Farm Credit Services of America Letterhead] January 27, 2011
Exhibit 99.1
[Farm Credit Services of America Letterhead]
January 27, 2011
Xx. Xxxxxxx X. Xxxxx, Chairman
Western Iowa Energy, LLC
0000 X. Xxxxxx Xxxxxx
Xxxx Xxxx, XX 00000
Attn: Xxxxxxx X. Xxxxx, Chairman
| Re: | Master Loan Agreement dated June 6, 2005 between Farm Credit Service of America, FLCA and
Western Iowa Energy, LLC, as amended from time to time |
Dear Xx. Xxxxx:
Reference is made to our Letter Agreement of May 14, 2010 (the “Letter Agreement”) as amended by that Letter dated July 30, 2010 (the “First Amendment”) and that letter October 22, 2010, (the “Second Amendment”). This will confirm that the agreements set forth in the Letter Agreement are hereby extended to February 28, 2011 subject to the following modification:
1. Paragraph 2 of the Letter Agreement, as amended by the First Amendment and the Second Amendment shall be and is hereby deleted in its entirety and replaced with the following:
| “2. | You have previously prepared and provided us with a budget for
the period of January 1, 2011 through March 31, 2011 (the “Budget”). The Term
Revolver shall be funded by us to be used by you solely for the Budget for the
period February 1, 2011 thru February 28, 2011. No funds will be advanced except
to be used by your to fund the Budget.” |
In all other respects, the Loan Documents, as defined in the Letter Agreement, the Letter Agreement, the First Amendment, and the Second Amendment shall remain in full force and effect, and no amendment or waiver in respect of any term or condition of any Loan Document shall be deemed (i) to be an amendment or waiver in respect of any other term or condition contained in any Loan Document or (ii) to prejudice any right or rights which FCSA may now have or may have in the future under or in connection with any of the Loan Documents.
The agreements set forth in Paragraph 1 and 2 hereof of the Letter Agreement, as amended, are hereby extended and shall expire and be of no further force and effect on or after February 28, 2011.
Please indicate your agreement with the terms of this agreement by countersigning in the space below and returning the original agreement to the undersigned.
Sincerely,
/s/ Xxxxx Xxxxx
Xxxxx Xxxxx
Vice President, Special Accounts
AGREED AND ACCEPTED THIS Jan DAY OF 28 , 2011
WESTERN IOWA ENERGY, LLC
By: /s/ Xxxxxxx X. Xxxxx
Its: Chairman
