EXHIBIT 10.3
TERM LOAN NOTE
April 3, 2008
$9,000,000
FOR VALUE RECEIVED, the undersigned Green Plains
Grain Company LLC, a Delaware limited liability company
(together with its successors and permitted assigns, the
“Borrower”), promises to pay to the order of First
National Bank of Omaha, a national banking association (together
with its successors and assigns, the “Lender”), the
principal sum of up to nine million dollars ($9,000,000),
together with interest thereon, as specified below.
This Term Loan Note is issued under and in
accordance with the terms of the Credit Agreement dated April 3,
2008 among Borrower and Lender, and is subject to the provisions
and entitled to the benefits of such agreement, including all
provisions related to renewal, default, acceleration and
remedies. Capitalized terms not defined in this Term Loan Note
shall have the respective meanings set forth in the Credit
Agreement. All obligations of Borrower hereunder shall be
payable in immediately available funds in lawful money of the
United States of America in the manner specified in Section
2.4(e) of the Credit Agreement.
Borrower agrees to pay to Lender the Term Loan
which is evidenced by this Term Loan Note on or before the
earlier of (i) April 3, 2013, (ii) termination of the Term Loan
Facility and (iii) termination of the Credit Agreement.
Borrower may prepay all or any part of the unpaid
principal hereunder without premium or penalty (subject to the
provisions of Section 2.9 of the Credit Agreement) at any time.
The Term Loan outstanding under this Term Loan Note at any
one time shall not exceed the Term Loan Commitment. The
principal repaid hereunder is not available for reborrowing.
Any Advance made against this Term Loan Note,
any repayment of principal hereon and the status of any such
Advance from time to time shall be endorsed by Lender on a
schedule to this Term Loan Note or recorded on the books and
records of Lender (provided that such entries shall be endorsed
on a schedule to this Term Loan Note prior to any negotiation
hereof). Borrower agrees that in any action or proceeding
instituted to collect or enforce collection of this Term Loan
Note, the entries endorsed on a schedule to this Term Loan Note
or recorded on the books and records of Lender shall be prima
facie evidence of the unpaid principal balance of this Term Loan
Note and the status of any such Advance from time to time.
Interest shall accrue on the unpaid principal
amount of the Term Loan at the interest rate set forth in
Section 2.3(a) of the Credit Ag
