Document:

10.1 - Fifth Amended & Restated Revolving Promissory Note

FIFTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE

Omaha, Nebraska                                        $1,000,000.00
Note Date: April 1, 2012
Maturity Date: April 1, 2013

On or before April 1, 2013, HIGHWATER ETHANOL, LLC ("BORROWER"), promises to pay to the order of First Bank & Trust ("BANK") in care of FIRST NATIONAL BANK OF OMAHA at its headquarters in Omaha, Nebraska and in its capacity as the ADMINISTRATIVE AGENT for the BANKS under the AGREEMENT (as defined below), the principal sum hereof, which shall be One Million and No/100 Dollars ($1,000,000.00) or so much thereof as may have been advanced by BANK and shown on the records of the ADMINISTRATIVE AGENT to be outstanding under this FIFTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE ("REVOLVING PROMISSORY NOTE"). Interest on the principal balance from time to time outstanding will accrue at the rate provided for in the AGREEMENT, adjusting as provided for in the AGREEMENT. This REVOLVING PROMISSORY NOTE amends and restates that certain FOURTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE dated August 26, 2011 executed in favor of and delivered to BANK, but is not a novation thereof. Interest shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the REVOLVING LOAN shall be payable monthly, in arrears.

The interest rate applicable to this REVOLVING NOTE is subject to reduction as provided for in Section 2.15 of the AGREEMENT.

This REVOLVING PROMISSORY NOTE is executed pursuant to that certain Construction Loan Agreement dated April 24, 2008 between BANKS and BORROWER (the Construction Loan Agreement, together with all amendments, modifications and supplements thereto and all restatements and replacements thereof is called the ("AGREEMENT"). The AGREEMENT, and any amendments or substitutions thereof or thereto, contains additional terms and conditions, including default and acceleration provisions, which are incorporated into this REVOLVING PROMISSORY NOTE by reference. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the AGREEMENT.

The aggregate unpaid principal amount hereof plus interest shall become immediately due and payable without demand or further action on the part of the ADMINISTRATIVE AGENT or BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the AGREEMENT or any other LOAN DOCUMENT. If the maturity date of this REVOLVING PROMISSORY NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then the AGENT shall have all the rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity. The rights, powers, privileges, options and remedies of AGENT provided in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative and concurrent,
and may be pursued singly, successively or together at the sole discretion of AGENT, and may be exercised as often as occasion therefor shall occur. No delay or discontinuance in the exercise of any right, power, privilege, option or remedy shall be deemed a waiver of such right, power, privilege, option or remedy, nor shall the exercise of any right, power, privilege, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option or remedy. Without limiting the generality of the foregoing, the ADMINISTRATIVE AGENT's waiver of an EVENT OF DEFAULT shall not constitute a waiver of acceleration in connection with any future EVENT OF DEFAULT. The ADMINISTRATIVE AGENT may rescind any acceleration of this REVOLVING PROMISSORY NOTE without in any way waiving or affecting any acceleration of this REVOLVING PROMISSORY NOTE in the future as a consequence of an EVENT OF DEFAULT. The ADMINISTRATIVE AGENT's acceptance of partial payment or partial performance shall not in any way affect or rescind any acceleration of this REVOLVING PROMISSORY NOTE made 

by the ADMINISTRATIVE AGENT.

Unless prohibited by law, BORROWER will pay on demand all reasonable costs of collection, reasonable legal expenses and reasonable attorneys' fees and costs incurred or paid by BANK in collecting and/or enforcing this REVOLVING PROMISSORY NOTE. Furthermore, BANK reserves the right to offset without notice all funds held by BANK against debts owing to BANK by BORROWER.

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.

[SIGNATURE PAGE FOLLOWS]

Executed as of the Note Date set forth above.

	
		
	 
	HIGHWATER ETHANOL, LLC, a

	 
	Minnesota limited liability company

	 
	 

	 
	By: /s/ Brian Kletscher

	 
	Brian Kletscher, Chief Executive

	 
	Officer/General Manager10.2 - Fifth Amended & Restated Revolving Promissory Note

FIFTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE

Omaha, Nebraska                                        $4,000,000.00
Note Date: April 1, 2012
Maturity Date: April 1, 2013

On or before April 1, 2013, HIGHWATER ETHANOL, LLC ("BORROWER"), promises to pay to the order of FIRST NATIONAL BANK OF OMAHA ("BANK") at its headquarters in Omaha, Nebraska the principal sum hereof, which shall be Four Million and No/100 Dollars ($4,000,000.00) or so much thereof as may have been advanced by BANK and shown on the records of BANK to be outstanding under this FIFTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE ("REVOLVING PROMISSORY NOTE") and the AGREEMENT (as defined below). This REVOLVING PROMISSORY NOTE amends and restates that certain FOURTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE dated August 26, 2011 executed in favor of and delivered to BANK, but is not a novation thereof. Interest on the principal balance from time to time outstanding will accrue at the rate provided for in the AGREEMENT, adjusting as provided for in the AGREEMENT. Interest shall be calculated on the basis of a 360-day year, counting the actual number of days elapsed. Interest on the REVOLVING LOAN shall be payable monthly, in arrears.

The interest rate applicable to this REVOLVING NOTE is subject to reduction as provided for in Section 2.15 of the AGREEMENT.

This REVOLVING PROMISSORY NOTE is executed pursuant to that certain Construction Loan Agreement dated April 24, 2008 between BANKS and BORROWER (the Construction Loan Agreement, together with all amendments, modifications and supplements thereto and all restatements and replacements thereof is called the ("AGREEMENT"). The AGREEMENT, and any amendments or substitutions thereof or thereto, contains additional terms and conditions, including default and acceleration provisions, which are incorporated into this REVOLVING PROMISSORY NOTE by reference. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the AGREEMENT.

The aggregate unpaid principal amount hereof plus interest shall become immediately due and payable without demand or further action on the part of BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the AGREEMENT or any other LOAN DOCUMENT. If the maturity date of this REVOLVING PROMISSORY NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all the rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity. The rights, powers, privileges, options and remedies of BANK provided in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative and concurrent, and may be pursued singly, successively or together at the sole discretion of BANK, and may be exercised as often as occasion therefor shall occur. No delay or discontinuance in the exercise of any right, power, privilege, option or remedy shall be deemed a waiver of such right, power, privilege, option or remedy, nor shall the exercise of any right, power, privilege, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option or remedy. Without limiting the generality of the foregoing, BANK's waiver of an EVENT OF DEFAULT shall not constitute a waiver of acceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration of this REVOLVING PROMISSORY NOTE without in any way waiving or affecting any acceleration of this REVOLVING PROMISSORY NOTE in the future as a consequence of an EVENT OF DEFAULT. BANK's acceptance of partial payment or partial performance shall not in any way affect or rescind any acceleration of this REVOLVING PROMISSORY NOTE made by BANK.

Unless prohibited by law, BORROWER will pay on demand all reasonable costs of collection, reasonable legal expenses and reasonable attorneys' fees and costs incurred or paid by BANK in collecting and/or enforcing this REVOLVING PROMISSORY NOTE. Furthermore, BANK reserves the right to offset without notice all funds held by BANK against debts owing to BANK by BORROWER.

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.

[SIGNATURE PAGE FOLLOWS]

Executed as of the Note Date set forth above.

	
		
	 
	HIGHWATER ETHANOL, LLC, a

	 
	Minnesota limited liability company

	 
	 

	 
	By: /s/ Brian Kletscher

	 
	Brian Kletscher, Chief Executive

	 
	Officer/General Manager10.3 - Sixth Amendment of Construction Loan Agmt

SIXTH AMENDMENT OF
CONSTRUCTION LOAN AGREEMENT

THIS SIXTH AMENDMENT OF CONSTRUCTION LOAN AGREEMENT ("Amendment") is made this 1st day of April, 2012 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, 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, 2013, to modify the interest rate charged on the Revolving Loan (including the deletion of the minimum interest rate applicable to the 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 132 of the Loan Agreement is hereby amended to delete the reference to April 1, 2012 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, 2013. To further evidence such extension, Borrower shall execute in favor of each Bank with a Revolving Loan Commitment and deliver to Bank a Fifth 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 Fifth Amended and Restated Revolving Promissory. Notes.

3.    Section 2.10 of the Loan Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

2.10    INTEREST ON THE REVOLVING NOTES. Prior to maturity and subject to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT, the interest rate on the REVOLVING LOAN is subject to change from time to time based on changes in the Three (3) Month LIBOR RATE. The LIBOR RATE will be adjusted and determined without notice to BORROWER as set forth herein, as of the date of the REVOLVING NOTES and on the first (1st) day of each calendar month hereafter ("Interest Rate Change Date") to the Three (3) Month LIBOR RATE which is published in The Wall Street Journal as the reported rate for the date that is two London Banking Days prior to each Interest Rate Change Date; the published LIBOR RATE will be rounded upwards to the next higher one one hundredth (1/100th) of one percent (1%). The interest rate change will not occur more often than each month on the first (1st) day of each month. The Index currently is 0.47 % per annum. The interest rate to be applied to the unpaid principal balance of the REVOLVING LOAN will be calculated using a rate of 3.5 percentage points over the Index, adjusted if necessary for any maximum rate limitations described below, resulting in an initial rate of 3.97% per annum based on a year of 360 days. NOTICE: Under no circumstances will the interest rate on the REVOLVING LOAN be more than the maximum rate allowed by applicable law. Interest on the REVOLVING LOAN shall be payable monthly, in arrears, on the first day of each month. Upon or after the occurrence and during the continuation of any EVENT OF DEFAULT or after the LOAN TERMINATION DATE applicable to the REVOLVING LOAN, the principal amount of the REVOLVING LOAN shall bear interest at a rate per annum equal to six percent (6%) above the interest rate that would otherwise apply under this Section 2.10.

4.    Section 2.15 of the Loan Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof:

2.15     Incentive Pricing.    The interest rate applicable to the REVOLVING LOAN, VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN is subject to reduction commencing six months subsequent to CONSTRUCTION LOAN TERMINATION DATE, based on the most recent interim financial statements delivered by or on behalf of BORROWER to ADMINISTRATIVE AGENT; provided, however, that in no event shall the interest rate be less than 5% with respect to the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN. In the event that BORROWER maintains the following ratios, measured quarterly, the interest rate will be reduced accordingly:

	
		
	If INDEBTEDNESS to NET WORTH is less than:
	Interest rate will be:

	 
	 

	1.25 : 1.00
	The one month LIBOR RATE plus 350 basis points with respect to the VARIABLE RATE NOTES and the LONG TERM REVOLVING NOTE provided that the interest rate on the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN will not be less than 5%, and with respect to the REVOLVING LOAN, the 90 day LIBOR RATE plus [450] basis points

	1.05 : 1.00
	The one month LIBOR RATE plus 325 basis points with respect to the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN provided that the interest rate on the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN will note be less than 5%, and with respect to the REVOLVING LOAN, the 90 day LIBOR RATE plus [425] basis points

	0.85 : 1.00
	The one month LIBOR RATE plus 300 basis points with respect to the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN provided that the interest rate on the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN will note be less than 5%, and with respect to the REVOLVING LOAN, the 90 day LIBOR RATE plus [400] basis points

	0.65 : 1.00
	The one month LIBOR RATE plus 275 basis points with respect to the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN provided that the interest rate on the VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN will note be less than 5%, and with respect to the REVOLVING LOAN, the 90 day LIBOR RATE plus [375] basis points

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.

[SIGNATURE PAGES FOLLOW]

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: /s/ Jeremy Reineke

	 
	Jeremy Reineke, Vice President

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