Document:

20121231 Exhibit 10.19 (b)

		

			Exhibit 10.19(b)

		

		
			
		

		
			 
		

		
			 
		

		
			AMENDMENT
		

		
			TO THE
		

		
			MASTER LOAN AGREEMENT
		

		
			 
		

		
			 
		

		
			THIS AMENDMENT is entered into as of December 21, 2012 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and GREEN PLAINS SUPERIOR LLC,  Omaha,  Nebraska (the “Company”).
		

		
			 
		

		
			BACKGROUND
		

		
			 
		

		
			Farm Credit and the Company are parties to a Master Loan Agreement dated June 20, 2011 (such agreement is hereinafter referred to as the “MLA”).  Farm Credit 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), Farm Credit and the Company agree as follows:
		

		
			
1.Section 11 (C) of the MLA is hereby amended and restated to read as follows:
		

		
			 
		

		
			SECTION 11.Financial Covenants.  Unless otherwise agreed to in writing, while this agreement is in effect:
		

		
			
(C)Debt Service Coverage Ratio.  The Company will have at the end of each fiscal year of the Company a “Debt Service Coverage Ratio” (as defined below) for such year of not less than 1.00 to 1.00.  For purposes hereof, the term “Debt Service Coverage Ratio” shall mean the following (all as calculated for the most current year end in accordance with GAAP consistently applied):  (1) net income (before taxes), plus depreciation and amortization, plus new equity injection(s), less fixed asset purchases above the capital expenditure limit as permitted under Section 10 (I) of this agreement; divided by (2) all current portion of regularly scheduled long term debt for the prior period (scheduled long term debt payments are not to include any Free Cash Flow sweep payments as defined in Section 5 of RI0470T01D).
		

		
			
2.            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.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						FARM CREDIT SERVICES OF

					
						AMERICA, FLCA

					
					
						GREEN PLAINS SUPERIOR LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kathryn J. Frahm

					
					
						By:

					
					
						/s/ Todd Becker

				
	
					
						 

					
					
						 

				
	
					
						Title:

					
					
						VP Commercial Lender

					
					
						Title:

					
					
						President and CEO20121231 Exhibit 10.21 (b)

		

			Exhibit 10.21(b)

		

		
			 
		

		
			 
		

		
			AMENDMENT
		

		
			TO THE
		

		
			MASTER LOAN AGREEMENT
		

		
			 
		

		
			 
		

		
			THIS AMENDMENT is entered into as of February 5, 2013, between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and Green Plains Shenandoah LLC,  Omaha,  Nebraska (the “Company”).
		

		
			 
		

		
			BACKGROUND
		

		
			 
		
Farm Credit and the Company are parties to a Master Loan Agreement dated September 28, 2011 (such agreement is hereinafter referred to as the “MLA”).  Farm Credit 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), Farm Credit and the Company agree as follows:
		
			
		

		
			1.Section 10(H) of the MLA is hereby amended and restated to read as follows:
		

		
			 
		
SECTION 10.Negative Covenants.  Unless otherwise agreed to in writing by Agent (as defined in the MLA), while this agreement is in effect the Company will not:
		
			 
		
(H)Dividends, Etc.    Declare or pay any dividends, or make any distribution of assets to the member/owners, or purchase, redeem, retire or otherwise acquire for value any of its equity, or allocate or otherwise set apart any sum for any of the foregoing, except that a distribution may be accrued to the Company’s members/owners of up to 40% of the year-to-date net profit before taxes (according to GAAP) and payment of this accrued amount may be made after the end of each fiscal quarter, provided that the Company has been and will remain in compliance with all loan covenants, terms and conditions. Furthermore, after receipt of the audited financial statements for the pertinent fiscal year, additional distributions may be made in excess of the quarterly distribution(s) so long as aggregate distributions do not exceed 75% of the net profit before taxes, less the amount previously accrued as a tax dividend, for such fiscal year, and provided that the Company has been and will remain in compliance with all other loan covenant, terms and conditions.
		
			2.            Section 10(I) of the MLA shall be deleted in its entirety.
		

		
			 
		

		
			3.Section 11 of the MLA is hereby amended and restated to read as follows:
		

		
			 
		

		
			SECTION 11.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 9(H) hereof an excess of current assets over current liabilities  (both as determined in accordance with GAAP consistently applied) of not less than $8,000,000.00, except that in determining current assets, any amount available under the Revolving Term Loan Supplement (less the amount that would be considered a current liability under GAAP if fully advanced) hereto may be included.
		
			
		
(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 9(H) hereof an excess of total assets over total 
		 

 

		

			Exhibit 10.21(b)

		

liabilities  (both as determined in accordance with GAAP consistently applied) of not less than $60,000,000.00.
		
			
		
(C)Debt Service Coverage Ratio.  The Company will have at the end of each fiscal year of the Company a “Debt Service Coverage Ratio” (as defined below) for such year of not less than 1.00 to 1.00.  For purposes hereof, the term “Debt Service Coverage Ratio” shall mean the following (all as calculated for the most current year end in accordance with GAAP consistently applied):  (1) net income (before taxes), plus depreciation and amortization, plus new equity injection(s), divided by $2,000,000.00.
		
			4.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.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						FARM CREDIT SERVICES OF

					
						AMERICA, FLCA

					
					
						GREEN PLAINS SUPERIOR LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kathryn J. Frahm

					
					
						By:

					
					
						/s/ Todd Becker

				
	
					
						 

					
					
						 

				
	
					
						Title:

					
					
						VP Commercial Lender

					
					
						Title:

					
					
						President and CEO20121231 Exhibit 10.21 (c)

		

			Exhibit 10.21(c)

		

		
			 
		

		
			 
		

		
			REVOLVING TERM LOAN SUPPLEMENT
		

		
			 
		

		
			 
		
THIS SUPPLEMENT to the Master Loan Agreement dated September 28, 2011 (the “MLA”), is entered into as of February 5, 2013 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and Green Plains Shenandoah LLC,  Omaha,  Nebraska    (the “Company”), and amends and restates the Supplement dated September 28, 2011 and numbered RI0355T02G.
		
			 
		
SECTION 1.    The Revolving Term Loan Commitment.  On the terms and conditions set forth in the MLA and this Supplement, Farm Credit agrees to make loans to the Company from the date hereof, up to and including March 1, 2018, in an aggregate principal amount not to exceed, at any one time outstanding, $17,000,000.00 less the amounts scheduled to be repaid during the period set forth below in Section 5 (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 provide working capital to the Company.
		
			 
		

		
			SECTION 3.Term.    Intentionally Omitted.
		

		
			 
		

		
			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)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 3.10% above the rate quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time for the offering of one (1)-month U.S. dollars deposits, as published by Bloomberg or another major information vendor listed on BBA’s official website on the first “U.S. Banking Day” (as hereinafter defined) in each week, with such rate to change weekly on such day.  The rate shall be reset automatically, without the necessity of notice being provided to the Company or any other party, on the first “U.S. Banking Day” of each succeeding week, and each change in the rate shall be applicable to all balances subject to this option.  Information about the then-current rate shall be made available upon telephonic request.  For purposes hereof:  (1) “U.S. Banking Day” shall mean a day on which Agent (as that term is defined in the MLA) is open for business and banks are open for business in New York, New York; (2) “Eurocurrency Liabilities” shall have the meaning as set forth in “FRB Regulation D”; and (3) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.
		
			
		

		
			(B)Quoted Rate.    At a fixed rate per annum to be quoted by Agent 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 Agent 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 $100,000.00 or multiples thereof; and (3) the maximum number of fixes in place at any one time shall be five.
		

		
			
		
(C)LIBOR.  At a fixed rate per annum equal to “LIBOR” (as hereinafter defined) plus 3.10%.  Under this option:  (1) rates may be fixed for "Interest Periods" (as hereinafter defined) of 1, 3, 6, or 9 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 be five; and (4) rates 
		 

 

		

			Exhibit 10.21(c)

		

may only be fixed on a "Banking Day" (as hereinafter defined) on three Banking Days’ prior written notice.  For purposes hereof:  (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth and adjusted for reserves required on “Eurocurrency Liabilities” [as hereinafter defined] for banks subject to “FRB Regulation D” [as herein defined] or required by any other federal law or regulation) quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest Period designated by the Company, as published by Bloomberg or another major information vendor listed on BBA’s official website; (b) "Banking Day" shall mean a day on which Agent is open for business, dealings in U.S. dollar deposits are being carried out in the London interbank market, and banks are open for business in New York City and London, England; (c) "Interest Period" shall mean a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is  3, 6, or 9 months 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 extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it shall end on the preceding Banking Day; and (ii) if there is no numerically corresponding day 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) “FRB Regulation D” shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.
		
			
		

		
			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 and 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 electronically (if applicable), telephonically or in writing and must be received by Agent not later than 12:00 Noon Company's local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon Agent's request.  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 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 outstanding under 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 rate fix is for a period longer than three months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
		

		
			 
		
SECTION 5.Promissory Note.    The Company promises to repay on the dates set forth below, the outstanding principal, if any, that is in excess of the listed amounts:
		
			 
		

		
			Payment DateReducing Commitment Amount
		

		
			 
		

		
			June 1, 2013$16,000,000.00
		

		
			December 1, 2013$15,000,000.00
		

		
			June 1, 2014$14,000,000.00
		

		
			December 1, 2014$13,000,000.00
		

		
			June 1, 2015$12,000,000.00
		

		
			December 1, 2015$11,000,000.00
		

		

		

		 

 

		

			Exhibit 10.21(c)

		

		June 1, 2016$10,000,000.00
		

		
			December 1, 2016$9,000,000.00
		

		
			June 1, 2017$8,000,000.00
		

		
			December 1, 2017$7,000,000.00
		

		
			 
		
followed by a final installment in an amount equal to the remaining unpaid principal balance of the loans on March 1, 2018.  If any installment due date is not a day on which Agent is open for business, then such payment shall be made on the next day on which Agent 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.Security.  The Company’s obligations hereunder and, to the extent related hereto, under the MLA, including without limitation any future advances under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA.  
		
			
		
SECTION 7.Commitment Fee.  In consideration of the Commitment, the Company agrees to pay to Agent a commitment fee on the average daily unused portion of the Commitment at the rate of 0.60% 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 8.Amendment Fee.  In consideration of the amendment, the Company agrees to pay to Agent on the execution hereof a fee in the amount of $20,000.00.
		
			 
		
(Signatures on following page)
		

		

		 

 

		

			Exhibit 10.21(c)

		

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

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						FARM CREDIT SERVICES OF

					
						AMERICA, FLCA

					
					
						GREEN PLAINS SUPERIOR LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Kathryn J. Frahm

					
					
						By:

					
					
						/s/ Todd Becker

				
	
					
						 

					
					
						 

				
	
					
						Title:

					
					
						VP Commercial Lender

					
					
						Title:

					
					
						President and CEO

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