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