Document:

exv10w2

Exhibit 10.2

EXECUTION VERSION

FIFTH AMENDMENT TO

PURCHASE AND SALE AGREEMENT

FIFTH AMENDMENT, dated as of March 13, 2008 (this “Amendment”), to that certain Purchase and Sale
Agreement dated as of December 18, 2001, as amended by a First Amendment to Purchase and Sale
Agreement dated as of March 31, 2004, by a Second Amendment to Purchase and Sale Agreement dated
as of October 22, 2004, by a Third Amendment to Purchase and Sale Agreement dated as of September
7, 2006 and by a Fourth Amendment to Purchase and Sale Agreement dated as of September 4, 2007 (as
so amended, the “Purchase and Sale Agreement”), by and among LAND O’LAKES, INC., a Minnesota
cooperative corporation (“LOL”), LAND O’LAKES PURINA FEED LLC, a Delaware limited liability
company (“Feed”), PURINA MILLS, LLC, a Delaware limited liability company (“Purina”) and WINFIELD
SOLUTIONS, LLC, a Delaware limited liability company, as originators (each an “Originator” and
collectively, the “Originators”), LOL, as Servicer, and LOL SPV, LLC, a Delaware limited liability
company, as purchaser (the “SPV Purchaser”).

WITNESSETH:

     WHEREAS, pursuant to the Purchase and Sale Agreement, each of the Originators has sold or
contributed, and will continue to sell or contribute, all of the Receivables and Related Rights
that it owns, and from time to time hereafter will own or that it will from time to time hereafter
originate in the ordinary course of each Originator’s respective businesses, to the SPV Purchaser;

     WHEREAS, the SPV Purchaser has entered into a Third Amended and Restated Receivables Purchase
Agreement, dated as of September 4, 2007 (the “Receivables Purchase Agreement”), by and among the
SPV Purchaser, as Seller, LOL, as Servicer, CoBank, ACB, as Administrator, and any other Persons
that may, from time to time, be party thereto as Purchasers, pursuant to which, among other
things, the SPV Purchaser may sell to the Administrator, for the benefit of the Purchasers,
undivided interests in the Receivables and Related Rights;

     WHEREAS, the parties to the Receivables Purchase Agreement desire to amend the Receivables
Purchase Agreement on the terms and conditions set forth in that certain First Amendment to Third
Amended and Restated Receivables Purchase Agreement, dated as of the date hereof (the “RPA
Amendment”);

     WHEREAS, the amendment of the Receivables Purchase Agreement pursuant to the RPA Amendment
also requires certain conforming amendments to the Purchase and Sale Agreement;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

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     1. Defined Terms. Terms defined in the Purchase and Sale Agreement and used herein shall have
the meanings given to them in the Purchase and Sale
Agreement (as the same may be amended hereby).

     2. Acknowledgment of and Consent to the RPA Amendment. Each of the parties hereto
acknowledges and consents to the RPA Amendment on the terms and conditions set forth therein.

     3. Amendment to Definition of “Receivables Purchase Agreement” under the Purchase and Sale
Agreement. Each of the parties hereto agrees that all references to the “Receivables Purchase
Agreement” contained in the Purchase and Sale Agreement shall be deemed to be references to the
Receivables Purchase Agreement as amended by the RPA Amendment (and as the same may be amended,
amended and restated, supplemented or otherwise modified from time to time).

     4. Conditions to Effectiveness. This Amendment shall become effective on the date (the
“Amendment Effective Date”) on which the following conditions have been satisfied:

     (a) each of the Originators shall have executed and delivered this Amendment to SPV
Purchaser, and the Administrator shall have received a copy of this Amendment executed by
each of the Originators and the SPV Purchaser;

     (b) the SPV Purchaser and the Administrator shall have received reasonably
satisfactory evidence that the RPA Amendment has become effective;

     (c) the Administrator shall have received good standing (and foreign qualification, as
applicable) certificates for Seller and each Originator issued by the Secretaries of State of the
jurisdictions of their incorporation or formation and their respective principal places of
business;

     (d) the Administrator shall have received a certificate of the Secretaries of Seller and each
Originator in form and substance reasonably satisfactory to the Administrator certifying (i) a
copy of the resolutions of its Board of Directors or Board of Managers, as applicable, approving
this Amendment and the transactions contemplated hereby; (ii) the names and true signatures of the
officers authorized on its behalf to sign this Amendment (on which certificate the Administrator
and the Purchasers may conclusively rely until such time as the Administrator shall receive from
Seller or any Originator, as the case may be, a revised certificate meeting the requirements of
this Section 4(d)); (iii) a copy of its by-laws, operating agreement or equivalent organizational
document(s); and (iv) all documents evidencing other necessary corporate action and governmental
approvals, if any, with respect to this Amendment;

     (e) the Administrator shall have received the Certificate of Formation or the Certificate of
Incorporation, as applicable, of Seller and each Originator, duly certified by the Secretary of
State of the jurisdiction of its formation, as of a recent date reasonably acceptable to
Administrator; and

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     (f) the SPV Purchaser shall be satisfied that the representations and warranties set
forth in Section 5 hereof are true and correct on and as
of the Amendment Effective Date.

     5. Representations and Warranties. To induce the SPV Purchaser to enter into this Amendment,
by its signature below, each of the Originators hereby represents and warrants to the SPV
Purchaser that:

     (a) This Amendment has been duly executed and delivered by each of the Originators.
The execution and delivery by each of the Originators of this Amendment has been duly
authorized by proper proceedings, and this Amendment constitutes the legal, valid and
binding obligation of each of the Originators, enforceable against each Originator in
accordance with its terms.

     (b) The execution and delivery by each of the Originators of this Amendment and the
performance by each of the Originators of this Amendment and the Purchase and Sale
Agreement as amended hereby (i) are within the corporate or other legal authority of such
Person, (ii) have been duly authorized by all necessary corporate or other proceedings
and (iii) do not and will not conflict with or result in any breach or contravention of
any Applicable Law or any Contractual Obligation or operating agreement or other
governing document of each Originator.

     (c) After giving effect to this Amendment, each of the representations and
warranties of each of the Originators contained in Article V of the Purchase and Sale
Agreement or in any certificate or report delivered pursuant to or in connection with the
Purchase and Sale Agreement was true in all respects as of the date as of which it was
made and is true in all respects on the date hereof (except to the extent that such
representations and warranties relate expressly to an earlier date).

     (d) After giving effect to this Amendment, no Unmatured Termination Event or
Termination Event has occurred and is continuing.

     (e) Each of the Originators’ obligations and liabilities to the SPV Purchaser and
the Administrator, as evidenced by or otherwise arising under the Purchase and Sale
Agreement or the Transaction Documents, are hereby ratified and confirmed in all
respects.

     6. Severability; Headings. Any provision of this Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. The section and subjection headings used
in this Amendment are for convenience of reference only and are not to affect the construction
hereof or to be taken into consideration in the interpretation hereof.

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     7. Continuing Effect of Other Documents. This Amendment shall not constitute an amendment or
waiver of any other provision of the Purchase and Sale Agreement not expressly referred to herein
and shall not be construed as a waiver or consent to any further or future action on the part of
any Originator that would require a waiver or consent of the SPV Purchaser (with the consent of
the
Administrator). Except as expressly amended, modified and supplemented hereby, the provisions
of the Purchase and Sale Agreement are and shall remain in full force and effect.

     8. GOVERNING LAW. THIS AMENDMENT, INCLUDING THE
RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF MINNESOTA (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF).

     9. Miscellaneous. From and after the date hereof, each reference to the
Purchase and Sale Agreement in the Purchase and Sale Agreement and the other Transaction Documents
shall be deemed to be a reference to the Purchase and Sale Agreement as modified by this
Amendment. This Amendment may be executed in any number of counterparts, but all of such
counterparts shall together constitute but one and the same agreement. Delivery of an executed
counterpart of a signature page by facsimile transmission shall be effective as delivery of a
manually executed counterpart of this Amendment. In making proof of this Amendment, it shall not
be necessary to produce or account for more than one such counterpart.

[The remainder of this page is intentionally left blank.]

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	LAND O’LAKES, INC. as Originator and as

Servicer

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 
	 	LAND O’LAKES PURINA FEED LLC, as Originator

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 
	 	PURINA MILLS, LLC, as Originator

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 
	 	WINFIELD SOLUTIONS, LLC, as Originator

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 

[Signature Page to Fifth Amendment to PSA]

 

 

	 	 	 	 	 
	 	LOL SPV, LLC, as SPV Purchaser

 	 
	 	By:  	/s/ Daniel Knutson
 	 
	 	 	Name:  	Daniel Knutson 	 
	 	 	Title:  	Senior VP & Chief Financial Officer 	 
	 

[Signature Page to Fifth Amendment to PSA]

 

 

	 	 	 	 	 
	ACKNOWLEDGED AND CONSENTED TO:

COBANK, ACB, as Administrator

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

[Signature Page to Fifth Amendment to PSA]exv10w3

Exhibit 10.3

EXECUTION COPY

     THIRD AMENDMENT dated as of March 7, 2008 (this “Amendment”),
to the Amended and Restated Five-Year Revolving Credit Agreement dated as
of October 11, 2001, as amended and restated as of August 29, 2006, as
amended by the First Amendment dated as of February 20, 2007, as amended
by the Second Amendment dated as of September 4, 2007 (as amended, the
“Credit Agreement”), among LAND O’LAKES, INC., a cooperative
corporation organized under the laws of the State of Minnesota (the
“Borrower”), the several banks and other financial institutions
from time to time party thereto (the “Lenders”), and JPMORGAN
CHASE BANK, N.A., as administrative agent (in such capacity, the
“Administrative Agent”).

          A. Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Credit Agreement, as amended hereby.

          B. The Borrower has requested that certain provisions of the Credit
Agreement be amended in order to permit the Borrower to increase the capacity of its
Securitization Vehicle to $400,000,000 in order to provide additional liquidity for
working capital needs.

          C. The Required Lenders are willing to effect such amendments on the
terms and subject to the conditions of this Amendment.

          D. Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, the parties hereto agree as follows:

          SECTION 1. Amendment of the Credit Agreement. Effective as of the Amendment Effective
Date (as defined below):

          (a) Section 6.01(a) of the Credit Agreement is amended by replacing each reference to
“$300,000,000” in clause (ix) thereof with a reference to “$400,000,000”,

          (b) Section 6.05(e) of the Credit Agreement is amended by replacing the reference to
“$300,000,000” with a reference to “$400,000,000”.

          SECTION 2. Representations and Warranties. To induce the other parties hereto to enter
into this Amendment, the Borrower represents and warrants to each of the Lenders, the
Administrative Agent and the Collateral Agent that, as of the Amendment Effective Date:

          (a) This Amendment has been duly authorized, executed and delivered by it and this Amendment
and the Credit Agreement, as amended hereby, constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms except as such enforceability may be limited by
bankruptcy, insolvency, reorganization,

 

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moratorium or other similar laws affecting creditors’ rights generally and by general
principles of equity (regardless of whether such enforceability is considered in a proceeding
at law or in equity).

          (b) The representations and warranties set forth in Article III of the Credit Agreement are,
after giving effect to this Amendment, true and correct in all material respects on and as of the
Amendment Effective Date with the same effect as though made on and as of the Amendment Effective
Date, except to the extent such representations and warranties expressly relate to an earlier date
(in which case they were true and correct in all material respects as of such earlier date).

          (c) No Default or Event of Default has occurred and is continuing.

          (d) The Collateral and Guarantee Requirement shall be satisfied.

          SECTION 3. Effectiveness. This Amendment and the amendment of the Credit Agreement
effected hereby shall become effective as of the first date (the “Amendment Effective
Date”) on which the following conditions have been satisfied:

          (a) The Administrative Agent (or its counsel) shall have received duly executed counterparts
hereof that, when taken together, bear the signatures of (i) the Administrative Agent, (ii) the
Borrower and (iii) the Required Lenders.

          (b) The Administrative Agent shall have received a certificate of a Financial Officer to
the effect that the representations and warranties set forth in Section 2 hereof are true and
correct on and as of the Amendment Effective Date.

          (c) The Collateral and Guarantee Requirement shall have been satisfied.

          (d) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the authorization of this
Amendment and the transactions contemplated hereby and any other legal matters relating to the Loan
Parties, this Amendment, and the transactions contemplated hereby, all in form and substance
reasonably satisfactory to the Administrative Agent.

          (e) The Administrative Agent shall have received all fees and other amounts due from any Loan
Party hereunder or under the Credit Agreement or any other Loan Document on or prior to the
Amendment Effective Date and, to the extent invoiced on or prior to the Amendment Effective Date,
reimbursement or payment of all out-of-pocket expenses (including fees, charges and disbursements
of counsel) required to be reimbursed or paid by any Loan Party hereunder or under the Credit
Agreement or any other Loan Document.

The Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date,
and such notice shall be conclusive and binding.

 

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          SECTION 4. Effect of Amendment. (a) Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise
affect the rights and remedies of the Lenders, the Administrative Agent or the Collateral Agent
under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document, all
of which are ratified and affirmed in all respects and shall continue in full force and effect.
Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment,
modification or other change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or different circumstances.

          (b) On and after the Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof, “herein”, or words of like import, and each reference to the
Credit Agreement in any Loan Document shall be deemed a reference to the Credit Agreement as
amended hereby. This Amendment shall constitute a “Loan Document” for all purposes of the Credit
Agreement and the other Loan Documents.

          SECTION 5. Costs and Expenses. The Borrower agrees to reimburse the Administrative
Agent for its reasonable out-of-pocket expenses in connection with this Amendment, including the
reasonable fees, charges and disbursements of counsel for the Administrative Agent.

          SECTION 6. Indemnity. It is agreed that for all purposes of Section 9.03(b) of the
Credit Agreement, the execution, delivery and performance of this Amendment and the other
transactions contemplated hereby shall all be deemed to be transactions contemplated by the Credit
Agreement.

          SECTION 7. Counterparts. This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed an original, but all such counterparts together shall constitute but one
and the same instrument. Delivery of any executed counterpart of a signature page of this Amendment
by facsimile or other electronic transmission shall be as effective as delivery of a manually
executed counterpart hereof.

          SECTION 8. Applicable Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

          SECTION 9. Headings. The headings of this Amendment are for purposes of reference only
and shall not limit or otherwise affect the meaning hereof.

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
duly authorized officers, all as of the date and year first above written.

	 	 	 	 	 
	 	LAND O’LAKES, INC.,

 	 
	 	By  	/s/
PETER W. SIMONSE
 	 
	 	 	Name:  	PETER W. SIMONSE  	 
	 	 	Title:  	VP AND TREASURER 	 
	 
	 	JPMORGAN CHASE BANK, N.A., 
individually, as
Administrative Agent, and as Collateral Agent,

 	 
	 	By	 	 
	 	 	Name: 	 
	 	 	Title: 	 

 

 

	 	 	 	 	 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
duly authorized officers, all as of the date and year first above written.

	 	 	 	 	 
	 	LAND O’LAKES, INC.,
 	 
	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., 
individually, as
Administrative Agent, and as Collateral Agent,

 	 
	 	By  	/s/ BARBARA R. MARKS
 	 
	 	 	Name:  	BARBARA R. MARKS 	 
	 	 	Title:  	EXECUTIVE DIRECTOR 	 

 

 

	 	 	 	 	 

Lender Signature Page to

the Third Amendment

to the Land O’ Lakes Credit Agreement

Name of Institution:

AgFirst Farm Credit Bank 
as a Lender,

	 	 	 	 	 
	 	 	 
	by:  	/s/ John W. Burnside, Jr.
 	 	 
	 	Name:  	John W. Burnside, Jr.  	 	 
	 	Title:  	Vice President 	 	 
	 

	 	 	 	 	 
	For any Lender requiring a second signature line:

 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

	 	 	 	 	 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

Bmo Capital Markets Financing, Inc.

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	/s/
Tara Cuprisin
 	 	 
	 	Name:  	Tara Cuprisin  	 	 
	 	Title:  	Vice President 	 	 
	 

	 	 	 	 	 
	For any Lender requiring a second signature line:

 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

	 	 	 	 	 
	Name of Institution:

CoBank, ACB

as a Lender,
 	 	 
	by  	/s/ Michael Tousignant
 	 	 
	 	Name:  	Michael Tousignant 	 	 
	 	Title:  	Vice President 	 	 
	 
	For any Lender requiring a second signature line:

 	 	 
	by 	 	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

Cooperatieve Centrale Raiffeisen-

Boerenleenbank B.A., “Rabobank

Nederland”, New York Branch

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	/s/ Michael L. Laurie
 	 	 
	 	Name:  	Michael L. Laurie  	 	 
	 	Title:  	Executive Director 	 	 
	 
	For any Lender requiring a second signature Title: 

 	 
	by  	/s/ Andrew Sherman
 	 	 
	 	Name:  	Andrew Sherman 	 	 
	 	Title:  	Executive Director 	 	 
	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’ Lakes Credit Agreement

Name of Institution:

Deere Credit, Inc.

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	   /s/ Michael P. Kuehn
 	 	 
	 	Name:  	Michael P. Kuehn 	 	 
	 	Title:  	Manager, AFS Credit Operations 	 	 

For any Lender requiring a second signature line:

	 	 	 	 	 
	 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

General Electric Capital Corporation

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	/s/ Dwayne Coher
 	 	 
	 	Name:  	Dwayne Coher 	 	 
	 	Title:  	Duly Authorized Signatory 	 	 
	 

For any Lender requiring a second signature line:

	 	 	 	 	 
	 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

Greenstone Farm Credit Services, ACA/FLCA

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	/s/ Alfred S. Compton Jr.
 	 	 
	 	Name:  	Alfred S. Compton Jr. 	 	 
	 	Title:  	Vice President/Managing Director 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

LaSalle Bank

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	Katherine Novey
 	 	 
	 	Name:  	Katherine Novey 	 	 
	 	Title:  	Product Delivery Officer 	 	 
	 

For any Lender requiring a second signature line:

	 	 	 	 	 
	 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

SOVEREIGN BANK

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	      /s/ RAVI KACKER
 	 	 
	 	Name:  	RAVI KACKER 	 	 
	 	Title:  	Senior Vice  President 	 	 
	 

For any Lender requiring a second signature line:

	 	 	 	 	 
	 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

 

 

Lender Signature Page to

the Third Amendment

to the Land O’Lakes Credit Agreement

Name of Institution:

Wells Fargo Bank, National Association

as a Lender,

	 	 	 	 	 
	 	 	 
	by  	Allison S. Gelfman
 	 	 
	 	Name:  	Allison S. Gelfman 	 	 
	 	Title:  	Vice President and Senior Banker 	 	 
	 

For any Lender requiring a second signature line:

	 	 	 	 	 
	 	 	 
	by  	 	 	 
	 	Name:  	 	 	 
	 	Title:

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