NON-REVOLVING CREDIT SUPPLEMENT LETTER OF CREDIT
Exhibit 10.31
Loan No. R10178SO4
NON-REVOLVING CREDIT SUPPLEMENT
LETTER OF CREDIT
LETTER OF CREDIT
THIS SUPPLEMENT to the Master Loan Agreement dated October 13, 2004 (the “MLA”), is entered
into as of June 11, 2007, between CoBANK, ACB (“CoBank”) and AMAIZING ENERGY XXXXXXX, LLC, Xxxxxxx,
Iowa (the “Company”).
SECTION 1. The Non-Revolving Credit Facility. On the terms and conditions set forth in the MLA
and this Supplement, CoBank agrees to make loans to the Company during the period set forth below
in an aggregate principal amount not to exceed $1,543,000.00 at any one time outstanding (the
“Commitment”). Within the limits of the Commitment, amounts borrowed and later repaid may not be
reborrowed.
SECTION 2. Purpose. The purpose of the Commitment is to allow the Company to open an
irrevocable letter of credit (“Letter of Credit”) for its account. The 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. Any draw under the Letter
of Credit issued hereunder shall be deemed a loan under the Commitment and shall be repaid in
accordance with this Supplement. The Letter of Credit must be in form and content acceptable to
CoBank and must expire no later than the maturity date of the Commitment.
SECTION 3. Term. The term of the Commitment shall be from the date hereof, up to and including
April 1, 2008, or such later date as CoBank may, in its sole discretion, authorize in writing.
SECTION 4. Interest. The Company agrees to pay interest on the unpaid balance of the loan(s)
in accordance with the following interest rate:
CoBank Base Rate. At a rate per annum equal at all times to 1/2 of 1% above the rate of
interest established by CoBank from time to time as its CoBank Base Rate, which rate is intended by
CoBank to be a reference rate and not its lowest rate. The CoBank Base Rate will change on the date
established by CoBank as the effective date of any change therein and CoBank agrees to notify the
Company of any such change.
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. 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.
| Non-Revolving Credit Supplement (Letters of Credit) R10178SO4 | -2- | |
| Amaizing Energy Xxxxxxx, LLC | ||
| Xxxxxxx, Iowa |
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 | AMAIZING ENERGY XXXXXXX, LLC | |||||||||
By:
|
/s/ Xxxxx Xxxxxxxx | By: | /s/ Xxx X. Xxxxxxx | |||||||
Title:
|
Assistant Corporate Secretary | Title: | Chairman, CEO | |||||||
