Document:

Exhibit 10.17

  

REVOLVING TERM LOAN SUPPLEMENT

  

THIS
SUPPLEMENT to the Master
Loan Agreement
dated March
19, 20 12 (the
"MLA"), is
entered into as
of March 21, 2013 between CoBANK, ACB ("CoBank")
and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the
"Company"), and amends
and restates the
Supplement dated October 4, 2012 and
numbered R IB05 lT05J.

 

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
from the date hereof, up to and including March 20, 2018, in an aggregate principal amount not to exceed, at any one time outstanding,
$12,900,000.00 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 finance capital expenditures and 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 l/l00th 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
3.00%
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 thencurrent
rate shall
be made available
upon telephonic request.
For purposes hereof: (1)
"U.S. Banking Day" shall
mean a day
on which CoBank 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 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 $100,000.00 or multiples
thereof; and
(3) the maximum number
of fixes in place at
any one time
shall be five.

 

    	 

    	 

    

 

	Revolving Term Loan Supplement RIB051T05K 	-2-

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

Volga, South Dakota

 

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 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.

 

SECTION
5.   Promissory Note.The
Company promises to repay
on the date of each
reduction in the Commitment,
the outstanding
principal, if any,
that is in excess
of the available balance.
The available balance shall be
decreased by $1,300,000.00
on the 20th day
of each March and September
beginning September
20, 2013, and
continuing through
and including September 20,
2017, followed
by a final reduction
at the expiration
of the Commitment on
March
20, 2018, at
which time any
outstanding
balance shall be
due and payable in
full. 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.   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 CoBank a commitment
fee on the average
daily unused portion
of the Commitment
at the rate of 0.50%
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.

 

 

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:	 	 	By:	 
	 	 	 
	Title:	 	 	Title:Exhibit 10.18

  

MONITORED REVOLVING CREDIT SUPPLEMENT

  

THIS SUPPLEMENT
to the Master Loan Agreement dated March 19 ,2012 (the "MLA"), is entered into as of March 21, 2013 between CoBANK,
ACB ("CoBank") and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the "Company"), and amends
and restates the Supplement dated October 4, 2012 and numbered RIB051SO1Q.

 

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
in an aggregate principal amount not to exceed, at anyone time outstanding, the following amounts during each commitment period:
(A) $50,000,000.00 during the period commencing on the date hereof and ending on and including April 30, 2013; and (B) $40,000,000.00
during the period commencing on May 1, 2013 and ending on and including August 1, 2013 (the "Commitment"); provided,
however that the amount available under the Commitment shall not exceed the "Borrowing Base" (as calculated pursuant
to the Borrowing Base Report attached hereto as Exhibit A) on the date for which Borrowing Base Reports are required pursuant to
Section 6 below. 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. 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/l00th 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 2.75% 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 CoBank 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 CoBank in its sale 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 anyone 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 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 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.

 

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,
except that on May 1. 2013, the Company promises to pay so much of the loans as is necessary to reduce the outstanding balance
of the loans to the limit 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

 

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. If on the date
for which a Borrowing Base Report is required 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 forgoing 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
C08ank 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, 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 9.   Collateral
Inspections. In consideration of the loans made hereunder, the Company will permit CoBank or its representatives. agents or
independent contractors, during normal business hours or at such other times as CoBank and the Company may agree to: (A) inspect
or examine the Company's properties, books and records; (B) make copies of the Company's books and records; and (C) discuss the
Company's affairs, finances and accounts with its officers, employees and independent certified public accountants. Without limiting
the foregoing, the Company will permit CoBank, through an employee of CoBank or through an independent third party contracted by
CoBank, to conduct on an annual basis a review of the collateral covered by the Security Agreement. The Company further agrees
to pay to Co Bank a collateral inspection fee designated by CoBank and reimburse CoBank all reasonable costs and expenses incurred
by CoBank in connection with such collateral inspection reviews performed by CoBank employees or its agents.

 

Section 10.   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 0.25% 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.

 

Section 11.   Amendment
Fee. In consideration of the amendment, the Company agrees to pay to CoBank on the execution hereof a fee in the amount of
$1,500.00.

 

    	 

    	 

    

   

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:	 	 	By:	 
	 	 	 
	Title:	 	 	Title:	 

  

 

	Name of Borrower	 	City, State:	 	Date of Period
	
        South Dakota Soybean

        Processors, LLC (18462590)
	 	
         

        Volga, South Dakota
	 

 

 

	
        PART A –ELIGIBLE RECEIVABLES

        For purposes hereof, ELIGIBLE RECEIVABLES
        shall mean rights to payment for goods sold and delivered or for services rendered which: (a) are not subject to any dispute, set-off,
        or counterclaim; (b) are not owing by an account debtor that is subject to a bankruptcy, reorganization, receivership or like proceeding;
        (c) are not subject to a lien in favor of any third party, other than liens authorized by CoBank in writing which are subordinate
        to CoBank’s lien: (d) are not owing by an account debtor that is owned or controlled by the borrower, (e) are not accounts
        due more than 30 days from invoice date, (f) are not accounts with balances past due more than 30 days, (g) are not deemed ineligible
        by CoBank. For purposes thereof, CONTRACT RECEIVABLES shall mean all Accrued Grains & Losses on Open Purchase and Sale Contracts
        for grain which are (a) are not in dispute, (b) are legally enforceable, and (c) are not subject to a lien except in favor of CoBank.

         

	
         

        ELIGIBLE RECEIVABLES
	
         

        AMOUNT
	
         

         
	 	 	ADVANCE RATE	 	 	ALLOABLE ADVANCE	 
	 	 	 	X	 	 	 	 	 	 
	Trade Receivables 0-30 Days	$                            -	 	 	 	85%	=	$	-	 
	Trade Receivables 31-60 Days	$                            -	 	X	 	50%	=	$	-	 
	Trade Receivables 61 Days and Over	$                            -	 	X	 	0%	=	$	-	 
	Other Receivables	$                            -	 	X	 	0%	=	$	-	 
	Net Liquidated Value of Brokerage Accounts	$                            -	 	X	 	90%	=	$	-	 
	 	$                            -	 	 	 	 	=	$	-	 
	Net Contract Receivables for Old Crop Beans*	$                            -	 	X	 	80%	=	$	-	 
	Net Contract Receivables for New Crop Beans*	$                            -	 	X	 	70%	=	$	  ___________-	 
	  Subtotal – Net Contract Receivables for Beans	$                            -	 	X	 	 	=	$	-	 
	*Old crop ends September 30.  Net contract receivables are accrued gains & losses on open purchase and sales contracts.
	 	 	 	 	 	 	 	 	 	 
	TOTAL PART A	$                            -	 	 	 	 	 	$	-	 
	 	 

 

	
        PART B –ELIGIBLE RECEIVABLES

        For purposes hereof, ELIGIBLE RECEIVABLES
        shall mean inventory which: (a) is of a type shown below; (b) is owned by the borrower and not held by the borrower on consignment
        or similar basis; (c) is not subject to a lien except in favor of CoBank.

         

	
         

        TYPES OF ELIGIBLE RECEIVABLES
	
         

        AMOUNT
	
         

        Deduction

         
	 	 	ADVANCE RATE	 	 	ALLOABLE ADVANCE	 
	 	 	 	 	 	 	 	 	 	 
	Soybeans*	$                       -	 	 	X	85%	=	$	-	 
	 Less:
Grain Payables	 	$                       -	 	X	85%	=	$	-	 
	 	 	 	 	 	 	 	 	 	 
	Soybean Meal**	$                       -	 	 	X	85%	=	$	-	 
	Soybean Oil**	$                       -	 	 	X	85%	=	$	-	 
	Soybean Hulls**	$                       -	 	 	X	75%	=	$	-	 
	Other Inventory	$                       -	 	 	X	0%	=	$	-	 
	 	 	 	 	 	 	 	 	 	 
	TOTAL PART B	$                       -	 	 	 	 	 	$	-	 
	
        *Valued at Bid Price FOB Volga, SD

        ** Valued at Mark FOB Volga, SD

	
         

        PART C – OBLIGATIONS

	Less:	 	OBLIGATIONS	 
	Book Overdraft (Bank overdraft net of cash available.)	$	-	 
	Demand Patron Notes/Deposits	$	-	 
	Accounts Payable Owed to Suppliers with PMSI Filings	$	-	 
	Outstanding Balance of CoBank Loans(s), (as of date of this report):	$	-	 
	CoBank Letters of Credit Issued (excluding North Western Services Corp. Letter of Credit)	$	                              -	 
	TOTAL PART C (NET OBLIGATIONS SUMMARY)	$	                              -	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

	*EXCESS/OVERADVANCE (AS OF END OF PERIOD): Total of A + B – C        $           -

 

	
        *IF AN OVERADVANCE IS REPORTED ABOVE, PLEASE
        CONTACT YOUR RELATIONSHIP MANAGER IMMEDIATELY WITH: 1) AN UPDATED BORROWING BASE REPORT, AND 2) SPECIFICS OF ALL PAYMENTS REMITTED
        SINCE END OF PERIOD (CHECK NUMBERS, WIRE ROUTING NUMBERS, ETC.). FUNDS MUST BE REMITTED TO COBANK WITHIN 5 BUSINESS DAYS OF MONTH
        END.

         

 

I HEREBY CERTIFY THAT THIS
INFORMATION IS CORRECT.

 

	AUTHORIZED SIGNATURE	 	TITLE	 	
        DATE

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