**Exhibit 10.3**Loan No, R10291S0 1A**STATUS ED REVOLVING CREDIT SUPPLEMENT****THIS SUPPLEMENT**to the Master Loan Agreement dated June 6, 2005, (the “MLA”), is entered intoas of May 30, 2007 between **FARM CREDIT SERVICES OF AMERICA, FLCA**(“Farm Credit”) and **WESTERN IOWAENERGY, LLC, Wall Lake, Iowa**(the “Company”).**SECTION 1. The Revolving Credit Facility.**On the terms and conditions set forth in the MLA andthis Supplement, Farm Credit agrees to make loans to the Company during the period set forth belowin an aggregate principal amount not to exceed, at any one time outstanding, the lesser of$4,000,000.00 (the “Commitment”), or the “Borrowing Base” (as calculated pursuant to the BorrowingBase Report attached hereto as Exhibit A). Within the limits of the Commitment, the Company mayborrow, repay and reborrow.**SECTION 2. Purpose.**The purpose of the Commitment is to finance eligible inventory andreceivables referred to in the Borrowing Base Report.**SECTION 3. Term.**The initial term of the Commitment shall be the date hereof, up to andincluding July 1, 2008, or such later date as Agent (as that term is defined in the MLA) may, inits sole discretion, authorize in writing. Notwithstanding the foregoing, the Commitment shall berenewed for an additional one year renewal term only if, on or before the last day of the initialterm or any renewal term (the “Expiration Date”), Agent provides to the Company a written notice ofrenewal for an additional year (a “Renewal Notice”). If on or before the Expiration Date, Agentgrants a short-term extension of the Commitment, the Commitment shall be renewed for an additionalyear only if Agent provides to the Company a Renewal Notice on or before such extended expirationdate, All annual renewals shall be measured from, and effective as of, the same day as theExpiration Date in any year.**SECTION 4. Interest.**The Company agrees to pay interest on the unpaid balance of the loans inaccordance with one or more of the following interest rate options, as selected by the Company:**(A) Agent Base Rate. At**a rate per annum equal at all times to 3/4 of 1% above the rate ofinterest established by Agent from time to time as its “Agent Base Rate”, which Rate is intended byAgent to be a reference rate and not its lowest rate, The Agent Base Rate will change on the dateestablished by Agent as the effective date of any change therein and Agent agrees to notify theCompany of any such change.**(B) Quoted Rate.**At a fixed rate per annum to be quoted by Agent in its sole discretion ineach instance. Under this option, rates may be fixed on such balances and for such periods, as maybe agreeable to Agent in its sole discretion in each instance, provided that: (1) the minimum fixedperiod shall be 30 days; (2) amounts may be fixed in increments of $100,000.00 or multiplesthereof; and (3) the maximum number of fixes in place at any one time shall be 5.**(C) LIBOR.**At a fixed rate per annum equal to “LIBOR” (as hereinafter defined) plus 3 l/2%.Under this option: (1) rates may be fixed for “Interest Periods” (as hereinafter defined) of 1, 2,3, 6, 9 or 12 months, as selected by the Company; (2) amounts may be fixed in increments of$100,000.00 or multiples thereof; (3) the maximum number of fixes in place at any one time shall be5; and (4) rates may only be fixed on a “Banking Day” (as hereinafter defined) on 3 Banking Days’prior written notice.
 
 

 
   Statused Revolving Credit Supplement RIO291SOIA -2-Western Iowa Energy, LLC  Wall Lake, Iowa  For purposes hereof: (a) “LIBOR” shall mean the rate (rounded upward to the nearest sixteenth andadjusted for reserves required on “Eurocurrency Liabilities” (as hereinafter defined) for bankssubject to “FRB Regulation D” (as herein defined) or required by any other federal law orregulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London lime 2Banking Days before the commencement of the Interest Period for the offering of U.S. dollardeposits in the London interbank market for the Interest Period designated by the Company, aspublished by Bloomberg or another major information vendor listed on BRA’s official website; (b)“Banking Day” shall mean a day on which Agent is open for business, dealings in U.S. dollardeposits are being carried out in the London interbank market, and banks are open for business inNew York City and London, England; (c) “Interest Period” shall mean a period commencing on the datethis option is to take effect and ending on the numerically corresponding day in the next calendarmonth or the month that is 2, 3, 6, 9 or 12 mouths thereafter, as the case may be; provided,however, that: (i) in the event such ending day is not a Banking Day, such period shall be extendedto the next Banking Day unless such next Banking Day falls in the next calendar month, in whichcase it shall end on the preceding Banking Day; and (ii) if there is no numerically correspondingday in the month, then such period shall end on the last Banking Day in the relevant month; (d)“Eurocurrency Liabilities” shall have meaning as set forth in “FRB Regulation D”; and (e) “FRBRegulation D” shall mean Regulation D as promulgated by the Board of Governors of the FederalReserve System, 12 CFR Part 204, as amended.The Company shall select the applicable rate option at the time it requests a loan hereunder andmay, subject to the limitations set forth above, elect to convert balances bearing interest at thevariable rate option to one of the fixed rate options. Upon the expiration of any fixed rateperiod, interest shall automatically accrue at the variable rate option unless the amount fixed isrepaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding theforegoing, rates may not he fixed for periods expiring after the maturity date of the loans. Allelections provided for herein shall be made electronically (if applicable), telephonically or inwriting and must be received by Agent not later than 12:00 Noon Company’s local time in order to beconsidered to have been received on that day; provided, however, that in the case of LIBOR rateloans, all such elections must be confirmed in writing upon Agent’s request. Interest shall becalculated on the actual number of days each loan is outstanding on the basis of a year consistingof 360 days and shall be payable monthly in arrears by the 20th day of the following month or onsuch other day in such mouth as Agent shall require in a written notice to the Company; provided,however, in the event the Company elects to fix all or a portion of the indebtedness outstandingunder the LIBOR interest rate option above, at Agent’s option upon written notice to the Company,interest shall be payable at the maturity of the Interest Period and if’ the LIBOR interest ratefix is for a period longer than 3 months, interest on that portion of the indebtedness outstandingshall be payable quarterly in arrears on each three-month anniversary of the commencement date ofsuch Interest Period, and at maturity.**SECTION 5. Promissory Note.**The Company promises to repay the unpaid principal balance of theloans on the last day of the term of the Commitment. In addition to the above, the Company promisesto pay interest on the unpaid principal balance of the loans at the times and in accordance withthe provisions set forth in Section 4 hereof.
 
 

 
   Statused Revolving Credit Supplement R10291SO1A -3-Western Iowa Energy, LLC