Exhibit 10.2
Loan No. RIE539T05F
NON-REVOLVING CREDIT
SUPPLEMENT
Letters of Credit
THIS SUPPLEMENT
to the Master Loan Agreement dated
May 23, 2005 (the “MLA”), is entered into as of
December 8, 2008 between CoBANK, ACB
(“CoBank”) and DAKOTA GROWERS PASTA COMPANY, INC.,
Carrington, North Dakota (the “Company”), and
amends and restates the Supplement dated January 22, 2008 and
numbered RIE539T05E.
SECTION 1.
The Non-Revolving Credit Facility. 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 $350,000.00 at any one time outstanding (the
“Commitment”). Within the limits of the
Commitment, amounts borrowed and later repaid may not be
reborrowed.
SECTION 2.
Purpose. The
purpose of the Commitment is to reimburse CoBank for any drafts
that it may honor under letter(s) of credit issued hereunder
(“Letter of Credit”). If CoBank honors any such drafts
submitted under a Letter of Credit, Company hereby irrevocably
authorizes CoBank to make a loan hereunder to reimburse CoBank for
such draft payments
SECTION 3.
Term. The term of
the Commitment shall be from the date hereof, up to and including
September 30, 2011, or such later date as CoBank may, in its
sole discretion, authorize in writing.
SECTION 4.
Interest. The
Company agrees to pay interest on the unpaid balance of the
loan(s) in accordance with the following interest
rate:
CoBank Base Rate.
At a rate per annum equal at
all times to 2% above the rate of interest established by CoBank
from time to time as its CoBank B
