EXHIBIT 10.4
Amendment No. RI0340T01A
AMENDMENT
TO THE
CONSTRUCTION AND TERM LOAN
SUPPLEMENT
THIS AMENDMENT is entered into as of November 20, 2006,
between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm
Credit”) and ABE FAIRMONT, LLC, Fairmont, Nebraska
(the “Company”).
BACKGROUND
Farm
Credit and ADVANCED BIOENERGY, LLC, Fairmont, Nebraska
(“Advanced”) are parties to a Construction and Term
Loan Supplement dated February 17, 2006 (such agreement, as
previously amended, is hereinafter referred to as the
“Supplement”). Further, the Company has formally
assumed all obligations under the Supplement from Advanced. Farm
Credit and the Company now desire to amend certain sections of the
Supplement. For that reason, and for valuable consideration (the
receipt and sufficiency of which are hereby acknowledged), Farm
Credit and the Company agree that the following sections of the
Supplement are hereby amended to read as follows:
1. Section 3 of the
Supplement is hereby amended and restated to read as
follows:
SECTION 3. Term. The term of the Commitment shall be from the
date hereof, up to and including September 1, 2007, or such
later date as Agent may, in its sole discretion, authorize in
writing.
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2.
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Section 5(B) of the Supplement is hereby
amended and restated to read as follows: SECTION 5. Interest and
Fees.
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(B) Loan Origination Fee.
In consideration of the Commitment,
the Company agrees to pay to Agent a loan origination fee in the
amount of $470,000.00 (less all payments already received by Agent)
upon the execution hereof.
3. Section 6 of the
Supplement is hereby amended and restated to read as
follows:
SECTION 6. Promissory Note.
The Company promises to repay the
loans as follows: (i) in 25 equal, consecutive quarterly
installments of $2,250,000.00 with the first such installment due
on February 20, 2008, and the last such installment due on
February 20, 2014; and (ii) followed by a
final
