Representative Matters

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Client: Large National Bank
Agent's counsel for a national bank in connection with a $95 million secured, syndicated revolving credit facility to a large dairy cooperative.

$95,000,000 revolving credit facility and $15,000,000 term loan facility secured by inventory consisting of raw milk and processed dairy products, accounts receivable, equipment and real estate. In addition to customary due diligence, the transaction included (a) understanding tax and equity issues unique to cooperatives, (b) researching relevant agricultural lien statutes and coordinating local counsel in Minnesota, Wisconsin, Iowa, North Dakota, South Dakota and Nebraska to do the same, (c) advising the client of the relevant issues and risks associated with the cooperative structure of the Borrower and potential for agricultural liens and (d) modifying customary documentation to address such issues and risks.

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