Document:

EX-10.1

FIRST AMENDMENT TO

2003 AMENDED AND RESTATED CREDIT AGREEMENT

	 	 	 
	Parties:

	 	

	“CoBank”:

	 	CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111
	 
	 	 
	“Borrower”:

	 	National Cooperative Refinery Association

2000 Main Street

P.O. Box 1404

McPherson, Kansas 67460
	 
	 	 
	“Syndication Parties”:

	 	Whose signatures appear below

Execution Date: December      , 2005

Recitals:

A. CoBank (in its capacity as the Administrative Agent (“Agent”) and as a Syndication Party)
and Borrower have entered into that certain 2003 Amended and Restated Credit Agreement dated as of
December 16, 2003 (as amended, modified, or supplemented from time to time, the “Credit Agreement”)
pursuant to which CoBank and any entity which becomes a “Syndication Party” has extended certain
credit facilities to Borrower under the terms and conditions set forth in the Credit Agreement.

B. Borrower has requested that the Agent and the Syndication Parties extend the maturity date
of the 2-Year Facility and make certain other modifications, which the Agent and the Syndication
Parties are willing to do under the terms and conditions as set forth in this First Amendment to
2003 Amended and Restated Credit Agreement (“First Amendment”).

Agreement:

Now, therefore, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto hereby agree as follows:

1.

1

Amendments to Credit Agreement. The Credit Agreement is amended as of the Effective Date as
follows:

1.1 The following Sections in Article 1 are hereby amended in their entirety to read as
follows:

1.18 Committed Letter of Credit Fee: shall mean a fee equal to 100.0 basis points
multiplied by the face amount of the Committed Letter of Credit.

1.20 Commitment Fee Factor: shall mean 20 basis points.

1.49 LIBOR Margin: shall mean 100.0 basis points.

1.54 Member: shall mean each of the following Persons: CHS, Inc.; Growmark, Inc.; and
MFA Oil Company.

	 	 	 	 	 	 	 
	1.56	 	Member Percentage: shall mean the following:
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	1.75

	 	For CHS, Inc. – 74.453%

For Growmark, Inc. – 18.598%

For MFA Oil Company – 6.949%.

[Intentionally Omitted].
	 	

	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	1.82	 	2-Year Maturity Date: December 16, 2006.
	 
	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 
	
 
	 	 	1.2	 	 	Section 7.1 is hereby amended in its entirety to read as follows:

7.1 Security Interest. The Advances made under this Credit Agreement are being made
on an unsecured basis, except (a) with respect to the Cash Collateral Account as provided in
Section 3.6, and (b) the statutory lien in favor of CoBank, but not in favor of any other
Syndication Party, in the Bank Equity Interests.

	 	 	 
	
 
	 	1.3Subsection 9.1.4 is hereby amended in its entirety to read as follows:
	
 
	 	9.1.4[Intentionally Omitted].
	
 
	 	 
	
 
	 	1.4Subsection 10.14 is hereby amended in its entirety to read as follows:
	10.14

	 	[Intentionally Omitted].
	
 
	 	 

1.5 The following terms are deleted from the list of definitions following Section 1.84: (a)
“Collateral”; and (b) “Default Collateral”.

1.6 Exhibit 1.76 is replaced in its entirety with Exhibit 1.76 hereto , and Exhibit
8.11 is replaced in its entirety with Exhibit 8.11 hereto.

2. Conditions to Effectiveness of this First Amendment. The effectiveness of this First
Amendment is subject to satisfaction, in the Administrative Agent’s sole discretion, of each of the
following conditions precedent (the date on which all such conditions precedent are so satisfied
shall be the “Effective Date”):

2.1 Delivery of Executed Loan Documents. The Administrative Agent shall have received
originals of this First Amendment duly executed by Borrower and all other parties hereto.

2.2 Representations and Warranties. The representations and warranties of Borrower in the
Credit Agreement shall be true and correct in all material respects on and as of the Effective Date
as though made on and as of such date.

2.3 No Event of Default. No Event of Default shall have occurred and be continuing under the
Credit Agreement as of the Effective Date of this First Amendment.

2.4 Payment of Fees and Expenses. Borrower shall have paid the Administrative Agent, by wire
transfer of immediately available federal funds: (a) a fee in the amount of 10 basis points
multiplied by the Aggregate 2-Year Commitment (“Up Front Fee”); (b) all fees presently due under
the Credit Agreement (as amended by this First Amendment); and (c) all expenses owing as of the
Effective Date pursuant to Section 15.1 of the Credit Agreement.

3. General Provisions.

3.1 No Other Modifications. The Credit Agreement, as expressly modified herein, shall
continue in full force and effect and be binding upon the parties thereto.

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

3.3 Definitions. Capitalized terms used, but not defined, in this First Amendment shall have
the meaning set forth in the Credit Agreement.

3.4 Severability. Should any provision of this First Amendment be deemed unlawful or
unenforceable, said provision shall be deemed several and apart from all other provisions of this
First Amendment and all remaining provision of this First Amendment shall be fully enforceable.

3.5 Governing Law. To the extent not governed by federal law, this First Amendment and the
rights and obligations of the parties hereto shall be governed by, interpreted and enforced in
accordance with the laws of the State of Colorado.

3.6 Headings. The captions or headings in this First Amendment are for convenience only and
in no way define, limit or describe the scope or intent of any provision of this First Amendment.

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

[Signatures to follow on next page.]

2

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed as of
the Effective Date.

	 	 	 	 	 
	ADMINISTRATIVE AGENT:	 	CoBank, ACB	 	 
	
 
	 	By:
	 	

	
 
	 	 
	 	 
	
 
	 	Name:

Title:
	 	Michael Tousignant

Vice President
	 
	 	 	 	 
	BORROWER:	 	National Cooperative Refinery Association

	 
	 	 	 	 
	
 
	 	By:
	 	

	
 
	 	 
	 	 
	
 
	 	Name:

Title:
	 	John G. Buehrle

CFO
	 
	 	 	 	 
	SYNDICATION PARTIES:

	 	CoBank, ACB
	 	

	 
	 	 	 	 
	
 
	 	By:
	 	

	
 
	 	 
	 	 
	
 
	 	Name:

Title:
	 	Michael Tousignant

Vice President

U.S. AgBank, FCB

	 	 	 
	By:

	 	

	 

	 	 
	Name:

Title:

	 	Travis W. Ball

Vice President

3485422_3.DOC

3

EXHIBIT 1.76

to 2003 Amended and Restated Credit Agreement

Subsidiaries

	 	 	 	 	 
	Kaw Pipe Line Co.
	 	 	66.667	%
	Osage Pipeline Co.
	 	 	41.18	%
	Jayhawk Pipeline, L.L.C.
	 	 	100.0	%
	Osage Pipeline L.L.C,
	 	 	50.0	%
	McPherson Agricultural Products L.L.C.
	 	 	100.0	%

4

EXHIBIT 8.11

to 2003 Amended and Restated Credit Agreement

Equity Investments

	 	 	 	 	 	 	 	 	 
	 	 	Subsidiary	 	Investment
	1.
	 	Jayhawk Pipeline, L.L.C.
	 	$	25,436,046.00	 
	2.
	 	Kaw Pipe Line Company
	 	 	1,531,156.00	 
	3.
	 	Osage Pipeline Company
	 	 	8,699,592.00	 
	4.
	 	Osage Pipeline, L.L.C.*
	 	 	3,986,720.00	 
	5.
	 	McPherson Agricultural Products, LLC
	 	 	(360,738.00	)

• wholly owned subsidiary of Osage Pipeline Company

5Exhibit 10.1

STATE  OF  TEXAS              Sec.
                              Sec.
COUNTY  OF  TRAVIS            Sec.

                               MARKETING AGREEMENT
                               ===================

This Marketing Agreement ("Agreement") is made and entered into on the Effective
                          -----------
Date  shown below by and between ALLMARINE CONSULANTS CORPORATION ("Allmarine"),
                                                                   -----------
a Nevada corporation, and PHILTEX, a Belize Corporation ("Philtex").
                                                        ----------

                                    RECITALS
                                    --------

A.     Philtex  is  based  in  Dubai,  United Arab Emirates.   Philtex is in the
business  of registering ships and companies in several jurisdictions throughout
the  world,  and providing consultation, insurance, legal, and other services in
connection  therewith.  Philtex  desires to acquire more business from customers
in  North  and  South America ("Americas") and desires that Allmarine market the
products  and  services  of  Philtex  throughout  the  Americas.

B.     Allmarine  is  based  in  Austin,  Texas.  Allmarine  desires to promote,
market,  and  sell  Philtex's  business products and services in the Americas in
exchange  for  a  fee.

C.     Based  on  the foregoing recitals, and for the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which  are  hereby  acknowledged, Allmarine and Philtex hereby agree as follows.

                                    AGREEMENT
                                    ---------

1.   APPOINTMENT.  Philtex  hereby  grants  to  Allmarine,  and Allmarine hereby
     -----------
     accepts  from  Philtex,  the  right  to promote, market, and sell Philtex's
     products  and  services  (collectively  referred to as "Product") which are
                                                             --------
     listed  on  "EXHIBIT  A"  attached  hereto  and incorporated herein, in the
                  ----------
     Americas.

2.   EXCLUSIVITY.  Allmarine  shall  have  the  exclusive  right  to  promote,
     -----------
     market,  and  sell  the  Product  in  the Americas; provided, however, that
     Philtex  may  (I)  directly  promote,  market,  and sell the Product in the
     Americas; and (II) contract with other parties to promote, market, and sell
     the Product outside of the Americas.

3.   INDEPENDENT  CONTRACTOR.  The  relationship  between  Philtex and Allmarine
     -----------------------
     shall  be  that  of an independent contractor. No act or omission by either
     party  shall  be  construed  to  make or constitute the other its employee,
     partner,  principal,  agent,  joint venture or associate. The parties agree

<PAGE>

     that  no  fiduciary  relationship  exists,  and  none  shall arise, between
     Philtex  and  Allmarine.  Except  as expressly stated herein, neither party
     shall  have the power to act as agent of the other or bind the other in any
     respect.

4.   CONFLICTS  OF  INTEREST.   Notwithstanding   the   existence   of   this
     -----------------------
     Agreement,  Allmarine  may  engage  in  whatever  activities it may choose,
     whether  the  same be competitive with Philtex or otherwise, without having
     or  incurring  any  obligation  to offer any interest in, or disclosure of,
     such activities to Philtex.

5.   PAYMENT.  Philtex  shall  pay  Allmarine  a  fee of ninety percent (90%) of
     -------
     the  gross  revenue  from  all  sales  of the Product which are directly or
     substantially  attributable  to  Allmarine's efforts to market, promote, or
     sell  the Product, regardless of whether the sale is consummated during the
     term  of this Agreement. Philtex shall pay Allmarine the gross revenue from
     sales  on  a  monthly  basis. Unless otherwise agreed in writing, Allmarine
     shall be solely responsible for its costs and out-of-pocket expenses.

6.   WARRANTIES.   Philtex   represents   and   warrants   the   following   to
     ----------
     Allmarine: (I) as of the Effective Date of this Agreement, Philtex does not
     promote, market, or sell the Product in the AMERICAS through any marketing,
     license,  broker, or franchise agreement, or any other similar arrangement;
     (II)  Philtex  shall  promptly  notify  Allmarine,   in  writing,   of  any
     discontinuance,  unavailability,  substantial price change, malfunction, or
     deficiency  of any Product; (III) Philtex shall use best efforts to deliver
     all Product sold by Allmarine.

7.   LICENSE.  Philtex  hereby  grants  to  Allmarine  a non-exclusive revocable
     -------
     license  to (I) utilize Philtex's trade name and any trademarks and service
     marks  associated  with Philtex or the Product; (II) identify the origin of
     the  Product in advertising and promotional materials; (III) reasonably use
     Philtex's name in advertising and promotional materials; (IV) provide links
     to Philtex's internet site(s); and (V) disclose and advertise the existence
     of  a  business  relationship  between the parties. With respect to Product
     produced or provided by a third party, Philtex shall either (A) ensure that
     Allmarine  has  the  right  to use the third party's trademarks and service
     marks  associated  with  the   Product   in  Allmarine's   advertising  and
     promotional  materials, or (B) notify Allmarine of the nonexistence of such
     rights.  Allmarine shall promptly provide a copy of any written advertising
     materials to Philtex upon its request.

8.   TERM.  Unless  sooner  terminated  by  law,  or  as  provided  by  this
     ----
     Agreement,  the  term of the Agreement shall commence on the Effective Date
     as set forth above and shall continue for three (3) years ("Initial Term").
                                                                --------------
     At  the  end  of the Initial Term or any Renewal Term, this Agreement shall
     automatically  renew. Any period of renewal ("Renewal Term") shall continue
                                                  --------------
     for  one  (1)  year from its effective date. Notwithstanding the foregoing,
     either  party  may terminate this Agreement, with or without cause, for any
     or  no  reason,  upon delivery of written notice thereof to the other. Upon
     such  termination  of this Agreement, each party shall pay to the other all
     compensation  and  monies  due  or  which  may  become  due hereunder. Such

<PAGE>

     payments  shall  be due within thirty (30) days after the effective date of
     the  termination,  and  periodically  thereafter as additional sales of the
     Product  occur  which are attributable to Allmarine's promotion, marketing,
     or sales efforts prior to termination of this Agreement.

9.   LIMITATION  OF  LIABILITY.  Each  party  agrees  to  limit its liability by
     -------------------------
     waiving  its  rights  to  consequential,  incidental,  indirect  or special
     damages  arising  out  of  or related to this Agreement or the transactions
     contemplated herein, even if such party has been apprised of the likelihood
     of such damages occurring.

10.  DISPUTE  RESOLUTION.   Any   controversy  or   claim  arising  out  of  or
     -------------------
     relating  to  this  contract,  or  the  breach thereof, shall be settled by
     arbitration  in  Travis  County,  Texas,   administered   by  the  American
     Arbitration  Association  under  its  Commercial   Arbitration  Rules,  and
     judgment  on  the award rendered by the arbitrator(s) may be entered in any
     court  having jurisdiction thereof. Provided, however, that if agreed to by
     both parties, mediation shall be used prior to arbitration.

11.  ENTIRE  AGREEMENT  /  MODIFICATION.  This  Agreement constitutes the entire
     ----------------------------------
     agreement  of  the  parties;  it  is  intended  as a complete and exclusive
     statement  of  the  terms  of  their  agreement with respect to the subject
     matter  hereof;  and  it  supersedes  all  prior  and  concurrent promises,
     representations,  negotiations,  discussions  and  agreements that may have
     been  made in connection with the subject matter hereof. No modification or
     amendment  of  this  Agreement shall be binding upon the parties unless the
     same is in writing and signed by the respective parties hereto.

12.  VALIDITY.  In  the  event  any  provision  of this Agreement shall be found
     --------
     legally  invalid or unenforceable, the remaining provisions and obligations
     of  this Agreement shall remain in full force and effect. To the extent any
     provision  of  this  Agreement is found by any governmental authority to be
     contrary  to  any  applicable laws or regulations, the parties shall do all
     things  necessary  to  comply  with  the  requirements  of the governmental
     authority,  including,  but  not  limited to, executing and delivering such
     amendments,  deletions  or  additions  to  this  Agreement,  and  any  such
     amendments, deletions and additions shall be fully enforceable.

13.  ASSIGNMENT  PROHIBITED.  No  party  to  this  Agreement  may  assign  or
     ----------------------
     otherwise  transfer  any  portion  or  all  of  its  rights, obligations or
     interests under this Agreement without the express prior written permission
     of the other party.

14.  GOVERNING  LAW.  This  Agreement  shall  be  construed  and  enforced  in
     --------------
     accordance  with  the  laws of the State of Texas, and venue of any dispute
     arising  under  this  Agreement,  including an arbitrable dispute, shall be
     proper only in Travis County, Texas.

15.  CAPTIONS  AND  HEADINGS.  The  captions  and  headings  throughout  this
     -----------------------
     Agreement  are  for convenience and reference only, and the words contained
     therein  shall  in  no  way  be  held or deemed to define, limit, describe,
     explain,  amplify  or add to the interpretation, construction or meaning of
     any provision of, or the scope or intent of, this Agreement nor affect this
     Agreement in any other way.

<PAGE>

     This  Agreement  has been executed by the parties on the dates shown below,
to be effective on the date of the last party's signature hereto (the "Effective
                                                                       ---------
Date").
----

                                       ALLMARINE CONSULANTS CORPORATION
                                       a Nevada corporation

                                       By: /s/ Michael Chavez
                                          -----------------------------
                                       Name: Michael Chavez
                                            ---------------------------
                                       Title: CEO
                                             --------------------------
                                       Date: 8/15/05
                                            ---------------------------

                                       PHILTEX
                                       a Belize corporation

                                       By: /s/ Chris Warren
                                          ----------------------------
                                       Name: Chris Warren
                                            --------------------------
                                       Title: President
                                             -------------------------
                                       Date: 8/15/2005
                                            --------------------------

<PAGE>

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