EX-10.1






Exhibit 10.1




Farm Credit Services of America




SEVENTH AMENDMENT TO CREDIT AGREEMENT



This Seventh Amendment to Credit Agreement (“Amendment”) is made and entered into effective the
19th day of February, 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 Facilities A, B and C are hereby amended to change the Variable Rate to the Libor Short Term
Index Rate, plus 4.00% effective February 13, 2009.



The following Section is amended as follows:




     Section 6.10.1 Working Capital. Beginning January 31, 2009, Borrower agrees to
maintain working capital (current assets, plus the un-advanced portion of Loan Facility B, minus
current liabilities) of not less than $4,000,000.00, increasing to $5,000,000.00 as of September
30, 2009 and thereafter.



     Section 6.10.2 Debt Coverage Ratio. Beginning fiscal year end 2010, and annually
thereafter, Borrow agrees to maintain a Debt Coverage Ratio, defined as net income plus
depreciation and amortization minus extraordinary gain (loss) minus after tax income (expense)
minus gain (loss) on assets sale to current principal of long-term debt of not less the 1.50:1.00.


Borrower hereby represents and warrants to the Lender that, after giving effect to this Amendment,
(i) no Default or Event of Default exists under the Credit Agreement or any of the other Loan
Documents and (ii) the representations and warranties set forth in the Credit Agreement are true
and correct in all material respects as of the date hereof (except for those which expressly relate
to an earlier date).



Borrower hereby ratifies the Credit Agreement as amended and acknowledges and reaffirms (i) that it
is bound by all terms of the Credit Agreement applicable to it and (ii) that it is responsible for
the observance and full performance of its respective obligations.



Borrower hereby certifies that the person(s) executing this Amendment on behalf of Borrower is/are
duly authorized to execute such document on behalf of Borrower and that there have been no changes
in the name, ownership, control, organizational documents, or legal status of the Borrower since
the last application, loan, or loan servicing action; that all resolutions, powers and authorities
remain in full force and effect, and that the information provided by Borrower is and remains true
and correct.



This Amendment may be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute one and the same agreement. Delivery
of executed counterparts of this Amendment by telecopy shall be effective as an original and shall
constitute a representation that an original shall be delivered.



THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NEBRASKA.




 









 







This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.



IN WITNESS WHEREOF, the parties hereto have set their hand effective the day and year first above
written.



The Internal Revenue Service does not require your consent to any provision of this document other
than the following certification required to avoid backup withholding. Under penalties of perjury,
I/we certify that the Taxpayer Identification Number shown herein is correct and that I/we am/are
not subject to backup withholding either because I/we are exempt, have not been notified that I/we
are subject to backup withholding due to failure or reporting interest or dividends, or the
Internal Revenue Service has notified me/us that I/we am/are no longer subject to backup
withholding. I/we am/are a U.S. person (including U.S. resident alien):




	 	 	 	 	 	 	 	 	 	 	 
	Siouxland Ethanol, LLC	 	 	 	 	223902184	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	BORROWER:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Siouxland Ethanol, LLC	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Charles Hofland
 

	 	 	 	 	 	 	 	 
	 	 	Charles Hofland, President	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Address for Notice:	 	P.O. Box 147	 	 	 	 	 	 
	 

	 	 	 	Jackson, NE 68743	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	LENDER:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Farm Credit Services of America, FLCA	 	 	 	 	 	 
	Farm Credit Services of America, PCA	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Shane Frahm
 

	 	 	 	 	 	 	 	 
	 	 	Shane Frahm, Vice President