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Exhibit 10.32
FIRST AMENDMENT TO CONSTRUCTION LOAN
AGREEMENT
This First Amendment to Construction Loan Agreement is dated as
of the 16 th day of
August, 2006, and is by and between RED TRAIL ENERGY, LLC ,
a North Dakota limited liability company ("BORROWER"), and FIRST
NATIONAL BANK OF OMAHA ("BANK"), a national banking association
established at Omaha, Nebraska.
WHEREAS, the BANK and BORROWER executed a written Construction
Loan Agreement dated as of December 16,2005 ("AGREEMENT").
Now, Therefore, in consideration of the AGREEMENT, and their
mutual promises made herein, BANK and BORROWER agree as
follows:
1. Terms which are typed
herein as all capitalized words and are not defined herein shall
have same meanings as when described in the AGREEMENT.
2. The parties desire that
the INTEREST PERIOD for the REVOLVING NOTE, FIXED RATE NOTE,
VARIABLE RATE NOTE, and LONG TERM REVOLVING NOTE described in
paragraph 3, below, commence on the same date as the CONSTRUCTION
NOTE, which is the 16 th
day of the calendar month. Therefore, effective
immediately, a new subparagraph 1.18.4 shall be added to
Section 1.18 of the AGREEMENT, so that such Section 1.18
shall read:
1.18 "INTEREST PERIOD" means initially, the period commencing on
the date of any loan made pursuant to this AGREEMENT and, for FIXED
RATE NOTE and VARIABLE RATE NOTE ending three months later, and for
the CONSTRUCTION NOTE, LONG TERM REVOLVING NOTE and REVOLVING NOTE
ending one month later; and thereafter, each period commencing on
the first day immediately following the last day of the immediately
preceding INTEREST PERIOD and, for FIXED RATE NOTE and VARIABLE
RATE NOTE ending three months thereafter, and for the CONSTRUCTION
NOTE, LONG TERM REVOLVING NOTE and REVOLVING NOTE ending one month
thereafter; provided that:
1.18.1 subject to clauses 1.18.2
and 1.18.3 below, any INTEREST PERIOD which would otherwise end on
a day which is not a EURODOLLAR BUSINESS DAY shall be extended to
the next succeeding EURODOLLAR BUSINESS DAY unless such EURODOLLAR
BUSINESS DAY falls in another calendar month, in which case such
INTEREST PERIOD shall end on the immediately preceding EURODOLLAR
BUSINESS DAY;
1.18.2 subject to clause 1.18.3
below, any INTEREST PERIOD which begins on the last EURODOLLAR
BUSINESS DAY of a calendar month (or a day for which there is no
numerically corresponding day in the calendar month at the end of
such INTEREST PERIOD) shall end on the last EURODOLLAR BUSINESS DAY
of a calendar month;
1.18.3 no INTEREST PERIOD shall
extend beyond the LOAN TERMINATION DATE; and
1.18.4 Notwithstanding anything
hereinabove to the contrary, the INTEREST PERIOD for the REVOLVING
NOTE, FIXED RATE NOTE, VARIABLE RATE NOTE, LONG TERM REVOLVING NOTE
and the CONSTRUCTION NOTE shall commence on the 16 th day of the calendar
month.
3. On execution hereof,
BORROWER will execute and deliver to BANK a replace
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