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SIXTH AMENDMENT TO CREDIT AGREEMENT

Loan Agreement

SIXTH AMENDMENT TO CREDIT AGREEMENT | Document Parties: SIOUXLAND ETHANOL, LLC You are currently viewing:
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SIOUXLAND ETHANOL, LLC

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Title: SIXTH AMENDMENT TO CREDIT AGREEMENT
Governing Law: Nebraska     Date: 2/2/2009

SIXTH AMENDMENT TO CREDIT AGREEMENT, Parties: siouxland ethanol  llc
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Exhibit 10.1

Farm Credit Services of America

SIXTH AMENDMENT TO CREDIT AGREEMENT

This Sixth Amendment to Credit Agreement (“Amendment”) is made and entered into effective the 30 th day of January, 2009, 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 (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:

Credit Facility C is amended as follows:

Section 2.2.1 Credit Facility C(138039-RLOC) : Lender agreed to advance sums to Borrower up to the amount of $3,500,000.00 (Maximum Principal Balance) until May 1, 2009 (Final Advancement Date). Each Advance made will reduce the funds available for future advances by the amount of the Advance. Repayments of principal will be available for subsequent Advances. The proceeds of said Loan will be used by Borrower for financing grain, ethanol, inventory, receivables, grain hedging activity and letters of credit (Purpose) and Borrower agrees not to request or use such proceeds for any other purpose.

 

(b)

 

Principal . Borrower hereby promises to pay principal, plus all accrued interest and any unpaid fees, costs or expense in full on May 1, 2009.

Borrower hereby represents and warrants


 
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