**Exhibit10.9**

 

**REVOLVINGPROMISSORY NOTE**

 
| Omaha, Nebraska               |   | $3,500,000.00                      |
|-------------------------------|--------|------------------------------------|
| Note Date: June 23, 2003 |   | Maturity Date:  July 24, 2003 |

 

On or before July 24, 2003, LSCP, L.P.(“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 therecords of the BANK to be outstanding, under this Note and the loan agreementexecuted by the BANK and BORROWER dated as of July 25, 2002, as it may,from time to time, be amended.

 

Interest on the principal amount outstanding shall accrue based on aone month LIBOR +380bps. Interest shall be calculated on the basis of a 360-dayyear, counting the actual number of days elapsed. Interest on this promissorynote shall be payable monthly.

 

The interest rate applicable to this promissory note is subject toreduction after a date six months subsequent to CONSTRUCTION COMPLETION DATE,based on the business results of BORROWER. During any three month INTEREST PERIOD that BORROWER maintains thefollowing ratios, measured for the prior INTEREST PERIOD, the interest rateswill adjust accordingly:

 
| **If INDEBTEDNESS  to NET WORTH  is:**                           |   | **Interest  rate will be:**           |
|------------------------------------------------------------------|--------|---------------------------------------|
|                                                             |   |                                  |
| Greater than 1.30 : 1.00                                         |   | one month LIBOR plus 380 basis points |
| Greater than 1.10 :  1.00, but less than or equal to 1.30 : 1.00 |   | one month LIBOR plus 355 basis points |
| Greater than .90 :  1.00, but less than or equal to 1.10 : 1.00  |   | one month LIBOR plus 330 basis points |
| Greater than .70 :  l.00, but less than or equal to .90 : 1.00   |   | one month LIBOR plus 305 basis points |
| Less than or equal to .70 : 1:00                                 |   | one month LIBOR plus 280 basis points |

 

This note is executed pursuant to a Construction LoanAgreement dated as of July 25, 2002, between BANK and BORROWER (the “LOANAGREEMENT”).  The LOAN AGREEMENTcontains additional terms of this Note, including, but not limited toenumerated events of default, and the granting of liens to secure BORROWER’sperformance. All capitalized terms not otherwise defined herein shall have thesame meanings as set forth in the LOAN AGREEMENT.

 

As provided in the LOAN AGREEMENT, upon any suchenumerated default, BANK may accelerate the due date of this Note and declareall obligations set forth herein immediately due and payable, and BANK shallalso have such other remedies as are described in the LOAN AGREEMENT and areprovided by law. All makers and endorsers hereby waive presentment, demand,protest and notice of dishonor, consent to any number of extensions andrenewals for

 

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any period without notice; and consent to any substitution, exchange orrelease of collateral, and to the addition or releases of any other party primarilyor secondarily liable.

 

Executed as of the 23rd day of June, 2003.

 
|   | LSCP, L.P., an Iowa Limited Partnership  by Little Sioux Corn Processors, L.L.C.,  Its general partner |
|--------|--------------------------------------------------------------------------------------------------------|
|   |                                                                                                   |
|   |                                                                                                   |
|   | By:                                                                                                    | /s/ Daryl J. Haack |   |
|   |                                                                                                   | Daryl J. Haack, President |   |

 

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