Document:

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                                                                    Exhibit 10.6

                                                          MASTER LEASE AGREEMENT

GE CAPITAL
Providing financial solutions for LUCENT

LESSOR GENERAL ELECTRIC CAPITAL
CORPORATION

SUPPLIER
LUCENT TECHNOLOGIES INC.

LESSEE  GLOBALNET INTERNATIONAL, INC.

Contact  MR. DANIEL M. WICKERSHAM
Title    COO

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Address                Telephone Number           Facsimile Number
1919 WEST ADAMS         630/279-9720               630/532-5008
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Master Lease Agreement No.  City             County/Province    State/Country
6886230                     VILLA PARK       DuPAGE             IL
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Zip Code         Corporation       Proprietorship    Partnership     Other
60181            X
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            TERMS AND CONDITIONS (THE REVERSE SIDE CONTAINS TERMS AND
              CONDITIONS WHICH ARE ALSO A PART OF THIS AGREEMENT)

1. LEASE: Lessor shall purchase and lease to Lessee the equipment and associated
items ("Equipment") described in any Equipment Schedule ("Schedule") executed
from time to time by Lessor and Lessee that makes reference to this Master Lease
Agreement ("Agreement"). This Agreement shall be incorporated into each
Schedule. When computer programs and related documentation are furnished with
the Equipment, and a non-exclusive license and/or sublicense (collectively,
"Software") is granted to Lessee in an agreement ("Supplier Agreement") with the
suppliers (collectively, "Supplier") identified on the Schedule, Lessor, to the
extent permitted, grants Lessee a similar non-exclusive sublicense to use the
Software only in conjunction with the Equipment for so long as the Equipment is
leased hereunder. The Equipment and Software include, but are not limited to,
all additions, attachments and accessions thereto and replacements therefor
(collectively, "System"). Any reference to "Lease" shall mean with respect to
each System, this Agreement, a Schedule, a Consent of Supplier, an Acceptance
Certificate, any riders, amendments and addenda thereto, and any other documents
as may from time to time be made a part thereof.

As conditions precedent to Lessor's obligation to purchase any Equipment and
obtain any Software, not later than the Commitment Date set forth on the
applicable Schedule (a) Lessee and Lessor shall execute this Agreement, a
Schedule, an Acceptance Certificate and other documentation contemplated herein,
and (b) there shall have been no material adverse change in Lessee's financial
condition. Upon Lessee's execution of a Schedule, Lessee assigns to Lessor its
rights to receive title to the Equipment and any non-exclusive sublicense to use
the Software described in the Supplier Agreement as of the day the System is
delivered to the Installation Site set forth in the applicable Schedule but no
other right or any warranty thereunder. In consideration of such an assignment
and subject to the terms and conditions herein, Lessor agrees to pay to the
Supplier the Price (as defined in Section 3 below) for the System pursuant to
the Supplier Agreement, but not to perform any other obligation thereunder.
Unless Lessee exercises its Purchase Option as set forth in the applicable
Schedule, Lessee hereby assigns to Lessor all of Lessee's then-remaining rights
pursuant to the applicable Supplier Agreement effective upon the termination or
expiration of the Term (as set forth in the applicable Schedule) for any reason.

2. TERM, RENEWAL AND EXTENSIONS: If all other conditions precedent to a Lease
have been met, the Lease Term for the System described on each Schedule shall
commence on the date of Lessee's execution of an Acceptance Certificate
("Commencement Date"), and continue for the number of whole months or other
periods set forth in such Schedule ("Initial Term"), the first such full month
commencing on the first day of the month following the Commencement Date (or
commencing on the Commencement Date if such date is the first day of the month).
If Lessee selects Purchase Option B or C in the applicable Schedule, on the
expiration date of the Initial Term, the Lease shall be automatically renewed
for a six-month period ("Renewal Term") unless, by giving written notice to
Lessor six (6) months prior to the expiration date, the Lessee elects to
terminate the Lease. After the Renewal Term, the Lease shall be automatically
extended on a month-to-month basis until either party gives the other not less
than thirty (30) days prior written notice of its intention to terminate the
Lease. Any renewals and extensions shall be on the same terms and conditions as
during the Initial Term. "Term" shall mean the applicable Initial Term, the
Renewal Term, if any, and any extension thereof as provided herein.

3. RENT AND PAYMENT: Lessee shall pay to Lessor all the rental payments as shown
in the applicable Schedule ("Rent") during the Term of the Lease, except as such
Rent may be adjusted pursuant to this Section and Sections 2 and 8 of a
Schedule, plus such additional amounts as are due Lessor under the Lease. Rent
shall be paid as designated in the applicable Schedule in advance on the first
day of each Payment Period ("Rent Payment Date"). If the Commencement Date is
not the first day of a calendar month (or other Payment Period), Lessee shall
pay to Lessor, on demand, interim Rent prorated daily based on a 360-day year
for each day from and including the Commencement Date to and including the last
day of such month or other Payment Period.

The Rent is based upon the Price of the System and the acceptance of the System
by Lessee on or before the Commitment Date set forth in the applicable Schedule.
The "Price" of the System shall be as set forth in the Schedule, and shall
exclude all other costs, including sales or other taxes included in the Supplier
Agreement as part of the purchase price. If the Price is increased or decreased
as a result of a job change order ("JCO"), the Lessee authorizes Lessor to
adjust the Rent. If the Commencement Date occurs after the Commitment Date, and
Lessor waives the condition precedent that the Commencement Date occur on or
before the Commitment Date, Lessor's then-current Lease Rate Factor for similar
transactions shall apply and the Lessee authorizes Lessor to adjust the Rent
accordingly.

Whenever any payment of Rent or other amount is not made within ten (10) days
after the date when due, Lessee agrees to pay on demand (as a fee to offset
Lessor's collection and administrative expenses), the greater of twenty-five
dollars ($25.00) or ten percent (10%) of each such overdue amount, but not
exceeding the lawful maximum, if any. All payments shall be payable to Lessor in
U.S. dollars at Lessor's address set forth in Section 18 or such other place as
Lessor directs in writing. If Lessee requests changes or amendments to any
Lease, Lessor may charge Lessee Lessor's reasonable costs and expenses of
negotiation and documentation, including fees of legal staff or outside counsel.

4. DELIVERY: All transportation, delivery and installation costs (unless
included in the Price) are the sole responsibility of Lessee. Lessee assumes all
risk of loss and damage if the Supplier fails to deliver or delays in the
delivery of any System, or if any System is unsatisfactory for any reason.

5. NET LEASE: Lessee's obligations under each Lease are absolute, unconditional
and non-cancelable and shall not be subject to any delay, reduction, setoff,
defense, counterclaim or recoupment for any reason including any failure of any
System, or any misrepresentations of any supplier, manufacturer, installer,
vendor or distributor. Lessor is not responsible for the delivery, installation,
maintenance or operation of any System.

6. WARRANTIES: Lessor agrees that third-party warranties, if any, inure to the
benefit of Lessee during the Term and on exercise of the Purchase Option. Lessee
agrees to pursue any warranty claim directly against such third party and shall
not pursue any such claim against Lessor. Lessee shall continue to pay Lessor
all amounts payable under any Lease under any and all circumstances.

7. QUIET ENJOYMENT: Lessor shall not interfere with Lessee's quiet enjoyment and
use of the System during the Term if no Event of Default has occurred and is
continuing.

8. TAXES AND FEES: Lessee shall promptly reimburse Lessor, upon demand, as
additional Rent, or shall pay directly, if so requested by Lessor, all license
and registration fees, sales, use, personal property taxes and all other taxes
and charges imposed by any federal, state, or local governmental or taxing
authority, relating to the purchase, ownership, leasing, or use of the System or
the Rent excluding, however, all taxes computed upon the net income of Lessor.

9. DISCLAIMER OF WARRANTIES AND DAMAGES: LESSEE ACKNOWLEDGES THAT (A) THE SIZE,
DESIGN AND CAPACITY OF EACH SYSTEM AND THE MANUFACTURER AND SUPPLIER THEREOF
HAVE BEEN SELECTED BY LESSEE; (B) LESSOR IS NOT A MANUFACTURER, SUPPLIER,
DEALER, DISTRIBUTOR OR INSTALLER OF ANY SYSTEM; (C) NO MANUFACTURER OR SUPPLIER
OR ANY OF THEIR REPRESENTATIVES IS AN AGENT OF LESSOR OR AUTHORIZED TO WAIVE OR
ALTER ANY TERM OR CONDITION OF ANY LEASE; AND (D) EXCEPT FOR LESSOR'S WARRANTY
OF QUIET ENJOYMENT SET FORTH IN SECTION 7, LESSOR HAS NOT MADE, AND DOES NOT
HEREBY MAKE, ANY REPRESENTATION, WARRANTY OR COVENANT, WRITTEN OR ORAL,
STATUTORY, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER INCLUDING, WITHOUT
LIMITATION, THE DESIGN, QUALITY, CAPACITY, MATERIAL, WORKMANSHIP, OPERATION,
CONDITION, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, HIDDEN OR LATENT
DEFECTS, OR AS TO ANY PATENT, COPYRIGHT OR TRADEMARK INFRINGEMENT. LESSEE LEASES
EACH SYSTEM "AS IS, WHERE IS." LESSOR SHALL HAVE NO LIABILITY TO LESSEE OR ANY
THIRD PARTY FOR ANY SPECIAL, DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL
DAMAGES OF ANY SORT INCLUDING, WITHOUT LIMITATION, DAMAGES FOR PERSONAL INJURY,
LOSS OF PROFITS OR SAVINGS, LOSS OF USE, OR ANY OTHER DAMAGES, WHETHER BASED ON
STRICT LIABILITY OR NEGLIGENCE, WHETHER RESULTING FROM USE OF A SYSTEM OR BREACH
OF A LEASE OR OTHERWISE, EXCEPT FOR DIRECT, SPECIFIC DAMAGES FOR PERSONAL INJURY
OR PROPERTY DAMAGE TO THE EXTENT CAUSED BY LESSOR'S ACTIVE

EXCEPT AS OTHERWISE PROVIDED IN SECTION 3 OF THIS AGREEMENT AND SECTIONS 2, 3,
AND 8 OF A SCHEDULE, ANY MODIFICATIONS, AMENDMENTS OR WAIVERS TO A LEASE SHALL
BE EFFECTIVE ONLY IF MUTUALLY AGREED UPON IN A WRITING, DULY EXECUTED BY
AUTHORIZED REPRESENTATIVES OF THE PARTIES.

GENERAL ELECTRIC CAPITAL CORPORATION

BY
    ----------------------------------
    Authorized Representative

PRINT NAME    Joe Stephen Slinkard
           ----------------------------------

TITLE    Operations Manager           DATE     6/6/00
      ---------------------------          --------------

GLOBALNET INTERNATIONAL, INC.

BY
    ----------------------------------
         Authorized Representative

PRINT NAME

TITLE                           DATE
      ------------------------      ---------------
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                                      -20-

Michael H. Baum
Senior Vice President
1 Independence Way
2nd Floor
Princeton, NJ  08543
Phone: 609-734-9471
Fax: 609-734-9777
Email: Michael.Baum@gecapital.com

Wednesday, April 19, 2000

Daniel Wickersham
Chief Operating Officer
Globalnet, International, Inc.
721 East Madison Avenue
Suite 201
Chicago, IL  60181

Dear Mr. Wickersham:

General Electric Capital Corporation ("GE Capital") is pleased to provide the
following proposal (the "Proposal") to provide lease financing for IFX Globalnet
International, Inc. ("Globalnet" or "Lessee") to purchase equipment and services
(collectively the "Equipment", and each instance of payment for purchase of
Equipment a "Purchase") from Lucent Technologies Inc. ("Supplier").

Facility Description:                       Up to $10 million 3-Year Dollar
                                            Buyout Lease Financing Facility (the
                                            "Facility" or "Commitment").

Closing:                                              On or before May 31, 2000.
Availability:                               Available for Purchases of Equipment
                                            for up to 6 months from Closing,
                                            subject to the following usage
                                            limits and conditions:

                                            i)  All equipment shall be installed
                                            or in service at physical locations
                                            within the United States or Canada.

Lessor:                                     GE Capital and/or its assignee

Lessee:                                     Globalnet

Equipment:                                  Telecommunications network and data
                                            transmission equipment and related
                                            products and services manufactured
                                            by the Supplier, including its
                                            subsidiaries and affiliates. The
                                            freight, installation, maintenance,
                                            or other services
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                                            component in such Equipment shall
                                            not exceed 20% of the aggregate
                                            value.

Location:                                   Within the U.S. or Canada (to be
                                            scheduled).

Master Lease Agreement:                     The Master Lease Agreement shall be
                                            the agreement detailing the terms
                                            and conditions of Lease Schedules.

Lease Schedule:                             The Lessor and Lessee shall enter
                                            into a separate Lease Schedule for
                                            each shipment of Equipment. The
                                            Master Lease and each Lease Schedule
                                            shall constitute a separate Lease
                                            ("Lease").

Net Lease:                                  The Lease will be a "net
                                            lease" with Lessee responsible for
                                            all expenses, maintenance,
                                            insurance, taxes and all other costs
                                            relating to the purchase, lease
                                            possession and use of the Equipment
                                            excluding, however, taxes based
                                            solely on the net income of Lessor.

Lease Commencement:                         Each Lease shall commence on the
                                            date that all Conditions Precedent
                                            to the Lease have been met including
                                            acceptance of the Equipment by the
                                            Lessee.

Conditions Precedent:                       Customary for financings of this
                                            type including the Lessee's
                                            forthcoming merger with Rich Earth
                                            Inc.

Lease Term:                                 Each Lease shall have a term equal
                                            to 36 months from Lease
                                            Commencement.

Monthly Payment:                            The monthly payment is determined by
                                            multiplying the Lease Rate Factor
                                            times the Purchase Price of the
                                            Equipment. Monthly Payments are
                                            payable in advance.

Lease Rate Factor:                          For months 1-3: 0.011000

                                            For months 4-36:0.036283

Lease Rate Factor Index:                    The above-quoted Lease Rate Factors
                                            are based on the 3 Year Treasury
                                            Yield as of April 19, 2000 (6.34%).
                                            At each Lease Commencement Date,
                                            such Lease Rate Factors will be
                                            indexed to like term Treasury
                                            Constant Maturities as reported by
                                            the Federal Statistical Release
                                            (H.15 Report).

End of Lease Term Options:                  Provided no Event of Default is
                                            outstanding, on 180 days written
                                            notice from Lessee to Lessor prior
                                            to end of the Lease Term, Lessee at
                                            the end of Lease Term may

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<PAGE>   4

                                            (i) purchase all the Equipment under
                                                such Lease for $1.00

                                            (ii) return all the Equipment under
                                                 such Lease at its risk and sole
                                                 expense.

Maintenance and Insurance:                  All maintenance and insurance are
                                            the responsibility of the Lessee.
                                            Lessee shall bear all risk of loss
                                            or damage to the Equipment. The
                                            Lessee shall be responsible to keep
                                            the Equipment insured for (i) the
                                            installed replacement cost of such
                                            Equipment naming Lessor as loss
                                            payee, and (ii) comprehensive
                                            general liability insurance naming
                                            Lessor as additional insured. All
                                            policies must be with companies
                                            acceptable to Lessor and provide for
                                            not less than thirty-(30) days
                                            written notice to Lessor of material
                                            changes in or cancellation of the
                                            policy. Evidence of such insurance
                                            must be satisfactory to Lessor.

Reporting Requirements:                     The Lessee shall provide Lessor
                                            with audited financials within 90
                                            days of the close of each fiscal
                                            year and monthly unaudited
                                            financials along with covenant
                                            compliance  certificates within 30
                                            days of the close of each month,
                                            each prepared in accordance with
                                            U.S. Generally Accepted Accounting
                                            Principles ("GAAP"). Covenants:
                                            Customary for financings of this
                                            type.

Financial Covenants:                        Customary, to be determined,
                                            including among others, and without
                                            limitation, maintenance of a maximum
                                            ratio of Total Debt to Total Equity
                                            of no greater than 2:1.

Events of Default:                          Customary for financings of this
                                            type, including, cross default to
                                            other Lessee indebtedness.

 Caveat:                                    Lessor's willingness to consider
                                            this financing is specifically
                                            contingent upon and subject to the
                                            approval of Lessor's management and
                                            Lessor's credit committees of this
                                            transaction, the approval of
                                            Lessee's credit standing, the
                                            negotiation, execution and delivery
                                            of definitive agreements in form and
                                            substance satisfactory to Lessor,
                                            Lessee and their respective counsel,
                                            which will supersede the terms and
                                            understandings herein and all other
                                            understandings and agreements
                                            between the parties relating to the
                                            transactions described herein.

Certain Defined Terms:                      "Capital Lease" shall mean any lease
                                            of any property (whether real,
                                            personal or mixed) by the Lessee
                                            that, in
                                        3
<PAGE>   5

                                            accordance with GAAP, would
                                            be required to be classified and
                                            accounted for as a capital lease on
                                            a balance sheet of the Lessee.

                                           "Capital Lease Obligation" shall
                                            mean with respect to any Capital
                                            Lease of the Lessee, the amount of
                                            the obligation of the Lessee
                                            thereunder that, in accordance with
                                            GAAP, would appear on a balance
                                            sheet of such Lessee in respect of
                                            such Capital Lease.

                                            "Ratio of Total Debt to Total
                                            Equity" shall mean (i) Total Debt
                                            divided by (ii) Total Equity.

                                            "Total Debt" shall mean all (i)
                                            secured or unsecured indebtedness
                                            and guaranties plus (ii) liabilities
                                            secured by liens on property of the
                                            Lessee and its subsidiaries,
                                            including Capital Lease Obligations.

                                            "Total Equity" shall be defined as
                                            aggregate proceeds, whether received
                                            in cash or in exchange for property
                                            contributed to the Lessee, of
                                            issuances of preferred and common
                                            equity instruments, less
                                            redemptions.

                                            Unless otherwise described, all
                                            financial terms defined shall be in
                                            accordance with U.S. GAAP on a
                                            consolidated basis with respect to
                                            the Lessee.

In order for GE Capital to commence its credit approval process, please
acknowledge and accept the terms and conditions outlined above by signing and
returning this proposal letter with a proposal deposit equal to 0.25% of the
Facility. If the proposal is approved and accepted by GE Capital, this deposit
will be applied against initial rental payments due under each Lease. If this
proposal is not approved and accepted by GE Capital for any reasons, the
proposal deposit will be returned promptly. Please send a check in this amount
made payable to General Electric Capital Corporation to: General Electric
Capital Corporation, 501 Corporate Center, Suite 600, Franklin, TN 37067,
attention: Teresa Fann/Tammy Bible.

Nothing herein is intended to indicate approval by Lessor of documents or
information previously furnished by Lessee. The terms hereof may be modified in
any respect and the transaction may be subject to additional terms not set forth
in this letter as a result of changes in market conditions, the financial
condition of the Lessee, and Lessor's continuing due diligence or preparation of
documentation satisfactory to Lessor and its counsel as outlined above.

The Lessee and Lessor agree that the contents of this letter are confidential
and are provided solely for the purpose described herein. This proposal letter
may not be relied
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<PAGE>   6

on by any third party without Lessor's prior written consent,
and the Lessee shall not deliver, display or otherwise disclose the contents of
this letter to any third party without Lessor's prior written consent.

This proposal letter supersedes all previous negotiations, proposals,
commitments and understandings of any nature whatsoever.

This proposal letter shall expire on May 1, 2000 unless accepted in writing by
Lessee or extended in writing by Lessor.

We look forward to the opportunity to be of service to you. If you should have
any questions, please call me at (609) 734-9471.

Yours truly,

Michael Baum
Senior Vice President
GE Capital Corporation
Telecom Financial Services

PROPOSAL ACKNOWLEDGED AND ACCEPTED:

Globalnet International, Inc.

By:
   ---------------------
Title:
      ---------------------

Date:
     ---------------------

                                       5<PAGE>   1

                                                                    EXHIBIT 10.3

                               SECOND REPLACEMENT
                                REVOLVING CREDIT
                                 PROMISSORY NOTE

PRINCIPAL AMOUNT: $25,000,000                              DATE: OCTOBER 1, 1996

DUE DATE:  June 30, 2005

         FOR VALUE RECEIVED, the undersigned FIRST INTERSTATE BANCSYSTEM, INC.,
a Montana corporation (formerly known as First Interstate Bancsystem of Montana,
Inc.), with its principal offices in Billings, Montana, hereinafter referred to
as "MAKER," promises to pay to the order of First Security Bank, N.A., a
national banking association, with its principal offices in Boise, Idaho,
hereinafter referred to as "BANK," at the head office of First Security Bank,
N.A., 119 North Ninth Street, Boise, Idaho 83730, or such other place as the
Holder hereof may, from time to time designate in writing, in lawful money of
the United States of America and in immediately available funds, the principal
sum of TWENTY-FIVE MILLION DOLLARS ($25,000,000) (provided, however, such
principal balance may be less depending upon the amount of principal drawn by
Maker from time to time pursuant to that certain Loan Agreement dated October 1,
1996, as amended by that certain First Amendment to Loan Agreement dated August
20, 1999, and as further amended by that certain Second Amendment to Loan
Agreement dated effective August 1, 2000, hereinafter collectively referred to
as "LOAN AGREEMENT"), with interest on the outstanding principal balance payable
to Bank hereunder at the rates and accruing from the dates as set forth in said
Loan Agreement, as amended. Maker further agrees to pay the outstanding
principal balance together with the interest accrued thereon at the times and in

                                      -1-

<PAGE>   2

the amounts as required in said Loan Agreement, as amended with all unpaid
principal and accrued interest due and payable on June 30, 2005.

         This Second Replacement Revolving Credit Promissory Note, hereinafter
referred to as "SECOND REPLACEMENT NOTE," is entitled to the benefits of the
Loan Agreement, as amended, which among other things, contains provisions for
the acceleration of the maturity hereof upon the happening of certain stated
events and also for voluntary prepayments on account of principal hereof prior
to the maturity hereof upon the terms and conditions therein specified.

         The Loan Agreement, as amended, is incorporated herein by this
reference and terms defined therein are used herein with their defined meanings
unless otherwise defined herein.

         This Second Replacement Note shall be governed as to validity,
interpretation, construction, effect and in all other respects by the laws and
decisions of the State of Idaho. All actions or proceedings arising in
connection with this Second Replacement Note shall be tried and litigated only
in the state and federal courts located in the County of Ada, State of Idaho.

         If Maker shall be in default in the payment of the principal and
interest as called for under the terms of this Second Replacement Note or in
default under the terms of the Loan Agreement, as amended, or the Loan Documents
as defined therein, and the balance then due and payable by Maker to Bank is
collected with the assistance of an attorney and before commencement of a suit
thereon, reasonable attorney fees and costs incurred by Bank shall be added to
the balance due and payable to Bank hereunder, and in case action is instituted
to collect this Second Replacement Note or any installments thereof, Maker does
further agree to pay such sum as the court may adjudge reasonable as attorney
fees and costs in such action. Furthermore, Maker agrees to pay Bank for all
attorney's fees and costs incurred by Bank in enforcing its rights hereunder and

                                       -2-
<PAGE>   3

collecting the amount owed to it, including but not limited to extracting any
property given as security for the payment of this Second Replacement Note from
the Bankruptcy estate, during any period in which Maker is subject to the rules,
regulations and provisions of the United States Bankruptcy Code.

         Maker hereby waives presentment of payment, notice of nonpayment,
protest and notice of protest of nonpayment of this Second Replacement Note or
any installment or portion thereof.

         Each reference to Bank shall be deemed to include its agent, successors
and assigns, in whose favor the provisions of this Second Replacement Note shall
also inure. Each reference to Maker shall be deemed to include its successors,
assigns, sureties, and legal representatives, all of whom shall be bound by the
terms and provisions of this Second Replacement Note.

         This Second Replacement Note is given by the Maker to the Bank pursuant
to that certain Second Amendment to Loan Agreement dated effective as of August
1, 2000, and entered into by Maker and the Bank.

                                       FIRST INTERSTATE BANCSYSTEM, INC.

                                       By:  /s/ Thomas W. Scott
                                           -------------------------------------
                                           Name: Thomas W. Scott
                                                 -------------------------------
                                               Chief Executive Officer
                                               (a duly authorized officer)

ATTEST:

/s/ Terrill R. Moore
------------------------------------
Secretary

                                       -3-

<PAGE>   4

                       SECOND AMENDMENT TO LOAN AGREEMENT

         THIS SECOND AMENDMENT TO LOAN AGREEMENT dated effective as of August 1,
2000 ("SECOND AMENDMENT") is made and entered into by and between FIRST SECURITY
BANK, N.A., a national banking association, hereinafter referred to as "FIRST
SECURITY BANK"; FIRST INTERSTATE BANCSYSTEM, INC., a Montana corporation,
hereinafter referred to as "BORROWER" and First Security Bank, N.A., a national
banking association, as Agent.

                              W I T N E S S E T H :

         WHEREAS, First Security Bank, Wells Fargo Bank, National Association, a
national banking association, hereinafter referred to as "WELLS FARGO BANK, and
Colorado National Bank, a national banking association (now known as U.S. Bank
National Association), hereinafter referred to as "COLORADO NATIONAL BANK," and
Borrower entered into that certain Loan Agreement dated effective as of October
1, 1996; and

         WHEREAS, First Security Bank and Borrower entered into that certain
First Amendment to Loan Agreement dated effective as of August 20, 1999,
hereinafter referred to as "FIRST AMENDMENT," which, in addition to other
matters documented the satisfaction of all indebtedness Borrower owed to Wells
Fargo Bank and Colorado National Bank and the termination of such banks
respective commitments under and any interest in the Loan Agreement dated
effective as of October 1, 1996; and

         WHEREAS, the Loan Agreement dated effective as of October 1, 1996 and
the First Amendment shall hereinafter collectively be referred to as "LOAN
AGREEMENT"; and

                                       -1-
<PAGE>   5

         WHEREAS, the total commitment made by First Security Bank under the
Loan Agreement is currently $10,000,000; and

         WHEREAS, Borrower desires that First Security Bank (i) increase its
commitment to $25,000,000, and (ii) agree to certain other amendments to the
Loan Agreement; and

         WHEREAS, First Security Bank is willing (i) to increase its commitment
to $25,000,000, and (ii) to amend and modify the Loan Agreement on the terms and
conditions herein.

         NOW, THEREFORE, for and in consideration of the premises and mutual
promises hereinafter set forth, the parties agree as follows:

         SECTION 1. CONDITIONS OF EFFECTIVENESS. This Second Amendment shall
become effective only upon satisfaction in full of the following conditions
precedent:

         (a) All of the representations and warranties set forth in Section 6 of
the Loan Agreement shall be true and correct at and as of the time of the
effective date of this Second Amendment.

         (b) First Security Bank shall have received in replacement of the
$10,000,000 Replacement Revolving Credit Promissory Note dated October 1, 1996,
given to it pursuant to the First Amendment by Borrower a duly executed Second
Replacement Revolving Credit Promissory Note in the amount of $25,000,000
("SECOND REPLACEMENT REVOLVING CREDIT NOTE"), substantially in the form of
Exhibit "A" attached hereto, dated the date of the original $18,000,000
Promissory Note.

         (c) First Security Bank shall have received a certificate, dated as of
the effective date of this Second Amendment and signed by a duly authorized
Responsible Officer of Borrower, confirming that, as of such date, (i) Borrower
is in compliance with all of the terms and

                                       -2-
<PAGE>   6

provisions set forth in the Loan Agreement on its part to be observed and
performed, and (ii) no Event of Default specified in Section 10 of the Loan
Agreement, nor any event which with notice or lapse of time or both would
constitute such an Event of Default, has occurred and is continuing.

         (d) First Security Bank shall have received (i) a certificate of the
Secretary of State of Montana, dated within thirty (30) days of the effective
date of this Second Amendment, as to the good standing and charter documents of
Borrower on file in the office of the Secretary of State of Montana; (ii) a
certificate of the Secretary of Borrower dated as of the effective date of this
Second Amendment and certifying (A) that neither the bylaws nor articles of
incorporation of Borrower have been amended since August 20, 1999 or if the
bylaws and/or the articles of incorporation of Borrower have been so amended
that attached to said certificate is a true and complete copy of the bylaws and
articles of incorporation, as amended, as of the date of such certificate, (B)
that attached to said certificate is a true and complete copy of the resolutions
adopted by the Board of Directors of Borrower authorizing (1) the execution and
delivery of this Second Amendment and (2) the execution and delivery of the
Second Replacement Revolving Credit Note, (C) as to the incumbency and
signatures of the officers signing this Second Amendment, the Second Replacement
Revolving Credit Note and any other documents contemplated or delivered under
this Second Amendment; (iii) a certificate from a Responsible Officer as to the
incumbency and signature of the Secretary of Borrower; and (iv) such other
documents as the First Security Bank may reasonably request.

         (e) First Security Bank shall have received a counterpart original of
this Second Amendment duly executed on behalf of Borrower.

                                       -3-
<PAGE>   7

         (f) First Security Bank shall have received a non-refundable amendment
fee of $20,000 from Borrower.

         (g) All legal matters in connection with this Second Amendment shall be
satisfactory to Hawley Troxell Ennis & Hawley LLP, special counsel for First
Security Bank.

         SECTION 2. REPRESENTATION AND WARRANTIES. In order to induce First
Security Bank to enter into this Second Amendment, Borrower acknowledges and
reaffirms as true, correct and complete in all material respects on and as of
the effective date of this Second Amendment all representations, warranties and
covenants made by Borrower in the Loan Agreement to the same extent as though
made on and as of the effective date of this Second Amendment. Borrower further
represents and warrants to First Security Bank as follows:

         (a) Borrower has the corporate power to execute, deliver and perform
all of its obligations under this Second Amendment and to execute and deliver
the Second Replacement Revolving Credit Note.

         (b) The execution, delivery and performance of this Second Amendment
and the execution and delivery of the Second Replacement Revolving Credit Note
(i) are within Borrower's corporate powers; (ii) have been duly authorized by
all necessary corporate action; (iii) require no action by or in respect of or
filing with, any governmental body, agency or official; and (iv) do not
contravene, or constitute a default under, any provision of applicable law or
regulation or of the certificate of incorporation or by laws of Borrower or any
of its Subsidiaries.

         (c) This Second Amendment has been duly executed and delivered by
Borrower and constitutes, and the Second Replacement Revolving Credit Note when
delivered hereunder will

                                       -4-

<PAGE>   8

constitute, legal, valid and binding obligations of Borrower enforceable against
Borrower in accordance with their respective terms.

         (d) There is no action, suit or proceeding pending, or to the knowledge
of Borrower, threatened against or affecting Borrower or any of its Subsidiaries
before any court or arbitrator or any governmental body, agency or official in
which there is a reasonable probability of an adverse determination that would
have or cause a Material Adverse Effect or which in any manner draws into
question the validity of this Second Amendment, the Second Replacement Revolving
Credit Note, the Loan Agreement or any of the other Loan Documents except as
listed on Exhibit "B" attached hereto.

         SECTION 3. AMENDMENT OF THE LOAN AGREEMENT. Upon the effectiveness of
this Second Amendment, the Loan Agreement shall be and hereby is amended as
follows:

         (a) Section 2.22 of the Loan Agreement is deleted in its entirety and
the following is inserted in place thereof:

                  2.22 "Commitment" means the sum of Twenty-Five Million Dollars
         ($25,000,000) committed by First Security Bank.

         (b) Section 2.63 of the Loan Agreement is deleted in its entirety and
the following is inserted in place thereof:

                  2.63 "Note" and/or "Notes" means the Second Replacement
         Revolving Credit Note in the amount of $25,000,000 in the form of
         EXHIBIT "A" attached hereto given by the Borrower to First Security
         Bank hereunder.

         (c) Section 2.89 of the Loan Agreement is deleted in its entirety and
the following is inserted in place thereof:

                  2.89 "Termination Date" means the earlier to occur of (i) June
         30, 2005, or (ii) the occurrence of an Event of Default as defined in
         Section 10.1 hereof, or

                                       -5-
<PAGE>   9

         (iii) such later date agreed to by the Lender or, if in any case
         such day is not a Business Day, the next succeeding Business Day.

         (d) Section 3.16 of the Loan Agreement is deleted in its entirety and
the following inserted in place thereof:

                  3.16 UNUSED COMMITMENT FEE. Borrower agrees to pay to Lender
         an Unused Commitment Fee as set forth in Exhibit "C" attached to this
         Second Amendment annualized on the basis of a 360-day year and actual
         days elapsed on the daily unused portions of the Commitment for each
         day from the date of the Second Amendment until the Termination Date or
         until this Agreement is sooner terminated. Said Unused Commitment Fee
         is payable on the tenth Business Day following the end of each calendar
         year quarter in arrears beginning with the calendar quarter ending on
         September 30, 2000 or on the Termination Date.

         (e) The first three lines of Section 7.12 of the Loan Agreement are
deleted in their entirety and the following is inserted in place thereof:

                  7.12 NEGATIVE PLEDGE. Neither the Borrower nor any of its
         Subsidiaries will create, assume or suffer to exist any Lien on any
         asset or Capital Stock now owned or hereafter acquired by it, except:

         SECTION 4. FEES AND COSTS. Borrower agrees to reimburse First Security
Bank for all reasonable out-of-pocket fees, costs, and expenses incurred and
paid by First Security Bank incident to or in connection with or in anticipation
of, and in effecting, the execution of this Second Amendment, including, without
limitation, First Security Bank's attorney fees incurred in connection with the
preparation of this Second Amendment, and the miscellaneous documents associated
therewith. Borrower shall reimburse First Security Bank for all such fees,
costs, and expenses within ten (10) days of its receipt of the billing for said
items.

         SECTION 5. GOVERNING LAW. The Loan Agreement and this Second Amendment
shall be construed in accordance with and governed by the law of the State of
Idaho.

                                       -6-

<PAGE>   10

         SECTION 6. SECTION HEADINGS. The section headings used herein are for
convenience of reference only, are not part of this Second Amendment and are not
to affect the construction of or be taken into consideration in interpreting
this Second Amendment.

         SECTION 7. LOAN AGREEMENT. Except as expressly amended hereby, the Loan
Agreement shall continue in full force and effect in accordance with the
provisions thereof on the date hereof. As used therein, the terms "Agreement,"
"this Agreement," "herein," "hereinafter," "hereto," and words of similar import
shall, unless the context otherwise requires, mean the Loan Agreement as amended
hereby. Capitalized terms used in this Second Amendment which are defined in the
Loan Agreement and not otherwise defined herein shall have the same meanings
herein as assigned to such terms in the Loan Agreement.

         SECTION 8. COUNTERPARTS; EFFECTIVE DATE. This Second Amendment may be
executed in any number of counterparts and delivered by facsimile transmission,
all of which together shall constitute one and the same instrument. This Second
Amendment shall become effective when copies hereof, which, when taken together,
bear the signatures of each of the parties hereto, shall have been received by
the First Security Bank and the conditions set forth in Section 1 hereof shall
have been satisfied.

                         [SIGNATURES ON FOLLOWING PAGE]

                                      -7-

<PAGE>   11

         IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be duly executed effective as of the day and year first above
written.

         LENDER:                       FIRST SECURITY BANK, N.A.

                                       By:   /s/ Vicki V. Riga
                                           -------------------------------------
                                           Name: Vicki V. Riga
                                                 -------------------------------
                                                 Vice President

         BORROWER:                     FIRST INTERSTATE BANCSYSTEM, INC.

                                       By:   /s/ Terrill R. Moore
                                           -------------------------------------
                                           Name: Terrill R. Moore
                                                 -------------------------------
                                           Title: Senior Vice President
                                                 -------------------------------
                                                 (a duly authorized officer)

                                      -8-

<PAGE>   12
                                                                     EXHIBIT "A"

                               SECOND REPLACEMENT
                                REVOLVING CREDIT
                                 PROMISSORY NOTE

PRINCIPAL AMOUNT: $25,000,000                              DATE: OCTOBER 1, 1996

DUE DATE:  June 30, 2005

         FOR VALUE RECEIVED, the undersigned FIRST INTERSTATE BANCSYSTEM, INC.,
a Montana corporation (formerly known as First Interstate Bancsystem of Montana,
Inc.), with its principal offices in Billings, Montana, hereinafter referred to
as "MAKER," promises to pay to the order of First Security Bank, N.A., a
national banking association, with its principal offices in Boise, Idaho,
hereinafter referred to as "BANK," at the head office of First Security Bank,
N.A., 119 North Ninth Street, Boise, Idaho 83730, or such other place as the
Holder hereof may, from time to time designate in writing, in lawful money of
the United States of America and in immediately available funds, the principal
sum of TWENTY-FIVE MILLION DOLLARS ($25,000,000) (provided, however, such
principal balance may be less depending upon the amount of principal drawn by
Maker from time to time pursuant to that certain Loan Agreement dated October 1,
1996, as amended by that certain First Amendment to Loan Agreement dated August
20, 1999, and as further amended by that certain Second Amendment to Loan
Agreement dated effective August 1, 2000, hereinafter collectively referred to
as "LOAN AGREEMENT"), with interest on the outstanding principal balance payable
to Bank hereunder at the rates and accruing from the dates as set forth in said
Loan Agreement, as amended. Maker further agrees to pay

                                       -1-
<PAGE>   13

the outstanding principal balance together with the interest accrued thereon at
the times and in the amounts as required in said Loan Agreement, as amended with
all unpaid principal and accrued interest due and payable on June 30, 2005.

         This Second Replacement Revolving Credit Promissory Note, hereinafter
referred to as "SECOND REPLACEMENT NOTE," is entitled to the benefits of the
Loan Agreement, as amended, which among other things, contains provisions for
the acceleration of the maturity hereof upon the happening of certain stated
events and also for voluntary prepayments on account of principal hereof prior
to the maturity hereof upon the terms and conditions therein specified.

         The Loan Agreement, as amended, is incorporated herein by this
reference and terms defined therein are used herein with their defined meanings
unless otherwise defined herein.

         This Second Replacement Note shall be governed as to validity,
interpretation, construction, effect and in all other respects by the laws and
decisions of the State of Idaho. All actions or proceedings arising in
connection with this Second Replacement Note shall be tried and litigated only
in the state and federal courts located in the County of Ada, State of Idaho.

         If Maker shall be in default in the payment of the principal and
interest as called for under the terms of this Second Replacement Note or in
default under the terms of the Loan Agreement, as amended, or the Loan Documents
as defined therein, and the balance then due and payable by Maker to Bank is
collected with the assistance of an attorney and before commencement of a suit
thereon, reasonable attorney fees and costs incurred by Bank shall be added to
the balance due and payable to Bank hereunder, and in case action is instituted
to collect this Second Replacement Note or any installments thereof, Maker does
further agree to pay such sum as the court may adjudge reasonable as attorney
fees and costs in such action. Furthermore, Maker agrees to pay

                                      -2-

<PAGE>   14

Bank for all attorney's fees and costs incurred by Bank in enforcing its rights
hereunder and collecting the amount owed to it, including but not limited to
extracting any property given as security for the payment of this Second
Replacement Note from the Bankruptcy estate, during any period in which Maker is
subject to the rules, regulations and provisions of the United States Bankruptcy
Code.

         Maker hereby waives presentment of payment, notice of nonpayment,
protest and notice of protest of nonpayment of this Second Replacement Note or
any installment or portion thereof. Each reference to Bank shall be deemed to
include its agent, successors and assigns, in whose favor the provisions of this
Second Replacement Note shall also inure. Each reference to Maker shall be
deemed to include its successors, assigns, sureties, and legal representatives,
all of whom shall be bound by the terms and provisions of this Second
Replacement Note.

         This Second Replacement Note is given by the Maker to the Bank pursuant
to that certain Second Amendment to Loan Agreement dated effective as of August
1, 2000, and entered into by Maker and the Bank.

                                       FIRST INTERSTATE BANCSYSTEM, INC.

                                       By:
                                           -------------------------------------
                                           Name:
                                                 -------------------------------
                                                 President
                                                 (a duly authorized officer)

ATTEST:

-----------------------------------
Secretary

                                      -3-
<PAGE>   15

                                                                     EXHIBIT "B"

                      PENDING ACTIONS, SUITS OR PROCEEDINGS

                                      None

<PAGE>   16

                                   EXHIBIT "C"

         2.7 "Applicable Margin" means the margin set forth in the chart below.

<TABLE>
<CAPTION>
      ================================================ ======================= ====================== ======================
              CONSOLIDATED TIER ONE CAPITAL                LIBOR ADVANCES       PRIME RATE ADVANCES       UNUSED FEE PER
                         RATIO                                                                             SECTION 3.16
      ------------------------------------------------ ----------------------- ---------------------- ----------------------
      <S>                                              <C>                     <C>                    <C>
      Greater than or equal to 10.0                         + 125 bps                + 0 bps                10 bps
      ------------------------------------------------ ----------------------- ---------------------- ----------------------
      Less than 10.0; but Greater than or equal to 8.0      + 150 bps                + 0 bps                10 bps
      ------------------------------------------------ ----------------------- ---------------------- ----------------------
      Less than 8.0; but Greater than or equal to 6.0       + 175 bps                + 0 bps                25 bps
      ------------------------------------------------ ----------------------- ---------------------- ----------------------
      Less than 6.0                                         + 200 bps               + 25 bps              37.5 bps
      ================================================ ======================= ====================== ======================
</TABLE>

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