Exhibit 10.22
AMENDED AND RESTATED REVOLVING LINE OF CREDIT
NOTE
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| $4,500,000.00 |
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October 17, 2007 |
1. FOR
VALUE RECEIVED, CENTRAL IOWA ENERGY, LLC , an Iowa limited
liability company (the “Borrower”), hereby promises to
pay to the order of F & M Bank-Iowa , a bank chartered
under the laws of Iowa (the “Lender”), the principal
sum of Four Million Five Hundred Thousand and No/100ths
($,500,000.00) Dollars, or so much thereof as may be advanced to,
or for the benefit of, the Borrower and be outstanding, with
interest thereon, to be computed on each advance from the date of
its disbursement as set forth herein pursuant to that certain
Amended and Restated Master Loan Agreement of even date herewith by
and between the Lender and the Borrower (as it may be amended,
modified, supplemented, extended or restated from time to time, the
“MLA” ), and pursuant to that certain Amended
and Restated Third Supplement to the MLA, dated as of even date
herewith, by and between the Lender and the Borrower (as it may be
amended, modified, supplemented, extended or restated from time to
time, the “Third Supplement” ), and which
remains unpaid, in lawful money of the United States and
immediately available funds. This Amended and Restated Revolving
Line of Credit Note (the “ Note ”) is issued
pursuant to the terms and provisions of the MLA and the Third
Supplement and is entitled to all of the benefits provided for in
the MLA and the Third Supplement. All capitalized terms used and
not defined herein shall have the meanings assigned to them in the
MLA and the Third Supplement.
2. The
outstanding principal balance of this Note shall bear interest at a
variable rate determined by Lender to be three and one-quarter
percent (3.25%) above the LIBOR Rate in effect on the date of the
first Advance pursuant to this Note. Notwithstanding the foregoing,
the rate of interest under this Note shall be adjusted by Lender
pursuant to the provisions of the MLA, the Third Supplement and
this Note.
3. The
“LIBOR Rate” means the rate (rounded upward to the
nearest sixteenth and adjusted for reserves required on
Eurocurrency Liabilities (as hereinafter defined) for banks subject
to FRB Regulation D (as hereinafter defined) or required by
any other federal law or regulation, quoted by the British Bankers
Association (the “BBA”) at 11:00 a.m. London time
two Banking Days (as hereinafter defined) before the commencement
of the Interest Period for the offering of U.S. Dollar deposits in
the London interbank market for an Interest Period of one month, as
published by Bloomberg or another major information vendor listed
on BBA’s official website. “ Banking Day ”
shall mean a day on which Lender is open for business, dealings in
U.S. dollar deposits are being carried out in the London interbank
market, and banks are open for business in New York City and
London, England. “ Eurocurrency Liabilities ”
has the meaning as set forth in FRB Regulation D. “
FRB Regulation D ” means Regulation D as
promulgated by the Board of Governors of the Federal Reserve
System, 12 CFR Part 204, as amended from time to time
4. The
rate of interest due hereunder shall initially be determined as of
the Availability Date and shall thereafter be adjusted, as and
when, the LIBOR Rate changes. All such adjustments to the rate of
interest shall be made and become effective as of the first day of
the month following the date of any change in the LIBOR Rate and
shall remain in effect until and including the day immediately
preceding the next such adjustment (each such day hereinafter being
referred to as an “ Adjustment Date ”). All such
adjustments to said rate shall be made and become effective as of
the Adjustment Date, and said rate as adjusted shall remain in
effect until and including the day immediately preceding the next
Adjustment Date. Interest hereunder shall be computed on t
