EXHIBIT 10.1
AMENDMENT
TO THE
MASTER LOAN
AGREEMENT
THIS AMENDMENT
is entered into as of
March 23, 2009, between CoBANK, ACB
(“CoBank’) and SOUTH DAKOTA SOYBEAN PROCESSORS ,
LLC, Volga, South Dakota (the
Company).
BACKGROUND
CoBank and the Company are parties
to a Master Loan Agreement dated October 5, 2005 ( such
agreement, as previously amended, is hereinafter
referred to as the “MLA”). CoBank and the Company now
desire to amend the MLA. For that reason, and for valuable
consideration (the receipt and sufficiency of which are hereby
acknowledged), CoBank and the Company agree as follows:
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1.
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Section 9(H) of
MLA is hereby amended and restated to read as follows:
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SECTION 9 . Negative Covenants. Unless otherwise
agreed to in writing by CoBank, while this agreement is in effect
the Company will not and will not permit its Subsidiaries
to:
(H) Dividends, Etc. Declare or pay any
dividends, or make any distribution of assets to the
stockholders, or purchase, redeem, retire or otherwise acquire for
value any of its capital stock, or allocate or otherwise set apart
any sum for any of the foregoing. except that in any fiscal year of
the Company, the Company may pay dividends in an
amount up to 50% of its consolidated net income for
the prior fiscal year, provided that no Event of Default or
Potential Default shall have occurred and be continuing or would
result therefrom.
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Except as set
forth in this amendment, the MLA, including all amendments thereto,
shall continue in full force and affect as written.
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IN WITNESS WHEREOF , the parties have caused this amendment to be
executed by their duly authorized officers as of the date shown
shove.
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CoBANK,
ACB
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SOUTH DAKOTA
SOYBEAN
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PROCESSORS,
LLC
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By:
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By:
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Title:
Assistant Corporate Secretary
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Title: CFO
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REVOLVING TERM LOAN
SUPPLEMENT
THIS SUPPLEMENT to the Master Loan Agreement dated October 6,
2005 (the “MLA”), is entered into as of March 23. 2009
between CoBANK, ACB (“CoBank”) and SOUTH DAKOTA
SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the
“Company”), and amends and restates the Supplement
dated December 24, 2008 and numbered RIB051T05C.
SECTION 1. The Revolving Term Loan
Commitment . On the terms and conditions set
forth in the MLA and this Supplement, CoBank agrees to make loans
to the Company from the data hereof, up to and including September
20, 2013, in an aggregate principal amount not to
exceed, at any one time outstanding, $11,900,000.00 less the
amounts scheduled to be repaid during the period set forth below in
Section 5 (the “Commitment”). Within the limits of the
Commitment, the Company may borrow, repay, may borrow,
repay, and reborrow.
The Company
may, in its sole discretion, elect to permanently reduce the amount
of the Commitment by giving CoBank ten (10) days prior written
entice. Said election shall be made only if the Company
is not in default at the time of the election and will remain in
compliance with all financial covenants after such
reduction. Any such reduction shall be treated as an early,
voluntary reduction of the Commitment amount and shall not delay or
reduce the amount of any scheduled Commitment reduction under
Section 5 hereof (which reductions shall continue in semi-annual
increments of $1,300,000.00 on the dates determined
in accordance with Section 5) , but rather shall result in
an earlier expiration of the Commitment and final maturity of the
loans.
SECTION 2. Purpose.
The purpose of the
Commitment is to provide working capital to the Company and to
finance the construction of a soybean refinery.
SECTION
3. Term. Intentionally Omitted.
SECTION
4. Interest. The company a
