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EXHIBIT 2.3
SIXTH AMENDMENT AND CONSENT
Dated as of June 28, 1999
This SIXTH AMENDMENT among Del Monte Fresh Produce (UK) Ltd. ("Fresh
U.K.") Wafer Limited ("Wafer"), Del Monte Fresh Produce International Inc.
("Fresh International"), Del Monte Fresh Produce N.A., Inc. ("Fresh N.A."),
Fresh Del Monte Produce Inc. ("Fresh Produce"), Global Reefer Carriers, Ltd.
("Global; collectively with Fresh U.K., Wafer, Fresh International, Fresh N.A.
and Fresh Produce, the "Borrowers'), the banks appearing on the signature pages
hereto (the "Increasing Lenders") and Cooperatieve Centrale
Raiffeisen-Bocrenleenbank B.A., "Rabobank Nederland", New York Branch, as agent
(in such capacity, the "Agent") for the other banks, financial institutions and
other institutional lenders a party to the Credit Agreement referred to below
(the "Lenders").
PRELIMINARY STATEMENTS. The Borrowers, the Agent and the Lenders have
entered into a Revolving Credit Agreement dated as of May 19, 1998 (as amended,
supplemented or otherwise modified from time to time, the "Credit Agreement";
the terms defined in the Credit Agreement being used herein as therein defined).
Each of the Borrowers, the Agent, the Initial Issuing Bank, the Swing Line Bank
and the Lenders wish to amend the Credit Agreement as hereinafter set forth.
NOW, THEREFORE, the Borrowers, the Agent (on behalf of the Lenders) and
the Increasing Lenders hereby agree as follows:
SECTION 1. AMENDMENTS TO CREDIT AGREEMENT. The Credit Agreement is,
effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 2 hereof, hereby amended as follows:
(a) Section 1.01 of the Credit Agreement is hereby amended by deleting
the amount "$413,901,110.00" appearing in the definition of "Total Commitment"
and substituting in lieu thereof the amount "$438,901,110.00"; it being
understood that the Total Commitment, as amended, reflects the reduction on May
1, 1999 pursuant to Section 2.05(c) of the Credit Agreement.
(b) Schedule I to the Credit Agreement is hereby replaced by Schedule I
hereto.
SECTION 2. CONDITIONS OF EFFECTIVENESS. This Amendment shall become
effective when, and only when, the Agent shall have received, in form and
substance satisfactory to the Agent:
(a) counterparts of this Amendment executed by each Borrower, the Agent
and each Increasing Lender,
(b) a consent duly executed by each Guarantor in the form of Exhibit A
hereto; and
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SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE BORROWERS. The
Borrowers represent and warrant as follows:
(a) The representations and warranties contained in Section 4.01 of the
Credit Agreement, are true and correct on and as of the date hereof as though
made on and as of the date hereof, other than such representations and
warranties that, by their terms, refer to a date other than the date of this
Amendment or a Borrowing; provided that such representation and warranty shall
be deemed to be updated by such information relating to the matters described
therein as and to the extent that Fresh Produce or the relevant Borrower shall
have furnished such information in writing to the Administrative Agent.
(b) The execution, delivery and performance by the Borrowers of this
Amendment, and the Credit Agreement, as amended hereby, are within each
Borrowers' powers, have been duty authorized by all necessary action and do not
contravene (i) any Borrower's charter or by-laws, or equivalent governing
documentation, as applicable, or (ii) any law or contractual restriction binding
on or affecting any Borrower, or result in, or require, the creation of any
lien, security interest or other charge or encumbrance upon or with respect to
any of its properties.
(c) No authorization, approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body is required for the
due execution, delivery and performance by any Borrower of this Amendment or the
Credit Agreement, as amended hereby.
(d) This Amendment and the Credit Agreement, as amended hereby,
constitute, legal, valid and binding obligations of the Borrowers enforceable
against the Borrowers in accordance with their respective terms, subject,
however, to the effect on such enforceability of (i) any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting creditors'
rights generally and (ii) general principles of equity (regardless whether such
enforceability is considered in a proceeding in equity or at law).
(e) No event has occurred and is continuing which constitutes an Event
of Default or would constitute an Event of Default but for the requirement that
notice be given or time elapse or both.
SECTION 4. REFERENCE TO AND EFFECT ON THE CREDIT AGREEMNT. (a) Upon
the effectiveness of Section I hereof, on and after the date hereof, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of like import shall mean and be a reference to the Credit
Agreement as amended hereby, and each reference in the Notes and the other Loan
Documents to the Credit Agreement shall mean and be a reference to the Credit
Agreement as amended hereby.
(b) Except as specifically amended above, the Credit Agreement and the
Notes shall remain in full force and effect and are hereby ratified and
confirmed in all respects.
(c) The execution, delivery and effectiveness of this Amendment shall
not except as expressly provided herein, operate as a waiver of any right, power
or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of
any provision of the Credit Agreement.
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SECTION 5. INCREASING LENDERS. (a) Each Increasing Lenders (i) confirms
that it has received a copy of the Credit Agreement, together with copies of
financial statements and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Amendment; (ii) agrees that it will, independently and without reliance upon the
Agents or any other Lender and based on such documents and information as they
shall deem appropriate at the time, continue to make their own credit decisions
in taking or not taking action under the Credit Agreement; (iii) appoints and
authorizes each Agent to take such action as agent on its behalf and to exercise
such powers and discretion under the Credit Agreement as are delegated to the
Agents by the terms hereof, together with such powers and discretion as are
reasonably incidental thereto; (iv) agrees that it will perform in accordance
with their terms all of the obligations that by the terms of the Credit
Agreement are required to be performed by it as a Lender, and (v) attach any
U.S. Internal Revenue Service forms required under Section 2.12 of the Credit
Agreement
(b) Upon the effectiveness of this Amendment, the Increasing Lenders
shall (a) if not already a Lender, be a party to the Credit Agreement and the
rights and obligations of a Lender thereunder and (ii) have a Commitment in the
amount set forth opposite such Increasing Lender's name on Schedule I to the
Credit Agreement under the Caption "Commitment", as such Schedule has been
amended by the terms of this Amendment.
SECTION 6. COSTS, EXPENSES AND TAXES. The Borrowers agree, jointly and
severally, to pay on demand all costs and expenses of the Agent in connection
with the preparation, execution and delivery of this Amendment and the other
instruments and documents to be delivered hereunder, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the
Agent with respect thereto and with respect to advising the Agent as to its
rights and responsibilities hereunder and thereunder. in addition, the Borrowers
agree, jointly and severally, to pay any and all stamp and other taxes payable
or determined to be payable in connection with the execution and delivery of
this Amendment and the other instruments and documents to be delivered
hereunder, and agrees to save the Agent and the Lenders harmless from and
against any and all liabilities with respect to or resulting from any delay in
paying or omission to pay such taxes.
SECTION 7. EXECUTION IN COUNTERPARTS. This Amendment may be executed in
any number of counterparts, each of which when so executed and delivered shall
be deemed to be an original and all of which taken together shall constitute but
one and the same instrument.
SECTION 8. GOVERNING LAW. This Amendment shall be governed by, and
construed in accordance with, the laws (without giving effect to the conflicts
of laws principles thereof) of the State of New York.
SECTION 9. FINAL AGREEMENT. This Amendment represents the final
agreement between the Borrowers, the Agent and the Lenders as to the subject
matter hereof and may not be contradicted by evidence of prior, contemporaneous
or subsequent oral agreements of the parties. There are no unwritten oral
agreements between the parties.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their respective officers thereunto duty authorized, as of the
date first above written.
BORROWERS:
DEL MONTE FRESH PRODUCE (UK) LTD.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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WAFER LIMITED
By: /s/ Xxxx X. Xxxxxxx
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Title:
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DEL MONTE FRESH PRODUCE
INTERNATIONAL INC.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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DEL MONTE FRESH PRODUCE N.A., INC.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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FRESH DEL MONTE PRODUCE INC.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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GLOBAL REEFER CARRIERS LTD.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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AGENT:
COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., "RABOBANK
NEDERLAND", NEW YORK BRANCH, as Agent
and as a Lender
By: /s/ X. Xxxxxx Bass
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Title: Managing Director
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By: /s/ Xxxxx X. Xxxxxxxxx
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Title: Vice President
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SUNTRUST BANK, CENTRAL FLORIDA, N.A.
By: /s/
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Title:
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U.S. BANCORP AG CREDIT, INC
By: /s/
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Title:
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AGENT:
COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., "RABOBANK
NEDERLAND", NEW YORK BRANCH, as Agent
and as a Lender
By: /s/
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Title:
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By: /s/
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Title:
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LENDERS:
SUNTRUST BANK, CENTRAL FLORIDA, N.A.
By: /s/ Wm. C. Many
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Title: First Vice President
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U.S. BANCORP AG CREDIT, INC
By: /s/
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Title:
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AGENT:
COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., "RABOBANK
NEDERLAND", NEW YORK BRANCH, as Agent
and as a Lender
By: /s/
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Title:
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By: /s/
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Title:
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LENDERS:
SUNTRUST BANK, CENTRAL FLORIDA, N.A.
By: /s/
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Title:
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U.S. BANCORP AG CREDIT, INC
By: /s/
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Title: Vice President
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CONSENT
Dated as of June___, 1999
The undersigned, as Guarantor under its respective Guaranty dated as
of May 19, 1998 (with respect to each such Guarantor, its "Guaranty") in favor
of COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK NEDERLAND"
NEW YORK BRANCH, hereby consents to the foregoing amendment dated as of the
date' hereof and hereby confirms and agrees that its Guaranty is, and shall
continue to be, in full force and effect and is hereby ratified and confirmed in
all respects except that, upon the effectiveness of, and on and after the date
of, the said amendment, all references in its Guaranty to the Credit Agreement
referred to in the said amendment, "thereunder", "thereof" or words of like
import referring to the Credit Agreement shall mean the Credit Agreement as
amended by the said amendment.
DEL MONTE FRESH PRODUCE (UK) LTD.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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WAFER LIMITED
By: /s/ Xxxx X. Xxxxxxx
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Title:
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DEL MONTE FRESH PRODUCE
INTERNATIONAL INC.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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DEL MONTE FRESH PRODUCE N.A., INC.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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FRESH DEL MONTE PRODUCE INC.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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GLOBAL REEFER CARRIERS LTD.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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FRESH DEL MONTE PRODUCE, N.V.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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FRESH DEL MONTE PRODUCE, B.V.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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FRESH DEL MONTE PRODUCE (ASIA-PACIFIC)
LIMITED
By: /s/ Xxxx X. Xxxxxxx
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Title:
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CLAVERTON LIMITED
By: /s/ Xxxx X. Xxxxxxx
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Title:
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DEL MONTE BVI LIMITED
By: /s/ Xxxx X. Xxxxxxx
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Title:
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COMPANIA DE DESARROLLO BANANERO
DE GUATAMALA, S.A.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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DEL MONTE FRESH PRODUCE COMPANY
By: /s/ Xxxx X. Xxxxxxx
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Title:
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CORPORACION DE DESSARROLLO
AGRICOLA DEL MONTE, S.A.
By: /s/ Xxxx X. Xxxxxxx
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Title:
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SCHEDULE I
COMMITMENTS AND LENDING OFFICES
DOMESTIC EURODOLLAR
LENDER COMMITMENT LENDING OFFICE LEADING OFFICE
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Cooperatieve Centrale Raiffeisen- $66,516,594.76 000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
Xxxxxxxxxxxxxx B.A., "Rabobank Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
Xxxxxxxxx", Xxx Xxxx Branch
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First Union National Bank $44,596,133.40 000 X. Xxxxxxxx Xxxxxxxxx 000 X. Xxxxxxxx Xxxxxxxxx
Xxxxx, Xxxxxxx 00000 Xxxxx, Xxxxxxx 00000
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Nationsbank NA $41,768,634.78 000 Xxxx Xxxxxx 000 Xxxx Xxxxxx
Xxxxxx, Xxxxx 00000 Xxxxxx, Xxxxx 00000
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Xxxxxx Trust And Savings Bank $34,872,483.02 000 Xxxx Xxxxxx Xxxxxx 000 Xxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000 Xxxxxxx, Xxxxxxxx 00000
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Wachovia Bank N.A $40,000,000.00 000 Xxxxxxxxx Xxxxxx 000 Xxxxxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx 00000 Xxxxxxx, Xxxxxxx 00000
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The Fuji Bank, Limited $18,551,335.94 Two World Trade Center, Two World Trade Center
00xx Xxxxx 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
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ABN AMRO Bank N.V. New York $23,562,488.52 000 Xxxx Xxxxxx, 000 Xxxx Xxxxxx
Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
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Deutsche Financial Services $30,000,000.00 0000 Xxxxxxxxxx Xxxx. 0000 Xxxxxxxxxx Xxxx
Xxxxxxx Xxxxxxx 00000 Xxxxxxx Xxxxxxx 00000
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Banque Xxxxxxxxx Xx X'Xxxxxx x00,000,000.00 00 Xxxxxx Xxxxxx X 00000, 00 Xxxxxx Xxxxxx X 00000,
Xxxxx, Xxxxxx Paris, France
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Agfirst Farm Credit Bank $20,000,000.00 0000 Xxxxxxx Xxxxxx 0000 Xxxxxxx Xxxxxx
Xxxxxxxx, Xxxxx Xxxxxxxx 00000 Xxxxxxxx, Xxxxx Xxxxxxxx 00000
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Barclays Bank, PLC $18,800,000.00 000 Xxxxxxxx 000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000 Xxx Xxxx, Xxx Xxxx 00000
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Banque Nationale de Paris, Chicago $14,585,475.58 000 X. XxXxxxx Xxxxxx 000 X. XxXxxxx Xxxxxx
Xxxxxx Xxxxxxx, Xxxxxxxx 00000 Xxxxxxx, Xxxxxxxx 00000
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Christiania Bank OG Kreditkasse $9,424,995.41 00 X 00xx Xxxxxx, 0xx Xxxxx 00 X 00xx Xxxxxx 0xx Xxxxx
XXX, Xxx Xxxx Branch New York, New York 10036 Xxx Xxxx, Xxx Xxxx 00000
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Union Bank Of California, N.A. $14,137,493.11 000 X. Xxxx Xxxxxx 000 X. Xxxx Xxxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000 Xxx Xxxxxxx, Xxxxxxxxxx 00000
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Suntrust Bank Central Florida, N.A. $19,585,475.58 000 Xxxxx Xxxxxx Xxxxxx 000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxx, 00000 Xxxxxxx, Xxxxxxx 00000
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US Bancorp Ag Credit $20,000,000.00 000 00xx Xxxxxx 000 00xx Xxxxxx
Xxxxxx, Xxxxxxxx Denver, Colorado
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TOTAL COMMITMENT $438,901,110.00
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