STATUSED REVOLVING
CREDIT
SUPPLEMENT
THIS SUPPLEMENT to the Master Loan Agreement dated October 6,
2005 (the “MLA’), is entered into as of June 23, 2008
between CoBANK, ACB (“CoBank”) and SOUTH DAKOTA SOYBEAN
PROCESSORS, LLC, Volga, South Dakota (the “Company”)
and amends and restates the Supplement dated February 20, 2008 and
numbered RIB0501S0lE.
SECTION 1. The Revolving Credit
Facility . On the
terms and conditions set forth in the MLA and this Supplement,
CoBank agrees to make loans to the Company during the period set
forth below in an aggregate principal amount not to exceed, at any
one time outstanding, the lesser of $40,000,000.00 (the
“Commitment”) or the “Borrowing Base” (as
calculated pursuant to the Borrowing Base Report attached hereto as
Exhibit A). Within the limits of the Commitment, the Company may
borrow, repay and reborrow.
SECTION 2. Purpose . The purpose of the Commitment is to finance
the inventory and receivables referred to in the Borrowing Base
Report.
SECTION 3. Term . The term of the Commitment shall be from the
date hereof, up to and including October 1, 2008, or such later
date as CoBank may, in its sole discretion, authorize in
writing.
SECTION 4. Interest
. The Company agrees to pay interest
on the unpaid balance of the loan(s) in accordance with one or more
of the following interest rate options, as selected by the
Company:
(A)
CoBank Base
Rate . At a rate per
annum equal at all times to 1/2 of 1 % below the rate of
interest established by CoBank from time to
time as its CoBank Base Rate, which rate is
intended by CoBank to be a reference rate and not its lowest rate.
The CoBank Base Rate will change on the date established by CoBank
as the effective date of any change therein and CoBank agrees to
notify the Company of any such change.
(B)
Quoted Rate.
At a fixed rate per annum to be
quoted by CoBank in its sole discretion in each instance. Under
this option, rates may be fixed on such balances and
for such periods, as may be agreeable to
CoBank in its sole discretion in each instance, provided that: (1)
the minimum fixed period shall be 30 days; (2) amounts may be fixed
in increments of $500,000.00 or multiples thereof; and (3) the
maximum number of fixes in place at any one time shall be
ten.
The Company
shall select the applicable rate option at the time it
requests a loan hereunder and may, subject
to the limitations set forth above, elect to convert balances
bearing interest at the variable rate option to one of the fixed
rate options. Upon the expiration of any fixed rate period,
interest shall automatically accrue at the
variable rate option unless the amount fixed is repaid or fixed for
an additional period in accordance with the terms hereof.
Notwithstanding the foregoing, rates may not be
fixed for periods expiring after the
maturity date of the loans, All elections provided for herein shall
be made telephonically or in writing and must be received by 12:00
Noon Company’s local lime. Interest shall be calculated on
the actual number of days each loan is outstanding on the basis of
a ye
