REVOLVING TERM LOAN SUPPLEMENT
Exhibit 10.32
Loan No. R10178T02A
REVOLVING TERM LOAN SUPPLEMENT
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 (formerly
known as Amaizing Energy, L.L.C,), Denison, Iowa (the “Company”), and amends and restates the
Supplement dated October 13, 2004, and numbered RIO 178T02.
SECTION 1. The Revolving Term Loan Commitment. 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 $30,000,000.00 at any one time outstanding
(the “Commitment”). Within the limits of the Commitment, the Company may borrow, repay and
reborrow.
SECTION 2. Purpose. The purpose of the Commitment is to finance the construction of Amaizing
Energy Atlantic, Atlantic, Iowa, and to provide working capital to the Company.
SECTION 3. Term. The term of the Commitment shall be from the date hereof, up to and including
February 1, 2009, 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 loans in
accordance with one or more of the following interest rate options, as selected by the Company:
(A) CoBank Base Rate. At a rate per annum equal at all times to plus 45/100 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.
(B) Quoted Rate. At a fixed rate per annum to be quoted by CoBank 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 CoBank in its sole discretion in each instance, provided that: (1)
the minimum fixed period shall be 180 days; (2) amounts may be fixed in increments of $500,000.00
or multiples thereof; and (3) the maximum number of fixes in place at any one time shall be 10.
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 be fixed in such a manner as to cause the Company to have to break any
fixed rate balance in order to pay any installment of principal. All elections provided for herein
shall be made telephonically or in writing and must be received by 12:00 Noon Company’s local time.
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.
Revolving Term Loan Supplement RIO178TO2A
Amaizing Energy Xxxxxxx, LLC
Xxxxxxx, Iowa
Amaizing Energy Xxxxxxx, LLC
Xxxxxxx, Iowa
SECTION 5. Promissory Note. The Company promises to repay the loans that are outstanding at
the time the Commitment expires on February 1, 2009. If any installment due date is not a day on
which CoBank is open for business, then such payment shall be made on the next day on which CoBank
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 4
hereof. This note replaces and supersedes, but does not constitute payment of the indebtedness
evidenced by, the promissory note set forth in the Supplement being amended and restated hereby.
SECTION 6. Commitment Fee. In consideration of the Commitment, the Company agrees to pay to
CoBank a commitment fee on the average daily unused portion of the Commitment at the rate of 3/4 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.
SECTION 7. Amendment Fee. In consideration of the amendment, the Company agrees to pay to
CoBank on the execution hereof a fee in the amount of $220,000.00.
IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their duly
authorized officers as of the date shown above.
CoBANK, ACB | AMAIZING ENERGY XXXXXXX, LLC | |||||||||
By:
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/s/ Xxxxx Xxxxxxxx | By: | /s/ Xxx X. Xxxxxxx | |||||||
Title:
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Assistant Corporate Secretary | Title: | Chairman, CEO |