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Note Date:
December 19, 2006
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$83,000,000.00
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Maturity Date:
April 8, 2009
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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 principal
office or such other address as BANK or holder may designate from
time to time, the principal sum of Eighty-Three Million and No/100
Dollars ($83,000,000.00), 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 error, BANK’s records shall be
conclusive evidence of the principal and accrued interest owing
hereunder.
This
CONSTRUCTION NOTE is executed pursuant to a Construction Loan
Agreement (“LOAN AGREEMENT”) between BORROWER and BANK
dated of even date herewith. All capitalized terms not otherwise
defined in this CONSTRUCTION NOTE shall have the meanings provided
in the LOAN AGREEMENT.
INTEREST
ACCRUAL . Interest on the
principal amount outstanding on the CONSTRUCTION LOAN shall accrue,
for the period through and including the CONSTRUCTION LOAN
TERMINATION DATE, at a rate equal to the one month LIBOR RATE plus
three hundred (300) basis points from time to time until
maturity, and at a rate equal to the one month LIBOR RATE plus nine
hundred (900) basis points from time to time after maturity,
whether by acceleration or otherwise
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