Document:

Exhibit 10.25

FIRST AMENDMENT

 

FIRST AMENDMENT, dated as of November 28, 2007 (this “Amendment”),
to the Fourth Amended and Restated Credit Agreement, dated as of January 31,
2005 (as amended from time to time, the “Credit Agreement”), among
ACCURIDE CORPORATION, a Delaware corporation (the “U.S. Borrower”),
ACCURIDE CANADA INC., a corporation organized and existing under the law of the
Province of Ontario (the “Canadian Borrower”, and, together with the
U.S. Borrower, the “Borrowers”), the several banks and other financial
institutions or entities from time to time parties to the Credit Agreement (the
“Lenders”), CITICORP USA, INC., a Delaware corporation (“Citicorp”),
as the administrative agent (in such capacity, the “Administrative Agent”)
for the Lenders, and the other agents parties thereto.

 

W  I  T  N  E  S
S  E  T  H :

 

WHEREAS, pursuant to the Credit Agreement, the Lenders
have agreed to make, and have made, certain loans and other extensions of
credit to the Borrowers;

WHEREAS, the Borrowers have requested certain
amendments to the Credit Agreement as more fully set forth herein; and

WHEREAS, the Lenders are willing to agree to such
amendments on the terms and subject to the conditions contained in this
Amendment.

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

DEFINED
TERMS. UNLESS OTHERWISE DEFINED
HEREIN, TERMS DEFINED IN THE CREDIT AGREEMENT AND USED HEREIN SHALL HAVE THE
MEANINGS GIVEN TO THEM IN THE CREDIT AGREEMENT.

AMENDMENTS
TO SECTION 1.01 OF THE CREDIT AGREEMENT.

The definitions of “Applicable Margin” and “Applicable Percentage” in
Section 1.01 of the Credit Agreement are hereby amended in their respective
entireties to read as follows:

“Applicable
Margin” means, for Advances outstanding under each of the Term Facility,
the Canadian Revolving Credit Facility and the U.S. Revolving Credit Facility,
a percentage per annum determined as described below and, where applicable, by
reference to the Performance Level as set forth for each such Facility:

(a)           for
Advances outstanding under the Term Facility, (i) 2.50% per annum in the case
of Base Rate Advances and (ii) 3.50% per annum in the case of Eurodollar Rate
Advances; and

 

(b)           for
Advances outstanding under the Canadian Revolving Credit Facility and the U.S.
Revolving Credit Facility, a percentage per annum determined by reference to
the applicable Performance Level as set forth below:

	
  Performance Level

  	
   

  	
  Base Rate Advances

  	
   

  	
  Eurodollar Rate Advances

  	
   

  
	
  A

  	
   

  	
  1.75

  	
  %

  	
  2.75

  	
  %

  
	
  B

  	
   

  	
  2.00

  	
  %

  	
  3.00

  	
  %

  
	
  C

  	
   

  	
  2.25

  	
  %

  	
  3.25

  	
  %

  
	
  D

  	
   

  	
  2.50

  	
  %

  	
  3.50

  	
  %

  

 

For outstanding Advances under any Facility determined
by reference to Performance Levels as set forth above, the Applicable Margin
for each Base Rate Advance shall be determined by reference to the Performance
Level in effect from time to time and the Applicable Margin for each Eurodollar
Rate Advance shall be determined by reference to the Performance Level in
effect on the first day of each Interest Period for such Advance.  Changes in the Applicable Margin resulting
from changes in the Performance Level shall become effective (for purposes of
this definition only, the date of such effectiveness being the “Effective
Date”) as of the first day following the last day of the most recent Fiscal
Quarter or Fiscal Year for which (A) financial statements are delivered to the
Administrative Agent pursuant to Section 5.03(b) or (c) and (B) a certificate
of the chief financial officer of the U.S. Borrower is delivered by the U.S.
Borrower to the Administrative Agent setting forth, with respect to such
financial statements, the then-applicable Performance Level and the basis
of the calculations therefor, and shall remain in effect until the next change
to be effected pursuant to this definition; provided that (i) if either
Borrower shall have made any payments in respect of interest during the period
(for purposes of this definition only, the “Interim Period”) from and
including the Effective Date to the day on which any change in Performance
Level is determined as provided above, then the amount of the next such payment
of interest due by such Borrower on or after such day shall be increased or
decreased by an amount equal to any underpayment or overpayment so made by such
Borrower during such Interim Period and (ii) each determination of the
Performance Level pursuant to this definition shall be made with respect to the
Measurement Period ending at the end of the fiscal period covered by the
relevant financial statements.

“Applicable Percentage”
means 0.50% per annum.

The definition of “EBITDA” in Section 1.01 of the Credit Agreement is
hereby amended by deleting the parenthetical in clause (v) thereof and
substituting in lieu thereof the following parenthetical:

(including
upfront and amendment fees payable in respect of bank facilities)

 

2

 

The definition of “Trigger Date” in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety.

The definition of “Unrestricted Subsidiary” in Section 1.01 of the
Credit Agreement is hereby amended by deleting the “.” at the end thereof and
substituting in lieu thereof the following proviso:

; and provided  further  however,
that, from and after the First Amendment Effective Date, no Subsidiary may be
designated as an Unrestricted Subsidiary.

Section 1.01 of the Credit Agreement is hereby amended by inserting the
following new definitions in the appropriate alphabetical order:

“First Amendment”
means the First Amendment, dated as of November 28, 2007, to this Agreement.

“First Amendment
Effective Date” has the meaning specified in Section 7 of the First
Amendment.

AMENDMENT
TO SECTION 2.06 OF THE CREDIT AGREEMENT.  SECTION 2.06 OF THE CREDIT AGREEMENT IS
HEREBY AMENDED BY INSERTING THE FOLLOWING NEW PARAGRAPH (C) AT THE END THEREOF:

(c)           Prepayment Premium.  Prepayments of the Terms Advances made with
the Net Cash Proceeds of one or more credit facilities provided by banks or
other financial institutions bearing interest at a lower rate than the interest
rate then applicable to such Term Advances being prepaid (whether by reason of
the interest rate applicable to such credit facility or by reason of the
issuance of such credit facility at a discount) or as a result of an amendment
of an existing Term Advance that results in the Applicable Margin on such Term
Advance being reduced shall be accompanied by a prepayment premium on the
principal amount prepaid equal to (i) 1% if the prepayment is made from the
First Amendment Effective Date through the second anniversary thereof and (ii)
0% thereafter.

AMENDMENT
TO SECTION 2.16 OF THE CREDIT AGREEMENT.  THE FIRST SENTENCE OF SECTION 2.16 OF THE
CREDIT AGREEMENT IS HEREBY AMENDED BY DELETING THE “.” AT THE END THEREOF AND
SUBSTITUTING IN LIEU THEREOF THE FOLLOWING PROVISO:

; provided that no such increase may be
requested on or after the First Amendment Effective Date.

AMENDMENT
TO SECTION 5.03(G) OF THE CREDIT AGREEMENT.  SECTION 5.03(G) OF THE CREDIT AGREEMENT IS
HEREBY AMENDED BY DELETING THE “.” AT THE END THEREOF AND SUBSTITUTING IN LIEU
THEREOF THE FOLLOWING PROVISO:

 

3

 

; provided that, from and after the First
Amendment Effective Date, no Subsidiary may be designated as an Unrestricted
Subsidiary.

AMENDMENTS
TO SECTION 5.04 OF THE CREDIT AGREEMENT.

Section 5.04(a) of the Credit Agreement is hereby amended by deleting
the table therein in its entirety and substituting in lieu thereof the
following table:

 

	
  Measurement Period Ending

  	
   

  	
  Ratio

  	
   

  
	
  March 31, 2005

  	
   

  	
  6.50:1

  	
   

  
	
  June 30, 2005

  	
   

  	
  6.50:1

  	
   

  
	
  September 30, 2005

  	
   

  	
  6.25:1

  	
   

  
	
  December 31, 2005

  	
   

  	
  5.75:1

  	
   

  
	
  March 31, 2006

  	
   

  	
  5.75:1

  	
   

  
	
  June 30, 2006

  	
   

  	
  5.75:1

  	
   

  
	
  September 30, 2006

  	
   

  	
  5.50:1

  	
   

  
	
  December 31, 2006

  	
   

  	
  5.00:1

  	
   

  
	
  March 31, 2007

  	
   

  	
  5.00:1

  	
   

  
	
  June 30, 2007

  	
   

  	
  5.00:1

  	
   

  
	
  September 30, 2007

  	
   

  	
  5.00:1

  	
   

  
	
  December 31, 2007

  	
   

  	
  5.00:1

  	
   

  
	
  March 31, 2008

  	
   

  	
  9.00:1

  	
   

  
	
  June 30, 2008

  	
   

  	
  9.75:1

  	
   

  
	
  September 30, 2008

  	
   

  	
  8.50:1

  	
   

  
	
  December 31, 2008

  	
   

  	
  5.75:1

  	
   

  
	
  March 31, 2009

  	
   

  	
  4.50:1

  	
   

  
	
  June 30, 2009

  	
   

  	
  4.50:1

  	
   

  
	
  September 30, 2009

  	
   

  	
  4.25:1

  	
   

  
	
  December 31, 2009 and thereafter

  	
   

  	
  4.00:1

  	
   

  

 

Section 5.04(b) of the Credit Agreement is hereby amended by deleting
the table therein in its entirety and substituting in lieu thereof the
following table: 

	
  Measurement Period Ending

  	
   

  	
  Ratio

  	
   

  
	
  March 31, 2005

  	
   

  	
  2.25:1

  	
   

  
	
  June 30, 2005

  	
   

  	
  2.25:1

  	
   

  
	
  September 30, 2005

  	
   

  	
  2.25:1

  	
   

  
	
  December 31, 2005

  	
   

  	
  2.35:1

  	
   

  

 

 

4

 

 

	
  Measurement Period Ending

  	
   

  	
  Ratio

  	
   

  
	
  March 31, 2006

  	
   

  	
  2.35:1

  	
   

  
	
  June 30, 2006

  	
   

  	
  2.35:1

  	
   

  
	
  September 30, 2006

  	
   

  	
  2.35:1

  	
   

  
	
  December 31, 2006

  	
   

  	
  2.35:1

  	
   

  
	
  March 31, 2007

  	
   

  	
  2.35:1

  	
   

  
	
  June 30, 2007

  	
   

  	
  2.35:1

  	
   

  
	
  September 30, 2007

  	
   

  	
  2.35:1

  	
   

  
	
  December 31, 2007

  	
   

  	
  2.30:1

  	
   

  
	
  March 31, 2008

  	
   

  	
  1.25:1

  	
   

  
	
  June 30, 2008

  	
   

  	
  1.10:1

  	
   

  
	
  September 30, 2008

  	
   

  	
  1.30:1

  	
   

  
	
  December 31, 2008

  	
   

  	
  1.80:1

  	
   

  
	
  March 31, 2009

  	
   

  	
  2.50:1

  	
   

  
	
  June 30, 2009

  	
   

  	
  2.50:1

  	
   

  
	
  September 30, 2009

  	
   

  	
  2.50:1

  	
   

  
	
  December 31, 2009 and thereafter

  	
   

  	
  2.75:1

  	
   

  

 

Section 5.04(c) of the Credit Agreement is hereby amended by deleting
the table therein in its entirety and substituting in lieu thereof the
following table:

	
  Measurement Period Ending

  	
   

  	
  Ratio

  	
   

  
	
  March 31, 2005

  	
   

  	
  1.15:1

  	
   

  
	
  June 30, 2005

  	
   

  	
  1.15:1

  	
   

  
	
  September 30, 2005

  	
   

  	
  1.15:1

  	
   

  
	
  December 31, 2005

  	
   

  	
  1.25:1

  	
   

  
	
  March 31, 2006

  	
   

  	
  1.25:1

  	
   

  
	
  June 30, 2006

  	
   

  	
  1.25:1

  	
   

  
	
  September 30, 2006

  	
   

  	
  1.30:1

  	
   

  
	
  December 31, 2006

  	
   

  	
  1.35:1

  	
   

  
	
  March 31, 2007

  	
   

  	
  1.35:1

  	
   

  
	
  June 30, 2007

  	
   

  	
  1.35:1

  	
   

  
	
  September 30, 2007

  	
   

  	
  1.35:1

  	
   

  
	
  December 31, 2007

  	
   

  	
  1.20:1

  	
   

  
	
  March 31, 2008

  	
   

  	
  0.70:1

  	
   

  
	
  June 30, 2008

  	
   

  	
  0.55:1

  	
   

  
	
  September 30, 2008

  	
   

  	
  0.60:1

  	
   

  
	
  December 31, 2008

  	
   

  	
  0.95:1

  	
   

  
	
  March 31, 2009

  	
   

  	
  1.35:1

  	
   

  

 

 

5

 

 

	
  Measurement Period Ending

  	
   

  	
  Ratio

  	
   

  
	
  June 30, 2009

  	
   

  	
  1.35:1

  	
   

  
	
  September 30, 2009

  	
   

  	
  1.35:1

  	
   

  
	
  December 31, 2009 and thereafter

  	
   

  	
  1.40:1

  	
   

  

 

CONDITIONS
TO EFFECTIVENESS.  THIS AMENDMENT SHALL BECOME EFFECTIVE UPON
THE DATE (THE “FIRST AMENDMENT EFFECTIVE DATE”) ON WHICH THE
ADMINISTRATIVE AGENT SHALL HAVE RECEIVED:

this Amendment, executed and
delivered by a duly authorized officer of each Borrower;

a duly completed Lender
Addendum, in the form set forth as Exhibit A hereto, or a facsimile
transmission thereof, executed and delivered by Lenders constituting the
Majority Lenders;

an executed Acknowledgment
and Consent, in the form set forth as Exhibit B hereto, or a facsimile
transmission thereof, from each Loan Party other than the Borrowers;

for the account of each
Lender executing and delivering a Lender Addendum to counsel to the
Administrative Agent by 5:00 P.M., New York City time, on November 28, 2007, an
amendment fee in an amount equal to 0.25% of the sum of such Lender’s U.S.
Revolving Commitment, Canadian Revolving Credit Commitment and Term Advances
then outstanding; and

all fees required to be
paid, and all reasonable out-of-pocket expenses for which invoices have been
presented (including reasonable fees, disbursements and other charges of
counsel to the Administrative Agent), on or before the First Amendment
Effective Date.

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

REPRESENTATIONS
AND WARRANTIES.  TO INDUCE THE ADMINISTRATIVE AGENT TO ENTER
INTO THIS AMENDMENT AND TO INDUCE THE LENDERS TO CONSENT THERETO, EACH BORROWER
HEREBY REPRESENTS AND WARRANTS TO THE ADMINISTRATIVE AGENT AND THE LENDERS THAT
THE REPRESENTATIONS AND WARRANTIES MADE BY THE LOAN PARTIES IN THE LOAN DOCUMENTS
ARE TRUE AND CORRECT IN ALL MATERIAL RESPECTS ON AND AS OF THE FIRST AMENDMENT
EFFECTIVE DATE, AFTER GIVING EFFECT TO THE EFFECTIVENESS OF THIS AMENDMENT, AS
IF MADE ON AND AS OF THE FIRST AMENDMENT EFFECTIVE DATE, 

 

 

6

 

EXCEPT
TO THE EXTENT SUCH REPRESENTATIONS AND WARRANTIES EXPRESSLY RELATE TO A
SPECIFIC EARLIER DATE, IN WHICH CASE SUCH REPRESENTATIONS AND WARRANTIES WERE
TRUE AND CORRECT IN ALL MATERIAL RESPECTS AS OF SUCH EARLIER DATE.

CONTINUING
EFFECT OF LOAN DOCUMENTS.  THIS AMENDMENT SHALL NOT CONSTITUTE AN
AMENDMENT OR WAIVER OF OR CONSENT TO ANY PROVISION OF THE CREDIT AGREEMENT OR
THE OTHER LOAN DOCUMENTS NOT EXPRESSLY REFERRED TO HEREIN AND SHALL NOT BE
CONSTRUED AS AN AMENDMENT, WAIVER OR CONSENT TO ANY ACTION ON THE PART OF ANY
BORROWER OR ANY OF ITS RESPECTIVE SUBSIDIARIES THAT WOULD REQUIRE AN AMENDMENT,
WAIVER OR CONSENT OF THE ADMINISTRATIVE AGENT OR THE LENDERS EXCEPT AS
EXPRESSLY STATED HEREIN.  EXCEPT AS
EXPRESSLY AMENDED HEREBY, THE PROVISIONS OF THE CREDIT AGREEMENT AND THE OTHER
LOAN DOCUMENTS ARE AND SHALL REMAIN IN FULL FORCE AND EFFECT IN ACCORDANCE WITH
THEIR RESPECTIVE TERMS.

COUNTERPARTS.  THIS AMENDMENT MAY BE EXECUTED
BY ONE OR MORE OF THE PARTIES TO THIS AMENDMENT ON ANY NUMBER OF SEPARATE
COUNTERPARTS (INCLUDING BY FACSIMILE), AND ALL OF SAID COUNTERPARTS TAKEN
TOGETHER SHALL BE DEEMED TO CONSTITUTE ONE AND THE SAME INSTRUMENT.  DELIVERY OF AN EXECUTED SIGNATURE PAGE OF
THIS AMENDMENT BY FACSIMILE TRANSMISSION SHALL BE EFFECTIVE AS DELIVERY OF A
MANUALLY EXECUTED COUNTERPART HEREOF.

GOVERNING LAW.  THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

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

 

 

7

 

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

	
   

  	
  ACCURIDE
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ John R.
  Murphy

  
	
   

  	
   

  	
  Name: John R.
  Murphy

  
	
   

  	
   

  	
  Title: President and
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
  ACCURIDE CANADA
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ David K.
  Armstrong

  
	
   

  	
   

  	
  Name: David K.
  Armstrong

  
	
   

  	
   

  	
  Title: Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
  CITICORP USA,
  INC., as Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ C. P. Mahon

  
	
   

  	
   

  	
  Name: C. P.
  Mahon

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

8Exhibit 10.23

 

FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

between

AMERICAN CRYSTAL SUGAR COMPANY,

as Borrower,

and

CoBANK, ACB,

as Lender,

dated July 31, 2006

 

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT
(this “Fourth Amendment”) is dated to be effective as of July 25, 2007, and is
by and between AMERICAN CRYSTAL SUGAR COMPANY, a Minnesota cooperative
corporation (“Borrower”), and CoBANK, ACB (“Lender”), and amends that certain Amended
and Restated Loan Agreement dated July 31, 2006, as amended from time to time
(the “Loan Agreement”). All capitalized terms not defined herein shall have the
meanings set forth in the Loan Agreement.

 

RECITALS

 

The
parties have agreed to modify certain terms and provisions of the Loan
Agreement as more fully set forth in this Fourth Amendment.

 

NOW,
THEREFORE, in consideration of the foregoing and for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each party, the parties agree to amend the Loan Agreement in
the following respects:

 

1.                                       Defined
Terms.

 

The following terms set forth in Section 1.1 of
the Loan Agreement shall be amended and restated in their entirety:

 

“Existing Term Loan
T04”:  As defined in Section
2.1(e).

 

“Revolving Loan Amount”:  An amount which shall not at any time be
greater than Three Hundred Sixty Million Dollars ($360,000,000), as determined
from time to time according to the terms of the Loan Agreement, or such lesser
amount that may be designated by the Borrower in a written notice to the Lender,
which lesser amount will be effective seven (7) days after the Lender’s receipt
of such written notice.

 

“Term Letter of Credit
Commitment Amount”:  Twenty Million
Dollars ($20,000,000).

 

“Term Loan
Availability Period”:  The period beginning
on the Closing Date and ending on August 1, 2009.

 

 

“Term Loan T01 Amount”:  An amount which shall not at any time be
greater than (i) Fifty-Eight Million Two Hundred Seventy-Six Thousand Seven
Hundred Two Dollars ($58,276,702) through December 31, 2007, (ii) Forty-Eight
Million Seven Hundred Seven Thousand Four Hundred Two Dollars ($48,707,402)
effective as of January 1, 2008 through December 31, 2008; or (iii) Forty-One
Million Nine Hundred Fifty-Two Thousand Six Hundred Two Dollars ($41,952,602)
effective as of January 1, 2009, as determined from time to time according to
the terms of the Loan Agreement.

 

“Term Loan T01NP
Amount”:  An amount which shall not
at any time be greater than (i) Seventeen Million Six Hundred Seventy-Five Thousand
Nine Hundred Dollars ($17,675,900) through December 31, 2007, or (ii) Ten
Million Two Hundred Forty-Five Thousand Two Hundred Dollars ($10,245,200)
effective as of January 1, 2008, as determined from time to time according to
the terms of the Loan Agreement.

 

“Term Loan T06 Amount”:  An amount which shall not at any time be
greater than Fifty-Five Million Dollars ($55,000,000), as determined from time
to time according to the terms of the Loan Agreement.

 

“Termination Date”:  The earliest of (a) August 1, 2009, or (b)
the date on which the Revolving Commitments are terminated pursuant to Section
7.2 of the Loan Agreement.

 

The following terms set forth in Section 1.1 of
the Loan Agreement shall be amended:

 

“Capitalization Ratio”:  When calculating the Capitalization Ratio, the
cumulative non-cash Other Comprehensive Income (“OCI”) (determined in
accordance with GAAP) effect of pension plan accounting on equity, not to
exceed $25,000,000, may be excluded.

 

The following terms shall be added to Section 1.1
of the Loan Agreement:

 

“Term Loan T01NP
Maturity Date”:  December 31, 2008.

 

“Term Loan T04 Amount”:  An amount which shall not at any time be
greater than Sixty-One Million Dollars ($61,000,000), as determined from time
to time according to the terms of the Loan Agreement.

 

“Term Note T04”:  The promissory note of the Borrower in the
form of Exhibit A-5 hereto, evidencing the obligation of the Borrower to
repay the Term Loan T04.

 

2.                                       Section
2.1(c) of the Loan Agreement, Term Loan T01NP, shall be amended in
the following respect:  As of the date of
this Fourth Amendment, no further Advances will be made 

 

2

 

under Term Loan T01NP, and any amounts repaid on Term
Loan T01NP may not be reborrowed. The remaining provisions of Section 2.1(c)
shall continue in full force and effect.

 

3.                                       A
new subsection (e) shall be added to Section 2.1 of the Loan Agreement
as follows:

 

(e)                                  Term
Loan T04. The Lender has previously extended to the Borrower Term Loan T04
pursuant to that certain Non-Revolving Credit Supplement dated as of December
12, 2005, and numbered Z269T04B, in the original principal amount of
$36,000,000, which has an unpaid principal balance of $36,000,000, and a
maturity date of April 30, 2013. Term Loan T04 is subject to all of the terms
and conditions of the Loan Agreement, except to the extent any provision of the
Loan Agreement is in conflict with any provision of the Non-Revolving Credit
Supplement, in which event the applicable Non-Revolving Credit Supplement shall
control with respect to such provision. Subject to such terms and conditions,
Term Loan T04 shall be increased up to the Term Loan T04 Amount, for the
purpose of transferring Borrower’s Obligations under all outstanding Term
Letters of Credit issued under Term Loan T06 to Term Loan T04, and for the
purpose of issuing additional Term Letters of Credit from time to time in
accordance with the Loan Agreement.

 

4.                                       A
new subsection (f) shall be added to Section 2.1 of the Loan Agreement as
follows:

 

(f)                                    Increase
in Loans. At any time prior to the Termination Date, the Borrower may
request that a Loan be increased by up to the aggregate amount of $100,000,000.
Such request shall be made in a written notice given to the Lender by the
Borrower not less than twenty (20) Banking Days prior to the proposed effective
date of such increase, which notice (a “Loan Increase Notice”) shall specify
the amount of the proposed increase in the Loan and the proposed effective date
of such increase. The proposed increase shall be in an amount not less than $25,000,000.
The Lender shall have no obligation to increase a Loan pursuant to a Loan
Increase Notice. The Lender shall notify the Borrower on or before the Banking
Day immediately prior to the proposed effective date to confirm the amount of
the increase in a Loan. Any increase in a Loan shall be subject to the
following conditions precedent:  (i) as
of the date of the Loan Increase Notice and as of the proposed effective date
of the increase in the Loan, all representations and warranties of the Borrower
in the Loan Agreement shall be true and correct in all material respects as
though made on such date and no event shall have occurred and then be
continuing which constitutes a Default or an Event of Default; (ii) the Borrower
and the Lender shall have executed a Commitment and Acceptance (“Commitment and
Acceptance”) substantially in the form of Exhibit F hereto; and (iii)
the Borrower and the Lender shall otherwise have executed and delivered such
other instruments and documents as may be required hereunder or that the Lender
shall have reasonably requested in connection with such increase. In the event
any provision of a Commitment and Acceptance shall be inconsistent with any
provisions of the Loan Agreement, the Loan Agreement shall govern. Upon
satisfaction of the conditions precedent to any increase in a Loan, the Lender
shall promptly advise the Borrower of 

 

3

 

the effective date
of such increase. Nothing contained herein shall constitute, or otherwise be
deemed to be, a commitment on the part of the Lender to increase a Loan.

 

5.                                       Section
2.2 of the Loan Agreement, Existing Loans, shall be amended in the
following respect:  All references in Section
2.2 to “Term Loan T04” shall be deleted, it being understood and agreed
that Term Loan T04 shall hereafter be defined as set forth in Section 2.1(e)
of the Loan Agreement. The remaining provisions of Section 2.2 shall
continue in full force and effect.

 

6.                                       Section
2.7(b) of the Loan Agreement, Repayment; Term Loan T01, shall be
amended and restated to read in full as follows:

 

(b)                                 Term
Loan T01. The principal of Term Loan T01 shall be payable as follows:  On December 31, 2007, a principal payment
shall be due in the amount of $9,569,300; on December 31, 2008, a principal
installment shall be due in the amount of $6,754,800; on December 31, 2009, a
principal payment shall be due in an amount equal to one-third (1/3) of the
outstanding principal balance of Term Loan T01 as of the last day of the Term
Loan Availability Period; the remaining principal balance shall be payable in
two equal annual installments due on December 31, 2010 and December 31, 2011,
and any amount of principal or interest remaining unpaid with respect to Term Loan
T01 on the Term Loan Maturity Date shall be immediately due and payable on such
date.

 

7.                                       Section
2.7(c) of the Loan Agreement, Repayment; Term Loan T01NP, shall be
amended and restated to read in full as follows:

 

(c)                                  Term
Loan T01NP. The principal of Term Loan T01NP shall be payable in one annual
installment in the amount of $7,430,700 on December 31, 2007, and any amount of
principal or interest remaining unpaid with respect to Term Loan T01NP on the
Term Loan T01NP Maturity Date shall be immediately due and payable on such
date.

 

8.                                       Section
2.7(d) of the Loan Agreement, Repayment; Term Loan T06, shall be
amended and restated to read in full as follows:

 

(d)                                 Term
Loan T06. The unpaid principal of Term Loan T06 shall be payable as
follows:  On December 31, 2009, a
principal payment shall be due in an amount equal to one-third (1/3) of the
outstanding principal balance of Term Loan T06 as of the last day of the Term
Loan Availability Period; the remaining principal balance shall be payable in
two equal annual installments due on December 31, 2010 and December 31, 2011,
and any amount of principal or interest remaining unpaid with respect to Term
Loan T06 on the Term Loan Maturity Date shall be immediately due and payable on
such date.

 

9.                                       Clause
(iv) of Section 2.9 of the Loan Agreement, Letters of Credit,
shall be amended and restated to read in full as follows:  (iv) the aggregate amount of all issued and
outstanding Term 

 

4

 

Letters of Credit shall not exceed $20,000,000. The
remaining provisions of Section 2.9 shall continue in full force and
effect.

 

10.                                 Section
2.14(a) of the Loan Agreement, Loan Fees, shall be amended by adding
the following:

 

The Borrower shall pay to
the Lender (i) additional Revolving Loan Fees in the amount of $180,000.00 with
respect to the Revolving Loan Amount, and (ii) additional Term Loan Fees in the
amount of $29,138.00 with respect to the Term Loan T01, in the amount of $13,000.00
with respect to the Term Loan T04, and in the amount of $27,500.00 with respect
to the Term Loan T06. Such fees are payable on the date of this Fourth
Amendment and are not refundable to the Borrower.

 

11.                                 Section
2.14(c) of the Loan Agreement, Letter of Credit Fees, shall be
amended by adding the following:

 

Notwithstanding the
provisions of Section 2.1(e) of the Loan Agreement, it is hereby
understood and agreed that Letter of Credit Fees set forth in Section
2.14(c) shall apply to all Letters of Credit issued and outstanding under
Term Loan T04, including Letters of Credit originally issued under Term Loan
T04 pursuant to the Non-Revolving Credit Supplement and Letters of Credit
originally issued under Term Loan T06 which have been transferred to Term Loan
T04.

 

12.                                 Section
5.1(g) of the Loan Agreement shall be deleted, eliminating the requirement
to provide periodic financial statements of Crystech.

 

13.                                 Section
6.15, Net Working Capital, Section 6.16, Capitalization
Ratio, and Section 6.17, Interest Coverage Ratio, shall be
amended as follows:  For purposes of
calculating Net Working Capital, the Capitalization Ratio and the Interest
Coverage Ratio, amounts attributable to Crystech shall no longer be excluded.

 

14.                                 Representations
and Warranties. The Borrower restates, represents and warrants the representations
and warranties set forth in Article IV of the Loan Agreement as of the
date of this Fourth Amendment.

 

15.                                 Miscellaneous.
All references in the Loan Agreement to “Required Lender” shall be understood
to mean “Lender”.

 

16.                                 Compliance
Certificate. The form of Compliance Certificate shall be replaced by Exhibit
D-1 attached hereto and made a part hereof.

 

17.                                 Incorporation of
Loan Agreement. This Fourth Amendment shall be an integral part of the Loan
Agreement, and all terms of the Loan Agreement are hereby incorporated in this Fourth
Amendment by reference, and all terms of this Fourth Amendment are hereby
incorporated into the Loan Agreement as if made an original part thereof. Except
as modified herein, all terms and 

 

5

 

provisions of the Loan Agreement shall
continue in full force and effect, but to the extent the terms of this Fourth
Amendment conflict with the Loan Agreement, the terms of this Fourth Amendment
shall control.

 

IN WITNESS
WHEREOF, the parties have executed this Fourth Amendment to be effective as of
the day and year first above written.

 

	
   

  	
  AMERICAN
  CRYSTAL SUGAR COMPANY,

  
	
   

  	
  a Minnesota
  cooperative corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Samuel
  S. M. Wai

  	
   

  
	
   

  	
  Name

  	
  Samuel S. M.
  Wai

  	
   

  
	
   

  	
  Title

  	
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CoBANK, ACB

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Michael
  Tousignant

  	
   

  
	
   

  	
  Name

  	
  Michael
  Tousignant

  	
   

  
	
   

  	
  Title

  	
  Vice
  President

  	
   

  

 

6

 

Exhibit A-5

 

Form of Term Note T04

 

Attached

 

 

TERM NOTE T04

 

	
  $61,000,000.00

  	
   

  	
  July 25, 2007

  
	
   

  	
   

  	
  Denver,
  Colorado

  

 

FOR VALUE RECEIVED, AMERICAN CRYSTAL SUGAR COMPANY, a
Minnesota cooperative corporation (the “Borrower”), hereby promises to
pay to the order of CoBANK, ACB (the “Lender”), in lawful money of the
United States of America in Immediately Available Funds (as such term and each
other capitalized term used herein are defined in the Loan Agreement
hereinafter referred to), the principal amount of Sixty-One Million and 00/100
Dollars ($61,000,000.00), or such lesser amount as has actually been advanced
under the Term Loan T04, and interest in like funds on the unpaid principal
amount hereof from time to time outstanding, at the rates and time set forth in
that certain Amended and Restated Loan Agreement dated July 31, 2006, by and
between the Borrower and the Lender, as the same may be amended, modified,
supplemented, extended, renewed, restated or replaced from time to time (the “Loan
Agreement”).

 

Principal and interest shall be payable as set forth
in the Loan Agreement, and all principal and interest remaining unpaid on the
Term Loan Maturity Date shall be immediately due and payable.

 

This note is one of the Notes referred to in the Loan
Agreement and is subject to and governed by the Loan Agreement. This note is
secured, and its maturity is subject to acceleration, in each case upon the
terms provided in the Loan Agreement.

 

Should any Event of Default occur as provided for in
the Loan Agreement, all principal and interest outstanding hereunder may be
declared immediately due and payable in accordance with the Loan Agreement. The
Borrower and all guarantors and endorsers, for themselves, their legal
representatives, successors and assigns, hereby severally waive presentment for
payment, protest and demand, notice of protest, demand and dishonor and
nonpayment of this note, and consent that the holder may extend the time of
payment or otherwise modify the terms of payment of any part or the whole of
the indebtedness evidenced by this note, and such consent shall not alter or
diminish the liability of the Borrower or said guarantors or endorsers. The
undersigned agrees to pay all costs and expenses of collection, including
reasonable attorney’s fees.

 

The
interest rate shall at no time exceed the maximum lawful rate (the “Maximum
Rate”) that may be contracted for, charged, taken, received or reserved in
accordance with applicable law, and the rate of interest payable hereunder
shall be limited to the Maximum Rate.

 

THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS
NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF COLORADO WITHOUT
GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

 

 

THE UNDERSIGNED AND THE HOLDER (BY ITS
ACCEPTANCE HEREOF) IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

 

	
   

  	
  AMERICAN
  CRYSTAL SUGAR COMPANY,

  
	
   

  	
  a Minnesota
  cooperative corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Samuel
  S.M. Wai

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
  Treasurer

  	
   

  

 

2

 

Exhibit D-1

 

Form of Compliance Certificate

 

Attached

 

 

CoBANK, ACB

 

COMPLIANCE CERTIFICATE – CERTIFIED INTERIM FINANCIALS

 

This certificate is being furnished to
CoBANK, ACB (“CoBank”) to induce CoBank to make and/or continue to make
advances to the Company and to comply with and demonstrate compliance with the
terms, covenants, and conditions of the Company’s Master Loan Agreement and all
Promissory Note and Supplements thereto. The undersigned hereby certifies that:
(i) this certificate was prepared from the books and records of the Company, is
in agreement with them, and is correct to the best of the undersigned's
knowledge and belief;  (ii) no “Event of
Default” (as defined in the Master Loan Agreement) or event which, with the
giving of notice and/or the passage of time and/or the occurrence of any other
condition, would ripen into an Event of Default (a “Potential Default”)
shall have occurred and be continuing, except as disclosed below; and (iii)
based upon the undersigned ‘s review of the attached interim financial
statement(s) dated as of                                          
, to the best of the undersigned’s 
knowledge, the attached financial statement(s) are accurate and complete
for the period reflected.

 

This certificate is attached to and made a
part of the Company’s interim financial statements for the reporting period
ending                 .

 

	
   

  	
   

  	
  Required

  	
   

  	
  Actual

  
	
  Net
  Working Capital

  1.                    Current
  Assets as measured in accordance with GAAP

  2.                    Current
  Liabilities as measured in accordance with GAAP

  3.                    Net
  Working Capital (1. minus 2.)

  	
   

  	
  

  Minimum Net Working Capital required for fiscal quarters other than
  fiscal year end = $15,000,000

  

  Minimum Net Working Capital required for fiscal year end = $35,000,000

  	
   

  	
  

  1.

   

  2.

   

  3.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Interest Coverage Ratio

  1.                    Average Net Funds Generated which is the
  sum of the following for the most recent 12 Fiscal Quarters.

  ·                       Add:
  Unit Retains; Depreciation and amortization; Net income from non-member
  business and Member business tax timing differences; Decrease in investments
  in other cooperatives (excluding subsidiaries); and Net revenue from sale of
  stock.

  ·                       Minus:
  Increase in investments in other cooperatives (excluding subsidiaries); Net
  loss from non-member business and member business tax timing differences;
  Provision for income tax; and Members’ investment retirements.

  2.                    Average
  Interest Expense defined as the total interest expense of the Company and its
  Subsidiaries (including, without limitation, interest expense on capital
  leases) and fees and other charges payable with respect to all Debt, all
  determined on a consolidated basis in accordance with GAAP for the most
  recent 12-Fiscal Quarters.

  3.                    Interest
  Coverage Ratio (Sum of 1. and 2., divided by 2.)

  	
   

  	
  

  Maintain at all times, and
  measured as of the end of each Fiscal Quarter, a minimum ratio of Average Net
  Funds Generated plus Average Interest Expense to Average Interest Expense of
  at least 2.5:1.0.

  	
   

  	
  
 1.

   

  2.

  

  3.

  

 

 

	
   

  	
   

  	
  Required

  	
   

  	
  Actual

  
	
  Long
  Term Debt to Capitalization

  1.                    Long
  Term Debt (excluding current maturities) calculated in accordance with GAAP

  2.                    The
  sum of Long Term Debt plus Equity as determined in accordance with GAAP

  3.                    Long
  Term Debt to Capitalization 

  (1. divided by 2.)

  

  Note:  For
  purposes of this calculation the long term debt and equity associated with
  the consolidation of Pro Gold LLC  are
  to be excluded.

   

  	
   

  	
  

  Maintain at all times and measured as of the end of each Fiscal
  Quarter the ratio of Long Term Debt divided by the sum of Long Term Debt plus
  Equity of no greater than fifty-five percent (55%).

  	
   

  	
  

  1.

   

  2.

   

  3.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Leverage Ratio ( and Term Performance
  Pricing)

  1.                    Long Term Debt (excluding current
  maturities) calculated in accordance with GAAP

  2.                    Plus
  or minus the difference between actual working capital and $35,000,000

  3.                    Total
  members investments

  4.                    Estimated
  unit retains

  5.                    Leverage
  Ratio (The sum of 1. plus or minus 2. divided by the sum of 3. plus 4. )

  	
   

  	
   

  	
   

  	
  
 1.

   

  2.

  

  3.

  
 4.

  
 5.

   

  Based upon
  the previous fiscal quarter’s Leverage Ratio, the Company is entitled to the
  following change in the LIBOR and TREASURY Margins:

  

 

The above calculations and ratios are to be determined on a
consolidated basis in accordance with Section 10 of the Master Loan Agreement
(which excludes the financial results of ProGold from such calculations and
ratios).

 

	
   

  	
  AMERICAN
  CRYSTAL SUGAR COMPANY

  (“Company”)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    Authorized
  Signature

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    Title

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    Date

  

 

 

Exhibit F

 

Commitment and Acceptance

 

To be provided

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