Document:

exv10w2

 

EXHIBIT 10.2

MLA No. ML0988

MASTER LOAN AGREEMENT

     THIS MASTER LOAN AGREEMENT is entered into as of January 22, 2004, between
CoBANK, ACB (“CoBank”) and CHS Inc., Inver Grove Heights, MN (the “Company”).

BACKGROUND

          From time to time CoBank may make loans to the Company. In order to
reduce the amount of paperwork associated therewith, CoBank and the Company
would like to enter into a master loan agreement. For that reason, and in
consideration of CoBank making one or more loans to the Company, CoBank and the
Company agree as follows:

     SECTION 1. Supplements. In the event the Company desires to borrow from
CoBank and CoBank is willing to lend to the Company, or in the event CoBank and
the Company desire to consolidate any existing loans hereunder, the parties
will enter into a Supplement to this agreement (a “Supplement”). Each
Supplement will set forth the amount of the loan, the purpose of the loan, the
interest rate or rate options applicable to that loan, the repayment terms of
the loan, and any other terms and conditions applicable to that particular
loan. Each loan will be governed by the terms and conditions contained in this
agreement and in the Supplement relating to the loan.

     SECTION 2. Availability. Loans will be made available on any day on which
CoBank and the Federal Reserve Banks are open for business upon the telephonic
or written request of the Company. Requests for loans must be received no
later than 12:00 Noon Company’s local time on the date the loan is desired.
Loans will be made available by wire transfer of immediately available funds to
such account or accounts as may be authorized by the Company. The Company
shall furnish to CoBank a duly completed and executed copy of a CoBank
Delegation and Wire and Electronic Transfer Authorization Form, and CoBank
shall be entitled to rely on (and shall incur no liability to the Company in
acting on) any request or direction furnished in accordance with the terms
thereof.

     SECTION 3. Repayment. The Company’s obligation to repay each loan shall
be evidenced by the promissory note set forth in the Supplement relating to
that loan or by such replacement note as CoBank shall require. CoBank shall
maintain a record of all loans, the interest accrued thereon, and all payments
made with respect thereto, and such record shall, absent proof of manifest
error, be conclusive evidence of the outstanding principal and interest on the
loans. All payments shall be made by wire transfer of immediately available
funds, by check, or by automated clearing house or other similar cash handling
processes as specified by separate agreement between the Company and CoBank.
Wire transfers shall be made to ABA No. 307088754 for advice to and credit of
CoBank (or to such other account as CoBank may direct by notice). The Company
shall give CoBank telephonic notice no later than 12:00 Noon Company’s local
time of its intent to pay by wire and funds received after 3:00 p.m. Company’s
local time shall be credited on the next business day. Checks shall be mailed
to CoBank, Department 167, Denver, Colorado 80291-0167 (or to such other place
as CoBank may direct by notice). Credit for payment by check will not be given
until the later of: (a) the day on which CoBank receives immediately available
funds; or (b) the next business day after receipt of the check.

     SECTION 4. Capitalization. The Company agrees to purchase such equity in
CoBank as CoBank may from time to time require in accordance with its Bylaws.
However, the maximum amount of equity which the Company shall be obligated to
purchase in connection with any loan may not exceed the maximum amount

 

 

permitted by the Bylaws at the time the Supplement relating to that loan is
entered into or such loan is renewed or refinanced by CoBank.

     SECTION 5. Security. The Company’s obligations under this agreement, all
Supplements (whenever executed), and all instruments and documents contemplated
hereby or thereby, shall be secured by a statutory first lien on all equity
which the Company may now own or hereafter acquire in CoBank. Except for
CoBank’s lien on the Company’s equity in CoBank, the Company’s obligation
hereunder each Supplement shall be unsecured.

     SECTION 6. Conditions Precedent.

          (A) Conditions to Initial Supplement. CoBank’s obligation to extend
credit under the initial Supplement hereto is subject to the conditions
precedent that CoBank receive, in form and content satisfactory to CoBank, each
of the following:

               (i) This Agreement, Etc. A duly executed copy of this agreement and all
instruments and documents contemplated hereby.

          (B) Conditions to Each Supplement. CoBank’s obligation to extend credit
under each Supplement, including the initial Supplement, is subject to the
conditions precedent that CoBank receive, in form and content satisfactory to
CoBank, each of the following:

               (i) Supplement. A duly executed copy of the Supplement and all
instruments and documents contemplated thereby.

               (ii) Evidence of Authority. Such certified board resolutions,
certificates of incumbency, and other evidence that CoBank may require that the
Supplement, all instruments and documents executed in connection therewith,
and, in the case of initial Supplement hereto, this agreement and all
instruments and documents executed in connection herewith, have been duly
authorized and executed.

               (iii) Fees and Other Charges. All fees and other charges provided for
herein or in the Supplement.

               (iv) Evidence of Perfection, Etc. Such evidence as CoBank may require
that CoBank has a duly perfected first priority lien on all security for the
Company’s obligations, and that the Company is in compliance with Section 8(D)
hereof.

          (C) Conditions to Each Loan. CoBank’s obligation under each Supplement to
make any loan to the Company thereunder is subject to the condition that no
“Event of Default” (as defined in Section 11 hereof) or event which with the
giving of notice and/or the passage of time would become an Event of Default
hereunder (a “Potential Default”), shall have occurred and be continuing.

     SECTION 7. Representations and Warranties.

          (A) This Agreement. The Company represents and warrants to CoBank that as
of the date of this Agreement:

               (i) Compliance. The Company and, to the extent contemplated hereunder,
each “Subsidiary” (as defined below), is in compliance with all of the terms of
this agreement, and no Event of Default or Potential Default exists hereunder.

 

 

               (ii) Subsidiaries. The Company has Subsidiaries. For purposes hereof, a
“Subsidiary” shall mean a corporation of which shares of stock having ordinary
voting power to elect a majority of the board of directors or other managers of
such corporation are owned, directly or indirectly, by the Company.

          (B) Each Supplement. The execution by the Company of each Supplement
hereto shall constitute a representation and warranty to CoBank that:

               (i) Applications. Each representation and warranty and all information
set forth in any application or other documents submitted in connection with,
or to induce CoBank to enter into, such Supplement, is correct in all material
respects as of the date of the Supplement.

               (ii) Conflicting Agreements, Etc. This agreement, the Supplements, and
all security and other instruments and documents relating hereto and thereto
(collectively, at any time, the “Loan Documents”), do not conflict with, or
require the consent of any party to, any other agreement to which the Company
is a party or by which it or its property may be bound or affected, and do not
conflict with any provision of the Company’s bylaws, articles of incorporation,
or other organizational documents.

               (iii) Compliance. The Company and, to the extent contemplated hereunder,
each Subsidiary, is in compliance with all of the terms of the Loan Documents
(including, without limitation, Section 8 of this agreement on eligibility to
borrow from CoBank).

               (iv) Binding Agreement. The Loan Documents create legal, valid, and
binding obligations of the Company which are enforceable in accordance with
their terms, except to the extent that enforcement may be limited by applicable
bankruptcy, insolvency, or similar laws affecting creditors’ rights generally.

     SECTION 8. Affirmative Covenants. Unless otherwise agreed to in writing
by CoBank, while this agreement is in effect, the Company agrees that it will
observe and comply with all the affirmative covenants set forth in Article 12
of the Credit Agreement (as hereinafter defined), all said covenants, including
the definitions of all defined terms used therein, being hereby incorporated
herein by reference as if fully set forth, except that the terms Administrative
Agent and Syndication Party shall mean only CoBank in its capacity as lender
hereunder and Borrower shall mean the Company. As long as this agreement is in
effect, those covenants and definitions shall also remain in effect even if the
Credit Agreement is terminated or if CoBank ceases to be a Syndication Party
thereunder. Any amendment to any of the covenants or definitions shall be
incorporated in this agreement and shall, as of its effective date, also apply
to this agreement, unless, within one month of the effective date of such
amendment, CoBank notifies the Company that it objects to such amendment, in
which case the covenants or definitions in effect prior to such amendment shall
continue to apply under this agreement. “Credit Agreement” as used in this
agreement means the Credit Agreement (Revolving Loan) dated May 21, 2003, by
and between CoBank, as Syndication Party and Administrative Agent, the
Syndication Parties named therein, and the Company, as Borrower therein (as the
same may be amended, restated, supplemented or otherwise modified from time to
time.

The Company also agrees that it will maintain its status as an entity eligible
to borrow from CoBank.

     SECTION 9. Negative Covenants. Unless otherwise agreed to in writing by
CoBank, while this agreement is in effect, the Company agrees that it will
observe and comply with all the negative covenants set forth in Article 13 of
the Credit Agreement, all said covenants, including the definitions of all
defined terms used therein, being hereby incorporated herein by reference as if
fully set forth, except that the terms Administrative Agent and Syndication
Party shall mean only CoBank in its capacity as lender hereunder and Borrower
shall mean the Company. As long as this agreement is in effect, those
covenants and definitions shall also remain in effect even if the Credit
Agreement is terminated or if CoBank ceases to be a Syndication Party
thereunder. Any amendment to any of the covenants or definitions shall be
incorporated in this agreement and

 

 

shall, as of its effective date, also apply to this agreement, unless, within
one month of the effective date of such amendment, CoBank notifies the Company
that it objects to such amendment, in which case the covenants or definitions
in effect prior to such amendment shall continue to apply under this agreement.

     SECTION 10. Events of Default. Each of the following shall constitute an
“Event of Default” under this agreement:

          (A) Payment Default. The Company should fail to make any payment to, or
to purchase any equity in, CoBank when due.

          (B) Representations and Warranties. Any representation or warranty made
or deemed made by the Company herein or in any Supplement, application,
agreement, certificate, or other document related to or furnished in connection
with this agreement or any Supplement, shall prove to have been false or
misleading in any material respect on or as of the date made or deemed made.

          (C) Certain Affirmative Covenants. The Company or, to the extent required
hereunder, any Subsidiary should fail to perform or comply with any reporting
covenant set forth herein or in any Supplement hereto, and such failure
continues for 15 days after written notice thereof shall have been delivered by
CoBank to the Company.

          (D) Other Covenants and Agreements. The Company or, to the extent
required hereunder, any Subsidiary should fail to perform or comply with any
other covenant or agreement contained herein or in any other Loan Document or
shall use the proceeds of any loan for an unauthorized purpose.

          (E) Cross-Default. The Company should, after any applicable grace period,
breach or be in default under the terms of any other agreement between the
Company and CoBank.

          (F) Other Indebtedness. The Company or any Subsidiary should fail to pay
when due any indebtedness to any other person or entity for borrowed money or
any long-term obligation for the deferred purchase price of property (including
any capitalized lease), or any other event occurs which, under any agreement or
instrument relating to such indebtedness or obligation, has the effect of
accelerating or permitting the acceleration of such indebtedness or obligation,
whether or not such indebtedness or obligation is actually accelerated or the
right to accelerate is conditioned on the giving of notice, the passage of
time, or otherwise ; 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.

          (G) Judgments. A judgment, decree, or order for the payment of money in
an amount in excess of $5,000,000 shall be rendered against the Company or any
Subsidiary and either: (i) enforcement proceedings shall have been commenced;
(ii) a Lien prohibited under Article 13 of the Credit Agreement of shall have
been obtained; or (iii) such judgment, decree, or order shall continue
unsatisfied and in effect for a period of 20 consecutive days without being
vacated, discharged, satisfied, or stayed pending appeal.

          (H) Insolvency, Etc. The Company or any Subsidiary shall: (i) become
insolvent or shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they come due; or (ii) suspend its
business operations or a material part thereof or make an assignment for the
benefit of creditors; or (iii) apply for, consent to, or acquiesce in the
appointment of a trustee, receiver, or other custodian for it or any of its
property or, in the absence of such application, consent, or acquiescence, a
trustee, receiver, or other custodian is so appointed; or (iv) commence or have
commenced against it any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution, or liquidation Law of any
jurisdiction.

 

 

          (I) Material Adverse Change. Any material adverse change occurs, as
reasonably determined by CoBank, in the Company’s financial condition, results
of operation, or ability to perform its obligations hereunder or under any
instrument or document contemplated hereby.

          (J) The Company should, after any applicable grace period, breach or be in
default under the terms of the Credit Agreement.

     SECTION 11. Remedies. Upon the occurrence and during the continuance of
an Event of Default or any Potential Default, CoBank shall have no obligation
to continue to extend credit to the Company and may discontinue doing so at any
time without prior notice. For all purposes hereof, the term “Potential
Default” means the occurrence of any event which, with the passage of time or
the giving of notice or both would become an Event of Default. In addition,
upon the occurrence and during the continuance of any Event of Default, CoBank
may, upon notice to the Company, terminate any commitment and declare the
entire unpaid principal balance of the loans, all accrued interest thereon, and
all other amounts payable under this agreement, all Supplements, and the other
Loan Documents to be immediately due and payable. Upon such a declaration, the
unpaid principal balance of the loans and all such other amounts shall become
immediately due and payable, without protest, presentment, demand, or further
notice of any kind, all of which are hereby expressly waived by the Company.
In addition, upon such an acceleration:

          (A) Enforcement. CoBank may proceed to protect, exercise, and enforce
such rights and remedies as may be provided by this agreement, any other Loan
Document or under Law. Each and every one of such rights and remedies shall be
cumulative and may be exercised from time to time, and no failure on the part
of CoBank to exercise, and no delay in exercising, any right or remedy shall
operate as a waiver thereof, and no single or partial exercise of any right or
remedy shall preclude any other or future exercise thereof, or the exercise of
any other right. Without limiting the foregoing, CoBank may hold and/or set
off and apply against the Company’s obligations to CoBank the proceeds of any
equity in CoBank, any cash collateral held by CoBank, or any balances held by
CoBank for the Company’s account (whether or not such balances are then due).

          (B) Application of Funds. CoBank may apply all payments received by it to
the Company’s obligations to CoBank in such order and manner as CoBank may
elect in its sole discretion.

In addition to the rights and remedies set forth above: (i) if the Company
fails to purchase any equity in CoBank when required or fails to make any
payment to CoBank when due, then at CoBank’s option in each instance, such
payment shall bear interest from the date due to the date paid at 4% per annum
in excess of the rate(s) of interest that would otherwise be in effect on that
loan; and (ii) after the maturity of any loan (whether as a result of
acceleration or otherwise), the unpaid principal balance of such loan
(including without limitation, principal, interest, fees and expenses) shall
automatically bear interest at 4% per annum in excess of the rate(s) of
interest that would otherwise be in effect on that loan. All interest provided
for herein shall be payable on demand and shall be calculated on the basis of a
year consisting of 360 days.

     SECTION 13. Broken Funding Surcharge. Notwithstanding any provision
contained in any Supplement giving the Company the right to repay any loan
prior to the date it would otherwise be due and payable, the Company agrees to
provide three Business Days’ prior written notice for any prepayment of a fixed
rate balance and that in the event it repays any fixed rate balance prior to
its scheduled due date or prior to the last day of the fixed rate period
applicable thereto (whether such payment is made voluntarily, as a result of an
acceleration, or otherwise), the Company will pay to CoBank a surcharge in an
amount equal to the greater of: (i) an amount which would result in CoBank
being made whole (on a present value basis) for the actual or imputed funding
losses incurred by CoBank as a result thereof; or (ii) $300.00.
Notwithstanding the foregoing, in the event any fixed rate balance is repaid as
a result of the Company refinancing the loan with another lender or by other
means, then in lieu of the foregoing, the Company shall pay to CoBank a
surcharge in an amount sufficient (on a present value basis) to enable CoBank
to maintain the yield it would have earned during the

 

 

fixed rate period on the amount repaid. Such surcharges will be calculated in
accordance with methodology established by CoBank (a copy of which will be made
available to the Company upon request).

     SECTION 14. Complete Agreement, Amendments. This agreement, all
Supplements, and all other instruments and documents contemplated hereby and
thereby, are intended by the parties to be a complete and final expression of
their agreement. No amendment, modification, or waiver of any provision hereof
or thereof, and no consent to any departure by the Company herefrom or
therefrom, shall be effective unless approved by CoBank and contained in a
writing signed by or on behalf of CoBank, and then such waiver or consent shall
be effective only in the specific instance and for the specific purpose for
which given. In the event this agreement is amended or restated, each such
amendment or restatement shall be applicable to all Supplements hereto.

     SECTION 15. Other Types of Credit. From time to time, CoBank may issue
letters of credit or extend other types of credit to or for the account of the
Company. In the event the parties desire to do so under the terms of this
agreement, such extensions of credit may be set forth in any Supplement hereto
and this agreement shall be applicable thereto.

     SECTION 16. Applicable Law. Except to the extent governed by applicable
federal law, this agreement and each Supplement shall be governed by and
construed in accordance with the laws of the State of Colorado, without
reference to choice of law doctrine.

     SECTION 17. Notices. All notices hereunder shall be in writing and shall
be deemed to be duly given upon delivery if personally delivered or sent by
telegram or facsimile transmission, or three days after mailing if sent by
express, certified or registered mail, to the parties at the following
addresses (or such other address for a party as shall be specified by like
notice):

	 	 	 
	If to CoBank, as follows:

	 	If to the Company, as follows:
	 
	 	 
	For general correspondence purposes:

	 	P.O. Box 64089, MS685
	P.O. Box 5110

	 	St. Paul, MN 55164-0089
	Denver, Colorado 80217-5110
	 	 
	 
	 	 
	For direct delivery purposes, when desired:
	 	 
	5500 South Quebec Street
	 	 
	Greenwood Village, Colorado 80111-1914
	 	 
	 
	 	 
	Attention: Credit Information Services

	 	Attention: John Schmitz
	Fax No.: (303) 224-6101

	 	Fax No.: 651-355-3778

     SECTION 18. Taxes and Expenses. To the extent allowed by law, the Company
agrees to pay all reasonable out-of-pocket costs and expenses (including the
fees and expenses of counsel retained or employed by CoBank) incurred by CoBank
and any participants from CoBank in connection with the origination,
administration, collection, and enforcement of this agreement and the other
Loan Documents, including, without limitation, all costs and expenses incurred
in perfecting, maintaining, determining the priority of, and releasing any
security for the Company’s obligations to CoBank, and any stamp, intangible,
transfer, or like tax payable in connection with this agreement or any other
Loan Document.

     SECTION 19. Effectiveness and Severability. This agreement shall continue
in effect until: (i) all indebtedness and obligations of the Company under
this agreement, all Supplements, and all other Loan Documents shall have been
paid or satisfied; (ii) CoBank has no commitment to extend credit to or for the
account of the Company under any Supplement; and (iii) either party sends
written notice to the other

 

 

terminating this agreement. Any provision of this agreement or any other Loan
Document 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 or
thereof.

     SECTION 20. Successors and Assigns. This agreement, each Supplement, and
the other Loan Documents shall be binding upon and inure to the benefit of the
Company and CoBank and their respective successors and assigns, except that the
Company may not assign or transfer its rights or obligations under this
agreement, any Supplement or any other Loan Document without the prior written
consent of CoBank.

     SECTION 21. Participations, Etc. From time to time, CoBank may sell to
one or more banks, financial institutions or other lenders a participation in
one or more of the loans or other extensions of credit made pursuant to this
agreement. However, no such participation shall relieve CoBank of any
commitment made to the Company under any Supplement hereto. In connection with
the foregoing, CoBank may disclose information concerning the Company and its
Subsidiaries to any participant or prospective participant, provided that such
participant or prospective participant agrees to keep such information
confidential. CoBank agrees that all Loans that are made by CoBank and that
are retained for its own account and are not included in a sale of
participation interest shall be entitled to patronage distributions in
accordance with the bylaws of CoBank and its practices and procedures related
to patronage distribution. Accordingly, all Loans that are included in a sale
of participation interest shall not be entitled to patronage distributions. A
sale of participation interest may include certain voting rights of the
participants regarding the loans hereunder (including without limitation the
administration, servicing and enforcement thereof). CoBank agrees to give
written notification

     IN WITNESS WHEREOF, the parties have caused this agreement to be executed
by their duly authorized officers as of the date shown above.

	 	 	 
	CoBANK, ACB

	 	CHS INC.
	 
	 	 
	By:

	 	By:
	

	 	

	 
	 	 
	Title:

	 	Title:exv10w3

 

EXHIBIT 10.3

Loan No. ML0988S01A

UNCOMMITED REVOLVING CREDIT SUPPLEMENT

     THIS SUPPLEMENT to the Master Loan Agreement dated January 22, 2004 (the
“MLA”), is entered into as of March 4, 2004 between CoBANK, ACB (“CoBank”) and
CHS Inc., Inver Grove Heights, Minnesota (the “Company”), and amends and
restates the Supplement dated January 22, 2004.

     SECTION 1. Uncommitted Revolving Credit Facility. On the terms and
conditions set forth in the MLA and this Supplement, and subject to CoBank’s
sole discretion, CoBank may make loans to the Company during the period set
forth below in an aggregate principal amount not to exceed $50,000,000.00 at
any one time outstanding (the “Commitment”). Within the limits of the
Commitment, the Company may borrow, repay and reborrow.

     SECTION 2. Purpose. The purpose of the Commitment is to finance working
capital needs.

     SECTION 3. Term. The term of the Commitment shall be from the date
hereof, up to and including May 21, 2004, or such later date as CoBank may, in
its sole discretion, authorize in writing.

     SECTION 4. Interest. The Company agrees to pay interest on the unpaid
balance of the loans in accordance with one or more of the following interest
rate options, as selected by the Company:

          (A) Base Rate Option. At a rate per annum at all times equal to the Base
Rate. For the purposes hereof, Base Rate means that rate in effect from day to
day defined as 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
Lender in its reasonable discretion. Loans for which the Base Rate option is
selected are referred to herein as “Base Rate Loans”.

          (B) LIBOR. At a fixed rate per annum equal to “LIBOR” (as hereinafter
defined) plus 1%. Under this option: (1) rates may be fixed for “Interest
Periods” (as hereinafter defined) of 1 month as selected by the Company; (2)
amounts may be fixed in increments of $100,000.00 or multiples thereof; (3) the
maximum number of fixes in place at any one time shall be 10; and (4) rates may
only be fixed on a “Banking Day” (as hereinafter defined) on 3 Banking Days’
prior written notice. For purposes hereof: (a) “LIBOR” shall mean the rate
(rounded upward to the nearest sixteenth and adjusted for reserves required on
“Eurocurrency Liabilities” (as hereinafter defined) for banks subject to “FRB
Regulation D” (as herein defined) or required by any other federal law or
regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m.
London time 2 Banking Days before the commencement of the Interest Period for
the offering of U.S. dollar deposits in the London interbank market for the
Interest Period designated by the Company; as published by Bloomberg or another
major information vendor listed on BBA’s official website; (b) “Banking Day”
shall mean a day on which CoBank is open for business, dealings in U.S. dollar
deposits are being carried out in the London interbank market, and banks are
open for business in New York City and London, England; (c) “Interest Period”
shall mean a period commencing on the date this option is to take effect and
ending on the

 

 

numerically corresponding day in the next calendar month as the
case may be; provided, however, that: (i) in the event such ending day is not
a Banking Day, such period shall be extended to the next Banking Day unless
such next Banking Day falls in the next calendar month, in which case it shall
end on the preceding Banking Day; and (ii) if there is no numerically
corresponding day in the month, then such period shall end on the last Banking
Day in
the relevant month; (d) “Eurocurrency Liabilities” shall have meaning as
set forth in “FRB Regulation D”; and (e) “FRB Regulation D” shall mean
Regulation D as promulgated by the Board of Governors of the Federal Reserve
System, 12 CFR Part 204, as amended.

The Company shall select the applicable rate option at the time it requests a
loan hereunder and may, subject to the limitations set forth above, elect to
convert balances bearing interest at the variable rate option to one of the
fixed rate options. Upon the expiration of any fixed rate period, interest
shall automatically accrue at the variable rate option unless the amount fixed
is repaid or fixed for an additional period in accordance with the terms
hereof. Notwithstanding the foregoing, rates may not be fixed for periods
expiring after the maturity date of the loans. All elections provided for
herein shall be made electronically (if applicable), telephonically or in
writing and must be received by CoBank not later than 12:00 Noon Company’s
local time in order to be considered to have been received on that day;
provided, however, that in the case of LIBOR rate loans, all such elections
must be confirmed in writing upon CoBank’s request. Interest shall be
calculated on the actual number of days each loan is outstanding on the basis
of a year consisting of 360 days and shall be payable monthly in arrears by the
20th day of the following month or on such other day in such month as CoBank
shall require in a written notice to the Company; provided, however, in the
event the Company elects to fix all or a portion of the indebtedness
outstanding under the LIBOR interest rate option above, at CoBank’s option upon
written notice to the Company, interest shall be payable at the maturity of the
Interest Period.

     SECTION 5. Promissory Note. The Company promises to repay the unpaid
principal balance of the loans on the last day of the term of the Commitment.
In addition to the above, the Company promises to pay interest on the unpaid
principal balance of the loans at the times and in accordance with the
provisions set forth in Section 4 hereof. This note replaces and supersedes,
but does not constitute payment of the indebtedness evidenced by, the
promissory note set forth in the Supplement being amended and restated hereby.

     SECTION 6. Amendment Fee. In consideration of the amendment, the Company
agrees to pay to CoBank on the execution hereof a fee in the amount of
$27,500.00.

     IN WITNESS WHEREOF, the parties have caused this Supplement to be executed
by their duly authorized officers as of the date shown above.

	 	 	 
	CoBANK, ACB

	 	CHS Inc.
	 
	 	 
	By:

	 	By:
	

	 	

	 
	 	 
	Title:

	 	Title:

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