Document:

Exhibit 10.1

    

     

      

    
      COBANK

      

      

      Amendment No. 00031748SLA-D

       

    
      

      

       AMENDMENT TO CREDIT AGREEMENT

       

      THIS AMENDMENT is entered into as of June 23, 2019, between LINCOLNWAY ENERGY, LLC Nevada,
        Iowa, a limited liability company (the "Borrower"), and FARM CREDIT SERVICES OF AMERICA, FLCA and FARM CREDIT SERVICES OF AMERICA, PCA, a federally-chartered instrumentality of the United States ("Lender"). Capitalized terms used and not defined herein shall have the meanings assigned to
        such terms in the Agreement (as defined below).

       

      RECITALS

       

      The Borrower and Lender are parties to Credit Agreement Number 00031748SLA dated as of July 3, 2017 (such agreement, as may be amended, hereinafter referred to as the "Agreement"). The Borrower and Lender now desire to amend the Agreement. For that reason, and for valuable consideration (the receipt and sufficiency of which are hereby
        acknowledged), the Borrower and Lender agree as follows:

       

      1.          Article 7 of the Agreement is amended and restated to read as follows:

       

      ARTICLE 7       Financial Covenants. Unless otherwise agreed to in
          writing by Agent, while this Agreement is in effect:

      

      

      7.1       Working Capital.  The Borrower will have at the end of each period for which financial
        statements are required to be furnished pursuant to this Agreement an excess of current assets over current liabilities of not less than $7,500.000.00, except that in determining current assets: (a) the note receivable related to the REI dryer
        guarantee is to be excluded; and (b) any amount available under any revolving term promissory note with Lender (less the amount that would be considered a current liability if fully advanced hereto) may be included (all as determined in accordance
        with the Accounting Standards).

       

      7.2        Net Worth. The Borrower will have at the end of each period for which financial statements are required to be furnished pursuant to this Agreement an excess of total assets over total liabilities of not less than $25,000,000.00, except that in determining total assets, the note receivable related to
          the REI dryer guarantee is to be excluded (all as determined in accordance with the Accounting Standards).

       

      7.3       Debt Service Coverage Ratio. The Borrower
          will have at the end of each fiscal year of the Borrower a Debt Service Coverage Ratio (as defined below) for such year of not less than 1.70 to 1.00. For purposes hereof, "Debt Service
          Coverage Ratio" means: (a) net income (after taxes), plus depreciation and amortization, minus non-cash income from patronage/investments, minus extraordinary gains (plus losses), minus gains (plus losses) on
          asset sales; divided by (b) 53,600,000.00 (all as determined in accordance with the Accounting Standards).

       
        2.           Except as expressly amended hereby, all of the representations, warranties, terms, covenants and
            conditions contained in the Agreement and each other Loan Document shall remain un-amended and otherwise unmodified and in full force and effect.

         

          

      

      
        1

        
          

      

      
        LINCOLNWAY ENERGY, LLC

        Nevada, Iowa

        Amendment No. 00031748SLA-D of Agreement No. 00031748SLA

      

       

      3.           This Amendment may be executed in counterparts, each of which will constitute an original, but all of which when taken together will constitute a single contract. Delivery of an executed counterpart of a
        signature page of this Amendment by facsimile or other electronic means will be as effective as delivery of a manually executed counterpart of this Amendment.

      

      

       SIGNATURE PAGE FOLLOWS

       

      
        2

        
          

      

      
        LINCOLNWAY ENERGY, LLC

        Nevada, Iowa

        Amendment No. 00031748SLA-D of Agreement No. 00031748SLA

         

        

      

      SIGNATURE PAGE TO AMENDMENT TO CREDIT AGREEMENT

      

      

      IN WITNESS WHEREOF, the parties hereto, by their duly authorized officers, have executed this Agreement.

      

      

      	 	
              LINCOLNWAY ENERGY, LLC

            
	 	 
	 	
              By:

            	
              /s/ Michael A. Hollenberg

            
	 	 	 
	 	
              Name:

            	
              Michael A. Hollenberg

            
	 	 	 
	 	
              Title:

            	
              President/CEO

            
	 	 	 

      

      

      
        3

        
          

      

      
        LINCOLNWAY ENERGY, LLC

        Nevada, Iowa

        Amendment No. 00031748SLA-D of Agreement No. 00031748SLA

         

        

      

      SIGNATURE PAGE TO AMENDMENT TO CREDIT AGREEMENT

      

      

      IN WITNESS WHEREOF, the parties hereto, by their duly authorized officers, have executed this Agreement.

      

      

      	 	
              FARM CREDIT SERVICES OF AMERICA, FLCA

            	 
	 	 	 
	 	
              By:

            	
              /s/ Ron Brandt

            	 
	 	 	 	 
	 	
              Name:

            	
              Ron Brandt

            	 
	 	 	 	 
	 	
              Title:

            	
              Vice President

            	 

      

      

      	 	
              FARM CREDIT SERVICES OF AMERICA, PCA

            	 
	 	 	 
	 	
              By:

            	
              /s/ Ron Brandt

            	 
	 	 	 	 
	 	
              Name:

            	
              Ron Brandt

            	 
	 	 	 	 
	 	
              Title:

            	
              Vice President

            	 

       

      
        4Exhibit 10.2

    

     

    
      COBANK

      

      

      Loan No. 00031748S01

    

     

    

    REVOLVING CREDIT PROMISSORY NOTE

    

    THIS REVOLVING CREDIT PROMISSORY NOTE (this "Promissory Note") to the Credit Agreement dated July
      3, 2017 (such agreement, as may be amended, hereinafter referred to as the ("Credit Agreement"), is entered into as of June 23, 2019 between FARM CREDIT SERVICES
      OF AMERICA, PCA, a federally-chartered instrumentality of the United States ("Lender") and LINCOLNWAY ENERGY, LLC, Nevada, Iowa, a limited liability company (together
      with its permitted successors and assigns, the "Borrower"). Capitalized terms not otherwise defined in this Promissory Note will have the meanings set forth in the Credit Agreement.

    

    SECTION 1.         REVOLVING CREDIT COMMITMENT. On the terms and conditions set forth in
        the Credit Agreement and this Promissory Note, Lender agrees to make loans to the Borrower during the period set forth below in an aggregate principal amount not to exceed $4,000,000.00, at any one time outstanding (the "Commitment"). Within the limits of the Commitment, the Borrower may borrow, repay and re-borrow.

    

    SECTION 2.         PURPOSE. The purpose of the Commitment is to
        finance the operating needs of the Borrower.

    

    

    SECTION 3.       TERM. The term of the Commitment will be from the
        date hereof, up to and including January 1, 2020, or such later date as Agent may, in its sole discretion, authorize in writing (the "Term Expiration Date"). Notwithstanding the foregoing, the Commitment will
        be renewed for an additional year only if, on or before the Term Expiration Date, Agent provides to the Borrower a written notice of renewal for an additional year (a "Renewal Notice"). If on or before the
        Term Expiration Date, Lender grants a short-term extension of the Commitment, the Commitment will be renewed for an additional year only if Agent provides to the Borrower a Renewal Notice on or before such extended expiration date. All annual
        renewals will be measured from, and effective as of, the same day as the Term Expiration Date in any year.

    

    

    SECTION 4.         LIMITS ON ADVANCES, AVAILABILITY, ETC. The loans will be made
        available as provided in Article 2 of the Credit Agreement.

    

    

    SECTION 5.         INTEREST. The Borrower agrees to pay interest on
        the unpaid balance of the loan(s) in accordance with the following interest rate option(s):

    

    (A)           One-Month LIBOR Index Rate. At a rate (rounded upward to
        the nearest 1/100th and adjusted for reserves required on Eurocurrency Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as hereinafter defined) or required by any other federal law or regulation) per annum equal at all
        times to 3.750% above the higher of: (1) zero percent (0.00%); or (2) the rate reported at 11:00 a.m. London time for the offering of one (1)-month U.S. dollars deposits, by Bloomberg Information Services (or any successor or substitute service
        providing rate quotations comparable to those currently provided by such service, as determined by Agent from time to time, for the purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market) on
        the first U.S. Banking Day (as hereinafter defined) in each week, with such rate to change weekly on such day. The rate will be reset automatically, without the necessity of notice being provided to Agent, the Borrower, or any other party, on the
        first U.S. Banking Day of each succeeding week, and each change in the rate will be applicable to all balances subject to this option. Information about the then-current rate will be made available upon telephonic request. For purposes hereof: (a)
        "U.S. Banking Day" means a day on which Agent is open for business and banks are open for business in New York, New York; (b) "Eurocurrency Liabilities" will have the
        meaning as set forth in "FRB Regulation D"; and (c) "FRB Regulation D" means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

     

      

    
      1

      
        

    

    
      LINCOLNWAY ENERGY, LLC

      Nevada, Iowa

      Promissory Note No. 00031748S01

    

    

    

    Interest will be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and will be payable monthly in arrears by the 20th day of the following
      month or on such other day as Agent will require in a written notice to the Borrower ("Interest Payment Date").

    

    SECTION 6.         PROMISSORY NOTE. The Borrower promises to repay the unpaid principal
        balance of the loans on the Term Expiration Date, as the term may be extended from time to time.

    

    In addition to the above, the Borrower promises to pay interest on the unpaid principal balance of the loans at the times and in accordance with the provisions set forth herein.

    

    SECTION 7.         SECURITY. The Borrower's obligations hereunder and, to the extent
        related hereto, under the Credit Agreement, will be secured as provided in Section 2.4 of the Credit Agreement.

    

    SECTION 8.         FEES.

    

    (A)          Loan Origination Fee. In consideration of the
        Commitment, the Borrower agrees to pay to Agent on the execution hereof a loan origination fee in the amount of $10,000.00.

    

    (B)         Commitment Fee. In consideration of the
        Commitment, the Borrower agrees to pay to Agent a commitment fee on the average daily unused available portion of the Commitment at the rate of 0.250% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following
        each month. Such fee will be payable for each month (or portion thereof) occurring during the original or any extended term of the Commitment.

    

    SECTION 9.         LETTERS OF CREDIT.  INTENTIONALLY OMITTED.

    

    SIGNATURE PAGE FOLLOWS

     

    
      2

      
        

    

    
      LINCOLNWAY ENERGY, LLC

      Nevada, Iowa

      Promissory Note No. 00031748S01

    

    

    

    SIGNATURE PAGE TO PROMISSORY NOTE

    

    

    IN WITNESS WHEREOF, the parties have caused this Promissory Note to the Credit Agreement to be executed by their duly authorized officer(s).

    

    

    	 	
            LINCOLNWAY ENERGY, LLC

          
	 	

          
	 	
            By:

          	
            /s/ Michael A. Hollenberg

          
	 	

          	

          
	 	
            Name:

          	
            Michael A. Hollenberg

          
	 	

          	

          
	 	
            Title:

          	
            President/CEO

          

     

    

    
      3

      
        

    

    
      LINCOLNWAY ENERGY, LLC

      Nevada, Iowa

      Promissory Note No. 00031748S01

    

    

    

    SIGNATURE PAGE TO PROMISSORY NOTE

    

    

    IN WITNESS WHEREOF, the parties have caused this Promissory Note to the Credit Agreement to be executed by their duly authorized officer(s).

    

    

    	 	
            FARM CREDIT SERVICES OF AMERICA, PCA

          	 
	 	

          	 
	 	
            By:

          	
            /s/ Ron Brandt

          	 
	 	

          	

          	 
	 	
            Name:

          	
            Ron Brandt

          	 
	 	

          	

          	 
	 	
            Title:

          	
            Vice President

          	 

    

     

    

    4

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