Document:

Document

EX10.22G

EXECUTION COPY

OMNIBUS AMENDMENT NO. 8

This OMNIBUS AMENDMENT NO. 8, dated as of September 24, 2020 (this “Amendment”), is entered into by and among COFINA FUNDING, LLC, a Delaware limited liability company, as seller (the “Seller”), CHS INC. (“CHS”), a Minnesota corporation, as Servicer (in such capacity, the “Servicer”) and as an Originator, CHS CAPITAL, LLC, as an Originator (together with CHS, the “Originators”), SANTANDER BANK, NATIONAL ASSOCIATION, as an Alternate Purchaser (in such capacity, the “Santander Committed Purchaser”) and as a Purchaser Agent (in such capacity, the “Santander Purchaser Agent”) and each of the CONDUIT PURCHASERS, COMMITTED PURCHASERS and PURCHASER AGENTS set forth on the signature pages hereto, and MUFG BANK, LTD. F/K/A THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH (“MUFG”), as administrative agent (in such capacity, the “Administrative Agent”) and is (i) the eighth amendment to the RPA (as defined below) and (ii) the seventh amendment to the Sale Agreement (as defined below).

RECITALS

A.WHEREAS, the Seller, the Servicer, CHS, the Purchasers, the Purchaser Agents and the Administrative Agent have entered into that certain Amended and Restated Receivables Purchase Agreement, dated as of July 18, 2017 (as amended by that certain First Amendment to Amended and Restated Receivables Purchase Agreement dated as of June 28, 2018, as amended by that certain Second Amendment to Amended and Restated Receivables Purchase Agreement dated as of August 20, 2018, as amended by that certain Omnibus Amendment No. 3, dated as of September 4, 2018, as amended by that certain Fourth Amendment and Limited Waiver to Amended and Restated Receivables Purchase Agreement, dated as of September 21, 2018, as amended by that certain Omnibus Amendment No. 5, dated as of June 27, 2019, as amended by that certain Omnibus Amendment No. 6, dated as of May 1, 2020, as amended by that certain Omnibus Amendment No. 7, dated as of June 26, 2020 and as further amended, restated, supplemented or otherwise modified through the date hereof, the “RPA”); and

B.WHEREAS, pursuant to and in accordance with Section 13.1 of the RPA, the Seller, the Servicer, the Purchasers, the Purchaser Agents and the Administrative Agent desire to amend the RPA as provided herein; 

C.WHEREAS, the Originators and the Seller have entered into that certain Sale and Contribution Agreement, dated as of July 22, 2016 (as amended by that certain Omnibus Amendment No. 1, dated as of February 14, 2017, as amended by that certain Omnibus Amendment No. 2, dated as of July 18, 2017, as amended by that certain Omnibus Amendment No. 3, dated as of September 4, 2018, as amended by that certain Omnibus Amendment No. 5, dated as of  June 27, 2019, as amended by that certain Omnibus Amendment No. 6, dated as of  May 1, 2020,  as amended by that certain Omnibus Amendment No. 7, dated as of  June 26, 2020 and as further amended, restated, supplemented or otherwise modified through the date hereof, the “Sale Agreement” and, together with the RPA, the “Agreements”); and

D.WHEREAS, pursuant to and in accordance with Section 8.1 of the Sale Agreement, the Originators, the Seller, the Administrative Agent and the Purchasers desire to amend the Sale Agreement as provided herein.

NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, intending to be legally bound, hereby agree as follows:

SECTION 1. Definitions and Interpretation.  Each capitalized term used but not defined herein has the meaning ascribed thereto in Appendix A to the RPA.  The rules of interpretation set forth in Appendix A to the RPA are hereby incorporated as if fully set forth herein. As used in this Agreement, unless the context requires a different meaning, the following terms have the meanings indicated herein below:

“Assigning Rabobank Committed Purchaser” means Coöperatieve Rabobank U.A., New York Branch, in its capacity as Committed Purchaser for the Rabobank Purchaser Group.

“Assignee Rabobank Committed Purchaser” means Coöperatieve Rabobank U.A.

“Assuming Rabobank Conduit Purchaser” means Nieuw Amsterdam Receivables Corporation B.V.

“Rabobank” means Coöperatieve Rabobank U.A., New York Branch.

“Rabobank Purchaser Agent” means Rabobank, in its capacity as Purchaser Agent for the Rabobank Purchaser Group.

            “Rabobank Purchaser Group” means the Purchaser Group with Assuming Rabobank Conduit Purchaser, as Conduit Purchaser, Assignee Rabobank Committed Purchaser, as Committed Purchaser, and Rabobank, as Purchaser Agent.

“Santander” means Santander Bank, National Association. 

“Santander Purchaser Agent” means Santander, in its capacity as Purchaser Agent for the Santander Purchaser Group. 

SECTION 2. Assumption by Santander Committed Purchaser and Santander Purchaser Agent.  

a.The Seller desires the Santander Committed Purchaser to become a Committed Purchaser and the Santander Purchaser Agent to become a Purchaser Agent under the RPA and upon the terms and subject to the conditions set forth in the RPA and the other Transaction Documents, the Santander Committed Purchaser agrees to become a Committed Purchaser and the Santander Purchaser Agent agrees to become a Purchaser Agent thereunder.

b.The Seller desires the Assuming Rabobank Conduit Purchaser to become a Conduit Purchaser in the Rabobank Purchaser Group under the RPA and upon the terms and subject to the conditions set forth in the RPA and the other Transaction Documents, the Assuming Rabobank Conduit Purchaser 

agrees to become a Conduit Purchaser in the Rabobank Purchaser Group thereunder.

c.Upon satisfaction of the conditions specified in Section 3 of this Amendment, (i) the Santander Committed Purchaser and the Santander Purchaser Agent shall become a party to, and have the rights and obligations of a Committed Purchaser and a Purchaser Agent, as applicable, under the RPA and the other Transaction Documents as of the date of this Amendment and (ii) the Assuming Rabobank Conduit Purchaser shall become a party to, and have the rights and obligations of a Conduit Purchaser in the Rabobank Purchaser Group under the RPA and the other Transaction Document as of the date of this Amendment.

SECTION 3.  Assignment and Reallocation. 

a.On the date hereof, the Assigning Rabobank Committed Purchaser, hereby (i) irrevocably sells, transfers, conveys and assigns, and the Assuming Rabobank Conduit Purchaser hereby purchases from the Assigning Rabobank Committed Purchaser, all of the Purchaser Group Investment and corresponding interest in the Asset Interest, in each case, held by the Rabobank Committed Purchaser, and (ii) transfers and assigns all of its remaining rights and obligations under the RPA (after taking into consideration the transfer pursuant to clause (i) above) as a “Committed Purchaser” to the Assignee Rabobank Committed Purchaser, and the Assignee Rabobank Committed Purchaser hereby accepts such transfer.

b.After giving effect to the assignment in clause (a) above, each of the parties to this Amendment severally and for itself agrees that on and as of the date hereof, for good and valuable consideration, each of Purchaser Agent, on behalf of such Purchaser Agent’s Purchaser Group, hereby irrevocably sells, transfers, conveys and assigns, without recourse, representation or warranty, to each other Purchaser Agent, and such other Purchaser Agents, on behalf of such other Purchaser Agent’s Purchaser Group, hereby irrevocably purchases from each assigning Purchaser Agent and each assigning Purchaser Group, certain of the rights and obligations of each assigning Purchaser Agent and each assigning Purchaser Group under the RPA and each other Transaction Document in respect of (i) the Purchaser Group Investment of such assigning Purchaser Group and (ii) the Commitment of the Committed Purchasers for each such assigning Purchaser Group under the RPA such that, after giving effect to the foregoing assignment and delegation, (i) the Purchaser Group Investment of each Purchaser Group and (ii) the Commitment of the Committed Purchaser for each Purchaser Group for the purposes of the RPA and each other Transaction Document shall be as set forth on Exhibit C of the RPA, as amended by this Amendment.

c.Following the assignment in clause (b) above, on the date hereof, at the direction of the Administrative Agent, the Purchaser Agents of each Purchaser Group shall make and receive payments to and from the 

Administrative Agent so that, after giving effect thereto, the Total Investment is held ratably by the Purchasers in accordance with the Ratable Share of such Purchaser’s Purchaser Group, which, for the purposes of this Section 3, will be as set forth opposite such Purchaser’s name on Exhibit C to the RPA (as amended by this Amendment).

SECTION 4. Amendments to the RPA.  The Seller, the Servicer, the Purchasers, the Purchaser Agents and the Administrative Agent hereby agree that the RPA is amended effective as of the date hereof as follows:

a.Sections 7.1(aa)(ii) and (iii) and Sections 7.2(q)(ii) and (iii) of the RPA are hereby amended by replacing the date “September 24, 2020” where it appears therein with the date “July 30, 2021” in its place.

b.The definition of “Concentration Overage Amount (Loans)” in Appendix A to the RPA is hereby amended by (i) deleting the word “and” at the end of clause (xvii), (ii) adding the word “and” at the end of clause (xviii) and (iii) adding the following new clause (xix) immediately after clause (xviii) therein:

“(xix)  the aggregate Unpaid Balance of all Eligible Loans that are Retailer Adjusted Loans cannot exceed 20% of the aggregate Unpaid Balance of all Loans and Receivables;”.

c.Clause (ee)(ii) of the definition of “Eligible Loan” in Appendix A to the RPA is hereby amended by replacing the date “September 24, 2020” where it appears therein with the date “July 30, 2021” in its place.

d.The definition of “Eligible Loan” in Appendix A to the RPA is hereby amended by (i) deleting the word “and” at the end of clause (zz), (ii) deleting the period at the end of clause (aaa) and replacing it with the text “; and” in its place and (iii) adding the following new clause (bbb) immediately after clause (aaa) therein:

“(bbb) which is not a Retailer Adjusted Loan with a Risk Rating higher than 9 or with an original tenor greater than 18 months.”.

e.The definition of “Purchase Termination Date” in Appendix A to the RPA is hereby amended and restated in its entirety to read as follows:

““Purchase Termination Date” means the earlier of (i) July 30, 2021, (ii) the occurrence of an Event of Default and (iii) sixty (60) days following the date of receipt by each of the other parties to this Agreement of a written notice of termination provided by Seller.”.

f.The definition of “Weighted Average Interest Rate” in Appendix A to the RPA is hereby amended and restated in its entirety to read as follows: 

““Weighted Average Interest Rate” means, for each Settlement Period (determined as of the last day of each calendar month), the sum, for all Loans, of the amount determined in respect 

of each Loan by multiplying (i) a fraction, the numerator of which is the Unpaid Balance of such Loan and the denominator of which is the Unpaid Balance of all Loans, multiplied by (ii) the applicable interest rate for such Loan; provided that each Retailer Adjusted Loan shall have an interest rate of zero for purposes of this definition.”.

g.Appendix A to the RPA is hereby amended by adding the following definition of “Retailer Adjusted Loan” in appropriate alphabetical order:

““Retailer Adjusted Loan” means any Producer Loan for which (a) the Obligor of such Loan is required to pay the Unpaid Balance of such Loan and (b) a Person other than the Obligor of such Loan is required to pay all of the interest that accrues on such Loan; provided that, for the avoidance of doubt, “Retailer Adjusted Loans” shall not include a Loan with an interest rate of zero that is designated as a Loan with a fixed rate of interest for purposes of clause (xi) of the definition of “Concentration Overage Amount (Loans)”.”.

h.Schedule I to the RPA is hereby amended and restated in its entirety in the form of Schedule I.

i.Schedule 13.2 to the RPA is hereby amended and restated in its entirety in the form of Schedule II.

j.Exhibit C to the RPA is hereby amended and restated in its entirety in the form of Schedule III:

SECTION 5.  Amendments to the Sale Agreement.  The Originators, the Seller, the Administrative Agent and the Purchasers hereby agree that, effective as of the date hereof, Sections 2.5 and 5.1(s)(ii) and (iii) of the Sale Agreement are hereby amended by replacing the date “September 24, 2020” where it appears therein with date “July 30, 2021” in its place.

SECTION 6.  Amendments to Subordinated Note Financing Documents.  

a.Each of the Parties hereby acknowledges and agrees that the notice and certifications made in clause (b) below satisfy the requirements under Section 5.1(u) of the Sale Agreement with respect to the Sub Note Financing Amendments (as defined below), including any notice requirements which shall be deemed satisfied or waived.

b.Pursuant to Section 5.1(u) of the Sale Agreement, each Originator hereby notifies the Seller, the Administrative Agent and the Purchaser Agents that concurrently herewith MUFG, CHS and CHS Capital, LLC intend to enter into an amendment to the Master Framework Agreement, dated as of September 4, 2018 (as amended by Amendment No. 1, dated as of July 23, 2019, Amendment No. 2, dated as of September 6, 2019, Amendment No. 3, dated as of June 26, 2020), by and among MUFG, as buyer and buyer agent, the other buyers from time to time party thereto, CHS, as seller and seller agent, and CHS Capital, as seller, the “Sub Note Financing Amendment”).  A copy of the Sub Note Financing Amendment is attached hereto as Schedule IV.  In addition, each Originator hereby represents and 

warrants that the Sub Note Financing Amendment could not reasonably be expected to have a material adverse effect on (i) the ability of any Originator or the Seller to perform its obligations under the Sale Agreement or any other Transaction Document, (ii) the validity or enforceability against any Originator of any Transaction Document, (iii) the value, validity, enforceability or collectability of the Assets and the Related Security (each as defined in the Sale Agreement) with respect thereto or, in each case, any material portion thereof, (iv) the status, existence, perfection, priority, enforceability or other rights and remedies of the Seller or the Administrative Agent under the Transaction Documents or associated with its respective interest in the Assets and Related Security (each as defined in the Sale Agreement) with respect thereto or (v) the business, assets, liabilities, property, operations or financial condition of any Originator.

SECTION 7.  Agreements in Full Force and Effect as Amended. Except as specifically amended hereby, all provisions of the Agreements shall remain in full force and effect.  This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Agreements other than as expressly set forth herein and shall not constitute a novation of the Agreements. 

SECTION 8.  Representations and Warranties.  Each of the Seller, the Servicer and the Originators  hereby represent and warrant to the Administrative Agent and the Purchasers, as of the date of this Amendment, as follows:

a.this Amendment has been duly executed and delivered by it;

b.this Amendment constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as limited by bankruptcy, insolvency, moratorium, fraudulent conveyance or other laws relating to the enforcement of creditors’ rights generally and general principles of equity (regardless of whether enforcement is sought at equity or law); 

c.no authorization or approval or other action by, and no notice to, license from or filing with, any Governmental Authority is required for the due execution, delivery and performance of this Amendment; 

d.the execution, delivery and performance by it of this Amendment (i) is within its limited liability company or corporate powers, (ii) has been duly authorized by all necessary limited liability company or corporation action, and (iii) does not contravene, violate or breach (1) its organizational documents or (2) any Applicable Law; and

e.immediately after giving effect to this Amendment, (i) each of the representations and warranties of the Seller, the Servicer or the Originators, as applicable, set forth in the RPA (in the case of the Seller and the Servicer) or in the Sale Agreement (in the case of the Seller and the Originators), as modified hereby, that are qualified as to materiality are true and correct, and each not so qualified are true and correct in all material respects (except to the extent such representations and warranties explicitly refer solely to an earlier date or period, in which case they shall be true and correct as of such earlier date 

or period), and (ii) no Event of Termination, Unmatured Event of Termination, Servicer Termination Event or Unmatured Servicer Termination Event has occurred and is continuing. 

SECTION 9.  Conditions to Effectiveness.  This Amendment shall become effective (the “Effective Date”) upon receipt by the Administrative Agent of:

a. executed counterparts of this Amendment; duly executed and delivered by each party hereto; 

b.each of the Purchasers and the Administrative Agent shall have received all fees payable as of the Effective Date pursuant to that certain Fifth Amended and Restated Fee Letter, dated as of the Effective Date, among Seller, CHS, Administrative Agent and the Purchaser Agents; and

c.favorable opinions of legal counsel to Seller, each Originator, Servicer and Performance Guarantor, including legal opinions as to general organizational matters, enforceability and no conflicts with laws.

SECTION 10.  Ratification of Performance Guaranty. After giving effect to this Amendment and the transactions contemplated hereby, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms.

SECTION 11.  Miscellaneous.  

a.This Amendment may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or by electronic mail attachment in portable document format (.pdf) shall be effective as delivery of an originally executed counterpart.

b.Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

c.THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT OF PERFECTION OR PRIORITY OF THE INTERESTS OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER IN THE POOL ASSETS OR 

RELATED ASSETS IS GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK).

d.Headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

e.Section 13.7 of the RPA is hereby incorporated as if fully set forth herein. 

f.This Amendment is a Transaction Document and all references to a “Transaction Document” in the Agreements and the other Transaction Documents (including, without limitation, all such references in the representations and warranties in the Agreements and the other Transaction Documents) shall be deemed to include this Amendment.

g.Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Amendment or the transactions contemplated hereby.

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above. 

COFINA FUNDING, LLC, as Seller and                             
Performance Guarantor

By:________________________________ 
Name:   
Title:  

CHS INC., as Servicer and an Originator and    
Performance Guarantor

By:________________________________ 
Name:   
Title:  

CHS CAPITAL, LLC, as Servicer and an 
Originator

   
By:________________________________ 
Name:   
Title:  

MUFG BANK, LTD. F/K/A THE BANK OF 
TOKYO-MITSUBISHI UFJ, LTD., NEW 
YORK BRANCH, as Administrative Agent, a 
Committed Purchaser and Purchaser Agent for the 
MUFG Purchaser Group
  

By:________________________________ 
Name:   
Title:  

VICTORY RECEIVABLES CORPORATION, 
 as a Conduit Purchaser 

By:________________________________ 
Name:   
Title:  

Coöperatieve Rabobank U.A., NEW 
YORK BRANCH, as Assigning Rabobank
Committed Purchaser and as Purchaser Agent for 
the Rabobank Purchaser Group  

By:                                                              
Name: 
Title:

By:                                                              
Name: 
Title:

COÖPERATIEVE RABOBANK U.A., as
 Assignee Rabobank Committed Purchaser  

By:                                                              
Name: 
Title:

By:                                                              
Name: 
Title:

NIEUW AMSTERDAM RECEIVABLES 
CORPORATION B.V., as Assuming Rabobank 
Conduit Purchaser  

By:                                                              
Name: 
Title:

By:                                                              
Name: 
Title:

PNC BANK, NATIONAL ASSOCIATION, as a
Committed Purchaser  

By:                                                              
Name: 
Title:

PNC BANK, NATIONAL ASSOCIATION, as
 Purchaser Agent for the PNC Purchaser Group  

By:                                                              
Name: 
Title:

SANTANDER BANK, NATIONAL
 ASSOCIATION, as a Committed Purchaser  

By:                                                              
Name: 
Title:

SANTANDER BANK, NATIONAL
 ASSOCIATION, as Purchaser Agent for the
 Santander Purchaser Group  

By:                                                              
Name: 
Title:

SCHEDULE I

Schedule I

PAYMENT INSTRUCTIONS

With respect to MUFG:

Bank: MUFG Bank, Ltd.  
ABA #:  XXX-XXX-XXX
Account #: XXX-XXX-XXX
Account Name:  VRC 
Customer Name:  Cofina Funding LLC

With respect to Rabobank:

Bank:                          JPMorgan Chase Bank, N.A. 
Swift Address:            CHASUS33 
ABA #:                       XXX-XXX-XXX
Account #:                  XXX-XXXXXX 
FAO:                           Rabobank International, New York Branch 
Reference:                   Cofina Funding, LLC

With respect to Nieuw Amsterdam Receivables Corporation B.V.:

Bank:  Deutsche Bank Trust Company Americas 
ABA #: XXX-XXX-XXX
Account #: XXXXXX 
Account Name:  NYLTD Funds Control Account 
Reference:  PORT RABO09.1 // NieuwAm // Cofina Funding LLC

With respect to PNC:

Bank:  PNC Bank National Association
ABA #:  XXX XXX XXX
Account Name:  Commercial Loan Department
Account #: XXXXX XXXX XXX
Reference:  Cofina Funding, LLC

With respect to Santander: 

Bank:  Santander Bank, N.A.
BA #:  XXXXXXX
Account Name:  Wire Clearing Participations
Account #: XXXXXXX
Reference:  Cofina Funding LLC

SCHEDULE II

SCHEDULE 13.2  

ADDRESSES FOR NOTICES
If to Seller:
Cofina Funding, LLC
5500 Cenex Drive 
St. Paul, Minnesota 55077 
Attention:  Brent Dickson 
Tel: 651-355-5433
Fax:  800-232-3639
Email: brent.dickson@chsinc.com

If to Servicer

CHS Inc.
5500 Cenex Drive 
St. Paul, Minnesota 55077 
Attention:  Brent Dickson 
Tel: 651-355-5433
Fax: 800-232-3639
Email: brent.dickson@chsinc.com

If to MUFG Bank, Ltd.:

MUFG Bank, Ltd.  
1221 Avenue of the Americas 
New York, NY 10020 
Attn:  Securitization Group  
Tel:  212-782-6957 
Fax:  212-782-6448 
Email:  securitization_reporting@us.mufg.jp

If to Victory Receivables Corporation:

Victory Receivables Corporation 
c/o Global Securitization Services, LLC  
68 South Service Road, Suite 120  
Melville, NY 11747  
Attn:David V. DeAngelis 
Tel:  631-930-7216 
Fax:212-302-8767 
Email:  ddeangelis@gssnyc.com

If to Nieuw Amsterdam Receivables Corporation B.V.:

Prins Bernhardplein 200
1097 JB Amsterdam
The Netherlands
Attention: The Directors
Email: secuitisation@intertrustgroup.com
Facsimile No.: +31 ( 0)20 5214888

With a Copy to:

Coöperatieve Rabobank U.A. (New York Branch)  
245 Park Avenue
New York, NY 10167  
Attn:  NYSG 
Tel:  212-8-08-6816 
Fax:  (914) 304-9324 
Email:  naconduit@rabobank.com

If to Coöperatieve Rabobank U.A.:

Coöperatieve Rabobank U.A. 
Coreselaan 18
3521 CB Utrecht
The Netherlands

With a Copy to:
Coöperatieve Rabobank U.A., New York Branch 
245 Park Avenue
New York, NY 10167  
Attn:  NYSG 
Tel:  212-8-08-6816 
Fax:  (914) 304-9324 
Email:  naconduit@rabobank.com

If to Coöperatieve Rabobank U.A., New York Branch:
Coöperatieve Rabobank U.A., New York Branch 
245 Park Avenue
New York, NY 10167  
Attn:  NYSG 
Tel:  212-8-08-6816 
Fax:  (914) 304-9324 
Email:  naconduit@rabobank.com

If to PNC Bank, National Association:

PNC Bank, National Association
300 Fifth Avenue
Pittsburgh, PA 15222
Telephone:  (412) 768-3090
Facsimile:  (412) 762-9184
Attention:  Robyn Reeher
Email: abfadmin@pnc.com

If to Santander Bank, National Association:  

Santander Bank, National Association
45 East 53rd Street
New York 10022
Telephone:  212-407-4554
Facsimile:  N.A
Attention:  Devang Sodha
Email: devang.sodha@santander.us

SCHEDULE III

Exhibit C

Purchaser Groups  						
	Purchaser Group:

MUFG Purchaser Group

Conduit Purchaser:

Victory Receivables Corporation

Committed Purchaser:

MUFG Bank, Ltd.

Purchaser Agent:

MUFG Bank, Ltd.
	Purchaser Group Commitment: 

$200,000,000

		
	Purchaser Group:
Rabobank Purchaser Group
Conduit Purchaser
Nieuw Amsterdam Receivables Corporation B.V.
Committed Purchaser:
Coöperatieve Rabobank U.A.
Purchaser Agent:
Coöperatieve Rabobank U.A., New York Branch
	Purchaser Group Commitment: 

$200,000,000

	Purchaser Group:

PNC Purchaser Group

Committed Purchaser:

PNC Bank, National Association

Purchaser Agent:

PNC Bank, National Association
	Purchaser Group Commitment: 

$100,000,000

		
	Purchaser Group:
Santander Purchaser Group
Committed Purchaser:
Santander Bank, National Association
Purchaser Agent:
Santander Bank, National Association
	Purchaser Group Commitment: 

$100,000,000

		Purchasers’ Total Commitment:
$600,000,000

Schedule IV

Sub Note Financing Amendment
[Attached.]Document

EXHIBIT 10.24
EXECUTION VERSION

PERFORMANCE GUARANTY

THIS PERFORMANCE GUARANTY (this “Guaranty”), dated as of July 22, 2016, is executed by CHS Inc., a Minnesota corporation (the “Performance Guarantor”), in favor of The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as administrative agent on behalf of the Affected Parties (in such capacity, the “Administrative Agent”).

RECITALS

1.  The Performance Guarantor and Cofina Funding, LLC, a Delaware limited liability company (the “Company”) have entered into a Sale Agreement, dated as of July 22, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Sale Agreement”), by and among the Performance Guarantor, CHS Capital, LLC and such other entities party thereto from time to time, as originators (collectively, the “Originators”), and Company, as purchaser, pursuant to which each Originator, subject to the terms and conditions contained therein, is selling and/or contributing its right, title and interest in Pool Assets and Related Assets to Company.

2.  The Performance Guarantor, in its individual capacity and as initial Servicer, the Company, the Administrative Agent and the Purchaser Groups from time to time party thereto have entered into a Receivables Financing Agreement, dated as of July 22, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”), pursuant to which the Company is selling its right, title and interest in Pool Assets and Related Assets to the Administrative Agent, on behalf of the Purchasers.

3.  The Performance Guarantor owns, directly or indirectly, one hundred percent (100%) of the equity interests of each Originator (other than itself) and Company, each Originator (including Performance Guarantor) has and is expected to continue to receive substantial direct and indirect benefits from its sale or contribution of the Pool Assets and Related Assets to Company pursuant to the Sale Agreement and the Company and the Originators have and are expected to continue to receive substantial direct and indirect benefits from the Company’s sale of the Pool Assets and Related Assets to Administrative Agent, on behalf of the Purchasers, pursuant to the Receivables Financing Agreement (which benefits are hereby acknowledged).

4 As an inducement for Administrative Agent, on behalf of the Purchasers, acquiring the Company’s Pool Assets and Related Assets pursuant to the Receivables Financing Agreement, Performance Guarantor has agreed to guaranty the due and punctual performance by each Originator (other than itself) of such Originator’s obligations under the Sale Agreement, as provided herein.

AGREEMENT
NOW, THEREFORE, Performance Guarantor hereby agrees as follows:

Section 1. Definitions. Capitalized terms used herein and not defined herein shall have the respective meanings assigned thereto in the Sale Agreement or the Receivables Financing Agreement. In addition:

“Guaranteed Obligations” means, collectively: all covenants, agreements, terms, conditions and indemnities to be performed and observed by each Specified Originator under and pursuant to the Sale Agreement and each other document executed and delivered by such Specified Originator pursuant to the Sale Agreement, including, without limitation, the due and punctual payment of all sums which are or may become due and owing by such Specified Originator under the Sale Agreement, whether for fees, expenses (including counsel fees), indemnified amounts or otherwise, whether upon any termination or for any other reason. 

“Specified Originators” means each Originator under and as defined in the Sale Agreement (other than Performance Guarantor).

Section 2. Guaranty of Performance of Guaranteed Obligations. Performance Guarantor hereby guarantees to Administrative Agent the full and punctual payment and performance by each Specified Originator of such 

Specified Originator’s Guaranteed Obligations. This Guaranty is an absolute, unconditional and continuing guaranty of the full and punctual performance of all Guaranteed Obligations of each Specified Originator under the Sale Agreement and each other document executed and delivered by such Specified Originator pursuant to the Sale Agreement and is in no way conditioned upon any requirement that Administrative Agent first attempt to
collect any amounts owing by such Specified Originator to Administrative Agent, the Company, any Purchaser Agent or any Purchaser from any other Person or resort to any collateral security, any balance of any deposit account or credit on the books of Administrative Agent, the Company, any Purchaser Agent or any Purchaser in favor of such Specified Originator or any other Person or other means of obtaining payment. Should any Specified Originator default in the payment or performance of any of its Guaranteed Obligations, Administrative Agent may cause the immediate performance by Performance Guarantor of the Guaranteed Obligations and cause any payment of Guaranteed Obligations to become forthwith due and payable to Administrative Agent, without demand or notice of any nature (other than as expressly provided herein), all of which are hereby expressly waived by Performance Guarantor.

Section 3. Performance Guarantor’s Further Agreements to Pay. Performance Guarantor further agrees to pay to Administrative Agent, forthwith upon demand in funds immediately available to Administrative Agent, all reasonable and documented costs and expenses (including court costs and reasonable out-of-pocket legal expenses) incurred or expended by Administrative Agent in connection with the Guaranteed Obligations, this Guaranty and the enforcement thereof, together with interest on amounts recoverable under this Guaranty from the time when such amounts become due until payment, at a rate of interest (computed for the actual number of days elapsed based on a 365 or 366 day year, as the case may be) equal to the Administrative Agent’s Prime Rate plus the Program Fee, such rate of interest changing when and as such Prime Rate changes.

Section 4. Waivers by Performance Guarantor. Performance Guarantor waives (to the extent permitted by law) notice of acceptance of this Guaranty, notice of any action taken or omitted by Administrative Agent in reliance on this Guaranty, and any requirement that Administrative Agent be diligent or prompt in making demands under this Guaranty, giving notice of any termination pursuant to Article VI of the Sale Agreement, any Event of Default or other default or omission by any Specified Originator or asserting any other rights of Administrative Agent under this Guaranty. Performance Guarantor warrants that it has adequate means to obtain from each Specified Originator, on a continuing basis, information concerning the financial condition of such Specified Originator, and that it is not relying on Administrative Agent to provide such information, now or in the future. Performance Guarantor also
irrevocably waives all defenses (i) that at any time may be available in respect of the Guaranteed Obligations by virtue of any statute of limitations, valuation, stay, moratorium law or other similar law now or hereafter in effect or (ii) that arise under the law of suretyship, including impairment of collateral. Administrative Agent shall be at liberty, without giving notice to or obtaining the assent of Performance Guarantor and without relieving Performance Guarantor of any liability under this Guaranty, to deal with each Specified Originator and with each other party who now is or after the date hereof becomes liable in any manner for any of the Guaranteed Obligations, in such manner as Administrative Agent in its sole discretion deems fit, and to this end Performance Guarantor agrees that the validity and enforceability of this Guaranty, including, without limitation, the provisions of Section 7, shall not be impaired or affected by any of the following: (a) any extension, modification or renewal of, or indulgence with respect to, or substitutions for, the Guaranteed Obligations or any part thereof or any agreement relating thereto at any time; (b) any failure or omission to enforce any right, power or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or any collateral securing the Guaranteed Obligations or any part thereof; (c) any waiver of any right, power or remedy or of any Event of Default, termination pursuant to Article VI of the Sale Agreement, or default with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto; (d) any release, surrender, compromise, settlement, waiver,
subordination or modification, with or without consideration, of any other obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof; (e) the enforceability or validity of the Guaranteed Obligations or any part thereof or the genuineness, enforceability or validity of any agreement relating thereto or with respect to the Guaranteed Obligations or any part thereof; (f) the application of payments received from any source to the payment of any payment obligations of any Specified Originator or any part thereof or amounts
which are not covered by this Guaranty even though Administrative Agent might lawfully have elected to apply such payments to any part or all of the payment obligations of such Specified Originator or to amounts which are not covered by this Guaranty; (g) the existence of any claim, setoff or other rights which Performance Guarantor may 
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have at any time against any Specified Originator in connection herewith or any unrelated transaction; (h) any assignment or transfer of the Guaranteed Obligations or any part thereof; or (i) any failure on the part of any Specified Originator to perform or comply with any term of the Sale Agreement or any other document
executed in connection therewith or delivered thereunder, all whether or not Performance Guarantor shall have had notice or knowledge of any act or omission referred to in the foregoing clauses (a) through (i) of this Section 4.

Section 5. Unenforceability of Guaranteed Obligations Against any Specified Originator. Notwithstanding (a) any change of ownership of any Specified Originator or the insolvency, bankruptcy or any other change in the legal status of any Specified Originator; (b) the change in or the imposition of any law, decree, regulation or other governmental act which does or might impair, delay or in any way affect the validity, enforceability or the payment when due of the Guaranteed Obligations; (c) the failure of any Specified Originator or Performance Guarantor to
maintain in full force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents required in connection with the Guaranteed Obligations or this Guaranty, or to take any other action required in connection with the performance of all obligations pursuant to the Guaranteed Obligations or this Guaranty; or (d) if any of the moneys included in the Guaranteed Obligations have become irrecoverable from any Specified Originator for any other reason other than final payment in full of the payment obligations in accordance with their terms, this Guaranty shall nevertheless be binding on Performance Guarantor. This Guaranty shall be in addition to any other guaranty or other security for the Guaranteed Obligations, and it shall not be rendered unenforceable by the invalidity of any such other guaranty or security. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of any
Specified Originator or for any other reason with respect to such Specified Originator, all such amounts then due and owing with respect to the Guaranteed Obligations under the terms of the Sale Agreement, or any other agreement evidencing, securing or otherwise executed in connection with the Guaranteed Obligations, shall be immediately due and payable by Performance Guarantor.

Section 6. Representations, Warranties and Covenants. Performance Guarantor hereby represents and warrants to, and covenants with, Administrative Agent that:

(a) Existence and Standing. Performance Guarantor is a corporation duly organized, validly existing and in good standing under the laws of Minnesota. Performance Guarantor is duly qualified to do business and is in good standing as a foreign corporation, and has and holds all corporate power and all governmental licenses, authorizations, consents and approvals required to carry on its business in each jurisdiction in which its business is conducted except where the failure to so qualify or so hold would not be reasonably expected to cause a Material
Adverse Change.

(b) Authorization, Execution and Delivery; Binding Effect. The execution and delivery by Performance Guarantor of this Guaranty, and the performance of its obligations hereunder, are within its corporate powers and authority and have been duly authorized by all necessary corporate action on its part. This Guaranty has been duly executed and delivered by Performance Guarantor. This Guaranty constitutes the legal, valid and binding obligation of Performance Guarantor enforceable against Performance Guarantor in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

(c) No Conflict; Government Consent. The execution, delivery and performance by Performance Guarantor of this Guaranty and each other document to be delivered by it hereunder, (i) are within its corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) do not contravene, violate or breach (1) its by-laws or its other organizational documents, (2) any Applicable Law, (3) any Contractual Obligation of or affecting Performance Guarantor or any of its properties, or (4) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property and (iv) do not result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such Contractual Obligation, other than this Guaranty and the other Transaction Documents.

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(d) No Proceedings. There are no actions, suits, proceedings or investigations pending or, to its knowledge, threatened before any Governmental Authority (i) asserting the invalidity of this Guaranty or any other Transaction Document, (ii) seeking to prevent the consummation of the purposes of this Guaranty or any other Transaction Document or (iii) seeking an injunction, decree, determination or ruling that could reasonably be expected to cause
a Material Adverse Change.

(e) Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due execution, delivery and performance by it of this Guaranty or the transactions contemplated hereby. 

(f) Litigation. No injunction, decree or other decision has been issued or made by any Governmental Authority against it or its properties that prevents, and no threat by any Person has been made to attempt to obtain any such decision against it or its properties, and there are no actions, suits, litigation or proceedings pending or threatened (to its knowledge) against it or its properties in or before any Governmental Authority, that in any case would reasonably be expected to cause a Material Adverse Change or would prevent it from performing its duties and obligations hereunder or under the other Transaction Documents.

Section 7. Subrogation; Subordination. Notwithstanding anything to the contrary contained herein, until the Guaranteed Obligations are paid in full (other than contingent obligations for which no claim has been asserted) or performed in full, Performance Guarantor: (a) will not enforce or otherwise exercise any right of subrogation to any of the rights of Administrative Agent, the Company, any Purchaser Agent or any Purchaser against any Specified Originator, (b) hereby waives all rights of subrogation (whether contractual, under Section 509 of the Bankruptcy Code, at law or in equity or otherwise) to the claims of Administrative Agent, the Company, each Purchaser Agent and each Purchaser against any Specified Originator and all contractual, statutory or legal or equitable rights of contribution, reimbursement, indemnification and similar rights and “claims” (as that term is defined in the Bankruptcy Code) which Performance Guarantor might now have or hereafter acquire against any Specified Originator that arise from the existence or performance of Performance Guarantor’s obligations hereunder, (c) will not claim any setoff, recoupment or counterclaim against any Specified Originator in respect of any liability of Performance Guarantor to such Specified Originator and (d) waives any benefit of and any right to participate in any collateral security which may be held by Administrative Agent, the Company, any Purchaser Agent or any Purchaser. The payment of any amounts due with respect to any indebtedness of any Specified Originator now or hereafter owed to Performance Guarantor is hereby subordinated to the prior payment in full of all of the Guaranteed Obligations (other than contingent obligations for which no claim has been asserted). Performance Guarantor agrees that, after the occurrence of and during the continuance of any default in the payment or performance of any of the Guaranteed Obligations, Performance Guarantor will not demand, sue for or otherwise attempt to collect any such indebtedness of any Specified Originator to Performance Guarantor until all of the Guaranteed Obligations (other than contingent obligations for which no claim has been asserted) shall have been paid and performed in full. If, notwithstanding the foregoing sentence, Performance Guarantor shall collect, enforce or receive any amounts in respect of such indebtedness while any obligations are still unperformed or outstanding, such amounts shall be
collected, enforced and received by Performance Guarantor as trustee for Administrative Agent and be paid over to Administrative Agent on account of the Guaranteed Obligations without affecting in any manner the liability of Performance Guarantor under the other provisions of this Guaranty.

Section 8. Termination of Performance Guaranty. Performance Guarantor’s obligations hereunder shall continue in full force and effect until the the Final Payout Date; provided that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, if at any time payment or other satisfaction of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned upon the bankruptcy, insolvency, or reorganization of any Specified Originator or otherwise, as though such payment had not been made or other
satisfaction occurred, whether or not Administrative Agent is in possession of this Guaranty. No invalidity, irregularity or unenforceability by reason of the Bankruptcy Code or any insolvency or other similar law, or any law or order of any government or agency thereof purporting to reduce, amend or otherwise affect the Guaranteed Obligations shall impair, affect, be a defense to or claim against the obligations of Performance Guarantor under this Guaranty. 

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Section 9. Effect of Bankruptcy. This Guaranty shall survive the insolvency of any Specified Originator and the commencement of any case or proceeding by or against any Specified Originator under the Bankruptcy Code or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes. No automatic stay under the Bankruptcy Code with respect to any Specified Originator or other federal, state or other applicable bankruptcy, insolvency or reorganization statutes to which any Specified Originator is subject shall postpone the obligations of Performance Guarantor under this Guaranty.

Section 10. Setoff. Regardless of the other means of obtaining payment of any of the Guaranteed Obligations, Administrative Agent is hereby authorized at any time and from time to time, without notice to Performance Guarantor (any such notice being expressly waived by Performance Guarantor) and to the fullest extent permitted by law, to set off and apply any deposits and other sums against the obligations of Performance Guarantor under this Guaranty, whether or not Administrative Agent shall have made any demand under this Guaranty and
although such obligations may be contingent or unmatured.

Section 11. Taxes. All payments to be made by Performance Guarantor hereunder shall be made free and clear of any deduction or withholding. If Performance Guarantor is required by law to make any deduction or withholding on account of tax or otherwise from any such payment, the sum due from it in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, Administrative Agent receives a net sum equal to the sum which it would have received had no deduction or
withholding been made. 

Section 12. Successors and Assigns. This Guaranty shall be binding upon Performance Guarantor, its successors and permitted assigns, and shall inure to the benefit of and be enforceable by Administrative Agent and its successors and assigns. Performance Guarantor may not assign or transfer any of its obligations hereunder without the prior written consent of each of Administrative Agent, the Administrative Agent and each Purchaser Agent. Without limiting the generality of the foregoing sentence, Administrative Agent may assign or otherwise
transfer its rights hereunder to any other entity or other Person in accordance with the Receivables Financing Agreement, and such other entity or other Person shall thereupon become vested, to the extent set forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to the beneficiaries herein.

Section 13. Amendments and Waivers. No amendment or waiver of any provision of this Guaranty nor consent to any departure by Performance Guarantor therefrom shall be effective unless the same shall be in writing and signed by Administrative Agent, each Purchaser Agent and Performance Guarantor. No failure on the part of Administrative Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right.

Section 14. Notices. All notices and other communications provided for hereunder shall be made as set forth in Section 13.2 of the Receivables Financing Agreement.

Section 15. GOVERNING LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK.

Section 16. CONSENT TO JURISDICTION. EACH OF PERFORMANCE GUARANTOR AND ADMINISTRATIVE AGENT HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH OR DELIVERED HEREUNDER AND EACH OF PERFORMANCE GUARANTOR AND ADMINISTRATIVE AGENT
HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH 
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SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.

Section 17. Execution; Counterparts. This Guaranty may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Guaranty by electronic mail attachment in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Guaranty.

Section 18. Miscellaneous. This Guaranty constitutes the entire agreement of Performance Guarantor with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of or collateral security for any of the Guaranteed Obligations. The provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of Performance Guarantor hereunder would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of Performance Guarantor’s liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall, without any further action by Performance Guarantor or Administrative Agent, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding. Any provisions of this Guaranty which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Unless otherwise specified, references herein to “Section” shall mean a reference to sections of this Guaranty.

[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, Performance Guarantor has caused this Guaranty to be executed and delivered as of the date first above written.

CHS Inc.

By:  /s/ Timothy Skidmore
Name: Timothy Skidmore
Title: CFO

Address:
5500 Cenex Drive
St. Paul, Minnesota
Attention: Brent Dickson
Tel: 651-355-5433
Fax: 800-232-3639
Email : brent.dickson@chsinc.com

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ACCEPTED AND AGREED:

THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD., NEW YORK BRANCH, as
Adminstative Agent

By: /s/ Van Dusenbury
Name: Van Dusenbury
Title:  Managing Director

Address:

1221 Avenue of the Americas
New York, NY 10020
Attn:  Securitization Group
Tel: 212-782-6957
Fax: 212-782-6448
Email:  secutization_reporting@us.mufg.jp

Performance Guaranty (CHS Inc.)

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