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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />1 <br /> <br />Number Six Ditch Company <br />Policy # 1 <br /> <br />POLICY ON ASSESSMENTS, PAYMENT RESERVES, PREPAYMENTS AND <br />ENFORCEMENT APPLICABLE TO THE CWCB LOAN FOR <br />THE NUMBER SIX DITCH COMPANY PIPELINE <br /> <br />1. The purpose of this Policy of the Number Six Ditch Company is to define <br />(with regard to the Number Six Ditch Pipeline Project, the NRCS Contract <br />dated May,2005, the CWCB Loan Contract dated zzzz,05 and the <br />Funding Agreement dated May 17, 2005) the assessments to be paid by <br />Funding Members, the Payment Reserve Account, prepayment of <br />principal, and actions to be taken by the Company in case of a default by <br />a Funding Member. <br /> <br />2. The following language is contained in the Funding Agreement between <br />the Funding Members and the Company: "The Funding Members agree <br />that if any Funding Member fails to make the annual payment required <br />under Sections 4 and 5 herein, the remaining Funding Members will each <br />make an additional pro-rated payment to the Company that totals the <br />amount owed by the defaulting Funding Member(s). The additional <br />payment shall be due ten working days from the Funding Members' <br />receipt of notice from the Company of the additional amount due. In the <br />notice, the Company shall identify the amount each Funding Member <br />needs to pay as his or her share of the amount needed for the annual <br />payment(s) that were not made to the Company." <br /> <br />3. The Funding Members have agreed to pay to the Company the following <br />respective amounts at the date to be specified by the Company that is <br />before the first draw on the CWCB Loan, which amounts are estimated to <br />be one payment on the Long-Term Loan and shall be used to establish <br />the Payment Reserve Account: <br />a. aaa <br />b. bbb <br />c. ccc <br />d. ddd <br />e. eee <br />f. fff <br />g. ggg <br /> <br />4. The Company shall assess each Funding Member their pro-rata payment <br />share of the CWCB long term Loan payment on the assessment date <br />each year until the Loan is paid in full: <br />FundinQ Member's Obliaation <br />Share of Share of <br />Long-term Principal Long-term Payment <br />