Audit Compliance Waiver Letter between MMCDC New Markets Fund II, LLC and Otter Tail Ag Enterprises, LLC (January 9, 2009)
MMCDC New Markets Fund II, LLC has granted Otter Tail Ag Enterprises, LLC a limited waiver, allowing extra time to provide certain audited financial statements required under their loan agreement. Specifically, Otter Tail Ag Enterprises will not be considered in default for missing the 2008 audit deadline, as long as the statements are provided by October 1, 2009. This waiver applies only to this specific requirement and time period; all other terms and rights under the loan agreement remain unchanged.
Exhibit 10.47
January 9, 2009
Mr. Anthony Hicks
Otter Tail Ag Enterprises, LLC
24096 170th Ave.
Fergus Falls, MN ###-###-####
RE: Audit Compliance Waiver
Dear Mr. Hicks:
Please be advised that MMCDC New Markets Fund II, LLC (NMF) has approved your request to provide the following limited waiver.
NMF hereby acknowledges its waiver of the requirement that OTAE furnish to NMF certain audited financial statements within ninety (90) days of the end of OTAE’s 2008 fiscal year, as required under the loan agreement. OTAE’s failure to comply with the specific covenant indicated above on the specific dates indicated above shall not be deemed by NMF to be an Event of Default under the terms of the Loan Agreement through October 1, 2009.
Except as expressly provided herein, nothing in this letter constitutes a (i) waiver of any default, Event of Default, or breach of covenants or agreements by OTAE under the Loan Agreement or the other Loan Documents; or (ii) waiver of any rights or remedies of NMF under the Master Loan Agreement or the other Loan Documents.
If there are any questions please give me a call.
Sincerely,
| MMCDC New Markets Fund II, LLC |
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| By: Midwest Minnesota Community |
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| Development Corporation, |
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| Its Managing Member |
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| s/s Arlen Kangas |
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| Arlen Kangas, President |
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