Common use of Hedging Contracts Clause in Contracts

Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirty-nine weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the Borrower; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirtytwenty-nine six weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirtytwenty-nine six weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the Borrower; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower Company shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (ai) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (ia) long positions and/or options sold on corn and wheat shall in no event cover more than thirty- nine weeks of the Company's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one- half weeks of such anticipated requirements unless they have been entered into in compliance with the Company's Corporate Policy For Futures Contracts approved by the Company's Board of Directors on April 24, 1998 and have been approved by the Company's Hedging Committee, (b) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine weeks of the BorrowerCompany's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the BorrowerCompany's Corporate Policy For Futures Contracts approved by the BorrowerCompany's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the BorrowerCompany's Hedging Committee, and (iiic) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the BorrowerCompany; and (bii) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which that are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower Company shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirty-nine weeks six months of the BorrowerCompany's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-one half weeks of such anticipated requirements unless they have been entered into in compliance with the BorrowerCompany's Corporate Policy For Futures Future Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the BorrowerCompany's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine weeks six months of the BorrowerCompany's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-one half weeks of such anticipated requirements unless they have been entered into in compliance with the BorrowerCompany's Corporate Policy For Futures Future Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the BorrowerCompany's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the Borrowerpurchase; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower Company shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirtytwenty-nine six weeks of the BorrowerCompany's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the BorrowerCompany's Corporate Policy For Futures Contracts approved by the BorrowerCompany's Board of Directors on April 24, 1998 and have been approved by the BorrowerCompany's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirtytwenty-nine six weeks of the BorrowerCompany's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the BorrowerCompany's Corporate Policy For Futures Contracts approved by the BorrowerCompany's Board of Directors on April 24, 1998 and have been approved by the BorrowerCompany's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the BorrowerCompany; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which that are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirty-nine thirteen weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall not cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine thirteen weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall not cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase purchase, and (iv) all short positions on cotton owned or expected to be purchased by the BorrowerBorrower must be reasonably related to the expected sale dates of such cotton and to the amounts of such cotton expected to be sold; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest in terest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirty-nine weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-thirty- nine weeks of the Borrower's anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the Borrower; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall in no event cover more than thirty-nine weeks of the Borrower's ’s anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's ’s Corporate Policy For Futures Contracts approved by the Borrower's ’s Board of Directors on April 24, 1998 and have been approved by the Borrower's ’s Hedging Committee, (ii) long positions and/or options sold on soybean meal shall in no event cover more than thirty-nine weeks of the Borrower's ’s anticipated requirements for feed ingredients, and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's ’s Corporate Policy For Futures Contracts approved by the Borrower's ’s Board of Directors on April 24, 1998 and have been approved by the Borrower's ’s Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase by the Borrower; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies.

Hedging Contracts. The Borrower shall not, and shall not permit any Subsidiary to, enter into any Hedging Contract except: (a) bona fide hedging transactions in commodities that represent production inputs or products to be marketed, or in commodities needed in operations to meet manufacturing or market demands, provided that (i) long positions and/or options sold on corn and wheat shall shall, (x) prior to December 31, 2000, in no event cover more than thirty-nine twenty- six weeks of the Borrower's anticipated requirements for feed ingredients, and (y) subsequent to December 31, 2000, in no event cover more than thirteen weeks of the Borrower's anticipated requirements for feed ingredients; and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, (ii) long positions and/or options sold on soybean meal shall shall, (x) prior to December 31, 2000, in no event cover more than thirtytwenty-nine six weeks of the Borrower's anticipated requirements for feed ingredients, and (y) subsequent to December 31, 2000, in no event cover more than thirteen weeks of the Borrower's anticipated requirements for feed ingredients; and none of such positions and/or options shall cover more than six and one-half weeks of such anticipated requirements unless they have been entered into in compliance with the Borrower's Corporate Policy For Futures Contracts approved by the Borrower's Board of Directors on April 24, 1998 and have been approved by the Borrower's Hedging Committee, and (iii) short positions on corn shall not exceed 2,000,000 bushels, and shall at all times relate to corn owned or contracted for purchase purchase, and (iv) all short positions on cotton owned or expected to be purchased by the BorrowerBorrower must be reasonably related to the expected sale dates of such cotton and to the amounts of such cotton expected to be sold; and (b) foreign exchange contracts, currency swap agreements, interest rate exchange agreements, interest rate cap agreements, interest rate collar agreements, and other similar agreements and arrangements which are reasonably related to existing indebtedness or to monies to be received or paid in foreign currencies." (b) Section 7.11. Section 7.11 of the Credit Agreement is deleted in its entirety and the following is substituted therefor: