Exhibit 10.1
Farm Credit Services of America
FOURTH AMENDMENT TO CREDIT AGREEMENT
This
Fourth Amendment to Credit Agreement (“Amendment’) is
made and entered into effective the 11th day of April, 2008, by and
between Siouxland Ethanol, LLC (hereinafter referred to as
“Borrower”) and Farm Credit Services of America, FLCA
and Farm Credit Services of America, PCA (hereinafter referred to
as “Lender”) to amend and modify the Credit Agreement,
dated May 4, 2006, as previously amended (hereinafter referred
to as the “Credit Agreement”). The Credit Agreement and
underlying Loan Documents are modified only to the extent necessary
to give effect to the terms of this Amendment and the remaining
terms of said Loan Documents, not otherwise inconsistent herewith,
are ratified by the parties. Capitalized terms used but not
otherwise defined herein have the respective meanings given to them
in the Credit Agreement,
In
consideration of the mutual agreements, provisions and covenants
herein contained, and furthermore to induce Lender to consider
financial accommodations for the Borrower under the terms and
provisions of the Credit Agreement, the parties hereby agree as
follows:
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The following sections are added to Article 2: |
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Section 2.7 Fixed Rate Conversions. The Borrower
may from time to time, subject to the limitations set forth below,
elect to convert up to 75% of the then remaining principal
outstanding under Credit Facility A (the “Term Loan”)
from the variable interest rate described in the Credit Agreement
to a fixed interest rate to be quoted by Lender in its sole
discretion in each instance and fixed as of the date of conversion
(each amount thereof so converted, a “Converted
Amount”). Under this option, interest rates may be fixed on
such Converted Amounts and for such periods as Borrower shall
elect, provided that: (i) the minimum fixed rate period shall
be 180 days; (ii) Converted Amounts may be fixed in
increments of $500,000.00 or multiples thereof; and (iii) the
maximum number of Converted Amounts in place at any one time shall
be ten. Notwithstanding the foregoing, interest rates may not be
fixed for a period of time that exceeds the then applicable
maturity date for the Term Loan or would require Borrower to repay
any Converted Amount prior to the end of its respective fixed rate
period in order to pay an installment of the Term Loan as and when
due. All elections provided for herein shall be made electronically
(if applicable), telephonically or in writing and must be received
by Lender not later than 12:00 Noon Borrower’s local time in
order to be considered to have been received on that day. Upon
expiration of a |
