Document:

Exhibit
      10.1

    

    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 year consisting of
      360
      days and shall be payable monthly in arrears by the 20th day of the following
      month or on such other day in such month as CoBank shall require in a written
      notice to the Company.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Statused
                Revolving Credit Supplement RTBOS lS0l F

            	
              -2-

            
	
              South
                Dakota Soybean Processors, LLC

            	 
	
              Volga,
                South Dakota

            	 

    

    

    

    SECTION
      5. Promissory Note. The
      Company promises to repay the unpaid principal balance of the loans on the
      last
      day of the term of the Commitment, In addition to the above, the Company
      promises to pay interest on the unpaid principal balance of the loans at the
      times and in accordance with the provisions set forth in Section 4 hereof.
      This
      note replaces and supersedes, but does not constitute payment of the
      indebtedness evidenced by, the promissory note set forth in the Supplement
      being
      amended and restated hereby.

    

    SECTION
      6. Borrowing Base Reports,
      Etc. The
      Company agrees to furnish a Borrowing Base Report to CoBank at such times or
      intervals as CoBank may from time to time request. Until receipt of such a
      request, the Company agrees to furnish a Borrowing Base Report to CoBank within
      30 days after each month end calculating the Borrowing Base as of the last
      day
      of the month for which the Report is being furnished. However, if no balance
      is
      outstanding hereunder on the last day of such month, then no Report need be
      furnished. Regardless of the frequency of the reporting, if at any time the
      amount outstanding under the Commitment exceeds the Borrowing Base, the Company
      shall immediately notify CoBank and repay so much of the loans as is necessary
      to reduce the amount outstanding under the Commitment to the limits of the
      Borrowing Base.

    

    SECTION
      7. Letters of Credit.
      If
      agreeable to CoBank in its sole discretion in each instance, in addition to
      loans, the Company may utilize the Commitment to open irrevocable letters of
      credit for its account. Each letter of credit will be issued within a reasonable
      period of time after CoBank’s receipt of a duly completed and executed copy of
      CoBank’s then current form of Application and Reimbursement Agreement or, if
      applicable, in accordance with the terms of any CoTrade Agreement between the
      parties, and shall reduce the amount available under the Commitment by the
      maximum amount capable of being drawn thereunder. Any draw under any letter
      of
      credit issued hereunder shall be deemed a loan under the Commitment and shall
      be
      repaid in accordance with this Supplement. Each letter of credit must be in
      form
      and content acceptable to CoBank and must expire no later than the maturity
      date
      of the Commitment. Notwithstanding the foregoing or any other provision hereof,
      the maximum amount capable of being drawn under each letter of credit must
      be
      statused against the Borrowing Base in the same manner as if it were a loan,
      and
      in the event that (after repaying all loans) the maximum amount capable of
      being
      drawn under the letters of credit exceeds the Borrowing Base, then the Company
      shall immediately notify CoBank and pay to CoBank (to be held as cash
      collateral) an amount equal to such excess.

    

    SECTION
      8. Security. The
      Company’s obligations hereunder and, to the extent related hereto, the MTSA,
      shall be secured as provided in the Security Section of the MLA, including
      without limitation as a future advance under any existing mortgage or deed
      of
      trust.

    

    SECTION
      9. Commitment Fee. In
      consideration of the Commitment, the Company agrees to pay to CoBank a
      commitment fee on the average daily unused portion of the Commitment at the
      rate
      of 1/4 of 1% per annum (calculated on a 360 day basis), payable monthly in
      arrears by the 20th clay following each month, Such fee shall be payable for
      each month (or portion thereof) occurring during the original or any extended
      term of the Commitment. For purposes of calculating the commitment fee only,
      the
“Commitment” shall mean the dollar amount specified in Section 1 hereof
      irrespective of the Borrowing Base.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Statused
                Revolving Credit Supplement RIB051S01F

            	
              -3-

            
	
              South
                Dakota Soybean Processors, LLC

            	 
	
              Volga,
                South Dakota

            	 

    

    

    SECTION
      10. Amendment Fee. In
      consideration of the amendment, the Company agrees to pay to CoBank on the
      execution hereof a fee in the amount of $2,500.00.

    

    IN
      WITNESS WHEREOF, the
      parties have caused this Supplement to be executed by their duly authorized
      officers as of the date shown above.

    

    
      	
              CoBANK,
                ACB

            	 	
              SOUTH
                DAKOTA SOYBEAN

            
	 	 	
              PROCESSORS,
                LLC

            
	 	 	 	 	 
	
              By:

            	
              /s/
                Tokie Akrie

            	 	
              By:

            	
              /s/
                Rodney Christianson

            
	 	 	 	 	 
	 	 	 	 	 
	
              Title:

            	
              Assistant
                Corporate Secretary

            	 	
              Title:

            	
              CEOExhibit
      10.2          

    

    

    STATUSED
      REVOLVING CREDIT SUPPLEMENT

    

    THIS
      SUPPLEMENT to
      the
Master
      Loan Agreement
      dated October 6, 2005 (the “MLA”), is entered into as of July 17, 2008 between
      CoBANK, ACU (“CoBank”) and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, Smith
      Dakota (the “Company”), and amends and restates the Supplement dated June 23,
      2008 and numbered RIBO51 SOIF.

    

    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
      $50,000,000.00 (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
      Ease 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
      time. Interest shall be calculated on the actual number of days each loan
      is
      outstanding on the basis of a year consisting of 360 days and shall be payable
      monthly in arrears by the 20th day of the following month or on such other
      day
      in such month as CoBank shall require in a written notice to the
      Company.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              Statused
                Revolving Credit Supplement RlB051S01G

            	
              -2-

            
	
              South
                Dakota Soybean Processors, LLC

            	 
	
              Volga,
                South Dakota

            	 

    

    

    

    SECTION
      5. Promissory Note. The
      Company promises to repay the unpaid principal balance of the loans on the
      last
      day of the term of the Commitment. In addition to the above, the Company
      promises to pay interest on the unpaid principal balance of the loans at the
      times and in accordance with the provisions set forth in Section 4 hereof.
      This
      note replaces and supersedes, but does not constitute payment of the
      indebtedness evidenced by, the promissory note set forth in the Supplement
      being
      amended and restated hereby.

    

    SECTION
      6. Borrowing Base Reports, Etc. The
      Company agrees to furnish a Borrowing Base Report to CoBank at such times or
      intervals as CoBank may from time to time request. Until receipt of such a
      request, the Company agrees to furnish a Borrowing Base Report to CoBank within
      30 days after each month end calculating the Borrowing Base as of the last
      day
      of the month for which the Report is being furnished. However, if no balance
      is
      outstanding hereunder on the last day of such month, then no Report need be
      furnished. Regardless of the frequency of the reporting, if at any time the
      amount outstanding under the Commitment exceeds the Borrowing Base, the Company
      shall immediately notify CoBank and repay so much of the loans as is necessary
      to reduce the amount outstanding under the Commitment to the limits of the
      Borrowing Base.

    

    SECTION
      7. Letters of Credit. If
      agreeable to CoBank in its sole discretion in each instance, in addition to
      loans, the Company may utilize the Commitment to open irrevocable letters of
      credit for its account. Each letter of credit win be issued within a reasonable
      period of time after CoBank’s receipt of a duly completed and executed copy of
      CoBank’s then current form of Application and Reimbursement Agreement or, if
      applicable, in accordance with the terms of any CoTrade Agreement between the
      parties, and shall reduce the amount available under the Commitment by the
      maximum amount capable of being drawn thereunder. Any draw under any letter
      of
      credit issued hereunder shall be deemed a loan under the Commitment and shall
      be
      repaid in accordance with this Supplement. Each letter of credit must be in
      form
      and content acceptable to CoBank and must expire no later than the maturity
      date
      of the Commitment. Notwithstanding the foregoing or any other provision hereof,
      the maximum amount capable of being drawn under each letter of credit must
      be
      statused against the Borrowing Base in the same manner as if it were a loan,
      and
      in the event that (after repaying all loans) the maximum amount capable of
      being
      drawn under the letters of credit exceeds the Borrowing Base, then the Company
      shall immediately notify CoBank and pay to CoBank (to be held as cash
      collateral) an amount equal to such excess.

    

    SECTION
      8. Security.
      The
      Company’s obligations hereunder and, to the extent related hereto, the MLA,
      shall be secured as provided in the Security Section of the MLA, including
      without limitation as a future advance under any existing mortgage or deed
      of
      trust,

    

    SECTION
      9. Commitment Fee.
      In
      consideration of the Commitment, the Company agrees to pay to CoBank a
      commitment fee on the average daily unused portion of the Commitment at the
      rate
      of 1/4 of 1% per annum (calculated on a 360 day basis), payable monthly in
      arrears by the 20th day following each month. Such fee shall be payable for
      each
      month (or portion thereof occurring during the original or any extended term
      of
      the Commitment. For purposes of calculating the commitment fee only, the
“Commitment” shall mean the dollar amount specified in Section 1 hereof;
      irrespective of the Borrowing Base.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              Statused
                Revolving Credit Supplement RIB051S01G

            	
              -3-

            
	
              South
                Dakota Soybean Processors, LLC

            	 
	
              Volga,
                South Dakota

            	 

    

    

    SECTION
      10. Amendment Fee. In
      consideration of the amendment, the Company agrees to pay to CoBank on the
      execution hereof a fee in the amount of $4,000.00.

    

    IN
      WITNESS WHEREOF, the
      parties have caused this Supplement to be executed by their duly authorized
      officers as of the date shown above,

    

    
      	
              CoBANK,
                ACB

            	 	
              SOUTH
                DAKOTA SOYBEAN

            
	 	 	 	
              PROCESSORS,
                LLC

            
	 	 	 	 	 
	
              By:
                

            	
              /s/
                Tokie Akrie

            	 	
              By:

            	
              /s/
                Rodney Christianson

            
	 	 	 	 	 
	
              Title:
                

            	
              
                Assistant
                  Corporate Secretary

              

            	 	
              Title:

            	
              CEO

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