EXHIBIT 10.31
FIRST AMENDMENT
TO
CREDIT AGREEMENT
(REVOLVING LOAN)
THIS FIRST AMENDMENT TO CREDIT AGREEMENT (Revolving Loan) ("AMENDMENT
AGREEMENT") is made as of the Effective Date by and among Cenex Harvest States
Cooperatives, a Minnesota cooperative corporation ("BORROWER"), CoBank, ACB
("COBANK") as Co-Lead Arranger (f/k/a Co-Syndication Agent), as the Bid Agent,
and as the Administrative Agent for the benefit of the present and future
Syndication Parties (in that capacity "ADMINISTRATIVE AGENT"), NationsBank, N.
A. ("NATIONSBANK"), as Co-Lead Arranger, St. Xxxx Bank for Cooperatives ("ST.
XXXX BANK"), as former Co-Syndication Agent, and the Syndication Parties
signatory hereto, including CoBank, NationsBank, and St. Xxxx Bank in such
capacity, (each a "SYNDICATION PARTY" and collectively, the "SYNDICATION
PARTIES").
RECITALS
A. Borrower, CoBank, St. Xxxx Bank, and certain of the present
Syndication Parties entered into a Credit Agreement (Revolving Loan) ("CREDIT
AGREEMENT") dated as of June 1, 1998. The Credit Agreement provided for a
364-Day Facility and a 5-Year Facility.
B. CoBank, as Administrative Agent, gave written notification ("RENEWAL
NOTICE") to those Syndication Parties which had an Individual 364-Day Commitment
seeking (i) a renewal of their respective Individual 364-Day Commitments and
(ii) consent to an extension of the 364-Day Maturity Date pursuant to the
provisions of Section 16.9 of the Credit Agreement.
C. All of the Syndication Parties have provided the Administrative
Agent with written notice of their agreement to renew their respective
Individual 364-Day Commitments at the previous amounts (with the exception of
St. Xxxx Bank for Cooperatives, which has agreed to renew in the reduced 364-Day
Individual Commitment amount of $23,333,333.33).
D. The Bank of Nova Scotia, which was not originally a Syndication
Party, has agreed to become a Syndication Party with an Individual 364 Day
Commitment of $20,000,000.00.
E. The parties hereto desire to amend the Credit Agreement to renew the
364-Day Facility and to otherwise amend the Credit Agreement as hereinafter set
forth.
NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, including the mutual promises and agreements
contained herein, the parties hereto hereby agree as follows:
1. DEFINITIONS. Capitalized terms used herein without definition shall have the
definition given to them in the Credit Agreement if defined therein.
2. RENEWAL OF INDIVIDUAL 364-DAY COMMITMENTS. The Syndication Parties hereby
agree to renew their respective Individual 364-Day Commitments in the amounts
set forth beneath their names and signatures on the signature pages hereto.
3. AMENDMENTS TO CREDIT AGREEMENT. The parties hereto agree that the Credit
Agreement shall be amended as follows as of the Effective Date:
3.1 Each reference in the Credit Agreement, including references in the
introductory paragraph on page 1 thereof, in Subsection 1.144, and on certain
signature pages, to the "Co-Syndication Agents" or to a "Co-Syndication Agent"
shall be changed to a reference to the "Co-Lead Arrangers" or to a "Co-Lead
Arranger", and NationsBank, N.A. shall replace St. Xxxx Bank for Cooperatives as
a Co-Lead Arranger and shall function as such along with CoBank, ACB.
3.2 Subsection 1.156 shall be amended in its entirety to read as
follows:
1.156 364-DAY MATURITY DATE: May 25, 2000.
3.3 Subpart (e) of Section 4.3 shall be amended in its entirety to read
as follows:
(e) the proposed maturity dates for such Bid Advances ("BID
MATURITY DATE") which must be Banking Days and which must not
extend (i) more than 30 days beyond the 364-Day Maturity Date
or (ii) beyond the 5-Year Maturity Date, as applicable.
3.4 A new Section 4.11 shall be added reading as follows:
4.11 364-DAY FACILITY BID RATE LOANS - BID MATURITY DATE
BEYOND 364-DAY MATURITY DATE. Notwithstanding any other provision in
this Credit Agreement that may be construed to the contrary, in the
event that a Syndication Party, at its sole discretion, makes a 364-Day
Bid Advance to Borrower with a Bid Maturity Date later than the 364-Day
Maturity Date; and (a) the 364-Day Maturity Date is subsequently
extended by amendment to this Credit Agreement; and (b) such
Syndication Party does not renew its Individual 364-Day Commitment at a
level at least equal to the outstanding amount of such 364-Day Advance,
then, in each such case, such outstanding amount will be repaid by
Borrower, and accepted by such Syndication Party, on the 364-Day
Maturity Date (as in effect prior to such extension thereof) without
any liability for Funding Losses on such amount.
3.5 The 364-Day Facility Fee as set forth in Section 6.5.1 shall be
increased from
2
0.10% of the Aggregate 364-Day Commitment in effect on the date of such
calculation to 0.20% of the Aggregate 364-Day Commitment in effect on the date
of such calculation.
3.6 The reference in Section 6.6 to "52.5 basis points" shall be
changed to "100 basis points".
3.7 The amount of the Fin-Ag, Inc. loan exception set forth in Section
13.6(d) is increased from $50,000,000 to $60,000,000.
3.8 Subsection 17.4.2 shall be amended in its entirety to read as
follows:
17.4.2 ADMINISTRATIVE AGENT:
CoBank, ACB
0000 X. Xxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
FAX: 303/000-0000
Attention: Xxxx Xxx Xxxxxx
3.9 Schedule 1 is replaced in its entirety by Schedule 1 attached
hereto.
3.10 Schedule 2 is replaced in its entirety by Schedule 2 attached
hereto.
4. EFFECTIVE DATE. This Amendment Agreement shall become effective on May 28,
1999 ("EFFECTIVE DATE"), so long as on or before that date the Administrative
Agent receives an original copy of (a) this Amendment Agreement (or original
counterparts thereof) duly executed by each party hereto, (b) each required
Syndication Acquisition Agreement, and (c) each required replacement Promissory
Note. Upon the satisfaction of all conditions precedent hereto, the
Administrative Agent will notify each party hereto in writing and will provide
copies of all documentation in connection herewith.
5. COSTS; EXPENSES AND TAXES. Borrower agrees to reimburse the Administrative
Agent on demand for all out-of-pocket costs, expenses and charges (including,
without limitation, all fees and charges of external legal counsel for the
Administrative Agent) incurred by the Administrative Agent in connection with
the preparation, reproduction, execution and delivery of this Amendment
Agreement and any other instruments and documents to be delivered hereunder.
6. GENERAL PROVISIONS.
6.1 Borrower agrees to execute such additional documents as the
Administrative Agent may require, including, without limitation, restated
promissory notes, to carry out or evidence the purposes of this Amendment
Agreement.
6.2 The execution, delivery and effectiveness of this Amendment
Agreement shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or any Syndication Party under any of the Loan Documents,
nor constitute a waiver of any provision of any of the Loan Documents, and the
Credit Agreement, as expressly modified herein, and each other Loan
3
Document, are hereby ratified and confirmed and shall continue in full force and
effect and be binding upon the parties thereto. Any direct or indirect reference
in the Loan Documents to the "Credit Agreement" shall be deemed to be a
reference to the Credit Agreement as amended by this Amendment Agreement.
7. GOVERNING LAW. This Amendment Agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.
8. COUNTERPARTS. This Amendment Agreement may be executed in any number of
counterparts and by different parties to this Amendment Agreement in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Credit Agreement (Revolving Loan) to be executed by their duly authorized
officers as of the Effective Date.
BORROWER:
CENEX HARVEST STATES COOPERATIVES, a
cooperative corporation formed under the
laws of the State of Minnesota
By: /s/ X. X. Xxxxx
-------------------------------------
Name: X. X. Xxxxx
Title: Executive Vice President Finance
and Administration
ADMINISTRATIVE AGENT, BID AGENT,
AND CO-LEAD ARRANGER:
COBANK, ACB
By: /s/ Xxxx Xxxxxxxxxxx
-------------------------------------
Name: Xxxx Xxxxxxxxxxx
Title: Vice President
CO-LEAD ARRANGER:
NATIONSBANK, N.A.
By: /s/ Xxx X. Xxxxxxxxxxxx
-------------------------------------
Name: Xxx X. Xxxxxxxxxxxx
-----------------------------------
Title: S.V.P.
----------------------------------
4
SYNDICATION PARTIES:
COBANK, ACB
By: /s/ Xxxx Xxxxxxxxxxx
-------------------------------------
Name: Xxxx Xxxxxxxxxxx
Title: Vice President
Contact Name: Xxxx Xxxxxxxxxxx
Title: Vice President
Address: 000 Xxxxx Xxxx
Xxxxxxx, XX 00000
Phone No.: 316/000-0000
Fax No.: 316/000-0000
Individual 364-Day Commitment:
$96,666,666.64
Payment Instructions:
CoBank, ACB
ABA No.: 000000000
Acct. Name: CoBank, ACB
Account No.: 00000000
Attn: Xxxxxxxx Xxxxx
Reference: Cenex Harvest States
5
SYNDICATION PARTIES:
ST. XXXX BANK FOR COOPERATIVES
By: /s/ Xxxx Xxxxxxxxx
-------------------------------------
Name: Xxxx Xxxxxxxxx
Title: Vice President
Contact Name: Xxxx Xxxxxxxxx
Title: Vice President
Address: 000 Xxxxxxx Xxxxxx
Xx. Xxxx, XX 00000-0000
Phone No.: 612/000-0000
Fax No.: 612/000-0000
Individual 364-Day Commitment:
$23,333,333.33
Payment Instructions:
St. Xxxx Bank for Cooperatives
ABA No.: 000000000
Acct. Name: Cenex Harvest States
Account No.: 271998
Reference: Xxxxx Xxxx
6
SYNDICATION PARTIES:
CARIPLO-CASSA DI RISPARMIO DELLE
PROVINCIE LOMBARDE SPA
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------------------
Name: Xxxxxxx X. Xxxxxx
-----------------------------------
Title: F.V.P
----------------------------------
By: /s/ Xxxxx Xxxxx Xxxxxx
-------------------------------------
Name: Xxxxx Xxxxx Xxxxxx
-----------------------------------
Title: A.V.P.
----------------------------------
Contact Name: Xxxxxxx Xxxxxx
Title: First Vice President
Address: 00 Xxxx 00xx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, XX 00000
Phone No.: 212/000-0000
Fax No.: 212/000-0000
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
Citibank - New York
ABA - 000000000
For account of Cariplo - New York
Account No.: 00000000
Attn: X. Xxxxxx
Ref: Cenex Harvest States
Cooperatives
7
SYNDICATION PARTIES:
CREDIT AGRICOLE INDOSUEZ
By: /s/ illegible
-------------------------------------
Name: illegible
-----------------------------------
Title: First Vice President & Deputy
Chief Credit Officer - USA
----------------------------------
By: /s/ Xxxxxxxx X. Xxxx
-------------------------------------
Name: Xxxxxxxx X. Xxxx
-----------------------------------
Title: Senior Relationship Manager
----------------------------------
Contact Name: Xxxxxxxx X. Xxxx
Title: Vice President
Address: 00 X. Xxxxxx Xxxxxx
Xxxxxxx, XX 00000-0000
Phone No.: 312/000-0000
Fax No.: 312/000-0000
Individual 364-Day Commitment:
$33,333,333.33
Payment Instructions:
Citibank - New York, New York
ABA - 000-000-000
Acct. Name: Credit Agricole Indoseuz
Chgo Branch
Account No.: 00000000
Swift Code: XXXXXX00
Ref: Cenex Harvest States
8
SYNDICATION PARTIES:
SUNTRUST BANK, ATLANTA
By: /s/ Xxxxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxxxx X. Xxxxxxxx
-----------------------------------
Title: Vice President
----------------------------------
By: /s/ F. Xxxxxx Xxxxxxx
-------------------------------------
Name: F. Xxxxxx Xxxxxxx
-----------------------------------
Title: Vice President
----------------------------------
Contact Name: Xxxxxx X. Xxxxxxxx
Title: Vice President
Address: 000 Xxxxxxxxx Xxxxxx X.X.
Xxxxx Xxxxx
Xxxxxxx, XX 00000
Phone No.: 404/000-0000
Fax No.: 404/000-0000
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
SunTrust Bank, Atlanta
ABA - 000000000
Acct. Name: Corporate Banking
Operations General Ledger Account
Account No.: 9088000112
Ref: Cenex Harvest States
Cooperatives
9
SYNDICATION PARTIES:
BANQUE NATIONALE DE PARIS
By: /s/ Xxxxxx Xxxxxx du Bocage
-------------------------------------
Name: Xxxxxx Xxxxxx du Xxxxxx
-----------------------------------
Title: Executive Vice President and
General Manager
----------------------------------
Contact Name: Xxxxxxxx X. Xxxxxxx
Title: Assistant Vice President
Address: 000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
Phone No.: 312/000-0000
Fax No.: 312/000-0000
Individual 364-Day Commitment:
$26,666,666.67
Payment Instructions:
Banque Xxxxxxxxx xx Xxxxx - Xxx Xxxx
XXX - 0000-0000-0
Acct. Name: Banque Nationale de Paris
- Chicago
Account No.: 14119400189
10
SYNDICATION PARTIES:
COOPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A. "RABOBANK
NEDERLAND", NEW YORK BRANCH
By: /s/ Xxx Xxxxx
-------------------------------------
Name: Xxx Xxxxx
-----------------------------------
Title: Senior Credit Officer
----------------------------------
By: /s/ Michiel V.M. Van Der Voort
-------------------------------------
Name: Michiel V.M. Van Der Voort
-----------------------------------
Title: Vice President
----------------------------------
Contact Name: Xxxxx Xxxxxx
Title: Vice President
Address: 000 Xxxxx Xxxxxx Xxxxx
Xxxxx 0000
Xxxxxxx, XX 00000
Phone No.: 312/000-0000
Fax No.: 312/000-0000
Individual 364-Day Commitment:
$26,666,666.67
Payment Instructions:
The Bank of New York
(New York, NY 10167)
ABA - 021 000 018
Acct. Name: Rabobank Nederland
Account No.: 802 6002 533
Attn: Xxxxx Xxxxxx
Ref: Cenex Harvest States
11
SYNDICATION PARTIES:
THE BANK OF TOKYO-MITSUBISHI, LTD.,
CHICAGO BRANCH
By: /s/ Xxxxxxx X. Xxxxxx
-------------------------------------
Name: Xxxxxxx X. Xxxxxx
-----------------------------------
Title: Vice President and Manager
----------------------------------
Contact Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President
Address: 00 Xxxxx Xxxxxxx Xxxxxx
0000 Xxxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
Phone No.: 612/000-0000
Fax No.: 612/000-0000
Loan Administration Contact Name:
Xxxxxx Xxxxxx
Address: 000 Xxxx Xxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Phone No.: 312/000-0000
Fax No.: 312/000-0000
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
The Federal Reserve Bank of Chicago
ABA - 000000000
Acct. Name: The Bank of Tokyo-
Mitsubishi, Ltd.
Attention: Loan Administration
Ref: Cenex Harvest States
Cooperatives
12
SYNDICATION PARTIES:
NATIONSBANK, N.A.
By: /s/ Xxx X. Xxxxxxxxxxxx
-------------------------------------
Name: Xxx X. Xxxxxxxxxxxx
-----------------------------------
Title: Managing Director
----------------------------------
Contact Name: Xxxxxx Xxxxx
Title: Associate Vice President
Address: 000 Xxxxx Xx Xxxxx Xxxxxx
Xxxxxxx, XX 00000
Phone No.: 312/000-0000
Fax No.: 312/000-0000
Individual 364-Day Commitment:
$63,333,333.34
Payment Instructions:
NationsBank, N.A.
ABA - 11100012
A/C #: 1292000883
Acct. Name: Corporate Loans
Attention: Xxxxx Xxxxxxx
Ref: Cenex Harvest States
13
SYNDICATION PARTIES:
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
By: /s/ Xxx X. Xxxxx
-------------------------------------
Name: Xxx X. Xxxxx
-----------------------------------
Title: Vice President
----------------------------------
Contact Name: Xxxx X. Xxxxx
Title: Vice President
Address: Sixth and Marquette
Xxxxxxxxxxx, XX 00000-0000
Phone No.: 612/000-0000
Fax No.: 612/000-0000
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
Norwest Bank Minnesota
ABA - 000000000
Acct. Name: Commercial Loan Clearing
Account
Account No.: 840165
Ref: Cenex Harvest States
14
SYNDICATION PARTIES:
DG BANK DEUTSCHE GENOSSENSCHAFTSBANK, AG,
CAYMAN ISLAND BRANCH
By: /s/ Xxxx X. Xxxxxxxx
-------------------------------------
Name: Xxxx X. Xxxxxxxx
-----------------------------------
Title: Vice President
----------------------------------
By: /s/ Xxxxx XxXxxxxx
-------------------------------------
Name: Xxxxx XxXxxxxx
-----------------------------------
Title: Asst. Vice President
----------------------------------
Contact Name: Xxxx Xxxxxxxx
Title: Vice President
Address: 000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Phone No.: 212/000-0000
Fax No.: 212/000-0000
Individual 364-Day Commitment:
$26,666,666.67
Payment Instructions:
(1) DG Bank
via Chips System
DG Bank ABA #845
(2) Federal Reserve Bank of New York
Routing/Account # 000000000
15
SYNDICATION PARTIES:
U.S. BANK NATIONAL ASSOCIATION
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------
Name: Xxxxxx X. Xxxxxx
-----------------------------------
Title:
----------------------------------
Contact Name: Xxxxxx X. Xxxxxx
Title: Vice President
Address: 000 Xxxxxx Xxxxxx Xxxxx
Xxxxxxxxxxx, XX 00000-0000
Phone No.: 612/000-0000
Fax No.: 612/000-0000
Individual 364-Day Commitment:
$16,666,666.67
Payment Instructions:
U.S. Bank National Association
ABA - 000000000
Acct. Name: Commercial Loans
Account No.: 30000472160600
Attn: Xxxxx Xxxxxxx
Ref: Cenex Harvest States
Cooperatives
16
SYNDICATION PARTIES:
THE BANK OF NOVA SCOTIA
By: /s/ F.C.H. Xxxxx
-------------------------------------
Name: F.C.H. Xxxxx
-----------------------------------
Title: Senior Manager Loan Operations
----------------------------------
Contact Name: Xxxxx Xxxxxx
Title:
Address: 000 Xxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
Phone No.: 404/000-0000
Fax No.: 404/000-0000
Individual 364-Day Commitment:
$20,000,000.00
Payment Instructions:
The Bank of Nova Scotia
ABA - 000000000
Acct. Name: Atlanta Agency
Account No.: 0000000
Attn: Chicago Team
Ref: Cenex Harvest States
17
SCHEDULE 1
TO CREDIT AGREEMENT
SYNDICATION PARTIES AND INDIVIDUAL COMMITMENTS
--------------------------------------------------------------------------------
SYNDICATION PARTY INDIVIDUAL INDIVIDUAL
NAME/ADDRESS 364-DAY COMMITMENT 5-YEAR COMMITMENT
--------------------------------------------------------------------------------
CoBank, ACB $96,666,666.64 $48,333,333.36
000 Xxxxx Xxxx Xx.
Xxxxxxx, Xxxxxx 00000
--------------------------------------------------------------------------------
St. Xxxx Bank for Cooperatives $23,333,333.33 $21,666,666.67
000 Xxxxxxx Xx.
Xx. Xxxx, XX 00000-0000
--------------------------------------------------------------------------------
NationsBank, N.A. $63,333,333.34 $31,666,666.66
000 Xxxxx XxXxxxx Xxxxxx
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Banque Nationale de Paris, Chicago Branch $26,666,666.67 $13,333,333.33
000 X. XxXxxxx Xxxxxx, Xxxxx Xxxxx
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Cariplo Bank $16,666,666.67 $8,333,333.33
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Credit Agricole Indosuez $33,333,333.33 $16,666,666.67
00 Xxxx Xxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
Deutsche Genossenschaftsbank $26,666,666.67 $13,333,333.33
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000-0000
--------------------------------------------------------------------------------
Norwest Bank Minnesota, N.A. $16,666,666.67 $8,333,333.33
Sixth and Marquette
Xxxxxxxxxxx, XX 00000-0000
--------------------------------------------------------------------------------
Rabobank Nederland, Chicago Branch $26,666,666.67 $13,333,333.33
000 Xxxxx Xxxxxx Xxxxx, Xxxxx 0000
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
SunTrust Bank, Atlanta $16,666,666.67 $8,333,333.33
000 Xxxxxxxxx Xxxxxx X.X., 0xx Xxxxx
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
The Bank of Tokyo - Mitsubishi, Ltd. $16,666,666.67 $8,333,333.33
0000 Xxxxxxx Xxxxxx
00 Xxxxx Xxxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000-0000
--------------------------------------------------------------------------------
U.S. Bank National Association $16,666,666.67 $8,333,333.33
MPFP 0607
000 Xxxxxx Xxxxxx Xxxxx
Xxxxxxxxxxx, XX 00000-0000
--------------------------------------------------------------------------------
The Bank of Nova Scotia $20,000,000.00 -0-
000 Xxxxxxxxx Xxxxxx
Xxxxxxx, XX 00000
--------------------------------------------------------------------------------
SCHEDULE 2
TO CREDIT AGREEMENT
APPLICABLE MARGINS
The determination of the Applicable Margin will be made effective 5 Banking Days
after the Administrative Agent receives quarterly financial statements from the
Borrower; however, no adjustments will be made to the LIBO Rate applicable to
LIBO Rate Loans then outstanding until the end of their then current LIBO
Period.
---------------------------------------------------------------------------------------------
RATIO OF CONSOLIDATED 364-DAY MARGIN 5-YEAR MARGIN
FUNDED DEBT TO CASH FLOW
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Less than or equal to 1.00 50.0 basis points 20 basis points
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Greater than 1.00 Less than or equal to 1.50 62.5 basis points 25 basis points
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Greater than 1.50 Less than or equal to 2.00 75.0 basis points 30 basis points
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Greater than 2.00 Less than or equal to 2.50 87.5 basis points 35 basis points
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Greater than 2.50 100.0 basis points 50 basis points
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
