Document:

exv10w3

 

Exhibit 10.3

SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

     This Second Amendment to Amended and Restated Loan and Security Agreement dated as of November
2, 2007 (the “Amendment”), is executed by and among Provista Renewable Fuels Marketing, LLC, whose
address is 5500 Cenex Drive, Inver Grove Heights, Minnesota 55077 (“Borrower”), and LaSalle Bank
National Association, a national banking association (the “Bank”), whose address is 135 South La
Salle Street, Chicago, Illinois 60603.

R E C I T A L S:

     A. The Borrower and the Bank entered into that certain Amended and Restated Loan and Security
Agreement dated as of August 31, 2006, as amended by that First Amendment to Amended and Restated
Loan and Security Agreement dated as of January 30, 2007 (as amended from time to time, the “Loan
Agreement”), pursuant to which Loan Agreement the Bank has made a Revolving Loan to the Borrower
evidenced by (i) that certain Second Amended and Restated Revolving Note dated as of January 30,
2007 in the maximum principal amount of Twenty Five Million and 00/100 Dollars ($25,000,000.00),
executed by the Borrower and made payable to the order of the Bank (the “Revolving Note”) and (ii)
such other documents set forth in the Loan Agreement (“Loan Documents”).

     B. In addition, the Original Guarantor and the Co-Guarantor, which entities are co-owners of
the Borrower, have agreed with the Bank and each other, that each shall guarantee the obligations
of Borrower in the amount of Ten Million and 00/100 Dollars ($10,000,000.00) in accordance with the
terms and conditions of this Amendment and the Second Amended and Restated Guaranty Agreements (the
“Guaranty Agreements”), dated as of the even date herewith.

     C. At the present time the Borrower requests, and the Bank is agreeable to modify the Loan
Agreement and Guaranty Agreements pursuant to the terms and conditions hereinafter set forth.

     NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Borrower and the Bank hereby agree as
follows:

A G R E E M E N T S:

          1. RECITALS. The foregoing Recitals are hereby made a part of this Amendment.

          2. DEFINITIONS. Capitalized words and phrases used herein without definition shall
have the respective meanings ascribed to such words and phrases in the Loan Agreement.

 

 

          3. AMENDMENTS TO THE LOAN AGREEMENT.

               3.1 Definitions. Section 1 of the Loan Agreement is hereby amended as follows:

               a. The definition of “Guarantor” is hereby deleted in its entirety and replaced with
the following:

““Guarantor” shall mean CHS Inc., a Minnesota corporation, and US BioEnergy Corp.,
a South Dakota corporation.”

               b. The definition of “Revolving Loan Maturity Date” is hereby deleted in its entirety
and replaced with the following:

““Revolving Loan Maturity Date” shall mean November 4, 2009, unless extended by the
Bank pursuant to any modification, extension or renewal note executed by the Borrower and
accepted by the Bank in its sole and absolute discretion in substitution for the Revolving
Note.”

               3.2 Guarantor Financial Statements. The last paragraph of Section 8.9 of the Loan
Agreement is hereby deleted in its entirety and replaced with the following:

“Notwithstanding the above, CHS Inc. shall be deemed to have satisfied, in full, the terms
of this Section 8.9 by delivering to the Bank the annual and quarterly financial statements
in compliance with Sections 11.2.1 and 11.2.2 of the 2006 Amended and Restated Credit
Agreement dated May 18, 2006, with CHS Inc. as the borrower and Bank as a syndication party
so long as the Bank remains a syndication party thereunder. Delivery of CHS Inc.’s Form
10-K and 10-Q as prepared and filed in accordance with the requirements of the Securities
Exchange Commission shall be deemed to satisfy the requirements hereunder.”

               3.3 Prepayment Fee. Section 8.26 of the Loan Agreement is hereby deleted in its
entirety and replaced with the following:

“Reserved.”

               3.4 Guarantor Events of Default. Section 11.13 of the Loan Agreement is hereby
deleted in its entirety and replaced with the following:

“Any Event of Default by CHS Inc., which is not waived, and as such Event of Default is
defined under the Amended and Restated Credit Agreement dated May 18, 2006 with CHS Inc. as
the borrower and the Bank as a syndicated party so long as the Bank remains a syndicated
party thereunder.”

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          4. REPRESENTATIONS AND WARRANTIES. To induce the Bank to enter into this Amendment,
the Borrower hereby certifies, represents and warrants to the Bank that:

               4.1 Authorization. The Borrower is duly authorized to execute and deliver this
Amendment, and will continue to be duly authorized to borrow monies under the Loan Agreement, as
amended hereby, and to perform their obligations under the Loan Agreement, as amended hereby.

               4.2 No Conflicts. The execution and delivery of this Amendment and the performance by
the Borrower of its obligations under the Loan Agreement, as amended hereby, do not and will not
conflict with any provision of law or of the Articles of Organization or the operating agreement of
the Borrower or of any agreement binding upon the Borrower.

               4.3 Validity and Binding Effect. The Loan Agreement, as amended hereby, is the legal,
valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with
those terms, except as enforceability may be limited by bankruptcy, insolvency or other similar
laws of general application affecting the enforcement of creditors’ rights or by general principles
of equity limiting the availability of equitable remedies.

               4.4 Compliance with Loan Agreement. The representation and warranties set forth in
Section 7 of the Loan Agreement, as amended hereby, are true and correct with the same effect as if
such representations and warranties had been made on the date hereof, with the exception that all
references to the financial statements shall mean the financial statements most recently delivered
to the Bank and except for such changes as are specifically permitted under the Loan Agreement. In
addition, the Borrower has complied with and is in compliance with all of the covenants set forth
in the Loan Agreement, as amended hereby, including, but not limited to, those set forth in Section
8, Section 9 and Section 10 thereof.

               4.5 No Event of Default. As of the date hereof, no Event of Default under Section 11
of the Loan Agreement, as amended hereby, or event or condition which, with the giving of notice or
the passage of time, or both, would constitute an Event of Default, has occurred or is continuing.

          5. CONDITIONS PRECEDENT. This Amendment shall become effective as of the date above
first written after receipt by the Bank of the following:

               5.1 Amendment. This Amendment executed by the Borrower and the Bank.

               5.2 Guaranty Agreements. The Guaranty Agreements, in form and substance acceptable to
Bank, executed by Guarantors.

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               5.3 Other Documents. Such other documents, agreements, amended and restated
guaranties, certificates, resolutions and/or opinions of counsel as the Bank may request.

          6. GENERAL.

               6.1 Governing Law; Severability. This Amendment shall be construed in accordance with
and governed by the laws of Illinois. Wherever possible each provision of the Loan Agreement and
this Amendment shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of the Loan Agreement and this Amendment shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of the
Loan Agreement and this Amendment.

               6.2 Successors and Assigns. This Amendment shall be binding upon the Borrower and the
Bank and their respective successors and assigns, and shall inure to the benefit of the Borrower
and the Bank and the successors and assigns of the Bank.

               6.3 Continuing Force and Effect of Loan Documents. Except as specifically modified or
amended by the terms of this Amendment, all other terms and provisions of the Loan Agreement and
the other Loan Documents are incorporated by reference herein, and in all respects, shall continue
in full force and effect. The Borrower, by execution of this Amendment, hereby reaffirms, assumes
and binds itself to all of the obligations, duties, rights, covenants, terms and conditions that
are contained in the Loan Agreement and the other Loan Documents.

               6.4 References to Loan Agreement. Each reference in the Loan Agreement to “this
Agreement”, “hereunder”, “hereof”, or words of like import, and each reference to the Loan
Agreement in any and all instruments or documents delivered in connection therewith, shall be
deemed to refer to the Loan Agreement, as amended hereby.

               6.5 Expenses. The Borrower shall pay all costs and expenses in connection with the
preparation of this Amendment and other related Loan Documents, including, without limitation,
reasonable attorneys’ fees. The Borrower shall pay any and all stamp and other taxes, UCC search
fees, filing fees and other costs and expenses in connection with the execution and delivery of
this Amendment and the other instruments and documents to be delivered hereunder, and agrees to
save the Bank harmless from and against any and all liabilities with respect to or resulting from
any delay in paying or omission to pay such costs and expenses.

               6.6 Counterparts. This Amendment may be executed in any number of counterparts, all
of which shall constitute one and the same agreement.

[signature page to follow]

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     IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to the Amended and
Restated Loan and Security Agreement as of the date first above written.

	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 
	 	 	PROVISTA RENEWABLE
FUELS MARKETING, LLC,
 a Kansas limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Dan Ostendorf
	 

	 	 	 	 
	 	 	Name: Dan Ostendorf
	 	 	Title: Secretary and Controller
	 
	 	 	 	 
	 	 	BANK:
	 
	 	 	 	 
	 	 	LASALLE BANK NATIONAL
ASSOCIATION,
 a national banking association
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jeffrey Ware
	 

	 	 	 	 
	 	 	Name: Jeffrey Ware
	 	 	Title: First Vice President

5exv10w4

 

Exhibit 10.4

SECOND AMENDED AND RESTATED GUARANTY

     This Second Amended and Restated Guaranty (“Amended Guaranty”), dated as of November 2, 2007,
is made by US BioEnergy Corporation, a South Dakota corporation (the “Guarantor”), to and for the
benefit of LaSalle Bank National Association, a national banking association (the “Bank”).

Recitals

     WHEREAS, the Guarantor is a member and owner of Provista Renewable Fuels Marketing, LLC, a
Kansas limited liability company (the “Borrower”).

     WHEREAS, the Borrower has entered into an Amended and Restated Loan Agreement dated as of
August 31, 2006, pursuant to which the Bank may now or hereafter make loans to the Borrower (“Loan
Agreement”).

     WHEREAS, as a condition to making any loan to the Borrower under the Loan Agreement, the Bank
required the execution and delivery of a guaranty dated August 31, 2006, which Original Guaranty
was amended by the Amended and Restated Guaranty dated January 30, 2007 (collectively, the
“Original Guaranty”).

     WHEREAS, the Guarantor, Bank, and CHS, Inc., a Minnesota corporation (the “Co-Guarantor”)
(collectively, the Guarantor and Co-Guarantor shall be referred to as the “Guarantors”) have agreed
that each of the Guarantors shall provide a limited guaranty to the Bank in the amount of Ten
Million and 00/100 Dollars ($10,000,000.00), totaling Twenty Million and 00/100 Dollars
($20,000,000.00) in the aggregate.

     WHEREAS, by execution of this Amended Guaranty, the Guarantor and the Bank have agreed to
amend the Original Guaranty so as to limit the Guarantor’s obligation to $10,000,000.

     NOW THEREFORE, the Guarantor, hereby agrees as follows:

     1. Definitions. Each capitalized term used in this Amended Guaranty and not otherwise
defined herein shall have the meaning assigned to it in the Loan Agreement.

     2. Obligations Guaranteed. The Guarantor hereby absolutely and unconditionally
guarantees to the Lender the full and prompt payment when due, whether at maturity or earlier by
reason of acceleration or otherwise, of (i) the Note, including all principal and interest due
thereon and any extensions, renewals or replacements thereof, and (ii) each and every other debt,
liability and obligation of every type and description arising under or in connection with the Loan
Agreement or any of the other Loan Documents therein described which the Borrower may now or at any
time hereafter owe to any Bank, including without limitation all Obligations, whether such debt,
liability or obligation now exists or is hereafter created or incurred, whether it is direct or
indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or
unliquidated, or sole, joint, several or joint and several (all of said sums being hereinafter
called the “Obligations”); provided, however, that the Guarantor

 

 

shall have no obligation to make payment on account of any Obligations until the expiration of
three (3) business days after receipt by the Guarantor of written demand from the Bank requiring
payment thereof.

     3. Amount of Guaranty. Except as set forth in Section 8 below, the liability of the
Guarantor shall be limited to the lesser of: (i) fifty percent (50%) of the Obligations or (ii) Ten
Million and 00/100 Dollars ($10,000,000.00) (hereinafter the “Guaranteed Amount”). Obligations may
be created and continued in any amount without affecting or impairing the liability of the
Guarantor hereunder, and the Bank may pay (or allow for the payment of) the excess out of any sums
received by or available to the Bank on account of the Obligations from the Borrower or any other
person or any other guarantor, from their properties, out of any collateral security or from any
other source, and such payment (or allowance) shall not reduce, affect or impair the liability of
the Guarantor hereunder. Any payment made by the Guarantor under this Amended Guaranty shall be
effective to reduce or discharge the liability of the Guarantor hereunder.

     4. Guarantor’s Representations and Warranties. The Guarantor represents and warrants
to the Bank that (i) the Guarantor is a corporation, duly organized and existing in good standing
and has full power and authority to make and deliver this Amended Guaranty; (ii) the execution,
delivery and performance of this Amended Guaranty by the Guarantor have been duly authorized by all
necessary action required by the constituent documents of the Guarantor and do not and will not
violate the provisions of, or constitute a default under, any presently applicable law or its
articles of incorporation or bylaws or any agreement presently binding on it; (iii) this Amended
Guaranty has been duly executed and delivered by the authorized officers of the Guarantor and
constitutes its lawful, binding and legally enforceable obligation; and (iv) the authorization,
execution, delivery and performance of this Amended Guaranty do not require notification to,
registration with, or consent or approval by, any federal, state or local regulatory body or
administrative agency. The Guarantor represents and warrants to the Bank that the Borrower is a
limited liability company, fifty percent (50%) thereof being owned by the Guarantor, and the
Guarantor expects to derive substantial benefits therefrom and from any loans, credit transactions,
financial accommodations, discounts, purchases of property and other transactions and events
resulting in the creation of the Obligations guarantied hereby, and that this Amended Guaranty is
given for a corporate purpose. The Guarantor agrees to rely exclusively on the right to revoke this
Amended Guaranty prospectively as to future transactions, in accordance with paragraph 5, if at any
time, in the opinion of the directors or officers, the benefits then being received by the
Guarantor in connection with this Amended Guaranty are not sufficient to warrant the continuance of
this Amended Guaranty as to the future Obligations of the Borrower. Accordingly, so long as this
Amended Guaranty is not revoked prospectively in accordance with paragraph 5, the Bank may rely
conclusively on a continuing warranty, hereby made, that the Guarantor continues to be benefited by
this Amended Guaranty and the Bank shall have no duty to inquire into or confirm the receipt of any
such benefits, and this Amended Guaranty shall be effective and enforceable by the Bank without
regard to the receipt, nature or value of any such benefits.

     5. Unconditional Nature. No act or thing need occur to establish the Guarantor’s
liability hereunder, and no act or thing, except full payment and discharge of all of the
Obligations or payment by the Guarantor of its Guaranteed Amount, shall in any way

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exonerate the Guarantor hereunder or modify, reduce, limit or release the Guarantor’s
liability hereunder. This is an absolute, unconditional and continuing guaranty of payment of the
Obligations and shall continue to be in force and be binding upon the Guarantor, whether or not all
of the Obligations is paid in full, until this Amended Guaranty is revoked prospectively as to
future transactions, by written notice actually received by the Bank, and such revocation shall not
be effective as to the amount of Obligations existing or committed for at the time of actual
receipt of such notice by the Bank, or as to any renewals, extensions, refinancings or refundings
thereof, not to exceed, however, the aggregate principal amount of the Obligations as of the date
of receipt by the Agent of any such notice of revocation.

     6. Dissolution or Insolvency of Guarantor. The dissolution or adjudication of
bankruptcy of the Guarantor shall not revoke this Amended Guaranty, except upon actual receipt of
written notice thereof by the Bank and only prospectively, as to future transactions, as herein set
forth. If the Guarantor shall be dissolved or shall be or become insolvent (however defined), then
the Bank shall have the right to declare immediately due and payable, and the Guarantor will
forthwith pay to the Bank the Guaranteed Amount whether due and payable or unmatured. If the
Guarantor voluntarily commences or there is commenced involuntarily against the Guarantor a case
under the United States Bankruptcy Code, the Guaranteed Amount, whether due and payable or
unmatured, shall be immediately due and payable without demand or notice thereof.

     7. Subrogation. The Guarantor will not exercise or enforce any right of contribution,
reimbursement, recourse or subrogation available to the Guarantor as to any of the Obligations, or
against any person liable therefor, or as to any collateral security therefor, unless and until all
of the Obligations shall have been fully paid and discharged.

     8. Enforcement Expenses. In addition to the Guaranteed Amount, the Guarantor will pay
or reimburse the Bank for all costs, expenses and reasonable out-of-pocket attorneys’ fees paid or
incurred by the Bank in endeavoring to collect and enforce the Obligations and in enforcing this
Amended Guaranty.

     9. Bank’s Rights. The Bank shall not be obligated by reason of this Amended Guaranty
to engage in any transactions with or for the Borrower. Whether or not any existing relationship
between the Guarantor and the Borrower has been changed or ended and whether or not this Amended
Guaranty has been revoked, the Bank may enter into transactions resulting in the creation or
continuance of the Obligations and may otherwise agree, consent to or suffer the creation or
continuance of any of the Obligations, without any consent or approval by the Guarantor and without
any prior or subsequent notice to the Guarantor. The Guarantor’s liability shall not be affected or
impaired by any of the following acts or things (which the Bank is expressly authorized to do, omit
or suffer from time to time, both before and after revocation of this Amended Guaranty, without
consent or approval by or notice to the Guarantor): (i) any acceptance of collateral security,
guarantors, accommodation parties or sureties for any or all of the Obligations; (ii) one or more
extensions or renewals of the Obligations (whether or not for longer than the original period) or
any modification of the interest rates, maturities, if any, or other contractual terms applicable
to any of the Obligations or any amendment or modification of any of the terms or provisions of any
loan agreement or other agreement under which the Obligations or any part thereof arose; (iii) any
waiver or indulgence granted to the Borrower, any delay or lack of diligence in the enforcement of
the Obligations or any failure to institute

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proceedings, file a claim, give any required notices or otherwise protect any of the
Obligations; (iv) any full or partial release of, compromise or settlement with, or agreement not
to sue, the Borrower or any guarantor or other person liable in respect of any of the Obligations;
(v) any release, surrender, cancellation or other discharge of any evidence of the Obligations or
the acceptance of any instrument in renewal or substitution therefor; (vi) any failure to obtain
collateral security (including rights of setoff) for the Obligations, or to see to the proper or
sufficient creation and perfection thereof, or to establish the priority thereof, or to preserve,
protect, insure, care for, exercise or enforce any collateral security; or any modification,
alteration, substitution, exchange, surrender, cancellation, termination, release or other change,
impairment, limitation, loss or discharge of any collateral security; (vii) any collection, sale,
lease or disposition of, or any other foreclosure or enforcement of or realization on, any
collateral security; (viii) any assignment, pledge or other transfer of any of the Obligations or
any evidence thereof; (ix) any manner, order or method of application of any payments or credits
upon the Obligations; and (x) any election by the Bank under Section 1111(b) of the United States
Bankruptcy Code. The Guarantor waives any and all defenses and discharges available to a surety,
guarantor or accommodation co-obligor.

     10. Waivers by Guarantor. The Guarantor waives any and all defenses, claims, setoffs
and discharges of the Borrower, or any other obligor, pertaining to the Obligations, except the
defense of discharge by indefeasible payment in full. Without limiting the generality of the
foregoing, the Guarantor will not assert, plead or enforce against the Bank any defense of waiver,
release, discharge or disallowance in bankruptcy, statute of limitations, res judicata, statute of
frauds, anti-deficiency statute, fraud, incapacity, minority, usury, illegality or unenforceability
which may be available to the Borrower or any other person liable in respect of any of the
Obligations, or any setoff available against the Bank to the Borrower or any other such person,
whether or not on account of a related transaction. The Guarantor expressly agrees that the
Guarantor shall be and remain liable for any deficiency remaining after foreclosure of any mortgage
or security interest securing the Obligations, whether or not the liability of the Borrower or any
other obligor for such deficiency is discharged pursuant to statute or judicial decision. The
liability of the Guarantor shall not be affected or impaired by any voluntary or involuntary
liquidation, dissolution, sale or other disposition of all or substantially all of the assets,
marshalling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar
event or proceeding affecting, the Borrower or any of its assets. The Guarantor will not assert,
plead or enforce against the Bank any claim, defense or setoff available to the Guarantor against
the Borrower. The Guarantor waives presentment, demand for payment (except as herein specified),
notice of dishonor or nonpayment and protest of any instrument evidencing the Obligations. The
Bank shall not be required first to resort for payment of the Obligations to the Borrower or other
persons, or their properties, or first to enforce, realize upon or exhaust any collateral security
for the Obligations, before enforcing this Amended Guaranty.

     11. If Payments Set Aside, etc. If any payment applied by the Bank to the Obligations
is thereafter set aside, recovered, rescinded or required to be returned for any reason (including,
without limitation, the bankruptcy, insolvency or reorganization of the Borrower or any other
obligor), the Obligations to which such payment was applied shall for the purpose of this Amended
Guaranty be deemed to have continued in existence, notwithstanding such

4

 

application, and this Amended Guaranty shall be enforceable as to such Obligations as fully as
if such application had never been made.

     12. Additional Obligation of Guarantor. The Guarantor’s liability under this Amended
Guaranty is in addition to and shall be cumulative with all other liabilities of the Guarantor to
the Bank as guarantor, surety, endorser, accommodation co-obligor, Borrower or otherwise of any of
the Obligations or obligations of the Borrower, without any limitation as to amount, unless the
instrument or agreement evidencing or creating such other liability specifically provides to the
contrary.

     13. No Duties Owed by Bank. The Guarantor acknowledges and agrees that the Bank
(i) has not made any representations or warranties with respect to, (ii) does not assume any
responsibility to the Guarantor for, and (iii) has no duty to provide information to the Guarantor
regarding, the enforceability of any of the Obligations or the financial condition of the Borrower
or any other guarantor. The Guarantor has independently determined the creditworthiness of the
Borrower and the enforceability of the Obligations and until the Obligations is paid in full will
independently and without reliance on the Agent or the Bank continue to make such determinations.

     14. Notice. Any notices, consents, directions, demands or other communications given
under this Amended Guaranty (unless otherwise specified herein) shall be in writing and shall be
deemed to have been duly given when delivered in person or by overnight delivery at, or telecopied
to the respective addresses or telecopy numbers, as the case may be, set forth below (or to such
other address or telecopy numbers as either party shall give notice to the other party pursuant to
this paragraph 14):

If to the Guarantor:

US BioEnergy Corporation

5500 Cenex Drive

Inver Grove Heights, MN 55077

Attention: Gregory Schlicht

Telephone: (651) 554-5000

Facsimile:

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If to the Bank:

LaSalle Bank National Association

135 South LaSalle Street

Chicago, Illinois 60603

Attention: Jeffrey Ware

Telephone: (312) 904-2417

Facsimile: (312) 904-4779

   Any such demand, notice or communication hereunder shall be deemed to have been duly given
when received by the other party or parties at the addresses described above, or such other address
as may hereafter be furnished to the other party or parties by like notice and shall be deemed to
have been received on the date delivered to or received at the premises of the addresses.

     15. Jurisdiction. The Guarantor hereby irrevocably submits to the non-exclusive
jurisdiction of any federal court sitting in Chicago, Illinois, in any action or proceeding arising
out of or relating to this Amended Guaranty, and the Guarantor hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in such federal court.
The Guarantor hereby irrevocably waives, to the fullest extent it may effectively do so, the
defense of an inconvenient forum to the maintenance of such action or proceeding. The Guarantor
irrevocably consents to the service of copies of the summons and complaint and any other process
which may be served in any such action or proceeding by the mailing of copies of such process to
the Guarantor in accordance with paragraph 14 above. The Guarantor agrees that a final judgment in
any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this paragraph 15 shall
affect the right of any party to serve legal process in any other manner permitted by law or affect
the right of any party to bring any action or proceeding in the courts of other jurisdictions.

     16. WAIVER OF JURY TRIAL. THE GUARANTOR AND THE BANK HEREBY IRREVOCABLY WAIVE ALL
RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS
AMENDED GUARANTY OR ANY INSTRUMENT OR DOCUMENT DELIVERED THEREUNDER.

     17. Acknowledgment. Guarantor hereby (i) acknowledges receipt of this Amended
Guaranty; (ii) consents to the terms and execution thereof; (iii) reaffirms its obligations to the
Bank pursuant to the terms of this Amended Guaranty; and (iv) acknowledges that the Bank may amend,
restate, extend, renew or otherwise modify the Loan Agreement and any indebtedness or agreement of
the Borrower, or enter into any agreement or extend additional or other credit accommodations,
without notifying or obtaining the consent of the undersigned and without impairing the liability
of the undersigned under this Amended Guaranty for all of the Borrower’s present and future
indebtedness to the Bank.

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     18. Several Nature. The Obligations of Guarantor under this Amended Guaranty shall be
several with the obligations of any other guarantor of the Obligations of Borrower.

     19. Miscellaneous. This Amended Guaranty shall be effective upon delivery to the Bank,
without further act, condition or acceptance by the Bank, shall be binding upon the Guarantor and
the successors and assigns of the Guarantor and shall inure to the benefit of the Bank and their
respective participants, successors and assigns. Any invalidity or unenforceability of any
provision or application of this Amended Guaranty shall not affect other lawful provisions and
application thereof, and to this end the provisions of this Amended Guaranty are declared to be
severable. This Amended Guaranty may not be waived, modified, amended, terminated, released or
otherwise changed except by a writing signed by the Guarantor and the Bank. This Amended Guaranty
shall be governed by and construed in accordance with the substantive laws (other than conflict
laws) of the State of Illinois. This Amended Guaranty constitutes an amendment and restatement of,
and replacement and substitution for, those documents that constitute the Original Guaranty. The
obligations evidenced by the Original Guaranty are continuing obligations evidenced hereby as
amended, and nothing herein shall be deemed to constitute a satisfaction or release of the
obligations or otherwise adversely affect any lien, mortgage or security interest securing
indebtedness or any rights of the Bank against the Guarantor, if any, or any other party primarily
or secondarily liable for such indebtedness.

     IN WITNESS WHEREOF, this Amended Guaranty has been duly executed by the Guarantor the date
first written above.

US BIOENERGY CORPORATION.,
 a South Dakota corporation

  /s/
Richard Atkinson
                          

By: Richard Atkinson

Its: Senior Vice President & CFO

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