Exhibit 10.5

REVOLVING NOTE

 

$25,000,000.00    October 28, 2011

1. FOR VALUE RECEIVED, GREEN PLAINS GRAIN COMPANY LLC, a Delaware limited
liability company, GREEN PLAINS GRAIN COMPANY TN LLC, a Delaware limited
liability company, and GREEN PLAINS ESSEX INC., an Iowa corporation
(collectively, jointly and severally, the “Borrower”), hereby unconditionally
promises to pay to the order of FARM CREDIT BANK OF TEXAS (“Lender”), in
immediately available funds, the principal amount of TWENTY-FIVE MILLION AND
NO/00 DOLLARS ($25,000,000.00), or so much of that sum as may be advanced under
this promissory note (this “Note”), plus interest as specified in this Note.
This Note evidences a loan (“Loan”) from the Lender to the Borrower.

2. This Note is (i) one of the Notes referred to in that certain Credit
Agreement, dated as of October 28, 2011 (as amended, restated, supplemented, or
otherwise modified from time to time, the “Credit Agreement”), by and among the
Borrower, the lenders party thereto from time to time (each a “Lender” and
collectively the “Lenders”), BNP Paribas, as Administrative Agent (in such
capacity, together with its successors and assigns, the “Agent”), (ii) entitled
to the benefits thereof, (iii) secured as provided for therein, and (iv) subject
to optional and mandatory prepayment in whole or in part as provided therein.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings given to such terms in the Credit Agreement.

3. All amounts payable under this Note, including interest payable on the unpaid
principal amount hereof from time to time commencing from the date of
disbursement at the rates per annum and on the dates, as provided in the Credit
Agreement until paid in full (both before and after judgment), are payable in
lawful money of the United States during normal business hours of the Lender at
the office of the Agent or at such other place as the Lender from time to time
may designate. Checks constitute payment only when collected.

4. The holder of this Note is authorized to record the date, Type and amount of
each Revolving Loan made by the Lender pursuant to Section 2.1 of the Credit
Agreement, each Continuation thereof and each Conversion of all or a portion
thereof to another Type pursuant to Section 4.4 of the Credit Agreement, the
date and amount of each payment or prepayment of principal thereof and, in the
case of LIBO Rate Loans, the length of each Interest Period and the LIBO Rate
with respect thereto, on the schedule annexed hereto and constituting a part
hereof, or on a continuation thereof which shall be annexed hereto and
constitute a part hereof, and, absent manifest error, any such recordation shall
constitute prima facie evidence of the accuracy of the information so recorded,
provided, that failure of the Lender to make any such recordation (or any error
in such recordation) shall not affect the obligations of the Borrower under this
Note or under the Credit Agreement.

5. Upon the occurrence of any one or more Events of Default specified in the
Credit Agreement, all amounts then remaining unpaid on this Note shall become,
or may be declared to be, immediately due and payable, all as provided therein.

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6. The Borrower expressly waives diligence, presentment, protest, demand, and
other notices of any kind.

7. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO THE PRINCIPLES OF
CONFLICTS OF LAWS OF THAT STATE.

8. If any lawsuit, reference or arbitration is commenced which arises out of or
relates to this Note, the Loan Documents or the Loan, the prevailing party shall
be entitled to recover from each other party such sums as the court, referee or
arbitrator may adjudge to be reasonable attorneys’ fees in the action, reference
or arbitration, in addition to costs and expenses otherwise allowed by law. In
all other situations, including any matter arising out of or relating to any
Insolvency Proceeding, the Borrower agrees to pay all of Lender’s reasonable
costs and expenses, including attorneys’ fees, which may be incurred in
enforcing or protecting Lender’s rights or interests. From the time(s) incurred
until paid to Lender, all such sums shall bear interest at the default rate
provided in Section 4.3(c) of the Credit Agreement.

9. The Borrower agrees that the holder of this Note may accept additional or
substitute security for this Note, or release any security or any party liable
for this Note, in each case without affecting the liability of Borrower under
this Note.

10. If Lender delays in exercising or fails to exercise any of its rights under
this Note, that delay or failure shall not constitute a waiver of any of
Lender’s rights, or of any breach, default or failure of condition of or under
this Note. No waiver by Lender of any of its rights, or of any such breach,
default or failure of condition shall be effective, unless the waiver is
expressly stated in a writing signed by Lender. All of Lender’s remedies in
connection with this Note or under applicable law shall be cumulative, and
Lender’s exercise of any one or more of those remedies shall not constitute an
election of remedies.

11. This Note inures to and binds the successors and assigns of the Borrower and
Lender; provided, however, that the Borrower may not assign this Note or any
Loan funds, or assign or delegate any of its rights or obligations, without the
prior written consent of Lender in each instance.

12. As used in this Note, the terms “Lender,” “holder” and “holder of this Note”
are interchangeable. As used in this Note, the word “include(s)” means
“include(s), without limitation,” and the word “including” means “including, but
not limited to.”

13. THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

[Remainder of page intentionally blank; signature pages follow.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly
executed and delivered as of the day and year first above written.

 

BORROWER:

 

GREEN PLAINS GRAIN COMPANY LLC, a Delaware limited liability company

    By:  

GREEN PLAINS RENEWABLE ENERGY, INC., an Iowa corporation,

its sole Member

  By:   /s/ Jerry Peters   Name:   Jerry Peters   Title:   Chief Financial
Officer GREEN PLAINS GRAIN COMPANY TN LLC, a Delaware limited liability company
    By:  

GREEN PLAINS GRAIN COMPANY LLC, a Delaware limited liability company,

its sole Member

  By:   /s/ Jerry Peters   Name:   Jerry Peters   Title:   Chief Financial
Officer

GREEN PLAINS ESSEX INC.,

an Iowa corporation

By:   /s/ Jerry Peters Name:   Jerry Peters Title:   Chief Financial Officer c/o
Green Plains Grain Company LLC
450 Regency Parkway, Suite 400
Omaha, Nebraska 68114
Attention: Mr. Jerry Peters
Fax: (402) 884-8776
Phone: (402) 315-1603
Email: jerry.peters@gpreinc.com

[SIGNATURE PAGE TO PROMISSORY NOTE (FARM CREDIT BANK OF TEXAS)]

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Schedule to Note

 

Date

   Amount of
Loan     Type of
Loan     Interest Period
(for LIBO Rate
Loans) and
Interest Rate     Amount of
Principal
Repaid (or
Converted)     Unpaid Principal
Balance of Loans     Notation
Made By  

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

[______]

   $ [________ ]      [________ ]      [___ ]%    $ [________ ]    $ [________
]      ________   

Schedule to Note