Date:

	 	Signature	 	 
	 
	 	 	 	 
	 

	 	Name:	 	 
	 
	 	 	 	 
	 

	 	 	 	(Please Print)

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