AMERICAN CRYSTAL SUGAR CO /MN/
EX-10.27
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<TYPE>EX-10.27
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<FILENAME>j4315_ex10d27.htm
<DESCRIPTION>EX-10.27
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<title>MLA No</title>



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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit

10.27</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MLA No. Z269</font></p>



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<h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MASTER LOAN AGREEMENT</font></b></h1>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS MASTER LOAN AGREEMENT</font></b><font size="2" style="font-size:10.0pt;"> is entered into as of March 31, 2000,

between <b><font style="font-weight:bold;">CoBANK,&nbsp;ACB</font></b>&#160; (&#147;CoBank&#148;, successor by merger to the St.

Paul Bank for Cooperatives) and <b><font style="font-weight:bold;">AMERICAN CRYSTAL SUGAR COMPANY</font></b>, Moorhead,

Minnesota&#160; (the &#147;Company&#148;).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">BACKGROUND</font></b></h1>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March 5, 1999,

the St. Paul Bank for Cooperatives (&#147;SPB&#148;) entered into a Seasonal Loan

Agreement (the &#147;Seasonal Loan Agreement&#148;) and a Term Loan Agreement (the &#147;Term

Loan Agreement&#148;) (collectively, the &#147;Existing Loan Agreements&#148;) with the

Company.&#160; Under the Seasonal Loan

Agreement, SPB made various seasonal loans to the Company, each of which was

evidenced by a promissory note.&#160; Under the

Term Loan Agreement, SPB made various term loans, each of which was also evidenced

by a promissory note.&#160; Subsequently, SPB

merged with and into CoBank.&#160; CoBank and

the Company now desire to amend and restate the Existing Loan Agreements and

consolidate the Existing Loan Agreements into this Master Loan Agreement.&#160; CoBank and the Company also desire to amend

and restate the promissory notes evidencing the seasonal loans and term loans

made pursuant to the Existing Loan Agreements by entering into various

Supplements in place of the promissory notes.&#160;

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.&#160; Each loan will be

governed by the terms and conditions contained in this Master Loan Agreement

and in the Supplement relating to the loan.&#160;

Collateral securing loans made pursuant to the Existing Loan Agreements

shall continue to secure those same loans, all as now evidenced by various

Supplements, to the same extent as provided for in the Existing Loan Agreements

and any security agreements (including, without limitation, mortgages and deeds

of trust) entered into in connection therewith.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1.&#160;&#160; Supplements.&#160; </font></b><font size="2" style="font-size:10.0pt;">In addition to those Supplements entered

into to amend and restate the promissory notes executed in connection with the

Existing Loan Agreements, the parties may enter into other Supplements in order

to evidence new loans that CoBank may make to the Company.&#160; 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.&#160;

Each loan will be governed by the terms and conditions contained in this

Master Loan Agreement and in the Supplement relating to the loan.</font></p>



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<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 2.&#160;&#160; Availability.&#160; </font></b><font size="2" style="font-size:10.0pt;">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.&#160;

Requests for loans must be received no later than 12:00 noon Company&#146;s

local time on the date the loan is desired.&#160;

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.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 3.&#160;&#160; Repayment.&#160; </font></b>The

Company&#146;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.&#160; 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.&#160; All payments

shall be made by wire transfer of</p>



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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">immediately available funds or by check.&#160; Wire transfers shall be made to ABA No.&nbsp;307088754 for advice

to and credit of CoBANK (or to such other account as CoBank may direct by

notice).&#160; The Company shall give CoBank

telephonic notice no later than 12:00 noon Company&#146;s local time of its intent

to pay by wire and funds received after 3:00 p.m. Company&#146;s local time shall be

credited on the next business day.&#160;

Checks shall be mailed to CoBank, Department 167, Denver, Colorado,

80291&#150;0167 (or to such other place as CoBank may direct by notice).&#160; Credit for payment by check will not be

given until the latter of: (a) the day on which CoBank receives immediately

available funds; or (b) the next business day after receipt of the check.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 4.&#160;&#160; Capitalization.&#160; </font></b>The

Company agrees to purchase such equity in CoBank as CoBank may from time to

time require in accordance with its Bylaws.&#160;

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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 5.&#160;&#160; Security. </font></b>The Company&#146;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.&#160; This security shall be in

addition to any other security that may otherwise be required or provided.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 6.&#160;&#160; Conditions Precedent.</font></b></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160; Conditions

to Initial Supplement.&#160; </font></b>CoBank&#146;s

obligation to extend credit under the initial Supplement hereto is subject to

the conditions precedent that CoBank receive, in form and substance

satisfactory to CoBank, each of the following:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(i)&#160;&#160;&#160;&#160;&#160; This

Agreement, Etc.&#160; </font></b>A

duly executed copy of this agreement and all instruments and documents

contemplated hereby.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)&#160;&#160;&#160;&#160; Opinion

of Counsel.&#160; </font></b>A

favorable opinion from the Company&#146;s counsel addressed to CoBank covering each

matter as CoBank may reasonably require.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iii)&#160;&#160;&#160; Evidence

of Authority.&#160; </font></b>Such

certified board resolutions, evidence 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160; Conditions

to Each Supplement.&#160; </font></b>CoBank&#146;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:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(i)&#160;&#160;&#160;&#160;&#160; Supplement.&#160; </font></b>A duly executed copy of

the Supplement and all instruments and documents contemplated thereby.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)&#160;&#160;&#160;&#160; Fees

and Other Charges. </font></b>&#160;All fees and other charges specifically permitted by this Master

Loan Agreement or the Supplements, as well as reasonable expenses for outside

counsel.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iii)&#160;&#160;&#160; Evidence

of Perfection, Etc.&#160; </font></b>Such

evidence as CoBank may require that CoBank has a duly perfected first priority

lien on all security for the Company&#146;s obligations, and that the Company is in

compliance with Section 8(D) hereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C)&#160;&#160;&#160; Conditions

to Each Loan.&#160; </font></b>CoBank&#146;s

obligation under each Supplement to make any loan to the Company thereunder is

subject to the condition that no &#147;Event of Default&#148; (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 &#147;Potential Default&#148;), shall have

occurred and be continuing.</p>



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<p style="margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 7.&#160;&#160; Representations and Warranties.</font></b></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160; This

Agreement.&#160; </font></b>The

Company represents and warrants to CoBank that as of the date of this

Agreement:</p>



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<p style="margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(<b><font style="font-weight:bold;">i)&#160;&#160;&#160;&#160;&#160; Compliance.&#160; </font></b>The Company is in compliance with all of the terms of

this agreement, and no Event of Default or Potential Default exists hereunder.</font></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160; Each

Supplement.&#160; </font></b>The

execution by the Company of each Supplement hereto shall constitute a

representation and warranty to CoBank that:</p>



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<p style="margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(<b><font style="font-weight:bold;">i)&#160;&#160;&#160;&#160;&#160; Applications.&#160; </font></b>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.</font></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)&#160;&#160;&#160;&#160; Conflicting

Agreements, Etc.&#160; </font></b>This

agreement, the Supplements, and all security and other instruments and

documents relating hereto and thereto (collectively, at any time, the &#147;Loan

Documents&#148;),&#160; 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&#146;s bylaws, articles of incorporation,

or other organizational documents.</p>



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<p style="margin:0in 0in .0001pt;text-indent:.8in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(<b><font style="font-weight:bold;">iii)&#160;&#160;&#160; Compliance.&#160;

</font></b>The Company is in compliance with all of the terms of the

Loan Documents (including, without limitation, Section 8(A) of this agreement

on eligibility to borrow from CoBank).</font></p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iv)&#160;&#160;&#160;&#160; Binding

Agreement.&#160; </font></b>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&#146; rights generally.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 8.&#160;&#160; Affirmative Covenants.&#160; </font></b>Unless

otherwise agreed to in writing by CoBank, while this agreement is in effect,

the Company agrees to:</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160;&#160;&#160; Eligibility.&#160; </font></b>Maintain its status as an

entity eligible to borrow from CoBank.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160;&#160;&#160; Corporate

Existence, Licenses. Etc.&#160; </font></b>(i)

Preserve and keep in full force and effect its existence and good standing in

the jurisdiction of its incorporation or formation; (ii) qualify and remain

qualified to transact business in all jurisdictions where such qualification is

required; and (iii) obtain and maintain all licenses, certificates, permits,

authorizations, approvals, and the like which are material to the conduct of

its business or required by law, rule, regulation, ordinance, code, order, and

the like (collectively, &#147;Laws&#148;).</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C)&#160;&#160;&#160; Compliance

with Laws. </font></b>&#160;Comply in

all material respects with all applicable Laws, including, without limitation,

all Laws relating to environmental protection and any patron or member

investment program that it may have.&#160; In

addition, the Company agrees to cause all persons occupying or present on any

of its properties to comply in all material respects with all environmental

protection Laws.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(D)&#160;&#160;&#160; Insurance.&#160; </font></b>Maintain insurance with

insurance companies or associations acceptable to CoBank in such amounts and

covering such risks as are usually carried by companies engaged in the same or

similar business and similarly situated, and make such increases in the type or

amount of coverage as CoBank may request.&#160;

All such policies insuring any collateral for the Company&#146;s obligations

to CoBank shall have mortgagee or lender loss payable clauses or endorsements

in form and content acceptable to CoBank.&#160;

At CoBank&#146;s request, all policies (or such other proof of compliance

with this Subsection as may be satisfactory to CoBank) shall be delivered to

CoBank.</p>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(E)&#160;&#160;&#160;&#160; Property

Maintenance.&#160; </font></b>Maintain

all of its property that is necessary to or useful in the proper conduct of its

business in good working condition, ordinary wear and tear excepted.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(F)&#160;&#160;&#160;&#160; Books

and Records.&#160; </font></b>Keep

adequate records and books of account in which complete entries will be made in

accordance with generally accepted accounting principles (&#147;GAAP&#148;) consistently

applied.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(G)&#160;&#160;&#160; Inspection.&#160; </font></b>Permit CoBank or its

agents, upon reasonable notice and during normal business hours or at such

other times as the parties may agree, to examine its properties, books, and

records, and to discuss its affairs, finances, and accounts, with its

respective officers, directors, employees, and independent certified public

accountants.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(H)&#160;&#160;&#160; Reports

and Notices.&#160; </font></b>Furnish

to CoBank:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(i)&#160;&#160;&#160;&#160;&#160; Annual

Financial Statements.&#160; </font></b>As

soon as available, but in no event more than 120 days after the end of each

fiscal year of the Company occurring during the term hereof, annual financial

statements of the Company prepared in accordance with GAAP consistently

applied.&#160; Such financial statements

shall:&#160; (a) be audited by independent

certified public accountants selected by the Company and acceptable to CoBank;

(b) be accompanied by a report of such accountants containing an opinion

thereon acceptable to CoBank; (c) be prepared in reasonable detail and in

comparative form; and (d)&nbsp;include a balance sheet, a statement of income,

a statement of retained earnings, a statement of cash flows, and all notes and

schedules relating thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)&#160;&#160;&#160;&#160; Interim

Financial Statements. </font></b>As soon as available, but in no event

more than 5 days after the filing with the Securities Exchange Commission,

after the end of each quarter, a balance sheet of the Company as of the end of

such fiscal quarter, a statement of income for the Company for such period and

for the period year to date, and such other interim statements as CoBank may

specifically request, all prepared in reasonable detail and in comparative form

in accordance with GAAP consistently applied.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iii)&#160;&#160;&#160; Annual

Budgets. </font></b>As soon as available, but in no event more than&#160; 60 days after the end of any fiscal year of

the Company occurring during the term hereof, copies of the Company&#146;s annual

budgets and forecasts of operations.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iv)&#160;&#160;&#160;&#160; Capital

Expenditures Budget:</font></b>  <font style="letter-spacing:-.1pt;">The

Company will furnish an annual capital expenditure budget, within 60 days after

the end of each fiscal year.&#160; The

Company will also furnish a revised budget if increases over the original

capital expenditure budget are approved by the board of directors.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(v)&#160;&#160;&#160;&#160;&#160; Notice

of Default.&#160; </font></b>Promptly

after becoming aware thereof, notice of the occurrence of an Event of Default

or a Potential Default.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(vi)&#160;&#160;&#160;&#160; Notice

of Non-Environmental Litigation.&#160; </font></b>Promptly

after the commencement thereof, notice of the commencement of all actions,

suits, or proceedings before any court, arbitrator, or governmental department,

commission, board, bureau, agency, or instrumentality affecting the Company

which, if determined adversely to the Company, could have a material adverse

effect on the financial condition, properties, profits, or operations of the

Company.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(vii)&#160;&#160; Notice

of Environmental Litigation, Etc.&#160; </font></b>Promptly

after receipt thereof, notice of the receipt of all pleadings, orders,

complaints, indictments, or any other communication alleging a condition that

may require the Company to undertake or to contribute to a cleanup or other

response under environmental Laws, or which seek penalties, damages, injunctive

relief, or criminal sanctions related to alleged violations of such Laws, or

which claim personal injury or property damage to any person as a result of

environmental factors or conditions.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(viii)&#160; Bylaws and Articles.</font></b>&#160; Promptly after any change in the Company&#146;s bylaws or articles of

incorporation (or like documents), copies of all such changes, certified by the

Company&#146;s Secretary.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ix)&#160;&#160;&#160; Other

Information.&#160; </font></b>Such

other information regarding the condition or operations, financial or

otherwise, of the Company as CoBank may from time to time reasonably request,

including but not limited to copies of all pleadings, notices, and

communications referred to in Subsections 8(H)(vi) and (vii) above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(x)&#160;&#160;&#160;&#160;&#160; <font style="letter-spacing:-.1pt;">Officer Certificate.</font></font></b><font style="letter-spacing:-.1pt;">&#160; A

quarterly officers certificate within 45 days of each fiscal quarter end, in a

form acceptable to CoBank, certified by an officer of the Company, that

measures compliance with Minimum Net Working Capital; Long Term Debt Coverage

and Long Term Debt to Capitalization.&#160;

(Section 10 (A) &amp; (B) &amp; (C)).</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(I)&#160;&#160;&#160;&#160;&#160; <font style="letter-spacing:-.1pt;">Grower

Agreements. </font></font></b><font size="2" style="font-size:10.0pt;letter-spacing:-.1pt;">&#160;The Company shall

abide by the terms and conditions of its member grower agreements; make no

material amendments or changes to the agreements without the written consent of

the Bank; and extend the agreements for an additional five years when the

current contracts expire.</font></p>



<p align="left" style="color:blue;font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></b></p>



<p align="left" style="color:blue;font-weight:bold;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(J)&#160;&#160;&#160;&#160; Crystech,

L.L.C. (&#147;Crystech&#148;).&#160; </font></b><font size="2" color="black" style="color:windowtext;font-size:10.0pt;font-weight:normal;">Cause to be furnished to CoBank:</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(i)&#160;&#160;&#160;&#160;&#160; </font></b>Annual

Financial Statements. <b><font style="font-weight:bold;">&#160;</font></b>As

soon as available, but in no event more than 120 days after the end of each

fiscal year of Crystech occurring during the term hereof, annual financial

statements of Crystech prepared in accordance with GAAP consistently

applied.&#160; Such financial statements

shall:&#160; (a) be audited by independent

certified public accountants selected by Crystech and acceptable to CoBank; (b)

be accompanied by a report of such accountants containing an opinion thereon

acceptable to CoBank; (c) be prepared in reasonable detail and in comparative

form; and (d)&nbsp;include a balance sheet, a statement of income, a statement

of retained earnings, a statement of cash flows, and all notes and schedules

relating thereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)&#160;&#160;&#160;&#160; </font></b>Interim

Financial Statements.<b><font style="font-weight:bold;">&#160; </font></b>As

soon as available, but in no event more than 60 days after the end of each

quarter, a balance sheet of Crystech as of the end of such fiscal quarter, a

statement of income for Crystech for such period and for the period year to

date, and such other interim statements</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as CoBank may specifically request, all prepared in reasonable detail

and in comparative form in accordance with GAAP consistently applied.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iii)&#160;&#160;&#160; </font></b>Examinations.

<b><font style="font-weight:bold;">&#160;</font></b>Such examination of Crystech&#146;s

books and records as CoBank may reasonably request.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(K)&#160;&#160;&#160; Annual

Paydown.&#160; </font></b>The Company

will paydown all short term loans to $80,000,000 or less for a period of 30

consecutive days during the calendar year.&#160;

Total short term loans includes the seasonal loans, Commodity Credit

Corporation loans, commercial paper, overdraft loans with original maturity

dates of one year or less. &#160;Total short

term loans excludes current maturities of long term debt.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 9.&#160;&#160; Negative Covenants.&#160; </font></b>Unless

otherwise agreed to in writing by CoBank, while this agreement is in effect the

Company will not:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160; Borrowings.

</font></b>&#160;Create, incur,

assume, or allow to exist, directly or indirectly, any indebtedness or

liability for borrowed money (including trade or bankers&#146; acceptances), letters

of credit, or the deferred purchase price of property or services (including

capitalized leases), except for:&#160; (i) debt

to CoBank; (ii)&nbsp;accounts payable to trade creditors incurred in the

ordinary course of business; (iii) current operating liabilities (other than

for borrowed money) incurred in the ordinary course of business; and (iv)

permitted borrowings identified on Attachment A.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160; Liens.&#160; </font></b>Create, incur, assume, or

allow to exist any mortgage, deed of trust, pledge, lien (including the lien of

an attachment, judgment, or execution), security interest, or other encumbrance

of any kind upon any of its property, real or personal (collectively,

&#147;Liens&#148;).&#160; The foregoing restrictions

shall not apply to:&#160; (i) Liens in favor

of CoBank; (ii) Liens for taxes, assessments, or governmental charges that are

not past due; (iii) Liens and deposits under workers&#146; compensation, unemployment

insurance, and social security Laws; (iv)&nbsp;Liens and deposits to secure the

performance of bids, tenders, contracts (other than contracts for the payment

of money), and like obligations arising in the ordinary course of business as

conducted on the date hereof; (v) Liens imposed by Law in favor of mechanics,

materialmen, warehousemen, and like persons that secure obligations that are

not past due or that are being contested in good faith by the Company; and

(vi)&nbsp;easements, rights-of-way, restrictions, and other similar

encumbrances which, in the aggregate, do not materially interfere with the

occupation, use, and enjoyment of the property or assets encumbered thereby in

the normal course of its business or materially impair the value of the property

subject thereto except for the permitted liens identified on Attachment B,

without the prior written consent of the Bank.&#160;

In addition, the Company agrees that it will not agree to a negative

pledge with any other lender or third party.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C)&#160;&#160;&#160; Mergers,

Acquisitions, Etc.&#160; </font></b>Merge

or consolidate with any other entity or acquire all or a material part of the

assets of any person or entity, or form or create any new subsidiary or

affiliate, or commence operations under any other name, organization, or

entity, including any joint venture.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(D)&#160;&#160;&#160; Transfer

of Assets.&#160; </font></b>Sell,

transfer, lease, or otherwise dispose of any of its assets, except in the

ordinary course of business.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(E)&#160;&#160;&#160;&#160; Loans.&#160; </font></b>Lend or advance money,

credit, or property to any person or entity, except for trade credit extended

in the ordinary course of business and certain inter-company loans made

pursuant to Intercompany Loan/Security Agreement dated August 31, 1997 and

successor agreements.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(F)&#160;&#160;&#160;&#160; Contingent

Liabilities.&#160; </font></b>Assume,

guarantee, become liable as a surety, endorse, contingently agree to purchase,

or otherwise be or become liable, directly or indirectly (including, but not</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



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</font></div>



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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">limited to, by means of a maintenance agreement, an asset or stock

purchase agreement, or any other agreement designed to ensure any creditor

against loss), for or on account of the obligation of any person or entity,

except by the endorsement of negotiable instruments for deposit or collection

or similar transactions in the ordinary course of the Company&#146;s business and

except for any liability on account of a guaranty of indebtedness of Midwest

Agri Commodities.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(G)&#160;&#160;&#160; Change

in Business.&#160; </font></b>Engage

in any business activities or operations substantially different from or

unrelated to the Company&#146;s present business activities or operations.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 10.&#160; Financial Covenants.&#160; </font></b>Unless

otherwise agreed to in writing, while this agreement is in effect:</p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">(A)&#160;&#160;&#160; Minimum Net Working Capital</font></b><font style="letter-spacing:-.1pt;">. The Company shall maintain minimum at all times

and measured as of the end of each Fiscal Quarter a ratio of Current Assets

less Current Liabilities of not less than $35,000,000.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160; Long

Term Debt to Capitalization.&#160; </font></b>&#160;The Company shall maintain at all times and

measured as of the end of each Fiscal Quarter a ratio of Long Term Debt divided

by the sum of Long Term Debt plus Equity of no greater than fifty-five percent

(55%).</p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C)&#160;&#160;&#160; <font style="letter-spacing:-.1pt;">Long Term Debt Coverage.</font></font></b><font style="letter-spacing:-.1pt;"> The Company shall maintain at all times and

measured as of the end of each Fiscal Quarter a ratio of Long Term Debt to

Average Net Funds Generated during the most recent three Fiscal Years of not

greater than six (6) times.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(D)&#160;&#160;&#160; Definitions.&#160; </font></b>For purposes of this

Section 10 and this Master Loan Agreement, the following terms shall be defined

as follows:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(i)&#160;&#160;&#160;&#160;&#160; Average

Net Funds Generated. </font></b>Average Net Funds Generated is the sum

of the following for the most recent three fiscal years divided by three (3).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Add: </font></b>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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Minus: </font></b>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&#146; investment retirements.</p>



<p style="margin:0in 0in .0001pt 35.1pt;page-break-after:avoid;text-indent:-35.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ii)&#160;&#160;&#160;&#160; Borrowing

Base. </font></b>A maximum dollar amount available to the Borrower under

the terms of the Commitment (as set forth in a Supplement) as determined on the

basis of the most recent Borrowing Base Certificate.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iii)&#160;&#160;&#160; Borrowing

Base Certificate. </font></b>A certification of the value of specified

assets of the Borrower used in computing the Borrowing Base.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(iv)&#160;&#160;&#160;&#160; Capitalization.

</font></b>The sum of long term debt plus equity as determined in

accordance with GAAP.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(v)&#160;&#160;&#160;&#160;&#160; Current

Assets. </font></b>The current assets of the Borrower as measured in

accordance with GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(vi)&#160;&#160;&#160;&#160; Current

Liability. </font></b>The current liabilities of the Borrower as

measured in accordance with GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(vii)&#160;&#160; Depreciation.

</font></b>Total depreciation of the Borrower as measured in accordance

with GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(viii)&#160; Debt. </font></b>Debt means as to any Person: (a)

indebtedness or liability of such Person for borrowed money, or for the

deferred purchase price of property or services; (b) obligations of such Person

as lessee under capital leases; (c) obligations of such Person arising under

bankers&#146; or trade acceptance facilities; (d) all guarantees, endorsements

(other than for collection or deposit in the ordinary course of business), and

other contingent obligations of such Person to purchase any of the items

included in this definition, to provide funds for payment, to supply funds to

invest in any other Person, or otherwise to assure a creditor of another Person

against loss; (e) all obligations secured by a lien on property owned by such

Person, whether or not the obligations have been assumed; and (f) all

obligations of such Person under any agreement providing for an interest rate

swap, cap, cap and floor, contingent participation or other hedging mechanisms

with respect to interest payable on any of the items described in this

definition.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(ix)&#160;&#160;&#160; Equity.

</font></b>Total equity of the Borrower as measured in accordance with

GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(x)&#160;&#160;&#160;&#160;&#160; Fiscal

Quarter. </font></b>Each three (3) month period beginning on the first

day of each of the following months: September, December, March and June.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xi)&#160;&#160;&#160; Fiscal

Year. </font></b>A year commencing on September 1 and ending on August

31.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xii)&#160;&#160; GAAP.

</font></b>Generally accepted accounting principles in effect from time

to time.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xiii)&#160; Interest Expense. </font></b>Current cost of borrowing funds

that is shown as a financial expense in the income statement and as measured in

accordance with GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xiv)&#160;&#160; Long

Term Debt. </font></b>The long term debt (excluding current maturities)

as determined in accordance with GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xv)&#160;&#160;&#160; Net

Realizable Value. </font></b>The expected selling price of an inventory

item less expected costs to complete and dispose, as determined in accordance

with GAAP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xvi)&#160;&#160; Net

Working Capital. </font></b>Shall mean the Total Current Assets minus the

Total Current Liabilities of the Borrower as determined in accordance with GAAP

accounting principles, consistently applied.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xvii) Person. </font></b>Person shall mean any individual, sole

proprietorship, partnership, joint venture, trust, unincorporated organization,

association, corporation, limited liability company, cooperative association,

institution, entity, party or government (whether national, federal, state,

provincial, country, city, municipal or otherwise, including without

limitation, and instrumentality, division, agency, body or department thereof).</p>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>





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</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.8in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(xviii) Subsidiary. </font></b>Subsidiary shall mean

with respect to any Person: (a) any corporation in which such Person, directly

or indirectly, (i) owns more than fifty percent (50%) of the outstanding stock

thereof, or (ii) has the power under ordinary circumstances to elect at least a

majority of the directors thereof, or (b) any partnership, association, joint

venture, limited liability company, or other unincorporated organization or

entity with respect to which such Person, directly or indirectly, owns an

equity interest in an amount sufficient to control the management thereof.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 11.&#160; Events of Default.&#160; </font></b>Each

of the following shall constitute an &#147;Event of Default&#148; under this agreement:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160; Payment

Default.&#160; </font></b>The Company

should fail to make any payment to, or to purchase any equity in, CoBank when

due.&#160; Any payment received by CoBank

after its due date shall not be subject to an increase in the interest rate, as

provided for in Section 12 below, if the Company is not responsible for the

payment delay.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160; Representations

and Warranties.&#160; </font></b>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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C)&#160;&#160;&#160; Certain

Affirmative Covenants.&#160; </font></b>The

Company should fail to perform or comply with Sections 8(A) through 8(H)(ii),

8(H)(viii), or any reporting covenant set forth in any Supplement hereto, and

such failure continues for 15 days after written notice thereof shall have been

delivered by CoBank to the Company.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(D)&#160;&#160;&#160; Other

Covenants and Agreements.&#160; </font></b>The

Company 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(E)&#160;&#160;&#160;&#160; Cross-Default.&#160; </font></b>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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(F)&#160;&#160;&#160;&#160; Other

Indebtedness.&#160; </font></b>The

Company 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(G)&#160;&#160;&#160; Judgments.

</font></b>&#160;A judgment, decree,

or order for the payment of money shall be rendered against the Company in an

amount which, if enforced, would have a material adverse effect on the

financial condition, profits or operations of the Compay, or a Lien prohibited

under Section 9(B) hereof shall have been obtained and shall continue in effect

for a period of 20 consecutive days without being discharged, satisfied, or

stayed pending appeal.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(H)&#160;&#160;&#160; Insolvency,

Etc.&#160; </font></b>The Company

shall:&#160; (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)&nbsp;suspend its business

operations or a material part thereof or make an assignment for the benefit of

creditors; or (iii)&nbsp;apply for, consent to, or acquiesce in the appointment

of a trustee, receiver, or other custodian for it</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(I)&#160;&#160;&#160;&#160;&#160; Material

Adverse Change.&#160; </font></b>Any

material adverse change occurs, as reasonably determined by CoBank, in the

Company&#146;s financial condition, results of operation, or ability to perform its

obligations hereunder or under any instrument or document contemplated hereby.</p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(J)&#160;&#160;&#160;&#160; <font style="letter-spacing:-.1pt;">Guaranties.</font></font></b><font style="letter-spacing:-.1pt;"> The Company&#146;s agreement to guaranty, assume, or

provide surety of other entities&#146; financial obligations shall not exceed an

aggregate amount greater than 10% of the Company&#146;s net worth, without the

Bank&#146;s prior written consent.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 12.&#160; Remedies.&#160; </font></b>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.&#160; CoBank shall promptly notify the Company

subsequent to any action to discontinue extending credit to the Company.&#160; 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.&#160; 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.&#160; In

addition, upon such an acceleration:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160; Enforcement.&#160; </font></b>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.&#160; 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.&#160; Without limiting the

foregoing, CoBank may hold and/or set off and apply against the Company&#146;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&#146;s account

(whether or not such balances are then due).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160; Application

of Funds. </font></b>&#160;CoBank may

apply all payments received by it to the Company&#146;s obligations to CoBank in

such order and manner as CoBank may elect in its sole discretion.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the

rights and remedies set forth above:&#160;

(i)&nbsp;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&#146;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)&nbsp;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.&#160; All interest provided for herein shall be

payable on demand and shall be calculated on the basis of a year consisting of

360 days.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>





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</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 13.&#160; Broken Funding Surcharge.&#160;

</font></b>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 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 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.&#160;

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.&#160; 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).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 14.&#160; Complete Agreement, Amendments.&#160;

</font></b>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.&#160; 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.&#160; In

the event this agreement is amended or restated, each such amendment or

restatement shall be applicable to all Supplements hereto.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 15.&#160; Other Types of Credit. </font></b>&#160;From time to time, CoBank may issue letters

of credit or extend other types of credit to or for the account of the

Company.&#160; 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 16.&#160; Applicable Law.&#160; </font></b>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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 17.&#160; Notices.&#160; </font></b>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 3 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):</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.62%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to CoBank, as follows:</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CoBank, ACB</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Finance</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P.O. Box 5110</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Denver, Colorado 80217 &#151; Fax # (303) 694-5830</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.68%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company, as follows:</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Crystal Sugar Company</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ATTN: Treasurer</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101 North 3<sup>rd</sup> Street, Moorhead, Minnesota

  56560</font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FAX#:&#160; (218)

  236-4702</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 18.&#160; Taxes and Expenses.&#160; </font></b>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 by CoBank) incurred by 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&#146;s obligations to CoBank, and any stamp, intangible,

transfer, or like tax payable in connection with this agreement or any other

Loan Document.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 19.&#160; Effectiveness and Severability.&#160;

</font></b>This agreement shall continue in effect until:&#160; (i)&nbsp;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.&#160; 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 20.&#160; Successors and Assigns.&#160; </font></b>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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 21.</font></b>&#160; <b><font style="font-weight:bold;">Participations. </font></b>&#160;&#160;From time to time, CoBank may sell to one or more banks or other

financial institutions a participation in one or more of the loans or other

extensions of credit made pursuant to this agreement.&#160; However, no such participation shall relieve CoBank of any

commitment made to the Company under any Supplement hereto.&#160; In connection with the foregoing, CoBank may

disclose information concerning the Company&#160;

to any participant or prospective participant, provided that such

participant or prospective participant agrees to keep such information confidential.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b>,

the parties have caused this agreement to be executed by their duly authorized

officers as of the date shown above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="57%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:57.42%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CoBANK,

  ACB</font></b></p>

  </td>

  <td width="42%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:42.58%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN

  CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="57%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:57.42%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="42%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:42.58%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By</font></p>

  </td>

  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:22.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Casey Garten</font></p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.68%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.26%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sam Wai</font></p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="37%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:37.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>

  </td>

  <td width="22%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:22.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt 0in .7pt;width:30.68%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.5%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.26%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>

  </td>

  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.82%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='12',FILE='C:\C2\ctaft\4315_1\t_692731\j4315_ex10d27.htm',USER='ctaft',CD='Jul 12 09:34 2002' -->
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">No. </font></b>Z269A</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDMENT</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS AMENDMENT</font></b> is entered into as of March

28, 2001<i><font style="font-style:italic;">,</font></i>

between <b><font style="font-weight:bold;">CoBANK,

ACB</font></b> (&#147;CoBank&#148;) and <b><font style="font-weight:bold;">AMERICAN CRYSTAL SUGAR COMPANY</font></b>, Moorhead,

Minnesota (the &#147;Company&#148;).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BACKGROUND</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CoBank and the Company are parties to a Master Loan

Agreement dated March 31, 2000<i><font style="font-style:italic;">,</font></i> (such agreement, as previously amended,

is hereinafter referred to as the &#147;MLA&#148;).&#160;

CoBank and the Company now desire to amend the MLA.&#160; For that reason, and for valuable consideration

(the receipt and sufficiency of which are hereby acknowledged), CoBank and the

Company agree as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 10(A) of

the MLA is hereby amended and restated to read as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">(A)</font></b><font size="2" style="font-size:10.0pt;letter-spacing:-.1pt;">&#160;

<b><font style="font-weight:bold;">Minimum

Net Working Capital</font></b>. </font><font size="2" style="font-size:10.0pt;">(1) have at the end of each fiscal quarter, other than

fiscal year end, an excess of current assets over current liabilities (both as

determined in accordance with GAAP consistently applied) of not less than

$15,000,000.00 and (2) have at then end of each fiscal year, an excess of

current assets over current liabilities (both as determined in accordance with

GAAP consistently applied) of not less than $35,000,000.00.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth

in this amendment, the MLA shall continue in full force and effect as written.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b>, the parties have caused

this amendment to be executed by their duly authorized officers as of the date

shown above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="58%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:58.36%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CoBANK,

  ACB</font></b></p>

  </td>

  <td width="41%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:41.64%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN

  CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:26.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Casey Garten</font></p>

  </td>

  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.04%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sam Wai</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.62%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.58%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="top" style="padding:0in .7pt 0in .7pt;width:28.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:26.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>

  </td>

  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.04%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="28%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.04%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan No. Z269T01B</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REVOLVING

TERM LOAN SUPPLEMENT</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 2.9pt .0001pt 0in;text-indent:35.75pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.05pt;">THIS SUPPLEMENT </font></b><font color="black" style="color:black;letter-spacing:.05pt;">to the

Master Loan Agreement dated March 31, 2000 (the &#147;MLA&#148;), is entered into as of

March 27, 2002, between <b><font style="font-weight:bold;">CoBANK, ACB </font></b>(&#147;CoBank&#148;)

and <b><font style="font-weight:bold;">AMERICAN CRYSTAL </font></b></font><b><font color="black" style="color:black;font-weight:bold;">SUGAR COMPANY, </font></b><font color="black" style="color:black;">Moorhead, Minnesota (the

&#147;Company&#148;), and amends and restates the Supplement <font style="letter-spacing:-.05pt;">dated March 28, 2001 and numbered Z269T01 A.</font></font></p>



<p style="background:white;margin:0in 1.7pt .0001pt .25pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.7pt .0001pt .25pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">SECTION

1. The Revolving Term Loan Commitment. </font></b><font color="black" style="color:black;letter-spacing:.3pt;">On the terms

and conditions set </font><font color="black" style="color:black;letter-spacing:.05pt;">forth in the MLA and this Supplement,

CoBank agrees to make loans to the Company during the period </font><font color="black" style="color:black;letter-spacing:.3pt;">set forth below in an aggregate principal amount not to exceed

$66,024,319.00 at any one time </font><font color="black" style="color:black;">outstanding (the &#147;Commitment&#148;).

Within the limits of the Commitment, the Company may borrow, repay <font style="letter-spacing:-.05pt;">and reborrow.</font></font></p>



<p style="background:white;margin:0in 1.2pt .0001pt .7pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.2pt .0001pt .7pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">SECTION

2. Purpose and Transfer. </font></b><font color="black" style="color:black;letter-spacing:.3pt;">The purpose

of the Commitment is to finance the </font><font color="black" style="color:black;letter-spacing:-.05pt;">operating

needs of the Company.</font></p>



<p style="background:white;margin:0in 1.2pt .0001pt .95pt;text-indent:36.25pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.2pt .0001pt .95pt;text-indent:36.25pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">SECTION 3. Term. </font></b><font color="black" style="color:black;">The term of the

Commitment shall be from the date hereof, up to but not including March 30,

2003, or such later date as CoBank may, in its sole discretion, authorize in

writing.</font></p>



<p style="background:white;margin:0in 1.2pt .0001pt .7pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.2pt .0001pt .7pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION

4. Interest. </font></b><font color="black" style="color:black;letter-spacing:.1pt;">The Company agrees to pay interest on

the unpaid balance of the loans </font><font color="black" style="color:black;">in accordance with one or more of

the following interest rate options, as selected by the Company:</font></p>



<p style="background:white;margin:0in 0in .0001pt .7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.35pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.35pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" style="color:black;font-weight:bold;letter-spacing:.25pt;">Variable Rate Option.&#160;&#160;

</font></b><font color="black" style="color:black;letter-spacing:.25pt;">At a rate per annum equal at all times

to the rate of interest </font><font color="black" style="color:black;letter-spacing:.35pt;">established by CoBank from time to

time as its National Variable Rate, which Rate is intended by </font><font color="black" style="color:black;">CoBank to be a

reference rate and not its lowest rate. The National Variable Rate will change

on the date <font style="letter-spacing:.3pt;">established by CoBank as the

effective date of any change therein and CoBank agrees to notify the </font>Company

promptly after any such change.</font></p>



<p style="background:white;margin:0in 0in .0001pt .7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.2pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.2pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" style="color:black;font-weight:bold;letter-spacing:.2pt;">Quoted Rate Option.&#160;&#160;&#160;

</font></b><font color="black" style="color:black;letter-spacing:.2pt;">At a fixed rate per annum to be quoted

by CoBank in its sole </font><font color="black" style="color:black;letter-spacing:.05pt;">discretion in each instance.&#160; Under this option, rates may be fixed on

such balances and for such periods </font><font color="black" style="color:black;">as may be agreeable to CoBank in

its sole discretion in each instance.</font></p>



<p style="background:white;margin:0in 0in .0001pt .7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.35pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.35pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" style="color:black;font-weight:bold;letter-spacing:.25pt;">LIBOR Option.&#160;&#160; </font></b><font color="black" style="color:black;letter-spacing:.25pt;">At a fixed rate equal to &#147;LIBOR&#148; (as hereinafter defined) plus the </font><font color="black" style="color:black;letter-spacing:.5pt;">Applicable LIBOR Margin per annum (as described in terms of basis points

(&#147;bps&#148;) in the chart </font><font color="black" style="color:black;letter-spacing:.25pt;">immediately set forth below).&#160;&#160; Under this option:&#160;&#160;&#160; (a) rates may be fixed for &#147;Interest

Periods&#148; (as hereinafter defined) of 1, 2, 3, or 6 months, or 1 year, as

selected by the Company; (b) the minimum </font><font color="black" style="color:black;letter-spacing:.15pt;">amount that

may be fixed at any one time shall be $2,000,000.00; and (c) rates may only be

fixed on a </font><font color="black" style="color:black;letter-spacing:.3pt;">&#147;Banking Day&#148; (as hereinafter defined)

or, at the option of the Company, on 2 Banking Days&#146; prior </font><font color="black" style="color:black;letter-spacing:.1pt;">notice.&#160; For purposes hereof: (i)

&#147;LIBOR&#148; shall mean the rate indicated by Telerate (rounded upward to the

nearest thousandth) as having been quoted by the British Bankers Association at

11:00 a.m. London </font><font color="black" style="color:black;letter-spacing:.05pt;">time on the date the Company elects to

fix a rate under this option for the offering of U.S. dollar deposits </font><font color="black" style="color:black;letter-spacing:.1pt;">in the London interbank market for the Interest Period designated by the

Company; (ii) &#147;Banking Day&#148; </font><font color="black" style="color:black;">shall mean a day on which CoBank

is open for business, dealings in U.S. dollar deposits are being carried <font style="letter-spacing:.25pt;">out in the London interbank market, and banks are

open for business in New York City and London, </font>England; and (iii)

&#147;Interest Period&#148; shall mean a period commencing on the day the Company elects

to fix <font style="letter-spacing:.2pt;">a rate under this option (or, at the option

of the Company, two Banking Days later) and ending on the </font><font style="letter-spacing:.05pt;">numerically corresponding day in the next calendar

month or the month that is 2, 3 or 6 months or 1 year </font>thereafter, as the

case may be; provided, however, that:&#160;

(x) in the event such ending day is not a Banking <font style="letter-spacing:.15pt;">Day, such period shall be extended to the next

Banking Day unless such next Banking Day falls in the</font></font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.15pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.15pt;">14</font></p>





<div style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.15pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">next calendar month, in which case it

shall end on the preceding Banking Day; and (y) if there is no </font><font color="black" style="color:black;">numerically

corresponding day in the month, then such period shall end on the last Banking

Day in the <font style="letter-spacing:-.1pt;">relevant month.</font></font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">LIBOR

MARGINS</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.2in;width:90.0%;">

 <tr>

  <td width="34%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.48%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">FIXED RATE <br>

  <font style="letter-spacing:.35pt;">PRODUCT</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.1pt;">INDEX</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.72%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">SPREAD OVER INDEX IN BASIS <br>

  POINTS (Applicable LIBOR Margin)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:34.48%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.4pt;">One Month</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:24.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.72%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.45pt;">&nbsp;</font></p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:34.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.45pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.45pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.48%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">Two Months</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.72%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.4pt;">&nbsp;</font></p>

  </td>

  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.4pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.4pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.48%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">Three Months</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.72%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.45pt;">&nbsp;</font></p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.45pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.45pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.48%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">Six Months</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.72%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

  </td>

  <td width="34%" valign="bottom" style="padding:0in 0in 0in 0in;width:34.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.4pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.48%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">One Year</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:24.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.72%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.82%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.4pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="background:white;margin:0in 1.7pt .0001pt 2.15pt;text-indent:36.25pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.15pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.7pt .0001pt 2.15pt;text-indent:36.25pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.15pt;">(D)

Treasury Option. </font></b><font color="black" style="color:black;letter-spacing:.15pt;">At a fixed rate equal to Applicable

Treasury Margin per annum (as described in terms of basis points (&#147;bps&#148;) in the

chart immediately set forth below) above the &#147;U.S. </font><font color="black" style="color:black;letter-spacing:.1pt;">Treasury Rate&#148; (as hereinafter defined). Under this option, balances of

$2,000,000.00 or more may be </font><font color="black" style="color:black;">fixed on or before for periods

ranging from two years to the final maturity date of the loan, as selected by <font style="letter-spacing:.05pt;">the Company. However, rates may not be fixed in

such a manner as to require the Company to have to </font>repay any fixed rate

balance prior to the last day of its fixed rate period in order to pay any

installment of <font style="letter-spacing:-.05pt;">principal. For purposes

hereof, the &#147;U.S. Treasury Rate&#148; shall mean the yield to maturity on U.S.

Treasury </font><font style="letter-spacing:.25pt;">instruments having the same

maturity date as the last day of the fixed rate period selected by the </font>Company,

as calculated from the bid price indicated by Telerate (page 5) at the time the

rate is fixed. If, however, no instrument is indicated for the maturity

selected, then the rate shall be interpolated based on the bid prices quoted

for the next longest and shortest maturities so indicated. In the event

Telerate ceases <font style="letter-spacing:.1pt;">to provide such quotations or

materially changes the form or substance of page 5 (as determined by </font><font style="letter-spacing:.05pt;">CoBank), then CoBank will notify the Company and

the parties hereto will agree upon a substitute basis </font>for obtaining such

quotations</font></p>



<p style="background:white;margin:0in 1.7pt .0001pt 2.15pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">TREASURY

MARGINS</font></b></p>



<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.2in;width:90.0%;">

 <tr>

  <td width="21%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">FIXED RATE <br>

  <font style="letter-spacing:.4pt;">PRODUCT</font></font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">INDEX</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.7%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">SPREAD OVER INDEX IN BASIS <br>

  POINTS (Applicable Treasury Margin)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:1.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Two Years</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">U.S.$ Constant Maturity<br>&#160;Treasury Rate (&#147;US$CMT&#148;)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Three Years</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.3pt;">&nbsp;</font></p>

  </td>

  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.3pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.3pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Four Years</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

  </td>

  <td width="35%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Five Years</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

  </td>

  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Seven Years</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.3pt;">USSCMT</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:.1pt;">&nbsp;</font></p>

  </td>

  <td width="35%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.1pt;">140 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:.1pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.35pt;">Ten Years</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.7%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

  </td>

  <td width="35%" valign="bottom" style="padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">140 bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="21%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Floor

  (Minimum) Rate (For Two to <font style="letter-spacing:.05pt;">Ten Year Fixed

  Rate </font>Products Only)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.36%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.35pt;">CoBank&#146;s cost of funds (as reasonablydeterminedby CoBank in its sole

  discretion)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:35.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.35pt;">105 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.3pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.3pt;">15</font></p>





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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt .25pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">The spread over all of the above

indices, including the Floor (Minimum) Rate, may increase or decrease </font><font color="black" style="color:black;letter-spacing:-.05pt;">for future fixed amounts based on the Company&#146;s previous fiscal

quarter&#146;s leverage ratio, as follows:</font></p>



<p style="background:white;margin:0in 0in .0001pt .25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;width:90.0%;">

 <tr>

  <td width="40%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.02%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">LEVERAGE RATIO (as </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.1pt;">defined below)</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:25.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.2pt;">INCREASE / DECREASE <br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">TO SPREAD</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:27.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.3pt;">CHANGE TO LIBOR and<br>&#160;TREASURY MARGINS <br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.2pt;">(IN BASIS POINTS)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="40%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:40.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">A. Equal to or

  greater than </font><font color="black" style="color:black;letter-spacing:-.25pt;">1.35:1.00</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:25.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Increase</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="27%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:27.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">20</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.02%;">

  <p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">B. Equal to or greater than <font style="letter-spacing:.05pt;">1.20:1.00, but less than </font><font style="letter-spacing:-.25pt;">1.35:1.00</font></font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:25.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">None</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="27%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:27.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">0</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="40%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:40.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">C. Less than 1.20:1.00, but </font><font color="black" style="color:black;letter-spacing:.1pt;">greater than or equal to </font><font color="black" style="color:black;letter-spacing:-.2pt;">1.00:1.00</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:25.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Decrease</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="27%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:27.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">10</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.02%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">D. Less than

  1.00:1.00</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="25%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:25.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Decrease</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="27%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:27.5%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">20</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



</div>



<p style="background:white;margin:0in 1.7pt .0001pt 2.15pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.7pt .0001pt 2.15pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">Leverage Ratio: </font></b><font color="black" style="color:black;letter-spacing:.1pt;">The Company will maintain a leverage ratio of not more than 1.50:1.0, and

attain a </font><font color="black" style="color:black;letter-spacing:.2pt;">leverage ratio of not more than 1.40:1.0 on

November 30, 2002. Leverage ratio is long term debt </font><font color="black" style="color:black;">(excluding

current maturities) calculated in accordance with GAAP plus or minus the

difference between actual working capital and minimum net working capital (as

defined in the MLA No. Z269, Section 10), divided by total members investments

plus the estimated unit retains.</font></p>



<p style="background:white;margin:0in 1.7pt .0001pt 2.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 2.4pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">The spread shall be adjusted quarterly

on the latter of either: (a) five business days after the Bank&#146;s receipt of </font><font color="black" style="color:black;letter-spacing:.05pt;">the Company&#146;s certification of compliance with the leverage ratio, or

(b) 30 days after the end of each </font><font color="black" style="color:black;letter-spacing:-.15pt;">calendar

quarter.</font></p>



<p style="background:white;margin:0in 0in .0001pt 2.65pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 2.65pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.1pt;">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 </font><font color="black" style="color:black;letter-spacing:-.05pt;">automatically

accrue at the variable rate option unless the amount fixed is repaid or fixed

for an additional </font><font color="black" style="color:black;letter-spacing:.05pt;">period in accordance with the terms

hereof. Notwithstanding the foregoing, unless CoBank otherwise </font><font color="black" style="color:black;letter-spacing:.15pt;">consents in its sole discretion in each instance, rates may not be fixed

for periods expiring after the </font><font color="black" style="color:black;letter-spacing:.1pt;">maturity date

of the loans. In the event CoBank so consents and the Commitment is not

renewed, then </font><font color="black" style="color:black;">each balance so fixed shall be due and payable on the last

day of its fixed rate period, and the promissory <font style="letter-spacing:.15pt;">note set forth below shall be deemed amended accordingly. All elections

provided for herein shall be made telephonically or in writing and must be

received by 12:00 noon Company&#146;s local time. Interest </font>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 quarterly in arrears by

the 20th day of the following month.</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 1.7pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.4pt;">SECTION 5. Promissory Note. </font></b><font color="black" style="color:black;letter-spacing:.4pt;">The Company promises to repay the </font><font color="black" style="color:black;letter-spacing:.05pt;">outstanding

in annual principal payments of $9,396,579.17 each due on or before December 3 </font><font color="black" style="color:black;">year through

December 31, 2008, and a final principal payment due on or before December 31,

2009. All <font style="letter-spacing:.05pt;">outstanding balances shall be

repaid by December 31, 2009. If any installment due date is not a day on </font><font style="letter-spacing:.1pt;">which CoBank is open for business, then such

payment shall be made on the next day on which CoBank </font><font style="letter-spacing:.2pt;">is open for business. In addition to the above, the

Company promises to pay interest on the unpaid </font><font style="letter-spacing:.05pt;">principal balance hereof at the times and in accordance with the

provisions set forth in Section 4 hereof.</font></font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">16</font></p>





<div style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='16',FILE='C:\C2\ctaft\4315_1\t_692731\j4315_ex10d27.htm',USER='ctaft',CD='Jul 12 09:34 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="background:white;margin:0in 4.1pt .0001pt .5pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.2pt;">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.</font></p>



<p style="background:white;margin:0in 2.4pt .0001pt .95pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.2pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 2.4pt .0001pt .95pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.2pt;">The Company shall be permitted to make

special payments, in a minimum amount of $388,500.00, on the </font><font color="black" style="color:black;letter-spacing:.25pt;">variable rate portion of this loan, when all short term financing,

including the Company&#146;s seasonal loans, Commodity Credit Corporation loans and

other short term loans have been zeroed out. These special </font><font color="black" style="color:black;letter-spacing:.35pt;">payments may be readvanced through the expiration date of the Commitment.

Reinstatement may be </font><font color="black" style="color:black;letter-spacing:.15pt;">denied and canceled at any time at the

option, of CoBank. The reinstatable commitments arising from such </font><font color="black" style="color:black;letter-spacing:.2pt;">special payments shall be subject to the Commitment Fee as described in

Section 8 below.</font></p>



<p style="background:white;margin:0in 2.4pt .0001pt .95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 1.7pt .0001pt 1.45pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.45pt;">SECTION

6. Prepayment. </font></b><font color="black" style="color:black;letter-spacing:.45pt;">The loans may be prepaid in whole or

in part on one CoBank </font><font color="black" style="color:black;letter-spacing:.25pt;">business day&#146;s prior written notice.

During the term of the Commitment, prepayments shall be applied to such

balances, fixed or variable, as the Company shall specify. After the expiration

of the term of the </font><font color="black" style="color:black;letter-spacing:.2pt;">Commitment, prepayments shall, unless

CoBank otherwise agrees, be applied to principal installments in the inverse

order of their maturity and to such balances, fixed or variable, as CoBank

shall specify.</font></p>



<p style="background:white;margin:0in 1.7pt .0001pt 1.45pt;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in .7pt .0001pt 1.7pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.35pt;">SECTION

7. Commitment Fee. </font></b><font color="black" style="color:black;letter-spacing:.35pt;">In consideration of the Commitment,

the Company agrees to </font><font color="black" style="color:black;letter-spacing:.3pt;">pay to CoBank a commitment fee on the

average daily unused portion of the Commitment at the rate of </font><font color="black" style="color:black;letter-spacing:.25pt;">20 basis points per annum (calculated on a 360 day basis), payable

quarterly in arrears by the 20th day following each calendar quarter. Such fee

shall be payable for each calendar quarter (or portion thereof) </font><font color="black" style="color:black;letter-spacing:.2pt;">occurring during the original or any extended term of the Commitment.</font></p>



<p style="background:white;margin:0in .7pt .0001pt 1.9pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.5pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in .7pt .0001pt 1.9pt;text-indent:36.95pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.5pt;">SECTION

8. Commitments Arising From Special Payments. </font></b><font color="black" style="color:black;letter-spacing:.5pt;">Commitments arising as a </font><font color="black" style="color:black;letter-spacing:.25pt;">result of

special payments described in Section <i><font style="font-style:italic;">5 </font></i>above

shall be subject to a commitment fee of 25 basis </font><font color="black" style="color:black;letter-spacing:.2pt;">points (0.25%) on an annualized basis, on the average daily commitment.

Any such fees incurred shall be payable on the last day of the calendar

quarter, in arrears, computed on the basis of a year of 360 days for </font><font color="black" style="color:black;letter-spacing:.25pt;">the actual number of days elapsed in which such reinstatable commitments

were outstanding.</font></p>



<p style="background:white;margin:0in .5pt .0001pt 2.15pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.35pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in .5pt .0001pt 2.15pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.35pt;">SECTION

9. Security. </font></b><font color="black" style="color:black;letter-spacing:.35pt;">In addition to any other security that

may otherwise be required or </font><font color="black" style="color:black;letter-spacing:.3pt;">provided, the

Company&#146;s obligations under this Supplement are secured by that Restated

Mortgage and </font><font color="black" style="color:black;letter-spacing:.25pt;">Security Agreement dated September 15,

1998, from American Crystal Sugar Company to St. Paul Bank for Cooperatives

(now known as CoBank as a result of merger), as Collateral Agent.</font></p>



<p style="background:white;margin:0in .25pt .0001pt 2.4pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.35pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in .25pt .0001pt 2.4pt;text-indent:36.7pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.35pt;">SECTION

10</font></b><font color="black" style="color:black;letter-spacing:.35pt;">. <b><font style="font-weight:bold;">Extension

Fee. </font></b>In consideration of extending the Commitment, the Company

agrees to pay to CoBank on the execution hereof, an extension fee in the amount

of $9,397.00, (10bp </font><font color="black" style="color:black;letter-spacing:.25pt;">based on 12/31/01 principal payment of

$9,396,579.00).</font></p>



<p style="background:white;margin:0in 0in .0001pt 2.4pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.2pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt 2.4pt;text-indent:36.5pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.2pt;">IN

WITNESS WHEREOF, </font></b><font color="black" style="color:black;letter-spacing:.2pt;">the parties have caused this Supplement

to be executed by their duly </font><font color="black" style="color:black;letter-spacing:.25pt;">authorized

officers as of the date shown above.</font></p>



<p style="background:white;margin:0in 0in .0001pt 2.4pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="49%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:49.98%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">CoBANK, ACB</font></b></p>

  </td>

  <td width="3%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:3.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:46.94%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">AMERICAN CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="49%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:49.98%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:3.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="46%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:46.94%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:5.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">By:</font></p>

  </td>

  <td width="44%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:44.78%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:3.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:5.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">By:</font></p>

  </td>

  <td width="41%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:41.76%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">/s/ Sam Wai</font></p>

  </td>

 </tr>

 <tr>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:5.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="44%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:44.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:3.08%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:5.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="41%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:41.76%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:5.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Title:</font></p>

  </td>

  <td width="44%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:44.78%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="3%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:3.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt 0in .7pt;width:5.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Title:</font></p>

  </td>

  <td width="41%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:41.76%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Treasurer</font></p>

  </td>

 </tr>

</table>



</div>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='17',FILE='C:\C2\ctaft\4315_1\t_692731\j4315_ex10d27.htm',USER='ctaft',CD='Jul 12 09:34 2002' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Loan No. Z269T01BNP</font></p>



<p style="background:white;margin:0in 0in .0001pt 125.5pt;text-indent:232.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">REVOLVING TERM LOAN

SUPPLEMENT</font></b></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.05pt;">THIS SUPPLEMENT </font></b><font color="black" style="color:black;letter-spacing:.05pt;">to the Master Loan Agreement dated March 31, 2000 (the &#147;MLA&#148;), is

entered into as of March 27, 2002, between <b><font style="font-weight:bold;">CoBANK,

ACB </font></b>(&#147;CoBank&#148;) and <b><font style="font-weight:bold;">AMERICAN

CRYSTAL </font></b></font><b><font color="black" style="color:black;font-weight:bold;">SUGAR C1OMPANY, </font></b><font color="black" style="color:black;">Moorhead,

Minnesota (the &#147;Company&#148;), and amends and restates the Supplement dated March

28, 2001 and number0ed Z269T01ANP.</font></p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">SECTION 1. The

Revolving Term Loan Commitment. </font></b><font color="black" style="color:black;letter-spacing:.3pt;">On the terms

and conditions set </font><font color="black" style="color:black;letter-spacing:.05pt;">forth in the MLA and this Supplement,

CoBank agrees to make loans to the Company during the period </font><font color="black" style="color:black;letter-spacing:.3pt;">set forth below in an aggregate principal amount not to exceed

$52,275,680.83 at any one time </font><font color="black" style="color:black;letter-spacing:-.05pt;">outstanding

(the &#147;Commitment&#148;). Within the limits of the Commitment, the Company may

borrow, repay and reborrow.</font></p>



<p style="background:white;margin:0in 0in .0001pt .5pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">SECTION 2. Purpose and

Transfer. </font></b><font color="black" style="color:black;letter-spacing:.3pt;">The </font><font color="black" style="color:black;letter-spacing:-.05pt;">purpose</font><font color="black" style="color:black;letter-spacing:.3pt;"> of the Commitment is to finance the </font><font color="black" style="color:black;">operating needs of the Company.</font></p>



<p style="background:white;margin:0in 0in .0001pt .5pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.05pt;">SECTION 3. Term. </font></b><font color="black" style="color:black;letter-spacing:.05pt;">The term of the Commitment shall be from the date hereof, up to but not </font><font color="black" style="color:black;">including March

30, 2003, or such later date as CoBank may, in its sole discretion, <font style="letter-spacing:-.05pt;">authorize</font> in writing.</font></p>



<p style="background:white;margin:0in 0in .0001pt .7pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.15pt;">SECTION 4. Interest. </font></b><font color="black" style="color:black;letter-spacing:.15pt;">The Company agrees to pay interest on the unpaid balance of the loans </font><font color="black" style="color:black;">in accordance

with one or more of the following interest rate options, as selected by the

Company:</font></p>



<p style="background:white;margin:0in 0in .0001pt .95pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.25pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" style="color:black;font-weight:bold;letter-spacing:.25pt;">Variable Rate Option.&#160;&#160;

</font></b><font color="black" style="color:black;letter-spacing:.25pt;">At a rate per annum equal at all times

to the rate of interest </font><font color="black" style="color:black;letter-spacing:.35pt;">established by CoBank from time to

time as its National Variable Rate, which Rate is intended by </font><font color="black" style="color:black;">CoBank to be a

reference rate and not its lowest rate. The National Variable Rate will change

on the date <font style="letter-spacing:.3pt;">established by CoBank as the

effective date of any change therein and CoBank agrees to notify the </font>Company

promptly after any such change.</font></p>



<p style="background:white;margin:0in 0in .0001pt .7pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.2pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" style="color:black;font-weight:bold;letter-spacing:.2pt;">Quoted Rate Option.&#160;&#160;&#160;

</font></b><font color="black" style="color:black;letter-spacing:.2pt;">At a fixed rate per </font><font color="black" style="color:black;letter-spacing:.35pt;">annum</font><font color="black" style="color:black;letter-spacing:.2pt;"> to be quoted by CoBank in its sole </font><font color="black" style="color:black;letter-spacing:.05pt;">discretion in each instance.&#160;

Under this option, rates may be fixed on such balances and for such

periods </font><font color="black" style="color:black;">as may be agreeable to CoBank in its sole discretion in each

instance.</font></p>



<p style="background:white;margin:0in 0in .0001pt .7pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.2pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" style="color:black;font-weight:bold;letter-spacing:.25pt;">LIBOR Option.&#160;&#160; </font></b><font color="black" style="color:black;letter-spacing:.25pt;">At a fixed rate equal to &#147;LIBOR&#148; (as hereinafter defined) plus the </font><font color="black" style="color:black;letter-spacing:.5pt;">Applicable LIBOR Margin per annum (as described in terms of basis points

(&#147;</font><font color="black" style="color:black;letter-spacing:.35pt;">bps</font><font color="black" style="color:black;letter-spacing:.5pt;">&#148;) in the

chart </font><font color="black" style="color:black;letter-spacing:.25pt;">immediately set forth below).&#160; Under this option:&#160; (a) rates may be fixed for &#147;Interest Periods&#148; (as hereinafter

defined) of 1, 2, 3 or 6 months, or 1 year, as selected by the Company; (b) the

minimum </font><font color="black" style="color:black;letter-spacing:.15pt;">amount that may be fixed at any one time

shall be $2,000,000.00; and (c) rates may only be fixed on a </font><font color="black" style="color:black;letter-spacing:.3pt;">&#147;Banking Day&#148; (as hereinafter defined) or, at the option of the Company,

on 2 Banking Days&#146; prior </font><font color="black" style="color:black;letter-spacing:.1pt;">notice.&#160; For purposes hereof: (i) &#147;LIBOR&#148; shall mean

the rate indicated by Telerate (rounded upward to the nearest thousandth) as

having been quoted by the British Bankers Association at 11:00 a.m. London </font><font color="black" style="color:black;letter-spacing:.05pt;">time on the date the Company elects to fix a rate under this option for

the offering of U.S. dollar deposits </font><font color="black" style="color:black;letter-spacing:.1pt;">in the London

interbank market for the Interest Period designated by the Company; (ii)

&#147;Banking Day&#148; </font><font color="black" style="color:black;">shall mean a day on which CoBank is open for business,

dealings in U.S. dollar deposits are being carried <font style="letter-spacing:.25pt;">out in the London interbank market, and banks are open for business in

New York City and London, </font>England; and (iii) &#147;Interest Period&#148; shall

mean a period commencing on the day the Company elects to fix <font style="letter-spacing:.2pt;">a rate under this option (or, at the option of the

Company, two Banking Days later) and ending on the </font><font style="letter-spacing:.05pt;">numerically corresponding day in the next calendar

month or the month that is 2, 3 or 6 months or 1 year </font>thereafter, as the

case may be; provided, however, that:&#160;

(x) in the event such ending day is not a Banking <font style="letter-spacing:.15pt;">Day, such period shall be extended to the next

Banking Day unless such next Banking Day falls in the</font></font></p>



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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">next calendar month, in which case it shall

end on the preceding Banking Day; and (y) if there is no </font><font color="black" style="color:black;">numerically

corresponding day in the month, then such period shall end on the last Banking

Day in the <font style="letter-spacing:-.1pt;">relevant month.</font></font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">LIBOR MARGINS</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.2in;width:95.0%;">

 <tr>

  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.3pt;">FIXED RATE </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.4pt;">PRODUCT</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:-.15pt;">INDEX</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:-.05pt;">SPREAD OVER INDEX IN

  BASIS<br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;">POINTS (Applicable LIBOR Margin)</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">One Month</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.4pt;">90bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Two Months</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.45pt;">90bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.35pt;">Three Months</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.45pt;">90bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">Six Months</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.4pt;">90bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">One Year</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">90bps</font></p>

  </td>

 </tr>

</table>



<p style="background:white;margin:0in 0in .0001pt 1.9pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">(D) Treasury Option. </font></b><font color="black" style="color:black;">At a fixed rate

equal to the Applicable Treasury Margin per annum (as <font style="letter-spacing:.15pt;">described in terms of basis points (&#147;bps&#148;) in the chart immediately set

forth below) above the &#147;U.S. </font><font style="letter-spacing:.1pt;">Treasury

Rate&#148; (as hereinafter defined). Under this option, balances of $2,000,000.00 or

more may be </font>fixed on or before for periods ranging from two years to the

final maturity date of the loan, as selected by <font style="letter-spacing:.05pt;">the Company. However, rates may not be fixed in such a manner as to

require the Company to have to </font>repay any fixed rate balance prior to the

last day of its fixed rate period in order to pay any installment of <font style="letter-spacing:.25pt;">principal. For purposes hereof, the &#147;U.S. Treasury

Rate&#148; shall mean the yield to maturity on U.S. </font>Treasury instruments

having the same maturity date as the last day of the fixed rate period selected

by the Company, as calculated from the bid price indicated by Telerate (page 5)

at the time the rate is fixed. If, however, no instrument is indicated for the <font style="letter-spacing:.35pt;">maturity</font> selected, then the rate shall be

interpolated based on the bid prices quoted for the next longest and shortest

maturities so indicated. In the event Telerate ceases <font style="letter-spacing:.1pt;">to provide such quotations or materially changes the form or substance of

page 5 (as determined by </font><font style="letter-spacing:.05pt;">CoBank),

then CoBank will notify the Company and the parties hereto will agree upon a

substitute basis </font>for obtaining such quotations.</font></p>



<p style="background:white;margin:0in 0in .0001pt 1.9pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">TREASURY

MARGINS</font></b></p>



<p align="center" style="background:white;margin:0in 0in .0001pt 8.65pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.2in;width:95.0%;">

 <tr>

  <td width="30%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.05pt;">FIXED RATE </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.1pt;">PRODUCT</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.1pt;">INDEX</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.15pt;">SPREAD OVER INDEX

  IN BASIS<br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">POINTS

  (Applicable Treasury Margin)</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.35pt;">Two Years</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">U.S. $ Constant Maturity<br>

  </font><font color="black" style="color:black;">Treasury (&#147;US$CMT&#148;)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.5pt;">125 bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Three Years</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">USSCMT</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">125 bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Four Years</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">125 bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Five Years</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">USSCMT</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.3pt;">125 bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Seven Years</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.1pt;">140 bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">Ten Years</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">US$CMT</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" style="padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.25pt;">140 bps</font></p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Floor (Minimum) <font style="letter-spacing:-.05pt;">Rate (For Two to </font><font style="letter-spacing:.05pt;">Ten Year Fixed Rate </font>Products Only)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.4pt;">CoBank&#145;s cost of

  funds </font><font color="black" style="color:black;letter-spacing:-.15pt;">(as reasonably </font><font color="black" style="color:black;">determined by

  CoBank in <font style="letter-spacing:-.05pt;">its sole discretion)</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="30%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:30.0%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.3pt;">105 bps</font></p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">The spread over all of the above indices,

including the Floor (Minimum) Rate, may increase or decrease </font><font color="black" style="color:black;letter-spacing:-.05pt;">for future fixed amounts based on the Company&#146;s previous fiscal

quarter&#146;s leverage ratio, as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.2in;width:95.0%;">

 <tr>

  <td width="35%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:35.98%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">LEVERAGE RATIO (as<br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.15pt;">defined

  below)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:27.48%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.2pt;">INCREASE / DECREASE<br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">TO

  SPREAD</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:31.28%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" color="black" face="Times New Roman" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.3pt;">CHANGE TO LIBOR and<br>

  TREASURY MARGINS<br>

  </font></b><b><font size="1" color="black" style="color:black;font-size:8.0pt;font-weight:bold;letter-spacing:.2pt;">(IN

  BASIS POINTS)</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:35.98%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">A.&#160; Equal to or greater than </font><font color="black" style="color:black;letter-spacing:-.2pt;">1.35:1.00</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:27.48%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.15pt;">Increase</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:31.28%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">20</font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.98%;">

  <p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">B.&#160; Equal to or

  greater&#160; than <font style="letter-spacing:-.5pt;">1 .20: 1 .00, but less than 1 .35 : 1 .00</font></font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in .7pt .7pt .7pt;width:27.48%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">None</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt .7pt .7pt;width:31.28%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">0</font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.98%;">

  <p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">C.&#160; Less than

  1.20:1.00, but <font style="letter-spacing:-.25pt;">greater than or equal to 1

  .00: 1 .00</font></font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:27.48%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Decrease</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:31.28%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">10</font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.98%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">D.&#160; Less than 1.00:1.00</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="27%" valign="top" style="padding:0in .7pt .7pt .7pt;width:27.48%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">Decrease</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.7%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31%" valign="top" style="padding:0in .7pt .7pt .7pt;width:31.28%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">20</font></p>

  </td>

 </tr>

</table>



<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">Leverage Ratio: </font></b><font color="black" style="color:black;letter-spacing:.1pt;">The Company will maintain a leverage ratio of not more than 1.50:1.0, and

attain a </font><font color="black" style="color:black;letter-spacing:.2pt;">leverage ratio of not more than 1.40:1.0 on

November 30, 2002. Leverage ratio is long term debt </font><font color="black" style="color:black;">(excluding current

maturities) calculated in accordance with GAAP plus or minus the difference

between actual working capital and minimum net working capital (as defined in

the MLA No. Z269, Section 10), divided by total members investments plus the

estimated unit retains.</font></p>



<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.1pt;">The spread shall be adjusted </font><font color="black" style="color:black;">quarterly<font style="letter-spacing:-.1pt;"> on the latter of either: (a) five business days

after the Bank&#146;s receipt of </font><font style="letter-spacing:.05pt;">the

Company&#146;s certification of compliance with the leverage ratio, or (b) 30 days

after the end of each </font><font style="letter-spacing:-.15pt;">calendar

quarter.</font></font></p>



<p style="background:white;margin:0in 0in .0001pt 2.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.1pt;">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 </font><font color="black" style="color:black;">balances<font style="letter-spacing:.1pt;"> bearing interest at the variable rate option to one of the fixed rate

options. Upon the expiration of any fixed rate period, interest shall </font><font style="letter-spacing:-.05pt;">automatically accrue at the variable rate option

unless the amount fixed is repaid or fixed for an additional </font><font style="letter-spacing:.05pt;">period in accordance with the terms hereof.

Notwithstanding the foregoing, unless CoBank otherwise </font><font style="letter-spacing:.15pt;">consents in its sole discretion in each instance,

rates may not be fixed for periods expiring after the </font><font style="letter-spacing:.1pt;">maturity date of the loans. In the event CoBank so

consents and the Commitment is not renewed, then </font>each balance so fixed

shall be due and payable on the last day of its fixed rate period, and the

promissory <font style="letter-spacing:.15pt;">note set forth below shall be

deemed amended accordingly. All elections provided for herein shall be made

telephonically or in writing and must be received by 12:00 noon Company&#146;s local

time. Interest </font>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 quarterly in arrears by the 20th day of the following month.</font></p>



<p style="background:white;margin:0in 0in .0001pt 2.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.55pt;">SECTION 5. Promissory

Note. </font></b><font color="black" style="color:black;letter-spacing:.55pt;">The Company promises to repay the loans that

are </font><font color="black" style="color:black;letter-spacing:.05pt;">outstanding in annual principal payments of

$7,603,420.83 each due on or before December 31&#148; of each </font><font color="black" style="color:black;">year through

December 31, 2007, and a final principal payment due on or before December 31,

2008. All <font style="letter-spacing:.05pt;">outstanding balances shall be

repaid by December 31, 2008. If any installment due date is not a day on which</font><font style="letter-spacing:.1pt;"> CoBank is open for business, then such payment

shall be made on the next day on which CoBank </font><font style="letter-spacing:.2pt;">is open for business. In addition to the above, the Company promises to

pay interest on the unpaid </font><font style="letter-spacing:.05pt;">principal

balance hereof at the times and in accordance with the provisions set forth in

Section 4 hereof. </font>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.</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>





<div style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='20',FILE='C:\C2\ctaft\4315_1\t_692731\j4315_ex10d27.htm',USER='ctaft',CD='Jul 12 09:34 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:.05pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.05pt;">The Company shall be permitted to make

special payments, in a minimum amount of $111,500.00, on the </font><font color="black" style="color:black;">variable rate

portion of this loan, when all short term financing, including the Company&#146;s

seasonal loans, <font style="letter-spacing:.05pt;">Commodity Credit Corporation

loans and other short term loans have been zeroed out. These special </font><font style="letter-spacing:.1pt;">payments may be readvanced through the expiration

date of the Commitment. Reinstatement may be </font><font style="letter-spacing:-.05pt;">denied and canceled at any time at the option of CoBank. The

reinstatable commitments arising from such </font>special payments shall be

subject to the Commitment Fee as described in Section 8 below.</font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.25pt;">SECTION 6.

Prepayment. </font></b><font color="black" style="color:black;letter-spacing:.25pt;">The loans may be prepaid in whole or

in part on one CoBank </font><font color="black" style="color:black;letter-spacing:.05pt;">business day&#146;s prior written notice.

During the term of the Commitment, prepayments shall be applied to such

balances, fixed or variable, as the Company shall specify. After the expiration

of the term of the </font><font color="black" style="color:black;">Commitment, prepayments shall, unless CoBank otherwise

agrees, be applied to principal installments in the <font style="letter-spacing:.05pt;">inverse</font> order of their maturity and to such balances, fixed or

variable, as CoBank shall specify.</font></p>



<p style="background:white;margin:0in 0in .0001pt .95pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 7. Commitment

Fee. </font></b><font color="black" style="color:black;letter-spacing:.1pt;">In consideration of the Commitment, the

Company agrees to pay to CoBank a commitment fee on the average </font><font color="black" style="color:black;letter-spacing:.05pt;">daily</font><font color="black" style="color:black;letter-spacing:.1pt;"> unused portion of the Commitment at

the rate of </font><font color="black" style="color:black;letter-spacing:.05pt;">20 basis points per annum (calculated

on a 360 day basis), payable quarterly in arrears by the 20th day following

each calendar quarter. Such fee shall be payable for each calendar quarter (or

portion thereof) </font><font color="black" style="color:black;">occurring during the original or any extended term of the

Commitment.</font></p>



<p style="background:white;margin:0in 0in .0001pt 1.2pt;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.25pt;">SECTION 8.

Commitments Arising From Special Payments. </font></b><font color="black" style="color:black;letter-spacing:.25pt;">Commitments

arising as a </font><font color="black" style="color:black;letter-spacing:.05pt;">result of special payments described

in Section 5 above shall be subject to a commitment fee of 25 basis </font><font color="black" style="color:black;">points (0.25%)

on an annualized basis, on the average daily commitment. Any such fees incurred

shall be payable on the last day of the calendar quarter, in arrears, computed

on the basis of a year of 360 days for the <font style="letter-spacing:.05pt;">actual</font>

number of days elapsed in which such reinstatable commitments were outstanding.</font></p>



<p style="background:white;margin:0in 0in .0001pt 1.2pt;text-indent:36.95pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.15pt;">SECTION 9. Security. </font></b><font color="black" style="color:black;letter-spacing:.15pt;">In addition to any other security that may otherwise be required or </font><font color="black" style="color:black;letter-spacing:.05pt;">provided, the Company&#146;s obligations under this Supplement are secured by

that Restated Mortgage and </font><font color="black" style="color:black;">Security Agreement dated

September 15, 1998, from American Crystal Sugar <font style="letter-spacing:.05pt;">Company</font> to St. Paul Bank for Cooperatives (now known as CoBank as

a result of merger), as Collateral Agent.</font></p>



<p style="background:white;margin:0in 0in .0001pt 1.45pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 10. Extension

Fee. </font></b><font color="black" style="color:black;letter-spacing:.1pt;">In consideration of extending the Commitment,

the Company </font><font color="black" style="color:black;letter-spacing:.15pt;">agrees to pay to CoBank on the

execution hereof, an </font><font color="black" style="color:black;letter-spacing:.05pt;">extension</font><font color="black" style="color:black;letter-spacing:.15pt;"> fee in the amount of $7,603.00, (10bp </font><font color="black" style="color:black;letter-spacing:.05pt;">based on the

12/31/01 principal payment of $7,603,421.00).</font></p>



<p style="background:white;margin:0in 0in .0001pt 1.7pt;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF, </font></b><font color="black" style="color:black;">the parties

have caused this Supplement to be executed by their duly authorized officers as

of the date shown above.</font></p>



<p style="background:white;margin:0in 0in .0001pt 2.15pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="58%" colspan="3" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:58.32%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">CoBANK, ACB</font></b></p>

  </td>

  <td width="41%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:41.68%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">AMERICAN CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.56%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.28%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.56%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.28%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.5%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36%" valign="top" style="padding:0in 0in 0in 0in;width:36.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.2pt;">By:</font></p>

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  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:35.28%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.54%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.55pt;">By:</font></p>

  </td>

  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:36.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160; /s/ Sam Wai</font></p>

  </td>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:35.28%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="36%" valign="top" bgcolor="white" style="background:white;border:none;padding:0in 0in 0in 0in;width:36.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <td width="4%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:4.56%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">Title:</font></p>

  </td>

  <td width="35%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:35.28%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="18%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:18.5%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in 0in 0in 0in;width:5.54%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;letter-spacing:-.2pt;">Title:</font></p>

  </td>

  <td width="36%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:36.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160; Treasurer</font></p>

  </td>

 </tr>

</table>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="background:white;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Loan No. Z269T02BNP</font></p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:235.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REVOLVING TERM LOAN SUPPLEMENT</font></b></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS

SUPPLEMENT</font></b> to the Master Loan Agreement dated March 31, 2000

(the &#147;MLA&#148;), is entered into as of March 27, 2002, between <b><font style="font-weight:bold;">CoBANK, ACB</font></b> (&#147;CoBank&#148;) and <b><font style="font-weight:bold;">AMERICAN CRYSTAL SUGAR COMPANY</font></b>, Moorhead,

Minnesota (the &#147;Company&#148;), and amends and restates the Supplement dated March

28, 2001 and numbered Z269T02ANP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">SECTION 1</font></b><font style="letter-spacing:.3pt;">. <b><font style="font-weight:bold;">The Revolving Term Loan Commitment.</font></b> On the

terms and conditions set </font><font style="letter-spacing:.05pt;">forth in the MLA and this Supplement, CoBank agrees to

make loans to the Company during the period </font><font style="letter-spacing:.3pt;">set forth below in an aggregate principal amount

not to </font>exceed<font style="letter-spacing:.3pt;">

$14,068,836.00 at any one time </font>outstanding

(the &#147;Commitment&#148;). Within the limits of the Commitment, the Company may

borrow, repay and reborrow, provided, however, no advances shall be made on

this Term Loan, until Term Loan No. Z269T01 (as it may be amended), has been

fully advanced.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.3pt;">SECTION 2</font></b><font style="letter-spacing:.3pt;">. <b><font style="font-weight:bold;">Purpose and Transfer</font></b>.&#160; The purpose of the Commitment is to finance

the </font>operating needs of the

Company.</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.05pt;">SECTION 3</font></b><font style="letter-spacing:.05pt;">. <b><font style="font-weight:bold;">Term.</font></b>&#160;

The term of the Commitment shall be from the date hereof, up to but not </font>including March 30, 2003, or such later date

as CoBank may, in its sole discretion, authorize in writing.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 4</font></b><font style="letter-spacing:.1pt;">. <b><font style="font-weight:bold;">Interest</font></b>.&#160;

The Company agrees to pay interest on the unpaid balance of the loans </font>in accordance with one or more of the

following interest rate options, as selected by the Company:</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.35pt;">(A)</font></b><font style="letter-spacing:-.35pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;letter-spacing:.25pt;">Variable Rate Option</font></b><font style="letter-spacing:.25pt;">.&#160; At a rate per annum equal at all times to

the rate of interest </font><font style="letter-spacing:.35pt;">established by CoBank from time to time as its National Variable Rate,

which Rate is intended by </font>CoBank

to be a reference rate and not its lowest rate. The National Variable Rate will

change on the date <font style="letter-spacing:.3pt;">established by CoBank as

the effective date of any change therein and CoBank agrees to notify the </font>Company

promptly after any such change.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.4pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.4pt;">(B)</font></b><font style="letter-spacing:-.4pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;letter-spacing:.2pt;">Quoted Rate Option</font></b><font style="letter-spacing:.2pt;">.&#160; At a fixed rate per annum to be quoted by

CoBank in its sole </font><font style="letter-spacing:.1pt;">discretion in each instance. Under this option, rates may be fixed on

such balances and for such periods </font>as

may be agreeable to CoBank in its sole discretion in each instance.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.25pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.25pt;">(C)</font></b><font style="letter-spacing:-.25pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font style="font-weight:bold;letter-spacing:.25pt;">LIBOR Option</font></b><font style="letter-spacing:.25pt;">.&#160; At a fixed rate equal to &#147;LIBOR&#148; (as

hereinafter defined) plus the </font><font style="letter-spacing:.45pt;">Applicable LIBOR Margin per annum (as described in terms

of basis points (&#147;bps&#148;) in the chart </font><font style="letter-spacing:.25pt;">immediately set forth below).&#160;&#160; Under this option:&#160;&#160;&#160; (a) rates may be fixed for &#147;Interest

Periods&#148; (as hereinafter defined) of 1, 2, 3, or 6 months, or 1 year, as

selected by the Company; (b) the minimum </font><font style="letter-spacing:.15pt;">amount that may be fixed at any one time shall be

$2,000,000.00; and (c) rates may only be fixed on a </font><font style="letter-spacing:.3pt;">&#147;Banking Day&#148; (as

hereinafter defined) or, at the option of the Company, on 2 Banking Days&#146; prior

</font><font style="letter-spacing:.1pt;">notice.&#160; For purposes hereof: (i) &#147;LIBOR&#148; shall mean

the rate indicated by Telerate (rounded upward to the nearest thousandth) as

having been quoted by the British Bankers Association at 11:00 a.m. London </font><font style="letter-spacing:.05pt;">time on the date the

Company elects to fix a rate under this option for the offering of U.S. dollar

deposits </font><font style="letter-spacing:.1pt;">in

the London interbank market for the Interest Period designated by the Company;

(ii) &#147;Banking Day&#148; </font>shall mean a

day on which CoBank is open for business, dealings in U.S. dollar deposits are

being carried <font style="letter-spacing:.25pt;">out in the London interbank

market, and banks are open for business in New York City and London, </font>England;

and (iii) &#147;Interest Period&#148; shall mean a period commencing on the day the

Company elects to fix <font style="letter-spacing:.2pt;">a rate under this

option (or, at the option of the Company, two Banking Days later) and ending on

the </font><font style="letter-spacing:.05pt;">numerically corresponding day in

the next calendar month or the month that is 2, 3 or 6 months or 1 year

thereafter, as the case may be; provided, however, that: (x) in the event such

ending day is not a Banking</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">22</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">Day,

such period shall be extended to the next Banking Day unless such next Banking

Day falls in the </font><font style="letter-spacing:.05pt;">next calendar month, in which case it shall end on the

preceding Banking Day; and (y) if there is no </font>numerically corresponding day in the month, then such period shall end

on the last Banking Day in the <font style="letter-spacing:-.1pt;">relevant

month.</font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">LIBOR MARGINS</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.2in;width:95.0%;">

 <tr>

  <td width="23%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:23.4%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">FIXED RATE </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.4pt;">PRODUCT</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.15pt;">INDEX</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">SPREAD OVER INDEX IN BASIS<br>

  POINTS (Applicable LIBOR Margin)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:23.4%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">One Month</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.4%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Two Months</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.2pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:23.4%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Three Months</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.2pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.4%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Six Months</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.2pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:23.4%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">One Year</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">LIBOR</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.42%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">90bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.05pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.05pt;">(D)</font></b><font style="letter-spacing:.05pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Treasury Option</font></b>.&#160; At a fixed rate equal to Applicable

&#147;Treasury&#148; Margin per annum (as </font><font style="letter-spacing:.15pt;">described in terms of basis points (&#147;bps&#148;) in the chart

immediately set forth below) above the &#147;U.S. </font><font style="letter-spacing:.1pt;">Treasury Rate&#148; (as hereinafter defined). Under this

option, balances of $2,000,000.00 or more may be </font>fixed on or before for periods ranging from two years to the final

maturity date of the loan, as selected by <font style="letter-spacing:.05pt;">the

Company. However, rates may not be fixed in such a manner as to require the

Company to have to </font>repay any fixed rate balance prior to the last day of

its fixed rate period in order to pay any installment of <font style="letter-spacing:-.05pt;">principal. For purposes hereof, the &#147;U.S.

Treasury Rate&#148; shall mean the yield to maturity on U.S. Treasury </font><font style="letter-spacing:.25pt;">instruments having the same maturity date as the

last day of the fixed rate period selected by the </font>Company, as calculated

from the bid price indicated by Telerate (page 5) at the time the rate is

fixed. If, however, no instrument is indicated for the maturity selected, then

the rate shall be interpolated based on the bid prices quoted for the next

longest and shortest maturities so indicated. In the event Telerate ceases <font style="letter-spacing:.1pt;">to provide such quotations or materially changes

the form or substance of page 5 (as determined by </font><font style="letter-spacing:.05pt;">CoBank), then CoBank will notify the Company and

the parties hereto will agree upon a substitute basis </font>for obtaining such

quotations.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TREASURY MARGINS</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.2in;width:95.0%;">

 <tr>

  <td width="23%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.15pt;">FIXED RATE </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.45pt;">PRODUCT</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.15pt;">INDEX</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.2pt;">SPREAD OVER INDEX IN BASIS<br>

  </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.35pt;">POINTS (Applicable Treasury Margin)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Two Years</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">U.S.$ Constant Maturity<br>

  Treasury (&#147;US$CMT&#148;</font><font style="letter-spacing:-.35pt;">)</font></p>

  </td>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">Three Years</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">US$CMT</font></p>

  </td>

  <td width="2%" valign="top" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Four Years</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.2pt;">USSCMT</font></p>

  </td>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Years</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">USSCMT</font></p>

  </td>

  <td width="2%" valign="top" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.3pt;">125 bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.3pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Seven Years</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">US$CMT</font></p>

  </td>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">140 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" style="padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Ten Years</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">USSCMT</font></p>

  </td>

  <td width="2%" valign="top" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">140 bps</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="23%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:23.92%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Floor (Minimum) Rate (For Two to Ten Year <font style="letter-spacing:.2pt;">Fixed Rate Products </font><font style="letter-spacing:-.2pt;">Only)</font></font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">CoBank&#146;s cost of funds (as reasonably

  determined by </font><font style="letter-spacing:.85pt;">CoBank in its sole </font><font style="letter-spacing:-.05pt;">discretion)</font></p>

  </td>

  <td width="2%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:34.16%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">105 bps</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>





<div style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">
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</font>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.05pt;">The

spread over all of the above indices, including the Floor (Minimum) Rate, may

increase or decrease </font><font style="letter-spacing:-.05pt;">for future fixed amounts based on the Borrower&#146;s

previous fiscal quarter&#146;s leverage ratio, as follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="95%" style="border-collapse:collapse;margin-left:.2in;width:95.0%;">

 <tr>

  <td width="35%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:35.54%;">

  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">LEVERAGE RATIO (as defined </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.05pt;">below)</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:28.34%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.25pt;">INCREASE/DECREASE </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.3pt;">TO SPREAD</font></b></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:28.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;letter-spacing:.35pt;">CHANGE TO LIBOR and </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.3pt;">TREASURY MARGINS </font></b><b><font size="1" style="font-size:8.0pt;font-weight:bold;letter-spacing:.2pt;">(IN BASIS

  POINTS)</font></b></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:35.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.05pt;">A. Equal to or greater than </font><font style="letter-spacing:-.25pt;">1.35:1.00</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:28.34%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">Increase</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt .7pt .7pt;width:28.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.2pt;">B. Equal to or greater than </font><font style="letter-spacing:-.05pt;">1.20:1.00, but less

  than 1.35:1.00</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.34%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">None</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:35.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 12.25pt;text-indent:-12.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.15pt;">C. Less than 1.20:1.00, but greater </font>than or <font style="letter-spacing:-.05pt;">equal</font>

  to 1.00:1.00</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:28.34%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Decrease</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:28.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="35%" valign="top" style="padding:0in .7pt .7pt .7pt;width:35.54%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.05pt;">D. Less than 1.00:1.00</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.34%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Decrease</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.0%;">

  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

  </td>

  <td width="28%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:28.36%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="background:white;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">Leverage Ratio</font></b><font style="letter-spacing:.1pt;">:&#160; The Borrower will maintain a leverage ratio

of not more than 1.50:1.0, and attain a </font><font style="letter-spacing:.2pt;">leverage ratio of not more than 1.40:1.0 on

November 30, 2002. Leverage ratio is long term debt </font>(excluding current maturities) calculated in

accordance with GAAP plus or minus the difference between actual working

capital and minimum net working capital (as defined in the MLA No. Z269,

Section 10), divided by total members investments plus the estimated unit

retains.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The

spread shall be adjusted quarterly on the latter of either: (a) five business

days after the Bank&#146;s receipt of </font><font style="letter-spacing:.05pt;">the Borrower&#146;s certification of compliance with

the leverage ratio, or (b) 30 days after the end of each </font><font style="letter-spacing:-.15pt;">calendar quarter.</font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.1pt;">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 </font><font style="letter-spacing:.15pt;">option to one of the

fixed rate options. Upon the expiration of any fixed rate period, interest

shall </font><font style="letter-spacing:-.05pt;">automatically

accrue at the variable rate option unless the amount fixed is repaid or fixed

for an additional </font><font style="letter-spacing:.05pt;">period in accordance with the terms hereof. Notwithstanding the

foregoing, unless CoBank otherwise </font><font style="letter-spacing:.15pt;">consents in its sole discretion in each instance, rates

may not be fixed for periods expiring after the </font><font style="letter-spacing:.1pt;">maturity date of the loans. In the event CoBank so

consents and the Commitment is not renewed, then </font>each balance so fixed shall be due and payable on the last day of its

fixed rate period, and the promissory <font style="letter-spacing:.15pt;">note

set forth below shall be deemed amended accordingly. All elections provided for

herein shall be made telephonically or in writing and must be received by 12:00

noon Company&#146;s local time. Interest </font>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 quarterly in arrears by the 20th day of the

following month.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 5. Promissory Note</font></b><font style="letter-spacing:.1pt;">. The Company promises to

repay the loans that are outstanding </font><font style="letter-spacing:.15pt;">in annual principal payments of $2,000,000.00 each

due on or before December 31<sup>st</sup> of each year </font><font style="letter-spacing:.05pt;">commencing in 2002. All

outstanding balances shall be repaid by December 31, 2009. If any installment</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">24</font></p>





<div style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">
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<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">due

date is not a day on which CoBank is open for business, then such payment shall

be made on the next </font><font style="letter-spacing:.2pt;">day on which CoBank is open for business. In addition to

the above, the Company promises to pay </font>interest on the unpaid principal balance hereof at the times and in

accordance with the provisions set forth <font style="letter-spacing:.3pt;">in

Section 4 hereof. This note replaces and supersedes, but does not constitute

payment of the </font>indebtedness evidenced by, the promissory note set forth

in the Supplement being amended and restated <font style="letter-spacing:-.15pt;">hereby.</font></p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.25pt;">&nbsp;</font></b></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.25pt;">SECTION 6.&#160; Prepayment.</font></b><font style="letter-spacing:.25pt;"> The loans may be prepaid in whole or in part on

one CoBank </font><font style="letter-spacing:.05pt;">business

day&#146;s prior written notice. During the term of the Commitment, prepayments

shall be applied to such balances, fixed or variable, as the Company shall

specify. After the expiration of the term of the </font>Commitment, prepayments shall, unless CoBank otherwise

agrees, be applied to principal installments in the inverse order of their

maturity and to such balances, fixed or variable, as CoBank shall specify.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">&nbsp;</font></b></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 7.&#160; Commitment Fee</font></b><font style="letter-spacing:.1pt;">. In consideration of the Commitment, the Company

agrees to pay to CoBank a commitment fee on the average daily unused portion of

the Commitment at the rate of </font><font style="letter-spacing:.05pt;">20 basis points per annum (calculated on a 360 day

basis), payable quarterly in arrears by the </font>20th<font style="letter-spacing:.05pt;"> day following each calendar quarter. Such fee

shall be payable for each calendar quarter (or portion thereof) </font>occurring during the original or any extended

term of the Commitment.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">&nbsp;</font></b></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 8.&#160; Letters of Credit.</font></b><font style="letter-spacing:.1pt;"> In addition to loans, and if agreeable to CoBank

in its sole </font>discretion in each

instance, the Company may utilize the Commitment to open irrevocable letters of

credit <font style="letter-spacing:.05pt;">for its account. Each letter of

credit shall reduce the amount </font>available<font style="letter-spacing:.05pt;"> under the Commitment by the </font><font style="letter-spacing:.15pt;">maximum amount capable

of being drawn thereunder. The rights and obligations of the parties with </font><font style="letter-spacing:.1pt;">respect to each letter of

credit will be governed by the Reimbursement Agreement attached hereto as </font><font style="letter-spacing:.05pt;">Exhibit A (which rights

and obligations shall be in addition to the rights and obligations of the

parties </font>hereunder and under the

MLA). The fee for issuing each letter of credit shall be determined at the time

of application.</p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.15pt;">&nbsp;</font></b></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.15pt;">SECTION 9.&#160; Security.</font></b><font style="letter-spacing:.15pt;"> In addition to any other security that may otherwise be

required or </font>provided<font style="letter-spacing:.05pt;">, the Company&#146;s </font>obligations<font style="letter-spacing:.05pt;"> under this Supplement are secured by that Restated

Mortgage and </font>Security Agreement

dated September 15, 1998, from American Crystal Sugar Company to St. Paul Bank

for Cooperatives (now known as CoBank as a result of merger), as Collateral

Agent.</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.1pt;">SECTION 10.</font></b><font style="letter-spacing:.1pt;">&#160; Extension Fee. In consideration of extending

the Commitment, the Company agrees to pay to CoBank on the execution hereof, an

extension fee in the amount of $14,069.00 (10bp </font><font style="letter-spacing:.05pt;">based on the current balance of $14,068,836.00).</font></p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:36.7pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF,</font></b> the parties have caused this Supplement to be executed by their duly <font style="letter-spacing:.05pt;">authorized officers as of the date shown above.</font></p>



<p style="background:white;margin:0in 0in .0001pt;text-indent:36.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="38%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:38.92%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">CoBANK, ACB</font></b></p>

  </td>

  <td width="21%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:21.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="39%" colspan="2" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:39.84%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:.05pt;">AMERICAN CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="38%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:38.92%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" style="padding:0in .7pt .7pt .7pt;width:21.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="39%" colspan="2" valign="top" style="padding:0in .7pt .7pt .7pt;width:39.84%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:4.74%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:21.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:5.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:34.3%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:4.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">By:</font></p>

  </td>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:5.54%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">By:</font></p>

  </td>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sam Wai</font></p>

  </td>

 </tr>

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  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="white" style="background:white;border:none;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:21.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:5.54%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" bgcolor="white" style="background:white;border:none;padding:0in .7pt .7pt .7pt;width:34.3%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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 <tr>

  <td width="4%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:4.74%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">Title:</font></p>

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  <td width="34%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" bgcolor="white" style="background:white;padding:0in .7pt .7pt .7pt;width:5.54%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">Title:</font></p>

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  <td width="34%" valign="top" bgcolor="white" style="background:white;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:34.3%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>

  </td>

 </tr>

</table>



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</font></div>



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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">Exhibit A</font></b></p>



<p style="background:white;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.05pt;">&nbsp;</font></b></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.1pt;">LETTER OF CREDIT REIMBURSEMENT

AGREEMENT</font></b></p>



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<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.3pt;">In

consideration of CoBank issuing one or more letters of credit (each a &#147;Credit&#148;)

for the Company&#146;s account under the </font>Supplement to which this agreement is attached (the &#147;Supplement&#148;), the

Company agrees as follows:</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.95pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.95pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:.05pt;">The Company will pay to

CoBank in United States currency and in immediately available funds the amount

of each draft </font>drawn or instrument

paid under a Credit.&#160;&#160; In addition, the

Company agrees to pay to CoBank such fee for issuing each Credit as <font style="letter-spacing:.1pt;">CoBank shall prescribe, as well as all customary

charges associated with the issuance of a Credit.&#160;&#160; If a Credit is payable in a </font><font style="letter-spacing:.05pt;">foreign currency, the Company will pay to CoBank an amount in United

States currency equivalent to CoBank&#146;s selling rate of </font><font style="letter-spacing:.15pt;">exchange for that currency.&#160;&#160; In addition to the amounts set forth above,

the Company shall pay to CoBank such amounts as </font>CoBank shall determine

are necessary to compensate CoBank for any cost attributable to CoBank issuing

or having outstanding <font style="letter-spacing:-.05pt;">any Credit resulting

from the application of any law or regulation concerning any reserve,

assessment, capital adequacy or similar requirement relating to letters of

credit, reimbursement agreements with respect thereto, or to similar

liabilities or assets of banks, </font><font style="letter-spacing:.15pt;">whether

existing at the time of the issuance of a Credit or adopted thereafter.&#160;&#160; Each payment hereunder shall be payable on </font>demand

at the place and manner set forth in the Master Loan Agreement between the

parties (the &#147;MLA&#148;) and with interest from<font style="letter-spacing:.1pt;">

the date of demand to the date paid at CoBank&#146;s National Variable Rate.&#160; The Company hereby authorizes CoBank to

create a </font>loan under the Supplement bearing interest at the variable rate

set forth therein for any sums owing hereunder.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither CoBank nor any of its correspondents

shall in any way be responsible for the performance by any beneficiary of its <font style="letter-spacing:.05pt;">obligations to the Company nor for the form,

sufficiency, correctness, genuineness, authority of the person signing,

falsification</font><font style="letter-spacing:.1pt;"> or legal effect of any

documents called for under a Credit if such documents on their face appear to

be in order.&#160;&#160; In addition, </font>CoBank

and its correspondents may receive and accept or pay as complying with the

terms of a Credit any drafts, documents, or certificates, otherwise in order,

signed by any person purporting to be an administrator, executor, trustee in

bankruptcy, debtor in possession, assignee for the benefit of creditors,

liquidator, receiver, or other legal representative of the party authorized

under a Credit to draw or issue such instruments or other documents.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:.05pt;">In the event the Credit

is a commercial Credit, then, in addition to the other provisions hereof, the

Company:&#160;&#160; (i) agrees to </font><font style="letter-spacing:.1pt;">obtain or cause to be in

existence insurance on any merchandise described in the Credit against fire and

other usual risks and against any additional risks which CoBank may request;

and (ii) authorizes and empowers CoBank to collect the amount due under any

such insurance and apply the same against any of the Company&#146;s obligations to

CoBank arising under the Credit or </font><font style="letter-spacing:.05pt;">otherwise.&#160;&#160; In

addition, whether the Credit is a commercial or a standby Credit, the Company

represents and warrants that any </font>required

import, export or foreign exchange licenses or other governmental approvals

relevant to the Credit and the merchandise <font style="letter-spacing:.1pt;">described

therein have been obtained and that the transactions contemplated thereby are

not prohibited under any law, rule,</font> regulation, order or the like,

including the Foreign Assets Control Regulations of the U.S. Department of

Treasury.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.35pt;">4.&#160;&#160;&#160;&#160; </font>All directions and correspondence relating to

a Credit are to be sent at the Company&#146;s risk and CoBank does not assume any <font style="letter-spacing:.2pt;">responsibility for any inaccuracy, interruption,

error, or delay in transmission or delivery by post, telegraph, cable or other </font>electronic

means, or for any inaccuracy of translation.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CoBank shall not be responsible for any act,

error, neglect, default, omission, insolvency or failure in business of any of

its <font style="letter-spacing:.05pt;">correspondents, and any action taken or

omitted by CoBank or its correspondents under or in connection with a Credit

shall, if </font><font style="letter-spacing:.15pt;">taken or omitted with

honesty in fact, be binding on the Company and shall not put CoBank or its

correspondents under any </font><font style="letter-spacing:.05pt;">resulting

liability to the Company. In no event shall CoBank be liable for special,

consequential or punitive damages.</font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:.15pt;">The Company will

indemnify CoBank against and hold it harmless from all loss, damage, cost, and

expense (including </font><font style="letter-spacing:.05pt;">attorneys&#146; fees and expenses) arising out of (i) its issuance of or any

other action taken by CoBank in connection with a Credit, other than loss or

damage resulting from its gross negligence or willful misconduct, and (ii)

claims or legal proceedings incident </font>to the collection of amounts owed by the Company hereunder, or the

enforcement of CoBank&#146;s rights or the rights of others under <font style="letter-spacing:.2pt;">a Credit, including, without limitation, legal

proceedings relating to any court order, injunction or other process or decree </font>restraining

or seeking to restrain CoBank from paying any amount under a Credit.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:.05pt;">In the event:&#160;&#160; (i) the Company fails to make any payment

owing hereunder when the same shall become due and payable; </font><font style="letter-spacing:.3pt;">(ii) any covenant or

representation or warranty set forth herein&#160;

is breached; </font><font style="letter-spacing:1.0pt;">(iii)</font><font style="letter-spacing:.3pt;">

the &#147;Commitment&#148; (as defined in the </font><font style="letter-spacing:.15pt;">Supplement) expires prior to the expiration date of

any Credit; or (iv) an &#147;Event of Default&#148; (as defined in the MLA) occurs </font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>





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</font></div>



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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:.05pt;">under

the MLA, then, in any such event, the amount of each Credit, together with any

amounts payable by us in connection </font>therewith, shall, at CoBank&#146;s option, become immediately due and

payable. To the extent that any amount paid by the Company <font style="letter-spacing:.15pt;">pursuant to this Section 7 shall not then be due

under the terms of a Credit, such payment shall serve as security for the </font><font style="letter-spacing:.2pt;">Company&#146;s obligation to indemnify CoBank for any

amounts subsequently disbursed by CoBank pursuant to a Credit. </font>Furthermore,

upon the institution of any legal proceeding described in Section 6(ii) hereof,

the Company will, on demand, assign <font style="letter-spacing:.05pt;">and

deliver to CoBank, as security for the Company&#146;s obligation to indemnify

CoBank, cash collateral in an amount satisfactory </font><font style="letter-spacing:-.1pt;">to CoBank.</font></p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.55pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.55pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:.25pt;">CoBank shall be fully

protected in, and shall incur no liability to the Company for acting upon, any

oral, telephonic, </font><font style="letter-spacing:.15pt;">facsimile, cable or other electronic instructions which CoBank in good

faith believes to have been given by any authorized </font><font style="letter-spacing:.05pt;">person.&#160; CoBank may, at its option, use any means of

verifying any instructions received by it and may also, at its option, refuse </font><font style="letter-spacing:.25pt;">to act on any oral, telephonic,

facsimile, cable or other electronic instructions or any part thereof, without

incurring any </font>responsibility for

any loss, liability or expenses arising out of such refusal.</p>



<p style="background:white;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">&nbsp;</font></p>



<p style="background:white;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.5pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Uniform Customs and Practice as most

recently published by the International Chamber of Commerce (hereafter called <font style="letter-spacing:.05pt;">the &#147;UCP&#148;) shall in all respects be deemed a part

hereof as fully as if incorporated herein, and shall apply to the Credits. To

the </font>extent the UCP is inconsistent with the governing law set forth in

the MLA, the UCP shall control.</p>



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<p align="center" style="background:white;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>





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</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan No. Z269T03A NP</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SINGLE ADVANCE TERM LOAN SUPPLEMENT</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS SUPPLEMENT</font></b> to the Master Loan

Agreement dated as of March 31, 2000 (the &#147;MLA&#148;), is entered into as of April

21, 2000, between <b><font style="font-weight:bold;">CoBANK, ACB </font></b>(&#147;CoBank&#148;)&nbsp;and <b><font style="font-weight:bold;">AMERICAN

CRYSTAL SUGAR COMPANY</font></b>, Moorhead, Minnesota (the &#147;Company&#148;), and

amends and restates the Supplement dated March 31, 2000 and numbered Z269T03NP.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Term Loan.&#160; </font></b>This

Supplement is to evidence a term loan to the Company in the original principal

commitment amount of $12,000,000.00 (the &#147;Loan&#148;).&#160; The Loan is currently evidenced by Note No. 30800NP (the &#147;Note&#148;)

and is subject to the terms of that certain Note Agreement dated December 5,

1994 by and among the Company, CoBank&#146;s predecessor (the St. Paul Bank for

Cooperatives), and Bank of North Dakota (the &#147;Note Agreement&#148;).&#160; The outstanding principal balance of the

Loan as of the date hereof is $7,200,000.00.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purpose

and Transfer.&#160; </font></b>The

purpose of this Supplement is to replace the Note and transfer the indebtedness

evidenced thereby to this Supplement.&#160;

As of the date of this Supplement, the Note shall be deemed replaced and

superseded, but the indebtedness evidenced by such Note shall not be deemed to

have been paid off, by this Supplement and the MLA.&#160; The Note Agreement shall remain in full force and effect except

that any reference to the &#147;Loan&#148; shall be deemed to mean the indebtedness

evidenced by this Supplement, and any reference to &#147;Loan Agreement&#148; shall be

deemed a reference to the MLA.&#160; To the

extent that the Note Agreement may be inconsistent with the terms of this

Supplement or the MLA, the terms of the Note Agreement shall control.&#160; All security given to secure the Note shall

secure this Supplement.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Availability.&#160; </font></b>The date<b><font style="font-weight:bold;">  </font></b>for

permitting advances under the Note has expired. <b><font style="font-weight:bold;">&#160;</font></b>There

is no further availability.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest.</font></b>

The Company agrees to pay interest on the unpaid balance of the Loan at such

rate or rates as determined in accordance with the terms of the Note

Agreement.&#160; As of the date hereof the

interest rate is fixed at 6.34% per annum and shall remain fixed at such rate

for the period as provided for in the Note Agreement.&#160; All other matters regarding the calculation and payment of

interest shall be in accordance with the terms of the Note Agreement

(including, without limitation, the terms applicable to prepayment of fixed

rate loans prior to pricing maturity dates).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promissory

Note.&#160; </font></b>The Company

promises to repay the Loan in accordance with the repayment terms of the Note

Agreement.&#160; If any installment due date

is not a day on which CoBank is open for business, then such payment shall be

made on the next day on which CoBank is open for business.&#160; In addition to the above, the Company

promises to pay interest on the unpaid principal balance hereof at the times

and in accordance with the terms of the Note Agreement.&#160; 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prepayment.&#160; </font></b>Subject to the terms of

the Note Agreement,<b><font style="font-weight:bold;">  </font></b>the Loan may be prepaid in whole or in

part on one CoBank business day&#146;s prior written notice.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.25pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Security.&#160; </font></b>In addition to any other

security that may otherwise be required or provided, the Company&#146;s obligations

under this Supplement are secured by that Restated Mortgage and Security

Agreement dated September 15, 1998, from American Crystal Sugar Company to St.

Paul Bank for Cooperatives (now known as CoBank as a result of merger), as

Collateral Agent.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF,</font></b> the parties have caused

this Supplement to be executed by their duly authorized officers as of the date

shown above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="58%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:58.36%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CoBANK,

  ACB</font></b></p>

  </td>

  <td width="41%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:41.64%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN

  CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:26.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Casey Garten</font></p>

  </td>

  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.04%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sam Wai</font></p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.46%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.9%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.58%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="padding:0in .7pt 0in .7pt;width:29.04%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:26.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>

  </td>

  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.04%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.02%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan No.&#160; Z269S01C</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATUSED</font></b>  <b><font style="font-weight:bold;">REVOLVING CREDIT SUPPLEMENT</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS SUPPLEMENT</font></b> to the Master Loan

Agreement dated March 31, 2000 (the &#147;MLA&#148;), is entered into as of March 27,

2002, between <b><font style="font-weight:bold;">CoBANK, ACB </font></b>(&#147;CoBank&#148;)&nbsp;and <b><font style="font-weight:bold;">AMERICAN CRYSTAL SUGAR COMPANY</font></b>,

Moorhead, Minnesota (the &#147;Company&#148;), and amends and restates the Supplement

dated March 28, 2001 and numbered Z269S01B.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Revolving Credit Facility.&#160; </font></b>On

the terms and conditions set forth in the MLA and this Supplement, CoBank

agrees to make loans to the Company during the period set forth below in an

aggregate principal amount not to exceed, at any one time outstanding, the

lesser of the &#147;Borrowing Base&#148; (as calculated pursuant to the Borrowing Base

Certificate, the form of which is attached hereto as Exhibit A) or

$180,000,000.00 (the &#147;Commitment&#148;). Within the limits of the Commitment, but

subject to the Borrowing Base, the Company may borrow, repay and reborrow.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purpose

and Transfer. </font></b>&#160;The

purpose of the Commitment is to finance the Company&#146;s general corporate

purposes, fund working capital requirements, back the Company&#146;s commercial

paper program, and issue short-term commercial and standby letters of credit.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Term.&#160; </font></b>The term of the Commitment

shall be from the date hereof, up to but not including March 30, 2003, or such

later date as CoBank may, in its sole discretion, authorize in writing.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest.&#160; </font></b>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:</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Base Rate

Option.</font></b>&#160; At a rate per

annum at all times equal to the Base Rate.&#160;

For the purposes hereof, Base Rate means that rate in effect from day to

day defined as the &#147;prime rate&#148; 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 &#147;prime rate&#148; 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.&#160; Loans for

which the Base Rate option is selected are referred to herein as &#147;Base Rate

Loans&#148;.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Base Rate Loans shall be:&#160; (a)

in minimum amounts of $5,000,000 and incremental multiples of $1,000,000; and

(b) made available on any Banking Day.&#160;

Interest on Base Rate Loans 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 on the twentieth Banking Day of the

following month.</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Quoted Rate Option.</font></b><font size="2" style="font-size:10.0pt;">&#160;

At a fixed rate per annum at all times equal to the Quoted Rate.&#160; For the purposes hereof, Quoted Rate means a

fixed rate of interest to apply to a loan (referred to herein as a &#147;Quoted Rate

Loan&#148;) for a specified period of time not to exceed thirty (30) days quoted by

CoBank in its sole discretion.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quoted Rate Loans shall be

(i) in minimum amounts of $1,000,000 and incremental multiples of $1,000,000;

and (ii) made available on any Banking Day.&#160;

The Quoted Rate may not necessarily be the lowest rate at which CoBank

funds at that time.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>





<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:11.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on Quoted Rate

Loans 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 on the twentieth Banking Day of the following month.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; LIBOR Option.</font></b><font size="2" style="font-size:10.0pt;">&#160;

At a fixed rate equal to LIBOR plus the Applicable Margin (as defined

below).&#160; For the purposes hereof, LIBOR

means the rate for deposits in U.S. Dollars, with maturities comparable to the

selected LIBOR Interest Period, that appears on the display designed as page

&#147;3750&#148; of the Telerate Service (or such other page as may replace the 3750 page

of that service of if the Telerate Service shall cease displaying such rates,

such other service or services as may be nominated by the British Bankers&#146;

Association for the purpose of displaying London Interbank Offered Rates for

U.S. Dollar deposits), determined as of 11:00 a.m. London time two Banking Days

prior to the commencement of such LIBOR Interest Period.&#160; &#147;LIBOR Interest Period&#148; means a period of

one, two, three or six months.&#160; LIBOR

pricing will be adjusted for Regulation D reserve requirements.&#160; The Applicable Margin is 70 basis points.&#160; Loans for which the LIBOR option is selected

are referred to herein as &#147;LIBOR Loans&#148;.</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIBOR Loans shall

be:&#160; (a) in a minimum amount of

$5,000,000 and incremental multiples of $1,000,000;&#160; (b) made available on three Banking Days prior notice; and (c) be

for periods of one, two, three, or six months.&#160;

Interest on LIBOR Loans 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 in arrears upon maturity of the applicable LIBOR Interest

Period, but no less frequently than quarterly.&#160;

The LIBOR option shall be subject to the following limitations:</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="color:blue;font-weight:bold;margin:0in 0in .0001pt .5in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything herein to the contrary, if, on or

prior to the determination of the LIBOR rate for any LIBOR Interest Period,

CoBank determines (which determination shall be conclusive) that quotations of

interest rates in accordance with the definition of LIBOR rate are not being

provided in the relevant amounts or for the relevant maturities for purposes of

determining rates of interest for LIBOR rate advances as provided in this

Supplement, then CoBank shall give the Company prompt notice thereof, and so

long as such condition remains in effect, CoBank shall be under no obligation

to make LIBOR rate loans, convert Base Rate loans into LIBOR rate loans, or

continue LIBOR rate loans, and the Company shall, on the last day(s) of the

then current applicable LIBOR Interest Period(s) for the outstanding LIBOR rate

loans, either prepay such LIBOR rate loans or such LIBOR rate loans shall

automatically be converted into a Base Rate loan in accordance with this

Section 4.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="color:blue;font-weight:bold;margin:0in 0in .0001pt .5in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If any law, treaty, rule, regulation or determination of a

court or governmental authority or any change therein or in the interpretation

or application thereof subsequent to the date hereof (each, a &#147;Change in Law&#148;)

shall make it unlawful for CoBank to (a) advance any LIBOR rate loan or (b)

maintain all or any portion of a LIBOR rate loan, then CoBank shall promptly

notify the Company thereof.&#160; In the

former event, any obligation of CoBank to make available any future LIBOR rate

loan shall immediately be canceled (and, in lieu thereof shall be made as a

Base Rate loan or Quoted Rate loan at the option of the Company), and in the

latter event, any such unlawful LIBOR rate loan or portions thereof then

outstanding shall be converted, at the option of the Company, to either a Base

Rate loan or a Quoted Rate loan; provided, however, that if any such Change in

Law shall permit the LIBOR rate to remain in effect until the expiration of the

LIBOR rate period applicable to any such unlawful LIBOR rate loan, then such

LIBOR rate loan shall continue in effect until the expiration of such LIBOR

rate period.&#160; Upon the occurrence of any

of the foregoing events on account of any Change in Law, the Company shall pay

to CoBank immediately upon demand such amounts as may be necessary to

compensate CoBank for any fees, charges, or other costs incurred or payable by

CoBank as a result thereof and which are attributable to any LIBOR rate loans

made available to the Company hereunder.</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="left" style="color:blue;font-weight:bold;margin:0in 0in .0001pt .5in;text-align:left;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:normal;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If CoBank shall determine that, after the date hereof, the

adoption of any applicable Law, rule or regulation regarding capital adequacy,

or any change therein, or any change in the interpretation or administration

thereof by any governmental authority, central bank or comparable agency

charged with the interpretation or administration thereof, or any request or

directive regarding capital adequacy (whether or not having the force of law)

of any such governmental authority, central bank or comparable agency, has or

would have the effect of reducing the rate of return on capital of CoBank as a

consequence of CoBank&#146;s obligations hereunder to a level below that which

CoBank could have achieved but for such adoption, change, request or directive

(taking into consideration its policies with respect to capital adequacy

existing on the date of this Supplement) by an amount deemed by CoBank to be

material, then from time to time, within fifteen (15) days after demand by

CoBank, the Company shall pay to CoBank such additional amount or amounts as

will compensate CoBank for such reduction.&#160;

CoBank agrees to take reasonable steps to reduce the amount of such

increase, provided, however, that CoBank shall not be required to take any such

step, if in CoBank&#146;s sole opinion, CoBank would suffer an economic loss or any

negative legal or regulatory consequences as a result thereof.&#160; If CoBank is to require the Company to make

payments under this Section then CoBank must make a demand on the Company to make

such payment within ninety (90) days of the later of (1) the date on which such

capital costs are actually incurred by CoBank, or (2) the date on which CoBank

knows, or should have known, that such capital costs have been incurred by

CoBank.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Base Rate unless the amount fixed is

repaid or fixed for an additional period in accordance with the terms hereof.

Notwithstanding the foregoing, unless CoBank otherwise consents in its sole

discretion in each instance, rates may not be fixed for periods expiring after

the maturity date of the loan. In the event CoBank so consents and the

Commitment is not renewed, then each balance so fixed shall be due and payable

on the last day of its fixed rate period, and the promissory note set forth

below shall be deemed amended accordingly. All elections provided for herein

shall be made telephonically or in writing and must be received by 12:00 noon

Company&#146;s local time.&#160; As used in this

Section 4, &#147;Banking Day&#148; means 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.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promissory

Note. </font></b>The Company promises to repay the unpaid principal

balance of the loans on the first CoBank business day following the last day of

the term of the Commitment.&#160; 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.&#160; 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.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Borrowing

Base Certificate, Etc.&#160; </font></b>The

Company agrees to furnish a Borrowing Base Certificate to CoBank at such times

or intervals as CoBank may from time to time request.&#160; Until receipt of such a request, the Company agrees to furnish a

Borrowing Base Certificate to CoBank within 30 days after each month end

calculating the Borrowing Base as of the last day of the month for which the

Certificate is being furnished.&#160;

However, if no balance is outstanding hereunder on the last day of such

period, no Report need be furnished.&#160;

Regardless of the frequency of the reporting, if at any time the amount

outstanding under the Commitment exceeds the Borrowing Base, the Company shall

immediately</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">notify CoBank and repay so much of the loans as is necessary to reduce

the amount outstanding under the Commitment to the limits of the Borrowing

Base.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Commitment

Fee.</font></b>&#160; In consideration

of the Commitment, the Company agrees to pay to CoBank a commitment fee on the

average daily unused portion of the Commitment at the rate of 20 basis points

per annum (calculated on a 360 day basis), payable quarterly in arrears by the

20<sup>th</sup> day following each calendar quarter. The unused amount of the

364-Day facility will be the difference between the 364-Day Commitment and the

sum of the outstanding 364-Day Facility Loans and the undrawn face amount of

all outstanding Letters of Credit.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Utilization

Fee.&#160; </font></b>For any day on

which the outstanding principal amount of loans shall be greater than 25% of

the Commitment (but no greater than 50% of the Commitment), the Company shall

pay to CoBank a utilization fee equal to 0.125% per annum (calculated on a 360

day basis) on the aggregate amount outstanding on such day.&#160; For any day on which the outstanding

principal amount of loans shall be greater than 50% of the Commitment, the

Company shall pay to CoBank a utilization fee equal to 0.25% per annum

(calculated on a 360 day basis) on the aggregate amount outstanding on such

day.&#160; Accrued and unpaid utilization

fees, if any, shall be payable quarterly in arrears by the 20<sup>th</sup> day

following each calendar quarter.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Letters

of Credit</font></b>.&#160; In

addition to loans, and if agreeable to CoBank in its sole discretion in each

instance, the Company may utilize the Commitment to open irrevocable letters of

credit for its account.&#160; Each letter of

credit shall reduce the amount available under the Commitment by the maximum

amount capable of being drawn thereunder.&#160;

The rights and obligations of the parties with respect to each letter of

credit will be governed by the Reimbursement Agreement attached hereto as

Exhibit B (which rights and obligations shall be in addition to the rights and

obligations of the parties hereunder and under the MLA).&#160; This Commitment shall expire on March 30,

2003. The fee for issuing each letter of credit shall be 70 basis points of the

face amount of each letter of credit, along with an issuance fee to CoBank, for

its own account, equal to the greater of (a) 1/8% of the face amount of the

letter of credit, or (b) $2,000. The Company promises to repay the outstanding

balance on the Commitment in full on demand, or if no demand is made, then any

time on or before the commitment expiration date of March 30, 2003<b><font style="font-weight:bold;">.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF,</font></b> the parties have caused

this Supplement to be executed by their duly authorized officers as of the date

shown above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="376" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:282.35pt;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CoBANK,

  ACB</font></b></p>

  </td>

  <td width="354" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:265.8pt;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN

  CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="376" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:282.35pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="354" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:265.8pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31" valign="top" style="padding:0in 0in 0in 0in;width:22.9pt;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="310" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:232.5pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36" valign="top" style="padding:0in 0in 0in 0in;width:26.95pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31" valign="top" style="padding:0in 0in 0in 0in;width:23.15pt;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="287" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:214.9pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="37" valign="top" style="padding:0in 0in 0in 0in;width:27.75pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31" valign="top" style="padding:0in 0in 0in 0in;width:22.9pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="310" valign="top" style="padding:0in 0in 0in 0in;width:232.5pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36" valign="top" style="padding:0in 0in 0in 0in;width:26.95pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31" valign="top" style="padding:0in 0in 0in 0in;width:23.15pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="324" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:242.65pt;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31" valign="top" style="padding:0in 0in 0in 0in;width:22.9pt;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="310" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:232.5pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="36" valign="top" style="padding:0in 0in 0in 0in;width:26.95pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="31" valign="top" style="padding:0in 0in 0in 0in;width:23.15pt;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="287" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:214.9pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="37" valign="top" style="padding:0in 0in 0in 0in;width:27.75pt;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">33</font></b></p>





<div align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></b></div>



<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
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<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT &#147;A&#148;</font></b></p>



<p align="left" style="font-weight:bold;margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">[Form of Borrowing Base]</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Crystal Sugar

Company</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Monthly Borrowing Base</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the month ended

_______________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.06%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.2%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Trade Accounts Receivables</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.86%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">@ 80%</font></b></h1>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:20.5%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.9%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h1>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade Accounts

Receivables are defined as those of the Borrower and all Guarantors which:&#160; (1) arise from the sale and delivery of

inventory on ordinary trade terms; (2) are evidenced by an invoice; (3) are net

of any credit, trade or other allowance given to the account debtor; (4) are not

owing by an account debtor who has become insolvent or is the subject of any

bankruptcy, reorganization, liquidation or like proceeding; (5) are not subject

to any offset or deduction; (6) are not owing by an affiliate of Borrower; (7)

are not owing by an obligor located outside of the U.S. unless the receivable

is supported by a letter of credit issued by a bank acceptable to the Lender;

and (8) are not government receivables.&#160;

The above provisions notwithstanding, Trade Receivables shall also

exclude (i) any accounts that are past due more than 90 days, and (ii) any

contra account regardless of the date;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.06%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Inventory</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)</font></b></h1>

  </td>

  <td width="24%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:24.2%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.9%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h1>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventory as determined

on the basis of Net Realizable Value, defined as the expected selling price of

an inventory item less expected costs to complete and dispose, as determined in

accordance with GAAP.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.06%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Crop Payments due Non-members<br>

  and members</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)</font></b></h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Net Inventory Value (b-c)<br>

  (d)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">@ 75%</font></b></h1>

  </td>

  <td width="4%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:4.02%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:22.3%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Borrowing Base (a+d)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="4%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:4.02%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="22%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:22.3%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Commercial Paper<br>

  (e)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="4%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:4.02%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="22%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:22.3%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Seasonal Loan<br>

  (f)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.12%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="23%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:23.2%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">CCC<br>

  (g)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.12%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="23%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:23.2%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Total Short-term Loans (e+f+g)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:16.62%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="7%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:7.02%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="26%" colspan="3" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:26.32%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.98%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr height="0">

  <td width="341" style="border:none;"></td>

  <td width="13" style="border:none;"></td>

  <td width="120" style="border:none;"></td>

  <td width="51" style="border:none;"></td>

  <td width="23" style="border:none;"></td>

  <td width="7" style="border:none;"></td>

  <td width="161" style="border:none;"></td>

  <td width="7" style="border:none;"></td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit B</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LETTER OF CREDIT REIMBURSEMENT

AGREEMENT</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of CoBank issuing one or more letters

of credit (each a &#147;Credit&#148;) for the Company&#146;s account under the Supplement to

which this agreement is attached (the &#147;Supplement&#148;), the Company agrees as

follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160; &#160;&#160; The Company will pay to CoBank in United

States currency and in immediately available funds the amount of each draft

drawn or instrument paid under a Credit.&#160;

In addition, the Company agrees to pay to CoBank such fee for issuing

each Credit as prescribed in Section 9 of Supplement number Z269S01C, as well

as all customary charges associated with the issuance of a Credit.&#160; If a Credit is payable in a foreign

currency, the Company will pay to CoBank an amount in United States currency

equivalent to CoBank&#146;s selling rate of exchange for that currency.&#160; In addition to the amounts set forth above,

the Company shall pay to CoBank such amounts as CoBank shall determine are

necessary to compensate CoBank for any cost attributable to CoBank issuing or

having outstanding any Credit resulting from the application of any law or

regulation concerning any reserve, assessment, capital adequacy or similar

requirement relating to letters of credit, reimbursement agreements with

respect thereto, or to similar liabilities or assets of banks, whether existing

at the time of the issuance of a Credit or adopted thereafter.&#160; Each payment hereunder shall be payable on

demand at the place and manner set forth in the Master Loan Agreement between

the parties (the &#147;MLA&#148;) and with interest from the date of demand to the date

paid at CoBank&#146;s National Variable Rate.&#160;

The Company hereby authorizes CoBank to create a loan under the

Supplement bearing interest at the variable rate set forth therein for any sums

owing hereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; Neither

CoBank nor any of its correspondents shall in any way be responsible for the

performance by any beneficiary of its obligations to the Company nor for the

form, sufficiency, correctness, genuineness, authority of the person signing,

falsification or legal effect of any documents called for under a Credit if

such documents on their face appear to be in order.&#160; In addition, CoBank and its correspondents may receive and accept

or pay as complying with the terms of a Credit any drafts, documents, or

certificates, otherwise in order, signed by any person purporting to be an

administrator, executor, trustee in bankruptcy, debtor in possession, assignee

for the benefit of creditors, liquidator, receiver, or other legal

representative of the party authorized under a Credit to draw or issue such

instruments or other documents.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; In the

event the Credit is a commercial Credit, then, in addition to the other

provisions hereof, the Company:&#160; (i)

agrees to obtain or cause to be in existence insurance on any merchandise

described in the Credit against fire and other usual risks and against any

additional risks which CoBank may request; and (ii) authorizes and empowers

CoBank to collect the amount due under any such insurance and apply the same

against any of the Company&#146;s&#160;

obligations to CoBank arising under the Credit or otherwise.&#160; In addition, whether the Credit is a

commercial or a standby Credit, the Company represents and warrants that any

required import, export or foreign exchange licenses or other governmental

approvals relevant to the Credit and the merchandise described therein have

been obtained and that the transactions contemplated thereby are not prohibited

under any&#160; law, rule, regulation, order

or the like, including the Foreign Assets Control Regulations of the

U.S.&nbsp;Department of Treasury.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; All

directions and correspondence relating to a Credit are to be sent at the

Company&#146;s risk and CoBank does not assume any responsibility for any

inaccuracy, interruption, error, or delay in transmission or delivery by post,

telegraph, cable or other electronic means, or for any inaccuracy of translation.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160; CoBank

shall not be responsible for any act, error, neglect, default, omission,

insolvency or failure in business of any of its correspondents, and any action

taken or omitted by CoBank or its correspondents under or in connection with a

Credit shall, if taken or omitted with honesty in fact, be binding on the

Company and shall not put CoBank or its correspondents under any resulting

liability to the Company.&#160; In no event

shall&#160; CoBank be liable for special,

consequential or punitive damages.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160; The

Company will indemnify CoBank against and hold it harmless from all loss,

damage, cost, and expense (including attorneys&#146; fees and expenses) arising out

of (i) its issuance of or any other action taken by CoBank in connection with a

Credit, other than loss or damage resulting from its gross negligence or

willful misconduct, and (ii) claims or legal proceedings incident to the

collection of amounts owed by the Company hereunder, or the enforcement of

CoBank&#146;s rights or the rights of others under a Credit, including, without

limitation, legal proceedings relating to any court order, injunction or other

process or decree restraining or seeking to restrain CoBank from paying any

amount under a Credit.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160; In the

event:&#160; (i) the Company fails to make

any payment owing hereunder when the same shall become due and payable; (ii)

any covenant or representation or warranty set forth herein is breached; (iii)

the &#147;Commitment&#148; (as defined in the Supplement) expires prior to the expiration

date of any Credit; or (iv) an &#147;Event of Default&#148; (as defined in the MLA)

occurs</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">under the MLA, then, in any such event, the amount of

each Credit, together with any amounts payable by us in connection therewith,

shall, at CoBank&#146;s option, become immediately due and payable. To the extent

that any amount paid by the Company pursuant to this Section 7 shall not then

be due under the terms of a Credit, such payment shall serve as security for

the Company&#146;s obligation to indemnify CoBank for any amounts subsequently

disbursed by CoBank pursuant to a Credit.&#160;

Furthermore, upon the institution of any legal proceeding described in

Section 6(ii) hereof, the Company will, on demand, assign and deliver to

CoBank, as security for the Company&#146;s obligation to indemnify CoBank, cash

collateral in an amount satisfactory to CoBank.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160; CoBank

shall be fully protected in, and shall incur no liability to the Company for

acting upon, any oral, telephonic, facsimile, cable or other electronic instructions

which CoBank in good faith believes to have been given by any authorized

person.&#160; CoBank may, at its option, use

any means of verifying any instructions received by it and may also, at its

option, refuse to act on any oral, telephonic, facsimile, cable or other

electronic instructions or any part thereof, without incurring any

responsibility for any loss, liability or expenses arising out of such refusal.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160; The

Uniform Customs and Practice as most recently published by the International

Chamber of Commerce (hereafter called the &#147;UCP&#148;) shall in all respects be

deemed a part hereof as fully as if incorporated herein, and shall apply to the

Credits.&#160; To the extent the UCP is

inconsistent with the governing law set forth in the MLA, the UCP shall control.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Form of Borrowing Base]</font></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Crystal Sugar

Company</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Monthly Borrowing Base</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the month ended

__________________</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.06%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.2%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Trade Accounts Receivables</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.86%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">@ 80%</font></b></h1>

  </td>

  <td width="3%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.7%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:17.52%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.98%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(a)</font></b></h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.9%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h1>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trade Accounts Receivables

are defined as those of the Borrower and all Guarantors which:&#160; (1) arise from the sale and delivery of

inventory on ordinary trade terms; (2) are evidenced by an invoice; (3) are net

of any credit, trade or other allowance given to the account debtor; (4) are

not owing by an account debtor who has become insolvent or is the subject of

any bankruptcy, reorganization, liquidation or like proceeding; (5) are not

subject to any offset or deduction; (6) are not owing by an affiliate of

Borrower; (7) are not owing by an obligor located outside of the U.S. unless

the receivable is supported by a letter of credit issued by a bank acceptable

to the Lender; and (8) are not government receivables.&#160; The above provisions notwithstanding, Trade

Receivables shall also exclude (i) any accounts that are past due more than 90

days, and (ii) any contra account regardless of the date;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.06%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Inventory</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:6.46%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)</font></b></h1>

  </td>

  <td width="24%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:24.2%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.9%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h1>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventory as determined

on the basis of Net Realizable Value, defined as the expected selling price of

an inventory item less expected costs to complete and dispose, as determined in

accordance with GAAP.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Crop Payments due Non-members<br>

  and members</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)</font></b></h1>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Net Inventory Value (b-c)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&#160;</font></b></h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">@ 75%</font></b></h1>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:17.54%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="3%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.0%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(d)</font></b></h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="border:none;padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Borrowing Base (a+d)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:17.58%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.96%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Commercial Paper</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:17.54%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="3%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.0%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(e)</font></b></h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-align:left;text-indent:-10.0pt;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Seasonal Loan</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:18.44%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="3%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.0%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(f)</font></b></h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">CCC</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.92%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="18%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:18.44%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="3%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:3.0%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(g)</font></b></h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="22%" colspan="5" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:22.36%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:11.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt .7pt .7pt;width:47.22%;">

  <h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Total Short-term Loans (e+f+g)</font></b></h1>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.84%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="19%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:19.38%;">

  <h1 align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h1>

  </td>

  <td width="8%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:8.32%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" colspan="2" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:1.82%;">

  <h1 align="right" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">$</font></b></h1>

  </td>

  <td width="17%" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt .7pt .7pt;width:17.58%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:2.96%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

  <td width="0%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:.86%;">

  <h1 align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;">&nbsp;</h1>

  </td>

 </tr>

 <tr height="0">

  <td width="341" style="border:none;"></td>

  <td width="13" style="border:none;"></td>

  <td width="140" style="border:none;"></td>

  <td width="60" style="border:none;"></td>

  <td width="7" style="border:none;"></td>

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  <td width="0" style="border:none;"></td>

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  <td width="6" style="border:none;"></td>

 </tr>

</table>



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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>





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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan No. Z269T04</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LETTER OF CREDIT COMMITMENT SUPPLEMENT.</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS SUPPLEMENT</font></b> to the Master Loan

Agreement dated March 31, 2000 <b><font style="font-weight:bold;">&#160;</font></b>(the

&#147;MLA&#148;), is entered into as of March 31, 2000<b><font style="font-weight:bold;">, </font></b>between <b><font style="font-weight:bold;">CoBANK, ACB </font></b>(&#147;CoBank&#148;)&nbsp;and

<b><font style="font-weight:bold;">AMERICAN

CRYSTAL SUGAR COMPANY</font></b>, Moorhead, Minnesota&#160;&#160; (the &#147;Company&#148;).</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Letter of Credit.&#160; </font></b>On

the terms and conditions set forth in the MLA, CoBank agrees to establish a

loan commitment to the Company in an amount not to exceed $31,000,000.00 (the

&#147;Commitment&#148;).&#160; The Commitment shall

expire at 12:00 noon (Company&#146;s local time) on April 30, 2013 or on such later

date as CoBank may, in its sole discretion, authorize in writing.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Purpose.&#160; </font></b>The purpose of the

Commitment is to reimburse CoBank in the event of draws on letters of credit

issued by CoBank (or its predecessor)<b><font style="font-weight:bold;">  </font></b>for the benefit of the Company,<b><font style="font-weight:bold;">  </font></b>and

to renew, extend and refinance the Company&#146;s obligations to CoBank under the

Company&#146;s existing Letter of Credit Commitment (&#147;Existing Letter of Credit

Commitment&#148;) as currently evidenced by Note No. 30343&#160; (the &#147;Note&#148;) and the Loan Agreement dated March 5, 1999<b><font style="font-weight:bold;">. </font></b>(the

&#147;Existing Agreement&#148;).&#160; The Company

agrees that on the date when all conditions precedent to CoBank&#146;s obligation to

extend credit hereunder have been satisfied:&#160;

(a)&nbsp;the principal balance outstanding (or any obligations

outstanding as a result of any letters of credit currently in effect) under the

Existing Letter of Credit Commitment shall be transferred to and charged

against this Commitment; (b) all accrued obligations of the Company under the

Existing Letter of Credit Commitment for the payment of interest or other

charges shall be transferred to and become part of the Company&#146;s obligations

under this Supplement as if fully set forth herein; and, (c) the Note and the

Existing Agreement (to the extent applicable to the Note) shall be deemed

replaced and superseded, but the indebtedness evidenced by such Note shall not

be deemed to have been paid off, by this Supplement and the MLA.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION

3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promissory Note.</font></b><font size="2" style="font-size:10.0pt;">&#160;

The Company promises to repay all outstanding balances for advances made

in support of outstanding letters of credit, upon demand</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Interest.

</font></b>The Company agrees to pay interest on the unpaid principal

balance of each loan, from the date of draw to actual repayment on a daily

basis for the actual number of days any portion of the principal is

outstanding.&#160; The unpaid principal

balance shall bear interest at a rate per annum equal at all times to the rate

of interest established by CoBank from time to time as its National Variable

Rate, which Rate is intended by CoBank to be a reference rate and not its

lowest rate.&#160; The National Variable Rate

will change on the date established by CoBank as the effective date of any

change therein and CoBank agrees to notify the Company promptly after any such

change. Interest shall be calculated on the actual number of days each loan is

outstanding on the basis of a year consisting of 360&nbsp;days and shall be

payable monthly in arrears by the 20th&nbsp;day of the following month.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Issuance

of Letters of Credit</font></b>.&#160;

Each letter of credit issued shall reduce the amount available under the

Commitment by the maximum amount capable of being drawn thereunder.&#160; The rights and obligations of the parties

with respect to each letter of credit will be governed by the Reimbursement

Agreement attached hereto as Exhibit A (which rights and obligations shall be

in addition to the rights and obligations of the parties hereunder and under

the MLA).&#160; The fee for issuing each&#160; letter of credit shall be determined CoBank

at the time of issuance.&#160; The Company

promises to repay the outstanding balance on the Commitment in full on demand,

or if no demand is made, then any time on or before the Commitment expiration

date.</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:35.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Security.&#160; </font></b>In addition to any other

security that may otherwise be required or provided, the Company&#146;s obligations

under this Supplement are secured by that Restated Mortgage and Security

Agreement dated September 15, 1998, from American Crystal Sugar Company to St.

Paul Bank for Cooperatives (now known as CoBank as a result of merger), as

Collateral Agent.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF,</font></b> the parties have caused

this Supplement to be executed by their duly authorized officers as of the date

shown above.</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="58%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:58.36%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CoBANK,

  ACB</font></b></p>

  </td>

  <td width="41%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:41.64%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN

  CRYSTAL SUGAR COMPANY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="58%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:58.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="41%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:41.64%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.98%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Casey Garten</font></p>

  </td>

  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.92%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sam Wai</font></p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.46%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="53%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:53.9%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" valign="top" style="padding:0in .7pt 0in .7pt;width:29.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.46%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.98%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>

  </td>

  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.92%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer</font></p>

  </td>

  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LETTER OF CREDIT REIMBURSEMENT

AGREEMENT</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of CoBank issuing one or more letters

of credit (each a &#147;Credit&#148;) for the Company&#146;s account under the Supplement to

which this agreement is attached (the &#147;Supplement&#148;), the Company agrees as

follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; The

Company will pay to CoBank in United States currency and in immediately

available funds the amount of each draft drawn or instrument paid under a

Credit.&#160; In addition, the Company agrees

to pay to CoBank such fee for issuing each Credit as CoBank shall prescribe, as

well as all customary charges associated with the issuance of a Credit.&#160; If a Credit is payable in a foreign

currency, the Company will pay to CoBank an amount in United States currency

equivalent to CoBank&#146;s selling rate of exchange for that currency.&#160; In addition to the amounts set forth above,

the Company shall pay to CoBank such amounts as CoBank shall determine are

necessary to compensate CoBank for any cost attributable to CoBank issuing or

having outstanding any Credit resulting from the application of any law or

regulation concerning any reserve, assessment, capital adequacy or similar

requirement relating to letters of credit, reimbursement agreements with

respect thereto, or to similar liabilities or assets of banks, whether existing

at the time of the issuance of a Credit or adopted thereafter.&#160; Each payment hereunder shall be payable on

demand at the place and manner set forth in the Master Loan Agreement between

the parties (the &#147;MLA&#148;) and with interest from the date of demand to the date

paid at CoBank&#146;s National Variable Rate.&#160;

The Company hereby authorizes CoBank to create a loan under the

Supplement bearing interest at the variable rate set forth therein for any sums

owing hereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; Neither

CoBank nor any of its correspondents shall in any way be responsible for the

performance by any beneficiary of its obligations to the Company nor for the

form, sufficiency, correctness, genuineness, authority of the person signing,

falsification or legal effect of any documents called for under a Credit if

such documents on their face appear to be in order.&#160; In addition, CoBank and its correspondents may receive and accept

or pay as complying with the terms of a Credit any drafts, documents, or

certificates, otherwise in order, signed by any person purporting to be an

administrator, executor, trustee in bankruptcy, debtor in possession, assignee

for the benefit of creditors, liquidator, receiver, or other legal

representative of the party authorized under a Credit to draw or issue such

instruments or other documents.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; In the

event the Credit is a commercial Credit, then, in addition to the other

provisions hereof, the Company:&#160; (i)

agrees to obtain or cause to be in existence insurance on any merchandise

described in the Credit against fire and other usual risks and against any

additional risks which CoBank may request; and (ii) authorizes and empowers

CoBank to collect the amount due under any such insurance and apply the same

against any of the Company&#146;s&#160;

obligations to CoBank arising under the Credit or otherwise.&#160; In addition, whether the Credit is a

commercial or a standby Credit, the Company represents and warrants that any

required import, export or foreign exchange licenses or other governmental

approvals relevant to the Credit and the merchandise described therein have

been obtained and that the transactions contemplated thereby are not prohibited

under any&#160; law, rule, regulation, order

or the like, including the Foreign Assets Control Regulations of the

U.S.&nbsp;Department of Treasury.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; All

directions and correspondence relating to a Credit are to be sent at the

Company&#146;s risk and CoBank does not assume any responsibility for any

inaccuracy, interruption, error, or delay in transmission or delivery by post,

telegraph, cable or other electronic means, or for any inaccuracy of

translation.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160; CoBank

shall not be responsible for any act, error, neglect, default, omission,

insolvency or failure in business of any of its correspondents, and any action

taken or omitted by CoBank or its correspondents under or in connection with a

Credit shall, if taken or omitted with honesty in fact, be binding on the

Company and shall not put CoBank or its correspondents under any resulting

liability to the Company.&#160; In no event

shall&#160; CoBank be liable for special,

consequential or punitive damages.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160; The

Company will indemnify CoBank against and hold it harmless from all loss,

damage, cost, and expense (including attorneys&#146; fees and expenses) arising out

of (i) its issuance of or any other action taken by CoBank in connection with a

Credit, other than loss or damage resulting from its gross negligence or

willful misconduct, and (ii) claims or legal proceedings incident to the

collection of amounts owed by the Company hereunder, or the enforcement of

CoBank&#146;s rights or the rights of others under a Credit, including, without

limitation, legal proceedings relating to any court order, injunction or other

process or decree restraining or seeking to restrain CoBank from paying any

amount under a Credit.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160; In the

event:&#160; (i) the Company fails to make

any payment owing hereunder when the same shall become due and payable; (ii)

any covenant or representation or warranty set forth herein is breached; (iii)

the &#147;Commitment&#148; (as defined in the Supplement) expires prior to the expiration

date of any Credit; or (iv) an &#147;Event of Default&#148; (as defined in the MLA) occurs

under the MLA, then, in any such event, the amount of each Credit, together

with any amounts payable by us in connection therewith, shall, at CoBank&#146;s

option, become immediately due and payable. To the extent that any amount paid

by the Company pursuant to this Section 7 shall not then be due under the terms

of a Credit, such payment shall serve as security for the Company&#146;s obligation

to indemnify CoBank for any amounts subsequently disbursed by CoBank pursuant

to a Credit.&#160; Furthermore, upon the

institution of any legal proceeding described in Section 6(ii) hereof, the

Company will, on demand, assign and deliver to CoBank, as security for the

Company&#146;s obligation to indemnify CoBank, cash collateral in an amount

satisfactory to CoBank.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160; CoBank

shall be fully protected in, and shall incur no liability to the Company for

acting upon, any oral, telephonic, facsimile, cable or other electronic

instructions which CoBank in good faith believes to have been given by any

authorized person.&#160; CoBank may, at its

option, use any means of verifying any instructions received by it and may

also, at its option, refuse to act on any oral, telephonic, facsimile, cable or

other electronic instructions or any part thereof, without incurring any

responsibility for any loss, liability or expenses arising out of such refusal.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160; The

Uniform Customs and Practice as most recently published by the International

Chamber of Commerce (hereafter called the &#147;UCP&#148;) shall in all respects be

deemed a part hereof as fully as if incorporated herein, and shall apply to the

Credits.&#160; To the extent the UCP is

inconsistent with the governing law set forth in the MLA, the UCP shall

control.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(to be placed on Company

letterhead)</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMERICAN CRYSTAL SUGAR

COMPANY</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPLIANCE CERTIFICATE</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To induce CoBank to make

and continue making advances to the Company and to comply with and demonstrate

compliance with the terms, covenants, and conditions of the Loan Agreement and

all Supplements thereto, this financial statement is furnished to the

Bank.&#160; The undersigned certifies that,

(i) this statement was prepared from the books and records of the Association,

is in agreement with them, and is correct to the best of the undersigned&#146;s

knowledge and belief, and (ii) no event has occurred which, with notice or

lapse of time, or both, might become an Event of Default under the Loan

Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMERICAN CRYSTAL SUGAR</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="74%" style="border-collapse:collapse;width:74.94%;">

 <tr>

  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:30.98%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="29%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:29.58%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt .7pt .7pt;width:39.44%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="30%" valign="top" style="border:none;padding:0in .7pt .7pt .7pt;width:30.98%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>

  </td>

  <td width="29%" valign="bottom" style="padding:0in .7pt .7pt .7pt;width:29.58%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="39%" valign="top" style="border:none;padding:0in .7pt .7pt .7pt;width:39.44%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name/Title)</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='41',FILE='C:\C2\ctaft\4315_1\t_692731\j4315_ex10d27.htm',USER='ctaft',CD='Jul 12 09:34 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Form of Compliance

Certificate]</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">American Crystal Sugar Company</font></b></h1>



<h2 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quarterly

Compliance Certificate</font></h2>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Term and Seasonal Loans</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="70%" style="border-collapse:collapse;width:70.34%;">

 <tr>

  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Working

  Capital:</font></u></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.98%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.24%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="padding:0in 0in 0in 0in;width:24.98%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) Current

  Assets as measured in accordance with GAAP</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="24%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.98%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) Current

  Liabilities as measured in accordance with GAAP</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="24%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.98%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="24%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:24.98%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.1%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Working

  Capital (a-b)</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.24%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="24%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.98%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;text-indent:.3in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>



<p style="margin:0in 0in .0001pt;text-indent:.3in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Minimum Net Working Capital Required for fiscal quarters

other than fiscal year end = $15,000000.</font></i></b></p>



<p style="margin:0in 0in .0001pt;text-indent:.3in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Minimum Net Working Capital Required for fiscal year end =

$35,000,000.</font></i></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-Term Debt Coverage:</font></u></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160; &#160;<u>Net

Funds</u></font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="90%" style="border-collapse:collapse;margin-left:.2in;width:90.0%;">

 <tr>

  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.2%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year 1</font></b></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year 2</font></b></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Year 3</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) </font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unit retains</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and amortization</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income from non-member business and member

  business tax timing differences</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+</font></p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">&nbsp;</h3>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</h3>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</h3>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <h3 align="right" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h3>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <h3 align="right" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h3>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;">&nbsp;</h3>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</h3>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <h3 style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</h3>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <h3 align="right" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h3>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <h3 align="right" style="font-size:12.0pt;font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;">&nbsp;</h3>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <h3 style="font-weight:normal;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Decrease in investments in other cooperatives

  (excluding subsidiaries)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+</font></p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net revenue from the sale of stock</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Increase in investments in other cooperatives

  (excluding subsidiaries)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">g)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net loss from non-member business and member

  business tax timing differences</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">h)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provision for income tax</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i)</font></p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members&#146; investment retirements</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sum (a through i)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="41%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:41.66%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.2%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.18%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:32.48%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Average Net Funds</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.44%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:7.74%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">j</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:32.48%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-term Debt</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.44%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:7.74%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">k</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:32.48%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ratio (k / j)</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.44%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:7.74%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">:l</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.22%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="50%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.1%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.2%;">

  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.52%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.88%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="9%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:9.18%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.14%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-Term Debt to Capitalization:</font></u></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="61%" style="border-collapse:collapse;margin-left:.2in;width:61.2%;">

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.12%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.12%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)&#160;&#160;&#160; Long-term debt (excluding current

  maturities)<br>

  as determined in accordance with GAAP</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="25%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:25.02%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.12%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)&#160;&#160; Total equity as measured in accordance with

  GAAP</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="25%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:25.02%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.12%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)&#160;&#160;&#160; Capitalization (a + b)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="25%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:25.02%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="21%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:21.12%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.02%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-Term Debt

  to Capitalization (a / c)</font></p>

  </td>

  <td width="21%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:21.72%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.42%;">

  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">:1.0</font></p>

  </td>

 </tr>

 <tr height="0">

  <td width="322" style="border:none;"></td>

  <td width="9" style="border:none;"></td>

  <td width="84" style="border:none;"></td>

  <td width="3" style="border:none;"></td>

  <td width="24" style="border:none;"></td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Leverage Ratio (Term Pricing Only)</font></u></p>



<table border="0" cellspacing="0" cellpadding="0" width="61%" style="border-collapse:collapse;margin-left:.2in;width:61.2%;">

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)&#160;&#160;&#160; Long-term Debt</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.66%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)&#160;&#160; Actual Less Minimum Net Working Capital</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.66%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)&#160;&#160;&#160; Adjusted Long-term Debt (a &#151; b)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.66%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)&#160;&#160; Total Member Investment</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.66%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e)&#160;&#160;&#160; Estimated Unit Retains</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.66%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f)&#160;&#160;&#160; Adjusted Members Investment (d + e)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.12%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:18.66%;">

  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="20%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="72%" valign="top" style="padding:0in .7pt 0in .7pt;width:72.86%;">

  <p style="margin:0in 0in .0001pt 15.6pt;text-indent:-15.6pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">g)&#160;&#160; Adjusted Leverage Ratio (c / f)</font></p>

  </td>

  <td width="20%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:20.78%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.36%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">:1.0</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pricing Grid (Term Only)</font></u></p>



<p style="margin:0in 0in .0001pt 27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160;&#160;&#160;&#160;

&gt;&#160;&#160;&#160;&#160; 1.35:1___________B.&#160;&#160;&#160;&#160; 1.20:1___________ C.&#160;&#160;&#160;&#160; &lt; 1.20:1___________ D.&#160;&#160;&#160;&#160; &lt; 1.0:1___________</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>





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