Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.1

Amendment No. RIO29113

AMENDMENT

TO THE

MASTER LOAN AGREEMENT

THIS AMENDMENT is entered into as of May 30, 2007, between FARM CREDIT SERVICES OF AMERICA,
FLCA (“Farm Credit”) and WESTERN IOWA ENERGY, LLC, Wall Lake, Iowa (the “Company”).

BACKGROUND

Farm Credit and the Company are parties to a Master Loan Agreement dated June 6, 2005 (such
agreement, as previously amended, 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 9(H) (viii), Compliance Certificate, of the MLA is hereby deleted.

2. Sections 10(U) and (I) of the MLA are hereby amended and restated to read as follows:

SECTION 10. Negative Covenants. Unless otherwise agreed to in writing by Agent, while this
agreement is in effect the Company will not:

(H) Capital Expenditures. During fiscal year ending 2007, expend in the aggregate, more than
$2,600,000.00, and each year thereafter, in the aggregate, more than $500,000.00, for the
acquisition of fixed or capital assets (including all obligations under any capitalized leases
authorized under the terms of this agreement, but excluding obligations under operating leases).

(I) Profit Distribution. Declare or pay any dividends, or make any distribution of assets to
the members/owners, or purchase, redeem, retire or otherwise acquire for value any of its
membership units, or allocate or otherwise set apart any sum for any of the foregoing, except that
in any fiscal year of the Company a distribution may be made to the Company’s members/owners of up
to 40% of the net profit (according to GAAP) for each fiscal year after receipt of the audited
financial statements for the pertinent fiscal year, provided that the Company is and will remain in
compliance with all loan covenants, terms and conditions.

3. Section 10 of the MLA is hereby amended to add Subsection (K) which reads as follows:

SECTION 10. Negative Covenants. Unless otherwise agreed to in writing by Agent, while this
agreement is in effect the Company will not:

(K) Leases. Create, incur, assume, or permit to exist any obligation as lessee under operating
leases or leases which should be capitalized in accordance with GAAP for the rental or hire of any
real or personal property, except leases which do not in the aggregate require the Company to make
scheduled payments to the lessors in any fiscal year of the Company in excess of $100,000.00.

 

 

 

Amendment RIO291B to Master Loan Agreement RIO291

Western Iowa Energy, LLC

Wall Lake, Iowa

4. Sections 11(A) and (B) of the MLA are hereby amended and restated to react as follows:

SECTION I1, 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 $6,000,000.00, except that in determining current assets, any amount available under the
Construction and Revolving Term Loan Supplement hereto (less the amount that would be considered a
current liability under GAAP if fully advanced) 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
liabilities (both as determined in accordance with GAAP consistently applied) of not less than
$26,000,000.00.

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

	 	 	 	 	 	 	 
	FARM CREDIT SERVIES OF AMERICA, FLCA	 	WESTERN IOWA ENERGY, LLC
	 
	 	 	 	 	 	 
	By:

	 	/s/ Shane Frahm
	 	By:
	 	/s/ William J. Horan
	 

	 	 
	 	 	 	 
	Title:

	 	Vice President
	 	Title:
	 	ChairFiled by Bowne Pure Compliance

 

Exhibit 10.2

Amendment No. RIO291T01B

AMENDMENT

TO THE

CONSTRUCTION AND TERM LOAN SUPPLEMENT

THIS AMENDMENT is entered into as of May 30, 2007, between FARM CREDIT SERVICES OF AMERICA,
FLCA (“Farm Credit”) and WESTERN IOWA ENERGY, LLC, Wall Lake, Iowa (the “Company”).

BACKGROUND

Farm Credit and the Company are parties to a Construction and Term Loan Supplement dated June
6, 2005 (such agreement, as previously amended, is hereinafter referred to as the “Supplement”).
Farm Credit and the Company now desire to amend certain sections of the Supplement. For that
reason, and for valuable consideration (the receipt and sufficiency of which are hereby
acknowledged). Farm Credit and the Company agree that the following sections of the Supplement are
hereby amended to read as follows:

1. Section 6 of the Supplement is hereby amended and restated to read as follows:

SECTION 6. Promissory Note. The Company promises to repay the loans as follows: (i) in 20
equal, consecutive quarterly installments of $450,000.00 with the first such installment due on
December 20, 2006, and the last such installment due on September 20, 2011; and (ii) followed by a
final installment in an amount equal to the remaining unpaid principal balance of the loans on
December 20, 2011. If any installment due date is not a day on which Agent is open for business,
then such installment shall be due and payable 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 5 hereof.

In addition, for each fiscal year end, beginning with the fiscal year ending in 2006, and ending
with the fiscal year ending in 2012, the Company shall also, within one-hundred twenty (120) days
after the end of such fiscal year, make a special payment of an amount equal to 50% of the “Free
Cash Flow” (as defined below) of the Company; provided, however, that: (i) if such payment would
result in a covenant default under this Supplement or the MLA, the amount of the payment shall be
reduced to an amount which would not result in a covenant default; (ii) if such payment would
result in a breakage of a fixed interest rate, the applicable broken funding surcharges would still
apply; and (iii) the aggregate of such payments shall not exceed $6,000,000.00. The term “Free Cash
Flow” is defined as the Company’s annual profit net of taxes, plus the respective fiscal
year’s depreciation and amortization expense, minus allowable capitalized expenditures for
fixed assets during fiscal year 2007 through 2012, allowed distributions to members/owners, and
scheduled term loan payments to Agent and other long-term debt creditors. This special payment
shall be applied to the principal installments in the inverse order of their maturity.

In the event that all outstanding principal balances under this Supplement are paid in full prior
to the end of fiscal year 2012, Free Cash Flow payments, as described above, shall nevertheless
continue, and the amount thereof (including any remaining portion in the event that part of such
payment is applied to the remaining balance under this Supplement) shall be applied to the
Construction and Revolving Term Loan Supplement dated June 6, 2005, and numbered R10291T02, and any
restatements and amendments thereto, in the form of early reductions in the Commitment thereunder,
as specified therein, of a like dollar amount. The foregoing requirement shall survive payment in
full of this Supplement.

 

 

 

Amendment RIO29 1 TO1B to Supplement R10291T0

Western Iowa Energy, LLC

Wall Lake, Iowa

2. Except as set forth in this amendment, the Supplement, 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 SERVIES OF AMERICA, FLCA	 	WESTERN IOWA ENERGY, LLC
	 
	 	 	 	 	 	 
	By:

	 	/s/ Shane Frahm
	 	By:
	 	/s/ William J. Horan
	 

	 	 
	 	 	 	 
	Title:

	 	Vice President
	 	Title:
	 	ChairFiled by Bowne Pure Compliance

 

Exhibit 10.3

Loan No, R10291S0 1A

STATUS ED REVOLVING CREDIT SUPPLEMENT

THIS SUPPLEMENT to the Master Loan Agreement dated June 6, 2005, (the “MLA”), is entered into
as of May 30, 2007 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and WESTERN IOWA
ENERGY, LLC, Wall Lake, Iowa (the “Company”).

SECTION 1. The Revolving Credit Facility. On the terms and conditions set forth in the MLA and
this Supplement, Farm Credit agrees to make loans to the Company during the period set forth below
in an aggregate principal amount not to exceed, at any one time outstanding, the lesser of
$4,000,000.00 (the “Commitment”), or the “Borrowing Base” (as calculated pursuant to the Borrowing
Base Report attached hereto as Exhibit A). Within the limits of the Commitment, the Company may
borrow, repay and reborrow.

SECTION 2. Purpose. The purpose of the Commitment is to finance eligible inventory and
receivables referred to in the Borrowing Base Report.

SECTION 3. Term. The initial term of the Commitment shall be the date hereof, up to and
including July 1, 2008, or such later date as Agent (as that term is defined in the MLA) may, in
its sole discretion, authorize in writing. Notwithstanding the foregoing, the Commitment shall be
renewed for an additional one year renewal term only if, on or before the last day of the initial
term or any renewal term (the “Expiration Date”), Agent provides to the Company a written notice of
renewal for an additional year (a “Renewal Notice”). If on or before the Expiration Date, Agent
grants a short-term extension of the Commitment, the Commitment shall be renewed for an additional
year only if Agent provides to the Company a Renewal Notice on or before such extended expiration
date, All annual renewals shall be measured from, and effective as of, the same day as the
Expiration Date in any year.

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) Agent Base Rate. At a rate per annum equal at all times to 3/4 of 1% above the rate of
interest established by Agent from time to time as its “Agent Base Rate”, which Rate is intended by
Agent to be a reference rate and not its lowest rate, The Agent Base Rate will change on the date
established by Agent as the effective date of any change therein and Agent agrees to notify the
Company of any such change.

(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 5.

(C) LIBOR. At a fixed rate per annum equal to “LIBOR” (as hereinafter defined) plus 3 l/2%.
Under this option: (1) rates may be fixed for “Interest Periods” (as hereinafter defined) of 1, 2,
3, 6, 9 or 12 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
5; and (4) rates may only be fixed on a “Banking Day” (as hereinafter defined) on 3 Banking Days’
prior written notice.

 

 

 

			
	 	 	 
	Statused Revolving Credit Supplement RIO291SOIA
	 	-2-
	Western Iowa Energy, LLC	 	 
	Wall Lake, Iowa	 	 

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 lime 2
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 BRA’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 2, 3, 6, 9 or 12 mouths 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 he fixed for periods expiring after the maturity date of the loans. 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 mouth 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 3 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 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.

 

 

 

			
	 	 	 
	Statused Revolving Credit Supplement R10291SO1A
	 	-3-
	Western Iowa Energy, LLC
	 	 
	Wall Lake, Iowa	 	 

SECTION 6. Borrowing Base Reports, Etc. The Company agrees to furnish a Borrowing Base Report
to Agent at such times or intervals as Agent may from time to time request. Until receipt of such a
request, the Company agrees to furnish a Borrowing Base Report to Agent 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. Regardless of the frequency of the reporting, if at any time the
amount outstanding under the Commitment exceeds the Borrowing Base, the Company shall immediately
notify Agent 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 Agent 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
receipt of a duly completed and executed copy of Agent’s then current form of application 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 an advance under
the Commitment. Each fetter of credit must be in form and content acceptable to Agent and must
expire no later than the maturity date of the loans. Notwithstanding the foregoing 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 Agent and pay to Agent (to be
held as cash collateral) an amount equal to such excess.

SECTION 8. 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 2/5 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. 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 9. Amendment Fee. In consideration of the amendment, the Company agrees to pay to
Agent on the execution hereof a fee in the amount of $1,000.00.

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

	 	 	 	 	 	 	 
	FARM CREDIT SERVIES OF AMERICA, FLCA	 	WESTERN IOWA ENERGY, LLC
	 
	 	 	 	 	 	 
	By:

	 	/s/ Shane Frahm
	 	By:
	 	/s/ William J. Horan
	 

	 	 
	 	 	 	 
	Title:

	 	Vice President
	 	Title:
	 	Chair

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