Exhibit
10.9


 


REVOLVING
PROMISSORY 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 the
records of the BANK to be outstanding, under this Note and the loan agreement
executed 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 a
one month LIBOR +380bps. Interest shall be calculated on the basis of a 360-day
year, counting the actual number of days elapsed. Interest on this promissory
note shall be payable monthly.


 


The interest rate applicable to this promissory note is subject to
reduction 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 the
following ratios, measured for the prior INTEREST PERIOD, the interest rates
will 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 Loan
Agreement dated as of July 25, 2002, between BANK and BORROWER (the “LOAN
AGREEMENT”).  The LOAN AGREEMENT
contains additional terms of this Note, including, but not limited to
enumerated events of default, and the granting of liens to secure BORROWER’s
performance. All capitalized terms not otherwise defined herein shall have the
same meanings as set forth in the LOAN AGREEMENT.


 


As provided in the LOAN AGREEMENT, upon any such
enumerated default, BANK may accelerate the due date of this Note and declare
all obligations set forth herein immediately due and payable, and BANK shall
also have such other remedies as are described in the LOAN AGREEMENT and are
provided by law. 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.


 


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