Farm Credit Services of America Letterhead]
Exhibit 99.1
[Farm Credit Services of America Letterhead]
Special Accounts
000 Xxxxxx Xxxxxx
XX Xxx 000
Xxxxxxx, Xxxxx Xxxxxx 00000-0000
(000) 000-0000
FAX (000) 000-0000
October 22, 2010
Xx. Xxxxxxx X. Xxxxx, Chairman
Western Iowa Energy, LLC
0000 X. Xxxxxx Xxxxxx
Xxxx Xxxx, XX 00000
| 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”). This will confirm that the agreements set forth in the Letter Agreement are hereby extended to January 31, 2011 subject to the following modification:
| 1. | Paragraph 2 of the Letter Agreement, as amended by the First 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 November 1,
2010 through January 31, 2011 (the “Budget”). The Term Revolver shall be funded by us to be
used by you solely for the Budget. No funds will be advanced except to be used by you to fund
the budget.” |
In all other respects, the Loan Documents, as defined in the Letter Agreement, the Letter Agreement and the First 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 the any of the Loan Documents.
The agreements set forth in Paragraph 1 and 2 of the Letter Agreement, as amended, are hereby extended and shall expire and be of no further force and effect on or after January 31, 2011.
Please indicate your agreement with the terms of this extension by countersigning in the space below and returning the original to the undersigned.
Sincerely,
/s/ Xxx Xxxxxxxxx
Xxx Xxxxxxxxx
Vice President, Special Accounts
AGREED AND ACCEPTED THIS 25th DAY OF Oct , 2010
WESTERN IOWA ENERGY, LLC
By: /s/ Xxxxxxx X. Xxxxx
Its: Chairman
