Exhibit
10.6


 


FIRST
AMENDMENT TO CONSTRUCTION LOAN AGREEMENT


 


This first Amendment to Construction Loan Agreement is dated as of the
29th day of April 2003, and is by and between LSCP, L.P., an Iowa limited
partnership (“BORROWER”) and FIRST NATIONAL BANK OF OMAHA (“BANK”), a national
banking association established at Omaha, Nebraska.


 


WHEREAS, the BANK and BORROWER executed a written Construction Loan
Agreement dated as of July 25, 2002, which, together will all amendments
thereto, is collectively called the “AGREEMENT”.


 


Now, Therefore, in consideration of the AGREEMENT, and their mutual
promises made herein, BANK and BORROWER agree as follows:


 


1.                                       Terms which are
typed herein as all capitalized words and are not defined herein shall have
same meanings as when described in the AGREEMENT.


 


2.                                       As of the date
hereof, construction of the PROJECT has almost been accomplished, with the
exception of emissions testing and certification of same by ICM, Inc in form
reasonably acceptable to BANK, final retainage, balance of Fagen contract,
other budgeted items and change orders, in the form attached hereto as Exhibit
1 and are by this reference made a part hereof (jointly and severally, the
“REMAINING ITEMS”).


 


3.                                       BORROWER agrees
to diligently work to complete the REMAINING ITEMS, and requests BANK to
advance the sum of $1,449,960.28 of the CONSTRUCTION LOAN and to advance the
sum of $1,500,000.00 of the REVOLVING LOAN to fund such work.  BANK agrees to advance such amount, and to
deposit the same in an account at BANK for the benefit of BORROWER.  BANK will disburse funds from such account
to pay for the REMAINING ITEMS as described in the AGREEMENT.  On completion of the REMAINING ITEMS, the
remaining funds in such account shall be paid to BORROWER.  If the described amount is insufficient, for
any reason, to complete the REMAINING ITEMS, BORROWER shall pay such additional
costs as are necessary to complete the REMAINING ITEMS no later than
June 1, 2003.


 


4.                                       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.


 


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


 


(signatures on next page)


 

















 


In witness whereof the parties set their hands as of the date first
written above.


 


	
  First National Bank of Omaha

  	
   

  	
  LSCP, L.P. an Iowa Limited Partnership

  
	
   

  	
   

  	
  by Little Sioux Corn Processors, L.L.C.,

  
	
   

  	
   

  	
  Its General Partner

  



 


 


	
  By:

  	
   /s/ Brain D. Thome

  	
   

  	
  By:

  	
   /s/ Daryl J. Haack 

  	
   

  
	
   

  	
  Brain D. Thome

  	
   

  	
  Daryl J. Haack, President of Little

  
	
   

  	
  Second Vice President

  	
   

  	
  Sioux Corn Processors, L.L.C.

  



 

















 


EXHIBIT 1


 


REMAINING ITEMS


(Final Retainage, Balance of
Fagen Contract, Change Orders)


 


Items listed below are budgeted on construction variance report:


 


	
  Fagen Construction Contract

  	
   

  	
  $

  	
  2,805,256.20

  	
   

  
	
  Working
  Capital – Organizational Costs

  	
   

  	
  $

  	
  28,843.13

  	
   

  
	
  Working
  Capital – Start up Costs

  	
   

  	
  $

  	
  19,296.66

  	
   

  
	
  Financing
  Costs – BBI Inspections

  	
   

  	
  $

  	
  9,472.96

  	
   

  
	
  Inventory –
  Spare Parts

  	
   

  	
  $

  	
  80,083.16

  	
   

  
	
  Land, Site
  Development, Office Building

  	
   

  	
   

  	
   

  
	
  Site
  Preparation

  	
   

  	
  $

  	
  100,000.00

  	
   

  
	
  Process
  Water System

  	
   

  	
  $

  	
  118,577.93

  	
   

  
	
  Grain acct
  software, phone, office eqt

  	
   

  	
  $

  	
  62,035.91

  	
   

  
	
  Fire Control
  Sprinklers

  	
   

  	
  $

  	
  1,292.00

  	
   

  
	
  Maintenance
  Tools

  	
   

  	
  $

  	
  34,248.83

  	
   

  
	
  Working
  Capital – Start up Inventory (Chemicals)

  	
   

  	
  $

  	
  91,536.00

  	
   

  
	
  Safety
  Equipment

  	
   

  	
  $

  	
  8,235.47

  	
   

  
	
  Construction
  Contingency/Working Capital

  	
   

  	
  $

  	
  77,468.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  3,436,347.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Sources of
  Funds Remaining:

  	
   

  	
   

  	
   

  
	
  Line of
  Credit Funds Budgeted for Construction

  	
   

  	
  $

  	
  1,500,000.00

  	
   

  
	
  Remaining
  Balance of Construction Loan

  	
   

  	
  $

  	
  1,449,960.28

  	
   

  
	
  New Jobs
  Training njtp-nicc

  	
   

  	
  $

  	
  86,386.90

  	
   

  
	
  Sales Tax
  Rebate njtp-nicc

  	
   

  	
  $

  	
  400,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  3,436,347.18