AMENDMENT TO THE MASTER LOAN AGREEMENT
Exhibit 99.6
AMENDMENT
TO THE
THIS AMENDMENT is entered into as of May 1, 2006, between CoBANK, ACB (“CoBank”) and GREAT LAKES COOPERATIVE, Everly, Iowa (the “Company”).
BACKGROUND
CoBank and the Company are parties to a Master Loan Agreement dated January 3, 2005 (such agreement, as previously amended, is hereinafter referred to as the “MLA”). CoBank 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), CoBank and the Company agree as follows:
1.
Section 9(A) of the MLA is hereby amended and restated to read as follows:
SECTION 9.
Negative Covenants. Unless otherwise agreed to in writing by CoBank, while this agreement is in effect the Company will not:
(A)
Borrowings. Create, incur, assume, or allow to exist, directly or indirectly, any indebtedness or liability for borrowed money (including trade or bankers’ acceptances), letters of credit, or the deferred purchase price of property or services (including capitalized leases), except for: (i) debt to CoBank; (ii) accounts payable to trade creditors incurred in the ordinary course of business; and (iii) current operating liabilities (other than for borrowed money) incurred in the ordinary course of business.
2.
Section 10(F) of the MLA is hereby amended and restated to read as follows:
SECTION 9.
Negative Covenants. Unless otherwise agreed to in writing by CoBank, while this agreement is in effect the Company will not:
(F)
Contingent Liabilities. Assume, guarantee, become liable as a surety, endorse, contingently agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any creditor against loss), for or on account of the obligation of any person or entity, except: (i) by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of the Company's business; and (ii) pursuant to the Company's guarantee of the obligations of the Company's members/producers to Cooperative Credit Company in an aggregate principal amount not to exceed $220,000.00.
3.
Except as set forth in this amendment, the MLA, including all amendments thereto, shall continue in full force and effect as written.
Amendment RIA333A to Master Loan Agreement RIA333
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IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized officers as of the date shown above.
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