Document:

exv10w30

 

Exhibit 10.30

Amendment No. RI0178A

AMENDMENT

TO THE

MASTER LOAN AGREEMENT

     THIS AMENDMENT is entered into as of June 11, 2007, between CoBANK, ACB (“CoBank”) and
AMAIZING ENERGY DENISON, LLC (formerly known as Amaizing Energy, L.L.C.), Denison, Iowa (the
“Company”).

BACKGROUND

     CoBank and the Company are parties to a Master Loan Agreement dated October 13, 2004 (such
agreement, as previously amended, is hereinafter referred to as the “MLA”). CoBank and the Company
now desire to amend the MLA. For that reason, and for valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), CoBank and the Company agree as follows:

1. Sections 8(I) and (J) of the MLA are hereby deleted in their entirety as follows:

     SECTION 8. Affirmative Covenants. Unless otherwise agreed to in writing by CoBank while this
agreement is in effect, the Company agrees to, and with respect to Subsections 8(B) through 8(G)
hereof, agrees to cause each Subsidiary to:

          (I) Plant Manager. Intentionally Omitted.

          (J) Marketing Contracts. Intentionally Omitted.

2. Section 8 of the MLA is hereby amended to add Subsection (L) as follows:

     SECTION 8. Affirmative Covenants. Unless otherwise agreed to in writing by CoBank while this
agreement is in effect, the Company agrees to, and with respect to Subsections 8(B) through 8(G)
hereof, agrees to cause each Subsidiary to:

     (L) Title Insurance. Provide to CoBank on or before October 1, 2007, an ALTA lender’s form of
title insurance in the amount of $56,000,000.00 insuring the deed of trust or mortgage on the
Company’s real property located near Denison, Iowa, as a first lien on the property, subject only
to those exceptions approved in writing by CoBank.

2. Section 9(E) of the MLA is hereby amended and restated to read as follows:

     SECTION 9. Negative Covenants. Unless otherwise agreed to in writing by CoBank, while this
agreement is in effect the Company will not:

          (E) Loans and Investments. Make any loan or advance to any person or entity, or purchase any
capital stock, obligations or other securities of, make any capital contribution to, or otherwise
invest in any person or entity, or form or create any partnerships or joint ventures except: (i)
trade credit extended in the ordinary course of business; and (ii) loans or advances by the Company
to Amaizing Energy Atlantic, LLC, provided such loans or advances are documented and secured in a
manner acceptable to CoBank.

 

 

Amendment RI0178A to Master Loan Agreement RIO178

Amaizing Energy Denison, LLC

Denison, Iowa

3. Section 9(H) of the MLA is hereby deleted in its entirety as follows:

     SECTION 9. Negative Covenants. Unless otherwise agreed to in writing by CoBank, while
this agreement is in effect the Company will not:

          (H) Capital Expenditures. Intentionally Omitted.

4. Sections 10(A) and (B) of the MLA are hereby amended and restated to read as follows:

SECTION 10. Financial Covenants. Unless otherwise agreed to in writing, while this agreement
is in effect:

          (A) Working Capital. The Company will have at the end of each period for which financial
statements are required to be furnished pursuant to Section 8(I1) hereof, an excess of
current assets over current liabilities (both as determined in accordance with GAAP
consistently applied) of not less than $9,000,000.00, except that in determining current
assets, any amount available under the Revolving Term Loan Supplement hereto (less the amount
that would he considered a current liability under GAAP if fully advanced) may be included,
and except that in determining current assets any loans or advances to Amaizing Energy
Atlantic, LLC, shall be excluded.

          (B) Net Worth. The Company will have at the end of each period for which financial
statements are required to be furnished pursuant to Section 8(1-1) hereof, an excess of total
assets over total liabilities (both as determined in accordance with GAAP consistently
applied) of not less than $66,000,000.00.

5. Except as set forth in this amendment, the MLA, including all amendments thereto, shall
continue in full force and effect as written.

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

	 	 	 	 	 	 	 	 	 	 	 
	CoBANK, ACB	 	 	 	AMAIZING ENERGY DENISON, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Penny Probasco
	 	 	 	By:
	 	/s/ Sam J. Cogdill	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	Title:

	 	Assistant Corporate Secretary
	 	 	 	Title:
	 	Chairman, CEOexv10w31

 

Exhibit 10.31

Loan No. R10178SO4

NON-REVOLVING CREDIT SUPPLEMENT

LETTER OF CREDIT

     THIS SUPPLEMENT to the Master Loan Agreement dated October 13, 2004 (the “MLA”), is entered
into as of June 11, 2007, between CoBANK, ACB (“CoBank”) and AMAIZING ENERGY DENISON, LLC, Denison,
Iowa (the “Company”).

     SECTION 1. The Non-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 $1,543,000.00 at any one time outstanding (the
“Commitment”). Within the limits of the Commitment, amounts borrowed and later repaid may not be
reborrowed.

     SECTION 2. Purpose. The purpose of the Commitment is to allow the Company to open an
irrevocable letter of credit (“Letter of Credit”) for its account. The 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. Any draw under the Letter
of Credit issued hereunder shall be deemed a loan under the Commitment and shall be repaid in
accordance with this Supplement. The Letter of Credit must be in form and content acceptable to
CoBank and must expire no later than the maturity date of the Commitment.

     SECTION 3. Term. The term of the Commitment shall be from the date hereof, up to and including
April 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 the following interest rate:

     CoBank Base Rate. At a rate per annum equal at all times to 1/2 of 1% above 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.

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.

     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.

 

 

			
	 	 	 
	Non-Revolving Credit Supplement (Letters of Credit) R10178SO4
	 	-2-
	Amaizing Energy Denison, LLC	 	 
	Denison, Iowa	 	 

     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	 	 	 	AMAIZING ENERGY DENISON, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Penny Probasco
	 	 	 	By:
	 	/s/ Sam J. Cogdill	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	Title:

	 	Assistant Corporate Secretary
	 	 	 	Title:
	 	Chairman, CEOexv10w32

 

Exhibit 10.32

Loan No. R10178T02A

REVOLVING TERM LOAN SUPPLEMENT

     THIS SUPPLEMENT to the Master Loan Agreement dated October 13, 2004 (the “MLA”), is entered
into as of June 11, 2007, between CoBANK, ACB (“CoBank”) and AMAIZING ENERGY DENISON, LLC (formerly
known as Amaizing Energy, L.L.C,), Denison, Iowa (the “Company”), and amends and restates the
Supplement dated October 13, 2004, and numbered RIO 178T02.

     SECTION 1. The Revolving Term Loan Commitment. 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 $30,000,000.00 at any one time outstanding
(the “Commitment”). 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 construction of Amaizing
Energy Atlantic, Atlantic, Iowa, and to provide working capital to the Company.

     SECTION 3. Term. The term of the Commitment shall be from the date hereof, up to and including
February 1, 2009, 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 loans 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 plus 45/100 of 1%
above 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 180 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 10.

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 in such a manner as to cause the Company to have to break any
fixed rate balance in order to pay any installment of principal. 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.

 

 

Revolving Term Loan Supplement RIO178TO2A

Amaizing Energy Denison, LLC

Denison, Iowa

     SECTION 5. Promissory Note. The Company promises to repay the loans that are outstanding at
the time the Commitment expires on February 1, 2009. If any installment due date is not a day on
which CoBank is open for business, then such payment shall be made on the next day on which CoBank
is open for business. In addition to the above, the Company promises to pay interest on the unpaid
principal balance hereof 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. 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 3/4 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.

     SECTION 7. Amendment Fee. In consideration of the amendment, the Company agrees to pay to
CoBank on the execution hereof a fee in the amount of $220,000.00.

     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	 	 	 	AMAIZING ENERGY DENISON, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Penny Probasco
	 	 	 	By:
	 	/s/ Sam J. Cogdill	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	Title:

	 	Assistant Corporate Secretary
	 	 	 	Title:
	 	Chairman, CEO

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