Document:

amendmenttocreditagreeme

1  Amendment No. 00031748SLA-F  AMENDMENT TO CREDIT AGREEMENT  THIS AMENDMENT is entered into as of ______________________________, 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 (COLLECTIVELY, "LENDER"), 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. Section 7.1 under Article 7 of the Agreement is amended and restated to read as follows: 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 consolidated current assets  over consolidated current liabilities of not less than $8,000,000.00, except that in determining consolidated  current assets, any amount available under any revolving term promissory note with Lender hereunder (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).  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 unamended and otherwise unmodified and in full force and effect. 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 July 6, 2021 

 

 

 

LINCOLN WAY ENERGY, LLC  Nevada, Iowa  Amendment No. 0003 1748SLA-F of Agreement No. 0003 1748SLA  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:  Name:  Title: (  FARM CREDIT SERVICES OF AMERICA, PCA  By: i /1-   Name: -  - -  Title:   3  

 

EXHIBIT A As of Month Ended Beginning as of June 30, 2021, Working Capital determined as follows must be not less than $8,000,000 A GAAP Current Assets B Plus:  Unadvanced Portion of Term Revolver C Adjusted Current Assets $0 D GAAP Current Liabilities E Plus:  Current Portion of Term Revolver (if not included in GAAP  Current Liabilities) F Adjusted Current Liabilities $0 $0 Compliance ( Yes / No ) $0 Beginning as of June 30, 2021, Net Worth determined as follows must exceed $24,000,000 GAAP Net Worth Compliance ( Yes / No ) Net Worth --> $0 Beginning as of September 30, 2021, Debt Service Coverage ratio determined as follows to be no less than 1.50 to 1.00 Net Income (after tax)     plus: Depreciation & Amortization     less: Noncash Investment Income (plus Loss)     less: Extraordinary Gain (plus Loss)     less: Gain (plus Loss) on Asset Sale Available Cash $0     divided by: $5,000,000 $5,000,000      Compliance (Yes/No) DSC Ratio --> 0.00 By: ______________________________________________________  Title: ______________________________________  Date: __________________________ GAAP Working Capital (A-D) --> Net Worth PRINCIPAL FINANCIAL OFFICER's CERTIFICATION The undersigned has reviewed the financial statements pertaining to the above calculations, and based on this review, certify to the best of my knowledge the financial statements as accurate and complete  for the period reflected.  The undersigned also hereby certifies that the foregoing is a correct statement of financial condition and compliance as of the month end stated above, and that during such month,  there existed at no time any condition or event which constituted an event of default or which, after notice or lapse of time or both, would constitute an event of default in the performance of any covenants  contained in the Agreement.   Working Capital (C-F) --> Debt Service Coverage (Fiscal Year End Only) Working Capital Lincolnway Energy, LLC (00031748) Nevada, Iowa Compliance Certificate This Certificate is delivered pursuant to the Credit Agreement dated July 3, 2017 (as amended, restated, or otherwise modified from time to time, the "Agreement"), between Lincolnway Energy, LLC  (hereinafter referred to as the "Company") and Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA (hereinafter referred to as "Lead Lender").  Terms used in this certificate  have the meanings given to them in the Agreement.revolvingcreditpromissor

1  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 ______________________ 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 $7,500,000.00, 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  August 1, 2022, 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 3.250% 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,  July 6, 2021 

 

 

 

 

 

 

 

LINCOLN WAY ENERGY, LLC  Nevada, Iowa  Promissory Note No. 00031748 SO I  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: IL-   Name:  Title: Lre Hamendedandrestatedletter

1  Loan No. 00031748T03-F  AMENDED AND RESTATED LETTER OF CREDIT PROMISSORY NOTE  THIS AMENDED AND RESTATED LETTER OF 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 ______________________  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.  RECITALS  (A) This Promissory Note amends, restates, replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Amended and Restated  Letter of Credit Promissory Note numbered 00031748T03-E, dated as of March 9, 2021, between Lender  and the Borrower.  SECTION 1. LETTER OF CREDIT COMMITMENT.  On the terms and conditions set forth in  the Credit Agreement and this Promissory Note, Lender agrees to make loan(s) to the Borrower during the  period set forth below in an aggregate principal amount not to exceed $1,307,525.00 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 allow the Borrower to open an  irrevocable letter of credit (“Letter of Credit”) for its account.  SECTION 3. TERM.  The term of the Commitment will be from the date hereof, up to and including  May 1, 2023, 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.  Letter of Credit will be issued  within a reasonable period of time after Agent’s receipt of a duly completed and executed copy of Agent’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 will reduce the amount available under the  Commitment by the maximum amount capable of being drawn thereunder.  Any draw under the Letter of  Credit issued hereunder will be deemed a loan under the Commitment and will be repaid in accordance  with this Promissory Note.  The Letter of Credit must be in form and content acceptable to Agent and must  expire no later than the maturity date of the Commitment.  July 6, 2021 

 

LINCOLN WAY ENERGY, LLC  Nevada, Iowa  Promissory Note No. 0003 1748T03-F  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 3.500% (the "LIBOR Margin") 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.  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.  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) Letter of Credit Fee(s): The Borrower agrees to pay to Agent any fees, administrative  expenses, and other customary charges that Agent may charge or incur from time to time in connection  with the issuance, maintenance, amendment (if any), assignment or transfer (if any), negotiation, and  administration of the letter of credit. In addition, the Borrower agrees to pay to Agent:  1. Issuance Fee. Upon the issuance of the letter of credit, an issuance fee equal to  $1,000.00.  2. Commission Fee. A commission fee equal to the LIBOR Margin multiplied by  the face amount of the letter of credit (computed on the basis of a year of 360 days and actual days elapsed),  which fee shall be payable quarterly in arrears on the 201h  of each calendar quarter following issuance of  the Letter of Credit, and on the last day of the term of the Commitment.  

 

LINCOLNWAY ENERGY, LLC  Nevada, Iowa  Promissory Note No. 0003 1748T03-F  SECTION 9. LIBOR TERMINATION.  (A) If at any time the generally recognized administrator of interest rates offered for U.S.  dollars on the London interbank market (a "LIBOR Rate") ceases to provide quotations for LIBOR Rates,  or if such administrator or any person having authority over such administrator or with respect to LIBOR  Rates generally announces that LIBOR Rates will cease to be provided within a period not exceeding 90  days, or if Agent otherwise determines that LIBOR Rates have been, or are likely within a period not  exceeding 90 days to be, discontinued, or that LIBOR Rates do not, or are likely within a period not  exceeding 90 days not to, adequately and fairly reflect the cost to the Agent of making or maintaining loans  hereunder, then the Agent may, after consultation with but without the consent of the Borrower, amend this  promissory note and any other Loan Document to (1) replace any interest rate in this promissory note based  upon the LIBOR Rate with a replacement benchmark rate deemed appropriate by the Agent in good faith  and in its sole discretion, (2) adjust the margins applicable to the determination of interest rates under this  promissory note (whether up or down) as deemed appropriate by Agent in good faith and in its sole  discretion to compensate for differences between the LIBOR Rate and such replacement benchmark rate,  and (3) after consultation with but without the consent of the Borrower, effect such other technical,  administrative and operational changes to the Loan Documents as Agent in good faith and in its sole  discretion deems appropriate to reflect the adoption and implementation of such replacement rate. Agent  shall give the Borrower not less than five days' notice of any such amendment prior to the effective date  thereof.  (B) Notwithstanding the foregoing paragraph (A), if prior to the commencement of any interest  period proposed to be subject to a LIBOR Rate, Agent determines (which determination shall be conclusive  and binding absent manifest error) that:  (1) either dollar deposits are not being offered to banks in the London interbank market  or that adequate and reasonable means do not exist for ascertaining a LIBOR Rate for such interest period;  or  (2) a LIBOR Rate for such interest period will not adequately and fairly reflect the  cost to Agent of making or maintaining the loans for such interest period;  then Agent shall give notice thereof to the Borrower as promptly as practicable thereafter and, until Agent  notifies the Borrower that the circumstances giving rise to such notice no longer exist, (a) any request to  convert any loan to, or continue any LIBOR Rate loan at, a LIBOR Rate shall be ineffective, and (b) the  Agent shall, after consultation but without the consent of the Borrower, select an alternate rate of interest  to apply to any and all balances upon the expiration of the interest period applicable thereto, which rate of  interest shall be commercially reasonable and generally consistent with the then-prevailing market  convention, if any, for replacement of a LIBOR Rate in bilateral loan transactions.  SIGNATURE PAGE FOLLOWS  

 

 

 

 

 

LINCOLNWAY ENERGY, LLC  Nevada, Iowa  Promissory Note No. 0003 1748T03-F  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:  Name: I -'  Title: Cf ( re

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