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REVOLVING PROMISSORY NOTE
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Omaha,
Nebraska
Note Date: July 17, 2008
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$3,500,000.00
Maturity Date: July 16, 2009
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On or before
July 16, 2009, Red Trail Energy, LLC
(“BORROWER”), promises to pay to the order of First
National Bank of Omaha (“BANK”) at any of its
offices in Omaha, Nebraska the principal sum hereof, which shall be
Three Million Five Hundred Thousand and no/100 ($3,500,000.00)
Dollars or so much thereof as may have been advanced by BANK and
shown on the records of the BANK to be outstanding, under this Note
and the Construction Loan Agreement executed by the BANK and
BORROWER dated as of December 16, 2005, as it may, from time
to time, be amended (the “LOAN AGREEMENT”). Interest on
the principal balance from time to time outstanding will be payable
at a rate equal to the LIBOR RATE plus three hundred forty
(340) basis points from time to time until maturity, and six
hundred (600) basis points in excess of said aggregate
interest rate 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. Interest on this NOTE shall be payable quarterly,
commencing October 10, 2008, and continuing on the same date
of each third month thereafter. Provided, however, the LOAN
AGREEMENT contains provisions for reduction of the interest rate
under certain circumstances.
This note is
executed pursuant to the LOAN AGREEMENT. The LOAN AGREEMENT
contains additional terms of this Note
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