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EXHIBIT 10.4
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
installment in an
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