exv10w24



 





Exhibit 10.24




REVOLVING NOTE




			
	Omaha, Nebraska
	 	$10,000,000.00
	Note Date: December 19, 2006	 	 
	Maturity Date: December 18, 2007	 	 






     On or before December 18, 2007, CARDINAL ETHANOL, 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 Ten Million and no/100 Dollars ($10,000,000.00) or so much
thereof as may have been advanced by BANK and shown on the records of BANK to be outstanding under
this REVOLVING NOTE and the AGREEMENT (as defined below). Interest on the principal balance from
time to time outstanding will be payable at a rate equal to the one month LIBOR RATE plus three
hundred (300) basis points from time to time until maturity as such rate will be adjusted as
provided for in the AGREEMENT, 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.
Interest shall be calculated on the basis of a 360-day year, counting the actual number of days
elapsed. Interest on the REVOLVING LOAN shall be payable quarterly, in arrears, commencing March
8, 2007.



     The interest rate applicable to this REVOLVING NOTE is subject to reduction after a date six
months subsequent to the CONSTRUCTION LOAN TERMINATION DATE, as provided for in Section 2.15 of the
AGREEMENT.



     This REVOLVING NOTE is executed pursuant to that certain Construction Loan Agreement dated
December 19, 2006 between BANK and BORROWER (the Construction Loan Agreement, together with all
amendments, modifications and supplements thereto and all restatements and replacements thereof is
called the (“AGREEMENT”). The AGREEMENT, and any amendments or substitutions thereof or thereto,
contains additional terms and conditions, including default and acceleration provisions, which are
incorporated into this REVOLVING NOTE by reference. All capitalized terms not otherwise defined
herein shall have the same meanings as set forth in the AGREEMENT.



     The aggregate unpaid principal amount hereof plus interest shall become immediately due and
payable without demand or further action on the part of BANK upon the occurrence of an EVENT OF
DEFAULT as set forth under the AGREEMENT or any other LOAN DOCUMENT. If the maturity date of this
REVOLVING NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all the
rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available
at law or in equity. The rights, powers, privileges, options and remedies of BANK provided in the
AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative
and concurrent, and may be pursued singly, successively or together at the sole discretion of BANK,
and may be exercised as often as occasion therefor shall occur. No delay or discontinuance in the
exercise of any right, power, privilege, option or remedy shall be deemed a waiver of such right,
power, privilege, option or remedy, nor shall the exercise of any right, power, privilege, option
or remedy be deemed an election of remedies or a waiver of any other right, power, privilege,
option or remedy. Without limiting the
generality of the foregoing, BANK’s waiver of an EVENT OF DEFAULT shall



 









 







not constitute a waiver of
acceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration of
this REVOLVING NOTE without in any way waiving or affecting any acceleration of this REVOLVING NOTE
in the future as a consequence of an EVENT OF DEFAULT. BANK’s acceptance of partial payment or
partial performance shall not in any way affect or rescind any acceleration of this REVOLVING NOTE
made by BANK.



     Unless prohibited by law, BORROWER will pay on demand all reasonable costs of collection,
reasonable legal expenses and reasonable attorneys’ fees and costs incurred or paid by BANK in
collecting and/or enforcing this REVOLVING NOTE. Furthermore, BANK reserves the right to offset
without notice all funds held by BANK against debts owing to BANK by BORROWER.



     All makers and endorsers hereby waive presentment, demand, protest and notice of dishonor,
consent to any number of extensions and renewals for any period without notice; and consent to any
substitution, exchange or release of collateral, and to the addition or releases of any other party
primarily or secondarily liable.



[SIGNATURE PAGE FOLLOWS]




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     Executed as of the Note Date set forth above.



	 	 	 	 	 
	 	 	CARDINAL ETHANOL, LLC      , an Indiana limited liability

company
	 
	 	 	 	 
	By:

	 	/s/ Troy Prescott
 

Troy Prescott, President
	 	 






	 	 	 	 	 	 	 
	STATE OF INDIANA

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss.
	COUNTY OF Marion

	 	 	)	 	 	 






     Before me, a Notary Public in and for said County and State, personally appeared Troy
Prescott, known to me to be the President of Cardinal Ethanol, LLC, an Indiana limited liability
company, and acknowledged the execution of the foregoing for and on behalf of such limited
liability company.



	 	 	 	 	 
	 

	 	/s/ Linda L. Schmidt
 

Notary Public-Signature
	 	 
	 
	 	 	 	 
	 

	 	 

Notary Public-Printed Name
	 	 
	 
	 	 	 	 
	 

	 	Date: December 19, 2006	 	 








	 	 	 	 	 
	My commission expires:
	 	 	 	 
	 
	 	 	 	 
	 	 	 











SEAL                     OFFICIAL SEAL




LINDA L. SCHMIDT

NOTARY PUBLIC INDIANA

RESIDENT OF

MARION COUNTY

MY COMMISSION EXPIRES: JUNE 29, 2011


 








My County of Residence:                                          County, Indiana





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