Exhibit 10.15


 


THIRTEENTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT


 


This Thirteenth Amendment to Construction Loan Agreement is dated as of
the 31st day of March, 2009, and is by and between DAKOTA ETHANOL, L.L.C., a South Dakota limited liability
company (“BORROWER”) and FIRST NATIONAL BANK OF
OMAHA (“BANK”), a national banking association established at Omaha,
Nebraska.


 


WHEREAS, BANK and BORROWER executed a Construction Loan Agreement dated
as of September 25, 2000 (the Construction Loan Agreement, together with
all amendments thereto is herein called the “AGREEMENT”);


 


Now, therefore, for valuable consideration, receipt and adequacy of
which is acknowledged, the parties agree as follows:


 


1.            All
capitalized terms herein that are not otherwise defined shall have the meanings
assigned to them in the AGREEMENT.


 


2.            The
AGREEMENT provides in Section 6.2.1 that BORROWER is required to maintain
a minimum DEBT SERVICES COVERAGE RATIO. 
BANK hereby waives BORROWER’s compliance with such covenant for the
period ended December 31, 2008 and for the period ended March 31,
2009.


 


3.            Effective
immediately, paragraph 6.2.1 of the AGREEMENT is hereby amended to read:


 


6.2.1   The BORROWER shall
maintain a DEBT SERVICES COVERAGE RATIO of no less than 1.25 : 1.0, for all periods
following COMPLETION DATE.   This
covenant shall be measured at a quarterly basis each calendar quarter,
beginning June 30, 2009, but measured on a trailing four quarters basis,
commencing December 31, 2009.  For
purposes of this covenant, to determine such ratio, OPERATING CASH FLOW shall
be compared to DEBT SERVICE.


 


4.            The
AGREEMENT provides in Section 6.2.2 that BORROWER is required to maintain
a minimum amount of WORKING CAPITAL. 
BANK hereby waives BORROWER’s compliance with such covenant for the
period ended December 31, 2008 and for the period ended March 31,
2009.


 


5.            Effective
immediately, Section 6.3.13 of the AGREEMENT is amended to read as
follows:


 


6.3.13  
On or before May 18, 2009, BORROWER will obtain no less than


 


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$2,000,000.00 of additional capital, either by contributions from
existing members of BORROWER or by issuing subordinated debt in form acceptable
to BANK.


 


6.            BORROWER
certifies by its execution hereof that the representations and warranties set
forth in Section 5. of the AGREEMENT are true as of this date, and that no
EVENT OF DEFAULT under the AGREEMENT, and no event which, with the giving of
notice or passage of time or both, would become such an EVENT OF DEFAULT, has
occurred as of this date.


 


7.            This
Amendment may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which
counterparts of each instrument or agreement, taken together, shall constitute
but one and the same instrument.


 


8.            Except
as amended hereby the parties ratify and confirm as binding upon them all of
the terms of the AGREEMENT.


 


IN WITNESS WHEREOF, the parties hereto have
caused this AGREEMENT to be executed by their respective agents thereunto duly
authorized, as of the date first above written.


 


	
  Dakota Ethanol, L.L.C.

  	
   

  	
  First National Bank of Omaha

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By: 

  	
  /s/ Brian Woldt

  	
   

  	
  By:

  	
  /s/ Andrew Wong

  
	
  Name: 
  Brian Woldt

  	
   

  	
  Name: 
  Andrew Wong

  
	
  Title: 
  Chairman of the Board of Governors

  	
   

  	
  Title:  Commercial
  Loan Officer

  
					



 


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NOTARY ACKNOWLEDGMENT


 


	
  STATE OF SOUTH DAKOTA

  	
  )

  
	
   

  	
  ) ss.

  
	
  COUNTY OF LAKE

  	
  )

  



 


On this 30th day of March,
2009, before me, the undersigned, a Notary Public, personally appeared Brian
Woldt, the Chairman of the Board of Governors of Dakota Ethanol, L.L.C., who
executed the foregoing instrument, and acknowledged that he executed the same
as his voluntary act and deed, as well as that of the company.


 


	
   

  	
  /s/ Alan May 

  	
  .

  
	
   

  	
  Notary Public

  



 


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