Document:

Exhibit41specimen

Exhibit 4.1

[FACE OF CERTIFICATE]
THIS CERTIFICATE IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, OR ITS NOMINEE (THE “DEPOSITARY”). THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.
AMTRUST FINANCIAL SERVICES, INC.,  
a Delaware corporation
6.75% NON-CUMULATIVE PREFERRED STOCK, SERIES A,  
$0.01 par value per share
CUSIP NO.  032359 408           
CERTIFICATE NO. __
This Certifies that SPECIMEN is the registered owner of SPECIMEN FULLY PAID AND NON-ASSESSABLE SHARES OF 6.75% NON-CUMULATIVE PREFERRED STOCK, SERIES A, $0.01 par value per share, with a liquidation preference of $25.00 per share (“Shares”), of AMTRUST FINANCIAL SERVICES, INC., a Delaware corporation (the “Company”), transferable on the books of the Company by the holder hereof in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate and the Shares represented hereby are issued under and shall be subject to all the provisions of the Amended and Restated Certificate of Incorporation of the Company and the Certificate of Designations relating thereto approved by the Board of Directors (or an authorized committee thereof) of the Company and any amendments thereto, copies of which are on file with the Transfer Agent, to all of which the holder by acceptance hereof assents. This Certificate is not valid until countersigned and registered by the Transfer Agent and Registrar.
WITNESS the seal of the Company and the facsimile signatures of its secretary and a duly authorized officer.
Dated:  SPECIMEN
[SEAL]
SPECIMEN            SPECIMEN    
Secretary    Authorized Officer
COUNTERSIGNED AND REGISTERED: 
AMERICAN STOCK TRANSFER AND TRUST COMPANY, LLC, 
as TRANSFER AGENT AND REGISTRAR
By:        SPECIMEN                
Authorized Signature

[REVERSE OF CERTIFICATE]
The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
		
	TEN COM - as tenants in common
	UNIF GIFT MIN ACT or U/G/M/A - Uniform Gifts to Minors Act

TEN ENT - as tenants by the entireties
		
	JT TEN -
	as joint tenants with right of survivorship 
and not as tenants in common

Additional abbreviations may also be used though not in the above list.
For Value Received, _________________  hereby sell, assign and transfer unto_____________________________________ [                       ] (Please insert social security number or other identifying number of assignee and print or typewrite name and address including postal code of assignee)
____________________________________________ Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint
_________________________________________Attorney to transfer the said Shares on the books of the within named Company with full power of substitution in the premises.
Dated____________
______________________________________________ 
NOTICE:  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
Signature(s) Guaranteed:
_______________________________________________ 
THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION (BANKS, STOCKBROKERS, SAVINGS ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN ANY APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.
KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE COMPANY WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.10.1 - Eighth Amendment to Construction Loan Agmt

EIGHTH AMENDMENT OF
CONSTRUCTION LOAN AGREEMENT

THIS EIGHTH AMENDMENT OF CONSTRUCTION LOAN AGREEMENT ("Amendment") is made this 29th of March, 2013 between FIRST NATIONAL BANK OF OMAHA, a national banking association as a Bank and as the Administrative Agent and Collateral Agent for the Banks (in such capacities, "Bank"), the other Banks a party to the Loan Agreement referenced below and HIGHWATER ETHANOL, LLC, a Minnesota limited liability company ("Borrower"). This Amendment amends that certain Construction Loan Agreement dated April 24, 2008 between Bank, Banks and Borrower ("Loan Agreement").

WHEREAS, pursuant to the Loan Agreement and the other Loan Documents, the Banks extended the Construction Loan, Revolving Loan and other financial accommodations and extensions of credit described in the Loan Agreement to Borrower, all as more fully described in the Loan Agreement;

WHEREAS, pursuant to that certain First Amendment of Construction Loan Agreement dated August 11, 2009, the Loan Termination Date applicable to the Revolving Promissory Note was extended to February 28, 2010, the interest rate applicable to the Revolving Loan was modified and the Loan Agreement was otherwise amended as provided for therein;

WHEREAS, pursuant to that certain Second Amendment of Construction Loan Agreement dated February 26, 2010, the Loan Termination Date of the Revolving Promissory Notes was extended to February 26, 2011 and the Loan Agreement was otherwise amended as provided for therein;

WHEREAS, pursuant to that certain Third Amendment of Construction Loan Agreement dated January 31, 2011, a portion of the Long Term Revolving Loan was converted to a debt service reserve, the repayment provisions applicable to the Variable Rate Loan were modified, the financial covenants were modified, the minimum interest rate applicable to the Variable Rate Loan was modified and the Loan Agreement was otherwise amended as provided for therein;

WHEREAS, pursuant to that certain Fourth Amendment of Construction Loan Agreement dated February 26, 2011, the Loan Termination Date applicable to the Revolving Loan was extended to August 28, 2011, the Commitments of the Banks with a Revolving Loan Commitment was modified and the Loan Agreement was otherwise amended as provided for therein;

WHEREAS, pursuant to that certain Fifth Amendment of Construction Loan Agreement dated August 26, 2011, the Loan Termination Date of the Revolving Loan was extended to April 1, 2012, the Revolving Loan Commitments of the Banks were re-allocated and the Loan Agreement was otherwise amended as provided for therein;

WHEREAS, pursuant to that certain Sixth Amendment of Construction Loan Agreement dated April 1, 2012 the Loan Termination Date of the Revolving Loan was extended to April 1, 2013, the interest rate applicable to the Revolving Loan was modified and the Loan Agreement was otherwise modified as provided for therein;
WHEREAS, pursuant to that certain Seventh Amendment of Construction Loan Agreement dated January 25, 2013, the minimum Net Worth and Fixed Charge Coverage Ratio covenants were modified, the Borrower was granted certain waivers of financial covenant violations and the Loan Agreement was otherwise amended as provided for therein;

WHEREAS, the Borrower has requested and under the terms of this Amendment the Banks have agreed, to extend the Loan Termination Date of the Revolving Loan to April 1, 2014, to modify the Working 

Capital financial covenant, terminate the Long Term Revolving Loan and to otherwise amend the Loan Agreement as provided for in this Amendment; and

WHEREAS, the parties hereto agree to amend the Loan Agreement as provided for in this Amendment.

NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the sufficiency and receipt of which is hereby acknowledged, the parties agree to amend the Loan Agreement as follows:

1.Capitalized terms used herein shall have the meaning given to such terms in the Loan Agreement, unless specifically defined herein.

2.Section 1.32 of the Loan Agreement is hereby amended to delete the reference to April 1, 2013 as the Loan Termination Date of the Revolving Promissory Notes executed and delivered by Borrower in favor of each Bank with a Revolving Loan Commitment and inserting in lieu thereof April 1, 2014. To further evidence such extension, Borrower shall execute in favor of each Bank with a Revolving Loan Commitment and deliver to Bank a Sixth Amended and Restated Revolving Promissory Notes dated of even date with this Amendment. From and after the date of this Amendment, any reference to the Revolving Notes in the Loan Agreement and the other Loan Documents shall be amended to refer to such Sixth Amended and Restated Revolving Promissory Notes.

3.    Section 6.2.4 of the Loan Agreement is hereby deleted in its entirety and
the following is inserted in lieu thereof:

6.2.4 BORROWER must maintain on a quarterly basis a minimum WORKING CAPITAL of not less than $1,500,000.00, measured on a quarterly basis at the end of each fiscal quarter.

4.    Effective on the date of this Amendment, the Loan Term Revolving Loan is hereby terminated, Banks with a commitment in the Long Term Revolving Loan shall have no continuing or further obligation, discretionary or otherwise, to make any further advances on the Long Term Revolving Loan and Borrower shall pay in full any outstanding principal and interest balance on the Long Term Revolving Loan on the date of this Amendment.

5.    Except as modified and amended herein, all other terms, provisions, conditions and obligations imposed under the terms of the Loan Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and affirmed by Borrower. To the extent necessary, the provisions of the Loan Agreement and the other Loan Documents are hereby amended to be consistent with the terms of this Amendment. The modifications and amendments contained in this Amendment will become effective on the date of this Amendment except as otherwise specifically provided for above.

6.    Borrower certifies and reaffirms by its execution hereof that the representations and warranties set forth in the Loan Agreement and the other Loan Documents are true as of this date, and that no Event of Default under the Loan Agreement or any other Loan Document, and no event which, with the giving of notices or passage of time or both, would become such an Event of Default, has occurred as of execution hereof.

7.    This Amendment may be executed simultaneously in several counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

8.    Borrower will comply with all terms and conditions of this Amendment and any other documents executed pursuant hereto and will, when requested by Bank execute and deliver such further documents and instruments necessary to consummate the transactions contemplated hereby and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Amendment or to show the ability to carry out the intent and purposes of this Amendment.

    

IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on the date first written above.

	
		
	 
	HIGHWATER ETHANOL, LLC

	 
	 

	 
	By: /s/ Brian Kletscher

	 
	Brian Kletscher, Chief Executive Officer/General Manager

	 
	 

	 
	FIRST NATIONAL BANK OF OMAHA, in its capacity

	 
	as a BANK, ADMINISTRATIVE AGENT and

	 
	COLLATERAL AGENT

	 
	 

	 
	By: 

	 
	Jeremy Reineke, Vice President

	 
	 

	 
	AGSTAR FINANCIAL SERVICES, PCA, as a BANK

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	UNITED FCS, as a BANK

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	FIRST BANK & TRUST, as a BANK

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	GRANITE FALLS BANK, as a BANK

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	 
	 

	 
	HERITAGE BANK, as a BANK

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

	
		
	 
	DEERE CREDIT, INC., as a BANK

	 
	 

	 
	By:

	 
	Name:

	 
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]