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$
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10,000,000.00
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Maturity Date:
April 8, 2014
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FOR VALUE
RECEIVED , CARDINAL
ETHANOL, LLC, an Indiana limited liability company
(“BORROWER”), promises to pay to the order of FIRST
NATIONAL BANK OF OMAHA (“BANK”), at its prMcipal office
or such other address as BANK or holder may designate from time to
time, the principal sum of Ten Million and 00/100 Dollars
($10,000,000.00) or the amount shown on BANK’s records to be
outstanding, plus interest (calculated on the basis of actual days
elapsed in a 360-day year) accruing each day on the unpaid
principal balance at the annual interest rates defined below.
Absent manifest enor, BANK’s records shall be conclusive
evidence of the principal and accrued interest owing
hereunder.
This LONG TERM
REVOLVING NOTE is executed pursuant to a Construction Loan
Agreement between BORROWER and BANK dated as of
December 19 th ,
2006, (the Construction Loan Agreement, together with all
amendments, modifications and supplements thereto and all
restatements and replacements thereof is called the
“AGREEMENT”). All capitalized terms not otherwise
defined in this note shall have the meanings provided in the
AGREEMENT.
INTEREST
ACCRUAL. Interest on the
principal amount outstanding shall accrue until maturity based on
the greater of (i) the one month LIBOR RATE plus 300 basis
points or (ii) five percent (5%) as adjusted as provided for
in the AGREEMENT, and at a rate equal to the one month LIBOR RATE
plus 900 basis points from time to time after maturity, whether by
acceleration or otherwise. Interest shall be calculated on the
basis of a 360-day year, counting the actual number of days
elapsed.
REVOLVING
FEATURE. Subject to the
MAXIMUM AVAILABILITY, BORROWER may reborrow, on a revolving basis,
that principal amount repaid on this LONG TERM REVOLVING NOTE.
Pursuant to this revolving loan feature BANK will lend BORROWER,
from time to time until maturity of this LONG TERM REVOLVING NOTE
such sums as BORROWER may request by reasonable same day notice to
BANK, received by BANK not later than 11:00 A.M. on Friday, or
the next BANKING DAY thereafter, each week but which shall not
exceed in the aggregate principal amount at any one time
outstanding, the MAXIMUM AVAILABILITY then applicable to this LONG
TERM REVOLVING NOTE. BORROWER may borrow, repay and reborrow
hereunder, from the date of this LONG TERM REVOLVING NOTE until the
maturity of this LONG TERM REVOLVING NOTE, said amount or any
lesser sum.
INCENTIVE
PRICING. The interest
rate applicable to this LONG TERM REVOLVING NOTE is subject to
reduction after a date six months subsequent to CONSTRUCTION
COMPLETION DATE, as provided for in Section 2.15 of the
AGREEMENT.
REPAYMENT
TERMS. Interest and
principal shall be due and payable at the times, in the amounts and
applied in the manner provided for in Section 2.5 of the
AGREEMENT. Any remaining principal balance, plus any accrued but
unpaid interest, shall be fully due and payable on
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