Document:

exv10w2

 

Exhibit 10.2

HEI, INC.

EMPLOYMENT AGREEMENT

This Employment Agreement is made and entered into as of July 10, 2006, and effective as of July 7,
2006 (the “Effective Date”), by and among HEI, Inc., a Minnesota corporation (the “Corporation”),
and Scott M. Stole (“Employee”).

RECITALS

A. Employee is currently employed by the Corporation as its Vice President/General Manager of RFID,
and Employee is a party to a Non-Disclosure, Non-Compete and Inventions Assignment Agreement
between Employee and the Corporation dated October 1, 2003 (the “Non-Compete Agreement”) and that
certain Employment Agreement by and between the Corporation and the Employee dated October 1, 2003
(the “Prior Employment Agreement.”)

B. Corporation desires to continue to employ Employee in accordance with the terms of this
Agreement and this Agreement shall incorporate, amend and replace the terms of the Non-Compete
Agreement and the Prior Employment Agreement.

C. Employee recognizes that the Corporation operates in a highly competitive environment and the
importance to the Corporation of ensuring Employee’s loyalty and protecting the Corporation’s
customers, employees, business information and inventions, and goodwill. Accordingly, Employee has
entered into and agrees to be bound by this Agreement in consideration of Employee’s employment
with the Corporation and being given access to the Corporation’s confidential information.

D. The Employee acknowledges he is receiving good and valuable consideration for entering into this
Employment Agreement (the “Agreement”), including the Non-Competition/Non-Solicitation provisions
contained in Section 6 of this Agreement, and Employee acknowledges that this Agreement was
negotiated between the parties hereto, that Employee was not previously entitled to the benefits
conferred to Employee under this Agreement as part of his Employment with the Corporation and that
Employee received bargained for consideration including, without limitation, the increased
severance provisions contained in this Agreement in relation to the Previous Employment Agreement,
in exchange for agreeing to the Non-Competition/Non-Solicitation provisions of this Agreement set
forth in Section 6 of this Agreement; and

E. The Corporation and Employee desire to enter into this Agreement.

AGREEMENT

In consideration of the above recitals and the mutual promises set forth in this Agreement the
parties agree as follows:

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       1. Nature and Capacity of Employment. The Corporation hereby agrees to employ
Employee as its Vice President/General Manager of RFID, subject to the direction of the
President/Chief Executive Officer and the Board of Directors of the Corporation and pursuant to the
terms and conditions set forth in this Agreement. Employee hereby accepts employment under the
terms and conditions set forth in this Agreement.

Employee agrees to perform or be available to perform, on a full-time basis, the functions of this
position, pursuant to the terms of this Agreement. In addition, Employee will not, during the
course of employment by the Corporation, without prior written approval of the Board of Directors
of the Corporation, become an employee, director, officer, agent, partner of or consultant to, or a
stockholder of (except a stockholder of a public company in which Employee owns less than five
percent (5%) of the issued and outstanding capital stock of such company) any company or other
business entity which is, as determined by the Board of Directors in its discretion, a significant
competitor, supplier, or customer of the Corporation.

       2. Term of Employment. Employee’s employment hereunder shall commence as of the
Effective Date and shall continue for period of one year thereafter until July 6, 2007 (the “Term”)
unless Employee’s employment is earlier terminated pursuant to the terms of Paragraph 5 of this
Agreement.

Unless Employee’s employment has earlier terminated pursuant to the terms of Paragraph 5 of this
Agreement, this Agreement shall automatically renew following the Term for successive terms of one
year each (each called a “Renewal Term”) unless the Corporation provides Employee thirty (30) days
advance written notice prior to the expiration of the Term or Renewal Term that this Agreement
shall not be renewed. During any Renewal Term, this Agreement may be terminated pursuant to the
terms of Paragraph 5 of this Agreement.

       3. Compensation.

     3.1 Base Salary. As of the Effective Date, the Corporation agrees to pay
Employee an annual base salary of $120,000 (the “Base Salary”), which amount shall be earned
by Employee on a pro rata basis as Employee performs services and which shall be paid
according to the Corporation’s normal payroll practices. The Corporation may, in its
discretion, adjust Employee’s Base Salary from time to time based on Employee’s performance
and the Corporation’s business and financial situation.

     3.2 Incentive or Bonus Compensation. In addition to the Base Salary, the
Corporation may, in its sole discretion, pay bonuses or other incentive compensation to
Employee in accordance with the terms and conditions set forth annually in writing by the
Corporation (the “Incentive Compensation.”)

       4. Employee Benefits. During Employee’s employment with Corporation, Employee shall
be entitled to participate in the retirement plans, health plans, and all other employee benefits
made available by the Corporation, and as they may be changed from time to time. Employee
acknowledges and agrees that the Corporation is under no obligation to Employee to establish and
maintain any employee benefit plan in which Employee may participate, and that the terms and
provisions of any employee benefit plan of the Corporation are

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matters within the exclusive province of the Corporation’s Board of Directors, subject to
applicable law. Upon the termination of Employee’s employment, Employee shall be entitled to
continue those benefits as may be required by state or federal law.

       5. Termination
of Employment Prior to the End of the Term or Renewal Term.
Employee’s employment may be terminated prior to the expiration of the Term or a Renewal Term
as follows:

     5.1. For Cause Termination, Without Severance. Notwithstanding anything
contained herein to the contrary, the Corporation may discharge Employee and terminate this
Agreement immediately upon written notice to Employee. For the purposes of this Agreement,
“Cause” shall mean the occurrence of any of the following:

     (i) mismanagement or neglect of Employee’s duties which the Corporation’s Board
of Directors determines is (or will be if continued) materially and adversely
affecting the business or affairs of the Corporation; or

     (ii) conduct by Employee which the Corporation’s Board of Directors determines
is (or will be if continued) demonstrably and materially injurious to the
Corporation, monetarily or otherwise; or

     (iii) fraud, misappropriation or embezzlement by the Employee; or

     (iv) conviction of a felony crime or a crime of moral turpitude; or

     (v) conduct in the course of employment that the Corporation’s Board of
Directors determines is unethical; or

     (vi) the material breach of this Agreement by Employee.

If the Corporation terminates Employee’s employment for Cause pursuant to this Paragraph
5.1, Employee shall not be entitled to severance pay under Paragraph 5.6 or to any bonus or
incentive compensation of any kind.

     5.2. Without Cause, With Severance. The Corporation may terminate Employee’s
employment immediately at any time and for any reason without Cause upon providing notice to
Employee. However, in such event the Corporation shall pay Employee any earned and unpaid
bonus or incentive compensation, if any, on a pro rata basis for the period through the
Employee’s termination date. In addition, provided that Employee meets all of the Severance
Pay Conditions (as hereinafter set forth in this Paragraph 5.2), the Corporation shall pay
Employee severance pay in bi-weekly installments equal to the total of 1/26th of
Employee’s Base Salary at the time of termination, less applicable withholdings, for three
(3) months from the date of Employee’s date of termination (the “Severance Period”)
(collectively, the “Severance Base Pay”), plus the pro rata amount of the Employee’s
Incentive Compensation which could have been earned during the Severance Period, which
amount shall be calculated by annualizing the amount of Incentive Compensation paid to
Employee from January 1st of each year through the date of termination of
employment and then multiplying said

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amount by the ratio of the number of days in the Severance Period to 365, less
applicable withholdings (the “Severance Incentive Compensation”) (for purposes of this
Agreement, the Severance Base Pay and the Severance Incentive Compensation shall hereinafter
be referred to as the “Severance Pay”). For example, without limitation, assume the
Employee was terminated on June 30, the Incentive Compensation earned by the Employee from
January 1 through June 30 was $30,000 and that the Severance Period was 90 days. The
Employee would receive Severance Incentive Compensation of $14,794 [($30,000 x 2) x 90/365.]

Employee shall only be entitled to receive the Severance Pay described herein if Employee
signs a Separation Agreement at the time of termination in a form prepared by the
Corporation that includes adequate provisions for the following: (i) Employee’s general
release of any and all legal claims; (ii) Employee’s return of all of the Corporation’s
property in Employee’s possession; (iii) nondisparagement of the Corporation and its
representatives; (iv) confidentiality of terms; and (v) acknowledgement of Employee’s
continuing contractual obligations to the Corporation, including Employee’s continuing
noncompetition, confidentiality, return of property, and invention obligations under
Paragraphs 6, 7, 8, and 9 of this Agreement (collectively, all of the conditions set forth
in this paragraph shall hereinafter be referred to as the “Severance Pay Conditions.”)

     5.3. Resignation by Employee Due to Change of Control, With Severance. For
purposes of this Agreement, “Change of Control” means either (A) a change in ownership or
control of the Corporation effected through any of the following transactions: (i) a
merger, consolidation or reorganization approved by the Corporation’s stockholders,
unless securities representing more than fifty percent (50%) of the total combined
voting power of the voting securities of the successor corporation are immediately
thereafter beneficially owned, directly or indirectly and in substantially the same
proportion, by the persons who beneficially owned the Corporation’s outstanding voting
securities immediately prior to such transaction; (ii) any stockholder-approved transfer or
other disposition of all or substantially all of the Corporation’s assets; (iii) the
acquisition, directly or indirectly by any person or related group of persons (other than
the Corporation or a person that directly or indirectly controls, is controlled by, or is
under common control with, the Corporation), of beneficial ownership (within the meaning of
Rule 13d-3 of the 1934 Act) of securities possessing more than fifty percent (50%) of the
total combined voting power of the Corporation’s outstanding securities pursuant to a tender
or exchange offer made directly to the Corporation’s stockholders which the Board recommends
such stockholders accept; or (iv) a change in the composition of the Board over a period of
thirty-six (36) consecutive months or less such that a majority of the Board members ceases,
by reason of one or more contested elections for Board membership, to be comprised of
individuals who either (a) have been Board members continuously since the beginning of such
period or (b) have been elected or nominated for election as Board members during such
period by at least a majority of the Board members described in clause (a) who were still in
office at the time the Board approved such election or nomination or (B) a sale of all or
substantially all of the assets of RFID, a division of the Corporation, for which the
Employee performs his duties in accordance with the terms of this Agreement.

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Employee shall have the right to terminate Employee’s employment for any reason within six
(6) months following a Change of Control in the Corporation upon providing thirty (30) days
advance written notice to the Corporation. The Corporation may then elect either (a) to
have Employee continue performing work for the Corporation throughout the 30 day notice
period; or (b) to accept Employee’s resignation effective immediately.

In the event of Employee’s termination of employment with the Corporation within six (6)
months following a Change of Control under this Paragraph 5.3, Corporation shall pay
Employee any earned and unpaid bonus or incentive compensation, if any, on a pro rata basis
for the period through the Employee’s termination date. In addition, provided that Employee
meets all of the Severance Pay Conditions, the Corporation shall pay Employee severance pay
in bi-weekly installments equal to 1/26th of Employee’s Base Salary at the time
of termination, less applicable withholdings, for twelve (12) months from the date of
Employee’s date of termination, plus the Severance Incentive Compensation.

     5.4 Other Resignation by Employee, Without Severance. The Employee may resign
Employee’s position upon providing 30 days advance, written notice to the Corporation. The
Corporation may then elect either (a) to have Employee continue performing work for the
Corporation throughout the 30 day notice period; or (b) to accept Employee’s resignation
effective immediately. In the event of Employee’s termination of employment with the
Corporation under this Paragraph 5.4, Employee shall receive payment for Base Pay, Incentive
Compensation and benefits as provided in Paragraph 5.6.

     5.5 Because of Death, Disability or Incapacity of Employee, Without Severance.
In the event of Employee’s death, or if the Employee is unable to perform Employee’s duties
and responsibilities for more than 90 days in any consecutive 12-month period, by reason of
physical or mental disability or incapacity, the Corporation may terminate Employee’s
employment upon thirty (30) days advance written notice to Employee, during which 30-day
period the Employee shall receive his pro rata portion of Employee’s Base Pay. This
paragraph does not relieve the Corporation of any duty to reasonably accommodate a
qualifying disability under the Americans with Disabilities Act, any legal duty under the
Family Medical Leave Act, or any of its other duties pursuant to applicable law. If
Employee’s employment is terminated pursuant to this Paragraph 5.5, Employee shall receive
payment for Base Pay, Incentive Compensation and benefits as provided in Paragraph 5.6, plus
Employee’s Severance Incentive Compensation.

     5.6 No Other Payments. Unless otherwise provided in this Agreement, Employee
shall only be entitled to the following in the event of Employee’s termination of
employment: (i) Base Salary and Incentive Compensation earned and unpaid through the date
of termination; (ii) benefits under any employee benefit plan or program to the extent
provided therein; and (iii) continued coverage under Corporation’s health and

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group term life insurance programs to the extent required under state or federal
continuation coverage laws.

       6. Noncompetition/Non-Solicitation.

     6.1. Acknowledgement by Employee. Employee acknowledges that (a) Employee’s
services to be performed for Corporation are of a special and unique nature; (b) Corporation
operates in a highly competitive environment and would be substantially harmed if Employee
were to compete with Corporation or divulge its confidential information; (c) Employee has
received valuable and sufficient consideration for entering into this Agreement, including
but not limited to the increased benefits provided under Section 5 of this Agreement and the
receipt of Confidential Information, and (d) the provisions of this Section 6, including all
of its subparts, are reasonable and necessary to protect Corporation’s business.

     6.2. “Corporate Product” Defined. For purposes of this Agreement, “Corporate
Product” means any product or service (including any component thereof and any research to
develop information useful in connection with a product or service) that has been or is
being designed, developed, manufactured, marketed or sold by the Corporation or with respect
to which Employee has acquired Confidential Information.

Employee understands and acknowledges that, at the present time, Corporate Products include
microelectronics, subsystems, systems, connectivity and software solutions (including, but
not limited to, hardware, software, technology, patents, concepts, ideas, inventions,
discoveries, MMIC chip carriers and packages, high linearity power amplifiers, front end RF
modules, micro-circuit design, production and value-added assembly services, ultra-miniature
multi-chip packaging including chip on flex, ceramic and PWB substrates, and high end flex
and rigid flex fabrication). Employee understands and acknowledges that the foregoing
description of Corporate Products may change, and the provisions of this Section 6 and all
of its subparts shall apply to the Corporate Products of the Corporation in effect upon the
termination of Employee’ s employment with the Corporation.

     6.3 “Competitive Product” Defined. For purposes hereof, “Competitive Product”
means any product or service (including any components thereof and any research to develop
information useful in connection with the product or service) that is being designed,
developed, manufactured, marketed or sold by any person or entity other than the Corporation
that is of the same general type, performs similar functions, or is used for the same
purpose as a Corporate Product on which Employee worked or assisted the Corporation during
Employee’s employment with the Corporation or about which Employee has acquired Confidential
Information.

     6.4 Noncompete Obligations. Employee agrees that, during Employee’s employment
with the Corporation and for a period of eighteen (18) months following Employee’s
termination of employment with the Corporation, regardless of the reason for termination,
Employee will not, directly or indirectly, render services to any person or entity that
designs, develops, manufactures, markets or sells a Competitive Product in any

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geographic area where the Corporation designs, develops, manufactures, markets or sells
a Corporate Product.

Employee understands and acknowledges that, at the present time, the geographic market of
the Corporation includes the entire United States. Employee understands and acknowledges
that the foregoing description of the Corporation’s geographic market may change, and the
provisions of this section 6 and all of its subparts shall apply to the geographic market of
the Corporation in effect upon the termination of Employee’s employment with the
Corporation.

     6.5 No Solicitation of Customers. During Employee’s employment with
Corporation and for a period of eighteen (18) months after Employee’s termination of
employment with Corporation, regardless of the reason for such termination, Employee agrees
that Employee shall not, directly or indirectly, solicit business from, work for, or
otherwise interfere with or attempt to interfere with Corporation’s relationship with any
customer or prospective customer of Corporation.

     6.6 No Solicitation of Employees or Business Contacts. During Employee’s
employment with Corporation and for a period of eighteen (18) months after Employee’s
termination of employment with Corporation, regardless of the reason for such termination,
Employee agrees that Employee shall not, directly or indirectly, take any action to
encourage, solicit or recruit any current or former employee, consultant, independent
contractor, subcontractor, supplier, vendor, or other business relation of Corporation to
terminate their relationship with Corporation.

     6.7 Disclosure of Obligations. Employee agrees that, during Employee’s
employment with Corporation and for a period of eighteen (18) months after Employee’s
termination of employment with Corporation, regardless of the reason for such termination,
Employee shall, prior to accepting employment or any other business relationship with any
other person or entity, inform that person or entity of Employee’s obligations under this
Section 6, including all of its subparts.

       7. Protection of Confidential Information.

     7.1 Definition of Confidential Information. As used in this Agreement, the
term “Confidential Information” shall mean any information which Employee learns or develops
during Employee’s employment with Corporation that derives independent economic value from
being not generally known or readily ascertainable by other persons who could obtain
economic value from its disclosure or use, and includes, but is not limited to, trade
secrets, Inventions as defined in Paragraph 9 below, financial information, personnel
information, and information relating to such matters as existing or contemplated products,
services, profit margins, fee schedules, pricing, design, processes, formulae, business
plans, sales techniques, marketing techniques, training manuals and materials, policies or
practices related to Corporation’s business, personnel or other matters, computer databases,
computer programs, software and other technology, customer lists and requirements, vendor
lists, or supply information. Confidential

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Information includes such information of Corporation, its customers, vendors, and other
third parties or entities with whom Corporation does business. Any information disclosed to
Employee or to which Employee has access during the time of Employee’s employment that
Employee reasonably considers to be Confidential Information, or which the Corporation
treats as Confidential Information, will be presumed Confidential Information.

     7.2 Restrictions on Use or Disclosure of Confidential Information. Employee
shall keep the Confidential Information in absolute confidence both during Employee’s
employment with Corporation and after the termination of Employee’s employment, regardless
of the reason for such termination. Employee agrees that Employee will not, at any time,
disclose to others, use for the benefit of any entity or person other than Corporation, or
otherwise take or copy any such Confidential Information, whether or not developed by
Employee, except as required in Employee’s duties to Corporation.

       8. Return of Confidential Information and Corporation’s Property. When Employee’s
employment terminates with Corporation, regardless of the reason for such termination, Employee
will promptly turn over to Corporation in good condition all Corporation property in Employee’s
possession or control, including but not limited to all originals, copies of, or electronically
stored documents or other materials containing Confidential Information, regardless of who prepared
them. In the case of electronically stored information retained by Employee outside of
Corporation’s electronic systems, Employee will promptly make a hard copy of such information in
paper, audio recording, disc format, or other format as appropriate, turn that hard copy over to
Corporation, and then destroy Employee’s electronically stored information. Further, Employee
agrees to execute written confirmation that all Confidential Information in the Employee’s
possession, or to which the Employee has access, has been turned over to Corporation or destroyed.

       9. Inventions.

     9.1 Definition of Inventions. As used in this Agreement, “Inventions” means
any inventions, improvements, trade names or trademarks, trade secrets, discoveries,
designs, formulae, ideas or original works of authorship (whether or not reduced to writing,
other media or practice and whether or not patentable or copyrightable), or work product
originated, conceived, developed, discovered or made in whole or in part solely by Employee
or jointly with others that relate, directly or indirectly, (a) to Corporation’s business;
(b) to Corporation’s actual or demonstrably anticipated research or development; (c) that
are made through the use of any of Corporation’s equipment, facilities, supplies, trade
secrets; (d) that result from any work Employee performs for Corporation; or (e) that are
developed on Corporation time.

     9.2 Ownership of Inventions. With respect to Inventions originated, conceived,
developed, discovered or made in whole or in part solely or jointly by Employee at any time
during Employee’s employment with Corporation, Employee understands and agrees that
Corporation will own all right, title, and interest, including patent rights, copyrights,
trade secret rights and all other intellectual property rights of

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any sort, throughout the world related to all Inventions without further payment beyond
Employee’s agreed-upon salary or wage. To the maximum extent permitted by law, all
Inventions are deemed “works made for hire” under the United States Copyright Act and
Corporation is deemed the sole author of any Inventions. To the extent any Inventions are
determined not to constitute “works made for hire,” Employee hereby assigns and transfers to
Corporation all right, title and interest in the Inventions.

Employee further agrees to (a) promptly and fully disclose all such Inventions to
Corporation; (b) keep accurate, complete, and timely records of all Inventions, which
records shall be Corporation’s property and shall be maintained on Corporation’s premises;
(c) at Corporation’s expense, assist Corporation to perfect, protect, and use its rights to
Inventions, including without limitation, transferring Employee’s entire right, title and
interest in Inventions and enabling Corporation to obtain patent, copyright or trademark
protection for Inventions anywhere in the world; and (c) give affidavits and testimony as to
facts within Employee’s knowledge in connection with any Inventions in any administrative
proceedings, arbitration, litigation or controversy relating thereto. In addition, the
Employee agrees to promptly disclose: (i) any patents, pending patents, inventions, trade
secrets or copyrighted works (“Employee Intellectual Property”) that Employee creates or
acquires prior to Employee’s employment with Corporation that Employee believes should not
be subject to this Agreement; and (ii) any Employee Intellectual Property that Employee
creates or acquires during Employee’s employment with the Corporation that Employee believes
should not be subject to this Agreement. If Employee does not promptly disclose any
Employee Intellectual Property that Employee believes should not be subject to this
Agreement, Employee acknowledges that such non-disclosure will be considered a material
representation under this Agreement that, prior to and during the course of Employee’s
employment with the Corporation, Employee has no claim of ownership or other rights to any
Employee Intellectual Property.

     9.3 Notice Regarding Exception to Inventions Assignment. Employee understands
that the assignment of Inventions set forth herein does not apply to any Invention for which
no equipment, supplies, facility, or trade secret information of Corporation was used and
which was developed entirely on Employee’s own time, and which does not relate directly to
the business of the Corporation or to its actual or demonstrably anticipated research or
development, or which does not result from any work performed by Employee for the
Corporation.

       10. Compliance and Remedies. Employee recognizes that if Employee violates this
Agreement, including but not limited to Paragraphs 6, 7, 8, or 9 of this Agreement, irreparable
damage will result to Corporation that could not adequately be remedied by monetary damages. As a
result, Employee hereby agrees that notwithstanding any other dispute resolution provisions of this
Agreement, in the event of any breach by Employee of this Agreement, including but not limited to
Paragraphs 6, 7, 8, or 9 of this Agreement or in the event of apparent danger of such breach,
Corporation shall be entitled, in addition to any other legal or equitable remedies available to
it, to an injunction to restrain Employee’s violation of any portion of this Agreement, as well as
Corporation’s attorney’s fees and costs incurred in enforcing this Agreement.

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     11. Informal Dispute Resolution. Employee and the Corporation agree to make good
faith efforts to resolve internally and without resort to formal dispute resolution any dispute,
which may arise out of or relate to Employee’s recruitment, employment or the termination of
Employee’s employment with the Corporation, or any dispute regarding any of the provisions of this
Agreement.

     12. Arbitration Clause. In the event that informal efforts to resolve disputes
pursuant to Paragraph 11 are unsuccessful, any dispute between Employee and the Corporation arising
out of or related to Employee’s recruitment, employment or the termination of Employee’s employment
with the Corporation, and any dispute between Employee and the Corporation regarding any of the
provisions of this Agreement (other than an action for injunctive relief to enforce Employee’s
obligations under Paragraphs 6, 7, 8, or 9 of this Agreement), shall be determined not in a court
of law, but instead by arbitration in the United States, in the State of Minnesota and the County
of Hennepin. Such disputes shall be referred in writing to the American Arbitration Association
for selection of an arbitrator. Selection of the arbitrator shall be made in accordance with the
Rules of the American Arbitration Association, and the arbitrator’s decision shall be final and
binding in all respects.

Except as otherwise provided in this section, arbitration proceedings initiated pursuant to this
Agreement shall be conducted in accordance with the Rules of the American Arbitration Association.
Prior to the arbitration hearing, the parties may use the following discovery methods:
interrogatories in a form consistent with Rule 33 of the Federal Rules of Civil Procedure; requests
for production of documents in a form consistent with Rule 34 of the Federal Rules of Civil
Procedure; admissions; depositions of witnesses in accordance with Rule 30 of the Federal Rules of
Civil Procedure. The arbitrator shall have the right to determine the extent of discovery
permitted. The arbitrator shall consider the matter in controversy and may hold hearings regarding
the same. The arbitrator may grant any remedy or relief that he or she deems just and equitable,
including, but not limited to, any remedy or relief that would have been available to the parties
under any applicable statutes or common law. The arbitrator also has the authority to issue an
award or partial award on the grounds that there is no claim stated on which relief can be granted
or that there is no genuine issue as to any material fact and one party is entitled to judgment as
a matter of law consistent with Federal Rules of Civil Procedure 12 or 56. The arbitrator shall
enter an award in writing detailing Employee’s consideration of the relevant facts, the basis and
reason for the decision, and Employee’s adherence to the applicable law. This written decision
shall be entered within thirty days after the matter is finally submitted to the arbitrator, and a
copy thereof shall be delivered to each party by certified mail. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof.

The Corporation shall pay the expense of the arbitrator; each party will bear its own attorneys’
fees and expenses. All proceedings under this paragraph are private and confidential.

Notwithstanding the foregoing, the Corporation may bring a court action for injunctive relief to
enforce this Agreement. The parties agree that the Corporation may elect to venue such action in
the federal or state courts of the State of Minnesota, whether or not such venue is then convenient
to Employee, and that such courts shall have personal jurisdiction over Corporation and Employee
and Employee shall not object to the venue or personal jurisdiction of such courts.

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Employee understands that by signing this Agreement, Employee is forever giving up Employee’s right
to litigate in a court of law any controversy arising out of Employee’s employment relationship
with the Corporation, and any controversy regarding any of the provisions of this Agreement, and
that he is agreeing instead to arbitrate any claims he may choose to pursue against the
Corporation. Nothing in this Agreement, however, prohibits either party from going to a court of
law to enforce an award of an arbitrator.

     13. Miscellaneous.

     13.1. Integration. This Agreement embodies the entire agreement and
understanding among the parties relative to subject matter hereof and supersedes and
replaces all prior agreements and understandings relating to such subject matter, including
but not limited to the Non-Compete Agreement and/or the Prior Employment Agreement.

     13.2. Applicable Law. This Agreement and the rights of the parties shall be
governed by and construed and enforced in accordance with the laws of the state of
Minnesota.

     13.3. Payments. All amounts paid under this Agreement shall be subject to
normal withholdings or such other treatment as required by law.

     13.4. Counterparts. This Agreement may be executed in several counterparts and
as so executed shall constitute one agreement binding on the parties hereto.

     13.5. Binding Effect. Except as herein or otherwise provided to the contrary,
this Agreement shall be binding upon and inure to the benefit of the Corporation and its
successors, assigns and personal representatives without any requirement of the consent of
the employee for assignment of its rights or obligations hereunder.

     13.6. Notices. All notices, requests and other communications hereunder shall
be given in writing and deemed to have been duly given or served if personally delivered, or
sent by first class, certified mail, return receipt requested, postage prepaid, to the party
at the address as provided below, or, to such other address as such party may hereafter
designate by written notice to the other party:

     (a) If to the Corporation, to the address of its then principal office.

     (b) If to Employee, to the address last shown in the records of the
Corporation.

     13.7. Modification. This Agreement shall not be modified or amended except by
a written instrument signed by the parties.

     13.8. Severability. The invalidity or partial invalidity of any portion of
this Agreement shall not invalidate the remainder thereof, and said remainder shall remain
in fully force and effect.

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     13.9. Headings. The section headings contained in this Agreement are for
reference purposes only and shall not in any way affect the meaning or interpretation of
this Agreement.

     13.10. Survival. Employee acknowledges and agrees that Employee’s
noncompetition, confidentiality, return of property, and invention obligations under
Paragraphs 6, 7, 8, and 9 of this Agreement shall survive the Term or any Renewal Term, the
non-renewal of this Agreement, and the termination of Employee’s employment with the
Corporation, regardless of the reason for termination.

     13.11. Opportunity to Obtain Advice of Counsel. Employee acknowledges that
Employee has been advised by the Corporation to obtain legal advice prior to executing this
Agreement, and that Employee had sufficient opportunity to do so prior to signing this
Agreement.

THIS AGREEMENT was voluntarily and knowingly executed by the parties as of date and year first set
forth above.

	 	 	 	 	 
	 	HEI, INC.

 	 
	 	By:  	/s/ Mack Traynor
 	 
	 	 	Mack Traynor, President/CEO 	 
	 	 	 	 
	 
	 	EMPLOYEE:

 	 
	 	/s/ Scott Stole
 	 
	 	Scott M. Stole 	 
	 	 	 
	 

12exv10w1

 

Exhibit 10.1

2006 AMENDED AND RESTATED CREDIT AGREEMENT

(Revolving Loan)

by and between

CoBank, ACB,

as Lead Arranger, Administrative Agent, and Bid Agent

and as a Syndication Party,

SunTrust Bank; Bank of America, National Association; Harris
N. A.; and Wells Fargo Bank, National Association,

as Co-Syndication Agents and as Syndication Parties, 

BNP Paribas; Cooperatieve Centrale Raiffeisen-

Boerenleenbank B.A. “Rabobank International”, New York Branch;

The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chicago Branch; Deere

Credit, Inc.; U.S. Bank National Association; Natexis Banques

Populaires; Fortis Capital Corp.; The Bank of Nova Scotia; and

Calyon New York Branch,

as Senior-Managing Agents and as Syndication Parties,

National City Bank of Indiana; M&I Marshall & Ilsley Bank;

Farm Credit Services of America, FLCA; ING Capital LLC; Comerica

Bank; AgStar Financial Services, PCA; LaSalle Bank National

Association; Société Générale; Wachovia Bank, National

Association; and HSH Nordbank AG New York Branch,

as Syndication Parties,

and

CHS INC.

dated as of May 18, 2006

 

 

2006 AMENDED AND RESTATED CREDIT AGREEMENT

(Revolving Loan)

Recitals

     A. COBANK, ACB as the Lead Arranger, Administrative Agent, and Bid Agent for the benefit of
the present and future Syndication Parties, and as a Syndication Party, the Syndication Parties
identified on Schedule 1 thereto, and CENEX HARVEST STATES COOPERATIVES (n/k/a CHS Inc.), a
cooperative corporation formed under the laws of the State of Minnesota, entered into that certain
2005 Amended and Restated Credit Agreement (Revolving Loans) (“2005 Credit Agreement”) dated as of
May 19, 2005 (“Original Effective Date”).

     B. The parties to the 2005 Credit Agreement desire to make certain amendments to, but not to
discharge any indebtedness or other obligations owing under, the 2005 Credit Agreement, as
incorporated in this 2006 Amended and Restated Credit Agreement (Revolving Loan).

Agreement

     THIS 2006 AMENDED AND RESTATED CREDIT AGREEMENT (“Credit Agreement”) is entered into as of the
18th day of May 2006 (“Effective Date”), by and between COBANK, ACB (“CoBank”) for its own benefit
as a Syndication Party, and as the Administrative Agent for the benefit of the present and future
Syndication Parties (in that capacity “Administrative Agent”), the Syndication Parties identified
on Schedule 1 hereto, and CHS INC., a cooperative corporation formed under the laws of the
State of Minnesota, whose address is 5500 Cenex Drive, Inver Grove Heights, Minnesota 55077
(“Borrower”), and amends, restates, and replaces in its entirety the 2005 Credit Agreement
effective as of the Effective Date.

ARTICLE 1. DEFINED TERMS

     As used in this Credit Agreement, the following terms shall have the meanings set forth below
(and such meaning shall be equally applicable to both the singular and plural form of the terms
defined, as the context may require):

     1.1 Additional Costs: shall have the meaning set forth in Section 16.12.

     1.2 Adjusted Consolidated Funded Debt: All Consolidated Funded Debt of Borrower and
its Consolidated Subsidiaries, plus the net present value of operating leases of Borrower and its
Consolidated Subsidiaries as discounted by a rate of 8.0% per annum.

     1.3 Administrative Agent: shall initially mean CoBank, ACB.

 

 

     1.4 Administrative Agent Office: shall mean the address set forth at Subsection
16.4.2, as it may change from time to time by notice to all parties to this Credit Agreement.

     1.5 Adoption Agreement: shall have the meaning set forth in Section 2.10.

     1.6 Advance: shall mean a 5-Year Advance, a Bid Advance, and/or an Overnight Advance,
as the context requires.

     1.7 Advance Date: a day (which shall be a Banking Day) on which an Advance is made.

     1.8 Advance Payment: shall have the meaning set forth in Section 15.1.

     1.9 Affected Loans: shall have the meaning set forth in Subsection 5.2.3.

     1.10 Affiliate: with respect to any Person means (a) a Subsidiary of such Person, (b)
any Person in which such Person, directly or indirectly, owns more than five percent (5.0%) of the
outstanding equity thereof, and (c) any Person which, directly or indirectly, (i) owns more than
five percent (5.0%) of the outstanding equity of such Person, or (ii) has the power under ordinary
circumstances to control the management of such Person.

     1.11 Amortization: the total amortization of Borrower and its Consolidated
Subsidiaries as measured in accordance with GAAP.

     1.12 Annual Operating Budget: means the annual operating budget for Borrower and its
Subsidiaries in substantially the form of, and containing substantially the same or similar
information as set forth in, the Annual Operating Budget (Business Plan) for Borrower and its
Subsidiaries included in the booklet delivered to the Syndication Parties at the March 29, 2006
bank group meeting.

     1.13 Anti-Terrorism Laws: shall have the meaning set forth in Subsection 9.24.1.

     1.14 Applicable Lending Office: means, for each Syndication Party and for each
Advance, the lending office of such Syndication Party designated as such for such Advance on its
signature page hereof or in the applicable Syndication Acquisition Agreement or such other office
of such Syndication Party as such Syndication Party may from time to time specify to the
Administrative Agent and Borrower as the office by which its Advances are to be made and
maintained.

     1.15 Authorized Officer: shall have the meaning set forth in Subsection 10.1.4.

     1.16 Bank Debt: all amounts owing hereunder, including, fees, Borrower’s obligations
to purchase Bank Equity Interests, Funding Losses and all interest, expenses, charges and other
amounts payable by Borrower pursuant to the Loan Documents.

     1.17 Banking Day: any day (a) other than a Saturday or Sunday and other than a day
which is a Federal legal holiday or a legal holiday for banks in the States of Colorado,

2

 

Minnesota,
or New York, and (b) if such day relates to a borrowing of, a payment or prepayment of principal of
or interest on, a continuation of or conversion into, or a LIBO Rate Period for, a LIBO Rate Loan,
or a notice by Borrower with respect to any such borrowing, payment, prepayment, continuation,
conversion, or LIBO Rate Period, on which dealings in U.S. Dollar deposits are carried out in the
London interbank market.

     1.18 Bank Equity Interests: shall have the meaning set forth in Article 7 hereof.

     1.19 Base Rate: a rate of interest per annum equal to the “prime rate” as published
from time to time in the Eastern Edition of the Wall Street Journal as the average prime lending
rate for seventy-five percent (75%) of the United States’ thirty (30) largest commercial banks, or
if the Wall Street Journal shall cease publication or cease publishing the “prime rate” on a
regular basis, such other regularly published average prime rate applicable to such commercial
banks as is acceptable to the Administrative Agent in its reasonable discretion, with the consent
of Borrower, which consent will not be unreasonably withheld (provided that Borrower’s consent
shall not be required at any time there has occurred and is continuing a Potential Default or an
Event of Default).

     1.20 Base Rate Loans: shall have the meaning set forth in Subsection 5.1.1.

     1.21 Bid: shall have the meaning set forth in Section 3.3.

     1.22 Bid Advance: shall have the meaning set forth in Section 3.1.

     1.23 Bid Agent: shall mean CoBank, ACB.

     1.24 Bid Maturity Date: shall have the meaning set forth in Section 3.2.

     1.25 Bid Rate: shall have the meaning set forth in Section 3.3.

     1.26 Bid Rate Loan: shall have the meaning set forth in Section 3.1.

     1.27 Bid Request: shall have the meaning set forth in Section 3.2.

     1.28 Bid Results Notice: shall have the meaning set forth in Section 3.3.

     1.29 Bid Selection Notice: shall have the meaning set forth in Section 3.4.

     1.30 Borrower’s Account: shall mean Borrower’s account #44070 at Wells Fargo Bank,
N.A., Minneapolis, Minnesota (ABA #091000019).

     1.31 Borrower Benefit Plan: means (a) any “employee benefit plan”, as such term is
defined in Section 3(3) of ERISA (including any “multiemployer plan” as defined in Section 3(37) of
ERISA); (b) any “multiple employer plan” within the meaning of Section 413 of the Code; (c) any
“multiple employer welfare arrangement” within the meaning of Section 3(40) of ERISA; (d) a
“voluntary employees’ beneficiary association” within the meaning of Section 501(a)(9) of the Code;
(e) a “welfare benefit fund” within the meaning of Section 419 of the

3

 

Code; or (f) any employee
welfare benefit plan within the meaning of Section 3(1) of ERISA for the benefit of retired or
former employees, which is maintained by Borrower or in which Borrower participates or to which
Borrower is obligated to contribute.

     1.32 Borrower Indemnification Payment: shall have the meaning set forth in Section
3.11.

     1.33 Borrower Pension Plan: means each Borrower Benefit Plan that is an “employee
pension benefit plan” as defined in Section 3(2) of ERISA that is intended to satisfy the
requirements of Section 401(a) of the Code.

     1.34 Capital Leases: means any lease of property (whether real, personal or mixed) by
a Person which has been or should be , in accordance with GAAP, reflected on the balance sheet of
such Person as a capital lease.

     1.35 Cash Collateral Account: shall have the meaning set forth in Section 4.6.

     1.36 CCC: shall have the meaning set forth in Section 3.11.

     1.37 CCC Guarantee: shall have the meaning set forth in Section 3.11.

     1.38 Change in Law: shall have the meaning set forth in Subsection 5.2.2.

     1.39 Closing Date: means May 18, 2006, provided that on or before such date (a) the
Administrative Agent, the Bid Agent, the Syndication Parties, and Borrower have executed all Loan
Documents to which they are parties; and (b) the conditions set forth in Section 10.1 of this
Credit Agreement have been met.

     1.40 Code: means the Internal Revenue Code of 1986.

     1.41 Committed Bid Advances: shall mean the principal amount of all Bid Advances which
any Syndication Party is obligated to make as a result of such Syndication Party having received a
Bid Selection Notice pursuant to Section 3.4 hereof, but which has not been funded as a Bid Rate
Loan.

     1.42 Committed LC Request: shall have the meaning set forth in Subsection 4.1.1.

     1.43 Committed Letter of Credit: shall mean a letter of credit issued by the Letter
of Credit Bank pursuant to the provisions of Sections 4.1 and 4.2 hereof.

     1.44 Committed Letter of Credit Fee: for any Fiscal Quarter of Borrower shall be an
amount equal to the 5-Year Margin in effect on the first day of such Fiscal Quarter (a) multiplied
by the undrawn face amount of each Committed Letter of Credit for each day during such Fiscal
Quarter, (b) divided by 360.

4

 

     1.45 Committed 5-Year Advances: the principal amount of all 5-Year Advances which any
Syndication Party is obligated to make as a result of such Syndication Party having received a
5-Year Funding Notice pursuant to Section 2.3 hereof, but which has not been funded.

     1.46 Commitment Increase: shall have the meaning set forth in Section 2.10.

     1.47 Communications: shall have the meaning set forth in Subsection 16.16.1.

     1.48 Compliance Certificate: a certificate of the chief financial officer of Borrower
acceptable to the Administrative Agent and in the form attached hereto as Exhibit 1.48.

     1.49 Confirmation Amount: shall have the meaning set forth in Section 3.11.

     1.50 Confirmation Request: shall have the meaning set forth in Section 3.11.

     1.51 Consolidated Cash Flow: for any period, the sum of (a) earnings before income
taxes of Borrower and its Consolidated
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; plus
(b) amounts that have been deducted in the determination of such earnings before income taxes for
such period for (i) Consolidated Interest Expense for such period, (ii) Depreciation for such
period, (iii) Amortization for such period, and (iv) extraordinary and/or one-time non-cash losses
for such period; minus (c) the amounts that have been included in the determination of such
earnings before income taxes for such period for (i) extraordinary gains, (ii) extraordinary and/or
one-time income, (iii) non-cash patronage income, and (iv) non-cash equity earnings in joint
ventures.

     1.52 Consolidated Current Assets: the total current assets of Borrower and its
Consolidated Subsidiaries as measured in accordance with GAAP.

     1.53 Consolidated Current Liabilities: the total current liabilities of Borrower and
its Consolidated Subsidiaries as measured in accordance with GAAP.

     1.54 Consolidated Funded Debt: all indebtedness for borrowed money of Borrower and
its Consolidated Subsidiaries, that is classified as long term debt in accordance with GAAP, and
shall include Debt of such maturity created or assumed by Borrower or any Consolidated Subsidiary
either directly or indirectly, including obligations of such maturity secured by liens upon
property of Borrower or its Consolidated Subsidiaries and upon which such entity customarily pays
the interest, and all rental payments under capitalized leases of such maturity.

     1.55 Consolidated Interest Expense: for any period, all interest expense of Borrower
and its Consolidated Subsidiaries, as determined in accordance with GAAP.

     1.56 Consolidated Members’ and Patrons’ Equity: the amount of equity accounts plus
(or minus in the case of a deficit) the amount of surplus and retained earnings accounts of
Borrower and its Consolidated Subsidiaries and the minority interest in Subsidiaries, provided that
the total amount of intangible assets of Borrower and its Consolidated Subsidiaries (including,
without limitation, unamortized debt discount and expense, deferred charges and goodwill) included
therein shall not exceed $30,000,000 (and to the extent such intangible assets

5

 

exceed
$30,000,000.00, they will not be included in the calculation of Consolidated Members’ and Patrons’
Equity); all as determined in accordance with GAAP consistently applied.

     1.57 Consolidated Subsidiary: any Subsidiary whose accounts are consolidated with
those of Borrower in accordance with GAAP.

     1.58 Contributing Syndication Parties: shall have the meaning set forth in Section
15.4.

     1.59 Control Agreement: means a control agreement, in form and substance satisfactory
to the Administrative Agent, executed and
delivered by Borrower, the Administrative Agent, and the applicable securities intermediary
with respect to a Securities Account (as defined in the Colorado Uniform Commercial Code) or bank
with respect to a deposit account.

     1.60 Converted LC: shall have the meaning set forth in Section 4.6.

     1.61 Debt: means as to any Person: (a) indebtedness or liability of such Person for
borrowed money, or for the deferred purchase price of property or services (including trade
obligations); (b) obligations of such Person as lessee under capital leases; (c) obligations of
such Person arising under bankers’ or trade acceptance facilities; (d) all guarantees, endorsements
(other than for collection or deposit in the ordinary course of business), and other contingent
obligations of such Person to purchase any of the items included in this definition, to provide
funds for payment, to supply funds to invest in any other Person, or otherwise to assure a creditor
of another Person against loss (without duplication) ; (e) all obligations secured by a lien on
property owned by such Person, whether or not the obligations have been assumed; and (f) all
obligations of such Person under any agreement providing for an interest rate swap, cap, cap and
floor, contingent participation or other hedging mechanisms with respect to interest payable on any
of the items described in this definition.

     1.62 Default Interest Rate: a rate of interest equal to 200 basis points in excess of
the Base Rate which would otherwise be applicable at the time.

     1.63 Delinquency Interest: shall have the meaning set forth in Section 15.4.

     1.64 Delinquent Amount: shall have the meaning set forth in Section 15.4.

     1.65 Delinquent Syndication Party: shall have the meaning set forth in Section 15.4.

     1.66 Depreciation: the total depreciation of Borrower and its Consolidated
Subsidiaries as measured in accordance with GAAP.

     1.67 Effective Date: shall have the meaning set forth on page 1.

     1.68 Embargoed Person: shall have the meaning set forth in Section 11.15.

6

 

     1.69 Environmental Laws: any federal, state, or local law, statute, ordinance, rule,
regulation, administration order, or permit now in effect or hereinafter enacted, including any
such law, statute, ordinance, rule, regulation, order or permit enacted in any foreign country
where Borrower has operations or owns property, pertaining to the public health, safety, industrial
hygiene, or the environmental conditions on,
under or about any of the real property interests of a Person, including, without limitation,
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource
Conservation and Recovery Act of 1976, the Clean Air Act, the Federal Water Pollution Control Act,
the Superfund Amendments and Reauthorization Act of 1986, the Federal Toxic Substances Control Act
and the Occupational Safety and Health Act, as any of the same may be amended, modified or
supplemented from time to time.

     1.70 Environmental Regulations: as defined in the definition of Hazardous Substances.

     1.71 ERISA: shall have the meaning set forth in Section 9.10.

     1.72 ERISA Affiliate: means any corporation or trade or business which is a member of
the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as
Borrower or is under common control (within the meaning of Section 414(c) of the Code) with
Borrower, provided, however, that for purposes of provisions herein concerning minimum funding
obligations (imposed under Section 412 of the Code or Section 302 of ERISA), the term “ERISA
Affiliate” shall also include any entity required to be aggregated with Borrower under Section
414(m) or 414(o) of the Code.

     1.73 Event of Default: shall have the meaning set forth in Section 14.1.

     1.74 Event of Syndication Default: shall have the meaning set forth in Subsection
15.30.1.

     1.75 Executive Order: shall have the meaning set forth in Subsection 9.24.1.

     1.76 Existing Letters of Credit: The Letters of Credit which have been issued for the
benefit of Borrower by one or more of the Syndication Parties and which are outstanding on the
Closing Date as listed on Exhibit 1.76 hereto.

     1.77 Export Grain Transaction: means a transaction whereby Borrower has agreed to
sell grain to a purchaser (“Importer”) located in a country other than the United States under
circumstances whereby the transaction will be eligible for issuance of a Credit Guarantee Assurance
by the U.S. Commodity Credit Corporation under the United States Export Credit Guarantee Programs
GSM-102 or GSM-103.

     1.78 Extended Duration LC: shall have the meaning set forth in Section 4.6.

     1.79 Farm Credit System Institution: shall mean any Farm Credit Bank, any Federal
land bank association, any production credit
association, the banks for cooperatives, and such

7

 

other institutions as may be a part of the
Farm Credit System and chartered by and subject to regulation by the Farm Credit Administration.

     1.80 Fiscal Quarter: each three (3) month period beginning on the first day of each
of the following months: September, December, March and June.

     1.81 Fiscal Year: a year commencing on September 1 and ending on August 31.

     1.82 5-Year Advance: shall have the meaning set forth in Section 2.1.

     1.83 5-Year Availability Period: shall mean the period from the Closing Date until
the 5-Year Maturity Date or such later date as may be applicable with respect to 5-Year Advances
made pursuant to Section 4.6 hereof.

     1.84 5-Year Borrowing Notice: shall have the meaning set forth in Section 2.3.

     1.85 5-Year Commitment: shall be $1,100,000,000.00, subject to (a) reduction as
provided in Section 2.9 hereof; and (b) increase as provided in Section 2.10 hereof.

     1.86 5-Year Facility: shall mean the loan facility made available to Borrower under
Article 2 of this Agreement.

     1.87 5-Year Facility Fee Factor: the 5-Year Facility Fee Factor determined as set
forth in Schedule 2 hereto and Section 5.6 hereof.

     1.88 5-Year Facility Fee: shall have the meaning set forth in Subsection 5.5.1.

     1.89 5-Year Facility Note: shall have the meaning set forth in Section 2.4.

     1.90 5-Year Funding Notice: shall have the meaning set forth in Section 2.3.

     1.91 5-Year Margin: the 5-Year Margin determined as set forth in Schedule 2
hereto and Section 5.6 hereof.

     1.92 5-Year Maturity Date: May 18, 2011.

     1.93 Funded Debt: means, with respect to any Person, at any time, all Debt of such
Person in each case maturing by its terms more than one year after the date of creation thereof, or
which is renewable or extendible at the option of such
Person for a period ending more than one (1) year after the date of creation thereof, and
shall include Debt of such maturity created or assumed by such Person either directly or
indirectly, including obligations of such maturity secured by liens upon property of such Person
and upon which such Person customarily pays the interest, and all obligations of such Person under
Capital Leases of such maturity, and the net present value of obligations under Operating Leases as
discounted by a rate of 8.0% per annum, and all obligations to reimburse the Letter of Credit Bank
or any Syndication Party with respect to all Letters of Credit which support long-term debt, with
expiration dates in excess of one year from the date of issuance thereof.

8

 

     1.94 Funding Losses: shall have the meaning set forth in Section 6.5.

     1.95 Funding Loss Notice: shall have the meaning set forth in Section 6.5.

     1.96 Funding Share: shall mean the amount of any Advance which each Syndication Party
is required to fund, which shall be determined as follows: (a) for a 5-Year Advance (which shall
not include a Bid Advance or an Overnight Advance), the amount of such 5-Year Advance multiplied by
such Syndication Party’s Individual 5-Year Pro Rata Share as of the date of the 5-Year Funding
Notice for, but without giving effect to, such 5-Year Advance; (b) for an Advance under a Bid won
by such Syndication Party, the amount of such Bid; and (c) for an Overnight Advance, the amount
determined as provided in Section 3.9 hereof.

     1.97 Funding Source: shall have the meaning set forth in Section 2.10.

     1.98 GAAP: generally accepted accounting principles in the United States of America,
as in effect from time to time.

     1.99 Good Faith Contest: means the contest of an item if (a) the item is diligently
contested in good faith by appropriate proceedings timely instituted, (b) either the item is (i)
bonded or (ii) adequate reserves are established with respect to the contested item if and to the
extent required in accordance with GAAP, (c) during the period of such contest, the enforcement of
any contested item is effectively stayed, and (d) the failure to pay or comply with the contested
item could not reasonably be expected to result in a Material Adverse Effect.

     1.100 Governmental Authority: means any nation or government, any state or other
political subdivision thereof, and any entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government.

     1.101 Hazardous Substances: dangerous, toxic or hazardous pollutants, contaminants,
chemicals, wastes, materials or substances, as defined in or governed by the provisions of any
Environmental Laws or any other federal, state or local law, statute, code, ordinance, regulation,
requirement or rule, including any such law,
statute, code, ordinance, rule, regulation enacted in any foreign country where Borrower has
operations or owns property, relating thereto (“Environmental Regulations”), and also including
urea formaldehyde, polychlorinated biphenyls, asbestos, asbestos-containing materials, nuclear fuel
or waste, and petroleum products, or any other waste, material, substances, pollutant or
contaminant which would subject an owner of property to any damages, penalties or liabilities under
any applicable Environmental Regulations.

     1.102 Holdout Lender: shall have the meaning set forth in Section 15.32.

     1.103 Importer: shall have the meaning set forth in Section 1.77.

     1.104 Importer LC: shall have the meaning set forth in Section 3.11.

     1.105 Indemnification Date: shall have the meaning set forth in Section 3.11.

9

 

     1.106 Indemnified Agency Parties: shall have the meaning set forth in Section 15.19.

     1.107 Indemnified Parties: shall have the meaning set forth in Section 13.1.

     1.108 Individual 5-Year Commitment: shall mean with respect to any Syndication Party
the amount shown as its Individual 5-Year Commitment on Schedule 1 hereto, subject to
adjustment in the event of the sale of all or a portion of a Syndication Interest in accordance
with Section 15.27 hereof, or a reduction in the 5-Year Commitment in accordance with Section 2.9
hereof.

     1.109 Individual 5-Year Lending Capacity: shall mean with respect to any Syndication
Party the amount at any time of its Individual 5-Year Commitment, less its Individual Outstanding
5-Year Obligations.

     1.110 Individual Outstanding 5-Year Obligations: shall mean with respect to any
Syndication Party the total at any time, without duplication, of (a) the aggregate outstanding
principal amount of all 5-Year Advances made by such Syndication Party, (b) the aggregate
outstanding principal amount of all Bid Advances made by such Syndication Party, (c) the undrawn
face amount of all outstanding Negotiated Letters of Credit as to which such Syndication Party is
the Issuing Syndication Party, (d) such Syndication Party’s 5-Year Pro Rata Share of the undrawn
face amount of all outstanding Committed Letters of Credit; (e) all of such Syndication Party’s
Committed 5-Year Advances; and (f) all of such Syndication Party’s Committed Bid Advances.

     1.111 Individual 5-Year Pro Rata Share: shall mean with respect to any Syndication
Party a fraction, expressed as a
percentage (rounded to 9 decimal points), where the numerator is such Syndication Party’s
Individual 5-Year Commitment less such Syndication Party’s Individual Outstanding 5-Year
Obligations; and the denominator is the 5-Year Commitment less the sum of the Individual
Outstanding 5-Year Obligations of all of the Syndication Parties, determined (a) in the case of
LIBO Rate Loans, at 12:00 noon (Central time) on the Banking Day Borrower delivers a 5-Year
Borrowing Notice pursuant to which Borrower requests such LIBOR Loan, and (b) in all other cases,
12:00 noon (Central time) on the Banking Day Borrower delivers a 5-Year Borrowing Notice or
requests a Letter of Credit under the 5-Year Facility.

     1.112 Intellectual Property: shall have the meaning set forth in Section 9.18.

     1.113 Investment: means, with respect to any Person, (a) any loan or advance by such
Person to any other Person, (b) the purchase or other acquisition by such Person of any capital
stock, obligations or securities of, or any capital contribution to, or investment in, or the
acquisition by such Person of all or substantially all of the assets of, or any interest in, any
other Person, (c) any performance or standby letter of credit where (i) that Person has the
reimbursement obligation to the issuer, and (ii) the proceeds of such letter of credit are to be
used for the benefit of any other Person, (d) the agreement by such Person to make funds available
for the benefit of another Person to either cover cost overruns incurred in connection with the
construction of a project or facility, or to fund a debt service reserve account, (e) the agreement
by such Person to assume, guarantee, endorse or otherwise be or become directly or contingently

10

 

responsible or liable for the obligations or debts of any other Person (other than by endorsement
for collection in the ordinary course of business), (f) an agreement to purchase any obligations,
stocks, assets, goods or services but excluding an agreement to purchase any assets, goods or
services entered into in the ordinary course of business, (g) an agreement to supply or advance any
assets, goods or services not in the ordinary course of business, or (h) an agreement to maintain
or cause such Person to maintain a minimum working capital or net worth or otherwise to assure the
creditors of any Person against loss.

     1.114 Issuance Fee: shall be, with respect to each Committed Letter of Credit, the
greater of (a) $2,500.00; or (b) the face amount of such Letter of Credit multiplied by 20 basis
points.

     1.115 Issuing Syndication Party: shall have the meaning set forth in Section 4.3.

     1.116 LC Commitment: shall be $75,000,000.00.

     1.117 LC Confirmation: shall have the meaning set forth in Section 3.11.

     1.118 LC Confirmation Commitment: means $6,000,000.00.

     1.119 Letters of Credit: collectively all Committed Letters of Credit, and all
Negotiated Letters of Credit, outstanding at any time.

     1.120 Letter of Credit Bank: CoBank, ACB.

     1.121 LIBO Rate: the rate for deposits in U.S. dollars with maturities comparable to
the selected LIBO Rate Period as quoted by the British Bankers’ Association for the purpose of
displaying London Interbank Offered Rates for U.S. Dollar deposits, determined effective as of
11:00 A.M. (London Time) on the day which is two (2) Banking Days prior to the first day of each
LIBO Rate Period, reserve adjusted for Regulation D on a demonstrated basis, with such rate
modified by adding the 5-Year Margin.

     1.122 LIBO Rate Loan: shall have the meaning set forth in Subsection 5.1.2.

     1.123 LIBO Rate Period: shall have the meaning set forth in Subsection 5.1.2.

     1.124 LIBO Request: shall have the meaning set forth in Subsection 5.1.2.

     1.125 Licensing Laws: shall have the meaning set forth in Section 9.4.

     1.126 Lien: means with respect to any asset any mortgage, deed of trust, pledge,
security interest, hypothecation, assignment for security purposes, encumbrance, lien (statutory or
other), or other security agreement or charge, or encumbrance of any kind or nature whatsoever
(including, without limitation, any conditional sale, Capital Lease or other title retention
agreement related to such asset).

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     1.127 Loans: shall mean, collectively, all Bid Advances, all Base Rate Loans, all
LIBO Rate Loans, and all Overnight Loans outstanding at any time.

     1.128 Loan Documents: this Credit Agreement and the Notes.

     1.129 Material Adverse Effect: means a material adverse effect on (a) the financial
condition, results of operation, business or property of Borrower; or (b) on the ability of
Borrower to perform its obligations under this Credit Agreement and the other Loan Documents; or
(c) on the ability of the Administrative Agent or the Syndication Parties to enforce their rights
and remedies against Borrower under the Loan Documents.

     1.130 Material Agreements: all agreements of Borrower, the termination or breach of
which, based upon Borrower’s knowledge as of the date of making any representation with respect
thereto, would have a Material Adverse Effect.

     1.131 Multiemployer Plan: means a Plan meeting the definition of a “multiemployer
plan” in Section 3(37) of ERISA.

     1.132 NCRA: shall have the meaning set forth in Section 12.5.

     1.133 Negotiated LC Request: shall have the meaning set forth in Subsection 4.1.2.

     1.134 Negotiated Letter of Credit: shall mean a letter of credit issued by a
Syndication Party pursuant to the provisions of Sections 4.1 and 4.3 hereof and shall include all
Existing Letters of Credit as to which such Syndication Party was the Issuing Syndication Party.

     1.135 Non-US Lender: shall have the meaning set forth in Section 15.31.

     1.136 Note or Notes: the 5-Year Facility Notes, and all amendments, renewals,
substitutions and extensions thereof.

     1.137 OFAC: shall have the meaning set forth in Section 11.15.

     1.138 Operating Lease: means any lease of property (whether real, personal or mixed)
by a Person under which such Person is lessee, other than a Capital Lease.

     1.139 Organization Documents: in the case of a corporation, its articles or
certificate of incorporation and bylaws; in the case of a partnership, its partnership agreement
and certificate of limited partnership, if applicable; in the case of a limited liability company,
its articles of organization and its operating agreement.

     1.140 Other List: shall have the meaning set forth in Section 11.15.

     1.141 Original Effective Date: shall have the meaning set forth in Recital A.

     1.142 Overnight Advance: shall have the meaning set forth in Section 3.9.

     1.143 Overnight Advance Request: shall have the meaning set forth in Section 3.9.

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     1.144 Overnight Funding Commitment: shall mean $20,000,000.00.

     1.145 Overnight Lender: shall mean CoBank.

     1.146 Overnight Maturity Date: shall have the meaning set forth in Section 3.9.

     1.147 Overnight Rate: shall have the meaning set forth in Section 3.9.

     1.148 Payment Account: shall have the meaning set forth in Section 15.11.

     1.149 Payment Distribution: shall have the meaning set forth in Section 15.11.

     1.150 PBGC: shall have the meaning set forth in Section 9.10.

     1.151 Permitted Encumbrance: shall have the meaning set forth in Section 12.3.

     1.152 Person: any individual, sole proprietorship, partnership, joint venture, trust,
unincorporated organization, association, corporation, limited liability company, cooperative
association, institution, government or governmental agency (whether national, federal, state,
provincial, country, city, municipal or otherwise, including without limitation, and
instrumentality, division, agency, body or department thereof), or other entity.

     1.153 Plan: means any plan, agreement, arrangement or commitment which is an employee
benefit plan, as defined in Section 3(3) of ERISA, maintained by Borrower or any Subsidiary or any
ERISA Affiliate or with respect to which Borrower or any Subsidiary or any ERISA Affiliate at any
relevant time has any liability or obligation to contribute.

     1.154 Platform: shall have the meaning set forth in Subsection 16.16.2.

     1.155 Potential Default: any event, other than an event described in Section 14.1(a)
hereof, which with the giving of notice or lapse of time, or both, would become an Event of
Default.

     1.156 Prohibited Transaction: means any transaction prohibited under Section 406 of
ERISA or Section 4975 of the Code.

     1.157 Reallocation: shall have the meaning set forth in Section 16.17.

     1.158 Reduction: shall have the meaning set forth in Section 16.17.

     1.159 Regulatory Change: shall have the meaning set forth in Section 16.12.

     1.160 Replacement Lender: shall have the meaning set forth in Section 15.32.

     1.161 Reportable Event: means any of the events set forth in Section 4043(b) of ERISA
or in the regulations thereunder.

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     1.162 Requested 5-Year Advance: shall mean the amount of the 5-Year Advance requested
by Borrower in any 5-Year Borrowing Notice.

     1.163 Required Lenders: shall mean Syndication Parties (including Voting
Participants) whose aggregate Individual 5-Year Commitments constitute fifty-one percent (51.0%) of
the 5-Year Commitment; provided that the number of Syndication Parties (including Voting
Participants) which constitute the Required Lenders must be the lesser of (i) all, or (ii) no fewer
than three (3), if fewer than three (3) Syndication Parties (including Voting Participants) would
constitute fifty-one percent (51.0%) of the aggregate Individual 5-Year Commitments. Pursuant to
Section 15.28 hereof, Voting Participants shall, under the circumstances set forth therein, be
entitled to voting rights and to be included in determining whether certain action is being taken
by the Required Lenders.

     1.164 Required License: shall have the meaning set forth in Section 9.09.

     1.165 Restricted Subsidiary: shall mean those Subsidiaries identified on Exhibit
1.165 hereto, as it may be amended from time to time with the prior written consent of
Borrower, the Administrative Agent and the Required Lenders.

     1.166 SDN List: shall have the meaning set forth in Section 11.15.

     1.167 Subsidiary: means with respect to any Person: (a) any corporation in which
such Person, directly or indirectly, (i) owns more than fifty percent (50%) of the outstanding
stock thereof, or (ii) has the power under ordinary circumstances to elect at least a majority of
the directors thereof, or (b) any partnership, association, joint venture, limited liability
company, or other unincorporated organization or entity, with respect to which such Person, (i)
directly or indirectly owns more than fifty percent (50%) of the equity interest thereof, or (ii)
directly or indirectly owns an equity interest in an amount sufficient to control the management
thereof. All of Borrower’s Subsidiaries owned as of the Closing Date are set forth on Exhibit
1.167 hereto.

     1.168 Successor Agent: such Person as may be appointed as successor to the rights and
duties of the Administrative Agent as provided in Section 15.22 of this Credit Agreement.

     1.169 Syndication Acquisition Agreement: shall have the meaning set forth in Section
15.27.

     1.170 Syndication Interest: shall have the meaning set forth in Section 15.1.

     1.171 Syndication Parties: shall mean those entities listed on Schedule 1
hereto as having an Individual 5-Year Commitment, and such Persons as shall from time to time
execute (a) a Syndication Acquisition Agreement substantially in the form of Exhibit 15.27
hereto signifying their election to purchase all or a portion of the Syndication Interest of any
Syndication Party, in accordance with Section 15.27 hereof, and to become a Syndication Party
hereunder; or (b) an Adoption Agreement substantially in the form of Exhibit 2.10 hereto in
connection with any Commitment Increase as provided in Section 2.10 hereof.

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     1.172 Syndication Party Advance Date: shall have the meaning set forth in Section
15.2.

     1.173 Term Loan Credit Agreement: shall mean that certain Credit Agreement (Term
Loan) dated as of June 1, 1998 by and between Borrower (f/k/a Cenex Harvest States Cooperatives)
and St. Paul Bank, as administrative agent for all syndication parties thereunder, and as a
syndication party thereunder, CoBank, and the other syndication parties set forth on the signature
pages thereto, as by the First Amendment through the Seventh Amendment and as amended from time to
time thereafter.

     1.174 2005 Credit Agreement: shall have the meaning set forth in Recital A.

     1.175 Transfer: shall have the meaning set forth in Section 15.27.

     1.176 USA Patriot Act: shall have the meaning set forth in Subsection 9.24.1.

     1.177 Voting Participant: shall have the meaning set forth in Section 15.28.

     1.178 Wire Instructions: shall have the meaning set forth in Section 15.29.

ARTICLE 2. 5-YEAR FACILITY

     2.1 5-Year Facility Loan. On the terms and conditions set forth in this Credit
Agreement, and so long as no Event of Default or Potential Default has occurred (or if a Potential
Default or an Event of Default has occurred, it has been waived in writing by the Administrative
Agent pursuant to the provisions of Section 15.10 hereof), each of the Syndication Parties
severally agrees to advance funds under the 5-Year
Facility (each a “5-Year Advance”) upon receipt of a 5-Year Funding Notice from time to time
during the 5-Year Availability Period, subject to the following limits:

          2.1.1 Individual Syndication Party 5-Year Commitment. No Syndication Party shall be
required or permitted to make a 5-Year Advance which would exceed its Individual 5-Year Lending
Capacity as in effect at the time of the Administrative Agent’s receipt of the 5-Year Borrowing
Notice requesting such 5-Year Advance.

          2.1.2 Individual Syndication Party 5-Year Pro Rata Share. No Syndication Party shall
be required or permitted to fund a 5-Year Advance under the 5-Year Facility in excess of an amount
equal to its Individual 5-Year Pro Rata Share multiplied by the amount of the requested 5-Year
Advance. Each Syndication Party agrees to fund its Individual 5-Year Pro Rata Share of each 5-Year
Advance, except as provided in Article 3 hereof regarding Bid Advances.

     2.2 5-Year Commitment. Borrower shall not be entitled to request a 5-Year Advance in
an amount which, when added to the aggregate Individual Outstanding 5-Year Obligations of all
Syndication Parties, would exceed the 5-Year Commitment.

     2.3 5-Year Borrowing Notice. Borrower shall give the Administrative Agent prior
written notice by facsimile (effective upon receipt) of each request for a 5-Year Advance (a) in

15

 

the case of a Base Rate Loan, on or before 11:00 A.M. (Central time) on the day of making such Base
Rate Loan, and (b) in the case of a LIBO Rate Loan, on or before 11:00 A.M. (Central time) at least
three (3) Banking Days prior to the date of making such LIBO Rate Loan. Each notice must be in
substantially the form of Exhibit 2.3 hereto (“5-Year Borrowing Notice”) and must specify
(w) the amount of such 5-Year Advance (which must be a minimum of $10,000,000.00 and in incremental
multiples of $1,000,000.00), (x) the proposed date of making such 5-Year Advance, (y) whether
Borrower requests that the 5-Year Advance will bear interest at (i) the Base Rate or (ii) the LIBO
Rate, and (z) in the case of a LIBO Rate Loan, the initial LIBO Rate Period applicable thereto.
The Administrative Agent shall, on or before 12:00 noon (Central time) of the same Banking Day,
notify each Syndication Party (“5-Year Funding Notice”) of its receipt of each such 5-Year
Borrowing Notice and the amount of such Syndication Party’s Funding Share thereunder. Not later
than 2:00 P.M. (Central time) on the date of a 5-Year Advance, each Syndication Party will make
available to the Administrative Agent at the Administrative Agent’s Office, in immediately
available funds, such Syndication Party’s Funding Share of such 5-Year Advance. After the
Administrative Agent’s receipt of such funds, but not later than 3:00 P.M. (Central time), and upon
fulfillment of the applicable conditions set forth in Article 10 hereof, the Administrative Agent
will make such 5-Year Advance available to Borrower, in immediately available funds, and will
transmit such funds by wire transfer to Borrower’s Account. A 5-Year Advance may be requested by
the Overnight Lender as provided in Section 3.9 hereof, by a written notice to the Administrative
Agent generally complying with the requirements set forth above for a 5-Year Borrowing Notice,
provided that such amount shall bear interest at the Base Rate. Thereafter the Administrative
Agent shall send out a 5-Year Funding Notice, each Syndication Party shall make available to
the Administrative Agent such Syndication Party’s Funding Share thereof as provided above, and
the Administrative Agent shall transmit such funds by wire transfer to the Overnight Lender.

     2.4 Promise to Pay; 5-Year Facility Promissory Notes. Borrower promises to pay to the
order of each Syndication Party, at the office of the Administrative Agent at 5500 South Quebec
Street, Greenwood Village, Colorado 80111, or such other place as the Administrative Agent shall
direct in writing, an amount equal to (a) the outstanding amount of (i) 5-Year Advances (including
Overnight Advances, if any) and (ii) Bid Advances, in each case made by such Syndication Party;
plus (b) any Bank Debt owing hereunder to such Syndication Party; plus (c) interest as set forth
herein, payable to such Syndication Party for the account of its Applicable Lending Office. All
such amounts are to be payable in the manner and at the time set forth in this Credit Agreement.
At the request of any Syndication Party, made to the Administrative Agent which shall then provide
notice to Borrower, Borrower, in order to further evidence its obligations to such Syndication
Party as set forth above in this Section, agrees to execute its promissory note in substantially
the form of Exhibit 2.4 hereto duly completed, in the stated maximum principal amount equal
to such Syndication Party’s Individual 5-Year Commitment, dated the date of this Credit Agreement,
payable to such Syndication Party for the account of its Applicable Lending Office, and maturing as
to principal on the 5-Year Maturity Date (each a “5-Year Facility Note” and collectively, the
“5-Year Facility Notes”).

     2.5 Advances Under 2005 Credit Agreement. The aggregate principal amount owing on the
Closing Date under the 2005 Credit Agreement on account of 364-Day Advances or 5-Year Advances (as
such terms are defined in the 2005 Credit Agreement) , after Borrower has

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made any payments
required under Section 16.17 hereof, shall be treated as 5-Year Advances hereunder bearing interest
at the Base Rate or the LIBO Rate and for the LIBO Rate Period, in each case as was applicable
thereto under the 2005 Credit Agreement.

     2.6 Syndication Party Records. Each Syndication Party shall record on its books and
records the amount of each 5-Year Advance and any unreimbursed obligations to such Syndication
Party with respect to payments by such Syndication Party under Negotiated Letters of Credit issued
by such Syndication Party made by it hereunder, the rate and interest period applicable thereto,
all payments of principal and interest, and the principal balance from time to time outstanding.
The Syndication Party’s record thereof shall be prima facie evidence as to all such amounts and
shall be binding on Borrower absent manifest error. Notwithstanding the foregoing, Borrower will
never be required to pay as principal more than the principal amount of the 5-Year Advances and Bid
Advances funded by such Syndication Party and any unreimbursed obligations to such Syndication
Party with respect to payments by such Syndication Party under Negotiated Letters of Credit issued
by such Syndication Party.

     2.7 Use of Proceeds. The proceeds of the 5-Year Loans will be used by Borrower (a) to
fund working capital requirements, (b) for general corporate purposes, (c) to support the issue of
Letters of Credit, (d) to payoff Overnight Advances (at the request of either Borrower or the
Overnight Lender), and (e) an aggregate
amount not to exceed $100,000,000.00 to make required payments of principal under any
commercial paper facility issued by Borrower, and Borrower agrees not to request or use such
proceeds for any other purpose. Borrower will not, directly or indirectly, use any part of such
proceeds for the purpose of purchasing or carrying any margin stock within the meaning of
Regulation U of the Board of Governors or to extend credit to any Person for the purpose of
purchasing or carrying any such margin stock.

     2.8 Syndication Party Funding Failure. The failure of any Syndication Party to fund
its Funding Share of any requested 5-Year Advance to be made by it on the date specified for such
Advance shall not relieve any other Syndication Party of its obligation (if any) to fund its
Funding Share of any Advance on such date, but, except as provided in Sections 3.8 and 3.10 hereof,
no Syndication Party shall be responsible for the failure of any other Syndication Party to make
any Advance to be made by such other Syndication Party.

     2.9 Reduction of 5-Year Commitment. Borrower may, by written facsimile notice to the
Administrative Agent on or before 10:00 A.M. (Central time) on any Banking Day, irrevocably reduce
the 5-Year Commitment; provided that (a) such reduction must be in multiples of one-million dollars
($1,000,000.00), and (b) Borrower must simultaneously make any principal payment necessary (along
with any applicable Funding Losses on account of such principal payment) so that (i) the aggregate
amount of the Individual Outstanding 5-Year Obligations of all Syndication Parties does not exceed
the reduced 5-Year Commitment on the date of such reduction, and (ii) the Individual Outstanding
5-Year Obligations owing to any Syndication Party do not exceed the Individual 5-Year Commitment of
that Syndication Party (after reduction thereof in accordance with the following sentence). In the
event the 5-Year Commitment is reduced as provided in the preceding sentence, then the Individual
5-Year Commitment of each Syndication Party shall be reduced in the same proportion as the
Individual

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5-Year Commitment of such Syndication Party bears to the 5-Year Commitment before such
reduction.

     2.10 Increase of 5-Year Commitment. Borrower shall have the right to increase the
5-Year Commitment (“Commitment Increase”) from time to time by an amount of up to $200,000,000.00
in the aggregate; provided that each of the following conditions has been satisfied: (a) no Event
of Default or Potential Default has occurred (or if a Potential Default or an Event of Default has
occurred, it has been waived in writing by the Administrative Agent pursuant to the provisions of
Section 15.10 hereof); (b) Borrower has submitted to the Administrative Agent a written request for
such Commitment Increase, specifying (i) the aggregate dollar amount thereof, which shall be a
minimum of $50,000,000.00 and in increments of $1,000,000.00, (ii) the name of one or more
financial institutions or Farm Credit System Institutions (which, in any case, may be an existing
Syndication Party hereunder) that has committed to provide funding of the Commitment Increase
pursuant to the terms of, and as a Syndication Party under, this Agreement (each a “Funding
Source”), and (iii) the amount of the Commitment Increase which each such Funding Source has
committed to provide, which must be a minimum of $10,000,000.00 and in increments of $1,000,000.00;
(c) each Funding Source has, unless it is at such time a Syndication Party hereunder, executed an
agreement in the form of Exhibit 2.10 hereto (“Adoption Agreement”);
(d) the Administrative Agent has approved each Funding Source as a Syndication Party hereunder
(unless such Funding Source is already a Syndication Party), which approval shall not be
unreasonably withheld; (e) each Funding Source has remitted to the Administrative Agent, by wire
transfer in accordance with the Wire Instructions, the amount directed by the Administrative Agent
so that such Funding Source will have funded its share (based on such Funding Source’s Individual
5-Year Pro Rata Share as recalculated as provided in clause (w) below in this Section) of all
outstanding Advances other than Bid Advances and Overnight Advances, to the extent not previously
funded by such Funding Source; and (f) Borrower has, if requested by such Funding Source(s),
executed such additional 5-Year Facility Notes payable to such Funding Source(s) and in such
amounts, as the Administrative Agent shall require to reflect the Commitment Increase. Upon the
satisfaction of each of the foregoing conditions, (v) the 5-Year Commitment shall be automatically
increased by the amount of the Commitment Increase; (w) the Individual 5-Year Pro Rata Share of
each of the Syndication Parties, including the Funding Source, shall be recalculated by the
Administrative Agent to reflect the amount of the Commitment Increase which each such Funding
Source has committed to provide, and the amount of the Commitment Increase; (x) the Funding
Source(s) shall be allocated a share of all existing 5-Year Advances, other than Bid Advances and
Overnight Advances, and any such amounts remitted pursuant to clause (e) above shall be allocated
among, and paid over to, those Persons who were Syndication Parties prior to the Commitment
Increase, based on their Individual 5-Year Pro Rata Shares as they existed prior to the Commitment
Increase, to reflect a reduction in their share of outstanding 5-Year Advances (other than Bid
Advances and Overnight Advances); (y) to the extent that any Syndication Party is entitled to
recover Funding Losses on account of having been allocated any portion of the amounts remitted
pursuant to clause (e) above, Borrower shall pay to the Administrative Agent the amount of such
Funding Losses which the Administrative Agent shall then forward to such Syndication Party; and (z)
the Administrative Agent shall revise Schedule 1 to reflect the Commitment Increase.

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ARTICLE 3. BID RATE FACILITY; OVERNIGHT FACILITY; LC CONFIRMATION FACILITY

     3.1 5-Year Facility Bid Rate Loans. Subject to the terms and conditions of this
Agreement, including the procedures set forth in Article 3 hereof, each Syndication Party may in
its sole discretion make Advances (each Advance made by a Syndication Party pursuant to this
Section a “Bid Advance” and the total of such Advances made by the Syndication Parties the “Bid
Rate Loans”) to Borrower from time to time during the 5-Year Availability Period, provided that:

          3.1.1 Individual 5-Year Commitment. No Syndication Party shall be permitted to make a
Bid Advance under the 5-Year Facility which, when added to its aggregate Individual Outstanding
5-Year Obligations, would exceed such Syndication Party’s Individual 5-Year Commitment.

          3.1.2 5-Year Commitment. Borrower may not make a 5-Year Bid Request in an amount
which, when added to the aggregate Individual Outstanding 5-Year Obligations of all Syndication
Parties, would exceed the 5-Year Commitment.

          3.1.3 Amounts. Each 5-Year Bid Request shall be in an amount at least equal to five
million dollars ($5,000,000) and in integral multiples of one million dollars ($1,000,000), and
each 5-Year Bid shall be in an amount at least equal to one million dollars ($1,000,000) or the
amount remaining under the Individual 5-Year Commitment of the Syndication Party submitting such
5-Year Bid, if less. Each Bid Advance made by a Syndication Party will be in the amount of its
Bids, or portions thereof, under the 5-Year Facility that are accepted by Borrower in accordance
with Section 3.4 hereof.

     3.2 Bid Request. No more frequently than once each Banking Day, Borrower may request
offers from all Syndication Parties which have an Individual 5-Year Commitment, acting severally
and not jointly, to make Bid Advances by giving the Bid Agent notice by facsimile (effective upon
receipt), substantially in the form of Exhibit 3.2 hereto (“Bid Request”) on or before 9:00
A.M. (Central time) on the Banking Day the proposed Bid Rate Loan is to be made. By 9:30 A.M.
(Central time) of the same Banking Day, the Bid Agent shall, by facsimile transmission, send to all
of the Syndication Parties eligible to receive a Bid Request a copy of such Bid Request. Each Bid
Request must specify (a) the total amount of such requested Bid Advances, (b) the individual amount
of each requested Bid Advance with a different proposed Bid Maturity Date, (c) the proposed Banking
Day of making such Bid Advance (which shall be the same Banking Day on which the Bid Request is
submitted), and (d) the proposed maturity dates for such Bid Advances (each a “Bid Maturity Date”)
which must be Banking Days and which must not extend more than thirty (30) days beyond the 5-Year
Maturity Date. Borrower may request offers to make more than one Bid Rate Loan (up to a maximum of
five (5) Bid Rate Loans in a single Bid Request), each with a different Bid Maturity Date, in a
single Bid Request.

     3.3 Bid Procedure. Each Syndication Party with an Individual 5-Year Commitment may,
in its sole discretion, submit to the Bid Agent a written quote, substantially in the form of
Exhibit 3.3 hereto (“Bid”), containing an offer or offers to make one or more Bid Advances
in a

19

 

specified amount or amounts in response to such Bid Request (and may elect to bid with respect
to any or all Bid Advances with different Bid Maturity Dates specified in the Bid Request);
provided, however, each Syndication Party is limited to one Bid submission per Bid Request (which
may cover more than one Bid Maturity Date) and a Syndication Party may not submit a Bid in an
amount in excess of such Syndication Party’s Individual 5-Year Lending Capacity. A Bid may set
forth offers for up to five (5) separate Bid Rates for each of the applicable Bid Advances,
provided that each Bid shall specify the aggregate principal amount of Bid Advances for all Bid
Maturity Dates that the Syndication Party submitting such Bid is willing to make at the interest
rate or rates specified in such Bid (each a “Bid Rate”) pursuant to such Bid. Each Bid by a
Syndication Party (other than by the Bid Agent acting in its capacity as a Syndication Party) must
be submitted to the Bid Agent by facsimile not later than 10:15 A.M. (Central time) on the same
Banking Day. The Bid Agent, in its capacity as a Syndication Party, may submit Bids; provided such
Bids must be finalized not later than 10:00 A.M. (Central time) on the same Banking Day. Each Bid
shall be irrevocable. The Bid Agent shall disregard a Bid if it (a) is not substantially in
conformity with Exhibit 3.3 hereto, (b) contains qualifying or conditional language, (c)
proposes terms other than or in addition to those set forth in the applicable Bid Request, or (d)
arrives after the applicable time
set forth in this Section. By 10:30 A.M. (Central time) on the same Banking Day, the Bid
Agent shall send copies of all Bids to Borrower by facsimile (“Bid Results Notice”).

     3.4 Bid Acceptance Procedure. Not later than 11:00 A.M. (Central time) on the same
Banking Day, Borrower shall provide to the Bid Agent by facsimile notice, in the form of
Exhibit 3.4 hereto, of its acceptance or rejection of each of the Bids submitted to
Borrower by the Bid Results Notice (“Bid Selection Notice”). In the case of each acceptance the
Bid Selection Notice shall specify the aggregate principal amount of Bid Advances for each of the
Bids that are accepted. Regardless of the amounts or interest rates bid by any Syndication Party,
Borrower may accept or decline any Bid in whole or in part, provided that (a) the aggregate
principal amount of Bid Advances accepted may not exceed the applicable amount set forth in the
related Bid Request, and (b) Borrower may not accept any offer that fails to comply with this
Article 3. Bids not accepted by 11:00 A.M. will be irrevocably deemed to have been rejected by
Borrower. No later than 12:00 noon (Central time) on the same Banking Day, the Bid Agent shall
send, by facsimile, a copy of such Bid Selection Notice to the Administrative Agent and each
Syndication Party which submitted a Bid.

     3.5 Bid Rate Loan Funding. Not later than 2:00 P.M. (Central time) on the same
Banking Day, each Syndication Party that is to make one or more Bid Advances in accordance with the
Bid Selection Notice shall make available to the Administrative Agent at the Administrative Agent’s
Office, in immediately available funds, an amount sufficient to fund such Bid Advances. After the
Administrative Agent’s receipt of such funds, but not later than 3:00 P.M. (Central time), and upon
fulfillment of the applicable conditions set forth in Article 10 hereof, the Administrative Agent
will make the proceeds of such Bid Advances available to Borrower, in immediately available funds,
and will transmit such funds by wire transfer to Borrower’s Account.

     3.6 Syndication Party Funding Failure. In the event any Syndication Party fails to
make any requested Bid Advance to be made by it on the date specified for such Advance, the

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Administrative Agent (in that capacity) will advance such funds to Borrower on behalf of such
Syndication Party in its role and capacity as the Administrative Agent, and therefore
notwithstanding limitations, if any, contained herein relating to the Administrative Agent in its
role as a Syndication Party, including its Individual 5-Year Commitment or Individual 5-Year
Lending Capacity. In the event of the funding of any such Advance by the Administrative Agent, the
Syndication Party failing to fund such Advance will be treated as a Delinquent Syndication Party
under Section 15.4 hereof, and the Administrative Agent will be treated as a Contributing
Syndication Party under such Section.

     3.7 Bid Rate Loans — Bid Maturity Date Beyond Maturity Date. Notwithstanding any
other provision in this Credit Agreement that may be construed to the contrary, in the event that a
Syndication Party, at its sole discretion, makes a Bid Advance to Borrower with a Bid Maturity Date
later than the 5-Year Maturity Date; and (a) (i) the 5-Year Maturity Date is subsequently extended
by amendment to this Credit Agreement; and (ii) such Syndication Party does not renew its
Individual 5-Year Commitment at a level at least equal to the outstanding amount of such Bid
Advance, then, in such case, such outstanding amount will be due and payable by
Borrower, and accepted by such Syndication Party, on the 5-Year Maturity Date (as in effect
prior to such extension thereof) without any liability for Funding Losses on such amount; or (b)
the 5-Year Maturity Date is not subsequently extended by amendment to this Credit Agreement, then,
in each such case, such outstanding amount will be repaid by Borrower in accordance with the terms
of this Credit Agreement (including provision for Funding Losses) and this Credit Agreement will be
deemed to continue in force for the limited purpose of facilitating such payments.

     3.8 Failure to Implement Bid Process. In the event the Bid Agent fails to hold an
auction pursuant to a proper Bid Request, the Administrative Agent (in that capacity) will make an
Advance to Borrower on behalf of all Syndication Parties in the amount of each Bid Advance
requested in such Bid Request to bear interest at the then current Base Rate to be repaid out of
proceeds of Bid Advances on the next Banking Day, and will cause the Bid Agent to hold the auction
for such Bid Advances the following Banking Day.

     3.9 Overnight Advances. In addition to Borrower’s right to request a 5-Year Advance
under Article 2 hereof or a Bid Advance under Section 3.1 hereof, Borrower may, subject to the
terms and conditions of this Section, at any time before 2:30 P.M. (Central time) on a Banking Day,
request the Overnight Lender to make an Advance to Borrower under the 5-Year Facility on the same
Banking Day (“Overnight Advance”) in accordance with the provisions of this Section. Each Banking
Day by 10:30 A.M. (Central time) the Overnight Lender shall notify Borrower of the interest rate
(“Overnight Rate”) that it will charge on all Overnight Advances made that Banking Day. Borrower’s
request for an Overnight Advance (“Overnight Advance Request”) may be made orally or in writing by
facsimile (if orally, shall be confirmed in writing on the same Banking Day), must be directed to
the Overnight Lender, and must specify (a) the amount of such Advance, and (b) the date when such
Overnight Advance will be due and payable (“Overnight Maturity Date”), which may not be later than
the fifth (5th) Banking Day thereafter. If Borrower submits an Overnight Advance Request, the
Overnight Lender shall promptly, but not later than 3:30 P.M. on the same Banking Day, fund such
Overnight Advance and advise the Administrative Agent in writing of the amount,

21

 

Overnight Rate, and
Overnight Maturity Date of such Overnight Advance. Each Overnight Advance shall bear interest at
the applicable Overnight Rate and shall be payable in full, including interest, on the Overnight
Maturity Date applicable to such Overnight Advance. Such payment may, at Borrower’s discretion,
and subject to the conditions of this Credit Agreement, be made by an Advance under the 5-Year
Facility. Overnight Advances shall be made only by the Overnight Lender. Borrower’s entitlement
to receive, and the Overnight Lender’s obligation to fund, any Overnight Advance shall be subject
to the conditions and limitations set forth in Section 2.1 hereof and applicable to 5-Year Advances
generally, and, in addition, the aggregate outstanding principal amount of all such Overnight
Advances shall not at any time exceed the Overnight Funding Commitment. At the sole discretion of
the Overnight Lender, any Overnight Advance may be paid off at any time by a 5-Year Advance
requested by the Overnight Lender.

     3.10 Overnight Lender Funding Failure. In the event the Overnight Lender fails to
make any requested Overnight Advance
to be made by it on the date specified for such Advance, the Administrative Agent (in that
capacity) may, in its sole and absolute discretion and in its role and capacity of the
Administrative Agent, advance such funds to Borrower on behalf of such Overnight Lender,
notwithstanding limitations, if any, contained herein relating to the Administrative Agent in its
role as a Syndication Party, including its Individual 5-Year Commitment or Individual 5-Year
Lending Capacity. In the event of any such advance by the Administrative Agent, the Overnight
Lender will be treated as a Delinquent Syndication Party under Section 15.4 hereof, and the
Administrative Agent will be treated as a Contributing Syndication Party under such Section.

     3.11 LC Confirmation Indemnification. In connection with any Export Grain
Transaction, Borrower may, subject to the terms and conditions of this Section, at any time before
2:30 P.M. (Central time) on a Banking Day, request CoBank (acting in its individual capacity and
not as Administrative Agent or Syndication Party) to confirm (“LC Confirmation”) the letter of
credit issued by the applicable Importer’s bank (“Importer LC”), in accordance with the provisions
of this Section. Borrower’s request for an LC Confirmation (“Confirmation Request”) may be made
orally or in writing by facsimile (if orally, shall be confirmed in writing on the same Banking
Day), must be directed to CoBank, with a copy to the Administrative Agent, and must (a) identify
(i) the Export Grain Transaction, (ii) the Importer LC (and, if available, attach a copy of the
Importer LC), and (iii) the issuer of the Importer LC, in each case for which the LC Confirmation
is being requested; (b) specify the dollar amount to be covered by the LC Confirmation
(“Confirmation Amount”), and (c) be accompanied by a written confirmation from the U.S. Department
of Agriculture that (i) the Export Grain Transaction has been registered with the Commodity Credit
Corporation (“CCC”) and the guarantee fee has been submitted to the CCC. In the event CoBank has
not received the Credit Guarantee Assurance letter issued by the CCC (“CCC Guarantee”) and an
assignment thereof to CoBank, on or before the thirtieth (30th) day following the date of CoBank’s
issuance of the LC Confirmation (“Indemnification Date”), Borrower shall promptly, but no later
than 3:30 P.M. on the Banking Day following the Indemnification Date, reimburse CoBank in full for
the Confirmation Amount plus any additional costs or fees incurred by CoBank in connection
therewith (“Borrower Indemnification Payment”). Such reimbursement may, at Borrower’s discretion,
but subject to the conditions of this Credit Agreement, be made by a 5-Year Advance under the
5-Year Facility. In the event the CCC Guarantee, and written assignment thereof from

22

 

Borrower to
CoBank, with respect to a specific LC Confirmation is received by CoBank on or before the
Indemnification Date, Borrower shall have no further obligations regarding such LC Confirmation.
LC Confirmations shall be made only by CoBank and CoBank shall be entitled to retain for its
account the full amount of any fees charged to Borrower for the issuance an any LC Confirmation.
Borrower’s entitlement to receive, and the CoBank’s obligation to issue, any LC Confirmation shall
be subject to the conditions and limitations set forth in Section 2.1 hereof and applicable to
5-Year Advances generally, and, in addition, the aggregate amount of all outstanding LC
Confirmations shall not at any time exceed the LC Confirmation Commitment. Until such time as a
CCC Guarantee is issued, or Borrower makes the required Borrower Indemnification Payment with
respect to a specific LC Confirmation, the Confirmation Amount of such LC Confirmation shall be
included in CoBank’s Individual Outstanding 5-Year Obligations. LC Confirmations are not Letters
of Credit for the purposes of this Agreement.

ARTICLE 4. LETTER OF CREDIT FACILITY

     4.1 Letter of Credit Request. On the terms and conditions set forth in this Credit
Agreement, and so long as no Event of Default or Potential Default has occurred (or if a Potential
Default or an Event of Default has occurred, it has been waived in writing by the Administrative
Agent in accordance with the provisions of Section 15.10 hereof), Borrower may request the issuance
of one or more documentary letters of credit or standby letters of credit as Committed Letters of
Credit or as Negotiated Letters of Credit pursuant to the conditions and limitations set forth
below.

          4.1.1 Request for Committed Letter of Credit. Borrower may request issuance of a
Committed Letter of Credit by providing, not later than 12:00 noon (Central time) on a Banking Day,
a written request therefore (“Committed LC Request”) to the Administrative Agent and the Letter of
Credit Bank. The Committed LC Request shall set forth (a) the face amount and expiry date, (b) the
beneficiary, (c) the terms thereof, and (d) such other information as the Letter of Credit Bank
shall request. Committed Letters of Credit shall be issued under the 5-Year Facility. In no event
may the expiry date be later than 364 days past the 5-Year Maturity Date.

          4.1.2 Request for Negotiated Letter of Credit. Borrower may request issuance of a
Negotiated Letter of Credit by (a) providing, no later than 11:00 A.M. (Central time) on a Banking
Day, written notice to the Administrative Agent of (i) the face amount and expiry date of each
Negotiated Letter of Credit which Borrower desires be issued and (ii) the identity of the
Syndication Party or Parties from which Borrower intends to seek each such Negotiated Letter of
Credit; (b) receiving written or oral confirmation from the Administrative Agent, to be provided no
later than 11:30 A.M. (Central time), that each such Syndication Party has sufficient Individual
5-Year Lending Capacity to issue such Negotiated Letter(s) of Credit; and (c) following receipt of
the confirmation described in clause (b) above, but no later than 12:00 noon (Central time),
sending a written request (“Negotiated LC Request”) to each such Syndication Party requesting
issuance of such Negotiated Letter(s) of Credit. Such written request shall set forth (a) the face
amount and expiry date, (b) the beneficiary, (c) the terms thereof, and (d) such other information
as any such Syndication Party shall request. Negotiated Letters of Credit shall

23

 

be issued under
the 5-Year Facility. In no event may the expiry date be later than 364 days past the 5-Year
Maturity Date.

          4.1.3 Purpose. Borrower may not request issuance of a Letter of Credit for other than
a purpose for which a 5-Year Advance could be requested under Section 2.7 hereof.

          4.1.4 Notification of the Administrative Agent Regarding Negotiated Letters of Credit.
No later than 3:00 P.M. (Central time) on the Banking Day of issuance, reissuance, renewal,
permanent reduction, or termination of a Negotiated Letter of Credit, both Borrower and the
Issuing Syndication Party shall notify the Administrative Agent by facsimile of such fact, and
the face amount (including the reduced face amount, as applicable), expiry date, name of
beneficiary, and name of Issuing Syndication Party with respect to such Negotiated Letter of
Credit.

     4.2 Committed Letters of Credit. No later than 1:00 P.M. (Central time) on the
Banking Day of the receipt by the Letter of Credit Bank of a Committed LC Request, it shall, if it
approves the form and substance thereof, issue the requested Committed Letter of Credit for any
expiry period from seven (7) days following the date of issuance to the date which is 364 days past
the 5-Year Maturity Date, subject to the following:

          4.2.1 Available Amount. The face amount of the requested Committed Letter of Credit
may not exceed the lesser of (a) the amount determined by subtracting the aggregate Individual
Outstanding 5-Year Obligations of all Syndication Parties from the 5-Year Commitment, or (b) the
amount determined by subtracting the undrawn face amount of all Letters of Credit and Existing
Letters of Credit then outstanding (including any Letter of Credit requested but not yet issued
unless the Letter of Credit Bank has declined to issue the Letter of Credit) from the LC
Commitment.

          4.2.2 Availability. Committed Letters of Credit may be requested for issuance only
during the 5-Year Availability Period.

          4.2.3 Issuance Fee. Borrower shall pay at the time of the issuance or reissuance of
each Committed Letter of Credit the Issuance Fee therefore to be distributed to the Letter of
Credit Bank.

          4.2.4 Treatment of Draws. Each draw under a Committed Letter of Credit shall be
funded by each of the Syndication Parties as a 5-Year Advance under the 5-Year Facility in
accordance with their respective Individual 5-Year Pro Rata Share as of the date of such draw.

     4.3 Negotiated Letters of Credit. Any Syndication Party may, in its sole discretion,
issue a Negotiated Letter of Credit (“Issuing Syndication Party”) for any expiry period from seven
(7) days following the date of issuance to the date which is 364 days past the 5-Year Maturity
Date, upon such terms and conditions as Borrower and such Issuing Syndication Party may agree;
provided that (x) all Negotiated Letters of Credit must be issued on a Banking Day, and may be
issued no earlier than 11:30 A.M. and no later than 2:30 P.M. (Central time), and (y) the issuance
of Negotiated Letters of Credit shall also be subject to the following:

24

 

          4.3.1 Available Amount. The face amount of the requested Negotiated Letter of Credit
may not exceed the lesser of (a) the amount determined by subtracting the aggregate Individual
Outstanding 5-Year Obligations of all Syndication Parties from the 5-Year Commitment, (b) an amount
which would exceed the Issuing Syndication Party’s Individual 5-Year Lending Capacity, or (c) the
amount determined by subtracting the undrawn face amount of all Letters of Credit and Existing
Letters of Credit then outstanding (including any Committed Letter of Credit requested but not yet
issued unless the
Letter of Credit Bank has declined to issue the Letter of Credit) from the LC Commitment.
Prior to the issuance of a Negotiated Letter of Credit, the Issuing Syndication Party shall
confirm with the Administrative Agent that the issuance of such Negotiated Letter of Credit
will not result in the limitations set forth in this Subsection being exceeded.

          4.3.2 Availability. Negotiated Letters of Credit may be requested for issuance only
during the 5-Year Availability Period.

          4.3.3 Fees. Borrower will be required to pay only such fees as the Issuing
Syndication Party and Borrower agree upon in connection with each such Negotiated Letter of Credit
and all such fees shall be collected by, paid to, and retained by the Issuing Syndication Party.

          4.3.4 Treatment of Draws. Each draw under a Negotiated Letter of Credit shall be
treated as a 5-Year Advance by the Issuing Syndication Party under the 5-Year Facility and shall
bear interest at the Base Rate until paid in full.

     4.4 Notice Regarding Negotiated Letters of Credit. No later than 3:00 P.M. (Central
time) on the Banking Day of issuance, reissuance, renewal, permanent reduction, or termination of a
Negotiated Letter of Credit, both Borrower and the Issuing Syndication Party shall notify the
Administrative Agent by facsimile of such fact, and the face amount (including the reduced face
amount, as applicable), expiry date, name of beneficiary, and name of Issuing Syndication Party
with respect to such Negotiated Letter of Credit.

     4.5 Existing Letters of Credit. Borrower and each Syndication Party agree that each
Existing Letter of Credit shall, as of the Closing Date: (a) if it was issued as a Negotiated
Letter of Credit under the 2005 Credit Agreement, be deemed to have been issued as a Negotiated
Letter of Credit under the 5-Year Facility, and that the actual issuer thereof, upon such issuer’s
execution of this Credit Agreement, shall for all purposes be deemed to be the Issuing Syndication
Party hereunder with respect to each such Existing Letter of Credit; or (b) if it was issued as a
Committed Letter of Credit under the 2005 Credit Agreement, be deemed to have been issued as a
Committed Letter of Credit under the 5-Year Facility, and that the issuer thereof shall for all
purposes be deemed to have been the Letter of Credit Bank hereunder with respect to each such
Existing Letter of Credit.

     4.6 Cash Collateral Account. Upon (a) the occurrence of an Event of Default, or (b)
the occurrence of the date which is 105 days prior to the 5-Year Maturity Date, Borrower shall
immediately (x) establish an account, if one has not previously been established, with the
Administrative Agent, or with such other financial institution as shall be approved by the

25

 

Required
Lenders (“Cash Collateral Account”); (y) deposit by wire transfer funds into such Cash Collateral
Account in an amount equal to (i) in the case of the application of clause (a) of this Section, the
undrawn face amount of all Letters of Credit then outstanding, or (ii) in the case of the
application of clause (b) of this Section, the undrawn face amount of all Letters of Credit which
on that date have an expiry date later than the
5-Year Maturity Date (each an “Extended Duration LC”); and (z) take such action, including the
execution and delivery (and, where requested, obtaining the execution thereof by third parties) of
security documents, Control Agreements, financing statements, and/or such other documents as the
Administrative Agent may require, in order to grant to the Administrative Agent, on behalf of the
Syndication Parties, a first lien security interest on such Cash Collateral Account and the funds
on deposit therein. In addition, Borrower shall, on the date of issuance of each Extended Duration
LC which is issued on, or any time subsequent to the date which is 105 days prior to, the 5-Year
Maturity Date, deposit by wire transfer funds into such Cash Collateral Account in an amount equal
to the face amount of each such Extended Duration LC unless a deposit was made on account of such
Extended Duration LC pursuant to clause (y) above. In the event that Borrower fails or refuses to
establish and fund the Cash Collateral Account as required above, the Syndication Parties shall
establish such an account in the name of the Administrative Agent and fund such account by a 5-Year
Advance in the same way that a draw under any such Letter of Credit would be funded.
Notwithstanding any other provision contained in this Credit Agreement or any of the other Loan
Documents, (l) draws made against any Committed Letter of Credit on or after the date of funding of
the Cash Collateral Account with respect to such Committed Letter of Credit, shall be funded out of
the funds on deposit in the Cash Collateral Account rather than out of 5-Year Advances; and (m)
draws made against any Negotiated Letter of Credit on or after the date of funding of the Cash
Collateral Account with respect to such Negotiated Letter of Credit shall be funded out of the
funds on deposit in the Cash Collateral Account rather than as a 5-Year Advance by such Issuing
Syndication Party, to the extent, with respect to clause (l) and clause (m), that the funds
deposited into the Cash Collateral Account with respect to such Letter of Credit remain on deposit
in the Cash Collateral Account. At and after such time as there no longer exists any Event of
Default, the Administrative Agent shall within a reasonable time after receipt of a written request
therefore from Borrower (which Borrower may send at any time after the date all Events of Default
have been cured (if cure is allowed) or waived pursuant to the provisions of this Credit
Agreement), refund to Borrower the amounts in the Cash Collateral Account which was deposited
therein on account of such Events of Default (less any amounts withdrawn from the Cash Collateral
Account to fund draws on any Letters of Credit). Any draw under an Extended Duration LC funded as
a 5-Year Advance shall be repaid by Borrower no later than the next Banking Day if such draw occurs
after the 5-Year Maturity Date to the extent that it is not funded out of the Cash Collateral
Account as provided above. Upon receiving proof satisfactory to the Administrative Agent of the
termination, reduction in amount, or expiration of any Extended Duration LC, and unless an Event of
Default has occurred and is continuing, and so long as there remains on deposit in the Cash
Collateral Account funds equal to the undrawn face amount of all Extended Duration LC’s which
remain outstanding, the Administrative Agent shall within a reasonable time after receiving a
written request therefore from Borrower, refund to Borrower an amount equal to the undrawn face
amount of such terminated or expired Extended Duration LC or the amount by which the undrawn face
amount of such Extended Duration LC has been reduced, as applicable. In the event of the extension
of the 5-Year

26

 

Maturity Date to a date beyond the expiry date of an Extended Duration LC, each
Extended Duration LC whose expiry date is no longer later than the 5-Year Maturity Date as so
extended ( each hereinafter referred to as a “Converted LC”), shall no longer be deemed to be an
Extended Duration LC, and unless an Event of Default has occurred and is continuing, and so long as
there remains on deposit in the Cash Collateral
Account funds equal to the undrawn face amount of all Extended Duration LC’s, excluding each
such Converted LC, the Administrative Agent shall within a reasonable time after receipt of a
written request therefore from Borrower (which Borrower may send at any time after the effective
date of such extension of the 5-Year Maturity Date), refund to Borrower an amount equal to the
undrawn face amount of each such Converted LC.

     4.7 Reimbursement Obligation Unconditional. All draws under the Letters of Credit are
absolutely, unconditionally, and irrevocably reimbursable by Borrower and shall be funded as 5-Year
Advances (or as provided otherwise in Section 4.6 hereof), notwithstanding:

               (a) any lack of validity or enforceability of the Letter of Credit, any of the documents
referenced in the Letter of Credit, or any other agreement or instrument related to any such
documents;

               (b) the existence of any claim, setoff, defense or other right which Borrower may have at any
time against the beneficiary or any transferee of the Letter of Credit (or any person for whom the
beneficiary or transferee may be acting);

               (c) any statement, draft, certificate, or any other document presented under the Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect, or any statement
therein being untrue or inaccurate in any respect whatsoever or the draw certificate was otherwise
unauthorized, it being expressly understood and agreed by Borrower that neither the Letter of
Credit Bank nor any Syndication Party (including any Syndication Party issuing a Negotiated Letter
of Credit) shall have any liability on account of any lack of authorization or forgery and any
recovery from third parties on account of such lack of authorization or such forgery shall be the
sole responsibility of Borrower; or

               (d) the payment of a draw against presentation of a draft or certificate which does not comply
with the terms of the Letter of Credit, unless such payment is made as a result of the gross
negligence or willful misconduct of the issuer of the Letter of Credit.

ARTICLE 5. INTEREST; FEES; AND MARGINS

     5.1 Interest. Except as provided in Article 3 hereof, interest on all Loans shall be
calculated as follows:

          5.1.1 Base Rate Option. Unless Borrower requests and receives a LIBO Rate Loan
pursuant to Subsection 5.1.2 hereof, the outstanding principal balance owing hereunder for 5-Year
Advances shall bear interest at the Base Rate (each a “Base Rate Loan”).

          5.1.2 LIBO Rate Option. From time to time, and so long as no Event of Default has
occurred and is continuing, at the request of Borrower included in a 5-Year Borrowing

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Notice, all
or any part of the outstanding principal balance owing hereunder for 5-Year Advances may bear
interest at the LIBO Rate (each a “LIBO Rate Loan”); provided that Borrower may have no more than
ten (10) LIBO Rate Loans outstanding
at any time. To effect this option, the 5-Year Borrowing Notice must specify (a) the
principal amount that is to bear interest at the LIBO Rate, which must be a minimum of
$10,000,000.00 and in incremental multiples of $1,000,000.00 and (b) the period selected by
Borrower during which the LIBO Rate is to be applied (“LIBO Rate Period”), which may be any period
of one, two, three, or six months, but must expire no later than the 5-Year Maturity Date. In
addition, Borrower may convert any Base Rate Loan to a LIBO Rate Loan, or continue a LIBO Rate
Loan, by making a written request therefore (“LIBO Request”) to the Administrative Agent by
facsimile at least three (3) Banking Days prior to the first date of the LIBO Rate Period
therefore, specifying (y) the principal amount that is to bear interest at the LIBO Rate, which
must be a minimum of $10,000,000.00 and in incremental multiples of $1,000,000.00 and (z) the LIBO
Rate Period selected by Borrower during which the LIBO Rate is to be applied. The Administrative
Agent shall incur no liability in acting upon a request which it believed in good faith had been
made by a properly authorized employee of Borrower. Following the expiration of the LIBO Rate
Period for any LIBO Rate Loan, interest shall automatically accrue at the Base Rate unless Borrower
requests and receives another LIBO Rate Loan as provided in this Subsection.

     5.2 Additional Provisions for LIBO Rate Loans.

          5.2.1 Limitation on LIBO Rate Loans. Anything herein to the contrary notwithstanding,
if, on or prior to the determination of the LIBO Rate for any LIBO Rate Period:

               (a) The Administrative Agent determines (which determination shall be conclusive) that
quotations of interest rates in accordance with the definition of LIBO Rate are not being provided
in the relevant amounts or for the relevant maturities for purposes of determining rates of
interest for LIBO Rate Loans as provided in this Credit Agreement; or

               (b) any Syndication Party determines (which determination shall be conclusive) that the
relevant rates of interest referred to in the definition of LIBO Rate upon the basis of which the
rate of interest for LIBO Rate Loans for such LIBO Rate Period is to be determined do not
adequately cover the cost to the Syndication Parties of making or maintaining such LIBO Rate Loans
for such LIBO Rate Period;

then the Administrative Agent shall give Borrower prompt notice thereof, and so long as such
condition remains in effect, in the case of clause (a) above, the Syndication Parties, and in the
case of clause (b) above, the Syndication Party that makes the determination, shall be under no
obligation to make LIBO Rate Loans, convert Base Rate Loans into LIBO Rate Loans, or continue LIBO
Rate Loans, and Borrower shall, on the last days of the then current applicable LIBO Rate Periods
for the outstanding LIBO Rate Loans, either prepay such LIBO Rate Loans or such LIBO Rate Loans
shall automatically be converted into a Base Rate Loan in accordance with Section 5.1 hereof.

          5.2.2 LIBO Rate Loan Unlawful. If any law, treaty, rule, regulation or determination
of a court or governmental authority or any
change therein or in the interpretation

28

 

or application thereof subsequent to the Closing Date
(each, a “Change in Law”) shall make it unlawful for any of the Syndication Parties to (a) advance
its Funding Share of any LIBO Rate Loan or (b) maintain its share of all or any portion of the LIBO
Rate Loans, each such Syndication Party shall promptly, by telephone (in which case it must be
promptly followed by a writing) or facsimile, notify the Administrative Agent thereof, and of the
reasons therefor and the Administrative Agent shall promptly notify Borrower thereof and shall
provide a copy of such written notice to Borrower. In the former event, any obligation of any such
Syndication Party to make available its Funding Share of any future LIBO Rate Loan shall
immediately be canceled (and, in lieu thereof shall be made as a Base Rate Loan), and in the latter
event, any such unlawful LIBO Rate Loans or portions thereof then outstanding shall be converted,
at the option of such Syndication Party, to a Base Rate Loan; provided, however, that if any such
Change in Law shall permit the LIBO Rate to remain in effect until the expiration of the LIBO Rate
Period applicable to any such unlawful LIBO Rate Loan, then such LIBO Rate Loan shall continue in
effect until the expiration of such LIBO Rate Period. Upon the occurrence of any of the foregoing
events on account of any Change in Law, Borrower shall pay to the Administrative Agent immediately
upon demand such amounts as may be necessary to compensate any such Syndication Party for any fees,
charges, or other costs incurred or payable by such Syndication Party as a result thereof and which
are attributable to any LIBO Rate Loan made available to Borrower hereunder, and any reasonable
allocation made by any such Syndication Party among its operations shall be conclusive and binding
upon Borrower absent manifest error.

          5.2.3 Treatment of Affected Loans. If the obligations of any Syndication Party to
make or continue LIBO Rate Loans, or to convert Base Rate Loans into LIBO Rate Loans, are suspended
pursuant to Subsection 5.2.1 or 5.2.2 hereof (all LIBO Rate Loans so affected being herein called
“Affected Loans”), such Syndication Party’s Affected Loans shall, on the last day(s) of the then
current LIBO Rate Period(s) for the Affected Loans (or, in the case of a conversion required by
Subsection 5.2.1 or 5.2.2, on such earlier date as such Syndication Party may specify to Borrower),
be automatically converted into Base Rate Loans for the account of such Syndication Party. To the
extent that such Syndication Party’s Affected Loans have been so converted, all payments and
prepayments of principal which would otherwise be applied to such Syndication Party’s Affected
Loans shall be applied instead to its Base Rate Loans. All Advances which would otherwise be made
or continued by such Syndication Party as LIBO Rate Loans shall be made or continued instead as
Base Rate Loans, and all Base Rate Loans of such Syndication Party which would otherwise be
converted into LIBO Rate Loans shall remain as Base Rate Loans.

     5.3 Default Interest Rate. All past due payments on 5-Year Advances, Bid Advances,
Overnight Advances, or of any other Bank Debt (whether as a result of nonpayment by Borrower when
due, at maturity, or upon acceleration) shall bear interest at the Default Interest Rate from and
after the due date for the payment, or on the date of maturity or acceleration, as the case may be.

     5.4 Interest Calculation. Interest on all Loans shall be calculated on the actual
number of days the principal owing thereunder is outstanding with the daily rate calculated on the
basis of a year consisting of 360 days. In calculating
interest, the Advance Date shall be included and the date each payment is received shall be
excluded.

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     5.5 Fees. Borrower shall pay or cause to be paid the following fees:

          5.5.1 5-Year Facility Fee. A non-refundable fee (“5-Year Facility Fee”) calculated in
arrears as of the end of each of Borrower’s Fiscal Quarters following the Closing Date, until the
Loans are paid in full, all Letters of Credit are canceled or have expired, and the Syndication
Parties have no further obligation to make a 5-Year Advance or issue Letters of Credit hereunder.
The 5-Year Facility Fee for each such period shall be equal to (a) the average daily 5-Year
Commitment in effect during such period, (b) multiplied by the average daily 5-Year Facility Fee
Factor in effect during such period, as converted to a daily rate using a year of 360 days, (c)
with the product there of being further multiplied by the number of days in such period. The
5-Year Facility Fee shall be payable to the Administrative Agent in arrears on the Banking Day
coinciding with, or immediately preceding the fifth (5th) day after the close of each such Fiscal
Quarter, for distribution to each Syndication Party in the ratio that its Individual 5-Year
Commitment bears to the 5-Year Commitment as calculated by the Administrative Agent on the last day
of each such period.

          5.5.2 Committed Letter of Credit Fee. Borrower shall pay the non-refundable Committed
Letter of Credit Fee calculated in arrears as of the last day of each of Borrower’s Fiscal
Quarters. The Committed Letter of Credit Fee shall be payable to the Administrative Agent in
arrears on the Banking Day coinciding with, or immediately preceding the fifth (5th) day after the
close of each of Borrower’s Fiscal Quarters, for distribution to each Syndication Party in the
ratio that its Individual 5-Year Commitment bears to the 5-Year Commitment as calculated by the
Administrative Agent on the last day of each such period.

     5.6 5-Year Margin; 5-Year Facility Fee Factor . If the Compliance Certificate with
respect to any Fiscal Quarter is not received by the Administrative Agent by the date required as
provided in Subsections 11.2.1 and 11.2.2 hereof, the 5-Year Margin and the 5-Year Facility Fee
Factor for the period commencing on the first day of the Fiscal Quarter commencing immediately
after the Fiscal Quarter for which such Compliance Report was required, shall each be determined
based on Tier 1 of Schedule 2 for that entire Fiscal Quarter.

     5.7 Special Interest Rates. Notwithstanding the provisions of Section 5.1 hereof,
balances of each of the loans described on Exhibit 5.7 hereto as having been made under the
5-Year Facility or the 364-Day Facility under the 2005 Credit Agreement, shall be treated as Bid
Rate Loans made under the 5-Year Facility hereunder, and, in either case, shall bear interest at
the “Interest Rate” set forth in such Exhibit to and including the “Bid Maturity Date” set forth in
such Exhibit, and they shall each be due and payable on their respective Bid Maturity Date as set
forth in such Exhibit.

     ARTICLE 6. PAYMENTS; FUNDING LOSSES

     6.1 Principal Payments. Principal shall be payable on the 5-Year Maturity Date;
provided that (a) principal owing on all Bid Advances shall be payable (i) on the Bid Maturity Date
as provided in the Bid under which such Bid Advance was made, if such date is earlier than the
5-Year Maturity Date, and (ii) as provided in Section 3.7 hereof; (b) principal owing on all

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Overnight Advances shall be payable on the applicable Overnight Maturity Date; and (c) prepayments
may be made only as provided in Section 6.5 hereof.

     6.2 Interest Payments. Interest shall be payable as follows: (a) interest on Base
Rate Loans shall be payable monthly in arrears on the first Banking Day of the next month, (b)
interest on LIBO Rate Loans shall be payable on the last day of the LIBO Rate Period therefor
unless the LIBO Rate Period is longer than three (3) months, in which case interest shall also be
payable on each three month anniversary of the first day of the applicable LIBO Rate Period, (c)
interest on each Bid Rate Loan shall be payable on the Bid Maturity Date therefor unless the Bid
Maturity Date is more than three (3) months from the date of the Advance under such Bid Rate Loan,
in which case interest shall also be payable on each three month anniversary of the date of the
relevant Advance, (d) interest on Overnight Advances shall be payable on the Overnight Maturity
Date, and (e) interest on all Loans then accrued and unpaid shall be payable on the 5-Year Maturity
Date.

     6.3 Application of Principal Payments. Principal payments and prepayments shall be
applied (a) to principal amounts owing under the 5-Year Facility, including to Overnight Advances,
as Borrower directs in writing (provided that Bid Rate Loans may not be prepaid); or (b) if
Borrower provides no specific direction, then to principal amounts owing (i) under those Overnight
Advances with respect to which the Overnight Maturity Date has occurred, then (ii) under those Bid
Rate Loans with respect to which the Bid Maturity Date has occurred, then (iii) under the 5-Year
Facility (other than Bid Rate Loans or Overnight Advances), then (iv) under those Overnight
Advances with respect to which the Overnight Maturity Date has not occurred. Subject to the
provisions of the foregoing sentence, payments shall be applied first to Base Rate Loans and then
to LIBO Rate Loans unless Borrower directs otherwise in writing. However, upon the occurrence and
during the continuance of an Event of Default or Potential Default, all payments shall be applied,
first to fees, second to interest, third to principal pro-rata to all Loans, fourth to the Cash
Collateral Account, and last to any other Bank Debt.

     6.4 Manner of Payment. All payments, including prepayments, that Borrower is required
or permitted to make under the terms of this Credit Agreement and the other Loan Documents shall be
made to the Administrative Agent in immediately available federal funds, to be received no later
than 1:00 P.M. Central time of the Banking Day on which such payment is due (or the following
Banking Day if such date is not a Banking Day) by wire transfer through Federal Reserve Bank,
Kansas City, as provided in the Wire Instructions (or to such other account as the Administrative
Agent may designate by notice).

          6.4.1 Payments to Be Free and Clear. All sums payable by Borrower under this Credit
Agreement and the other Loan Documents
shall be paid without setoff or counterclaim and free and clear of, and without any deduction
or withholding on account of, any tax imposed, levied, collected, withheld or assessed by or within
the United States of America or any political subdivision in or of the United States of America or
any other jurisdiction from or to which a payment is made by or on behalf of Borrower or by any
federation or organization of which the United States of America or any such jurisdiction is a
member at the time of payment (excluding taxes imposed on or measured by the net income or net
profits of the recipient of such payment, and franchise taxes imposed in lieu thereof).

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          6.4.2 Grossing-up of Payments. If Borrower or any other Person is required by law to
make any deduction or withholding on account of any such tax from any sum paid or payable by
Borrower to the Administrative Agent or any Syndication Party under any of the Loan Documents:

               (a) Borrower shall notify the Administrative Agent of any such requirement or any change in
any such requirement as soon as Borrower becomes aware of it;

               (b) Borrower shall pay any such tax when such tax is due, such payment to be made (if the
liability to pay is imposed on Borrower) for its own account or (if that liability is imposed on
the Administrative Agent or such Syndication Party, as the case may be) on behalf of and in the
name of the Administrative Agent or such Syndication Party;

               (c) the sum payable by Borrower in respect of which the relevant deduction, withholding or
payment is required shall be increased to the extent necessary to ensure that, after the making of
that deduction, withholding or payment, the Administrative Agent or such Syndication Party, as the
case may be, receives on the due date a net sum equal to what it would have received had no such
deduction, withholding or payment been required or made; and

               (d) within thirty (30) days after paying any sum from which it is required by law to make any
deduction or withholding, and within thirty (30) days after the due date of payment of any tax
which it is required by clause (b) above to pay, Borrower shall deliver to the Administrative Agent
evidence satisfactory to the other affected parties of such deduction, withholding or payment and
of the remittance thereof to the relevant taxing or other authority;

provided that no such additional amount shall be required to be paid to any Syndication
Party under clause (c) above except to the extent that any change after the date on which such
Syndication Party became a Syndication Party in any such requirement for a deduction, withholding
or payment as is mentioned therein shall result in an increase in the rate of such deduction,
withholding or payment from that in effect at the date on which such Syndication Party became a
Syndication Party, in respect of payments to such Syndication Party

     6.5 Voluntary Prepayments. Borrower shall have the right to prepay all or any part of
the outstanding principal balance under the Loans at any time in integral multiples of
$1,000,000.00 (or the entire outstanding balance, if less) and subject to a $5,000,000.00 minimum
prepayment on LIBO Rate Loans (or the entire outstanding balance, if less), on any Banking Day;
provided that (a) in the event of prepayment of any LIBO
Rate Loan, whether voluntary (including payments pursuant to Section 2.10 hereof) or on
account of acceleration (i) Borrower must provide three (3) Banking Days notice to the
Administrative Agent prior to making such prepayment, and (ii) Borrower must, at the time of making
such prepayment, pay all accrued but unpaid interest and all Funding Losses applicable to such
prepayment, and (b) Borrower shall not have the right to prepay any Bid Rate Loan before the
applicable Bid Maturity Date, but if a Bid Rate Loan is deemed prepaid on account of acceleration,
Borrower must pay all Funding Losses applicable to such prepayment. Principal amounts prepaid may
be reborrowed under the terms and conditions of this Credit Agreement. “Funding Losses” shall

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be
determined on an individual Syndication Party basis as the amount which would result in such
Syndication Party being made whole (on a present value basis) for the actual or imputed funding
losses (including, without limitation, any loss, cost or expense incurred by reason of obtaining,
liquidating or employing deposits or other funds acquired by such Syndication Party to fund or
maintain such LIBO Rate Loan or Bid Rate Loan) incurred by such Syndication Party as a result of
such payment (regardless of whether the Syndication Party actually funded with such deposits);
provided that such amount shall in no event be less than $300.00 with respect to any Syndication
Party. In the event of any such payment, each Syndication Party which had funded the LIBO Rate
Loan being paid (or the Syndication Party which made the Bid Advance being prepaid) shall, promptly
after being notified of such payment, send written notice (“Funding Loss Notice”) to the
Administrative Agent by facsimile setting forth the amount of attributable Funding Losses and the
method of calculating the same. The Administrative Agent shall notify Borrower orally or in
writing of the amount of such Funding Losses. A determination by a Syndication Party as to the
amounts payable pursuant to this Section shall be conclusive absent manifest error.

     6.6 Distribution of Principal and Interest Payments. The Administrative Agent shall
distribute payments of principal and interest among the Syndication Parties as follows:

          6.6.1 Principal and Interest Payments on 5-Year Advances. Principal and interest
payments on 5-Year Advances shall be remitted to the Syndication Parties in the ratio in which they
funded the 5-Year Advance to which such payments are applied.

          6.6.2 Principal and Interest Payments on Bid Advances. Principal and interest
payments on Bid Advances shall be remitted to the Syndication Party which made the Bid Advance to
which such payments are applied.

          6.6.3 Principal and Interest Payments on Overnight Advances. Principal and interest
payments on Overnight Advances shall be remitted to the Overnight Lender.

ARTICLE 7. BANK EQUITY INTERESTS

     Borrower agrees to purchase such equity interests in CoBank (“Bank Equity Interests”) as
CoBank may from time to time require in accordance with its bylaws and capital plans as
applicable to cooperative borrowers generally. In connection with the foregoing, Borrower
hereby acknowledges receipt, prior to the execution of this Credit Agreement, of the following with
respect to CoBank (a) the bylaws, (b) a written description of the terms and conditions under which
the Bank Equity Interests are issued, (c) the most recent annual report, and if more recent than
the latest annual report, the latest quarterly report. CoBank reserves the right to sell
participations under the provisions of Section 15.27 on a non-patronage basis. In addition,
Borrower agrees to purchase such equity interests in any Farm Credit System Institution which is a
Syndication Party hereunder as such Farm Credit System Institution may from time to time require in
accordance with its bylaws and capital plans as applicable to cooperative borrowers generally and
as is required by any written agreement Borrower may execute with any such Farm Credit System
Institution.

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ARTICLE 8. SECURITY

     The obligations of Borrower under this Credit Agreement shall be unsecured, except (a) with
respect to the Cash Collateral Account as provided in Section 4.6; (b) the statutory lien in favor
of CoBank, but not any other Syndication Parties, in the Bank Equity Interests; and (c) the
statutory lien, if any, in favor of any Farm Credit System Institution (but not any other
Syndication Parties), which may require Borrower to purchase equity interests as provided in
Article 7 hereof, in such equity interests.

ARTICLE 9. REPRESENTATIONS AND WARRANTIES

     To induce the Syndication Parties to make the Loans and issue Negotiated Letters of Credit,
and the Letter of Credit Bank to issue Committed Letters of Credit, and recognizing that the
Syndication Parties, the Administrative Agent, the Letter of Credit Bank, and the Bid Agent are
relying thereon, Borrower represents and warrants as follows:

     9.1 Organization, Good Standing, Etc. Borrower: (a) is duly organized, validly
existing, and in good standing under the laws of its state of incorporation; (b) qualifies as a
cooperative association under the laws of its state of incorporation; (c) is duly qualified to do
business and is in good standing in each jurisdiction in which the transaction of its business
makes such qualification necessary, except to the extent that the failure to so qualify has not
resulted in, and could not reasonably be expected to cause, a Material Adverse Effect; and (d) has
all authority and all requisite corporate and legal power to own and operate its assets and to
carry on its business, and to enter into and perform the Loan Documents to which it is a party.
Each Subsidiary: (a) is duly organized, validly existing, and in good standing under the laws of
its state of incorporation; (b) is duly qualified to do business and is in good standing in each
jurisdiction in which the transaction of its business makes such qualification necessary, except to
the extent that the failure to so qualify has not resulted in, and could not reasonably be expected
to cause, a Material Adverse Effect; and (c) has all authority and all requisite corporate and
legal power to own and operate its assets and to carry on its business.

     9.2 Corporate Authority, Due Authorization; Consents. Borrower has taken all
corporate action
necessary to execute, deliver and perform its obligations under the Loan Documents to which it
is a party. All consents or approvals of any Person which are necessary for, or are required as a
condition of Borrower’s execution, delivery and performance of and under the Loan Documents, have
been obtained.

     9.3 Litigation. Except as described on Exhibit 9.3 hereto, there are no
pending legal or governmental actions, proceedings or investigations to which Borrower or any
Subsidiary is a party or to which any property of Borrower or any Subsidiary is subject which might
reasonably be expected to result in any Material Adverse Effect and, to Borrower’s knowledge, no
such actions or proceedings are threatened or contemplated by any federal, state, county, or city
(or similar unit) governmental agency or any other Person.

     9.4 No Violations. The execution, delivery and performance of its obligations under
the Loan Documents will not: (a) violate any provision of Borrower’s articles of incorporation or

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bylaws, or any law, rule, regulation (including, without limitation, Regulations T, U, and X of the
Board of Governors of the Federal Reserve System), or any judgment, order or ruling of any court or
governmental agency; (b) violate, require consent under (except such consent as has been obtained),
conflict with, result in a breach of, constitute a default under, or with the giving of notice or
the expiration of time or both, constitute a default under, any existing real estate mortgage,
indenture, lease, security agreement, contract, note, instrument or any other agreements or
documents binding on Borrower or affecting its property; or (c) violate, conflict with, result in a
breach of, constitute a default under, or result in the loss of, or restriction of rights under,
any Required License or any order, law, rule, or regulation under or pursuant to which any Required
License was issued or is maintained (“Licensing Laws”).

     9.5 Binding Agreement. Each of the Loan Documents to which Borrower is a party is, or
when executed and delivered, will be, the legal, valid and binding obligation of Borrower,
enforceable in accordance with its terms, subject only to limitations on enforceability imposed by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors’
rights generally and by general principles of equity.

     9.6 Compliance with Laws. Borrower and each Subsidiary are in compliance with all
federal, state, and local laws, rules, regulations, ordinances, codes and orders, including without
limitation all Environmental Laws and all Licensing Laws, with respect to which noncompliance could
reasonably be expected to result in a Material Adverse Effect.

     9.7 Principal Place of Business; Place of Organization. Borrower’s place of business,
or chief executive office if it has more than one place of business, and the place where the
records required by Section 11.1 hereof are kept, is located at 5500 Cenex Drive, Inver Grove
Heights, Minnesota 55077. Borrower is a cooperative corporation formed under the laws of the State
of Minnesota.

     9.8 Payment of Taxes. Except as shown on Exhibit 9.8 hereto, Borrower and
each Subsidiary have filed all required federal, state and local tax returns and have paid all
taxes as shown on such returns as they have become due, and have paid when due all other taxes,
assessments or impositions levied or assessed against Borrower or any Subsidiary, or their business
or properties, except where the failure to make such filing or payment could not reasonably be
expected to result in a Material Adverse Effect. Exhibit 9.8 specifically indicates all
such taxes, if any, which are subject to a Good Faith Contest.

     9.9 Licenses and Approvals. Borrower and each Subsidiary have ownership of, or
license to use, or have been issued, all trademarks, patents, copyrights, franchises, certificates,
approvals, permits, authorities, agreements, and licenses which are used or necessary to permit it
to own its properties and to conduct the business as presently being conducted as to which the
termination or revocation thereof could reasonably be expected to have a Material Adverse Effect
(“Required Licenses”). Each Required License is in full force and effect, and there is no
outstanding notice of cancellation or termination or, to Borrower’s knowledge, any threatened
cancellation or termination in connection therewith, nor has an event occurred with respect to any
Required License which, with the giving of notice or passage of time or both, could result in the
revocation or termination thereof or otherwise in any impairment of Borrower’s rights with

35

 

respect
thereto, which impairment could reasonably be expected to have a Material Adverse Effect. No
consent, permission, authorization, order, or license of any governmental authority, is necessary
in connection with the execution, delivery, performance, or enforcement of and under the Loan
Documents to which Borrower is a party except such as have been obtained and are in full force and
effect.

     9.10 Employee Benefit Plans. Exhibit 9.10 sets forth as of the Closing Date a
true and complete list of each Borrower Benefit Plan that is maintained by Borrower or any of its
Subsidiaries or in which Borrower or any of its Subsidiaries participates or to which Borrower or
any of its Subsidiaries is obligated to contribute, in each case as of the Closing Date. Borrower
and its Subsidiaries are in compliance in all material respects with the Employee Retirement Income
Security Act of 1974, as amended, and the regulations thereunder (“ERISA”), to the extent
applicable to them, and have not received any notice to the contrary from the Pension Benefit
Guaranty Corporation (“PBGC”).

     9.11 Equity Investments. Borrower does not now own any stock or other voting or
equity interest, directly or indirectly, in any Person valued at the greater of book value or
market value at $5,000,000 or more, other than: (a) the Bank Equity Interests, and (b) as set
forth on Exhibit 9.11.

     9.12 Title to Real and Personal Property. Borrower and each Subsidiary have good and
marketable title to, or valid leasehold interests in, all of their material properties and assets,
real and personal, including the properties and assets and leasehold interests reflected in the
financial statements of the Borrower and its Subsidiaries referred to in Section 9.13 hereof,
except (a) any properties or assets disposed of in the ordinary course of business, and (b) for
defects in title and encumbrances which could not reasonably be expected to result in a Material
Adverse Effect; and none of the
properties of Borrower or any Restricted Subsidiary are subject to any Lien, except as
permitted by Section 12.3 hereof. All such property is in good operating condition and repair,
reasonable wear and tear excepted, and suitable in all material respects for the purposes for which
it is being utilized except where their failure to be in good operating condition could not
reasonably be expected to result in a Material Adverse Effect. All of the leases of Borrower and
each Subsidiary which constitute Material Agreements are in full force and effect and afford
Borrower or such Subsidiary peaceful and undisturbed possession of the subject matter thereof.

     9.13 Financial Statements. The consolidated balance sheets of Borrower and its
Subsidiaries as of August 31, 2005, and the related consolidated statements of operations, cash
flows and consolidated statements of capital shares and equities for the Fiscal Year then ended,
and the accompanying footnotes, together with the unqualified opinion thereon, dated November 3,
2005 of PricewaterhouseCoopers LLP, independent certified public accountants, copies of which have
been furnished to the Administration Agent and the Syndication Parties, fairly present in all
material respects the consolidated financial condition of Borrower and its Subsidiaries as at such
dates and the results of the consolidated operations of Borrower and its Subsidiaries for the
periods covered by such statements, all in accordance with GAAP consistently applied. Since August
31, 2005, there has been no material adverse change in the financial condition, results of
operations, business or prospects of Borrower or any of its

36

 

Subsidiaries. As of the Closing Date,
there are no liabilities of Borrower or any of its Subsidiaries, fixed or contingent, which are
material but are not reflected in the financial statements of Borrower and its Subsidiaries
referred to above or referred to in the notes thereto, other than liabilities arising in the
ordinary course of business since August 31, 2005. No information, exhibit, or report furnished by
Borrower or any of its Subsidiaries to the Administration Agent or the Syndication Parties in
connection with the negotiation of this Credit Agreement contained any material misstatement of
fact or omitted to state a material fact or any fact necessary to make the statements contained
therein not materially misleading in light of the circumstances in which they were made and taken
together with the other information, exhibits and reports furnished to the Administration Agent
and/or the Syndication Parties.

     9.14 Environmental Compliance. Except as set forth on Exhibit 9.14 hereto,
Borrower and each Subsidiary have obtained all permits, licenses and other authorizations which are
required under all applicable Environmental Laws, except to the extent failure to have any such
permit, license or authorization could not reasonably be expected to result in a Material Adverse
Effect. Except as set forth on Exhibit 9.14 hereto, Borrower and each Subsidiary are in
compliance with all Environmental Laws and the terms and conditions of the required permits,
licenses and authorizations, and are also in compliance with all other limitations, restrictions,
obligations, schedules and timetables contained in those Laws or contained in any plan, order,
decree, judgment, injunction, notice or demand letter issued, entered, promulgated or approved
thereunder, except to the extent, in each case, failure to comply has not resulted in, and could
not reasonably be expected to result in, a Material Adverse Effect.

     9.15 Fiscal Year. Each fiscal year of Borrower begins on September 1 of each calendar
year and ends on August 31 of the following calendar year.

     9.16 Material Agreements. Neither Borrower nor, to Borrower’s knowledge, any other
party to any Material Agreement, is in default thereunder, and no facts exist which with the giving
of notice or the passage of time, or both, would constitute such a default.

     9.17 Regulations U and X. No portion of any Advance will be used for the purpose of
purchasing, carrying, or making loans to finance the purchase of, any “margin security” or “margin
stock” as such terms are used in Regulations U or X of the Board of Governors of the Federal
Reserve System, 12 C.F.R. Parts 221 and 224.

     9.18 Trademarks, Tradenames, etc. Borrower owns or licenses all patents, trademarks,
trade names, service marks and copyrights (collectively, “Intellectual Property”) that it utilizes
in its business as presently being conducted and as anticipated to be conducted, except where the
failure to do so could not reasonably be expected to result in a Material Adverse Effect on
Borrower. Borrower is not a licensee under any written license for any patent, trademark,
tradename, service mark or copyright other than shrinkwrap licenses for “off-the-shelf” software
used by Borrower in the conduct of its business. The Intellectual Property is in full force and
effect, and Borrower has taken or caused to be taken all action, necessary to maintain the
Intellectual Property in full force and effect and has not taken or failed to take or cause to be
taken any action which, with the giving of notice, or the expiration of time, or both, could result
in any such Intellectual Property being revoked, invalidated, modified, or limited.

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     9.19 No Default on Outstanding Judgments or Orders. Borrower and each Subsidiary have
satisfied all judgments and Borrower and each Subsidiary are not in default with respect to any
judgment, writ, injunction, decree, rule or regulation of any court, arbitrator or federal, state,
municipal or other Governmental Authority, commission, board, bureau, agency or instrumentality,
domestic or foreign, except to the extent such failure to satisfy any or all such judgments or to
be in such a default has not resulted in, and could not reasonably be expected to result in, a
Material Adverse Effect.

     9.20 No Default in Other Agreements. Neither Borrower nor any Subsidiary is a party
to any indenture, loan or credit agreement or any lease or other agreement or instrument or subject
to any certificate of incorporation or corporate restriction which has resulted in, or could
reasonably be expected to result in, a Material Adverse Effect. Neither Borrower nor any
Subsidiary is in default in any respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any agreement or instrument where such failure to
perform, observe or fulfill has resulted in, or could reasonably be expected to result in, a
Material Adverse Effect.

     9.21 Acts of God. Neither the business nor the properties of Borrower or any
Subsidiary are currently affected by any fire, explosion, accident, drought, storm, hail,
earthquake, embargo, act of God or of the public enemy or other casualty (whether or not covered by
insurance) which has resulted in, or could reasonably be expected to result in, a Material Adverse
Effect.

     9.22 Governmental Regulation. Neither Borrower nor any Subsidiary is subject to
regulation under the Public Utility Holding Company Act of 1935, the Investment Company Act of
1940, the Interstate Commerce Act, the Federal Power Act or any statute or regulation, in each
case, limiting its ability to incur indebtedness for money borrowed as contemplated hereby.

     9.23 Labor Matters and Labor Agreements. Except as set forth in Exhibit 9.23
hereto: (a) As of the Closing Date, there are no collective bargaining agreements or other labor
agreements covering any employees of Borrower or any Subsidiary the termination, cessation, or
breach of which could reasonably be expected to result in a Material Adverse Effect, and a true and
correct copy of each such agreement will be furnished to the Administrative Agent upon its written
request from time to time. (b) There is no organizing activity involving Borrower pending or, to
Borrower’s knowledge, threatened by any labor union or group of employees. (c) There are, to
Borrower’s knowledge, no representation proceedings pending or threatened with the National Labor
Relations Board, and no labor organization or group of employees of Borrower has made a pending
demand for recognition. (d) There are no complaints or charges against Borrower pending or, to
Borrower’s knowledge threatened to be filed with any federal, state, local or foreign court,
governmental agency or arbitrator based on, arising out of, in connection with, or otherwise
relating to the employment or termination of employment by Borrower of any individual. (e) There
are no strikes or other labor disputes against Borrower that are pending or, to Borrower’s
knowledge, threatened. (f) Hours worked by and payment made to employees of Borrower or any
Subsidiary have not been in violation of the Fair Labor Standards Act (29 U.S.C. § 201 et seq.) or
any other applicable law dealing with such matters. The representations made in clauses (b)
through (f) of this Section are made with respect to those

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occurrences described which could,
considered in the aggregate, reasonably be expected to have a Material Adverse Effect.

     9.24 Anti-Terrorism Laws.

          9.24.1 Violation of Law. Neither the Borrower nor, to the knowledge of Borrower, any
of its Subsidiaries, is in violation of any laws relating to terrorism or money laundering
(“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (“Executive Order”), and the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (“USA
Patriot Act”).

          9.24.2 Classification. Neither Borrower nor, to the knowledge of Borrower, any of its
Subsidiaries, or their respective brokers or other agents acting or benefiting in any capacity in
connection with the Loans, is any of the following:

               (a) a Person or entity that is listed in the annex to, or is otherwise subject to the
provisions of, the Executive Order;

               (b) a Person or entity owned or controlled by, or acting for or on behalf of, any Person or
entity that is listed in the annex to, or is otherwise subject to the provisions of, the Executive
Order;

               (c) a Person or entity with which any Syndication Party is prohibited from dealing or
otherwise engaging in any transaction by any Anti-Terrorism Law;

               (d) a Person or entity that commits, threatens or conspires to commit or supports “terrorism”
as defined in the Executive Order; or

               (e) a Person or entity that is named as a “specially designated national and blocked person”
on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control
at its official website or any replacement website or other replacement official publication of
such list.

          9.24.3 Conduct of Business. Neither Borrower nor to the knowledge of Borrower, any of
its brokers or other agents acting in any capacity in connection with the Loans (a) conducts any
business or engages in making or receiving any contribution of funds, goods or services to or for
the benefit of any Person described in clause (b) of Subsection 9.24.2 above, (b) deals in, or
otherwise engages in any transaction relating to, any property or interests in property blocked
pursuant to the Executive Order, or (c) engages in or conspires to engage in any transaction that
evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law.

     9.25 Disclosure. The representations and warranties contained in this Article 9 and
in the other Loan Documents or in any financial statements provided to the Administrative Agent do
not contain any untrue statement of a material fact or omit to state a material fact necessary to

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make such representations or warranties not misleading; and all projections provided to the
Administrative Agent were prepared in good faith based on reasonable assumptions.

ARTICLE 10. CONDITIONS TO CLOSING AND ADVANCES

     10.1 Conditions to Closing. The obligation of the Syndication Parties to make any
Advances or issue any Negotiated Letters of Credit, and the obligation of the Letter of Credit Bank
to issue any Committed Letters of Credit hereunder are subject to satisfaction, in the sole
discretion of the Administrative Agent and the Syndication Parties (except that satisfaction of
Subsection 10.1.6 shall be determined in the reasonable discretion of the Administrative Agent and
the Syndication Parties), of each of the following conditions precedent:

          10.1.1 Loan Documents. The Administrative Agent shall have received duly executed
originals of the Loan Documents.

          10.1.2 Approvals. The Administrative Agent shall have received evidence satisfactory
to it that all consents and approvals of governmental
authorities and third parties which are with respect to Borrower, necessary for, or required
as a condition of the validity and enforceability of the Loan Documents to which it is a party.

          10.1.3 Organizational Documents. The Administrative Agent shall have received: (a)
good standing certificate, dated no more than thirty (30) days prior to the Closing Date, for
Borrower for its state of incorporation; (b) a copy of the articles of incorporation of Borrower
(and any amendments thereto) certified by the Secretary of State of its state of organization, or,
in lieu thereof, at the discretion of Borrower a certificate from the Secretary or Assistant
Secretary of Borrower that the copy of such articles of incorporation and amendments thereto
provided to the Administrative Agent in connection with the closing of the 2005 Credit Agreement
remains true, correct, and complete and that there have been no further amendments thereto; and (c)
a copy of the bylaws of Borrower, certified as true and complete by the Secretary or Assistant
Secretary of Borrower, or, in lieu thereof, at the discretion of Borrower a certificate from the
Secretary or Assistant Secretary of Borrower that the copy of such by laws provided to the
Administrative Agent in connection with the closing of the 2005 Credit Agreement remains true,
correct, and complete and that there have been no further amendments thereto.

          10.1.4 Evidence of Corporate Action. The Administrative Agent shall have received in
form and substance satisfactory to the Administrative Agent: (a) documents evidencing all
corporate action taken by Borrower to authorize (including the specific names and titles of the
persons authorized to so act (each an “Authorized Officer”)) the execution, delivery and
performance of the Loan Documents to which it is a party, certified to be true and correct by the
Secretary or Assistant Secretary of Borrower; and (b) a certificate of the Secretary or Assistant
Secretary of Borrower, dated the Closing Date, certifying the names and true signatures of the
Authorized Officers.

          10.1.5 Evidence of Insurance. Borrower shall have provided the Administrative Agent
with insurance certificates and such other evidence, in form and substance satisfactory to the
Administrative Agent, of all insurance required to be maintained by it under the Loan

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Documents,
or, in lieu thereof, at the discretion of Borrower a certificate from the Chief Financial Officer
of Borrower that there has been no change in Borrower’s insurance from that described in such
insurance certificates provided to the Administrative Agent in connection with the closing of the
2005 Credit Agreement. 

          10.1.6 Appointment of Agent for Service. The Administrative Agent shall have received
evidence satisfactory to the Administrative Agent (which, unless the Administrative Agent
specifically advised Borrower to the contrary, shall include any such evidence provided in
connection with the 2005 Credit Agreement unless such evidence has been subsequently rescinded or
terminated) that Borrower has appointed The Corporation Company to serve as its agent for service
of process at their Denver, Colorado office (presently at 1675 Broadway), and that The Corporation
Company has accepted such appointment by Borrower.

          10.1.7 No Material Change. No change shall have occurred in the condition or
operations of Borrower since August 31, 2005 which could reasonably be expected to result in a
Material Adverse Effect.

          10.1.8 Fees and Expenses. Borrower shall have paid the Administrative Agent, by wire
transfer of immediately available federal funds all fees set forth in Section 5.5 hereof and any
other fees owing to the Administrative Agent which are due on the Closing Date, and all expenses
owing pursuant to Section 16.1 hereof.

          10.1.9 Bank Equity Interest Purchase Obligation. Borrower shall have purchased such
Bank Equity Interests as CoBank may require pursuant to Article 7 hereof.

          10.1.10 Opinion of Counsel. Borrower shall have provided a favorable opinion of its
counsel addressed to the Administrative Agent and each of the present and future Syndication
Parties, covering such matters as the Administrative Agent may reasonably require.

          10.1.11 Further Assurances. Borrower shall have provided and/or executed and
delivered to the Administrative Agent such further assignments, documents or financing statements,
in form and substance satisfactory to the Administrative Agent, that Borrower is to execute and/or
deliver pursuant to the terms of the Loan Documents or as the Administrative Agent may reasonably
request.

     10.2 Conditions to Advances and to Issuance of Letters of Credit. The Syndication
Parties’ obligation to fund each Advance or to issue a Negotiated Letter of Credit, and the
obligation of the Letter of Credit Bank to issue Committed Letters of Credit is subject to the
satisfaction, in the sole discretion of the Administrative Agent and the Syndication Parties, of
each of the following conditions precedent, as well as those set forth in Section 10.1 hereof, and
each request by Borrower for an Advance or Letter of Credit shall constitute a representation by
Borrower, upon which the Administrative Agent may rely, that the conditions set forth in
Subsections 10.2.1 and 10.2.2 hereof have been satisfied:

          10.2.1 Default. As of the Advance Date or the issuance date of a Letter of Credit, as
the case may be, no Event of Default or Potential Default shall have occurred and be

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continuing,
and the disbursing of the amount of the Advance requested shall not result in an Event of Default
or Potential Default.

          10.2.2 Representations and Warranties. The representations and warranties of Borrower
herein shall be true and correct in all material respects on and as of the date on which the
Advance is to be made or the Letter of Credit is to be issued as though made on such date.
Borrower shall have paid the Administrative Agent, by wire transfer of immediately available U.S.
funds all fees set forth in Section 5.5 hereof which are then due and payable, including all
expenses owing pursuant to Section 16.1 hereof.

ARTICLE 11. AFFIRMATIVE COVENANTS

     From and after the date of this Credit Agreement and until the Bank Debt is indefeasibly paid
in full, all Letters of Credit and Existing Letters of Credit have expired, and the Syndication
Parties have no obligation to make any Advance or issue a Negotiated Letter of Credit, and the
Letter of Credit Bank has no obligation to issue any Committed Letters of Credit hereunder,
Borrower agrees that it will observe and comply with the following covenants for the benefit of the
Administrative Agent, the Syndication Parties, and the Letter of Credit Bank:

     11.1 Books and Records. Borrower shall at all times keep, and cause each Subsidiary
to keep, proper books of record and account, in which correct and complete entries shall be made of
all its dealings, in accordance with GAAP.

     11.2 Reports and Notices. Borrower shall provide to the Administrative Agent the
following reports, information and notices:

          11.2.1 Annual Financial Statements. As soon as available, but in no event later than
one hundred and twenty (120) days after the end of any Fiscal Year of Borrower occurring during the
term hereof one copy of the audit report for such year and accompanying consolidated financial
statements (including all footnotes thereto), including a consolidated balance sheet, a
consolidated statement of earnings, a consolidated statement of capital, and a consolidated
statement of cash flow for the Borrower and its Subsidiaries, showing in comparative form the
figures for the previous Fiscal Year, all in reasonable detail, prepared in conformance with GAAP
consistently applied and certified without qualification by PricewaterhouseCoopers, or other
independent public accountants of nationally recognized standing selected by the Borrower and
satisfactory to the Administrative Agent, and to be accompanied by a copy of the management letter
of such accountants addressed to the board of directors of Borrower related to such annual audit;
and annual financial statements of Borrower. Delivery to the Administrative Agent within the time
period specified above of copies of Borrower’s Annual Report on Form 10-K as prepared and filed in
accordance with the requirements of the Securities Exchange Commission shall be deemed to satisfy
the requirements of this Subsection if accompanied by the required unqualified accountant’s
certification. Such annual financial statements or Form 10-K’s required pursuant to this
Subsection shall be accompanied by a Compliance Certificate signed by Borrower’s Chief Financial
Officer or other officer of Borrower acceptable to the Administrative Agent.

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          11.2.2 Quarterly Financial Statements. As soon as available but in no event more than
forty-five (45) days after the end of each Fiscal Quarter (except the last Fiscal Quarter of
Borrower’s Fiscal Year) the following financial statements or other information concerning the
operations of Borrower and its Subsidiaries for such Fiscal Quarter, the Fiscal Year to date, and
for the corresponding periods of the preceding Fiscal Year, all prepared in accordance with GAAP
consistently applied: (a) a consolidated balance sheet, (b) a consolidated summary of earnings,
(c) a consolidated statement of cash flows, and (d) such other statements as the Administrative
Agent may reasonably request. Delivery to the Administrative Agent within the time period
specified above of copies of Borrower’s Quarterly Report on Form 10-Q as prepared and filed in
accordance with the requirements of the Securities Exchange Commission shall be deemed to
satisfy the requirements of this Subsection other than clause (d) hereof. Such quarterly financial
statements or Form 10-Q’s required pursuant to this Subsection shall be accompanied by a Compliance
Certificate signed by Borrower’s Chief Financial Officer or other officer of Borrower acceptable to
the Administrative Agent (subject to normal year end adjustments).

          11.2.3 Notice of Default. As soon as the existence of any Event of Default or
Potential Default becomes known to any officer of Borrower, prompt written notice of such Event of
Default or Potential Default, the nature and status thereof, and the action being taken or proposed
to be taken with respect thereto.

          11.2.4 ERISA Reports. As soon as possible and in any event within twenty (20) days
after Borrower knows or has reason to know that any Reportable Event or Prohibited Transaction has
occurred with respect to any Plan or that the PBGC or Borrower or any Subsidiary has instituted or
will institute proceedings under Title IV of ERISA to terminate any Plan, or that Borrower, any
Subsidiary or any ERISA Affiliate has completely or partially withdrawn from a Multiemployer Plan,
or that a Plan which is a Multiemployer Plan is in reorganization (within the meaning of Section
4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA) or is terminating, a
certificate of Borrower’s Chief Financial Officer setting forth details as to such Reportable Event
or Prohibited Transaction or Plan termination or withdrawal or reorganization or insolvency and the
action Borrower or such Subsidiary proposes to take with respect thereto, provided, however, that
notwithstanding the foregoing, no reporting is required under this subsection (6) unless the
matter(s), individually or in the aggregate, result, or could be reasonably expected to result, in
aggregate obligations or liabilities of Borrower and/or the Subsidiaries in excess of ten million
dollars ($10,000,000).

          11.2.5 Notice of Litigation. Promptly after the commencement thereof, notice of all
actions, suits, arbitration and any other proceedings before any Governmental Authority, affecting
Borrower or any Subsidiary which, if determined adversely to Borrower or any Subsidiary, could
reasonably be expected to require Borrower or any Subsidiary to have to pay or deliver assets
having a value of ten million dollars ($10,000,000) or more (whether or not the claim is covered by
insurance) or could reasonably be expected to result in a Material Adverse Effect.

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          11.2.6 Notice of Material Adverse Effect. Promptly after Borrower obtains knowledge
thereof, notice of any matter which, alone or when considered together with other matters, has
resulted or could reasonably be expected to result in, a Material Adverse Effect.

          11.2.7 Notice of Environmental Proceedings. Without limiting the provisions of
Subsection 11.2.5 hereof, promptly after Borrower’s receipt thereof, notice of the receipt of all
pleadings, orders, complaints, indictments, or other communication alleging a condition that may
require Borrower or any Subsidiary to undertake or to contribute to a cleanup or other response
under Environmental Regulations, or which seeks penalties, damages, injunctive relief, or criminal
sanctions related to alleged violations of such laws, or which claims personal injury or
property damage to any person as a result of environmental factors or conditions or which, if
adversely determined, could reasonably be expected to have a Material Adverse Effect.

          11.2.8 Regulatory and Other Notices. Promptly after Borrower’s receipt thereof,
copies of any notices or other communications received from any Governmental Authority with respect
to any matter or proceeding the effect of which could reasonably be expected to have a Material
Adverse Effect.

          11.2.9 Adverse Action Regarding Required Licenses. As soon as Borrower learns that
any petition, action, investigation, notice of violation or apparent liability, notice of
forfeiture, order to show cause, complaint or proceeding is pending, or, to the best of Borrower’s
knowledge, threatened, to seek to revoke, cancel, suspend, modify, or limit any of the Required
Licenses, prompt written notice thereof and Borrower shall contest any such action in a Good Faith
Contest.

          11.2.10 Budget. Promptly upon becoming available and in any event within thirty (30)
days after the beginning of each Fiscal Year, a copy of the Annual Operating Budget for the next
succeeding Fiscal Year and for each Fiscal Year through the 5-Year Maturity Date approved by
Borrower’s board of directors, together with the assumptions and projections on which such budget
is based and a copy of forecasts of operations and capital expenditures (including investments) for
each Fiscal Year; provided that the Annual Operating Budget for the Fiscal Year ending August 31,
2006 shall be required on the Closing Date. In addition, if any material changes are made to such
budget or projections or forecasts during the year, then Borrower will furnish copies to the
Administrative Agent of any such changes promptly after such changes have been approved.

          11.2.11 Additional Information. With reasonable promptness, such other information
respecting the condition or operations, financial or otherwise, of Borrower or any Subsidiary as
the Administrative Agent or any Syndication Party may from time to time reasonably request.

     11.3 Maintenance of Existence and Qualification. Borrower shall, and shall cause each
Subsidiary to, maintain its corporate existence in good standing under the laws of its state of
organization. Borrower shall, and shall cause each Subsidiary to, qualify and remain qualified as
a foreign corporation in each jurisdiction in which such qualification is necessary in view of its

44

 

business, operations and properties except where the failure to so qualify has not and could not
reasonably be expected to result in a Material Adverse Effect.

     11.4 Compliance with Legal Requirements and Agreements. Borrower shall, and shall
cause each Subsidiary to: (a) comply with all laws, rules, regulations and orders applicable to
Borrower (or such Subsidiary, as applicable) or its business unless such failure to comply is the
subject of a Good Faith Contest; and (b) comply with all agreements, indentures, mortgages, and
other instruments to which it (or any Subsidiary, as applicable) is a party or by which it or any
of its (or any Subsidiary, or any of such Subsidiary’s, as applicable) property is bound; provided,
however, that the failure of Borrower to comply with this sentence in any instance not directly
involving the Administrative Agent or a Syndication Party shall not constitute an Event of Default
unless such failure could reasonably be expected to have a Material Adverse Effect.

     11.5 Compliance with Environmental Laws. Without limiting the provisions of Section
11.4 of this Credit Agreement, Borrower shall, and shall cause Subsidiary to, comply in all
material respects with, and take all reasonable steps necessary to cause all persons occupying or
present on any properties owned or leased by Borrower (or any Subsidiary, as applicable) to comply
with, all Environmental Regulations, the failure to comply with which would have a Material Adverse
Effect or unless such failure to comply is the subject of a Good Faith Contest.

     11.6 Taxes. Borrower shall pay or cause to be paid, and shall cause each Subsidiary
to pay, when due all taxes, assessments, and other governmental charges upon it, its income, its
sales, its properties (or upon Subsidiary and its income, sales, and properties, as applicable),
and federal and state taxes withheld from its (or Subsidiary’s, as applicable) employees’ earnings,
unless (a) the failure to pay such taxes, assessments, or other governmental charges could not
reasonably be expected to result in a Material Adverse Effect, or (b) such taxes, assessments, or
other governmental charges are the subject of a Good Faith Contest and Borrower has established
adequate reserves therefor in accordance with GAAP.

     11.7 Insurance. Borrower shall maintain, and cause each Subsidiary to maintain,
insurance with one or more financially sound and reputable insurance carrier or carriers reasonably
acceptable to the Administrative Agent, in such amounts (including deductibles) and covering such
risks (including fidelity coverage) as are usually carried by companies engaged in the same or a
similar business and similarly situated, provided, however, that Borrower may, to the extent
permitted by Law, provide for appropriate self-insurance with respect to workers’ compensation. At
the request of Administrative Agent, copies of all policies (or such other proof of compliance with
this Section as may be reasonably satisfactory) shall be delivered to the Administrative Agent.
All such insurance policies shall contain a provision requiring at least ten (10) days’ notice to
Borrower prior to any cancellation for non-payment of premiums and at least forty-five (45) days’
notice to Borrower of cancellation for any other reason or of non-renewal. With respect to all
such insurance policies, Borrower shall provide the Administrative Agent with (a) within ten (10)
days after obtaining such knowledge, written notice of any material modification of which it has
knowledge; and (b) one or more certificates of insurance which shall include the agreement of the
broker/insuror representative providing such certificates to provide to the Administrative Agent at
least ten (10) days’ notice prior to any cancellation of any such insurance policies for
non-payment of premiums and at least forty-five (45) days’ notice

45

 

prior to cancellation of any such
insurance policies for any other reason, and of non-renewal or material modification of any such
insurance policies. No later than forty (40) days prior to expiration, Borrower shall give the
Administrative Agent (x) satisfactory written evidence of renewal of all such policies with
premiums paid, or (y) a written report as to the steps being taken by Borrower to renew or replace
all such policies, provided that notwithstanding the receipt of such written report, the
Administrative Agent may at any time thereafter give Borrower written notice to provide the
Administrative Agent with such evidence
as described in clause (x), in which case Borrower must do so within ten (10) days of such
notice. Borrower agrees to pay all premiums on such insurance as they become due (including grace
periods), and will not permit any condition to exist which would wholly or partially invalidate any
insurance thereon.

     11.8 Maintenance of Properties. Borrower shall maintain, keep and preserve, and cause
each Subsidiary to maintain, keep and preserve, all of its material properties (tangible and
intangible) necessary or used in the proper conduct of its business in good working order and
condition, ordinary wear and tear excepted, and shall cause to be made all repairs, renewals,
replacements, betterments and improvements thereof, all as in the sole judgment of Borrower may be
reasonably necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times.

     11.9 Payment of Liabilities. Borrower shall pay, and shall cause its Subsidiaries to
pay, all liabilities (including, without limitation: (a) any indebtedness for borrowed money or
for the deferred purchase price of property or services; (b) any obligations under leases which
have or should have been characterized as Capital Leases; and (c) any contingent liabilities, such
as guaranties, for the obligations of others relating to indebtedness for borrowed money or for the
deferred purchase price of property or services or relating to obligations under leases which have
or should have been characterized as Capital Leases) as they become due beyond any period of grace
under the instrument creating such liabilities, unless (with the exception of the Bank Debt) (a)
the failure to pay such liabilities within such time period could not reasonably be expected to
result in a Material Adverse Effect, or (b) they are contested in good faith by appropriate actions
or legal proceedings, Borrower establishes adequate reserves therefor in accordance with GAAP, and
such contesting will not result in a Material Adverse Effect.

     11.10 Inspection. Borrower shall permit, and cause its Subsidiaries to permit, the
Administrative Agent or any Syndication Party or their agents, during normal business hours or at
such other times as the parties may agree, to inspect the assets and operations of Borrower and its
Subsidiaries and to examine, and make copies of or abstracts from, Borrower’s properties, books,
and records, and to discuss the affairs, finances, operations, and accounts of Borrower and its
Subsidiaries with their respective officers, directors, employees, and independent certified public
accountants (and by this provision Borrower authorizes said accountants to discuss with the
Administrative Agent or any Syndication Party or their agents the finances and affairs of
Borrower); provided, that, in the case of each meeting with the independent accountants Borrower is
given an opportunity to have a representative present at such meeting.

     11.11 Required Licenses; Permits; Intellectual Property; Etc. Borrower shall duly and
lawfully obtain

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and maintain in full force and effect, and shall cause its Subsidiaries to obtain
and maintain in full force and effect, all Required Licenses and Intellectual Property as
appropriate for the business being conducted and properties owned by Borrower or such Subsidiaries
at any given time.

     11.12 ERISA. Borrower shall make or cause to be made, and cause each Subsidiary to
make or cause to be made, all payments or contributions to all Borrower Pension Plans covered by
Title IV of ERISA, which are necessary to enable those Borrower Pension Plans to continuously meet
all minimum funding standards or requirements.

     11.13 Maintenance of Commodity Position. Borrower shall protect its commodity
inventory holdings or commitments to buy or sell commodities against adverse price movements,
including the taking of equal and opposite positions in the cash and futures markets, to minimize
losses and protect margins in commodity production, storage, processing and marketing as is
recognized as financially sound and reputable by prudent business persons in the commodity
business.

     11.14 Financial Covenants. Borrower shall maintain the following financial covenants:

          11.14.1 Working Capital. Borrower shall have at all times Consolidated Current Assets
minus Consolidated Current Liabilities of not less than $250,000,000.

          11.14.2 Consolidated Funded Debt to Consolidated Cash Flow. Borrower shall have at
all times and measured as of the end of each Fiscal Quarter, a ratio of Consolidated Funded Debt
divided by Consolidated Cash Flow, as measured on the previous consecutive four Fiscal Quarters, of
no greater than 3.00 to 1.00.

          11.14.3 Adjusted Consolidated Funded Debt to Consolidated Members’ and Patrons’
Equity. Borrower shall not permit the ratio of Adjusted Consolidated Funded Debt to
Consolidated Members’ and Patrons’ Equity to exceed at any time .80 to 1.00.

     11.15 Embargoed Person. At all times throughout the term of the Loans, (a) none of
the funds or assets of Borrower that are used to repay the Loans shall constitute property of, or
shall be beneficially owned directly or, to the knowledge of Borrower, indirectly by, any Person
subject to sanctions or trade restrictions under United States law (“Embargoed Person” or
“Embargoed Persons”) that is identified on (1) the “List of Specially Designated Nationals and
Blocked Persons” (the “SDN List”) maintained by the Office of Foreign Assets Control (“OFAC”), U.S.
Department of the Treasury, and/or to the knowledge of Borrower, as of the date thereof, based upon
reasonable inquiry by Borrower, on any other similar list (“Other List”) maintained by OFAC
pursuant to any authorizing statute including, but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C.
App. 1 et seq., and any Executive Order or regulation promulgated thereunder, with the
result that the investment in Borrower (whether directly or indirectly), is prohibited by law, or
the Loans made by the Syndication Parties would be in violation of law, or (2) the Executive Order,
any related enabling legislation or any other similar Executive Orders, and (b) no Embargoed Person
shall have any direct interest, and to the knowledge of Borrower, as of the date hereof, based upon
reasonable inquiry
by Borrower, indirect interest, of any nature

47

 

whatsoever in Borrower, with the result that the
investment in Borrower (whether directly or indirectly), is prohibited by law or the Loans are in
violation of law.

     11.16 Anti-Money Laundering. At all times throughout the term of the Loans, to the
knowledge of Borrower, as of the date hereof, based upon reasonable inquiry by Borrower, none of
the funds of Borrower, that are used to repay the Loans shall be derived from any unlawful
activity, with the result that the investment in Borrower (whether directly or indirectly), is
prohibited by law or the Loans would be in violation of law.

ARTICLE 12. NEGATIVE COVENANTS

     From and after the date of this Credit Agreement until the Bank Debt is indefeasibly paid in
full, all Letters of Credit and Existing Letters of Credit have expired or been fully drawn, the
Syndication Parties have no obligation to make any Advance or issue any Negotiated Letter of
Credit, and the Letter of Credit Bank has no obligation to issue any Committed Letters of Credit
hereunder, Borrower agrees that it will observe and comply with the following covenants:

     12.1 Borrowing. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) create, incur, assume or permit to exist, directly or indirectly, any Debt, except
for: (a) Debt of Borrower arising under this Credit Agreement and the other Loan Documents; (b)
trade payables arising in the ordinary course of business; (c) Capital Leases in existence from
time to time; (d) current operating liabilities (other than for borrowed money) incurred in the
ordinary course of business; (e) unsecured Debt; (f) Debt in existence on the date hereof as set
forth in Exhibit 12.1 attached hereto; (g) Debt of Borrower incurred pursuant to the Term
Loan Credit Agreement; (h) documentary and standby letters of credit issued at the request of
Borrower or any Restricted Subsidiary by a financial institution other than the Letter of Credit
Bank or a Syndication Party, provided the aggregate undrawn face amount of all such letters of
credit together with the undrawn face amount under all of the Letters of Credit does not exceed
$75,000,000, and provided further that the aggregate undrawn face amount of all such letters of
credit together with all 5-Year Advances, the undrawn face amount of all the Letters of Credit and
unreimbursed obligations with respect to payments made under all the Letters of Credit shall not
exceed the 5-Year Commitment; and (i) such other Debt agreed upon in writing between Borrower and
the Syndication Parties.

     12.2 No Other Businesses. Borrower shall not engage in any material respects in any
business activity or operations other than operations or activities (a) in the agriculture
industry, (b) in the food industry, or (c) which are not substantially different from or are
related to its present business activities or operations.

     12.3 Liens. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) create, incur, assume or suffer to exist any mortgage, pledge, lien, charge or
other encumbrance on, or any security interest in, any of its real or personal properties
(including, without limitation, leasehold interests, leasehold improvements and any other interest
in real property or fixtures), now owned or hereafter acquired, except the following Liens
(“Permitted Encumbrances”):

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               (a) Liens for taxes or assessments or other charges or levies of any Governmental Authority,
that are not delinquent or if delinquent (i) are the subject of a Good Faith Contest but in no
event past the time when a penalty would be incurred, and (ii) the aggregate amount of liabilities
so secured (including interest and penalties) does not exceed $10,000,000 at any one time
outstanding;

               (b) Liens imposed by Law, such as mechanic’s, worker’s, repairman’s, miner’s, agister’s,
attorney’s, materialmen’s, landlord’s, warehousemen’s and carrier’s Liens and other similar Liens
which are securing obligations incurred in the ordinary course of business for sums not yet due and
payable or if due and payable which are the subject of a Good Faith Contest;

               (c) Liens under workers’ compensation, unemployment insurance, social security or similar
legislation (other than ERISA), or to secure payments of premiums for insurance purchased in the
ordinary course of business, or to secure the performance of tenders, statutory obligations, surety
and appearance bonds and bids, bonds for release of an attachment, stay of execution or injunction,
leases, government contracts, performance and return-of-money bonds and other similar obligations,
all of which are incurred in the ordinary course of business of Borrower or the Restricted
Subsidiary, as applicable, and not in connection with the borrowing of money;

               (d) Any attachment or judgment Lien, the time for appeal or petition for rehearing of which
shall not have expired or in respect of which Borrower or the Restricted Subsidiary is protected in
all material respects by insurance or for the payment of which adequate reserves have been
established, provided that the execution or other enforcement of such Liens is effectively stayed
and the claims secured thereby are the subject of a Good Faith Contest, and provided further that
the aggregate amount of liabilities of Borrower and its Restricted Subsidiaries so secured
(including interest and penalties) shall not be in excess of $10,000,000.00 at any one time
outstanding;

               (e) Easements, rights-of-way, restrictions, encroachments, covenants, servitudes, zoning and
other similar encumbrances which, in the aggregate, do not materially interfere with the
occupation, use and enjoyment by Borrower or any Restricted Subsidiary of the property or assets
encumbered thereby in the normal course of its business or materially impair the value of the
property subject thereto;

               (f) Liens arising in the ordinary course of business and created in connection with amounts on
deposit in charge card and like accounts (such as Visa or MasterCard);

               (g) Liens on land, buildings and equipment existing at the time of their acquisition or Liens
to secure the payment of all or any part of the purchase price of such land, buildings or equipment
or to secure Funded Debt incurred prior to, at the time of, or within one-
hundred eighty (180) days after the acquisition of such property for the purpose of financing
all or any part of the purchase price thereof, provided that any such Liens shall not encumber any
other property of Borrower or its Restricted Subsidiaries;

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               (h) Liens assumed in connection with permitted mergers and acquisitions, but only to the
extent that such Liens shall secure only Funded Debt and shall not encumber any other property of
Borrower or any Restricted Subsidiary;

               (i) Liens on financed property created or incurred in connection with leases, mortgages,
conditional sales contracts, security interests or arrangements for the retention of title entered
into by Borrower or any of its Restricted Subsidiaries to secure “industrial revenue bonds” as
defined in Section 103(b)(2) of the Code and treated as obligations described in legislation
similar to the provisions of said Sections of the Code enacted in any State of the United States or
Puerto Rico, which are issued to finance property useful and intended to be used in carrying on the
business of Borrower or any of its Restricted Subsidiaries, provided that upon creation of any such
Lien Borrower or such Restricted Subsidiary shall incur Funded Debt secured thereby in conformity
with the provisions of Section 12.1 hereof;

               (j) Liens on property or assets of a Restricted Subsidiary to secure Debt of such Restricted
Subsidiary to Borrower;

               (k) Liens of CoBank and other cooperatives, respectively, on Investments by Borrower in the
stock, participation certificates, or allocated reserves of CoBank or other cooperatives,
respectively, owned by Borrower;

               (l) All precautionary filings of financing statements under the Uniform Commercial Code which
cover property that is made available to or used by Borrower or any Restricted Subsidiary pursuant
to the terms of an Operating Lease or Capital Lease;

               (m) Liens securing its reimbursement obligations under any letter of credit issued in
connection with the acquisition of an asset; provided that (i) the lien attaches only to such
asset, and (ii) the lien is released upon satisfaction of such reimbursement obligation; and

               (n) Liens to secure and provide credit support, up to a maximum of $25,000,000.00, for
regulated exchange or over-the-counter hedging transactions.

     12.4 Sale of Assets. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) sell, convey, assign, lease or otherwise transfer or dispose of, voluntarily, by
operation of law or otherwise, any material part of its now owned or hereafter acquired assets
during any twelve (12) month period commencing September 1, 2005 and each September 1 thereafter,
except: (a) the sale of inventory, equipment and fixtures disposed of in the ordinary course of
business, (b) the sale or other disposition of assets no longer necessary or useful for the conduct
of its business, and (c) leases of assets to an entity in which Borrower has at least a
fifty-percent (50%) interest in ownership, profits, and governance. For purposes of this Section,
“material part” shall mean ten percent (10%) or more of the lesser of the book value or the market
value of the assets of Borrower or such Restricted Subsidiary as
shown on the balance sheets thereof as of the August 31 immediately preceding each such twelve
(12) month measurement period.

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     12.5 Liabilities of Others. Borrower shall not (nor shall it permit any of its
Restricted Subsidiaries to) assume, guarantee, become liable as a surety, endorse, contingently
agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not
limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other
agreement designed to ensure any creditor against loss), for or on account of the obligation of any
Person, except: (a) by the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of the Borrower’s or any Restricted Subsidiary’s
business; and (b) guarantees made from time to time, whether in existence on the Closing Date or
made subsequent thereto, by Borrower and its Restricted Subsidiaries in the ordinary course of
their respective businesses with respect to the liabilities and obligations of Persons including
National Cooperative Refinery Association (“NCRA”); provided, however, that the aggregate amount of
all indebtedness guaranteed under this clause (b) shall not exceed $150,000,000.00 in the
aggregate.

     12.6 Loans. Borrower shall not (nor shall it permit any of its Restricted
Subsidiaries to) lend or advance money, credit, or property to any Person, except for: (a) loans
to Restricted Subsidiaries; (b) trade credit extended in the ordinary course of business and
advances against the purchase price for the purchase by Borrower of goods or services in the
ordinary course of business; (c) the loan to NCRA advanced on February 28, 2005 and as evidenced by
that certain loan agreement and that certain promissory note each dated October 1, 2004; (d) loans
made by Borrower to its members on open account maintained by such members with Borrower or made by
Borrower to its members pursuant to its Affiliate Financing CoBank Participation Program; (e) loans
made to agricultural producers; (f) loans, in the amount of open account credit balances owing by
Borrower to its customers for goods purchased from such customers by Borrower; and (g) loans made
to Cofina Financial, LLC (a joint venture between Borrower and Cenex Finance Association); provided
that at all times the aggregate outstanding principal amount of all such loans retained by Borrower
and (with respect to clauses (e) and (g)) any such Restricted Subsidiary under clauses (d), (e),
and (g) of this Section shall not exceed $200,000,000.00.

     12.7 Merger; Acquisitions; Business Form; Etc. Borrower shall not (nor shall it
permit any of its Restricted Subsidiaries to) merge or consolidate with any entity, or acquire all
or substantially all of the assets of any person or entity, or form or create any new Subsidiary
(other than a Restricted Subsidiary formed by Borrower), change its business form from a
cooperative corporation, or commence operations under any other name, organization, or entity,
including any joint venture; provided, however,

               (a) The foregoing shall not prevent any consolidation, acquisition, or merger if after giving
effect thereto:

               (i) The book value of Borrower and its subsidiaries does not increase due to all such
mergers, consolidations or acquisitions by an aggregate amount in excess of $100,000,000.00
in any Fiscal Year of Borrower;

               (ii) Borrower is the surviving entity; and

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               (iii) No Event of Default or Potential Default shall have occurred and be continuing.

               (b) The foregoing shall not prevent Borrower from forming or creating any new Subsidiary
provided:

               (i) The Investment in such Subsidiary does not violate any provision of Section 12.8
hereof; and

               (ii) Such Subsidiary shall not acquire all or substantially all of the assets of any
Person except through an acquisition, consolidation, or merger satisfying the requirements
of clause (a) of this Section.

     12.8 Investments. Except for the purchase of Bank Equity Interests, Borrower shall
not (nor shall it permit any of its Restricted Subsidiaries to) own, purchase or acquire any stock,
obligations or securities of, or any other interest in, or make any capital contribution to, or
otherwise make an Investment in, any Person, except that Borrower and the Restricted Subsidiaries
may own, purchase or acquire:

               (a) commercial paper maturing not in excess of one year from the date of acquisition and rated
P1 by Moody’s Investors Service, Inc. or A1 by Standard & Poor’s Corporation on the date of
acquisition;

               (b) certificates of deposit in North American commercial banks rated C or better by Keefe,
Bruyette & Woods, Inc. or 3 or better by Cates Consulting Analysts, maturing not in excess of one
year from the date of acquisition;

               (c) obligations of the United States government or any agency thereof, the obligations of
which are guaranteed by the United States government, maturing, in each case, not in excess of one
year from the date of acquisition;

               (d) repurchase agreements of any bank or trust company incorporated under the laws of the
United States of America or any state thereof and fully secured by a pledge of obligations issued
or fully and unconditionally guaranteed by the United States government;

               (e) Investments permitted under Sections 12.5, 12.6, and 12.7;

               (f) Investments in Persons, which are not Restricted Subsidiaries, identified, including the
book value of each such Investment, on Exhibit 12.8(f) hereto; provided that the amount of
such Investment shall not increase above the amount shown in Exhibit 12.8(f),except for Investments made pursuant to clauses (h) through (k) of this
Section subsequent to the Closing Date;

               (g) Investments (by Borrower) in the Restricted Subsidiaries;

               (h) Investments in the form of non-cash patronage dividends in any Person;

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               (i) Investments in NCRA in addition to (1) non-cash patronage dividends, and (2) those
Investments in NCRA by Borrower prior to the Closing Date, as shown, by amount and date, on
Exhibit 12.8(i) hereto, provided that the maximum amount of Investments in NCRA subsequent
to the Closing Date pursuant to this clause (i) shall not exceed $170,000,000.00;

               (j) Investments in Ventura Foods, LLC in addition to those Investments in Ventura Foods, LLC
by Borrower prior to the Closing Date, as shown, by amount and date, on Exhibit 12.8(j)
hereto, provided that the maximum amount of Investments in Ventura Foods, LLC subsequent to the
Closing Date pursuant to this clause (j) shall not exceed $80,000,000.00; and

               (k) Investments, in addition to those permitted by clauses (a) through (j) above, in an
aggregate amount not exceeding $250,000,000.00.

     12.9 Transactions With Related Parties. Borrower shall not purchase, acquire,
provide, or sell any equipment, other personal property, real property or services from or to any
Subsidiary (other than a Restricted Subsidiary), except in the ordinary course and pursuant to the
reasonable requirements of Borrower’s business and upon fair and reasonable terms no less favorable
than would be obtained by Borrower in a comparable arm’s-length transaction with an unrelated
Person.

     12.10 Patronage Refunds, etc. Borrower shall not, directly or indirectly, in any
Fiscal Year (a) declare or pay any cash patronage refunds to patrons or members which in the
aggregate exceed 20% of Borrower’s consolidated net patronage income for the Fiscal Year of
Borrower preceding the Fiscal Year in which such patronage refunds are to be paid, (b) directly or
indirectly redeem or otherwise retire its equity, or (c) make any cash distributions of any kind or
character in respect of its equity, unless, in the case of (a), (b), or (c), (i) at the time of
taking such action no Event of Default or Potential Default exists hereunder and (ii) after giving
effect thereto no Event of Default or Potential Default would exist hereunder.

     12.11 Change in Fiscal Year. Borrower shall not change its Fiscal Year from a year
ending on August 31 unless required to do so by the Internal Revenue Service, in which case
Borrower agrees to such amendment of the terms Fiscal Quarter and Fiscal Year, as used herein, as
the Administrative Agent reasonably deems necessary.

     12.12 ERISA. Borrower shall not: (a) engage in or permit any transaction which could
result in a “prohibited transaction” (as such term is defined in Section 406 of ERISA) or in the
imposition of an excise tax pursuant to Section 4975 of the Code with respect to any Borrower
Benefit Plan; (b) engage in or permit any transaction or other event which could result in a
“reportable event”( as such term is defined in Section 4043 of ERISA) for any Borrower Pension
Plan; (c) fail to make full payment when due of all amounts which, under the provisions of any
Borrower Benefit Plan, Borrower is required to pay as contributions thereto; (d) permit to exist
any “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) as of the
end of any Fiscal Year, in excess of five percent (5.0%) of net worth (determined in accordance
with GAAP) of Borrower and its Consolidated Subsidiaries, whether or not waived,

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with respect to
any Borrower Pension Plan; (e) fail to make any payments to any Multiemployer Plan that Borrower
may be required to make under any agreement relating to such Multiemployer Plan or any law
pertaining thereto; or (f) terminate any Borrower Pension Plan in a manner which could result in
the imposition of a lien on any property of Borrower pursuant to Section 4068 of ERISA. Borrower
shall not terminate any Borrower Pension Plan so as to result in any liability to the PBGC.

     12.13 Anti-Terrorism Law. Borrower shall not (a) conduct any business or engage in
making or receiving any contribution of funds, goods or services to or for the benefit of any
Person described in Subsection 9.24.2 above, (b) deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order or any
other Anti-Terrorism Law, or (c) engage in or conspire to engage in any transaction that evades or
avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Anti-Terrorism Law (and Borrower shall deliver to the Administrative Agent any
certification or other evidence requested from time to time by the Administrative Agent in its
reasonable discretion, confirming Borrower’ compliance with this Section).

ARTICLE 13. INDEMNIFICATION

     13.1 General; Stamp Taxes; Intangibles Tax. Borrower agrees to indemnify and hold the
Administrative Agent and each Syndication Party and their directors, officers, employees, agents,
professional advisers and representatives (“Indemnified Parties”) harmless from and against any and
all claims, damages, losses, liabilities, costs or expenses whatsoever which the Administrative
Agent or any other Indemnified Party may incur (or which may be claimed against any such
Indemnified Party by any Person), including attorneys’ fees incurred by any Indemnified Party,
arising out of or resulting from: (a) the material inaccuracy of any representation or warranty of
or with respect to Borrower in this Credit Agreement or the other Loan Documents; (b) the material
failure of Borrower to perform or comply with any covenant or obligation of Borrower under this
Credit Agreement or the other Loan Documents; (c) the exercise by the Administrative Agent of any
right or remedy set forth in this Credit Agreement or the other Loan Documents; or (d) all acts or
omissions of the beneficiary of any Letter of Credit, and for such purposes, such beneficiary shall
be deemed Borrower’s agent; provided that Borrower shall have no obligation to indemnify any
Indemnified Party against claims, damages, losses, liabilities, costs or expenses to the extent
that a court of competent jurisdiction renders a final non-appealable determination that the
foregoing are solely the result of the willful misconduct or gross negligence of such
Indemnified Party. In addition, Borrower agrees to indemnify and hold the Indemnified Parties
harmless from and against any and all claims, damages, losses, liabilities, costs or expenses
whatsoever which the Administrative Agent or any other Indemnified Party may incur (or which may be
claimed against any such Indemnified Party by any Person), including attorneys’ fees incurred by
any Indemnified Party, arising out of or resulting from the imposition or nonpayment by Borrower of
any stamp tax, intangibles tax, or similar tax imposed by any state, including any amounts owing by
virtue of the assertion that the property valuation used to calculate any such tax was understated.
Borrower shall have the right to assume the defense of any claim as would give rise to Borrower’s
indemnification obligation under this Section with counsel of Borrower’s choosing so long as such
defense is being

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diligently and properly conducted and Borrower shall establish to the Indemnified
Party’s satisfaction that the amount of such claims are not, and will not be, material in
comparison to the liquid and unrestricted assets of Borrower available to respond to any award
which may be granted on account of such claim. So long as the conditions of the preceding sentence
are met, Indemnified Party shall have no further right to reimbursement of attorneys’ fees incurred
thereafter. The obligation to indemnify set forth in this Section shall survive the termination of
this Credit Agreement and other covenants.

     13.2 Indemnification Relating to Hazardous Substances. Borrower shall not locate,
produce, treat, transport, incorporate, discharge, emit, release, deposit or dispose of any
Hazardous Substance in, upon, under, over or from any property owned or held by Borrower, except in
accordance with all Environmental Regulations; Borrower shall not permit any Hazardous Substance to
be located, produced, treated, transported, incorporated, discharged, emitted, released, deposited,
disposed of or to escape in, upon, under, over or from any property owned or held by Borrower,
except in accordance with Environmental Regulations; and Borrower shall comply with all
Environmental Regulations which are applicable to such property. Borrower shall indemnify the
Indemnified Parties against, and shall reimburse the Indemnified Parties for, any and all claims,
demands, judgments, penalties, liabilities, costs, damages and expenses, including court costs and
attorneys’ fees incurred by the Indemnified Parties (prior to trial, at trial and on appeal) in any
action against or involving the Indemnified Parties, resulting from any breach of the foregoing
covenants in this Section or the covenants in Section 11.5 hereof, or from the discovery of any
Hazardous Substance in, upon, under or over, or emanating from, such property, it being the intent
of Borrower and the Indemnified Parties that the Indemnified Parties shall have no liability or
responsibility for damage or injury to human health, the environmental or natural resources caused
by, for abatement and/or clean-up of, or otherwise with respect to, Hazardous Substances as the
result of the Administrative Agent or any Syndication Party exercising any of its rights or
remedies with respect thereto, including but not limited to becoming the owner thereof by
foreclosure or conveyance in lieu of foreclosure of a judgment lien; provided that such
indemnification as it applies to the exercise by the Administrative Agent or any Syndication Party
of its rights or remedies with respect to the Loan Documents shall not apply to claims arising
solely with respect to Hazardous Substances brought onto such property by the Administrative Agent
or such Syndication Party while engaged in activities other than operations substantially the same
as the operations previously conducted on such property by Borrower. The foregoing covenants of
this Section shall be deemed continuing covenants for the benefit of the Indemnified Parties, and
any successors and
assigns of the Indemnified Parties, including but not limited to, any transferee of the title
of the Administrative Agent or any Syndication Party or any subsequent owner of the property, and
shall survive the satisfaction or release of any lien, any foreclosure of any lien and/or any
acquisition of title to the property or any part thereof by the Administrative Agent or any
Syndication Party, or anyone claiming by, through or under the Administrative Agent or any
Syndication Party or Borrower by deed in lieu of foreclosure or otherwise. Any amounts covered by
the foregoing indemnification shall bear interest from the date incurred at the Default Interest
Rate, shall be payable on demand, and shall be secured by the Security Documents. The
indemnification and covenants of this Section shall survive the termination of this Credit
Agreement and other covenants.

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ARTICLE 14. EVENTS OF DEFAULT; RIGHTS AND REMEDIES

     14.1 Events of Default. The occurrence of any of the following events (each an “Event
of Default”) shall, at the option of the Administrative Agent, make the entire Bank Debt
immediately due and payable (provided, that in the case of an Event of Default under Subsection
14.1(f) all amounts owing hereunder and under the other Loan Documents shall automatically and
immediately become due and payable without any action by or on behalf of the Administrative Agent),
and the Administrative Agent may exercise all rights and remedies for the collection of any amounts
outstanding hereunder and take whatever action it deems necessary to secure itself, all without
notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor,
or other notices or demands of any kind or character:

               (a) Failure of Borrower to pay (i) when due, whether by acceleration or otherwise, any
principal in accordance with this Credit Agreement or the other Loan Documents, or (ii) within five
(5) days of the date when due, whether by acceleration or otherwise, any interest or amounts other
than principal in accordance with this Credit Agreement or the other Loan Documents.

               (b) Any representation or warranty set forth in any Loan Document, any 5-Year Borrowing
Notice, any financial statements or reports or projections or forecasts, or in connection with any
transaction contemplated by any such document, shall prove in any material respect to have been
false or misleading when made or furnished by Borrower.

               (c) Any default by Borrower in the performance or compliance with the covenants, promises,
conditions or provisions of Sections 11.7 (only if such default is with respect to the last
sentence of such Section), 11.10, 11.14, 11.15, 11.16, 12.1, 12.4, 12.5, 12.7, 12.10, or 12.13 of
this Credit Agreement; provided that a default under Subsection 11.14.1 hereof shall not constitute
an Event of Default nor a Potential Default if Borrower is in compliance with such Subsection
within five (5) Banking Days after the earlier of (i) the date on which Borrower discovers that it
is not in compliance with such test, or (ii) the date by which Borrower is required by Subsections
11.2.1 or 11.2.2 hereof to provide quarterly or year-end financial statements and/or Compliance
Certificates to the Administrative Agent.

               (d) Any default by Borrower in the performance or compliance with the covenants, promises,
conditions or provisions of Sections 3.11, 11.2, 11.4, 11.5, 11.6, 11.7 (except as provided in
clause (c) of this Section), 11.8, 11.9, (except as provided in Section 14.1(e)), 11.11, 11.12,
11.13, 12.3, 12.6, 12.8, 12.9, or 12.11 of this Credit Agreement, and such failure continues for
fifteen (15) days after Borrower learns of such failure to comply, whether by Borrower’s own
discovery or through notice from the Administrative Agent.

               (e) The failure of Borrower to pay when due, or failure to perform or observe any other
obligation or condition with respect to any of the following obligations to any Person, beyond any
period of grace under the instrument creating such obligation: (i) any indebtedness for borrowed
money or for the deferred purchase price of property or services, (ii) any obligations under leases
which have or should have been characterized as Capital Leases,

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or (iii) any contingent
liabilities, such as guaranties, for the obligations of others relating to indebtedness for
borrowed money or for the deferred purchase price of property or services or relating to
obligations under leases which have or should have been characterized as Capital Leases; provided
that no such failure will be deemed to be an Event of Default hereunder unless and until the
aggregate amount owing under obligations with respect to which such failures have occurred and are
continuing is at least $10,000,000.00.

               (f) Borrower applies for or consents to the appointment of a trustee or receiver for any part
of its properties; any bankruptcy, reorganization, debt arrangement, dissolution or liquidation
proceeding is commenced or consented to by Borrower; or any application for appointment of a
receiver or a trustee, or any proceeding for bankruptcy, reorganization, debt management or
liquidation is filed for or commenced against Borrower, and is not withdrawn or dismissed within
sixty (60) days thereafter.

               (g) Failure of Borrower to comply with any other provision of this Credit Agreement or the
other Loan Documents not constituting an Event of Default under any of the preceding subparagraphs
of this Section 14.1, and such failure continues for thirty (30) days after Borrower learns of such
failure to comply, whether by Borrower’s own discovery or through notice from the Administrative
Agent.

               (h) The entry of one or more judgments in an aggregate amount in excess of $5,000,000.00
against Borrower not stayed, discharged or paid within thirty (30) days after entry.

               (i) The occurrence at any time from the Original Effective Date to the Closing Date of any
circumstance which would have constituted an Event of Default under the 2005 Credit Agreement.

               (j) The occurrence of an “Event of Default” under the Term Loan Credit Agreement.

     14.2 No Advance. The Syndication Parties shall have no obligation to make any Advance
or issue any Negotiated Letter of Credit, and the Letter
of Credit Bank shall have no obligation to issue a Committed Letter of Credit if a Potential
Default or an Event of Default shall occur and be continuing.

     14.3 Rights and Remedies. In addition to the remedies set forth in Section 14.1 and
14.2 hereof, upon the occurrence of an Event of Default, the Administrative Agent shall be entitled
to exercise, subject to the provisions of Section 15.8 hereof, all the rights and remedies provided
in the Loan Documents and by any applicable law. Each and every right or remedy granted to the
Administrative Agent pursuant to this Credit Agreement and the other Loan Documents, or allowed the
Administrative Agent by law or equity, shall be cumulative. Failure or delay on the part of the
Administrative Agent to exercise any such right or remedy shall not operate as a waiver thereof.
Any single or partial exercise by the Administrative Agent of any such right or remedy shall not
preclude any future exercise thereof or the exercise of any other right or remedy.

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ARTICLE 15. AGENCY AGREEMENT

     15.1 Funding of Syndication Interest. Each Syndication Party, severally but not
jointly, hereby irrevocably agrees to fund its Funding Share of the Advances (“Advance Payment”) as
determined pursuant to the terms and conditions contained herein and in particular, Articles 2, 3,
and 4 hereof. Each Syndication Party’s interest (“Syndication Interest”) in each Advance hereunder
shall be without recourse to the Administrative Agent or any other Syndication Party and shall not
be construed as a loan from any Syndication Party to the Administrative Agent or any other
Syndication Party.

     15.2 Syndication Parties’ Obligations to Remit Funds. Each Syndication Party agrees
to remit its Funding Share of each Advance to the Administrative Agent as, and within the time
deadlines (“Syndication Party Advance Date”), required in this Credit Agreement. Unless the
Administrative Agent shall have received notice from a Syndication Party prior to the date on which
such Syndication Party is to provide funds to the Administrative Agent for an Advance to be made by
such Syndication Party that such Syndication Party will not make available to the Administrative
Agent such funds, the Administrative Agent may assume that such Syndication Party has made such
funds available to the Administrative Agent on the date of such Advance in accordance with the
terms of this Credit Agreement and the Administrative Agent in its sole discretion may, but shall
not be obligated to, in reliance upon such assumption, make available to Borrower on such date a
corresponding amount. If and to the extent such Syndication Party shall not have made such funds
available to the Administrative Agent by 2:00 P.M. (Central time) on the Banking Day due, such
Syndication Party agrees to repay the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is made available to
Borrower until the Banking Day such amount is repaid to the Administrative Agent (assuming payment
is received by the Administrative Agent at or prior to 2:00 P.M. (Central time), and until the next
Banking Day if payment is not received until after 2:00 P.M.), at the customary rate set by the
Administrative Agent for the correction of errors among banks for three (3) Banking Days and
thereafter at the Base Rate. If such Syndication Party shall repay to the Administrative Agent
such corresponding amount, such amount so repaid shall constitute such Syndication Party’s Advance
for purposes of this Credit Agreement. If such
Syndication Party does not pay such corresponding amount forthwith upon the Administrative
Agent’s demand therefor, the Administrative Agent shall promptly notify Borrower, and Borrower
shall immediately pay such corresponding amount to the Administrative Agent with the interest
thereon, for each day from the date such amount is made available to Borrower until the date such
amount is repaid to the Administrative Agent, at the rate of interest applicable at the time to
such Advance at the time.

     15.3 Notices to Administrative Agent. On or prior to 3:00 P.M. (Central time) on each
Banking Day, each Syndication Party will provide the Administrative Agent with the information
required by Section 4.4 hereof regarding each Negotiated Letter of Credit issued by such
Syndication Party, and all payments or reimbursements made to such Syndication Party on account of
Negotiated Letters of Credit on such Banking Day.

     15.4 Syndication Party’s Failure to Remit Funds. If a Syndication Party (“Delinquent
Syndication Party”) fails to remit its Funding Share (a) of a 5-Year Advance, or (b) of a Bid

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Advance, in full by the date and time required (the unpaid amount of any such payment being
hereinafter referred to as the “Delinquent Amount”), in addition to any other remedies available
hereunder, any other Syndication Party or Syndication Parties may, but shall not be obligated to,
advance the Delinquent Amount (the Syndication Party or Syndication Parties which advance such
Delinquent Amount are referred to as the “Contributing Syndication Parties”), in which case (w) the
Delinquent Amount which any Contributing Syndication Party advances shall be treated as a loan to
the Delinquent Syndication Party and shall not be counted in determining the Individual Outstanding
5-Year Obligations of any Contributing Syndication Party, and (x) the Delinquent Syndication Party
shall be obligated to pay to the Administrative Agent, for the account of the Contributing
Syndication Parties, interest on the Delinquent Amount at a rate of interest equal to the rate of
interest which Borrower is obligated to pay on the Delinquent Amount plus 200 basis points
(“Delinquency Interest”) until the Delinquent Syndication Party remits the full Delinquent Amount
and remits all Delinquency Interest to the Administrative Agent, which will distribute such
payments to the Contributing Syndication Parties (pro rata based on the amount of the Delinquent
Amount which each of them (if more than one) advanced) on the same Banking Day as such payments are
received by the Administrative Agent if received no later than 2:00 P.M. (Central time) or the next
Banking Day if received by the Administrative Agent thereafter. In addition, the Contributing
Syndication Parties shall be entitled to share, on the same pro rata basis, and the Administrative
Agent shall pay over to them, for application against Delinquency Interest and the Delinquent
Amount, the Delinquent Syndication Party’s Payment Distribution and any fee distributions or
distributions made under Section 15.11 hereof until the Delinquent Amount and all Delinquency
Interest have been paid in full. For voting purposes the Administrative Agent shall readjust the
Individual 5-Year Commitments of such Delinquent Syndication Party and the Contributing Syndication
Parties from time to time first to reflect the advance of the Delinquent Amount by the Contributing
Syndication Parties, and then to reflect the full or partial reimbursement to the Contributing
Syndication Parties of such Delinquent Amount. As between the Delinquent Syndication Party and the
Contributing Syndication Parties, the Delinquent Syndication Party’s interest in its Advances shall
be deemed to have been partially assigned to the Contributing Syndication Parties in the amount of
the
Delinquent Amount and Delinquency Interest owing to the Contributing Syndication Parties from
time to time. This Section shall also be applicable to Advances funded by the Administrative Agent
(y) under Section 3.8 hereof, in which case the Administrative Agent, in its capacity as such,
shall be deemed to be the Contributing Syndication Party, and (z) under Section 3.10 hereof, in
which case the Administrative Agent, in its capacity as such, shall be deemed to be the
Contributing Syndication Party and the Overnight Lender shall be deemed to be the Delinquent
Syndication Party. For the purposes of calculating interest owed by a Delinquent Syndication
Party, payments received on other than a Banking Day shall be deemed to have been received on the
next Banking Day, and payments received after 2:00 P.M. (Central time) shall be deemed to have been
received on the next Banking Day.

     15.5 Agency Appointment. Each of the Syndication Parties hereby designates and
appoints the Administrative Agent to act as agent to service and collect the Loans and its
respective Advances and Notes, if any, and to take such action on behalf of such Syndication Party
with respect to the Loans and such Advances and Notes, if any, and to execute such powers and to
perform such duties, as specifically delegated or required herein, as well as to exercise such
powers and to perform such duties as are reasonably incident thereto, and to receive and

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benefit
from such fees and indemnifications as are provided for or set forth herein, until such time as a
successor is appointed and qualified to act as the Administrative Agent.

     15.6 Power and Authority of the Administrative Agent. Without limiting the generality
of the power and authority vested in the Administrative Agent pursuant to Section 15.5 hereof, the
power and authority vested in the Administrative Agent includes, but is not limited to, the
following:

          15.6.1 Advice. To solicit the advice and assistance of each of the Syndication
Parties and Voting Participants concerning the administration of the Loans and the exercise by the
Administrative Agent of its various rights, remedies, powers, and discretions with respect thereto.
As to any matters not expressly provided for by this Credit Agreement or any other Loan Document,
the Administrative Agent shall in all cases be fully protected in acting, or in refraining from
acting, hereunder in accordance with instructions signed by all of the Syndication Parties or the
Required Lenders, as the case may be (and including in each such case, Voting Participants), and
any action taken or failure to act pursuant thereto shall be binding on all of the Syndication
Parties, Voting Participants, and the Administrative Agent.

          15.6.2 Documents. To execute, seal, acknowledge, and deliver as the Administrative
Agent, all such instruments as may be appropriate in connection with the administration of the
Loans and the exercise by the Administrative Agent of its various rights with respect thereto.

          15.6.3 Proceedings. To initiate, prosecute, defend, and to participate in, actions
and proceedings in its name as the Administrative Agent for the ratable benefit of the Syndication
Parties.

          15.6.4 Retain Professionals. To retain attorneys, accountants, and other
professionals to provide advice and professional services to the Administrative Agent, with their
fees and expenses reimbursable to the Administrative Agent by Syndication Parties pursuant to
Section 15.18 hereof.

          15.6.5 Incidental Powers. To exercise powers reasonably incident to the
Administrative Agent’s discharge of its duties enumerated in Section 15.7 hereof.

     15.7 Duties of the Administrative Agent. The duties of the Administrative Agent
hereunder shall consist of the following:

          15.7.1 Possession of Documents. To safekeep one original of each of the Loan
Documents other than the Notes (which will be in the possession of the Syndication Party named as
payee therein).

          15.7.2 Distribute Payments. To receive and distribute to the Syndication Parties
payments made by Borrower pursuant to the Loan Documents, as provided in Article 6 hereof. Unless
the Administrative Agent shall have received notice from Borrower prior to the date on which any
payment is due to any Syndication Party hereunder that Borrower will not make such payment in full,
the Administrative Agent may assume that Borrower has made such payment in

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full to the
Administrative Agent on such date and the Administrative Agent in its sole discretion may, but
shall not be obligated to, in reliance upon such assumption, cause to be distributed to each
Syndication Party on such due date an amount equal to the amount then due such Syndication Party.
If and to the extent Borrower shall not have so made such payment in full to the Administrative
Agent, each Syndication Party shall repay to the Administrative Agent forthwith on demand such
amount distributed to such Syndication Party together with interest thereon, for each day from the
date such amount is distributed to such Syndication Party until the date such Syndication Party
repays such amount to the Administrative Agent at the customary rate set by the Administrative
Agent for the correction of errors among banks for three (3) Banking Days and thereafter at the
Base Rate.

          15.7.3 Loan Administration. Subject to the provisions of Section 15.10 hereof, to, on
behalf of and for the ratable benefit of all Syndication Parties, in accordance with customary
banking practices, exercise all rights, powers, privileges, and discretion to which the
Administrative Agent is entitled to administer the Loans, including, without limitation: (a)
monitor all borrowing activity, issuances of Letters of Credit, Individual 5-Year Commitment
balances, and maturity dates of all LIBO Rate Loans; (b) monitor and report Credit Agreement and
covenant compliance, and coordinate required credit actions by the Syndication Parties (including
Voting Participants where applicable); (c) manage the process for future waivers and amendments if
modifications to the Credit Agreement are required; and (d) administer, record, and process all
assignments to be made for the current and future Syndication Parties (including the preparation of
a revised Schedule 1 to replace the previous Schedule 1).

          15.7.4 Determination of Individual Lending Capacity and Individual 5-Year Pro Rata
Shares. The Administrative Agent shall (a) on or before 10:00 A.M. and again at 12:30 P.M.
(Central time) on each Banking Day calculate the respective Individual 5-Year Lending Capacity of
each Syndication Party, which 10:00 A.M. calculation shall be in effect until 12:30 P.M. of the
same Banking Day and which 12:30 P.M. calculation shall be in effect until 10:00 A.M. of the next
succeeding Banking Day; and (b) on or before 12:00 noon (Central time) on each Banking Day
calculate the respective Individual 5-Year Pro Rata Share of each Syndication Party, which
calculation shall be in effect until 12:00 noon of the next succeeding Banking Day.

          15.7.5 Forwarding of Information. The Administrative Agent shall, within a reasonable
time after receipt thereof, forward to the Syndication Parties and Voting Participants notices and
reports provided to the Administrative Agent by Borrower pursuant to Section 11.2 hereof.

     15.8 Action Upon Default. Each Syndication Party agrees that upon its learning of any
facts which would constitute a Potential Default or Event of Default, it shall promptly notify the
Administrative Agent by a writing designated as a notice of default specifying in detail the nature
of such facts and default, and the Administrative Agent shall promptly send a copy of such notice
to all other Syndication Parties. The Administrative Agent shall be entitled to assume that no
Event of Default or Potential Default has occurred or is continuing unless an officer thereof
primarily responsible for the Administrative Agent’s duties as such with respect to the Loans or
primarily responsible for the credit relationship between the Administrative Agent and Borrower has
actual knowledge of facts which would result in or constitute a Potential

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Default or Event of
Default, or has received written notice from Borrower of such fact, or has received written notice
of default from a Syndication Party. In the event the Administrative Agent has obtained actual
knowledge (in the manner described above) or received written notice of the occurrence of a
Potential Default or Event of Default as provided in the preceding sentences, the Administrative
Agent may, but is not required to exercise or refrain from exercising any rights which may be
available under the Loan Documents or at law on account of such occurrence and shall be entitled to
use its discretion with respect to exercising or refraining from exercising any such rights, unless
and until the Administrative Agent has received specific written instruction from the Required
Lenders to refrain from exercising such rights or to take specific designated action, in which case
it shall follow such instruction; provided that the Administrative Agent shall not be required to
take any action which will subject it to personal liability, or which is or may be contrary to any
provision of the Loan Documents or applicable law. The Administrative Agent shall not be subject
to any liability by reason of its acting or refraining from acting pursuant to any such
instruction.

          15.8.1 Indemnification as Condition to Action. Except for action expressly required
of the Administrative Agent hereunder, the Administrative Agent shall in all cases be fully
justified in failing or refusing to act hereunder unless it shall have received further assurances
(which may include cash collateral) of the indemnification obligations of the Syndication Parties
under Section 15.19 hereof in
respect of any and all liability and expense which may be incurred by it by reason of taking
or continuing to take any such action.

     15.9 Bid Agent’s Appointment, Power, Authority, Duties and Resignation or Removal;
Fee. Each of the Syndication Parties hereby designates and appoints the Bid Agent to act as
such and to take such action on behalf of such Syndication Party with respect to the acceptance and
processing of Bid Requests and Bids as provided herein, as well as to exercise such powers and to
perform such duties as are reasonably incident thereto, and to receive and benefit from such fees
and indemnifications as are provided for or set forth herein, until such time as a successor is
appointed and qualified to act as the Bid Agent. The Bid Agent shall have such duties as specified
in this Credit Agreement. The resignation, removal, and designation of a successor for, the Bid
Agent shall be in accordance with the procedures set forth in Section 15.22 hereof with respect to
the Administrative Agent. The Bid Agent and any successor Bid Agent shall be entitled to such fee
as agreed upon between Borrower and the Bid Agent for acting as the Bid Agent.

     15.10 Consent Required for Certain Actions. Notwithstanding the fact that this Credit
Agreement may otherwise provide that the Administrative Agent may act at its discretion, the
Administrative Agent may not take any of the following actions (nor may the Syndication Parties
take the action described in Subsection 15.10.1(a)) with respect to, or under, the Loan Documents
without the prior written consent, given after notification by the Administrative Agent of its
intention to take any such action (or notification by such Syndication Parties as are proposing the
action described in Subsection 15.10.1(a) of their intention to do so), of:

          15.10.1 Unanimous. Each of the Syndication Parties and Voting Participants before:

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               (a) Amending the definition of Required Lenders as set forth herein or amending Subsections
15.10.1, 15.10.2, or 15.10.3;

               (b) Agreeing to an increase in the 5-Year Commitment, or any Syndication Party’s share
thereof, or an extension of the 5-Year Maturity Date; or

               (c) Agreeing to a reduction in the amount, or to a delay in the due date, of any payment by
Borrower of interest, principal, or fees with respect to the 5-Year Facility; provided, however,
this restriction shall not apply to a delay in payment granted by the Administrative Agent in the
ordinary course of administration of the Loans and the exercise of reasonable judgment, so long as
such payment delay does not exceed five (5) days; or

               (d) Amending Section 6.6 hereof.

          15.10.2 Required Lenders. The Required Lenders before:

               (a) Consenting to any action, amendment, or granting any waiver not covered in Subsections
15.10.1 or 15.10.3; or

               (b) Agreeing to amend Article 15 of this Credit Agreement (other than Subsections 15.10.1,
15.10.2, or 15.10.3).

          15.10.3 Action Without Vote. Notwithstanding any other provisions of this Section,
the Administrative Agent or, with respect to Subsection 15.10.3(b) hereof, the Letter of Credit
Bank and the Administrative Agent, may take the following actions without obtaining the consent of
the Syndication Parties or the Voting Participants:

               (a) Determining (i) whether the conditions to an 5-Year Advance have been met, and (ii) the
amount of such 5-Year Advance;

               (b) Determining (i) whether the conditions and procedures as set forth in Article 4 hereof for
issuance of a Committed Letter of Credit have been properly satisfied and (ii) the amount of such
Letter of Credit;

               (c) Determining whether the Bid Advance conditions and procedures as set forth in Article 3
hereof have been properly satisfied.

          15.10.4 Voting Participants. Under the circumstances set forth in Section 15.28
hereof, each Voting Participant shall be accorded voting rights as though such Person was a
Syndication Party, and in such case the voting rights of the Syndication Party from which such
Voting Participant acquired its participation interest shall be reduced accordingly.

If no written consent or denial is received from a Syndication Party or a Voting Participant within
five (5) Banking Days after written notice of any proposed action as described in this Section is
delivered to such Syndication Party or Voting Participant by the Administrative Agent, such
Syndication Party or Voting Participant shall be conclusively deemed to have consented thereto for
the purposes of this Section.

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     15.11 Distribution of Principal and Interest. The Administrative Agent will receive
and accept all payments (including prepayments) of principal and interest made by Borrower on the
Loans and will hold all such payments in trust for the benefit of all appropriate present and
future Syndication Parties, and, if requested in writing by the Required Lenders, in an account
segregated from the Administrative Agent’s other funds and accounts (“Payment Account”). After the
receipt by the Administrative Agent of any payment representing interest or principal on the Loans,
the Administrative Agent shall remit to each Syndication Party its share of such payment as
provided in Article 6 hereof, (“Payment Distribution”) no later than 3:00 P.M. (Central time) on
the same Banking Day as such payment is received by the Administrative Agent if received no later
than 1:00 P.M. (Central time) or the next Banking Day if received by the Administrative Agent
thereafter. Any Syndication Party’s rights to its Payment Distribution shall be subject to the
rights of any Contributing Syndication Parties to such amounts as set forth in Section 15.4 hereof.

     15.12 Distribution of Certain Amounts. The Administrative Agent shall (a) receive and
hold in trust for the benefit of all present and future Syndication Parties, in the Payment Account
and, if requested in writing by the Required Lenders, segregated from the Administrative Agent’s
other funds and accounts and (b) shall remit to the Syndication Parties, as indicated, the amounts
described below:

          15.12.1 Funding Losses. To each Syndication Party the amount of any Funding Losses
paid by Borrower to the Administrative Agent in connection with a prepayment of any portion of a
LIBO Rate Loan or a Bid Rate Loan, in accordance with the Funding Loss Notice such Syndication
Party provided to the Administrative Agent, no later than 3:00 P.M. (Central time) on the same
Banking Day that payment of such Funding Losses is received by the Administrative Agent, if
received no later than 1:00 P.M. (Central time), or the next Banking Day if received by the
Administrative Agent thereafter.

          15.12.2 Fees. To each Syndication Party its share of any 5-Year Facility Fees paid by
Borrower to the Administrative Agent, no later than 3:00 P.M. (Central time) on the same Banking
Day that payment of such fees is received by the Administrative Agent, if received no later than
1:00 P.M. (Central time), or the next Banking Day if received by the Administrative Agent
thereafter.

     15.13 Collateral Application. The Syndication Parties shall have no interest in any
other loans made to Borrower by any other Syndication Party other than the Loans, or in any
property taken as security for any other loan or loans made to Borrower by any other Syndication
Party, or in any property now or hereinafter in the possession or control of any other Syndication
Party, which may be or become security for the Loans solely by reason of the provisions of a
security instrument that would cause such security instrument and the property covered thereby to
secure generally all indebtedness owing by Borrower to such other Syndication Party.
Notwithstanding the foregoing, to the extent such other Syndication Party applies such funds or the
proceeds of such property to reduction of one or more of the Loans, such other Syndication Party
shall share such funds or proceeds with all Syndication Parties according to their respective
Individual 5-Year Commitments. In the event that any Syndication Party shall obtain payment,
whether partial or full, from any source in respect of one or more of the Loans, including without

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limitation payment by reason of the exercise of a right of offset, banker’s lien, general lien, or
counterclaim, such Syndication Party shall promptly make such adjustments (which may include
payment in cash or the purchase of further Syndication Interests or participations in the Loans) to
the end that such excess payment shall be shared with all other Syndication Parties in accordance
with their respective Individual 5-Year Commitments. Notwithstanding any of the foregoing
provisions of this Section or Article 8 hereof, no Syndication Party other than CoBank shall have
any right to, or to the proceeds of, or any right to the application to any amount owing to such
Syndication Party
hereunder of any the proceeds of, (a) any Bank Equity Interests issued to Borrower by CoBank
or on account of any statutory lien held by CoBank on such Bank Equity Interests, or (b) any Bank
Equity Interests issued to Borrower by any Farm Credit System Institution which is a Syndication
Party hereunder or on account of any statutory lien held by such Farm Credit System Institution on
such Bank Equity Interests.

     15.14 Amounts Required to be Returned. If the Administrative Agent makes any payment
to a Syndication Party in anticipation of the receipt of final funds from Borrower, and such funds
are not received from Borrower, or if excess funds are paid by the Administrative Agent to any
Syndication Party as the result of a miscalculation by the Administrative Agent, then such
Syndication Party shall, on demand of the Administrative Agent, forthwith return to the
Administrative Agent any such amounts, plus interest thereon (from the day such amounts were
transferred by the Administrative Agent to the Syndication Party to, but not including, the day
such amounts are returned by Syndication Party) at a rate per annum equal to the customary rate set
by the Administrative Agent for the correction of errors among banks for three (3) Banking Days and
thereafter at the Base Rate. If the Administrative Agent is required at any time to return to
Borrower or a trustee, receiver, liquidator, custodian, or similar official any portion of the
payments made by Borrower to the Administrative Agent, whether pursuant to any bankruptcy or
insolvency law or otherwise, then each Syndication Party shall, on demand of the Administrative
Agent, forthwith return to the Administrative Agent any such payments transferred to such
Syndication Party by the Administrative Agent but without interest or penalty (unless the
Administrative Agent is required to pay interest or penalty on such amounts to the person
recovering such payments).

     15.15 Reports and Information to Syndication Parties. The Administrative Agent shall
use reasonable efforts to provide to the Syndication Parties, as soon as practicable after actual
knowledge thereof is acquired by an officer thereof primarily responsible for the Administrative
Agent’s duties as such with respect to the Loans or primarily responsible for the credit
relationship between the Administrative Agent and Borrower, any material factual information which
has a material adverse effect on the creditworthiness of Borrower, and Borrower hereby authorizes
such disclosure by the Administrative Agent to the Syndication Parties (and by the Syndication
Parties to any of their participants). Failure of the Administrative Agent to provide the
information referred to in this Section or in Subsection 15.7.5 hereof shall not result in any
liability upon, or right to make a claim against, the Administrative Agent except where a court of
competent jurisdiction renders a final non-appealable determination that such failure is a result
of the willful misconduct or gross negligence of the Administrative Agent. Syndication Parties
acknowledge and agree that all information and reports received pursuant to this Credit Agreement
will be received in confidence in connection with their Syndication Interest, and that such
information and reports constitute confidential information and shall not, without the prior

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written consent of the Administrative Agent or Borrower (which consent will not be unreasonably
withheld, provided that Borrower shall have no consent rights upon the occurrence and during the
continuance of an Event of Default), be (a) disclosed to any third party (other than the
Administrative Agent, another Syndication Party or potential Syndication Party, or a participant or
potential participant in the interest of a Syndication Party, which disclosure is hereby
approved by Borrower), except pursuant to appropriate legal or regulatory process, or (b) used
by the Syndication Party except in connection with the Loans and its Syndication Interest.

     15.16 Standard of Care. The Administrative Agent shall not be liable to Syndication
Parties for any error in judgment or for any action taken or not taken by the Administrative Agent
or its agents, except to the extent that a court of competent jurisdiction renders a final
non-appealable determination that any of the foregoing resulted from the gross negligence or
willful misconduct of the Administrative Agent. Subject to the preceding sentence, the
Administrative Agent will exercise the same care in administering the Loans and the Loan Documents
as it exercises for similar loans which it holds for its own account and risk, and the
Administrative Agent shall not have any further responsibility to the Syndication Parties. Without
limiting the foregoing, the Administrative Agent may rely on the advice of counsel concerning legal
matters and on any written document it believes to be genuine and correct and to have been signed
or sent by the proper Person or Persons.

     15.17 No Trust Relationship. Neither the execution of this Credit Agreement, nor the
sharing in the Loans, nor the holding of the Loan Documents in its name by the Administrative
Agent, nor the management and administration of the Loans and Loan Documents by the Administrative
Agent (including the obligation to hold certain payments and proceeds in the Payment Account in
trust for the Syndication Parties), nor any other right, duty or obligation of the Administrative
Agent under or pursuant to this Credit Agreement is intended to be or create, and none of the
foregoing shall be construed to be or create, any express, implied or constructive trust
relationship between the Administrative Agent and any Syndication Party. Each Syndication Party
hereby agrees and stipulates that the Administrative Agent is not acting as trustee for such
Syndication Party with respect to the Loans, this Credit Agreement, or any aspect of either, or in
any other respect.

     15.18 Sharing of Costs and Expenses. To the extent not paid by Borrower, each
Syndication Party will promptly upon demand reimburse the Administrative Agent for its
proportionate share (based on the ratio of its Individual 5-Year Commitment to the 5-Year
Commitment), for all reasonable costs, disbursements, and expenses incurred by the Administrative
Agent on or after the date of this Credit Agreement for legal, accounting, consulting, and other
services rendered to the Administrative Agent in its role as the Administrative Agent in the
administration of the Loans, interpreting the Loan Documents, and protecting, enforcing, or
otherwise exercising any rights, both before and after default by Borrower under the Loan
Documents, and including, without limitation, all costs and expenses incurred in connection with
any bankruptcy proceedings and the exercise of any remedies with respect to the Cash Collateral
Account or otherwise; provided, however, that the costs and expenses to be shared in accordance
with this Section shall not include any costs or expenses incurred by the Administrative Agent
solely as a Syndication Party in connection with the Loans, nor to the Administrative Agent’s
internal costs and expenses.

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     15.19 Syndication Parties’ Indemnification of the Administrative Agent and Bid Agent.
Each of the Syndication Parties agree to indemnify the Administrative Agent, including any
Successor Agent, and the Bid Agent, and their respective directors, officers,
employees, agents, professional advisers and representatives (“Indemnified Agency Parties”),
(to the extent not reimbursed by Borrower, and without in any way limiting the obligation of
Borrower to do so), ratably (based on the ratio of its Individual 5-Year Commitment to the 5-Year
Commitment), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any
time (including, without limitation, at any time following the payment of the Loans and/or the
expiration or termination of this Credit Agreement) be imposed on, incurred by or asserted against
the Administrative Agent or the Bid Agent (or any of the Indemnified Agency Parties while acting
for the Administrative Agent or for any Successor Agent) in any way relating to or arising out of
this Credit Agreement or the Loan Documents, or the performance of the duties of the Administrative
Agent or the Bid Agent hereunder or thereunder or any action taken or omitted while acting in the
capacity of the Administrative Agent or the Bid Agent under or in connection with any of the
foregoing; provided that the Syndication Parties shall not be liable for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of an Indemnified Agency Party to the extent that a court of competent
jurisdiction renders a final non-appealable determination that the foregoing are the result of the
willful misconduct or gross negligence of such Indemnified Agency Party. The agreements and
obligations in this Section shall survive the payment of the Loans and the expiration or
termination of this Credit Agreement.

     15.20 Books and Records. The Administrative Agent shall maintain such books of
account and records relating to the Loans as it maintains with respect to other loans of similar
type and amount, and which shall clearly and accurately reflect the Syndication Interest of each
Syndication Party. The Syndication Parties, or their agents, may inspect such books of account and
records at all reasonable times during the Administrative Agent’s regular business hours.

     15.21 Administrative Agent Fee. The Administrative Agent and any Successor Agent
shall be entitled to such fee as agreed upon between Borrower and the Administrative Agent for
acting as the Administrative Agent.

     15.22 The Administrative Agent’s Resignation or Removal. The Administrative Agent may
resign at any time by giving at least sixty (60) days’ prior written notice of its intention to do
so to each of the Syndication Parties and Borrower. After the receipt of such notice, the Required
Lenders shall appoint a successor (“Successor Agent”). If (a) no Successor Agent shall have been
so appointed which is either (i) a Syndication Party, or (ii) if not a Syndication Party, which is
a Person approved by Borrower, such approval not to be unreasonably withheld (provided that
Borrower shall have no approval rights upon the occurrence and during the continuance of an Event
of Default), or (b) if such Successor Agent has not accepted such appointment, in either case
within forty-five (45) days after the retiring Administrative Agent’s giving of such notice of
resignation, then the retiring Administrative Agent may, after consulting with, but without
obtaining the approval of, Borrower, appoint a Successor Agent which shall be a bank or a trust
company organized under the laws of the United States of America or any state thereof and having a
combined capital, surplus and undivided profit of at least $250,000,000.

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Any Administrative Agent
may be removed upon the written demand of the Required Lenders, which
demand shall also appoint a Successor Agent. Upon the appointment of a Successor Agent
hereunder, (a) the term “Administrative Agent” shall for all purposes of this Credit Agreement
thereafter mean such Successor Agent, and (b) the Successor Agent shall notify Borrower of its
identity and of the information called for in Subsection 16.4.2 hereof. After any retiring
Administrative Agent’s resignation hereunder as the Administrative Agent, or the removal hereunder
of any Administrative Agent, the provisions of this Credit Agreement shall continue to inure to the
benefit of such Administrative Agent as to any actions taken or omitted to be taken by it while it
was the Administrative Agent under this Credit Agreement.

     15.23 Representations and Warranties of All Parties. The Administrative Agent, the
Bid Agent, and each Syndication Party represents and warrants that: (a) the execution and delivery
of, and performance of its obligations under, this Credit Agreement is within its power and has
been duly authorized by all necessary corporate and other action by it; (b) this Credit Agreement
is in material compliance with all applicable laws and regulations promulgated under such laws and
does not conflict with nor constitute a breach of its charter or by-laws nor any agreements by
which it is bound, and does not violate any judgment, decree or governmental or administrative
order, rule or regulation applicable to it; (c) no approval, authorization or other action by, or
declaration to or filing with, any governmental or administrative authority or any other Person is
required to be obtained or made by it in connection with the execution and delivery of, and
performance of its obligations under, this Credit Agreement; and (d) this Credit Agreement has been
duly executed by it, and, to its knowledge, constitutes the legal, valid, and binding obligation of
such Person, enforceable in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
the rights of creditors generally and general equitable principles (regardless of whether such
enforceability is considered in a proceeding at law or in equity). Each Syndication Party that is
a state or national bank represents and warrants that the act of entering into and performing its
obligations under this Credit Agreement has been approved by its board of directors or its loan
committee and such action was duly noted in the written minutes of the meeting of such board or
committee, and that it will, upon the Administrative Agent’s written request following such
Syndication Party’s default under any of its obligations hereunder, furnish the Administrative
Agent with a certified copy of such minutes or an excerpt therefrom reflecting such approval.

     15.24 Representations and Warranties of CoBank. Except as expressly set forth in
Section 15.23 hereof, CoBank, in its role as a Syndication Party and as the Administrative Agent,
makes no express or implied representation or warranty and assumes no responsibilities with respect
to the due authorization, execution, or delivery of the Loan Documents; the accuracy of any
information, statements, or certificates provided by Borrower, the legality, validity, or
enforceability of the Loan Documents; the filing or recording of any document; the collectibility
of the Loans; the performance by Borrower of any of its obligations under the Loan Documents; or
the financial condition or solvency of Borrower or any other party obligated with respect to the
Loans or the Loan Documents.

     15.25 Syndication Parties’ Independent Credit Analysis. Each Syndication Party
acknowledges receipt of
true and correct copies of all Loan Documents (other than any Note

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payable to another
Syndication Party) from the Administrative Agent. Each Syndication Party agrees and represents
that it has relied upon its independent review (a) of the Loan Documents, and (b) any information
independently acquired by such Syndication Party from Borrower or otherwise in making its decision
to acquire an interest in the Loans independently and without reliance on the Administrative Agent.
Each Syndication Party represents and warrants that it has obtained such information as it deems
necessary (including any information such Syndication Party independently obtained from Borrower or
others) prior to making its decision to acquire an interest in the Loans. Each Syndication Party
further agrees and represents that it has made its own independent analysis and appraisal of and
investigation into each Borrower’s authority, business, operations, financial and other condition,
creditworthiness, and ability to perform its obligations under the Loan Documents and has relied on
such review in making its decision to acquire an interest in the Loans. Each Syndication Party
agrees that it will continue to rely solely upon its independent review of the facts and
circumstances related to Borrower, and without reliance upon the Administrative Agent, in making
future decisions with respect to all matters under or in connection with the Loan Documents and the
Loans. The Administrative Agent assumes no responsibility for the financial condition of Borrower
or for the performance of Borrower’s obligations under the Loan Documents. Except as otherwise
expressly provided herein, no Syndication Party shall have any duty or responsibility to furnish to
any other Syndication Parties any credit or other information concerning Borrower which may come
into its possession.

     15.26 No Joint Venture or Partnership. Neither the execution of this Credit
Agreement, the sharing in the Loans, nor any agreement to share in payments or losses arising as a
result of this transaction is intended to be or to create, and the foregoing shall not be construed
to be, any partnership, joint venture or other joint enterprise between the Administrative Agent
and any Syndication Party, nor between or among any of the Syndication Parties.

     15.27 Purchase for Own Account; Restrictions on Transfer; Participations. Each
Syndication Party represents that it has acquired and is retaining its interest in the Loans for
its own account in the ordinary course of its banking or financing business and not with a view
toward the sale, distribution, further participation, or transfer thereof. Each Syndication Party
other than CoBank agrees that it will not sell, assign, convey or otherwise dispose of (“Transfer”)
to any Person, or create or permit to exist any lien or security interest on all or any part of its
interest in the Loans, without the prior written consent of the Administrative Agent and Borrower
(which consent will not be unreasonably withheld, provided that Borrower shall have no approval
rights upon the occurrence and during the continuance of an Event of Default); provided that: (a)
any such Transfer (except a Transfer to another Syndication Party or a Transfer by CoBank) must be
in a minimum amount of $10,000,000.00, unless it Transfers its entire Syndication Interest; (b)
each Syndication Party must maintain an Individual 5-Year Commitment of no less than $5,000,000.00,
unless it Transfers its entire Syndication Interest; (c) the transferee must execute an agreement
substantially in the form of Exhibit 15.27 hereto (“Syndication Acquisition Agreement”) and
assume all of the transferor’s obligations hereunder and execute such documents as the
Administrative Agent may reasonably require; and
(d) the Syndication Party making such Transfer must pay, or cause the transferee to pay, the
Administrative Agent an assignment fee of $3,500.00. Any Syndication Party may participate any
part of its interest in the Loans to any Person with the prior written consent of the

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Administrative Agent and Borrower (which consent will not be unreasonably withheld, provided that
Borrower shall have no approval rights upon the occurrence and during the continuance of an Event
of Default), provided that no such consent shall be required where the participant is a Person at
least fifty percent (50%) the equity interest in which is owned by such Syndication Party or which
owns at least fifty percent (50%) of the equity interest in such Syndication Party or at least
fifty percent (50%) of the equity interest of which is owned by the same Person which owns at least
fifty percent (50%) of the equity interest of such Syndication Party, and each Syndication Party
understands and agrees that in the event of any such participation: (x) its obligations hereunder
will not change on account of such participation; (y) the participant will have no rights under
this Credit Agreement, including, without limitation, voting rights (except as provided in Section
15.28 hereof with respect to Voting Participants) or the right to receive payments or
distributions; and (z) the Administrative Agent shall continue to deal directly with the
Syndication Party with respect to the Loans (including with respect to voting rights, except as
provided in Section 15.28 hereof with respect to Voting Participants) as though no participation
had been granted and will not be obligated to deal directly with any participant (except as
provided in Section 15.28 hereof with respect to Voting Participants). Notwithstanding any
provision contained herein to the contrary, any Syndication Party may at any time pledge or assign
all or any portion of its interest in the Loans to any Federal Reserve Bank or any Farm Credit Bank
in accordance with applicable law. CoBank reserves the right to sell participations on a
non-patronage basis.

     15.28 Certain Participants’ Voting Rights. Any Farm Credit System Institution which
(a) has acquired and, at any time of determination maintains, a participation interest in the
minimum aggregate amount of $10,000,000.00 in a particular Syndication Party’s Individual 5-Year
Commitment and Individual Outstanding 5-Year Obligations; and (b) has been designated in writing by
such Syndication Party to the Administrative Agent as having such entitlement (such designation to
include for such participant, its name, contact information, and dollar participation amount) (each
a “Voting Participant”), shall be entitled to vote (and such Syndication Party’s voting rights
shall be correspondingly reduced), on a dollar basis, as if such Voting Participant were a
Syndication Party, on any matter requiring or allowing a Syndication Party, to provide or withhold
its consent, or to otherwise vote on any proposed action. The voting rights of any Syndication
Party so designating a Voting Participant shall be reduced by an equivalent dollar amount.

     15.29 Method of Making Payments. Payment and transfer of all amounts owing or to be
paid or remitted hereunder, including, without limitation, payment of the Advance Payment by
Syndication Parties, and distribution of principal or interest payments or fees or other amounts by
the Administrative Agent, shall be by wire transfer in accordance with the instructions contained
on Exhibit 15.29 hereto (“Wire Instructions”).

     15.30 Events of Syndication Default/Remedies.

          15.30.1 Syndication Party Default. Any of the following occurrences, failures or
acts, with respect to any of the Syndication Parties shall constitute an “Event of Syndication
Default” hereunder by such party: (a) if any representation or warranty made by such party in this
Credit Agreement shall be found to have been untrue in any material respect; (b) if such

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party
fails to make any distributions or payments required under this Credit Agreement within five (5)
days of the date required; (c) if such party breaches any other covenant, agreement, or provision
of this Credit Agreement which breach shall have continued uncured for a period of thirty (30)
consecutive days after such breach first occurs, unless a shorter period is required to avoid
prejudicing the rights and position of the other Syndication Parties; (d) if any agency having
supervisory authority over such party, or any creditors thereof, shall file a petition to
reorganize or liquidate such party pursuant to any applicable federal or state law or regulation
and such petition shall not be discharged or denied within fifteen (15) days after the date on
which it is filed; (e) if by the order of a court of competent jurisdiction or by any appropriate
supervisory agency, a receiver, trustee or liquidator shall be appointed for such party or for all
or any material part of its property or if such party shall be declared insolvent; or (f) if such
party shall be dissolved, or shall make an assignment for the benefit of its creditors, or shall
file a petition seeking to take advantage of any debtors’ act, including the bankruptcy act, or
shall admit in writing its inability to pay its debts generally as they become due, or shall
consent to the appointment of a receiver or liquidator of all or any material part of its property.

          15.30.2 Remedies. Upon the occurrence of an Event of Syndication Default, the
non-defaulting Syndication Parties, acting by, or through the direction of, a simple majority
(determined based on the ratio of (a) their Individual 5-Year Commitments to (b)(i) the 5-Year
Commitment less (ii) the Individual 5-Year Commitment of the defaulting Syndication Party) of the
non-defaulting Syndication Parties, may, in addition to any other remedy specifically set forth in
this Credit Agreement, have and exercise any and all remedies available generally at law or equity,
including the right to damages and to specific performance.

     15.31 Withholding Taxes. Each Syndication Party represents that under the applicable
law in effect as of the date it becomes a Syndication Party, it is entitled to receive any payments
to be made to it hereunder without the withholding of any tax and will furnish to the
Administrative Agent and to Borrower such forms, certifications, statements and other documents as
the Administrative Agent or Borrower may request from time to time to evidence such Syndication
Party’s exemption from the withholding of any tax imposed by any jurisdiction or to enable the
Administrative Agent or Borrower, as the case may be, to comply with any applicable laws or
regulations relating thereto. Without limiting the effect of the foregoing, each Syndication Party
that was not created or organized under the laws of the United States of America or any state or
other political subdivision thereof (“Non-US Lender”), shall, on the Closing Date, or upon its
becoming a Syndication Party (for Persons that were not Syndication Parties on the Closing Date),
furnish to the Administrative Agent and Borrower two original copies of IRS Form W-8BEN, W-8ECI,
4224, or Form 1001, as appropriate, (or any
successor forms), or such other forms, certifications, statements of exemption, or documents
as may be required by the IRS or by the Administrative Agent or Borrower, in their reasonable
discretion, duly executed and completed by such Syndication Party, to establish, and as evidence
of, such Syndication Party’s exemption from the withholding of United States tax with respect to
any payments to such Syndication Party of interest or fees payable under any of the Loan documents.
Further, each Non-US Lender hereby agrees, from time to time after the initial delivery by such
Syndication Party of such forms, whenever a lapse in time or change in circumstances renders such
forms, certificates or other evidence so delivered obsolete or inaccurate in any material respect,
that such Syndication Party shall promptly (a) deliver to the Administrative Agent and to

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Borrower
two original copies of renewals, amendments or additional or successor forms, properly completed
and duly executed by such Syndication Party, together with any other certificate or statement of
exemption required in order to confirm or establish that such Syndication Party is not subject to
United States withholding tax with respect to payments to such Syndication Party under the Loan
Documents or (b) notify the Administrative Agent and Borrower of its inability to deliver any such
forms, certificates or other evidence. Notwithstanding anything herein to the contrary, Borrower
shall not be obligated to make any payments hereunder to such Syndication Party until such
Syndication Party shall have furnished to the Administrative Agent and Borrower each requested
form, certification, statement or document.

     15.32 Replacement of Holdout Lender. If any action to be taken by the Syndication
Parties or the Administrative Agent hereunder requires the unanimous consent, authorization, or
agreement of all Syndication Parties and Voting Participants, and a Syndication Party or Voting
Participant (“Holdout Lender”) fails to give its consent, authorization, or agreement, then the
Administrative Agent, upon at least five (5) Banking Days prior irrevocable notice to the Holdout
Lender, may permanently replace the Holdout Lender with one or more substitute Syndication Parties
(each, a “Replacement Lender”), and the Holdout Lender shall have no right to refuse to be replaced
hereunder. Such notice to replace the Holdout Lender shall specify an effective date for such
replacement, which date shall not be later than fifteen (15) Banking Days after the date such
notice is given. Prior to the effective date of such replacement, the Holdout Lender and each
Replacement Lender shall execute and deliver a Syndication Acquisition Agreement, subject only to
the Holdout Lender being repaid its full share of the outstanding Bank Debt without any premium,
discount, or penalty of any kind whatsoever. If the Holdout Lender shall refuse or fail to execute
and deliver any such Syndication Acquisition Agreement prior to the effective date of such
replacement, the Holdout Lender shall be deemed to have executed and delivered such Syndication
Acquisition Agreement. The replacement of any Holdout Lender shall be made in accordance with the
terms of Section 15.27 hereof. Until such time as the Replacement Lenders shall have acquired all
of the Syndication Interest of the Holdout Lender hereunder and under the other Loan Documents, the
Holdout Lender shall remain obligated to provide the Holdout Lender’s Funding Share of Advances.
In the event that the Holdout Lender is a Voting Participant, (a) the Syndication Party through
which such Voting Participant acquired its interest shall have the first option to repurchase such
participation interest and be the Replacement Lender; provided (b) if the Syndication Party through
which such Voting Participant acquired its interest does not, within five (5) Banking Days after
the Administrative Agent has given notice to the Holdout Lender as provided above, elect to become
the Replacement Lender, then such Syndication Party shall
cancel or re-acquire such Voting Participant’s interest and shall sell to the Replacement
Lender(s) an interest in its Individual 5-Year Commitment equivalent to the Voting Participant
interest.

     15.33 Amendments Concerning Agency Function. Neither the Administrative Agent nor the
Bid Agent shall be bound by any waiver, amendment, supplement or modification of this Credit
Agreement or any other Loan Document which affects its duties hereunder or thereunder unless it
shall have given its prior written consent thereto.

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     15.34 Agent Duties and Liabilities. Neither the Co-Syndication Agents, Senior
Managing Agents, nor the Managing Agents, shall, in their capacity as such, have any powers,
duties, responsibilities or liabilities with respect to this Credit Agreement or the transactions
contemplated herein. Without limiting the foregoing, none of the Co-Syndication Agents, Senior
Managing Agents or Managing Agents shall be subject to any fiduciary or other implied duties, or
have any liability to any Person for acting as such. Nothing in this Section shall be construed to
relieve the Co-Syndication Agents, Senior Managing Agents, nor the Managing Agents, of their
duties, responsibilities and liabilities arising out of their capacity as Syndication Parties.

     15.35 Further Assurances. The Administrative Agent and each Syndication Party agree
to take whatever steps and execute such documents as may be reasonable and necessary to implement
this Article 15 and to carry out fully the intent thereof.

ARTICLE 16. MISCELLANEOUS

     16.1 Costs and Expenses. To the extent permitted by law, Borrower agrees to pay to
the Administrative Agent and the Syndication Parties, on demand, all out-of-pocket costs and
expenses (a) incurred by the Administrative Agent (including, without limitation, the reasonable
fees and expenses of counsel retained by the Administrative Agent, and including fees and expenses
incurred for consulting, appraisal, engineering, inspection, and environmental assessment services)
in connection with the preparation, negotiation, and execution of the Loan Documents and the
transactions contemplated thereby, and processing the 5-Year Borrowing Notices; and (b) incurred by
the Administrative Agent or any Syndication Party (including, without limitation, the reasonable
fees and expenses of counsel retained by the Administrative Agent and the Syndication Parties) in
connection with the enforcement or protection of the Syndication Parties’ rights under the Loan
Documents upon the occurrence of an Event of Default or upon the commencement of an action by
Borrower against the Administrative Agent or any Syndication Party, including without limitation
collection of the Loan (regardless of whether such enforcement or collection is by court action or
otherwise). Borrower shall not be obligated to pay the costs or expenses of any Person whose only
interest in the Loan is as a holder of a participation interest. In addition, To the extent
permitted by law, Borrower agrees to pay to the Bid Agent, on demand, all out-of-pocket costs and
expenses incurred by the Bid Agent in connection with the processing of Bid
Rate Loans, including the Bid Requests, Bids, Bid Results Notices, and Bid Selection Notices
and the procedures related thereto.

     16.2 Service of Process and Consent to Jurisdiction. Borrower and each Syndication
Party hereby agrees that any litigation with respect to this Credit Agreement or to enforce any
judgment obtained against such Person for breach of this Credit Agreement or under the Notes or
other Loan Documents may be brought in the courts of the State of Colorado and in the United States
District Court for the District of Colorado (if applicable subject matter jurisdictional
requirements are present), as the Administrative Agent may elect; and, by execution and delivery of
this Credit Agreement, Borrower and each Syndication Party irrevocably submits to such
jurisdiction. With respect to litigation concerning this Credit Agreement or under the Notes or
other Loan Documents within the jurisdiction of the courts of the State of Colorado or the United
States District Court for the District of Colorado, Borrower and each Syndication Party hereby
irrevocably appoints, until six (6) months after the expiration of the 5-Year Maturity Date (as it

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may be extended at anytime), The Corporation Company, or such other Person as it may designate to
the Administrative Agent, in each case with offices in Denver, Colorado and otherwise reasonably
acceptable to the Administrative Agent to serve as the agent of Borrower or such Syndication Party
to receive for and on its behalf at such agent’s Denver, Colorado office, service of process, which
service may be made by mailing a copy of any summons or other legal process to such Person in care
of such agent. Borrower and each Syndication Party agrees that it shall maintain a duly appointed
agent in Colorado for service of summons and other legal process as long as it remains obligated
under this Credit Agreement and shall keep the Administrative Agent advised in writing of the
identity and location of such agent. The receipt by such agent and/or by Borrower or such
Syndication Party, as applicable, of such summons or other legal process in any such litigation
shall be deemed personal service and acceptance by Borrower or such Syndication Party, as
applicable, for all purposes of such litigation.

     16.3 Jury Waiver. IT IS MUTUALLY AGREED BY AND BETWEEN THE ADMINISTRATIVE AGENT, THE
BID AGENT, EACH SYNDICATION PARTY, AND BORROWER THAT THEY EACH WAIVE TRIAL BY JURY IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM BROUGHT BY ANY OF THEM AGAINST ANY OTHER PARTY ON ANY MATTER WHATSOEVER
ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS CREDIT AGREEMENT, THE NOTES, OR THE OTHER LOAN
DOCUMENTS.

     16.4 Notices. All notices, requests and demands required or permitted under the terms
of this Credit Agreement shall be in writing and (a) shall be addressed as set forth below or at
such other address as either party shall designate in writing, (b) shall be deemed to have been
given or made: (i) if delivered personally, immediately upon delivery, (ii) if by telex, telegram
or facsimile transmission, immediately upon sending and upon confirmation of receipt, (iii) if by
nationally recognized overnight courier service with instructions to deliver the next Banking Day,
one (1) Banking Day after sending, and (iv) if by United States Mail, certified mail, return
receipt requested, five (5) days after mailing.

          16.4.1 Borrower:

CHS Inc.

5500 Cenex Drive

Inver Grove Heights, Minnesota 55077

FAX: (651) 355-4554

Attention: Executive Vice President and Chief Financial Officer

e-mail address: john.schmitz@chsinc.com

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with a copy to:

CHS Inc.

5500 Cenex Drive

Inver Grove Heights, Minnesota 55077

FAX: (651) 355-4554

Attention: Sr. Vice President and General Counsel

e-mail address: david.kastelic@chsinc.com

          16.4.2 Administrative Agent:

CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111

FAX: (303) 694-5830

Attention: Administrative Agent

e-mail address: abahr@cobank.com

          16.4.3 Bid Agent:

CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111

FAX: (303) 740-4100

Attention: Bid Agent

          16.4.4 Syndication Parties:

          See signature pages hereto.

     16.5 Liability of Administrative Agent and Bid Agent. Neither the Administrative
Agent nor the Bid Agent shall have any liabilities or responsibilities to Borrower or any
Subsidiary on account of the failure of any Syndication Party to perform its obligations hereunder
or to any Syndication Party on account of the failure of Borrower or any Subsidiary to perform
their respective obligations hereunder or under any other Loan Document.

     16.6 Successors and Assigns. This Credit Agreement shall be binding upon and inure to
the benefit of Borrower, the Administrative Agent,
the Bid 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 of the Syndication Parties.

     16.7 Severability. The invalidity or unenforceability of any provision of this Credit
Agreement or the other Loan Documents shall not affect the remaining portions of such documents or
instruments; in case of such invalidity or unenforceability, such documents or instruments shall be
construed as if such invalid or unenforceable provisions had not been included therein.

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     16.8 Entire Agreement. This Credit Agreement (together with all exhibits hereto,
which are incorporated herein by this reference) and the other Loan Documents represent the entire
understanding of the Administrative Agent, the Bid Agent, each Syndication Party, and Borrower with
respect to the subject matter hereof and shall replace and supersede any previous agreements of the
parties with respect to the subject matter hereof.

     16.9 Applicable Law. To the extent not governed by federal law, this Credit Agreement
and the other Loan Documents, and the rights and obligations of the parties hereto and thereto
shall be governed by and interpreted in accordance with the internal laws of the State of Colorado,
without giving effect to any otherwise applicable rules concerning conflicts of law.

     16.10 Captions. The captions or headings in this Credit Agreement and any table of
contents hereof are for convenience only and in no way define, limit or describe the scope or
intent of any provision of this Credit Agreement.

     16.11 Complete Agreement; Amendments. THIS CREDIT AGREEMENT, THE NOTES, AND THE OTHER
LOAN DOCUMENTS ARE INTENDED BY THE PARTIES HERETO TO BE A COMPLETE AND FINAL EXPRESSION OF THEIR
AGREEMENT AND MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR OR CONTEMPORANEOUS ORAL AGREEMENT.
THE ADMINISTRATIVE AGENT, THE BID AGENT, EACH SYNDICATION PARTY, AND BORROWER ACKNOWLEDGE AND AGREE
THAT NO UNWRITTEN ORAL AGREEMENT EXISTS BETWEEN THEM WITH RESPECT TO THE SUBJECT MATTER OF THIS
AGREEMENT. This Credit Agreement may not be modified or amended unless such modification or
amendment is in writing and is signed by Borrower, the Administrative Agent, the Bid Agent, and all
Syndication Parties (and each Syndication Party hereby agrees to execute any such amendment
approved pursuant to Section 15.10 hereof). Borrower agrees that it shall reimburse the
Administrative Agent for all fees and expenses incurred by the Administrative Agent in retaining
outside legal counsel in connection with any amendment or modification to this Credit Agreement
requested by Borrower.

     16.12 Additional Costs of Maintaining Loan. Borrower shall pay to the Administrative
Agent from time to time such amounts as the Administrative Agent may determine to be necessary to
compensate any Syndication Party for any increase in costs to such Syndication Party which the
Administrative
Agent determines, based on information presented to it by such Syndication Party, are
attributable to such Syndication Party’s making or maintaining an Advance hereunder or its
obligation to make such Advance, or any reduction in any amount receivable by such Syndication
Party under this Credit Agreement in respect to such Advance or such obligation (such increases in
costs and reductions in amounts receivable being herein called “Additional Costs”), resulting from
any change after the date of this Credit Agreement in United States federal, state, municipal, or
foreign laws or regulations (including Regulation D of the Federal Reserve Board), or the adoption
or making after such date of any interpretations, directives, or requirements applying to a class
of banks including such Syndication Party of or under any United States federal, state, municipal,
or foreign laws or regulations (whether or not having the force of law) by any court or
governmental or monetary authority charged with the interpretation or administration thereof
(“Regulatory Change”), which: (a) changes the basis of

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taxation of any amounts payable to such
Syndication Party under this Credit Agreement in respect of such Advance (other than taxes imposed
on the overall net income of such Syndication Party); or (b) imposes or modifies any reserve,
special deposit, or similar requirements relating to any extensions of credit or other assets of,
or any deposits with or other liabilities of, such Syndication Party; or (c) imposes any other
condition affecting this Credit Agreement or the Notes or amounts payable to such Syndication Party
(or any of such extensions of credit or liabilities). The Administrative Agent will notify
Borrower of any event occurring after the date of this Credit Agreement which will entitle such
Syndication Party to compensation pursuant to this Section as promptly as practicable after it
obtains knowledge thereof and determines to request such compensation. The Administrative Agent
shall include with such notice, a certificate from such Syndication Party setting forth in
reasonable detail the calculation of the amount of such compensation. Determinations by the
Administrative Agent for purposes of this Section of the effect of any Regulatory Change on the
costs of such Syndication Party of making or maintaining an Advance or on amounts receivable by
such Syndication Party in respect of Advances, and of the additional amounts required to compensate
such Syndication Party in respect of any Additional Costs, shall be conclusive absent manifest
error, provided that such determinations are made on a reasonable basis.

     16.13 Capital Requirements. In the event that the introduction of or any change in:
(a) any law or regulation; or (b) the judicial, administrative, or other governmental
interpretation of any law or regulation; or (c) compliance by any Syndication Party or any
corporation controlling any such Syndication Party with any guideline or request from any
governmental authority (whether or not having the force of law) has the effect of requiring an
increase in the amount of capital required or expected to be maintained by such Syndication Party
or any corporation controlling such Syndication Party, and such Syndication Party certifies that
such increase is based in any part upon such Syndication Party’s obligations hereunder with respect
to the 5-Year Facility, and other similar obligations, Borrower shall pay to such Syndication Party
such additional amount as shall be certified by such Syndication Party to the Administrative Agent
and to Borrower to be the net present value (discounted at the Base Rate) of (a) the amount by
which such increase in capital reduces the rate of return on capital which such Syndication Party
could have achieved over the period remaining until the 5-Year Maturity Date, but for such
introduction or change, (b) multiplied by such Syndication Party’s Individual 5-Year Commitment.
The Administrative Agent will notify Borrower of any event occurring after the date of this Credit
Agreement that will entitle any such
Syndication Party to compensation pursuant to this Section as promptly as practicable after it
obtains knowledge thereof and of such Syndication Party’s determination to request such
compensation. The Administrative Agent shall include with such notice, a certificate from such
Syndication Party setting forth in reasonable detail the calculation of the amount of such
compensation. Determinations by any Syndication Party for purposes of this Section of the effect
of any increase in the amount of capital required to be maintained by any such Syndication Party
and of the amount of compensation owed to any such Syndication Party under this Section shall be
conclusive absent manifest error, provided that such determinations are made on a reasonable basis.

     16.14 Replacement Notes. Upon receipt by Borrower of evidence satisfactory to it of:
(a) the loss, theft, destruction or mutilation of any Note, and (in case of loss, theft or
destruction) of the agreement of the Syndication Party to which the Note was payable to indemnify
Borrower,

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and upon surrender and cancellation of such Note, if mutilated; or (b) the assignment by
any Syndication Party of its interest hereunder and the Notes, if any, relating thereto, or any
portion thereof, pursuant to this Credit Agreement, then Borrower will pay any unpaid principal and
interest (and Funding Losses, if applicable) then or previously due and payable on such Notes and
will (upon delivery of such Notes for cancellation, unless covered by subparagraph (a) of this
Section), and if the Syndication Party requests a Note as provided in Section 2.4 hereof, deliver
in lieu of each such Note a new Note or, in the case of an assignment of a portion of any such
Syndication Party’s Syndication Interest, new Notes, for any remaining balance. Each new or
replacement Note shall be dated as of the Effective Date.

     16.15 Patronage Payments. Borrower acknowledges and agrees that: (a) only that
portion of the Loan represented by CoBank’s Individual 5-Year Pro Rata Share which is retained by
CoBank for its own account at any time is entitled to patronage distributions in accordance with
CoBank’s bylaws and its practices and procedures related to patronage distribution; (b) any
patronage, or similar, payments to which Borrower is entitled on account its ownership of Bank
Equity Interests or otherwise will not be based on any portion of CoBank’s interest in the Loans in
which CoBank has at any time granted a participation interest; and (c) that portion of the Loan
represented by the Individual 5-Year Pro Rata Share which is retained by any other Farm Credit
System Institution (other than CoBank) for its own account at any time is entitled to patronage
distributions in accordance with such Farm Credit System Institution’s bylaws and its practices and
procedures related to patronage distribution only if Borrower has a written agreement to that
effect from such Farm Credit System Institution.

16.16 Direct Website Communications; Electronic Mail Communications

          16.16.1 Delivery.

               (a) Borrower hereby agrees that it will provide to the Administrative Agent all information,
documents and other materials that it is obligated to furnish to the Administrative Agent pursuant
to this Credit Agreement and any other Loan Document, including, without limitation, all notices,
requests, financial statements, financial and other
reports, certificates and other information materials, but, subject to the provisions of
Subsection 16.16.3 hereof, excluding any such communication that (i) relates to a request for a
new, or a conversion of an existing, borrowing or other extension of credit (including any election
of an interest rate or interest period relating thereto), (ii) relates to the payment of any
principal or other amount due under this Credit Agreement prior to the scheduled date therefor,
(iii) provides notice of any Potential Default or Event of Default under this Credit Agreement, or
(iv) is required to be delivered to satisfy any condition precedent to the effectiveness of this
Credit Agreement and/or any borrowing, issuance or reissuance of a Letter of Credit, or other
extension of credit hereunder (all such non-excluded communications collectively, the
“Communications”), by transmitting the Communications in an electronic/soft medium and in a format
acceptable to the Administrative Agent as follows (A) all financial statements to
closing@cobank.com and (B) all other Communications to mtousignant@cobank.com. In
addition, Borrower agrees to continue to provide the Communications to the Administrative Agent in
the manner specified in this Credit Agreement but only to the extent requested by the
Administrative Agent. Receipt of the Communications by the Administrative Agent at the

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appropriate
e-mail address as set forth above shall constitute effective delivery of the Communications to the
Administrative Agent for purposes of this Credit Agreement and any other Loan Documents. Nothing
in this Section 16.16 shall prejudice the right of the Administrative Agent or any Syndication
Party to give any notice or other communication pursuant to this Credit Agreement or any other Loan
Document in any other manner specified in this Credit Agreement or any other Loan Document.

               (b) Each Syndication Party agrees that receipt of e-mail notification that such Communications
have been posted pursuant to Subsection 16.16.2 below at the e-mail address(es) set forth beneath
such Syndication Party’s name on its signature page hereto or pursuant to the notice provisions of
any Syndication Acquisition Agreement shall constitute effective delivery of the Communications to
such Syndication Party for purposes of this Credit Agreement and any other Loan Document. Each
Syndication Party further agrees to notify the Administrative Agent in writing (including by
electronic communication) promptly of any change in its e-mail address or any extended disruption
in its internet delivery services.

          16.16.2 Posting. Borrower further agrees that the Administrative Agent may make the
Communications available to the Syndication Parties by posting the Communications on “Synd-Trak”
(“Platform”). The Platform is secured with a dual firewall and a User ID/Password Authorization
System and through a single user per deal authorization method whereby each user may access the
Platform only on a deal-by-deal basis. Borrower acknowledges that the distribution of
Communications through an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution.

          16.16.3 Additional Communications. The Administrative Agent reserves the right and
Borrower and each Syndication Party consents and agrees thereto, to, upon written notice to
Borrower and all Syndication Parties, implement and require use of a secure system whereby any
notices or other communications required or permitted by this Credit Agreement, but which are not
specifically covered by Subsection 16.16.1 hereof, and including, without limitation, 5-Year
Borrowing Notices,
Funding Notices, Bid Requests, Bids, Bid Results Notices, Bid Selection Notices, notices of
Overnight Rates, Overnight Advance Requests, and any communication described in clauses (i) through
(iv) of Subsection 16.16.1(a) hereof, shall be sent and received via electronic mail to the e-mail
addresses described in Subsection 16.16.1(b) hereof.

          16.16.4 Disclaimer. The Communications transmitted pursuant to this Section 16.16 and
the Platform are provided “as is” and “as available.” CoBank does not warrant the accuracy,
adequacy or completeness of the Communications or the Platform and CoBank expressly disclaims
liability for errors or omissions in the Communications or the Platform. No warranty of any kind,
express, implied or statutory, including without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or
other code defects, is made by CoBank in connection with the Communications or the Platform.

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          16.16.5 Termination. The provisions of this Section 16.16 shall automatically
terminate on the date that CoBank, ACB ceases to be the Administrative Agent under this Credit
Agreement.

     16.17 Reallocation and Repayment of Certain Amounts Outstanding Under the 2005 Credit
Agreement on the Closing Date. All Bid Rate Loans outstanding under the 2005 Credit Agreement
on the Closing Date shall remain outstanding (and the Bid Rate and Bid Maturity Date unchanged) and
shall, subject to any payments required by clause (2) of the next sentence, be deemed to be Bid
Rate Loans made under this Credit Agreement allocated to the Syndication Party which originally
made the Bid Rate Loan. Borrower agrees that immediately prior to the closing under this Credit
Agreement and on the Closing Date, it shall make the following payments of amounts owing under the
2005 Credit Agreement to the Administrative Agent under the 2005 Credit Agreement (to be allocated
among the Syndication Parties as provided by the 2005 Credit Agreement): (1) the amount of all
Overnight Advances outstanding under the 2005 Credit Agreement as of the Closing Date; (2) the
amount by which the Bid Rate Loans allocated pursuant to the preceding sentence to any Syndication
Party exceeds the Individual 5-Year Commitment of such Syndication Party as determined under this
Credit Agreement; (3) the amount, if any, by which the aggregate outstanding balance of 364-Day
Advances and 5-Year Advances under the 2005 Credit Agreement as of the Closing Date (after payment
of the amount required pursuant to clause (1) of this Section) exceeds the 5-Year Commitment (as
defined herein); (4) the amount of all accrued interest on all outstanding 364-Day Advances and all
5-Year Advances (as both such terms are defined in the 2005 Credit Agreement); (5) the amount of
all 364-Day Facility Fees and all 5-Year Facility Fees which would otherwise be payable under the
2005 Credit Agreement as of the end of Borrower’s next Fiscal Quarter occurring on or after the
Closing Date (but pro-rated based on a ratio of (A) the number of days since the beginning of the
current Fiscal Quarter to the Closing Date, to (B) the number of days from the beginning to the end
of the current Fiscal Quarter), and (6) the amount of Funding Losses (determined as provided in the
2005Credit Agreement) attributable to (i) prepayments, if any, of Bid Rate Loans pursuant to clause
(2) of this Section and/or LIBO Rate Loans (as defined in the 2005 Credit Agreement) pursuant to
clause (3) of this Section, or (ii) the amount, if any, of the reduction in the outstanding balance
of
LIBO Rate Loans in which any Syndication Party hereunder has a Syndication Interest on account
of a Reduction as required below. Each of the Syndication Parties agrees that: (a) the aggregate
outstanding balance of 364-Day Advances and 5-Year Advances under the 2005 Credit Agreement as of
the Closing Date (other than Bid Rate Loans), after the application of the payments by Borrower
required under this Section, shall on such date be aggregated and reallocated among each of the
Syndication Parties (and thereafter treated as 5-Year Advances hereunder) in accordance with their
respective Individual 5-Year Pro Rata Shares (determined without considering such 364-Day Advances
and 5-Year Advances under the 2005 Credit Agreement, other than Bid Rate Loans) on such date as
determined by the Administrative Agent; and (b) to the extent such reallocation as described in
clause (a) of this Section (“Reallocation”) results in (x) the 364-Day Advances under the 2005
Credit Agreement allocated to any Syndication Party as 5-Year Advances hereunder being in excess of
the 364-Day Advances which were allocated to such Syndication Party under the 2005 Credit Agreement
immediately prior to such Reallocation, and/or (y) the 5-Year Advances under the 2005 Credit
Agreement allocated to any Syndication Party as 5-Year Advances hereunder being in excess of the
5-Year Advances which were allocated to such Syndication Party under the 2005 Credit

80

 

Agreement
immediately prior to such Reallocation, such Syndication Party shall remit to the Administrative
Agent funds in the amount of any such excess by 2:00 P.M. (Central time) on the Closing Date in the
manner provided in Section 15.29 hereof. To the extent such Reallocation results in the 364-Day
Advances and/or 5-Year Advances under the 2005 Credit Agreement allocated to any Syndication Party
as 5-Year Advances hereunder being less than the 364-Day Advances and/or 5-Year Advances,
respectively, which were allocated to such Syndication Party under the 2005 Credit Agreement
immediately prior to such Reallocation (“Reduction”), the Administrative Agent shall remit the
amount of such Reduction to such Syndication Party in the manner provided in Section 15.29 hereof.
To the extent that any Syndication Party fails to remit funds to the Administrative Agent as
required under clause (b) of this Section, the Administrative Agent shall provide such funds and
such funds shall be deemed to be the Delinquent Amount, such Syndication Party shall be deemed to
be a Delinquent Syndication Party subject to all of the obligations set forth in Section 15.4
hereof, and the Administrative Agent shall be deemed to be a Contributing Syndication Party with
all of the rights set forth in Section 15.4 hereof. All payments received by the Administrative
Agent from Borrower pursuant to clauses (1) through (4) of this Section shall be allocated and paid
to the Syndication Parties under the 2005 Credit Agreement as therein provided.

     16.18 Affect of Amended and Restated Credit Agreement. This Credit Agreement shall be
effective from the Effective Date forward, and the execution of this Credit Agreement shall not
relieve any party to the 2005 Credit Agreement from their respective obligations thereunder for the
period from the Original Effective Date to the Effective Date or from any liability for the failure
to perform such obligations or from any liability arising out of indemnification obligations under
the 2005 Credit Agreement.

     16.19 Mutual Release. Upon full indefeasible payment and satisfaction of the Bank
Debt and the other obligations contained in this Credit Agreement, the parties, including Borrower,
the Administrative Agent, the Bid Agent, and each Syndication Party shall, except as provided in
Article 13 hereof and except with respect to
Borrower’s reimbursement obligation to the issuer of each Letter of Credit with an expiry date
beyond the 5-Year Maturity Date, thereupon automatically each be fully, finally, and forever
released and discharged from any further claim, liability, or obligation in connection with the
Bank Debt.

     16.20 Liberal Construction. This Credit Agreement constitutes a fully negotiated
agreement between commercially sophisticated parties, each assisted by legal counsel, and shall not
be construed and interpreted for or against any party hereto.

     16.21 Counterparts. This Credit Agreement 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 Credit

81

 

Agreement
by telefax, facsimile, or e-mail transmission of an Adobe® file format document also shall deliver
an original executed counterpart of this Credit Agreement, but the failure to deliver an original
executed counterpart shall not affect the validity, enforceability, and binding effect of this
Credit Agreement.

     16.22 Confidentiality. Each Syndication Party shall maintain the confidential nature
of, and shall not use or disclose, any of Borrower’s financial information, confidential
information or trade secrets without first obtaining Borrower’s written consent. Nothing in this
Section shall require any Syndication Party to obtain such consent after there is an Event of
Default. The obligations of the Syndication Parties shall in no event apply to: (a) providing
information about Borrower to any financial institution contemplated or described in Sections 15.7,
15.15, and 15.27 hereof or to such Syndication Party’s parent holding company or any of such
Syndication Party’s Affiliates, or to any actual or prospective counterparty to any securitization,
swap or derivative transaction relating to Borrower with respect to any Loan; (b) any situation in
which any Syndication Party is required by Law or required by any Governmental Authority to
disclose information; (c) providing information to counsel to any Syndication Party in connection
with the transactions contemplated by the Loan Documents; (d) providing information to independent
auditors retained by the such Syndication Party; (e) any information that is in or becomes part of
the public domain otherwise than through a wrongful act of such Syndication Party or any of its
employees or agents thereof; (f) any information that is in the possession of any Syndication Party
prior to receipt thereof from Borrower or any other Person known to such Syndication Party to be
acting on behalf of Borrower; (g) any information that is independently developed by any
Syndication Party; and (h) any information that is disclosed to any Syndication Party by a third
party that has no obligation of confidentiality with respect to the information disclosed. A
Syndication Party’s confidentiality requirements continue after it is no longer a Syndication Party
under this Credit Agreement. Notwithstanding any provision to the contrary in this Credit
Agreement, the
Administrative Agent and each Syndication Party (and each employee, representative, or other
agent thereof) may disclose to any and all Persons, without limitations of any kind, the tax
treatment and tax structure of the transaction described in this Credit Agreement and all materials
of any kind (including opinions or other tax analyses), if any, that are provided to the
Administrative Agent or such Syndication Party relating to such tax treatment and tax structure.
Nothing in the preceding sentence shall be taken as an indication that such transaction would, but
for such sentence, be deemed to be a “reportable transaction” as defined in Treasury Regulation
Section 1.6011-4.

     16.23 USA Patriot Act Notice. Each Syndication Party that is subject to the USA
Patriot Act and the Administrative Agent (for itself and not on behalf of any Syndication Party)
hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act, it is required
to obtain, verify and record information that identifies Borrower, which information includes the
name and address of Borrower and other information that will allow such Syndication Party or
Administrative Agent, as applicable, to identify Borrower in accordance with the USA Patriot Act.

     16.24 Waiver of Borrower’s Rights Under Farm Credit Act. Borrower, having been
represented by legal counsel in connection with this Credit Agreement and, in particular, in
connection with the waiver contained in this Section 16.24, does hereby voluntarily and

82

 

knowingly
waive, relinquish, and agree not to assert at any time, any and all rights that Borrower may have
or be afforded under the sections of the Agricultural Credit Act of 1987 designated as 12 U.S.C.
Sections 2199 through 2202e and the implementing Farm Credit Administration regulations as set
forth in 12 C.F.R Sections 617.7000 through 617.7630, including those provisions which afford
Borrower certain rights, and/or impose on any lender to Borrower certain duties, with respect to
the collection of any amounts owing hereunder or the foreclosure of any liens securing any such
amounts, or which require the Administrative Agent or any present or future Syndication Party to
disclose to Borrower the nature of any such rights or duties. This waiver is given by Borrower
pursuant to the provisions of 12 C.F.R. Section 617.7010(c) to induce the Syndication Parties to
fund and extend to Borrower the credit facilities described herein and to induce those Syndication
Parties which are Farm Credit System Institutions to agree to provide such credit facilities
commensurate with their Individual 5-Year Commitments as they may exist from time to time.

[Signature pages commence on the next page]

83

 

     IN WITNESS WHEREOF, the parties have executed this 2006 Amended and Restated Credit
Agreement (Revolving Loan) as of the date first above written.

	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	CHS INC., a cooperative corporation formed under the	 	 
	 	 	laws of the State of Minnesota	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: John Schmitz	 	 
	 	 	Title: Executive Vice President and Chief Financial	 	 
	 	 	Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ADMINISTRATIVE AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	COBANK, ACB	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Michael Tousignant	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	BID AGENT:	 	 
	 
	 	 	 	 	 	 
	 	 	CoBANK, ACB	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Michael Tousignant	 	 
	 	 	Title: Vice President	 	 

84

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	CoBank, ACB
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Michael Tousignant
	 	 	Title: Vice President
	 
	 	 	 	 	 	 
	 	 	Contact Name: Michael Tousignant
	 	 	Title: Vice President
	 

	 	Address:
	      5500 South Quebec Street	 	 
	 

	 	 	 	     Greenwood Village, CO 80111	 	 
	 	 	Phone No.: 303/694-5838
	 	 	Fax No.: 303/694-5830
	 	 	E-mail: mtousignant@cobank.com
	 	 	Individual 5-Year Commitment: $233,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	CoBank, ACB	 	 
	 

	 	 	 	ABA No.: 307088754	 	 
	 

	 	 	 	Acct. Name: CoBank, ACB	 	 
	 

	 	 	 	Account No.: 22274433	 	 
	 

	 	 	 	Attn:	 	 
	 

	 	 	 	Reference: CHS	 	 

85

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd., Chicago
	 	 	Branch
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Mr. Tsuguyuki Umene
	 	 	Title: Deputy General Manager
	 
	 	 	 	 	 	 
	 	 	Contact Name: Scott Ackerman
	 	 	Title: Assistant Vice President
	 

	 	Address:
	      601 Carlson Parkway, Suite 370	 	 
	 

	 	 	 	     Minnetonka, Minnesota 55305	 	 
	 	 	Phone No.: 952/473-9092
	 	 	Fax No.: 952/473-5152
	 	 	E-mail: sackerman@us.mufg.jp
	 	 	Individual 5-Year Commitment: $57,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	Bank: The Bank of Tokyo-Mitsubishi UFJ, Ltd.,	 	 
	 

	 	 	 	     Chicago Branch	 	 
	 

	 	 	 	ABA No.: 071002341	 	 
	 

	 	 	 	Acct. Name: The Bank of Tokyo-Misubishi	 	 
	 

	 	 	 	     UFJ, Ltd., Chicago Branch	 	 
	 

	 	 	 	Account No.: 1525720230	 	 
	 

	 	 	 	Reference: CHS	 	 

86

 

	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	SunTrust Bank	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 
	 	 	Name: Michel Odermatt	 	 
	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name: Michel Odermatt	 	 
	 	 	Title: Managing Director	 	 
	 

	 	Address:
	     303 Peachtree Street NE	 	 	 	 
	 

	 	 	 	     Atlanta, GA 30308	 	 	 	 
	 	 	Phone No.: 404/532-0232	 	 
	 	 	Fax No.: 404/575-2693	 	 
	 	 	E-mail: michel.odermatt@suntrust.com	 	 
	 	 	Individual 5-Year Commitment: $57,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	SunTrust Bank	 	 	 	 
	 

	 	 	 	ABA No.: 061000104	 	 	 	 
	 

	 	 	 	Acct. Name: Corporate Banking Operations	 	 	 	 
	 

	 	 	 	           Support	 	 	 	 
	 

	 	 	 	Account No.: 9088000112	 	 	 	 
	 

	 	 	 	Reference: CHS Inc.	 	 	 	 

87

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	Bank of America, N.A.
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Daniel R. Petrik
	 	 	Title: Senior Vice President
	 
	 	 	 	 	 	 
	 	 	Contact Name: Daniel R. Petrik
	 	 	Title: Senior Vice President
	 

	 	Address:
	     231 S. LaSalle Street	 	 
	 

	 	 	 	     Chicago, IL 60697	 	 
	 	 	Phone No.: 312/828-8160
	 	 	Fax No.: 312/828-7393
	 	 	E-mail: daniel.petrik@bankofamerica.com
	 	 	Individual 5-Year Commitment: $57,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	Bank of America N.A.	 	 
	 

	 	 	 	ABA No.: 026-009-593	 	 
	 

	 	 	 	Acct. Name: Commercial Loan Services	 	 
	 

	 	 	 	           New York, NY	 	 
	 

	 	 	 	Account No.: 109823-0000591	 	 
	 

	 	 	 	Reference: Attn: Torethia Merriwether	 	 

88

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	Wells Fargo Bank, National Association
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Jacqueline Ryan
	 	 	Title: Vice President/Sr.Banker
	 
	 	 	 	 	 	 
	 	 	Contact Name: Jacqueline Ryan
	 	 	Title: Vice President
	 

	 	Address:
	     Sixth & Marquette	 	 
	 

	 	 	 	     MAC-N9305-031	 	 
	 

	 	 	 	     Minneapolis, MN 55479	 	 
	 	 	Phone No.: 612/667-6508
	 	 	Fax No.: 612/667-2276
	 	 	E-mail: Jacqueline.Ryan@wellsfargo.com
	 	 	Individual 5-Year Commitment: $57,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	Wells Fargo Bank, N.A.	 	 
	 

	 	 	 	ABA No.: 121-000-248	 	 
	 

	 	 	 	Acct. Name: MEMSYN/Commercial Banking	 	 
	 

	 	 	 	          Service Center	 	 
	 

	 	 	 	Account No.: 0271-2507201	 	 
	 

	 	 	 	Reference: CHS	 	 

89

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	BNP Paribas
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Marcie Weiss
	 	 	Title: Managing Director
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Chris Chapman
	 	 	Title: Director
	 
	 	 	 	 	 	 
	 	 	Contact Name: Chris Chapman
	 	 	Title: Director
	 

	 	Address:
	     787 Seventh Avenue	 	 
	 

	 	 	 	     New York, NY 10019	 	 
	 	 	Phone No.: 212/841-2076
	 	 	Fax No.: 212/841-2536
	 	 	E-mail: christopher.c.chapman @americas.bnpparibas.com
	 	 	Individual 5-Year Commitment: $57,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	BNP PARIBAS, NEW YORK	 	 
	 

	 	 	 	ABA No.: 026 007 689	 	 
	 

	 	 	 	Acct. Name: Loan Servicing Clearing Account	 	 
	 

	 	 	 	Account No.: 103130 00103	 	 
	 

	 	 	 	Reference: CHS	 	 

90

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	Harris N. A.
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	Name:	 	 	 
	 

	 	Title:	 	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Robert H. Wolohan
	 	 	Title: Vice President
	 

	 	Address:
	     111 West Monroe Street	 	 
	 

	 	 	 	     Chicago, IL 60603	 	 
	 	 	Phone No.: 312/461-6049
	 	 	Fax No.: 312/293-4280
	 	 	E-mail: Robert.wolohan@harrisnesbitt.com
	 	 	Individual 5-Year Commitment: $57,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	Harris N. A. Chicago, IL	 	 
	 

	 	 	 	ABA No.: 071 000 288	 	 
	 

	 	 	 	Acct. Name: Harris Nesbitt	 	 
	 

	 	 	 	Account No.: 109 535 5 Credit Services	 	 
	 

	 	 	 	Reference: CHS	 	 
	 

	 	 	 	Notify: Arlett Hall 312-461-3118	 	 

91

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	Cooperatieve Centrale Raiffeisen-Boerenleenbank
	 	 	B.A., “Rabobank International” New York Branch
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Brad Peterson
	 	 	Title: Executive Director
	 

	 	Address:
	     245 Park Avenue	 	 
	 

	 	 	 	     New York, NY 10167	 	 
	 	 	Phone No.: 312/408-8222
	 	 	Fax No.: 312/408-8240
	 	 	E-mail: brad.peterson@rabobank.com
	 	 	Individual 5-Year Commitment: $57,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	Pay to: JPMorgan Chase, N.A.	 	 
	 

	 	 	 	ABA No.: 021 000 021	 	 
	 

	 	 	 	Swift Address: CHASUS33	 	 
	 

	 	 	 	FOA: Rabobank International, NY Branch	 	 
	 

	 	 	 	A/C: 400-212307	 	 
	 

	 	 	 	Reference: CHS	 	 

92

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:  
	 
	 	 	 	 	 	 
	 	 	Deere Credit, Inc.
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 	 	Name: Jack Harris
	 	 	Title: Manager Credit Operations/Administration
	 
	 	 	 	 	 	 
	 	 	Contact Name: Jack Harris
	 	 	Title: Manager Credit Operations/Administration
	 

	 	Address:
	     6400 NW 86th Street	 	 
	 

	 	 	 	     P.O. Box 6650 – Dept. 140	 	 
	 

	 	 	 	     Johnston, IA 50131-6650	 	 
	 	 	Phone No.: 515/267-4349
	 	 	Fax No.: 515/267-4020
	 	 	E-mail: harrisjack@johndeere.com
	 	 	Individual 5-Year Commitment: $55,000,000.00
	 	 	Payment Instructions:
	 

	 	 	 	Bank: JP Morgan Chase NY, NY	 	 
	 

	 	 	 	ABA No.: 021000021	 	 
	 

	 	 	 	Acct. Name: Deere Credit Services	 	 
	 

	 	 	 	Account No.: 51-52135	 	 
	 

	 	 	 	Reference: CHS, Inc.	 	 

93

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. Bank National Association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Curtis A. Schrieber	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Curtis A. Schrieber	 	 
	 	 	Title: Vice President	 	 
	 	 	Address:        Corporate Food & Agribusiness Group	 	 
	 

	 	 	 	               One US Bank Plaza, 12th Floor	 	 
	 

	 	 	 	               St. Louis, MO 63101	 	 
	 	 	Phone No.: 314/418-2817	 	 
	 	 	Fax No.: 314/418-8430	 	 
	 	 	E-mail: Curtis.Schrieber@usbank.com	 	 
	 	 	Individual 5-Year Commitment: $46,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	U.S. Bank	 	 
	 

	 	 	 	ABA No.: 123000220	 	 
	 

	 	 	 	Acct. Name: PL-7 Commercial Loan	 	 
	 

	 	 	 	                    Servicing West	 	 
	 

	 	 	 	Account No.: 00340012160600	 	 
	 

	 	 	 	Reference: Participation Specialist, Loan	 	 
	 

	 	 	 	                    #6349061459-CHS	 	 

94

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 
	 	 	Natexis Banques Populaires	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Stephen Jendras	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Alisa Trani	 	 
	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Stephen Jendras	 	 
	 	 	Title: Vice President	 	 
	 	 	Address:        1251 Avenue of the Americas	 	 
	 

	 	 	 	               34th Floor	 	 
	 

	 	 	 	               New York, NY 10020	 	 
	 	 	Phone No.: 212/872-5157	 	 
	 	 	Fax No.: 212/872-5162	 	 
	 	 	E-mail: steve.jendras@nyc.nxbp.com	 	 
	 	 	Individual 5-Year Commitment: $46,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	Chase Manhattan Bank, New York, NY	 	 
	 

	 	 	 	ABA No.: 021-000-021	 	 
	 

	 	 	 	Acct. Name: In favor of Natexis Banques	 	 
	 

	 	 	 	                              Populaires	 	 
	 

	 	 	 	Account No.: 544-7-75330	 	 
	 

	 	 	 	Reference: For further credit to CHS	 	 
	 

	 	 	 	                    Account No. 101899	 	 

95

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 
	 	 	Fortis Capital Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Edward Aldrich	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Edward Aldrich	 	 
	 	 	Title: Director	 	 
	 	 	Address:        520 Madison Avenue	 	 
	 

	 	 	 	               New York, NY 10022	 	 
	 	 	Phone No.: 212/340-5342	 	 
	 	 	Fax No.: 212/340-5340	 	 
	 	 	E-mail: Edward.Aldrich@usfortis.com	 	 
	 	 	Individual 5-Year Commitment: $46,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	J.P. Morgan-Chase New York	 	 
	 

	 	 	 	ABA No.: 021-000-021	 	 
	 

	 	 	 	Acct. Name: Fortis Capital Corp.	 	 
	 

	 	 	 	Account No.: 001-1-624-418	 	 
	 

	 	 	 	Reference: GCG — CHS	 	 

96

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 	 

	 	 	The Bank of Nova Scotia	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: James Belletire	 	 
	 	 	Title: Director	 	 
	 	 	Address:        Scotia Capital	 	 
	 

	 	 	 	               181 West Madison St., Suite 3700	 	 
	 

	 	 	 	               Chicago, IL 60602	 	 
	 	 	Lending Office: 600 Peachtree St. N.E., Suite 2700	 	 
	 

	 	 	 	               Atlanta, GA 30308	 	 
	 	 	Phone No.: 312-201-4185	 	 
	 	 	Fax No.: 312-201-4108	 	 
	 	 	Individual 5-Year Commitment: $46,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	Bank: The Bank of Nova Scotia, New York Agency	 	 
	 

	 	 	 	ABA No: 026-002-532	 	 
	 

	 	 	 	Acct. Name: Atlanta Agency Acct.	 	 
	 

	 	 	 	Acct. No.: 0606634	 	 
	 

	 	 	 	Ref: CHS Inc	 	 

97

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 
	 	 	Calyon New York Branch	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Lee E. Greve	 	 
	 	 	Title: Managing Director, Deputy Manager	 	 
	 

	 	 	 	(312) 220-7317	 	 
	 

	 	 	 	lee.greve@us.calyon.com	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Joseph Philbin	 	 
	 	 	Title: Director	 	 
	 

	 	 	 	(312) 220-7314	 	 
	 

	 	 	 	Joseph.philbin@us.calyon.com	 	 
	 
	 	 	 	 	 	 
	 	 	Address:        227 W. Monroe, Suite 3800	 	 
	 

	 	 	 	               Chicago, IL 60606	 	 
	 	 	Fax No.: (312) 641-0527	 	 
	 
	 	 	 	 	 	 
	 	 	Individual 5-Year Commitment: $46,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	                    	 	 
	 

	 	 	 	ABA No.: 0260-0807-3	 	 
	 

	 	 	 	Acct. Name: Loan Settlements	 	 
	 

	 	 	 	Account No.: 01-88179-3701-00-001-179	 	 
	 

	 	 	 	Attn: Jaikissoon Sanichar	 	 
	 

	 	 	 	Reference: SWIFT: CRLYUS33	 	 

98

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 
	 	 	National City Bank of Indiana	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Christopher A. Susott	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Christopher A. Susott	 	 
	 	 	Title: Vice President	 	 
	 	 	Address:        101 W. Washington Street, Suite 200 E	 	 
	 

	 	 	 	               Indianapolis, IN 46255	 	 
	 	 	Phone No.: 317/267-3668	 	 
	 	 	Fax No.: 317/267-8899	 	 
	 	 	E-mail: Christopher.susott@nationalcity.com	 	 
	 	 	Individual 5-Year Commitment: $25,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	National City Bank of Indiana	 	 
	 

	 	 	 	ABA No.: 074000065	 	 
	 

	 	 	 	Acct. Name: Cenex Harvest States	 	 
	 

	 	 	 	Account No.: GL 151804	 	 
	 

	 	 	 	Reference: Att: Commercial Loan	 	 
	 

	 	 	 	                    #1526986323	 	 

99

 

	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 
	 	 	M&I MARSHALL & ILSLEY BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: B. Douglas Pudvah	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Chad M. Kortgard	 	 
	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	Contact Name: Doug Pudvah	 	 
	 	 	Title: Vice President	 	 
	 	 	Address:        651 Nicollete Mall	 	 
	 

	 	 	 	               Minneapolis, Minnesota 55402	 	 
	 
	 	 	 	 	 	 
	 	 	Phone No.: 612-904-8589	 	 
	 	 	Fax No.: 612-904-8012	 	 
	 	 	email: doug.pudvah@micorp.com	 	 
	 	 	Individual 5-Year Commitment: $25,000,000.00	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	Bank: M&I Marshall & Ilsely Bank	 	 
	 

	 	 	 	Bank Address: Milwaukee, WI	 	 
	 

	 	 	 	ABA No.: 0750-0005-1	 	 
	 

	 	 	 	Acct. Name: Commercial Loan Transfer Acct	 	 
	 

	 	 	 	Acct. No.: 24103937	 	 
	 

	 	 	 	Ref:	 	 
	 

	 	 	 	Attn: Loan Servicing	 	 

100

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Farm Credit Services of America, PCA	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Steven L. Moore	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Steven L. Moore	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	Farm Credit Services of America	 	 	 	 
	 	 	 	 	 	 	5015 South 118th Street	 	 	 	 
	 	 	 	 	 	 	Omaha, Nebraska 68137	 	 	 	 
	 	 	Phone No.: (402) 348-3339	 	 	 	 
	 	 	Fax No.: (402) 348-3324	 	 	 	 
	 	 	E-mail:	 	 	 	 	 	 
	 	 	Individual 5-Year Commitment: $23,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 

	 	 	 	Bank:	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	ABA No.: 096016972	 	 	 	 
	 	 	 	 	Acct. Name:	 	 	 	 
	 	 	 	 	Account No.: 362021040	 	 	 	 
	 	 	 	 	Attn: Becky Haas	 	 	 	 
	 	 	 	 	Reference: CHS, Inc.	 	 	 	 

101

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	ING Capital LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	 	 	 
	 	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Bill Redmond	 	 	 	 
	 	 	Title: Managing Director	 	 	 	 
	 	 	Address:	 	1325 Avenue of the Americas, 8F1	 	 	 	 
	 	 	 	 	 	 	New York, NY 10019	 	 	 	 
	 	 	Phone No.: (646) 424-6639	 	 	 	 
	 	 	Fax No.: (646) 424-6390	 	 	 	 
	 	 	E-mail: bill.redmond@americas.ing.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $20,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 	 	 	 	Bank: JPMorgan Chase Bank	 	 	 	 
	 	 	 	 	ABA No.: 0210 0002 1	 	 	 	 
	 	 	 	 	Acct. Name: ING Capital LLC Loan/Agency	 	 	 	 
	 	 	 	 	Account No.: 066 297 311	 	 	 	 
	 	 	 	 	Attn: CFS Settlements	 	 	 	 
	 	 	 	 	Reference: CHS INC	 	 	 	 

102

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Comerica Bank	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Timothy O’Rourke	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Timothy O’Rourke	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	500 Woodward Ave. — M.C. 3269	 	 	 	 
	 	 	 	 	 	 	Detroit, MI 48226	 	 	 	 
	 	 	Phone No.: (313) 222-7044	 	 	 	 
	 	 	Fax No.: (313) 222-9516	 	 	 	 
	 	 	E-mail: thorourke@comerica.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $15,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	ABA No.: 072000096	 	 	 	 
	 	 	 	 	Acct. Name: CHS, Inc.	 	 	 	 
	 	 	 	 	Account No.: 21585-90010	 	 	 	 
	 	 	 	 	Attn: Commercial Loan Operation	 	 	 	 
	 	 	 	 	Reference:	 	 	 	 

103

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	AgStar Financial Services, PCA	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Troy Mostaert	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Troy Mostaert	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	14800 Galaxie Avenue	 	 	 	 
	 	 	 	 	 	 	Suite 205	 	 	 	 
	 	 	 	 	 	 	Apple Valley, Minnesota 55124	 	 	 	 
	 	 	Phone No.: (925) 997-4064	 	 	 	 
	 	 	Fax No.: (925) 997-4077	 	 	 	 
	 	 	E-mail: Troy.Mostaert@AgStar.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $15,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	ABA No.: 0960 16972	 	 	 	 
	 	 	 	 	Acct. Name: AgriBank, FCB	 	 	 	 
	 	 	 	 	Account No.: 362408688	 	 	 	 
	 	 	 	 	Attn: AgStar Financial Services	 	 	 	 
	 	 	 	 	Reference: CHS, Inc.	 	 	 	 

104

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	HSH Nordbank AG New York Branch	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: David Lopez Menendez	 	 	 	 
	 	 	Title: Senior Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Rhona Aledia	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Rhona Aledia	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	230 Park Avenue, 32nd Floor	 	 	 	 
	 	 	 	 	 	 	New York, NY 10169-0005	 	 	 	 
	 	 	Phone No.: (212) 407-6062	 	 	 	 
	 	 	Fax No.: (212) 407-6011	 	 	 	 
	 	 	E-mail: rhona.aledia@hsh-nordbank.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $15,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 	 	 	 	Bank: JP Morgan Chase	 	 	 	 
	 	 	 	 	Bank Address: New York, NY	 	 	 	 
	 	 	 	 	ABA No.: 021 000 021	 	 	 	 
	 	 	 	 	Acct. Name: HSH Nordbank, New York Branch	 	 	 	 
	 	 	 	 	Account Number: 400 949 687	 	 	 	 
	 	 	 	 	Ref: CHS Inc.	 	 	 	 
	 	 	 	 	Attn: John O’Shea	 	 	 	 

105

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LaSalle Bank National Association	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Jeffrey Ware	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Jeffrey Ware	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	135 South LaSalle Street-Suite 629	 	 	 	 
	 	 	 	 	 	 	Chicago, Illinois 60603	 	 	 	 
	 	 	Phone No.: (312) 904-2417	 	 	 	 
	 	 	Fax No.: (312) 904-4779	 	 	 	 
	 	 	E-mail: jeffrey.ware@abnamro.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $15,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 	 	 	 	Bank: LaSalle Bank National Association	 	 	 	 
	 	 	 	 	Bank Address: 135 South LaSalle Street

Chicago, IL 60603	 	 	 	 
	 	 	 	 	ABA No.: 071000505	 	 	 	 
	 	 	 	 	Acct. Name: Commercial Loan General Ledger Account	 	 
	 	 	 	 	Account Number: 1378018-7300	 	 	 	 
	 	 	 	 	Ref: CHS Inc.-	 	 	 	 

106

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Société Générale	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Milissa Goeden	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Milissa Goeden	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	181 W. Madison, Suite 3400	 	 	 	 
	 	 	 	 	 	 	Chicago, Illinois 60602	 	 	 	 
	 	 	Phone No.: (312) 578-5156	 	 	 	 
	 	 	Fax No.: (312) 578-5099	 	 	 	 
	 	 	E-mail: milissa.goeden@sgcib.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $15,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 	 	 	 	Bank: Société Générale	 	 	 	 
	 	 	 	 	Bank Address: 1221 Avenue of the Americas
Ny, Ny 10020	 	 	 	 
	 	 	 	 	ABA No.: 026-004-226	 	 	 	 
	 	 	 	 	Acct. Name: LSG Clearing account	 	 
	 	 	 	 	Account Number: 9051422	 	 	 	 
	 	 	 	 	Ref: CHS Inc.	 	 	 	 

107

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	SYNDICATION PARTY:	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Wachovia Bank, National Association	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name: Clint Bryant	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Contact Name: Clint Bryant	 	 	 	 
	 	 	Title: Vice President	 	 	 	 
	 	 	Address:	 	5080 Spectrum Drive, Suite 500E	 	 	 	 
	 	 	 	 	 	 	Addison, TX 75001	 	 	 	 
	 	 	Phone No.: (972) 419-3222	 	 	 	 
	 	 	Fax No.: (972) 419-3136	 	 	 	 
	 	 	E-mail: clint.bryant@wachovia.com	 	 	 	 
	 	 	Individual 5-Year Commitment: $15,000,000.00	 	 	 	 
	 	 	Payment Instructions:	 	 	 	 
	 	 	 	 	Bank: Wachovia Bank	 	 	 	 
	 	 	 	 	Bank Address: 201 South College Street

Charlotte, NC	 	 	 	 
	 	 	 	 	ABA No.: 530000219	 	 	 	 
	 	 	 	 	Acct. Name: GBG	 	 
	 	 	 	 	Account Number: 01459160000005	 	 	 	 
	 	 	 	 	Ref: CHS, Inc.	 	 	 	 

108

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE 1. DEFINED TERMS
	 	 	1	 
	1.1 Additional Costs
	 	 	1	 
	1.2 Adjusted Consolidated Funded Debt
	 	 	1	 
	1.3 Administrative Agent
	 	 	1	 
	1.4 Administrative Agent Office
	 	 	2	 
	1.5 Adoption Agreement
	 	 	2	 
	1.6 Advance
	 	 	2	 
	1.7 Advance Date
	 	 	2	 
	1.8 Advance Payment
	 	 	2	 
	1.9 Affected Loans
	 	 	2	 
	1.10 Affiliate
	 	 	2	 
	1.11 Amortization
	 	 	2	 
	1.12 Annual Operating Budget
	 	 	2	 
	1.13 Anti-Terrorism Laws
	 	 	2	 
	1.14 Applicable Lending Office
	 	 	2	 
	1.15 Authorized Officer
	 	 	2	 
	1.16 Bank Debt
	 	 	2	 
	1.17 Banking Day
	 	 	2	 
	1.18 Bank Equity Interests
	 	 	3	 
	1.19 Base Rate
	 	 	3	 
	1.20 Base Rate Loans
	 	 	3	 
	1.21 Bid
	 	 	3	 
	1.22 Bid Advance
	 	 	3	 
	1.23 Bid Agent
	 	 	3	 

i

 

	 	 	 	 	 
	1.24 Bid Maturity Date
	 	 	3	 
	1.25 Bid Rate
	 	 	3	 
	1.26 Bid Rate Loan
	 	 	3	 
	1.27 Bid Request
	 	 	3	 
	1.28 Bid Results Notice
	 	 	3	 
	1.29 Bid Selection Notice
	 	 	3	 
	1.30 Borrower’s Account
	 	 	3	 
	1.31 Borrower Benefit Plan
	 	 	3	 
	1.32 Borrower Indemnification Payment
	 	 	4	 
	1.33 Borrower Pension Plan
	 	 	4	 
	1.34 Capital Leases
	 	 	4	 
	1.35 Cash Collateral Account
	 	 	4	 
	1.36 CCC
	 	 	4	 
	1.37 CCC Guarantee
	 	 	4	 
	1.38 Change in Law
	 	 	4	 
	1.39 Closing Date
	 	 	4	 
	1.40 Code
	 	 	4	 
	1.41 Committed Bid Advances
	 	 	4	 
	1.42 Committed LC Request
	 	 	4	 
	1.43 Committed Letter of Credit
	 	 	4	 
	1.44 Committed Letter of Credit Fee
	 	 	4	 
	1.45 Committed 5-Year Advances
	 	 	5	 
	1.46 Commitment Increase
	 	 	5	 
	1.47 Communications
	 	 	5	 
	1.48 Compliance Certificate
	 	 	5	 

ii

 

	 	 	 	 	 
	1.49 Confirmation Amount
	 	 	5	 
	1.50 Confirmation Request
	 	 	5	 
	1.51 Consolidated Cash Flow
	 	 	5	 
	1.52 Consolidated Current Assets
	 	 	5	 
	1.53 Consolidated Current Liabilities
	 	 	5	 
	1.54 Consolidated Funded Debt
	 	 	5	 
	1.55 Consolidated Interest Expense
	 	 	5	 
	1.56 Consolidated Members’ and Patrons’ Equity
	 	 	5	 
	1.57 Consolidated Subsidiary
	 	 	6	 
	1.58 Contributing Syndication Parties
	 	 	6	 
	1.59 Control Agreement
	 	 	6	 
	1.60 Converted LC
	 	 	6	 
	1.61 Debt
	 	 	6	 
	1.62 Default Interest Rate
	 	 	6	 
	1.63 Delinquency Interest
	 	 	6	 
	1.64 Delinquent Amount
	 	 	6	 
	1.65 Delinquent Syndication Party
	 	 	6	 
	1.66 Depreciation
	 	 	6	 
	1.67 Effective Date
	 	 	6	 
	1.68 Embargoed Person
	 	 	6	 
	1.69 Environmental Laws
	 	 	7	 
	1.70 Environmental Regulations
	 	 	7	 
	1.71 ERISA
	 	 	7	 
	1.72 ERISA Affiliate
	 	 	7	 
	1.73 Event of Default
	 	 	7	 

iii

 

	 	 	 	 	 
	1.74 Event of Syndication Default
	 	 	7	 
	1.75 Executive Order
	 	 	7	 
	1.76 Existing Letters of Credit
	 	 	7	 
	1.77 Export Grain Transaction
	 	 	7	 
	1.78 Extended Duration LC
	 	 	7	 
	1.79 Farm Credit System Institution
	 	 	7	 
	1.80 Fiscal Quarter
	 	 	8	 
	1.81 Fiscal Year
	 	 	8	 
	1.82 5-Year Advance
	 	 	8	 
	1.83 5-Year Availability Period
	 	 	8	 
	1.84 5-Year Borrowing Notice
	 	 	8	 
	1.85 5-Year Commitment
	 	 	8	 
	1.86 5-Year Facility
	 	 	8	 
	1.87 5-Year Facility Fee Factor
	 	 	8	 
	1.88 5-Year Facility Fee
	 	 	8	 
	1.89 5-Year Facility Note
	 	 	8	 
	1.90 5-Year Funding Notice
	 	 	8	 
	1.91 5-Year Margin
	 	 	8	 
	1.92 5-Year Maturity Date
	 	 	8	 
	1.93 Funded Debt
	 	 	8	 
	1.94 Funding Losses
	 	 	9	 
	1.95 Funding Loss Notice
	 	 	9	 
	1.96 Funding Share
	 	 	9	 
	1.97 Funding Source
	 	 	9	 
	1.98 GAAP
	 	 	9	 

iv

 

	 	 	 	 	 
	1.99 Good Faith Contest
	 	 	9	 
	1.100 Governmental Authority
	 	 	9	 
	1.101 Hazardous Substances
	 	 	9	 
	1.102 Holdout Lender
	 	 	9	 
	1.103 Importer
	 	 	9	 
	1.104 Importer LC
	 	 	9	 
	1.105 Indemnification Date
	 	 	9	 
	1.106 Indemnified Agency Parties
	 	 	10	 
	1.107 Indemnified Parties
	 	 	10	 
	1.108 Individual 5-Year Commitment
	 	 	10	 
	1.109 Individual 5-Year Lending Capacity
	 	 	10	 
	1.110 Individual Outstanding 5-Year Obligations
	 	 	10	 
	1.111 Individual 5-Year Pro Rata Share
	 	 	10	 
	1.112 Intellectual Property
	 	 	10	 
	1.113 Investment
	 	 	10	 
	1.114 Issuance Fee
	 	 	11	 
	1.115 Issuing Syndication Party
	 	 	11	 
	1.116 LC Commitment
	 	 	11	 
	1.117 LC Confirmation
	 	 	11	 
	1.118 LC Confirmation Commitment
	 	 	11	 
	1.119 Letters of Credit
	 	 	11	 
	1.120 Letter of Credit Bank
	 	 	11	 
	1.121 LIBO Rate
	 	 	11	 
	1.122 LIBO Rate Loan
	 	 	11	 
	1.123 LIBO Rate Period
	 	 	11	 

v

 

	 	 	 	 	 
	1.124 LIBO Request
	 	 	11	 
	1.125 Licensing Laws
	 	 	11	 
	1.126 Lien
	 	 	11	 
	1.127 Loans
	 	 	12	 
	1.128 Loan Documents
	 	 	12	 
	1.129 Material Adverse Effect
	 	 	12	 
	1.130 Material Agreements
	 	 	12	 
	1.131 Multiemployer Plan
	 	 	12	 
	1.132 NCRA
	 	 	12	 
	1.133 Negotiated LC Request
	 	 	12	 
	1.134 Negotiated Letter of Credit
	 	 	12	 
	1.135 Non-US Lender
	 	 	12	 
	1.136 Note or Notes
	 	 	12	 
	1.137 OFAC
	 	 	12	 
	1.138 Operating Lease
	 	 	12	 
	1.139 Organization Documents
	 	 	12	 
	1.140 Other List
	 	 	12	 
	1.141 Original Effective Date
	 	 	12	 
	1.142 Overnight Advance
	 	 	12	 
	1.143 Overnight Advance Request
	 	 	12	 
	1.144 Overnight Funding Commitment
	 	 	13	 
	1.145 Overnight Lender
	 	 	13	 
	1.146 Overnight Maturity Date
	 	 	13	 
	1.147 Overnight Rate
	 	 	13	 
	1.148 Payment Account
	 	 	13	 

vi

 

	 	 	 	 	 
	1.149 Payment Distribution
	 	 	13	 
	1.150 PBGC
	 	 	13	 
	1.151 Permitted Encumbrance
	 	 	13	 
	1.152 Person
	 	 	13	 
	1.153 Plan
	 	 	13	 
	1.154 Platform
	 	 	13	 
	1.155 Potential Default
	 	 	13	 
	1.156 Prohibited Transaction
	 	 	13	 
	1.157 Reallocation
	 	 	13	 
	1.158 Reduction
	 	 	13	 
	1.159 Regulatory Change
	 	 	13	 
	1.160 Replacement Lender
	 	 	13	 
	1.161 Reportable Event
	 	 	13	 
	1.162 Requested 5-Year Advance
	 	 	14	 
	1.163 Required Lenders
	 	 	14	 
	1.164 Required License
	 	 	14	 
	1.165 Restricted Subsidiary
	 	 	14	 
	1.166 SDN List
	 	 	14	 
	1.167 Subsidiary
	 	 	14	 
	1.168 Successor Agent
	 	 	14	 
	1.169 Syndication Acquisition Agreement
	 	 	14	 
	1.170 Syndication Interest
	 	 	14	 
	1.171 Syndication Parties
	 	 	14	 
	1.172 Syndication Party Advance Date
	 	 	15	 
	1.173 Term Loan Credit Agreement
	 	 	15	 

vii

 

	 	 	 	 	 
	1.174 2005 Credit Agreement
	 	 	15	 
	1.175 Transfer
	 	 	15	 
	1.176 USA Patriot Act
	 	 	15	 
	1.177 Voting Participant
	 	 	15	 
	1.178 Wire Instructions
	 	 	15	 
	ARTICLE 2. 5-YEAR FACILITY
	 	 	15	 
	2.15-Year Facility Loan
	 	 	15	 
	2.1.1 Individual Syndication Party 5-Year Commitment
	 	 	15	 
	2.1.2 Individual Syndication Party 5-Year Pro Rata Share
	 	 	15	 
	2.2 5-Year Commitment
	 	 	15	 
	2.3 5-Year Borrowing Notice
	 	 	15	 
	2.4 Promise to Pay; 5-Year Facility Promissory Notes
	 	 	16	 
	2.5 Advances Under 2005 Credit Agreement
	 	 	16	 
	2.6 Syndication Party Records
	 	 	17	 
	2.7 Use of Proceeds
	 	 	17	 
	2.8 Syndication Party Funding Failure
	 	 	17	 
	2.9 Reduction of 5-Year Commitment
	 	 	17	 
	2.10 Increase of 5-Year Commitment
	 	 	18	 
	ARTICLE 3. BID RATE FACILITY; OVERNIGHT FACILITY; LC CONFIRMATION FACILITY
	 	 	19	 
	3.1 5-Year Facility Bid Rate Loans
	 	 	19	 
	3.1.1 Individual 5-Year Commitment
	 	 	19	 
	3.1.2 5-Year Commitment
	 	 	19	 
	3.1.3 Amounts
	 	 	19	 
	3.2 Bid Request
	 	 	19	 

viii

 

	 	 	 	 	 
	3.3 Bid Procedure
	 	 	19	 
	3.4 Bid Acceptance Procedure
	 	 	20	 
	3.5 Bid Rate Loan Funding
	 	 	20	 
	3.6 Syndication Party Funding Failure
	 	 	20	 
	3.7 Bid Rate Loans — Bid Maturity Date Beyond Maturity Date
	 	 	21	 
	3.8 Failure to Implement Bid Process
	 	 	21	 
	3.9 Overnight Advances
	 	 	21	 
	3.10 Overnight Lender Funding Failure
	 	 	22	 
	3.11 LC Confirmation Indemnification
	 	 	22	 
	ARTICLE 4. LETTER OF CREDIT FACILITY
	 	 	23	 
	4.1 Letter of Credit Request
	 	 	23	 
	4.1.1 Request for Committed Letter of Credit
	 	 	23	 
	4.1.2 Request for Negotiated Letter of Credit
	 	 	23	 
	4.1.3 Purpose
	 	 	24	 
	4.1.4 Notification of the Administrative Agent Regarding Negotiated Letters of Credit
	 	 	24	 
	4.2 Committed Letters of Credit
	 	 	24	 
	4.2.1 Available Amount
	 	 	24	 
	4.2.2 Availability
	 	 	24	 
	4.2.3 Issuance Fee
	 	 	24	 
	4.2.4 Treatment of Draws
	 	 	24	 
	4.3 Negotiated Letters of Credit
	 	 	24	 
	4.3.1 Available Amount
	 	 	25	 
	4.3.2 Availability
	 	 	25	 
	4.3.3 Fees
	 	 	25	 

ix

 

	 	 	 	 	 
	4.3.4 Treatment of Draws
	 	 	25	 
	4.4 Notice Regarding Negotiated Letters of Credit
	 	 	25	 
	4.5 Existing Letters of Credit
	 	 	25	 
	4.6 Cash Collateral Account
	 	 	25	 
	4.7 Reimbursement Obligation Unconditional
	 	 	27	 
	ARTICLE 5. INTEREST; FEES; AND MARGINS
	 	 	27	 
	5.1 Interest
	 	 	27	 
	5.1.1 Base Rate Option
	 	 	27	 
	5.1.2 LIBO Rate Option
	 	 	28	 
	5.2 Additional Provisions for LIBO Rate Loans
	 	 	28	 
	5.2.1 Limitation on LIBO Rate Loans
	 	 	28	 
	5.2.2 LIBO Rate Loan Unlawful
	 	 	29	 
	5.2.3 Treatment of Affected Loans
	 	 	29	 
	5.3 Default Interest Rate
	 	 	29	 
	5.4 Interest Calculation
	 	 	29	 
	5.5 Fees
	 	 	30	 
	5.5.1 5-Year Facility Fee
	 	 	30	 
	5.5.2 Committed Letter of Credit Fee
	 	 	30	 
	5.6 5-Year Margin; 5-Year Facility Fee Factor
	 	 	30	 
	5.7 Special Interest Rates
	 	 	30	 
	ARTICLE 6. PAYMENTS; FUNDING LOSSES
	 	 	30	 
	6.1 Principal Payments
	 	 	30	 
	6.2 Interest Payments
	 	 	31	 
	6.3 Application of Principal Payments
	 	 	31	 
	6.4 Manner of Payment
	 	 	31	 

x

 

	 	 	 	 	 
	6.4.1 Payments to Be Free and Clear
	 	 	31	 
	6.4.2 Grossing-up of Payments
	 	 	32	 
	6.5 Voluntary Prepayments
	 	 	32	 
	6.6 Distribution of Principal and Interest Payments
	 	 	33	 
	6.6.1 Principal and Interest Payments on 5-Year Advances
	 	 	33	 
	6.6.2 Principal and Interest Payments on Bid Advances
	 	 	33	 
	6.6.3 Principal and Interest Payments on Overnight Advances
	 	 	33	 
	ARTICLE 7. BANK EQUITY INTERESTS
	 	 	33	 
	ARTICLE 8. SECURITY
	 	 	34	 
	ARTICLE 9. REPRESENTATIONS AND WARRANTIES
	 	 	34	 
	9.1 Organization, Good Standing, Etc.
	 	 	34	 
	9.2 Corporate Authority, Due Authorization; Consents
	 	 	34	 
	9.3 Litigation
	 	 	34	 
	9.4 No Violations
	 	 	35	 
	9.5 Binding Agreement
	 	 	35	 
	9.6 Compliance with Laws
	 	 	35	 
	9.7 Principal Place of Business; Place of Organization
	 	 	35	 
	9.8 Payment of Taxes
	 	 	35	 
	9.9 Licenses and Approvals
	 	 	35	 
	9.10 Employee Benefit Plans
	 	 	36	 
	9.11 Equity Investments
	 	 	36	 
	9.12 Title to Real and Personal Property
	 	 	36	 
	9.13 Financial Statements
	 	 	36	 
	9.14 Environmental Compliance
	 	 	37	 
	9.15 Fiscal Year
	 	 	37	 

xi

 

	 	 	 	 	 
	9.16 Material Agreements
	 	 	37	 
	9.17 Regulations U and X
	 	 	37	 
	9.18 Trademarks, Tradenames, etc.
	 	 	37	 
	9.19 No Default on Outstanding Judgments or Orders
	 	 	38	 
	9.20 No Default in Other Agreements
	 	 	38	 
	9.21 Acts of God
	 	 	38	 
	9.22 Governmental Regulation
	 	 	38	 
	9.23 Labor Matters and Labor Agreements
	 	 	38	 
	9.24 Anti-Terrorism Laws
	 	 	39	 
	9.24.1 Violation of Law
	 	 	39	 
	9.24.2 Classification
	 	 	39	 
	9.24.3 Conduct of Business
	 	 	39	 
	9.25 Disclosure
	 	 	40	 
	ARTICLE 10. CONDITIONS TO CLOSING AND ADVANCES
	 	 	40	 
	10.1 Conditions to Closing
	 	 	40	 
	10.1.1 Loan Documents
	 	 	40	 
	10.1.2 Approvals
	 	 	40	 
	10.1.3 Organizational Documents
	 	 	40	 
	10.1.4 Evidence of Corporate Action
	 	 	40	 
	10.1.5 Evidence of Insurance
	 	 	41	 
	10.1.6 Appointment of Agent for Service
	 	 	41	 
	10.1.7 No Material Change
	 	 	41	 
	10.1.8 Fees and Expenses
	 	 	41	 
	10.1.9 Bank Equity Interest Purchase Obligation
	 	 	41	 
	10.1.10 Opinion of Counsel
	 	 	41	 

xii

 

	 	 	 	 	 
	10.1.11 Further Assurances
	 	 	41	 
	10.2 Conditions to Advances and to Issuance of Letters of Credit
	 	 	41	 
	10.2.1 Default
	 	 	42	 
	10.2.2 Representations and Warranties
	 	 	42	 
	ARTICLE 11. AFFIRMATIVE COVENANTS
	 	 	42	 
	11.1 Books and Records
	 	 	42	 
	11.2 Reports and Notices
	 	 	42	 
	11.2.1 Annual Financial Statements
	 	 	42	 
	11.2.2 Quarterly Financial Statements
	 	 	43	 
	11.2.3 Notice of Default
	 	 	43	 
	11.2.4 ERISA Reports
	 	 	43	 
	11.2.5 Notice of Litigation
	 	 	43	 
	11.2.6 Notice of Material Adverse Effect
	 	 	44	 
	11.2.7 Notice of Environmental Proceedings
	 	 	44	 
	11.2.8 Regulatory and Other Notices
	 	 	44	 
	11.2.9 Adverse Action Regarding Required Licenses
	 	 	44	 
	11.2.10 Budget
	 	 	44	 
	11.2.11 Additional Information
	 	 	44	 
	11.3 Maintenance of Existence and Qualification
	 	 	44	 
	11.4 Compliance with Legal Requirements and Agreements
	 	 	45	 
	11.5 Compliance with Environmental Laws
	 	 	45	 
	11.6 Taxes
	 	 	45	 
	11.7 Insurance
	 	 	45	 
	11.8 Maintenance of Properties
	 	 	46	 
	11.9 Payment of Liabilities
	 	 	46	 

xiii

 

	 	 	 	 	 
	11.10 Inspection
	 	 	46	 
	11.11 Required Licenses; Permits; Intellectual Property; Etc.
	 	 	46	 
	11.12 ERISA
	 	 	47	 
	11.13 Maintenance of Commodity Position
	 	 	47	 
	11.14 Financial Covenants
	 	 	47	 
	11.14.1 Working Capital
	 	 	47	 
	11.14.2 Consolidated Funded Debt to Consolidated Cash Flow
	 	 	47	 
	11.14.3 Adjusted Consolidated Funded Debt to Consolidated Members’ and Patrons’
Equity
	 	 	47	 
	11.15 Embargoed Person
	 	 	47	 
	11.16 Anti-Money Laundering
	 	 	48	 
	ARTICLE 12. NEGATIVE COVENANTS
	 	 	48	 
	12.1 Borrowing
	 	 	48	 
	12.2 No Other Businesses
	 	 	48	 
	12.3 Liens
	 	 	48	 
	12.4 Sale of Assets
	 	 	50	 
	12.5 Liabilities of Others
	 	 	51	 
	12.6 Loans
	 	 	51	 
	12.7 Merger; Acquisitions; Business Form; Etc.
	 	 	51	 
	12.8 Investments
	 	 	52	 
	12.9 Transactions With Related Parties
	 	 	53	 
	12.10 Patronage Refunds, etc
	 	 	53	 
	12.11 Change in Fiscal Year
	 	 	53	 
	12.12 ERISA
	 	 	53	 
	12.13 Anti-Terrorism Law
	 	 	54	 

xiv

 

	 	 	 	 	 
	ARTICLE 13. INDEMNIFICATION
	 	 	54	 
	13.1 General; Stamp Taxes; Intangibles Tax
	 	 	54	 
	13.2 Indemnification Relating to Hazardous Substances
	 	 	55	 
	ARTICLE 14. EVENTS OF DEFAULT; RIGHTS AND REMEDIES
	 	 	56	 
	14.1 Events of Default
	 	 	56	 
	14.2 No Advance
	 	 	57	 
	14.3 Rights and Remedies
	 	 	57	 
	ARTICLE 15. AGENCY AGREEMENT
	 	 	58	 
	15.1 Funding of Syndication Interest
	 	 	58	 
	15.2 Syndication Parties’ Obligations to Remit Funds
	 	 	58	 
	15.3 Notices to Administrative Agent
	 	 	58	 
	15.4 Syndication Party’s Failure to Remit Funds
	 	 	58	 
	15.5 Agency Appointment
	 	 	59	 
	15.6 Power and Authority of the Administrative Agent
	 	 	60	 
	15.6.1 Advice
	 	 	60	 
	15.6.2 Documents
	 	 	60	 
	15.6.3 Proceedings
	 	 	60	 
	15.6.4 Retain Professionals
	 	 	60	 
	15.6.5 Incidental Powers
	 	 	60	 
	15.7 Duties of the Administrative Agent
	 	 	60	 
	15.7.1 Possession of Documents
	 	 	60	 
	15.7.2 Distribute Payments
	 	 	60	 
	15.7.3 Loan Administration
	 	 	61	 
	15.7.4 Determination of Individual Lending Capacity and Individual 5-Year Pro Rata
Shares
	 	 	61	 

xv

 

	 	 	 	 	 
	15.7.5 Forwarding of Information
	 	 	61	 
	15.8 Action Upon Default
	 	 	61	 
	15.8.1 Indemnification as Condition to Action
	 	 	62	 
	15.9 Bid Agent’s Appointment, Power, Authority, Duties and Resignation or Removal; Fee

	 	 	62	 
	15.10 Consent Required for Certain Actions
	 	 	62	 
	15.10.1 Unanimous
	 	 	62	 
	15.10.2 Required Lenders
	 	 	63	 
	15.10.3 Action Without Vote
	 	 	63	 
	15.10.4 Voting Participants
	 	 	63	 
	15.11 Distribution of Principal and Interest
	 	 	64	 
	15.12 Distribution of Certain Amounts
	 	 	64	 
	15.12.1 Funding Losses
	 	 	64	 
	15.12.2 Fees
	 	 	64	 
	15.13 Collateral Application
	 	 	64	 
	15.14 Amounts Required to be Returned
	 	 	65	 
	15.15 Reports and Information to Syndication Parties
	 	 	65	 
	15.16 Standard of Care
	 	 	66	 
	15.17 No Trust Relationship
	 	 	66	 
	15.18 Sharing of Costs and Expenses
	 	 	66	 
	15.19 Syndication Parties’ Indemnification of the Administrative Agent and Bid Agent
	 	 	67	 
	15.20 Books and Records
	 	 	67	 
	15.21 Administrative Agent Fee
	 	 	67	 
	15.22 The Administrative Agent’s Resignation or Removal
	 	 	67	 

xvi

 

	 	 	 	 	 
	15.23 Representations and Warranties of All Parties
	 	 	68	 
	15.24 Representations and Warranties of CoBank
	 	 	68	 
	15.25 Syndication Parties’ Independent Credit Analysis
	 	 	68	 
	15.26 No Joint Venture or Partnership
	 	 	69	 
	15.27 Purchase for Own Account; Restrictions on Transfer; Participations
	 	 	69	 
	15.28 Certain Participants’ Voting Rights
	 	 	70	 
	15.29 Method of Making Payments
	 	 	70	 
	15.30 Events of Syndication Default/Remedies
	 	 	70	 
	15.30.1 Syndication Party Default
	 	 	70	 
	15.30.2 Remedies
	 	 	71	 
	15.31 Withholding Taxes
	 	 	71	 
	15.32 Replacement of Holdout Lender
	 	 	72	 
	15.33 Amendments Concerning Agency Function
	 	 	72	 
	15.34 Agent Duties and Liabilities
	 	 	73	 
	15.35 Further Assurances
	 	 	73	 
	ARTICLE 16. MISCELLANEOUS
	 	 	73	 
	16.1 Costs and Expenses
	 	 	73	 
	16.2 Service of Process and Consent to Jurisdiction
	 	 	73	 
	16.3 Jury Waiver
	 	 	74	 
	16.4 Notices
	 	 	74	 
	16.4.1 Borrower
	 	 	74	 
	16.4.2 Administrative Agent
	 	 	75	 
	16.4.3 Bid Agent
	 	 	75	 
	16.4.4 Syndication Parties
	 	 	75	 
	16.5 Liability of Administrative Agent and Bid Agent
	 	 	75	 

xvii

 

	 	 	 	 	 
	16.6 Successors and Assigns
	 	 	75	 
	16.7 Severability
	 	 	75	 
	16.8 Entire Agreement
	 	 	76	 
	16.9 Applicable Law
	 	 	76	 
	16.10 Captions
	 	 	76	 
	16.11 Complete Agreement; Amendments
	 	 	76	 
	16.12 Additional Costs of Maintaining Loan
	 	 	76	 
	16.13 Capital Requirements
	 	 	77	 
	16.14 Replacement Notes
	 	 	77	 
	16.15 Patronage Payments
	 	 	78	 
	16.16 Direct Website Communications; Electronic Mail Communications
	 	 	78	 
	16.16.1 Delivery
	 	 	78	 
	16.16.2 Posting
	 	 	79	 
	16.16.3 Additional Communications
	 	 	79	 
	16.16.4 Disclaimer
	 	 	79	 
	16.16.5 Termination
	 	 	80	 
	16.17 Reallocation and Repayment of Certain Amounts Outstanding Under the 2005 Credit
Agreement on the Closing Date
	 	 	80	 
	16.18 Affect of Amended and Restated Credit Agreement
	 	 	81	 
	16.19 Mutual Release
	 	 	81	 
	16.20 Liberal Construction
	 	 	81	 
	16.21 Counterparts
	 	 	81	 
	16.22 Confidentiality
	 	 	82	 
	16.23 USA Patriot Act Notice
	 	 	82	 
	16.24 Waiver of Borrower’s Rights Under Farm Credit Act
	 	 	82	 

xviii

 

EXHIBITS

	 	 	 
	Exhibit 1.48
	 	Compliance Certificate
	Exhibit 1.76
	 	Existing Letters of Credit
	Exhibit 1.165
	 	List of Restricted Subsidiaries
	Exhibit 1.167
	 	List of Subsidiaries
	Exhibit 2.3
	 	5-Year Borrowing Notice
	Exhibit 2.4
	 	5-Year Facility Note Form
	Exhibit 2.10
	 	Form of Adoption Agreement
	Exhibit 3.2
	 	Bid Request Form
	Exhibit 3.3
	 	Bid Form
	Exhibit 3.4
	 	Bid Selection Notice
	Exhibit 5.7
	 	Special Interest Rates
	Exhibit 9.3
	 	Litigation
	Exhibit 9.8
	 	Payment of Taxes
	Exhibit 9.10
	 	Employee Benefit Plans
	Exhibit 9.11
	 	Equity Investments
	Exhibit 9.14
	 	Environmental Compliance
	Exhibit 9.23
	 	Labor Matters and Agreements
	Exhibit 12.1
	 	Existing Indebtedness
	Exhibit 12.8(f)
	 	Existing Investments (excluding Restricted Subsidiaries)
	Exhibit 12.8(i)
	 	Investment in NCRA
	Exhibit 12.8(j)
	 	Investment in Ventura Foods, LLC
	Exhibit 15.27
	 	Syndication Acquisition Agreement

xix

 

	 	 	 
	Exhibit 15.29
	 	Wire Instructions
	Schedule 1
	 	Syndication Parties and Individual Commitments
	Schedule 2
	 	Applicable Margins; Facility Fee Factors

xx

 

EXHIBIT 1.48

to Credit Agreement

COMPLIANCE CERTIFICATE

CHS Inc.

CoBank, ACB

5500 South Quebec Street

Greenwood Village, Colorado 80111

     ATTN: Administrative Agent, CHS Loan

Gentlemen:

     As required by Subsections 11.2.1 and 11.2.2 of that certain 2006 Amended and Restated Credit
Agreement (Revolving Loan) (“Credit Agreement”) dated as of May 18, 2006, by and between CHS Inc.
(“Company”), CoBank, ACB, in its capacity as Administrative Agent, and the Syndication Parties
described therein, a review of the activities of the Company for the [Fiscal Quarter ending
                     ___, 200_] or [Fiscal Year ending                      ___, 200_] (the “Fiscal Period”) has been made
under my supervision with a view to determine whether the Company has kept, observed, performed and
fulfilled all of its obligations under the Credit Agreement and all other agreements and
undertakings contemplated thereby, and to the best of my knowledge, and based upon such review, I
certify that no event has occurred which constitutes, or which with the passage of time or service
of notice, or both, would constitute an Event of Default or a Potential Default as defined in the
Credit Agreement.

     In addition, I certify that the aggregate face amount of all letters of credit outstanding for
which the Company has a reimbursement obligation, other than Letters of Credit issued under the
Credit Agreement, is $                     .

     I further certify that the amounts set forth on the attachment, to the best of my knowledge
accurately present amounts required to be calculated on a consolidated basis by financial covenants
of the Credit Agreement as of the last day of the Fiscal Period (unless expressly specified
herein). All terms used herein and on the attachment have the identical meaning as in the Credit
Agreement.

	 	 	 	 	 
	 	Very truly yours,

CHS Inc.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	Chief Financial Officer 	 

 

 

	 	 	 	 	 

Capitalized terms used herein shall have the definitions set forth in the Loan Agreement.

 

SUBSECTION 11.14.1: WORKING CAPITAL

Test: Consolidated Current Assets minus Consolidated Current Liabilities.

     Target: Not less than $250,000,000.00 at all times.

Consolidated Current Assets minus Consolidated Current Liabilities (Actual)

For Fiscal Quarter ended ___/___/___      $                     

 

SUBSECTION 11.14.2: CONSOLIDATED FUNDED DEBT TO CONSOLIDATED CASH FLOW

Test: Consolidated Funded Debt divided by Consolidated Cash Flow.

     Target: Not greater than 3.00:1 at all times based on the previous consecutive four
Fiscal Quarters.

Consolidated Funded Debt divided by Consolidated Cash Flow for the previous
consecutive four Fiscal Quarters (Actual)

At the Fiscal Quarter ended ___/___/___      ______:1.00

 

SUBSECTION 11.14.3: ADJUSTED CONSOLIDATED FUNDED DEBT TO CONSOLIDATED MEMBERS’ AND PATRONS’ EQUITY

Test: Adjusted Consolidated Funded Debt, divided by
Consolidated Members’ and Patrons’ Equity.

     Target: Not more than .80 to 1.00 at all times.

     Adjusted Consolidated Funded Debt, divided by Consolidated Members’ and Patrons’
Equity (Actual)

     For Fiscal Quarter ended ___/___/___       ______; 1.00

2

 

Exhibit 1.76

to

Credit Agreement

			
	CHS Letters of Credit
	 	May 15, 2006

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Issuing	 	Issue	 	Expiration	 	 
	L/C Number	 	Beneficiary	 	Bank	 	Date	 	Date	 	Amount
	00616748

	 	Cyprus Grain Commission
	 	CoBank
	 	07/15/03
	 	05/30/06
	 	 	50,000.00	 
	00617857

	 	Board of Trade City of Chicago
	 	CoBank
	 	03/03/05
	 	06/28/06
	 	 	3,000,000.00	 
	00097012

	 	Liberty Mutual Insurance
	 	CoBank
	 	07/01/99
	 	06/30/06
	 	 	425,000.00	 
	00096019

	 	Zurich American
	 	CoBank
	 	07/01/99
	 	06/30/06
	 	 	2,000,000.00	 
	00616747

	 	MN Rail Services Improvement
	 	CoBank
	 	07/10/03
	 	07/09/06
	 	 	206,811.00	 
	00612924

	 	Taiwan Sugar Corporation
	 	CoBank
	 	08/24/98
	 	08/31/06
	 	 	100,000.00	 
	00616754

	 	Federated Rural Electric Assn
	 	CoBank
	 	09/19/03
	 	09/29/06
	 	 	450,000.00	 
	00612927

	 	Liberty Mutual Insurance
	 	CoBank
	 	09/10/98
	 	09/30/06
	 	 	5,400,000.00	 
	151-LCS-100213

	 	State of Washington
	 	Bank of Tokyo-Mitsubishi
	 	12/29/03
	 	12/20/06
	 	 	595,000.00	 
	7412653

	 	United States Fire Insurance Company
	 	Bank of America
	 	10/24/03
	 	10/24/06
	 	 	700,000.00	 
	NZS335936

	 	State of Minnesota
	 	Wells Fargo
	 	05/30/89
	 	06/01/06
	 	 	4,163,956.00	 
	NZS335937

	 	South Dakota Department of Labor
	 	Wells Fargo
	 	06/16/92
	 	06/01/06
	 	 	509,443.00	 
	NZS335938

	 	Zurich Insurance Company
	 	Wells Fargo
	 	12/10/96
	 	06/01/06
	 	 	180,000.00	 
	S150121

	 	Polaris Acceptance
	 	Bank of Tokyo-Mitsubishi
	 	08/26/04
	 	08/26/06
	 	 	350,000.00	 
	SB10233

	 	Montana Economic Development Board
	 	Rabobank
	 	09/05/85
	 	09/05/06
	 	 	4,004,037.00	 
	SLCMMSP01167

	 	Dakota Valley Electric
	 	U.S. Bank
	 	08/28/00
	 	08/28/06
	 	 	450,000.00	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Total
letters of credit on 05/15/2006

	 	 	 	 	 	 	 	 	22,584,247.00	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

 

Exhibit 1.165

to Credit Agreement

Restricted Subsidiaries

Fin-Ag, Inc.

 

 

Exhibit 1.167

to Credit Agreement

List of Subsidiaries

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	Ag States Agency of
Montana, Inc.
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	SUB
	 	Insurance Agency
	 	100% CHS
	 	10/11/1977
	 	10/11/1977
	 	31-Dec
	 	Montana
	 	81-0372838
	 
	A

	 	Ag States Agency,

LLC
	 	5500 Cenex Drive
PO Box 64089

St. Paul, MN 55164
	 	JV
	 	Independent

Insurance Agency
	 	100% by CHS
(Eff. 4/21/05)
	 	12/27/1994
	 	12/27/1994
	 	31-May
	 	Minnesota
	 	41-1795536
	 
	A

	 	CENEX AG, Inc.
(formerly FUCEI-E,
Inc.)
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	Sub
	 	Sale of feed and
seed products.
	 	100% CHS
	 	10/23/1974
	 	10/23/1974
	 	31-Aug
	 	Delaware
	 	41-1248837
	 
	A

	 	Cenex Petroleum,
Inc.
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	Sub
	 	Retail sales and
distribution of
petroleum and other
related products.
	 	100% CHS
	 	7/11/1996
	 	7/11/1996
	 	 	 	Minnesota
	 	41-1847046
	 
	A

	 	CENEX Pipeline LLC
	 	5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
	 	LLC
	 	Operating

Subsidiary for

pipeline operations
	 	100% CHS
	 	5/4/1998
	 	5/4/1998
	 	 	 	Minnesota	 	 
	 
	A

	 	Central Montana

Propane, LLC
	 	Highway 191 North

Box 22 Lewistown,

Montana59457
	 	SUB
	 	Owning and
operating a propane
wholesale and
resale operatintion
	 	CHS 53.38% and
Moore Farmers Oil
Company 46.62%
	 	9/16/1997
	 	3/1/2000
	 	31-Aug
	 	Montana
	 	81-0513866
	 
	A

	 	CHS Aggressive
Growth Fund, Inc.
	 	11 East Chase

Street Baltimore,

MD 21202
	 	Corp
	 	Investment Company
	 	100% CHS
	 	5/1/2001
	 	5/1/2001
	 	31-Aug
	 	Maryland
	 	52-2316147
	 
	A

	 	CHS Conservative
Growth Fund, Inc.
	 	11 East Chase

Street Baltimore,

MD 21202
	 	Corp
	 	Investment Company
	 	100% CHS
	 	5/1/2001
	 	5/1/2001
	 	31-Aug
	 	Maryland
	 	52-2316152

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	CHS do Brasil
Ltda.
	 	Sao Paulo, Brazil
	 	 	 	Origination and
marketing of
soybeans for export
to Pacific Rim and
European buyers
	 	100% CHS
	 	Feb-03
	 	Feb-03	 	 	 	 	 	 
	 
	A

	 	CHS Energy
Canada, Inc.
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	Sub
	 	Petroleum; does
no business
	 	100% CHS
	 	6/12/1987
	 	6/12/1987
	 	 	 	Alberta,

Canada
	 	Canadian

8874 8884
	 
	A

	 	CHS Fixed
Income Fund,
Inc.
	 	11 East Chase

Street Baltimore,

MD 21202
	 	Corp
	 	Investment

Company
	 	100% CHS
	 	6/13/2001
	 	6/13/2001
	 	31-Aug
	 	Maryland
	 	41-2008912
	 
	A

	 	CHS Holdings,
Inc.
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	SUB
	 	Holding

Company for

membership

interests in the

new LLC formed

re: Terra
	 	100% CHS
	 	4/20/1999
	 	4/20/1999
	 	31-Aug
	 	Minnesota
	 	41-1947300
	 
	A

	 	CHS Inc.
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	Self
	 	Combined
Corporation
(Cenex and
HSC)
	 	100% CHS
	 	7/15/1936
	 	7/15/1936
	 	 	 	Minnesota
	 	41-0251095
	 
	A

	 	CHS Moderate
Growth Fund,
Inc.
	 	11 East Chase

Street Baltimore,

MD 21202
	 	Corp
	 	Investment

Company
	 	100% CHS
	 	5/1/2001
	 	5/1/2001
	 	31-Aug
	 	Maryland
	 	52-2316156
	 
	A

	 	CHS-Blackfoot, Inc.
	 	477 West Highway

26, Blackfoot, ID

83221
	 	SUB
	 	Organized to
transact any
and all lawful
business for
which
corporations
may be
incorporated
under the Idaho
Business
Corporations
Act.
	 	100% CHS
	 	3/30/2006
	 	3/30/2006
	 	31-Aug
	 	Idaho
	 	30-0357896

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	CHS-Browns Valley
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	SUB
	 	Carrying on a
supply business, as
a cooperative,
engaging in any
activity or service
in connection with
the sale of crop
inputs, energy
products and
agricultural supply
products
	 	100% CHS
	 	8/21/2003
	 	8/21/2003
	 	31-Aug
	 	Minnesota
	 	75-3133234
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Chinook
	 	135 First Street,

Chinook, MT

59523-0339
	 	SUB
	 	Carrying on a farm
supply business
engaging in the
purchase, sale and
handling of
agricultural
products and
agricultural
supplies, energy
products and
machinery.
	 	100% CHS
	 	2/11/2002
	 	2/11/2002
	 	31-Aug
	 	Montana
	 	73-1630482
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Clinton/Wilmot
	 	5500 Cenex Drive

Inver Grove

Heights, MN

55077-2112
	 	Corp
	 	Grain Handling and
Marketing of Grain
	 	100% CHS
	 	5/21/2003
	 	5/21/2003
	 	31-Aug
	 	Minnesota
	 	87-0711575
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Connell, Inc.
	 	433 North Columbia

Avenue

Connell, WA 99326
	 	SUB
	 	Transaction of any
and all lawful
business for which
associations may be
incorporated.
	 	100% CHS
	 	5/21/2001
	 	5/21/2001
	 	31-Aug
	 	Washington
	 	36-4454350

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	CHS-Dickinson
	 	3645 98th R Avenue

SW, Taylor, ND

58656
	 	SUB
	 	organized for the
purpose of carrying
on a grain elevator
and warehouse
business
	 	100% CHS
	 	10/9/2003
	 	10/9/2003
	 	31-Aug
	 	North Dakota
	 	75-3133243
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Drayton
	 	2002 North

Washington Street

Grand Forks, ND

58203
	 	SUB
	 	Engage in any

activity within the

purposes for which

a cooperative may

be organized under

North Dakota

Statute 10-15
	 	100% CHS
	 	1/27/2003
	 	1/27/2003
	 	31-Aug
	 	North Dakota
	 	82-0585676
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Farmco, Inc.
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	Sub
	 	Organized to
transact any and
all lawful business
for which
corporations may be
incorporated under
Chapter 17 of the
KSA
	 	100% CHS
	 	3/13/2006
	 	3/13/2006
	 	31-Aug
	 	Kansas
	 	61-1501377
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Garrison
	 	2100 Railroad

Street Garrison, ND

58540
	 	SUB
	 	organized for the
purpose of carrying
on a grain elevator
and warehouse
business
	 	100% CHS
	 	5/9/2001
	 	5/9/2001
	 	31-Aug
	 	North Dakota
	 	41-2011668

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	CHS-Grangeville,
Inc.
	 	1001 North A

P.O. Box 70

Grangeville, ID

83530-0070
	 	SUB
	 	The transaction of
any and all lawful
business of which
corporations may be
incorporated under
the Idaho Business
Corporations Act
	 	100% CHS
	 	2/23/2001
	 	2/23/2001
	 	31-Aug
	 	Idaho
	 	36-4456100
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Hoffman
	 	5500 Cenex Drive,

Inver Grove

Heights, MN 55077
	 	SUB
	 	Carrying on a
supply business, as
a cooperative,
engaging in any
activity or service
in connection with
the sale of crop
inputs, energy
products and
agricultural supply
products
	 	100% CHS
	 	12/23/2003
	 	12/23/2003
	 	31-Aug
	 	Minnesota
	 	43-2042326
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Kindred
	 	41 Fifth Avenue

South Kindred, ND

58051
	 	SUB
	 	Owns and leased to
CHSC grain elevator
and warehouse
businesses
	 	100% CHS
	 	11/20/2001
	 	11/20/2001
	 	31-Aug
	 	North Dakota
	 	41-2023309
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Lewistown
	 	190 HC 191 North,

Lewistown, MT 59457
	 	SUB
	 	Owns and leases to
CHSC grain elevator
and warehouse
businesses
	 	100% CHS
	 	2/8/2001
	 	2/8/2001
	 	31-Aug
	 	Montana
	 	36-4430427

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	CHS-Mitchell
	 	1320 West Havens

Mitchell, SD 57301
	 	SUB
	 	Carrying on a farm
supply business, as
a cooperative,
engaging in any
activity or service
in connection with
the purchase, sale
and handling of
energy products.
	 	100% CHS
	 	4/18/2005
	 	4/18/2005
	 	31-Aug
	 	South Dakota
	 	75-3192388
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Moscow, Inc.
	 	P.O. Box 467
Lewiston, Idaho
83501-0467
	 	SUB
	 	The transaction of
any and all lawful
business of which
corporations may be
incorporated under
the Idaho Business
Corporations Act
	 	100% CHS
	 	8/18/2004
	 	8/18/2004
	 	31-Aug
	 	Idaho
	 	75-3169237
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Starbuck
	 	5500 Cenex Drive

Inver Grove

Heights, MN

55077-2112
	 	SUB
	 	Grain and supply
business as a
cooperative
	 	100% CHS
	 	5/28/2003
	 	5/28/2003
	 	31-Aug
	 	Minnesota
	 	87-0711576
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CHS-Wallace County,
Inc.
	 	P.O. Box 64089
St. Paul, MN
55164-0089
	 	SUB
	 	The transaction of
any and all lawful
business of which
corporations may be
incorporated under
Chapter 17 of the
Kansas Statutes
Annotated.
	 	100% CHS
	 	2/17/2005
	 	2/17/2005
	 	31-Aug
	 	Kansas
	 	43-2079564

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	Circle Land
Management, Inc.
	 	PO Box 909; Laurel,
MT 59044
	 	CORP
	 	Land Mgt. for
property around
Laurel MT refinery
	 	100% CHS
	 	5/5/1993
	 	5/5/1993
	 	 	 	Minnesota
	 	41-1750051
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	CoGrain
	 	560 W. Grain
Terminal Rd.,
Pasco, WA 99301
	 	 	 	 	 	CHS 54.5%;
Ritzville Warehouse
Company 7.273%;
Pendleton Grain
Growers 1.818%;
Odessa Union
Warehouse Co-op
36.364%
	 	9/21/1990
	 	6/1/1996
	 	 	 	Washington	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Country Energy, LLC
	 	5500 Cenex Drive
PO Box 64089St.Paul,
MN 55164
	 	LLC
	 	Alliance between
CHS and Farmland
	 	100% CHS — (CHS
acquired Farmland’s
50% 12/1/01)
	 	4/9/1998
	 	4/9/1998
	 	31-Aug
	 	Delaware
	 	43-1813211
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Country Hedging,
Inc.
	 	5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
	 	SUB
	 	Full service
commodity futures
and option
brokerage
	 	100% CHS
	 	8/20/1986
	 	8/20/1986
	 	31-Aug
	 	Delaware
	 	41-1556399
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Fin-Ag, Inc.
	 	4001 South Westport
Avenue
P.O. Box 88808
Sioux Falls, SD
57105
	 	SUB
	 	Provides cattle
feeding and swine
financing loans;
facility financing
loans; crop
production loans,
and consulting
services
	 	100% CHS
	 	12/17/1987
	 	12/17/1987
	 	31-Aug
	 	South Dakota
	 	46-0398764
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Front Range

Pipeline LLC
	 	5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
	 	LLC
	 	To own and operate
the Front Range
Pipeline
	 	100% CHS
	 	3/23/1999
	 	3/23/1999
	 	 	 	Minnesota
	 	41-1935715

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	Harvest States
Cooperatives Europe
B.V.
	 	Dienstenstraat 15

NL 3161 GN Rhoon

The Netherlands
	 	LLC
	 	Grain Marketing
	 	100% CHS
	 	5/9/2001
	 	5/9/2001
	 	31-Aug
	 	Netherland	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	La Canasta of
Minnesota, Inc.
	 	5500 Cenex Drive,

Inver Grove

Heights, MN 55077
	 	SUB
	 	Sold assets 5/31/05
to Gruma. Still
own company
	 	100% CHS
(Acquired with
Sparta Foods,
wholly owned
subsidiary of
Sparta Foods)
	 	11/18/1980
	 	6/1/2000	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Marshall Insurance
Agency, Inc.
	 	5500 Cenex Driver

Inver Grove Heights

MN 55077
	 	SUB
	 	Insurance Agency
	 	100% CHS
	 	4/1/2005
	 	4/1/2005
	 	 	 	Minnesota
	 	83-0428017
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Montevideo Grain,

LLC
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	LLC
	 	Acquiring, owning,
operating and
managing grain
assets
	 	Financial: 33%
FUOC; 67% CHS;
Governance 50%
FUOC, 50% CHS
	 	8/9/2001
	 	8/9/2001
	 	31-Aug
	 	Delaware
	 	41-2015718
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	National

Cooperative

Refinery

Association (NCRA)
	 	534 S. Kansas Ave.

Topeka, KS 66603
	 	Corp.
	 	Manufacturer,
marketing, and
wholesale
distribution of
petroleum products.
	 	CHS — 74.5%, 25.5
Growmark and MFA
	 	7/7/1943
	 	7/7/1943
	 	30-Sep
	 	Kansas	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	PGG/HSC Feed
Company, LLC.
	 	300 West Feedville

Road

Hermiston, OR 97838
	 	JV
	 	Feed Manufacturer
	 	80% — CHS and 20%
Pendleton Grain
Growers
	 	10/26/1994
	 	10/26/1994
	 	31-May
	 	Oregon
	 	93-1156470
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Plains Partners, LLC
	 	5500 Cenex Drive

PO Box 64089

St. Paul, MN 55164
	 	SUB
	 	 	 	100% CHS
	 	3/8/2006
	 	3/8/2006
	 	31-Aug
	 	Minnesota	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	Sparta Foods, Inc.
	 	920 Second Avenue
South, Suite 1100,
Minneapolis, MN
55402
	 	SUB
	 	Production and
distribution of
tortilla and
value-added
tortilla products
	 	100% CHS (Acquired
Stock 6/1/00).
Sold assets to
Gruma 5/31/05.
	 	7/7/1988
	 	6/1/2000
	 	 	 	Minnesota
	 	41-1618240

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Date	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	CHS	 	 	 	 	 	 
	Active/	 	 	 	 	 	 	 	Business	 	Ownership	 	Incorp.	 	Interest	 	Fiscal	 	State of	 	 
	Inactive	 	Entity Name	 	Address	 	Type	 	Description	 	By	 	Date	 	Acquired	 	End	 	Incorp.	 	Fed ID #
	A

	 	St. Paul Maritime
Corporation
	 	 	 	SUB
	 	Company employing

stevedores at

Myrtle Grove

Terminal
	 	100% CHSC
	 	8/18/1995
	 	8/18/1995
	 	31-Aug
	 	Minnesota	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	United Country

Brands LLC
	 	5500 Cenex Drive
PO Box 64089
St. Paul, MN 55164
and 3315 North Oak
Trafficway Kansas
City, MO 64116
	 	LLC
	 	Holding Company for

membership

interests in

Agriliance LLC
	 	100% CHS
	 	01/05/00
	 	1/5/2000
	 	31-Aug
	 	Delaware
	 	41-1961040
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A

	 	United Energy LLC
	 	120 East Main

Street Corsica, SD

57328
	 	LLC
	 	Bulk refined fuels,
lubricants and
propane businesses
within the defined
Exclusive Territory
in SD
	 	82.634% CHS; 17.366
Amkota
	 	07/01/03
	 	7/1/2003
	 	30-Jun
	 	Delaware
	 	47-0927502

 

 

EXHIBIT 2.3

to Credit Agreement

5-YEAR BORROWING NOTICE NO.                     

                                        , 200__               

	 	 	 
	To:

	 	The Administrative Agent
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2006 Amended and Restated Credit Agreement (Revolving Loan) (as
amended from time to time, the “Credit Agreement”) dated as of May
18, 2006, among Borrower, CoBank, ACB (“CoBank” and, in its capacity
as such, the “Administrative Agent” and the “Bid Agent”), and the
other Syndication Parties signatory thereto.

     Pursuant to Section 2.3 of the Credit Agreement, Borrower hereby gives notice of its desire to
receive a 5-Year Advance in accordance with the terms set forth below (all capitalized terms used
herein and not defined herein shall have the meaning given them in the Credit Agreement):

	 	(a)	 	The 5-Year Advance requested pursuant to this 5-Year Borrowing Notice shall be
made on                     , 20___[the date inserted must be a Banking Day and [the same
Banking Day as]1 [not less than three (3) Banking Days from]2 the date hereof].
	 
	 	(b)	 	The aggregate principal amount of the 5-Year Advance requested hereunder shall
be                                                              Dollars ($                   
 ).
	 
	 	(c)	 	The 5-Year Advance requested hereunder shall initially bear interest at the
[select one]:
	 
	 	 	 	o Base Rate and be treated as a Base Rate Loan;
	 
	 	 	 	o LIBO Rate and be treated as a LIBO Rate Loan.

If the LIBO Rate is selected, the initial LIBO Rate Period shall be a ___month period [select
one, two, three, or six month period].

	 	 	 	 	 	 	 
	 	 	CHS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

			
	 	 	1Applicable only to Base Rate Loans
	 
	 	 	2Applicable only to LIBO Rate Loans

 

 

EXHIBIT 2.4

to Credit Agreement

5-YEAR FACILITY NOTE

					
	 	 	 	 	 
	$                    .00
	 	 
	 	Effective Date: May 18, 2006

     FOR VALUE RECEIVED, CHS INC., a Minnesota cooperative corporation (“Maker”), promises to pay
to the order of                      (“Payee”) at the office of the Administrative Agent (as defined in
the Credit Agreement), %CoBank, ACB at 5500 South Quebec Street, Greenwood Village, Colorado 80111,
or such other place as the Administrative Agent shall direct in writing, the principal sum of
                     Dollars ($                    .00) or, if less, the amount outstanding under this Note for (a)
5-Year Advances (including Overnight Advances, if any), and (b) Bid Advances, in each case made
pursuant to the 2006 Amended and Restated Credit Agreement (Revolving Loan) dated as of May 18,
2006, by and between CoBank (for its own benefit as a Syndication Party, and as the Administrative
Agent for the benefit of the present and future Syndication Parties as named or defined therein,
and as the Bid Agent) and Maker (as it may be amended from time to time in the future, the “Credit
Agreement”) and any Bank Debt related thereto. This Note is issued and delivered to Payee pursuant
to the Credit Agreement. All capitalized terms used in this Note and not otherwise defined herein
shall have the same meanings as set forth in the Credit Agreement.

     The unpaid balance of this Note from time to time outstanding shall bear interest as set forth
in the Credit Agreement. Interest shall be payable as provided in the Credit Agreement. Principal
shall be payable on the 5-Year Maturity Date and as otherwise provided in the Credit Agreement.
This Note has been issued by Maker to Payee pursuant to the Credit Agreement and reference is made
thereto for specific terms and conditions under which this Note is made and to which this Note is
subject.

     This Note is subject to voluntary and mandatory prepayments as set forth in the Credit
Agreement. Amounts repaid may be reborrowed during the 5-Year Availability Period. Upon the
occurrence of an Event of Default, Maker agrees that the Administrative Agent and the Payee shall
have all rights and remedies set forth in the Credit Agreement, including without limitation the
rights of acceleration set forth in the Credit Agreement. In addition, the Administrative Agent
and the Payee shall have the right to recover all costs of collection and enforcement of this Note
as provided in the Credit Agreement.

     Maker and any endorser, guarantor, surety or assignor hereby waives presentment for payment,
demand, protest, notice of protest, and notice of dishonor and nonpayment of this Note, and all
defenses on the ground of delay, suretyship, impairment of collateral, or of extension of time at
or after maturity for the payment of this Note.

     This Note shall be governed in all respects by the law of the State of Colorado.

	 	 	 	 	 	 	 
	 	 	Maker:	 	 
	 
	 	 	 	 	 	 
	 	 	CHS INC.

a Minnesota corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

 

CREDIT AGREEMENT

EXHIBIT 2.10

SYNDICATION ADOPTION AGREEMENT

     This Syndication Adoption Agreement entered into this ___rd day of ___, 20___
(“Effective Date”) by and between CoBank, ACB, in its capacity as the Administrative Agent under
the Credit Agreement (as defined below) (in such role, “Administrative Agent”), and each of the
other parties signatory hereto (“Adopting Parties”).

Recitals

     A. Pursuant to the 2006 Amended and Restated Credit Agreement (Revolving Loan) by and between
Administrative Agent, the Syndication Parties named therein, and CHS, Inc. (“Borrower”), dated May
18, 2006 (as it may be amended from time to time “Credit Agreement”), the Syndication Parties
thereto have agreed to provide, limited to their respective Individual 5-Year Commitments and
Individual 5-Year Pro Rata Shares, financing to Borrower in the maximum aggregate amount of
$1,100,000,000.00 through the 5-Year Facility, to be used for the purposes set forth in the Credit
Agreement.

     B. The Credit Agreement provided Borrower with the option to increase the 5-Year Commitment by
as much as an aggregate of $200,000,000.00 pursuant to the provisions of Section 2.10 thereof
which, among other things, required that each Person agreeing to fund a portion of the Commitment
Increase (as defined in the Credit Agreement) and who was not then a Syndication Party, execute an
Adoption Agreement.

     B. The Adopting Party wish to be a Funding Source (as defined in the Credit Agreement) and to
become Syndication Party under the Credit Agreement with respect to the Individual 5-Year
Commitment amounts set forth beneath its signature on this Syndication Adoption Agreement
(“Syndication Interest”).

Agreement

     For good and valuable consideration, the receipt and sufficiency of which the parties hereto
hereby acknowledge, and each to induce the others to enter into this Syndication Adoption Agreement
(“Agreement”), the parties hereto hereby agree as follows:

     DEFINITIONS

     Capitalized terms used herein without definition shall have the meaning given them in the
Credit Agreement, if defined therein.

	1.	 	Acquisition of Syndication Interest.

     1.1. The Adopting Party agrees to, as of the Effective Date, and at all times thereafter,
comply with all of the obligations of a Syndication Party holding an Individual 5-Year Commitment
in the amount shown beneath its signature below, as such obligations are set forth in the Credit
Agreement.

 

 

	2.	 	Representations, Warranties, and Agreements.

     2.1. The Adopting Party represents and warrants that: (a) the making and performance of this
Agreement including its agreement to be bound by the Credit Agreement is within its power and has
been duly authorized by all necessary corporate and other action by it; (b) entering into this
Agreement and performance of its obligations hereunder and under the Credit Agreement will not
conflict with nor constitute a breach of its charter or by-laws nor any agreements by which it is
bound, and will not violate any judgment, decree or governmental or administrative order, rule,
law, or regulation applicable to it; (c) no approval, authorization or other action by, or
declaration to or filing with, any governmental or administrative authority or any other Person is
required to be obtained or made by it in connection with the execution, delivery and performance of
its duties under this Agreement and the Credit Agreement; (d) this Agreement has been duly executed
by it, and, this Agreement and the Credit Agreement, constitute its legal, valid, and binding
obligation, enforceable in accordance with their terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the rights of creditors generally and general equitable principles (regardless of whether
such enforceability is considered in a proceeding at law or in equity); and (e) the act of entering
into and performing its obligations under this Agreement and the Credit Agreement have been
approved by its board of directors at an authorized meeting thereof (or by written consent in lieu
of a meeting) and such action was duly noted in the written minutes of such meeting, and it will,
upon request, furnish Administrative Agent with a certified copy of such minutes or an excerpt
therefrom reflecting such approval.

     2.2. The Adopting Party further represents that it is entitled to receive any payments to be
made to it under the Credit Agreement without the withholding of any tax and will furnish to
Administrative Agent and to Borrower such forms, certifications, statements and other documents as
Administrative Agent or Borrower may request from time to time to evidence such Adopting Party’s
exemption from the withholding of any tax imposed by any jurisdiction or to enable Administrative
Agent or Borrower, as the case may be, to comply with any applicable laws or regulations relating
thereto. Without limiting the effect of the foregoing, if such Adopting Party is not created or
organized under the laws of the United States of America or any state thereof, such Adopting Party
will furnish to Administrative Agent and Borrower IRS Form W-8BEN, W-8ECI, 4224, or Form 1001, as
appropriate, or such other forms, certifications, statements or documents, duly executed and
completed by Adopting Party, as evidence of such Adopting Party’s exemption from the withholding of
United States tax with respect thereto. Notwithstanding anything herein to the contrary, Borrower
shall not be obligated to make any payments to or for the benefit of Adopting Party until Adopting
Party shall have furnished to Administrative Agent and Borrower the requested form, certification,
statement or document.

     2.3. Adopting Party acknowledges receipt of true and correct copies of all Loan Documents and
agrees and represents that: (a) it has relied upon its independent review (i) of the Loan
Documents, and (ii) any information independently acquired by it from Borrower or otherwise in
making its decision to acquire an interest in the Loan independently and without reliance on any
Syndication Party or Administrative Agent; (b) it has obtained such information as it deems
necessary (including any information it independently obtained from Borrower or others) prior

2

 

 to making its decision to acquire the
Syndication Interest; (c) it has made its own independent analysis and appraisal of and
investigation into Borrower’s authority, business, operations, financial and other condition,
creditworthiness, and ability to perform its obligations under the Loan Documents and has relied on
such review in making its decision to acquire the Syndication Interest, and will continue to rely
solely upon its independent review of the facts and circumstances related to Borrower, and without
reliance upon any Syndication Party or Administrative Agent, in making future decisions with
respect to all matters under or in connection with the Loan Documents and its participation in the
Loan as a Syndication Party.

     2.4. Adopting Party acknowledges and agrees that: (a) neither Administrative Agent nor any
Syndication Party has made any representation or warranty, except as expressly stated in this
Agreement, nor do they assume any responsibility with respect to the due execution, validity,
sufficiency, enforceability or collectibility of the Loan, the Loan Documents or the Notes or with
respect to the accuracy and completeness of matters disclosed, represented or warranted in the Loan
Documents by Borrower (including financial matters); (b) neither Administrative Agent nor any
Syndication Party assumes any responsibility for the financial condition of Borrower or for the
performance of Borrower’s obligations under the Loan Documents; (c) except as otherwise expressly
provided in this Agreement or the Credit Agreement, neither any Syndication Party nor
Administrative Agent nor any other Syndication Party shall have any duty or responsibility to
furnish to any other Syndication Parties any credit or other information concerning Borrower which
may come into its or their possession.

     2.5. Adopting Party: (a) represents that it has acquired and is retaining the Syndication
Interest it is acquiring in the Loan for its own account in the ordinary course of its banking or
financing business; (b) agrees that it will not sell, assign, convey or otherwise dispose of
(“Transfer”), or create or permit to exist any lien or security interest on, all or any part of its
Syndication Interest in the Loan without compliance with all of the terms and conditions of the
Credit Agreement, including Section 15.27 thereof.

     2.6. Adopting Party:

2.6.1 Irrevocably consents and submits to the non-exclusive jurisdiction of
the courts of the State of Colorado and the United States District Court for the
District of Colorado and waives any objection based on venue or forum
non conveniens with respect to any action instituted therein
arising under this Agreement or the Credit Agreement or in any way connected with
or related or incidental to the dealings of the parties hereto in respect of this
Agreement or the Credit Agreement or the transactions related hereto, in each case
whether now existing or hereafter arising, and whether in contract, tort, equity or
otherwise, and agrees that any dispute with respect to any such matters shall be
heard only in the courts described above.

2.6.2 Adopting Party hereby agrees that any litigation with respect to this
Credit Agreement or to enforce any judgment obtained against such
Person for breach of this Credit Agreement or under the Notes or other

3

 

Loan Documents may be brought in the courts of the State of Colorado and in the United
States District Court for the District of Colorado (if applicable subject matter
jurisdictional requirements are present), as the Administrative Agent may elect;
and, by execution and delivery of this Credit Agreement, Adopting Party irrevocably
submits to such jurisdiction. With respect to litigation concerning this Credit
Agreement or under the Notes or other Loan Documents within the jurisdiction of the
courts of the State of Colorado or the United States District Court for the
District of Colorado, Adopting Party hereby irrevocably appoints, until six (6)
months after the expiration of the 5-Year Maturity Date (as it may be extended at
anytime), The Corporation Company, or such other Person as it may designate to the
Administrative Agent, in each case with offices in Denver, Colorado and otherwise
reasonably acceptable to the Administrative Agent to serve as the agent of Adopting
Party to receive for and on its behalf at such agent’s Denver, Colorado office,
service of process, which service may be made by mailing a copy of any summons or
other legal process to such Person in care of such agent. Adopting Party agrees
that it shall maintain a duly appointed agent in Colorado for service of summons
and other legal process as long as it remains obligated under this Credit Agreement
and shall keep the Administrative Agent advised in writing of the identity and
location of such agent. The receipt by such agent and/or by Adopting Party of such
summons or other legal process in any such litigation shall be deemed personal
service and acceptance by Adopting Party for all purposes of such litigation.

2.6.3 HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR THE CREDIT AGREEMENT OR (b) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO IN RESPECT OF THIS AGREEMENT OR THE CREDIT AGREEMENT OR THE TRANSACTIONS
RELATED THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
IN CONTRACT, TORT, EQUITY OR OTHERWISE. ADOPTING PARTY HEREBY AGREES AND CONSENTS
THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
TRIAL WITHOUT A JURY AND THAT ADMINISTRATIVE AGENT OR ANY SYNDICATION PARTY MAY
FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF ADOPTING PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY
JURY.

	3.	 	General.

     3.1. Adopting Party’s address for notice under Section 16.4 of the Credit Agreement shall be
as set forth beneath its signature below.

4

 

     IN WITNESS HEREOF, the parties hereto have caused this Syndication Adoption Agreement to be
executed as of the Effective Date by their duly authorized representatives.

	 	 	 	 	 	 	 
	 	 	Administrative Agent (as

Administrative Agent):	 	 
	 
	 	 	 	 	 	 
	 	 	COBANK, ACB	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

5

 

ADOPTING PARTY:

	 	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Contact Name:	 	 	 	 
	 	 	Title:	 	 	 	 
	 	 	Address:	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Phone No.:	 	 	 	 
	 	 	Fax No.:	 	 	 	 
	 	 	Individual 5-Year Commitment: $	 	 
	 	 	Payment Instructions:	 	 
	 

	 	 	 	Bank:	 	 	 	 
	 

	 	 	 	ABA #:	 	 	 	 
	 

	 	 	 	Acct. Name:	 	 	 	 
	 

	 	 	 	Account No.:	 	 	 	 
	 

	 	 	 	Attn:	 	 	 	 
	 

	 	 	 	Ref:	 	 	 	 

6

 

BORROWER’S CONSENT

     Borrower hereby signifies its consent to acquisition of an Individual 5-Year Commitment by
Adopting Party as described above.

	 	 	 	 	 	 	 
	 	 	CHS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	Name
	 	 

	 	 
	 

	 	Title	 	 	 	 

7

 

EXHIBIT 3.2

to Credit Agreement

BID REQUEST

(5-Year Facility)

                                        , 200__      

VIA FACSIMILE (303) 740-4100

	 	 	 
	To:

	 	The Bid Agent and all Syndication Parties holding an Individual
5-Year Commitment under the Credit Agreement
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2006 Amended and Restated Credit Agreement (Revolving Loan) (as amended from
time to time, the “Credit Agreement”) dated as of May 18, 2006, among Borrower, CoBank,
ACB (“CoBank” and, in its capacity as such, the “Administrative Agent” and the “Bid
Agent”), and the other Syndication Parties signatory thereto.

          We hereby give notice pursuant to Section 3.2 of the Credit Agreement that we request Bids for
the following proposed 5-Year Bid Advances (all capitalized terms used herein and not defined
herein shall have the meaning given them in the Credit Agreement) [maximum of five
amounts/maturities]:

Date of Borrowing:                                         

Aggregate Principal Amount of Borrowing:                                         

	 	 	 	 	 
	Principal Amount*	 	Bid Maturity Date+	 
	$                                         
	 	 	                                        	 
	$                                         
	 	 	                                        	 
	$                                         
	 	 	                                        	 
	$                                         
	 	 	                                        	 
	$                                         
	 	 	                                        	 

 

			
	•	 	*Borrower reserves the right to reduce or apportion this amount during the Bid selection process.
	 
	•	 	+May not extend more than 30 days beyond the 5-Year Maturity Date

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	CHS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT 3.3

to Credit Agreement

BID FORM

(5-Year Facility)

                                                  , 200___     

VIA FACSIMILE (303) 740-4100

	 	 	 
	To:

	 	CHS Inc. (“Borrower”) and the Bid Agent
	 
	 	 
	From:

	 	[NAME OF SYNDICATION PARTY]
	 
	 	 
	Re:

	 	2006 Amended and Restated Credit Agreement (Revolving Loan) (as amended from
time to time, the “Credit Agreement”) dated as of May 18, 2006, among Borrower, CoBank,
ACB (“CoBank” and, in its capacity as such, the “Administrative Agent” and the “Bid
Agent”), and the other Syndication Parties signatory thereto.

          In response to the Bid Request of the Borrower dated                     , 200_, we hereby offer to make
Bid Advance(s) in the following principal amount(s), with the following Bid Maturity Date(s) and at
the following interest rate(s) (all capitalized terms used herein and not defined herein shall have
the meaning given them in the Credit Agreement):

	 	 	 	 	 	 	 	 	 
	 	 	Bid	 	 	Bid*	 
	Principal Amount	 	Maturity Date	 	 	Rate	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 

 

			
	*	 	Specify rate of interest per annum (to the nearest 1/10,000 of 1%).

          The offer set forth in this Bid expires at 12:00 noon (Central time) on the date hereof to the
extent not accepted by Borrower on or before such time. Each offer set forth above is irrevocable,
but is subject to the satisfaction of the applicable conditions set forth in Articles 3 and 10 of
the Credit Agreement.

          Person to contact:                                         .

          Telephone Number: (___)                     

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	[Name of Bank]	 	 
	 
	 	 	 	 	 	 
	Dated:                                         , 200_

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

 

 

EXHIBIT 3.4

to Credit Agreement

BID SELECTION NOTICE

(5-Year Facility)

                                        , 200__     

	 	 	 
	To:

	 	[NAME OF SYNDICATION PARTY] (“Syndication Party”) and the Bid Agent
	 
	 	 
	From:

	 	CHS Inc. (“Borrower”)
	 
	 	 
	Re:

	 	2006 Amended and Restated Credit Agreement (Revolving Loan) (as amended from
time to time, the “Credit Agreement”) dated as of May 18, 2006, among Borrower, CoBank,
ACB (“CoBank” and, in its capacity as such, the “Administrative Agent” and the “Bid
Agent”), and the other Syndication Parties signatory thereto.

          The Borrower hereby accepts the Syndication Party’s offer, set forth in its Bid dated                     ,
200_, for Bid Advances in the following principal amount(s), and for the following Bid Maturity
Date(s), and at the following interest rate(s) (all capitalized terms used herein and not defined
herein shall have the meaning given them in the Credit Agreement):

	 	 	 	 	 	 	 	 	 
	 	 	Bid	 	 	Bid	 
	Principal Amount	 	Maturity Date	 	 	Rate	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 
	$                                        
	 	 	                                        	 	 	 	                    	 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	CHS INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	Dated:                                         , 200_.
	 	 	 	 	 	 

 

 

EXHIBIT 5.7

to

Credit Agreement

Special Interest Rates

     None.

 

 

Exhibit 9.3

to Credit Agreement

Litigation

The Company is a party or could become a party to various lawsuits and administrative proceedings
incidental to its business, such as workers’ compensation cases, OSHA cases, pollution control
cases, employment discrimination cases, arbitration cases and others. It is impossible at this
time to estimate what the ultimate legal and financial liability of the Association will be;
however, management believes, based on the information available to date and the resolution of
prior proceedings, that the ultimate liability of all litigation and proceedings will not have a
material impact on the financial condition of the Association.

 

 

Exhibit 9.8

to Credit Agreement

Payment of Taxes

None.

 

 

Exhibit 9.10

to Credit Agreement

Employee Benefit Plans

Plan Name and Number

Plan 001 – CHS Pension Plan

Plan 002 – CHS Pension Plan for Production Employees

Plan 014 — CHS Savings Plan

Plan 028 — CHS Savings Plan for Union Production Employees

Plan 501 — CHS Group Life Insurance Plan

Plan 502 — CHS Group Health Plan

Plan 515 — CHS Flexible Benefit Compensation Plan

Plan 517 — CHS Temporary Disability Benefits Plan

Plan 519 — CHS Educational Assistance Plan

Plan 520 — CHS Employee Assistance Plan

Plan 522 — CHS Health Maintenance Organization Plan

Plan 523 — CHS Long Term Disability Plan

Plan 524 – CHS Long Term Care Plan

Plan 533 — CHS Transitions Severance Plan

Plan 534 — CHS Pathways Severance Plan (Closed 2003)

Plan 535 — CHS FMS Severance Plan

Countrymark co-op member pension plan (frozen plan – Daeske)

Doherty Employment Group 401K Plan Agreement (Wilmot, SD)

Co-op Retirement Plan (Wallace County)

CHS Acquisitions – Plan Name and Number

Plan 001 – Cenex-Swiss Valley 401(k) Plan (Terminated 07/01/05)

Plan 001 – Union Warehouse & Supply Company Employee Pension Plan (Terminated 2006)

Plan 001 – Farmers Union Oil Company of Dickinson 401(k) Plan and Trust (Merged with Plan 014 9/30/05)

Plan 001 – Farmers Union Oil Company of Drayton 401(k) Plan and Trust (Merged with Plan 014 09/30/05)

 

 

Exhibit 9.11

to Credit Agreement

EQUITY INVESTMENTS

CHS Inc.

Investments > $5,000,000

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Balance	 	 	 	 	 	 	Consolidated	 
	 	 	03/31/06	 	 	Eliminations	 	 	3/31/06	 
	Ag Processing
	 	 	21,296,524	 	 	 	 	 	 	 	21,296,524	 
	CF Industries
	 	 	37,889,978	 	 	 	 	 	 	 	37,889,978	 
	CoBank
	 	 	9,092,868	 	 	 	 	 	 	 	9,092,868	 
	Land O’ Lakes, Inc.
	 	 	33,102,963	 	 	 	 	 	 	 	33,102,963	 
	Universal Cooperatives, Inc.
	 	 	6,936,039	 	 	 	 	 	 	 	6,936,039	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	INVESTMENTS IN COOPERATIVES & OTHER
	 	 	108,318,372	 	 	 	—	 	 	 	108,318,372	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CONSOLIDATED INVESTMENTS
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Country Operations Shell Subsidiaries
	 	 	28,456,282	 	 	 	(28,456,282	)	 	 	—	 
	Ag States Agency
	 	 	20,555,402	 	 	 	(20,555,402	)	 	 	—	 
	Ag States Agency — Goodwill
	 	 	742,820	 	 	 	 	 	 	 	742,820	 
	Cenex Pipeline Company
	 	 	34,801,564	 	 	 	(34,801,564	)	 	 	—	 
	Front Range Pipeline Co
	 	 	49,266,650	 	 	 	(49,266,650	)	 	 	—	 
	National Co-op Refinery Association (NCRA)
	 	 	389,723,302	 	 	 	(389,723,302	)	 	 	—	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL CONSOLIDATED INVESTMENTS
	 	 	523,546,020	 	 	 	(522,803,200	)	 	 	742,820.00	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CORP, AGRONOMY, ENERGY, GRAIN MARKETING JV’S
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Tacoma Export Marketing Co, (Temco)
	 	 	6,849,633	 	 	 	 	 	 	 	6,849,633	 
	US BioEnergy
	 	 	69,741,789	 	 	 	 	 	 	 	69,741,789	 
	United Country Brands 50% (Agriliance LLC 25%)
	 	 	107,528,027	 	 	 	 	 	 	 	107,528,027	 
	United Country Brands Goodwill
	 	 	26,740,000	 	 	 	 	 	 	 	26,740,000	 
	CHS Holding – Canada
	 	 	15,668,404	 	 	 	 	 	 	 	15,668,404	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL CORP, AGRONOMY, ENERGY, GRN MKTG
	 	 	226,527,853	 	 	 	—	 	 	 	226,527,853	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	COUNTRY OPERATIONS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CoFina
	 	 	38,566,591	 	 	 	 	 	 	 	38,566,591	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL COUNTRY OPERATIONS JVs
	 	 	38,566,591	 	 	 	—	 	 	 	38,566,591	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	WHEAT MILLING JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Horizon Milling, LLC
	 	 	12,361,498	 	 	 	 	 	 	 	12,361,498	 
	Horizon Milling, LLC Non-base Capital
	 	 	5,307,524	 	 	 	 	 	 	 	5,307,524	 
	Horizon Milling Contracts
	 	 	7,751,800	 	 	 	 	 	 	 	7,751,800	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL WHEAT JV’S
	 	 	25,420,822	 	 	 	—	 	 	 	25,420,822	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FOODS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Ventura Foods, LLC
	 	 	111,547,500	 	 	 	 	 	 	 	111,547,500	 
	Ventura Foods-Additional 10% Goodwill
	 	 	12,864,429	 	 	 	 	 	 	 	12,864,429	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL FOODS JOINT VENTURES
	 	 	124,411,929	 	 	 	—	 	 	 	124,411,929	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL INVESTMENTS
	 	 	1,046,791,587	 	 	 	(522,803,200	)	 	 	523,988,387	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	NCRA Loan
	 	 	112,500,000	 	 	 	 	 	 	 	112,500,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL
	 	 	1,159,291,587	 	 	 	(522,803,200	)	 	 	636,488,387	 
	 	 	 

 

 

Exhibit 9.14

to Credit Agreement

Environmental Compliance

The Company is a party or could become a party to various environmental claims, investigations and
remediations; however, management believes, based on the information available to date and the
resolution of prior proceedings, that the ultimate liability of all environmental claims and
proceedings will not have a material impact on the financial condition of the Association.

 

 

Exhibit 9.23

to Credit Agreement

Labor Matters and Labor Agreements

None.

 

 

Exhibit 12.1

to Credit Agreement

EXISTING INDEBTEDNESS

CHS Inc. & Subsidiaries

Outstanding Debt & Committed Lines of Credit

March 31, 2006

	 	 	 	 	 	 	 	 	 
	Short-Term Notes
	 	 	 	 	 	 	 	 
	CHS 364 Revolver
	 	$	700,000,000.00	 	 	(represents commitment - actual drawn was $161,500,000)
	5yr Revolver
	 	 	300,000,000.00	 	 	(represents commitment - actual drawn was -0- )
	NCRA’s 2yr Revolver
	 	 	15,000,000.00	 	 	(represents commitment - actual drawn was -0- )
	Misc Notes
	 	 	1,234,635.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	1,016,234,635.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Indust Rev Bonds
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	Montana Econ
	 	 	3,925,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Private Placement
	 	 	 	 	 	 	 	 
	Private Placement
	 	 	225,000,000.00	 	 	 	 	 
	Private Placement
	 	 	175,000,000.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	39,285,714.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	17,857,143.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	15,000,000.00	 	 	 	 	 
	Prudential Shelf Note
	 	 	15,000,000.00	 	 	 	 	 
	Private Placement
	 	 	125,000,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	612,142,857.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Cobank
	 	 	 	 	 	 	 	 
	Building Loan
	 	 	6,076,801.00	 	 	 	 	 
	Term Debt
	 	 	102,500,000.00	 	 	 	 	 
	NCRA’s Term Debt
	 	 	6,750,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	115,326,801.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Other Notes Payable
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Corp Books
	 	 	 	 	 	 	 	 
	Robert L. Nygaard
	 	 	43,500.00	 	 	 	 	 
	Lemmon-Thunder Hawk (DISC)
	 	 	359,719.00	 	 	 	 	 
	Mahnomen MN
	 	 	581,882.00	 	 	 	 	 
	Greenbush MN
	 	 	194,992.00	 	 	 	 	 
	Met Life
	 	 	9,119,916.00	 	 	 	 	 
	Hall Prommisory Note
	 	 	102,275.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Country Operations
	 	 	 	 	 	 	 	 
	Ag Svc Center-Elrosa
	 	 	113,455.00	 	 	 	 	 
	United Energy
	 	 	140,618.00	 	 	 	 	 
	Prairie Lakes — State of MN
	 	 	109,699.00	 	 	 	 	 
	Milk River — Big Sandy
	 	 	174,208.00	 	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	CHS-French-Fergus Falls
	 	 	55,615.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Oilseed
	 	 	 	 	 	 	 	 
	Rural Electric
	 	 	255,223.00	 	 	 	 	 
	MN Rail
	 	 	115,790.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Milling
	 	 	 	 	 	 	 	 
	MDT Rail Rehabilitation
	 	 	54,542.00	 	 	 	 	 
	Rural Econ Development Loan
	 	 	155,254.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Ag States
	 	 	 	 	 	 	 	 
	Daseke Note
	 	 	1,000,000.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	12,576,688.00	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Consolidated Total
	 	 	1,760,205,981	 	 	 	 	 

 

 

Exhibit 12.8(f)

to Credit Agreement

EXISTING INVESTMENTS

(excluding Restricted Subsidiaries)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Balance	 	 	 	 	 	 	 
	 	 	03/31/06	 	 	Eliminations	 	 	Consolidated	 
	Ag Processing
	 	 	21,296,524	 	 	 	 	 	 	 	21,296,524	 
	Archer Daniels Midland
	 	 	1,475,900	 	 	 	 	 	 	 	1,475,900	 
	CF Industries
	 	 	37,889,978	 	 	 	 	 	 	 	37,889,978	 
	Cenex Finance Association
	 	 	1,752,112	 	 	 	 	 	 	 	1,752,112	 
	Chicago Board of Trade
	 	 	3,213,582	 	 	 	 	 	 	 	3,213,582	 
	Co Grain Inc
	 	 	566,221	 	 	 	 	 	 	 	566,221	 
	CoBank
	 	 	9,092,868	 	 	 	 	 	 	 	9,092,868	 
	Cooperative Finance Association
	 	 	1,214,002	 	 	 	 	 	 	 	1,214,002	 
	Intrade, NV
	 	 	757,714	 	 	 	 	 	 	 	757,714	 
	International Malting — Lesaffre
	 	 	700,000	 	 	 	 	 	 	 	700,000	 
	Land O’ Lakes, Inc.
	 	 	33,102,963	 	 	 	 	 	 	 	33,102,963	 
	Lewis-Clark Terminal, Inc
	 	 	2,055,147	 	 	 	 	 	 	 	2,055,147	 
	Universal Cooperatives, Inc.
	 	 	6,936,039	 	 	 	 	 	 	 	6,936,039	 
	Various: Transport Cooperatives
	 	 	542,225	 	 	 	 	 	 	 	542,225	 
	Electric & Telephone Coops
	 	 	1,481,975	 	 	 	 	 	 	 	1,481,975	 
	Other Cooperatives, Etc.
	 	 	2,158,885	 	 	 	(7,800	)	 	 	2,151,085	 
	Local Patron Coops
	 	 	2,240,412	 	 	 	—	 	 	 	2,240,412	 
	Other
	 	 	1,182,257	 	 	 	 	 	 	 	1,182,257	 
	 	 	 
	INVESTMENTS IN COOPERATIVES & OTHER
	 	 	127,658,805	 	 	 	(7,800	)	 	 	127,651,005	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CONSOLIDATED INVESTMENTS
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Country Operations Shell Subsidiaries
	 	 	28,456,282	 	 	 	(28,456,282	)	 	 	—	 
	Ag States Agency
	 	 	20,555,402	 	 	 	(20,555,402	)	 	 	—	 
	Ag States Agency — Goodwill
	 	 	742,820	 	 	 	 	 	 	 	742,820	 
	Cenex Ag, Inc.
	 	 	657,405	 	 	 	(657,405	)	 	 	—	 
	Cenex Petroleum, Inc.
	 	 	(1,945,327	)	 	 	1,945,327	 	 	 	—	 
	Circle Land Management, Inc.
	 	 	1,434,577	 	 	 	(1,434,577	)	 	 	—	 
	Cenex Pipeline Company
	 	 	34,801,564	 	 	 	(34,801,564	)	 	 	—	 
	Fin-Ag, Inc
	 	 	150,000	 	 	 	(150,000	)	 	 	—	 
	Front Range Pipeline Co
	 	 	49,266,650	 	 	 	(49,266,650	)	 	 	—	 
	HSC Brazil
	 	 	323,569	 	 	 	(323,569	)	 	 	—	 
	HSC Europe
	 	 	16,200	 	 	 	(16,200	)	 	 	—	 
	National Co-op Refinery Association (NCRA)
	 	 	389,723,302	 	 	 	(389,723,302	)	 	 	—	 
	Country Hedging, Inc
	 	 	875,000	 	 	 	(875,000	)	 	 	—	 
	Sparta Foods
	 	 	2,500,000	 	 	 	(2,500,000	)	 	 	—	 
	Tillamook/GTA Feeds, LLC
	 	 	750,179	 	 	 	(750,179	)	 	 	—	 
	United Energy
	 	 	1,174,277	 	 	 	(1,174,277	)	 	 	—	 
	HSC/PGG Feed
	 	 	1,021,068	 	 	 	(1,021,068	)	 	 	—	 
	 	 	 
	TOTAL CONSOLIDATED INVESTMENTS
	 	 	530,502,967	 	 	 	(529,760,147	)	 	 	742,820.00	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	CORP, AGRONOMY, ENERGY, GRAIN MARKETING JV’S
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Cenex Canada
	 	 	5,834	 	 	 	 	 	 	 	5,834	 
	Green Bay Terminal Corp.
	 	 	277,960	 	 	 	 	 	 	 	277,960	 
	Tacoma Export Marketing Co, (Temco)
	 	 	6,849,633	 	 	 	 	 	 	 	6,849,633	 
	United Harvest, LLC
	 	 	4,624,907	 	 	 	 	 	 	 	4,624,907	 
	United Country Brands 50% (Agriliance LLC 25%)
	 	 	107,528,027	 	 	 	 	 	 	 	107,528,027	 
	United Country Brands Goodwill
	 	 	26,740,000	 	 	 	 	 	 	 	26,740,000	 
	CHS Holding — Canada
	 	 	15,668,404	 	 	 	 	 	 	 	15,668,404	 
	Whitman Terminal Assn, LLC
	 	 	837,306	 	 	 	 	 	 	 	837,306	 
	US BioEnergy
	 	 	69,741,789	 	 	 	 	 	 	 	69,741,789	 
	NCRA — Investments in LLC’s
	 	 	4,984,659	 	 	 	(711,425	)	 	 	4,273,234	 
	 	 	 
	 
	TOTAL CORP, AGRONOMY, ENERGY, GRN MKTG
	 	 	237,258,519	 	 	 	(711,425	)	 	 	236,547,094	 
	 	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Balance	 	 	 	 	 	 	 
	 	 	03/31/06	 	 	Eliminations	 	 	Consolidated	 
	COUNTRY OPS & BUSINESS SOLUTIONS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Allied Agronomy, LLC
	 	 	335,254	 	 	 	 	 	 	 	335,254	 
	Allied Agronomy Goodwill
	 	 	(37,990	)	 	 	 	 	 	 	(37,990	)
	Battle Creek/CHS, LLC
	 	 	770,952	 	 	 	 	 	 	 	770,952	 
	Central Montana Propane, LLC
	 	 	418,685	 	 	 	 	 	 	 	418,685	 
	CHS/ADM, LLC
	 	 	1,230,013	 	 	 	 	 	 	 	1,230,013	 
	Classic Farms, LLC
	 	 	555,590	 	 	 	 	 	 	 	555,590	 
	Dakota Agronomy Partners
	 	 	2,141,943	 	 	 	 	 	 	 	2,141,943	 
	Energy Partners, LLC
	 	 	3,051,266	 	 	 	 	 	 	 	3,051,266	 
	Genetic Marketing Group, LLC
	 	 	6,547	 	 	 	 	 	 	 	6,547	 
	Kropf/CHS, LLC
	 	 	720,923	 	 	 	 	 	 	 	720,923	 
	Montevideo Grain, LLC
	 	 	466,382	 	 	 	 	 	 	 	466,382	 
	Mountain View of Montana, LLC
	 	 	1,604,598	 	 	 	 	 	 	 	1,604,598	 
	Norick Risk Funding Concepts, LLC
	 	 	1,752,114	 	 	 	 	 	 	 	1,752,114	 
	Prairie Lakes Grain Storage, LLC
	 	 	63,901	 	 	 	 	 	 	 	63,901	 
	Red Rock Cooperative
	 	 	15,376	 	 	 	 	 	 	 	15,376	 
	Safety Resource Alliance, LLC
	 	 	10,000	 	 	 	 	 	 	 	10,000	 
	CoFina
	 	 	38,566,591	 	 	 	 	 	 	 	38,566,591	 
	 	 	 
	TOTAL COUNTRY OPS & BUSINESS SOLUTIONS
	 	 	51,672,145	 	 	 	—	 	 	 	51,672,145	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	WHEAT MILLING JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Horizon Milling, LLC
	 	 	12,361,498	 	 	 	 	 	 	 	12,361,498	 
	Horizon Milling, LLC Non-base Capital
	 	 	5,307,524	 	 	 	 	 	 	 	5,307,524	 
	Horizon Milling Contracts
	 	 	7,751,800	 	 	 	 	 	 	 	7,751,800	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL WHEAT JV’S
	 	 	25,420,821	 	 	 	—	 	 	 	25,420,821	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	FOODS JOINT VENTURES
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	United Processors, LLC (Rocky Mountain Milling)
	 	 	1,150,142	 	 	 	 	 	 	 	1,150,142	 
	Ventura Foods, LLC
	 	 	111,547,500	 	 	 	 	 	 	 	111,547,500	 
	Ventura Foods-Original Goodwill
	 	 	4,581,675	 	 	 	 	 	 	 	4,581,675	 
	Ventura Foods-Additional 10% Goodwill
	 	 	12,864,429	 	 	 	 	 	 	 	12,864,429	 
	 	 	 
	TOTAL FOODS JOINT VENTURES
	 	 	130,143,746	 	 	 	—	 	 	 	130,143,746	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL INVESTMENTS
	 	 	1,102,657,004	 	 	 	(530,479,372	)	 	 	572,177,632	 
	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Investment in United BioEnergy Fuels, LLC made 4/28/06
	 	 	 	 	 	 	 	 	 	 	2,400,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	NCRA Loan
	 	 	112,500,000	 	 	 	 	 	 	 	112,500,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	TOTAL
	 	 	1,215,157,004	 	 	 	(530,479,372	)	 	 	687,077,632	 
	 	 	 

 

 

Exhibit 12.8(i)

to Credit Agreement

Investments in NCRA

CHS Cooperatives

Contributions — NCRA Investment

	 	 	 	 	 
	Stock Purchase (5/16/46)
	 	 	100	 
	Stock Purchase (3/6/58)
	 	 	499,900	 
	Stock Purchase (8/4/77)
	 	 	100	 
	Stock Purchase (5/7/74)
	 	 	100	 
	Stock Purchase from LOL (July 89)
	 	 	28,729,008	 
	Stock Purchase from Farmland (July 92)
	 	 	64,801,400	 
	 
	 	 	 	 
	NCRA has redeemed all purchases above 100% in cash.
	 	 	 	 

 

 

Exhibit 12.8(j)

to Credit Agreement

Investments in Ventura Foods, LLC

CHS Cooperatives

Contributions — Ventura Foods Investment

	 	 	 	 	 
	Initial Asset Transfers for 50% interest (8/30/96)
	 	 	38,490,680	 
	 
	 	 	 	 
	Cash Contribution (1/8/99)
	 	 	8,000,000	 
	 
	 	 	 	 
	Cash Purchase of additional 10% interest (3/31/00)
	 	 	25,620,000	 

 

 

Exhibit 15.27

to Credit Agreement

SYNDICATION ACQUISITION AGREEMENT

     This Syndication Acquisition Agreement entered into this ___day of ___, 200___(“Effective
Date”) pursuant to the Credit Agreement (as defined below) by and between CoBank, ACB, in its
capacity as the Administrative Agent under the Credit Agreement (in such role, “Administrative
Agent”),                     , a Syndication Party under the Credit Agreement (“Transferor”), and
                     (“Purchaser”).

Recitals

     A. Pursuant to the 2006 Amended and Restated Credit Agreement (Revolving Loan) by and between
Administrative Agent, the Syndication Parties named therein, and CHS Inc. (“Borrower”), dated as of
May 18, 2006 (as amended and as it may be amended in the future, the “Credit Agreement”), the
Syndication Parties have agreed to provide, limited to their respective Individual Commitments and
Pro Rata Shares, financing to Borrower through the 5-Year Facility, to be used for the purposes set
forth in the Credit Agreement.

     B. Transferor wishes to sell and assign a portion of its Individual 5-Year Pro Rata Share of
the amounts outstanding under the 5-Year Facility and/or its obligations under a portion of its
Individual 5-Year Commitment (“5-Year Loan Interest”), as indicated on Exhibit A hereto,
and Purchaser wishes to purchase and assume such 5-Year Loan Interest [IF TRANSFEROR IS ALSO THE
ADMINISTRATIVE AGENT, INSERT THE FOLLOWING (as Syndication Party, and not as Administrative Agent)]
under the Credit Agreement.

Agreement

     For good and valuable consideration, the receipt and sufficiency of which the parties hereto
hereby acknowledge, and each to induce the others to enter into this Syndication Acquisition
Agreement (“Agreement”), the parties hereto hereby agree as follows:

     DEFINITIONS

     Capitalized terms used herein without definition shall have the meaning given them in the
Credit Agreement, if defined therein.

     “Loan” as used herein shall, where the context requires, mean the 5-Year Facility with respect
to which Purchaser has acquired its 5-Year Loan Interest hereunder.

 1. Purchase and Sale of Syndication Interest.

     1.1. Purchaser hereby purchases from Transferor and Transferor hereby sells to Purchaser,
pursuant to the terms and conditions contained herein and in Article 15 of the Credit Agreement, a
Syndication Interest equal to the Individual 5-Year Commitment as set forth in Exhibit A
hereto (“Purchaser’s 5-Year Loan Commitment Amount”) and a portion of the amount outstanding under
the 5-Year Facility as of the

 

 

Effective Date determined by application of the 5-Year Loan
Percentage as set forth in Exhibit A hereto (“Purchaser’s Outstanding 5-Year Loan Obligations Amount”), and a
proportionate undivided interest in the Loan Documents (other than the Notes payable to the other
Syndication Parties), and all applicable amounts owing and all applicable payments made by Borrower
thereunder (excluding Borrower’s obligation to purchase Bank Equity Interests, and patronage
dividends and patronage shares paid or payable on account of such Bank Equity Interests).
Purchaser’s Outstanding 5-Year Loan Obligations Amount shall be allocated (a) to Bid Loans only if,
and to the extent, expressly provided in Exhibit A hereto; and (b) except as provided
pursuant to clause (a), proportionately in all of the 5-Year Advances, as applicable, outstanding
on the Effective Date.

     1.2. Purchaser’s obligation as set forth in Section 1.1 above to purchase the Purchaser’s
5-Year Loan Commitment Amount (individually or collectively “Purchaser’s Commitment Amount”) shall,
subject to the terms and conditions hereof and of Article 15 of the Credit Agreement, be
continuing, unconditional, and irrevocable. Purchaser’s acquisition of Purchaser’s Commitment
Amount shall be without recourse to Transferor and shall not be construed as a loan from Purchaser
to Transferor. The term Purchaser’s Outstanding 5-Year Loan Obligations Amount may be hereinafter
referred to as the “Purchaser’s Outstanding Obligations Amount” and, collectively with Purchaser’s
Commitment Amount as “Purchaser’s Syndication Interest”.

     1.3. Purchaser agrees to remit to Transferor on the Effective Date, the Purchaser’s
Outstanding Obligations Amount. Transferor and Purchaser agree to make settlement among
themselves, without involvement of the Administrative Agent, with respect to any interest accrued
and outstanding on the Purchaser’s Outstanding Obligations Amount as of the Effective Date.

     1.4. Purchaser agrees to, as of the Effective Date, and at all times thereafter, comply with
all of the obligations of a Syndication Party holding an Individual Commitment as such obligations
are set forth in the Credit Agreement.

     1.5. Transferor agrees to pay, or cause Purchaser to pay, to Administrative Agent on the
Effective Date: (a) a fee in the amount of $3,500.00 for processing Purchaser’s acquisition of the
Purchaser’s Commitment Amount, and (b) Administrative Agent’s out of pocket fees and expenses
incurred in connection with the transaction described herein, including its attorney’s fees.

 2. Purchaser’s Representations, Warranties, and Agreements.

     2.1. Purchaser represents and warrants that: (a) the making and performance of this Agreement
including its agreement to be bound by the Credit Agreement is within its power and has been duly
authorized by all necessary corporate and other action by it; (b) this Agreement is in compliance
with all applicable laws and regulations promulgated thereunder and entering into this Agreement
and performance of its obligations hereunder and under the Credit Agreement will not conflict with
nor constitute a breach of its charter or by-laws nor any agreements by which it is bound, and will
not violate any judgment, decree or governmental or administrative order, rule or regulation
applicable to it; (c) no approval, authorization or other action by, or declaration to or filing
with, any governmental or administrative authority

2

 

 or any other Person is required to be obtained
or made by it in connection with the execution, delivery and performance of its duties under this Agreement and the Credit Agreement; (d) this
Agreement has been duly executed by it, and, this Agreement and the Credit Agreement, constitute
its legal, valid, and binding obligation, enforceable in accordance with their terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the rights of creditors generally and general equitable principles
(regardless of whether such enforceability is considered in a proceeding at law or in equity); and
(e) the act of entering into and performing its obligations under this Agreement and the Credit
Agreement have been approved by its board of directors at an authorized meeting thereof (or by
written consent in lieu of a meeting) and such action was duly noted in the written minutes of such
meeting, and that it will, if requested by the Administrative Agent, furnish Administrative Agent
with a certified copy of such minutes or an excerpt therefrom reflecting such approval.

     2.2. Purchaser further represents that it is entitled to receive any payments to be made to it
under the Credit Agreement without the withholding of any tax and will furnish to Administrative
Agent and to Borrower such forms, certifications, statements and other documents as Administrative
Agent or Borrower may request from time to time to evidence Purchaser’s exemption from the
withholding of any tax imposed by any jurisdiction or to enable Administrative Agent or Borrower,
as the case may be, to comply with any applicable laws or regulations relating thereto. Without
limiting the effect of the foregoing, if Purchaser is not created or organized under the laws of
the United States of America or any state thereof, Purchaser will furnish to Administrative Agent
and Borrower the IRS Forms described in Section 15.32 of the Credit Agreement, or such other forms,
certifications, statements or documents, duly executed and completed by Purchaser, as evidence of
Purchaser’s exemption from the withholding of United States tax with respect thereto.
Notwithstanding anything herein to the contrary, Borrower shall not be obligated to make any
payments to Purchaser until Purchaser shall have furnished to Administrative Agent and Borrower the
requested form, certification, statement or document.

     2.3. Purchaser acknowledges receipt of true and correct copies of all Loan Documents from
Transferor and agrees and represents that: (a) it has relied upon its independent review (i) of
the Loan Documents, and (ii) any information independently acquired by it from Borrower or
otherwise in making its decision to acquire an interest in the Loan independently and without
reliance on Transferor or Administrative Agent; (b) it has obtained such information as it deems
necessary (including any information it independently obtained from Borrower or others) prior to
making its decision to acquire the Purchaser’s Syndication Interest; (c) it has made its own
independent analysis and appraisal of and investigation into Borrower’s authority, business,
operations, financial and other condition, creditworthiness, and ability to perform its obligations
under the Loan Documents and has relied on such review in making its decision to acquire the
Purchaser’s Syndication Interest, and will continue to rely solely upon its independent review of
the facts and circumstances related to Borrower, and without reliance upon Transferor or
Administrative Agent, in making future decisions with respect to all matters under or in connection
with the Loan Documents and its participation in the Loan as a Syndication Party.

3

 

     2.4. Purchaser acknowledges and agrees that: (a) neither Administrative Agent nor Transferor
has made any representation or warranty, except as expressly stated in the Credit Agreement and
this Agreement, nor do they assume any responsibility with respect to the due execution, validity, sufficiency, enforceability or
collectibility of the Loan, the Loan Documents or the Notes or with respect to the accuracy and
completeness of matters disclosed, represented or warranted in the Loan Documents by Borrower
(including financial matters); (b) neither Administrative Agent nor Transferor assumes any
responsibility for the financial condition of Borrower or for the performance of Borrower’s
obligations under the Loan Documents; (c) except as otherwise expressly provided in this Agreement
or the Credit Agreement, neither Transferor nor Administrative Agent nor any other Syndication
Party shall have any duty or responsibility to furnish to any other Syndication Parties any credit
or other information concerning Borrower which may come into its or their possession.

     2.5. Purchaser: (a) represents that it has acquired and is retaining the Purchaser’s
Syndication Interest in the Loan for its own account in the ordinary course of its banking or
financing business and not with a view toward the sale, distribution, further participation, or
transfer thereof; (b) agrees that it will not sell, assign, convey or otherwise dispose of
(“Transfer”), or create or permit to exist any lien or security interest on, all or any part of its
Syndication Interest in the Loan to any Person (“Transferee”) without the prior written consent of
Administrative Agent and Borrower (which consent will not be unreasonably withheld, provided that
Borrower shall have no approval rights upon the occurrence and during the continuance of an Event
of Default), provided that (i) any such Transfer (except a Transfer to another Syndication Party)
must be in a minimum amount of $10,000,000.00, unless it Transfers the full amount of its
Syndication Interest; (ii) Purchaser and each Syndication Party must maintain an Individual 5-Year
Commitment of no less than $5,000,000.00, unless it Transfers its entire Syndication Interest;
(iii) the Transferee must execute an agreement substantially in the form of Exhibit 15.27
to the Credit Agreement and assume all of the obligations thereunder of the Syndication Party
making such Transfer (“Transferor”) and execute such documents as the Administrative Agent may
reasonably require; and (iv) the Transferor must pay, or cause the Transferee to pay, the
Administrative Agent an assignment fee of $3,500.00 (“Assignment Fee”); (c) understands and agrees
that (i) it may participate any part of its interest in the Loans to any Person (“Participant”)
with the prior written consent of the Administrative Agent and Borrower (which consent will not be
unreasonably withheld, provided that Borrower shall have no approval rights upon the occurrence and
during the continuance of an Event of Default), provided that no such consent shall be required
where the Participant is a Person at least fifty percent (50%) of the equity interest in which is
owned by such Transferor or which owns at least fifty percent (50%) of the equity interest in such
Transferor or at least fifty percent (50%) of the equity interest of which is owned by the same
Person which owns at least fifty percent (50%) of the equity interest of such Transferor, and (ii)
in the event of any such participation: (A) its obligations hereunder will not change on account
of such participation; (B) the Participant will have no rights under this Credit Agreement,
including, without limitation, voting rights (except as provided in Section 15.28 hereof with
respect to Voting Participants) or the right to receive payments or distributions; and (C) the
Administrative Agent shall continue to deal directly with the Transferor with respect to the Loans
(including with respect to voting rights, except as provided in Section 15.28 hereof with respect
to Voting Participants) as though no participation had been granted and will not be obligated to
deal directly with any Participant (except as provided in Section 15.28 hereof with respect to
Voting Participants); and (d) agrees that it will not divulge any non-public information regarding
Borrower which it acquires on account of its being a Syndication Party to any third Persons not an
employee or agent of Purchaser except (i) as may be required

4

 

by law, rule, regulation, or court order, (ii) in connection with an examination of its books or
affairs by any of its regulatory agencies or accountants, or (iii) in connection with a Transfer
of, or the sale of a participation interest in, its Syndication Interest in accordance with the
Credit Agreement.. Notwithstanding any provision contained herein to the contrary, any Syndication
Party may at any time pledge or assign all or any portion of its interest in the Loans to any
Federal Reserve Bank or any Farm Credit Bank in accordance with applicable law.

	 	2.6.	 	Purchaser:

2.6.1 Irrevocably consents and submits to the non-exclusive jurisdiction of
the courts of the State of Colorado and the United States District Court for the
District of Colorado and waives any objection based on venue or forum
non conveniens with respect to any action instituted therein
arising under this Agreement or the Credit Agreement or in any way connected with
or related or incidental to the dealings of the parties hereto in respect of this
Agreement or the Credit Agreement or the transactions related hereto, in each case
whether now existing or hereafter arising, and whether in contract, tort, equity or
otherwise, and agrees that any dispute with respect to any such matters shall be
heard only in the courts described above.

2.6.2 With respect to litigation concerning this Agreement or the Credit
Agreement within the jurisdiction of the courts of the State of Colorado or the
United States District Court for the District of Colorado: Purchaser hereby agrees
that any litigation with respect to this Credit Agreement or to enforce any
judgment obtained against such Person for breach of this Credit Agreement or under
the Notes or other Loan Documents may be brought in the courts of the State of
Colorado and in the United States District Court for the District of Colorado (if
applicable subject matter jurisdictional requirements are present), as the
Administrative Agent may elect; and, by execution and delivery of this Credit
Agreement, Purchaser irrevocably submits to such jurisdiction. With respect to
litigation concerning this Credit Agreement or under the Notes or other Loan
Documents within the jurisdiction of the courts of the State of Colorado or the
United States District Court for the District of Colorado, Purchaser hereby
irrevocably appoints, until six (6) months after the expiration of the 5-Year
Maturity Date (as it may be extended at anytime), The Corporation Company, or such
other Person as it may designate to the Administrative Agent, in each case with
offices in Denver, Colorado and otherwise reasonably acceptable to the
Administrative Agent to serve as the agent of Purchaser to receive for and on its
behalf at such agent’s Denver, Colorado office, service of process, which service
may be made by mailing a copy of any summons or other legal process to such Person
in care of such agent. Purchaser agrees that it shall maintain a duly appointed
agent in Colorado for service of summons and other legal process as long as it
remains obligated under this Credit Agreement and shall keep the Administrative
Agent advised in writing of the identity and

5

 

location of such agent. The receipt
by such agent and/or by Purchaser of such summons or other legal process in any such litigation shall be deemed personal service and
acceptance by Purchaser for all purposes of such litigation.

2.6.3 HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR
CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR THE CREDIT AGREEMENT OR (b) IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO IN RESPECT OF THIS AGREEMENT OR THE CREDIT AGREEMENT OR THE TRANSACTIONS
RELATED THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER
IN CONTRACT, TORT, EQUITY OR OTHERWISE. PURCHASER HEREBY AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY AND THAT, AGENT, TRANSFEROR, OR ANY SYNDICATION PARTY MAY FILE AN
ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE
OF THE CONSENT OF PURCHASER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 3. Representations of Administrative Agent and Transferor.

     3.1. Transferor and Administrative Agent represent and warrant that (a) Transferor’s
Individual 5-Year Commitment is not less than Purchaser’s 5-Year Loan Commitment Amount, and (b)
the total principal amount advanced and outstanding by Transferor under the 5-Year Facility as of
the Effective Date is not less than Purchaser’s Outstanding 5-Year Loan Obligations Amount.

 4. General.

     4.1. Purchaser’s address for notice under Section 16.4 of the Credit Agreement shall be as set
forth on its signature page hereto as “Contact Name”.

6

 

     IN WITNESS HEREOF, the parties hereto have caused this Syndication Acquisition Agreement to be
executed as of the Effective Date by their duly authorized representatives.

	 	 	 	 	 
	 	 	Administrative Agent (as Administrative

Agent):
	 
	 	 	 	 
	 	 	COBANK, ACB
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Transferor:
	 
	 	 	 	 
	 
	 	 
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name	 	 
	 

	 	 	 	 
	 

	 	Title	 	 
	 

	 	 	 	 

BORROWER’S CONSENT

     Borrower hereby signifies its consent to Transferor’s sale of the Purchaser’s Syndication
Interest to Purchaser as described above.

	 	 	 	 	 
	 	 	CHS INC.
	 

	 	By	 	 
	 

	 	 	 	 
	 

	 	Name	 	 
	 

	 	 	 	 
	 

	 	Title	 	 
	 

	 	 	 	 

[Purchaser’s signature appears on the next page]

7

 

	 	 	 	 	 
	 	 	PURCHASER:
	 
	 	 	 	 
	 

	 	[Name]	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	Contact Name:
	 

	 	Title:	 	 
	 	 	Address:
	 
	 	 	 	 
	 	 	e-mail address:
	 	 	Phone No.:
	 

	 	Fax No.:	 	 
	 	 	Individual 5-Year Commitment: $.00
	 	 	Payment Instructions:
	 

	 	 	 	Bank                     
	 

	 	 	 	ABA -
	 

	 	 	 	Acct. Name:
	 

	 	 	 	   Attention:
	 

	 	 	 	Ref: CHS

8

 

EXHIBIT A TO

SYNDICATION ACQUISITION AGREEMENT

An Individual 5-Year Commitment of $                     , and

     The following percentage of the principal amount outstanding under 5-Year Facility:
                    % (“5-Year Loan Percentage”)

     If the following blank is completed, Purchaser’s Outstanding 5-Year Loan Obligations
Amount shall be allocated in the amount(s), and to the specific Bid Loan(s) as follows:
                                        .

9

 

EXHIBIT 15.29

to Credit Agreement

WIRE INSTRUCTIONS When funds are to be wired to CoBank, including in its role as the
Administrative Agent, by any Syndication Party, the following wiring information must be used:

			
	To:	 	CoBank, ACB
ABA # 3070-8875-4

CHS SYND

22274433

Attn: Agencyclosings

     WIRE INSTRUCTIONS When funds are to be wired to any Syndication Party, the wiring information
provided on the signature page of the Credit Agreement with respect to such Syndication Party (as
it may be changed from time to time by notice to the Administrative Agent) must be used.

     WIRE INSTRUCTIONS When funds are to be wired to Borrower by the Administrative Agent or by any
Syndication Party, the following wiring information must be used:

			
	To:	 	CHS Inc.

Bank Name:    Wells Fargo Bank Minnesota, N.A.

                         420 Montgomery

                         San Francisco, CA 94104

			
		 	Routing No. : 121000248

Account No.: 0000044070

SWIFT: WBFIUS6S

 

 

SCHEDULE 1

to Credit Agreement (Revolving Loan)

SYNDICATION PARTIES AND INDIVIDUAL COMMITMENTS

	 	 	 	 	 
	Syndication Party	 	Individual
	Name/Address	 	5-Year Commitment
	CoBank, ACB

5500 South Quebec Street

Greenwood Village, CO 80111
	 	$	233,000,000.00	 
	The Bank of Tokyo – Mitsubishi UFJ, Ltd.

Chicago Branch

227 West Monroe Street

Suite 2300

Chicago, IL 60606
	 	$	57,000,000.00	 
	SunTrust Bank

303 Peachtree Street N.E., 3rd Floor

Atlanta, GA 30308
	 	$	57,000,000.00	 
	Bank of America, N.A.

231 South LaSalle Street

Chicago, IL 60697
	 	$	57,000,000.00	 
	Wells Fargo Bank, National Association

Sixth and Marquette

Minneapolis, MN 55479-0085
	 	$	57,000,000.00	 
	BNP Paribas

787 Seventh Avenue

New York, NY 10019
	 	$	57,000,000.00	 
	Harris N. A.

111 W. Monroe Street

20th Floor West

Chicago, IL 60603
	 	$	57,000,000.00	 
	Rabobank International, New York Branch

245 Park Avenue

New York, NY 10167
	 	$	57,000,000.00	 
	Deere Credit, Inc.

6400 NW 86th Street

P.O. Box 6650-Dept 140

Johnston, IA 50131-6650
	 	$	55,000,000.00	 
	U.S. Bank National Association

Corporate Food & Agribusiness Group

One US Bank Plaza, 12th Floor

St. Louis, MO 63101
	 	$	46,000,000.00	 
	Natexis Banques Populaires

1251 Avenue of the Americas

New York, NY 10020
	 	$	46,000,000.00	 

 

 

	 	 	 	 	 
	Syndication Party	 	Individual
	Name/Address	 	5-Year Commitment
	Fortis Captial Corp.

520 Madison Avenue

New York, NY 10022
	 	$	46,000,000.00	 
	The Bank of Nova Scotia

600 Peachtree Street, N.E.

Atlanta, GA 30308
	 	$	46,000,000.00	 
	Calyon New York Branch

1301 Avenue of the Americas

New York, NY 10019
	 	$	46,000,000.00	 
	National City Bank of Indiana

101 W. Washington St., Ste. 200 E

Indianapolis, IN 46255
	 	$	25,000,000.00	 
	M&I Marshall & Ilsley Bank

651 Nicollet Mall

Minneapolis, MN 55402
	 	$	25,000,000.00	 
	Farm Credit Services of America, PCA

5015 South 118th Street

Omaha, Nebraska 68137
	 	$	23,000,000.00	 
	ING Capital LLC

1325 Avenue of the Americas, 8F1

New York, NY 10019
	 	$	20,000,000.00	 
	HSH Nordbank New York Branch

230 Park Avenue, 32nd Floor

New York, NY 10169-0005
	 	$	15,000,000.00	 
	Comerica Bank

500 Woodward Ave.

Detroit, MI 48226
	 	$	15,000,000.00	 
	AgStar Financial Services, PCA

14800 Galaxie Ave., Suite 205

Apple Valley, Minnesota 55124
	 	$	15,000,000.00	 
	LaSalle Bank, National Association

135 South LaSalle Street – Suite 629

Chicago, Illinois 60603
	 	$	15,000,000.00	 
	Wachovia Bank, National Association

5080 Spectrum Dr., Suite 500 East

Addison, Texas 75001
	 	$	15,000,000.00	 
	Société Générale

181 W. Madison, Suite 3400

Chicago, Illinois 60602
	 	$	15,000,000.00	 
	TOTAL
	 	$	1,100,000,000.00	 

2

 

SCHEDULE 2

to Credit Agreement

5-YEAR MARGIN AND 5-YEAR FACILITY FEE FACTOR

Subject to the provisions of Section 5.6, the determination of the 5-Year Margin and the 5-Year
Facility Fee Factor will be made effective five (5) Banking Days after the Administrative Agent
receives quarterly financial statements from Borrower; however, no adjustments will be made to the
LIBO Rate applicable to LIBO Rate Loans then outstanding until the end of their then current LIBO
Period. For the period from the Closing Date and until the Administrative Agent receives quarterly
financial statements from Borrower for the Fiscal Quarter that ends 5/31/06, the 5-Year Margin and
5-Year Facility Fee Factor shall be determined pursuant to Tier 4.

	 	 	 	 	 	 	 
	 	 	Ratio of	 	 	 	 
	 	 	Consolidated	 	 	 	 
	 	 	Funded Debt to	 	 	 	5-Year Facility
	TIER	 	Cash Flow	 	5-Year Margin	 	Fee Factor
	Tier 5

	 	£ 1.00
	 	40.0 basis points
	 	10.0 basis points
	 
	 	 	 	 	 	 
	Tier 4

	 	> 1.00 £ 1.50
	 	45.0 basis points
	 	12.5 basis points
	 
	 	 	 	 	 	 
	Tier 3

	 	> 1.50 £ 2.00
	 	52.5 basis points
	 	15.0 basis points
	 
	 	 	 	 	 	 
	Tier 2

	 	> 2.00 £ 2.50
	 	62.5 basis points
	 	17.5 basis points
	 
	 	 	 	 	 	 
	Tier 1

	 	> 2.50
	 	75.0 basis points
	 	20.0 basis points

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]