Document:

Exhibit 10.2

 

TERM NOTE

 

	$24,000,000	Greenwood Village, Colorado

September 15, 2017

 

FOR VALUE RECEIVED, ILLINOIS
CORN PROCESSING, LLC, a limited liability company organized and existing under the laws of Delaware (the “Company”),
hereby promises to pay to the order of COMPEER FINANCIAL, PCA (which, together with
its endorsees, successors, and assigns, is referred to herein as the “Bank”), at the office of CoBank, ACB (the
“Agent”) located at 6340 S. Fiddlers Green Circle, Greenwood Village, Colorado 80111 (or at such other place
of payment designated by the holder hereof to the Company), the principal sum of TWENTY-FOUR
MILLION DOLLARS ($24,000,000) (such amount, the “Term Loan Amount”) (each loan and any one or more portions
of any loan being referred to herein as a “Loan”), and to pay interest, as set forth below, from the date hereof
until Payment in Full on the principal amount remaining from time to time outstanding at the rates set forth below, in lawful money
of the United States of America in immediately available funds, payable with interest thereon, as set forth below, without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived by the Company, and without set-off, counterclaim
or other deduction of any nature. This Term Note (as amended, restated, modified, supplemented, replaced, refinanced or renewed
from time to time, this “Note”) is given pursuant to that Credit Agreement, dated as of even date herewith,
between the Company, the Bank and the Agent (as amended, restated, modified or supplemented from time to time, the “Agreement”).
Capitalized terms not otherwise defined in this Note shall have the respective meanings ascribed to them by the Agreement, including
Annex A thereto, and the Rules of Construction set forth in such Annex A shall apply to this Note.

 

1.                 
Borrowing Availability. If not sooner borrowed, the Term Loan Amount shall be borrowed in a single advance no later
than 12:00 noon on November 1, 2017 (the “Term Loan Availability Expiration Date”).

 

2.                 
Purpose of Term Loan. The proceeds of the Term Loan shall be used to refinance the existing indebtedness of the Company,
and the Company shall use the Term Loan for no other purpose.

 

3.                 
Principal Payments. Principal hereunder shall be due and payable in sixteen (16) equal consecutive quarterly installments
of $1,500,000 each, beginning on December 20, 2017, and continuing on the twentieth (20th) day of each March, June, September and
December thereafter until September 20, 2021 (the “Maturity Date”), at which time the entire remaining indebtedness
evidenced by this Note, if not sooner paid in accordance with the terms of the Agreement and this Note, shall be due and payable.

 

4.                 
Interest Payments. The Company hereby further promises to pay to the order of the Agent, at the times and on the dates
provided in the Agreement, interest on the unpaid principal amount of the Loans from the date hereof until the Payment in Full
of all of the Loans at the rate or rates comprising the Interest Rate Option(s) (defined below), which the Company shall select
in accordance with the terms hereof to apply to each Loan, it being understood that, subject to the provisions of this Note and
the Agreement, the Company may select different Interest Rate Options to apply to the Loans and may convert to or renew one or
more Interest Rate Options with respect to any one or more of the Loans; provided that in the event the Company shall fail to timely
select an Interest Rate Option to apply to any one or more Loans, such Loans shall bear interest at the LIBOR Index Option, and
provided further that if an Event of Default or Default exists and is continuing, the Company may not request, convert to, or renew
the Quoted Rate Option for any Loans, and the Agent may demand that all existing Loans bearing interest under the Quoted Rate Option
shall be converted immediately to the LIBOR Index Option, and the Company shall be obligated to pay the Agent any indemnity, costs,
and expenses arising in connection with such conversion.

 

5.                 
Interest Rate Options. The Company shall have the right to select from the following interest rate options with respect
to the Loans (each, an “Interest Rate Option”): (a) upon the selection of a LIBOR Index Option, the LIBOR Index
Rate with a LIBOR Index Spread of 3.75% per annum (the “LIBOR Index Spread”) or (b) upon the selection of a
Quoted Rate Option, the Quoted Rate with such Quoted Rate to remain fixed for such period as is confirmed to the Company by the
Agent.

 

 

 

    	 	1	 

     

    

 

6.                 
Loan Requests. Subject to the terms and conditions of this Note and the Agreement, the Company may prior to the Term
Loan Availability Expiration Date request the Bank to make the Term Loan and the Company may from time to time prior to the Maturity
Date request the Agent to renew or convert the Interest Rate Option applicable to an existing Loan, by delivering, in accordance
with the notice provisions of the Agreement, to the Agent not later than 12:00 noon (Denver time),

 

(a) the same
Business Day as the proposed Business Day of borrowing with respect to a Loan to which the LIBOR Index Option will apply, and (b)
the same Business Day as the proposed Business Day of borrowing with respect to a Loan to which the Quoted Rate Option will apply
or the last day of the preceding Quoted Rate period with respect to the conversion to or renewal of the Quoted Rate Option for
a Loan,

 

a duly completed request
therefor substantially in the form of Exhibit A hereto (or a request made by CoLink or by telephone, but subject to
the same deadline and containing substantially the same information, and in the case of a telephone request, immediately confirmed
in writing substantially in the form of Exhibit A and delivered in accordance with the terms hereof) by physical delivery,
facsimile, or electronic mail (each such request, whether telephonic or written and regardless how delivered, a “Loan
Request”), it being understood that the Agent may rely on the authority of any individual making such a telephonic request
without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the amount
of the proposed Loan, the Interest Rate Option to be applicable thereto, and, if applicable, the Quoted Rate period therefor (each
Quoted Rate applicable to a Loan shall remain fixed for such period as is confirmed to the Company by the Agent), which amounts
shall be in integral multiples of $500,000 for each Loan under the Quoted Rate Option. All notices and requests hereunder shall
be given, and all borrowings and all conversions or renewals of Interest Rate Options shall occur, only on Business Days.

 

7.                 
Loans; Limitations. Under the Quoted Rate Option, a Quoted Rate may be fixed on such balance and for such period, and
shall be subject to such rules and requirements as may be established by the Agent in its sole discretion in each instance, provided
that: (1) the minimum fixed period hereunder shall be 365 days; (2) at no time shall more than 10 Loans to which the
Quoted Rate Option applies be outstanding at any one time; and (3) amounts may be fixed in increments of $500,000 or integral multiples
thereof. The Agent’s determination of the Quoted Rate shall be conclusive and binding upon the Company absent manifest error.

 

8.                 
Incomplete Loan Requests; Consequences. If no Interest Rate Option is timely selected when a Loan is requested or with
respect to the end of any applicable Quoted Rate period for a Loan or prior to a requested conversion to a Quoted Rate Option for
a Loan previously subject to a different Interest Rate Option, the Company shall be deemed to have selected a LIBOR Index Option
for such Loan. In no event shall the interest rate(s) applicable to principal outstanding hereunder exceed the maximum rate of
interest allowed by applicable Law, as amended from time to time; any payment of interest or in the nature of interest in excess
of such limitation shall be credited as a payment of principal unless the Company requests the return of such amount.

 

9.                 
Miscellaneous.

 

(a)               
This Note is the Term Note referred to in, and is entitled to the benefits of, the Agreement and the other Loan Documents
referred to therein. Reference is made to the Agreement for a description of the relative rights and obligations of the Company,
the Bank and the Agent, including rights and obligations of prepayment, collateral securing payment hereof, Events of Default,
and rights of acceleration of maturity upon the occurrence of an Event of Default.

 

 

 

 

    	 	2	 

     

    

 

(b)              
No delay on the part of the holder hereof in exercising any of its options, powers, or rights, or partial or single exercise
thereof, shall constitute a waiver thereof. The options, powers, and rights specified herein of the holder hereof are in addition
to those otherwise created or permitted by Law, the Agreement, and the other Loan Documents. There are no claims, set-offs, or
deductions of any nature as of the date hereof that could be made or asserted by the Company against the Bank and / or the Agent
or against any amount due or to become due under this Note; all such claims, set-offs, or deductions are hereby waived by the Company.

 

(c)               
Delivery of an executed signature page of this Note by telecopy or email (as a .pdf attachment thereto or otherwise)
shall be as effective as delivery of a manually executed counterpart of this Note, but shall in any event be promptly followed
by delivery of the original manually executed signature page (provided, however, that the failure to do so shall in no event adversely
affect the rights of the Bank and / or the Agent hereunder whatsoever). THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

 

 

[signature
page follows]

 

 

 

 

 

 

 

 

 

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF
and intending to be legally bound hereby, the Company has executed this Note as of the date hereof by its duly Authorized Officer.

 

	 	ILLINOIS
CORN PROCESSING, LLC

 

 

By: /S/ BRYON T. MCGREGOR                              

Name: Bryon T. McGregor

Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4	 

     

    

 

EXHIBIT A

 

FORM OF TERM LOAN REQUEST

 

[_____________], 20[__]

 

To: CoBank, ACB (the “Agent”)

 

From: Illinois Corn Processing,
LLC (the “Company”)

 

Re: Credit
Agreement (as amended, restated, modified or supplemented from time to time, the “Credit Agreement”), dated
as of September __, 2017, between the Company, Compeer Financial, PCA, as Lender, and the Agent

 

Pursuant to Section 2.1 of the Credit Agreement,
the Company hereby gives notice of its desire to receive a Term Loan in accordance with the terms set forth below (all capitalized
terms used herein and not defined herein shall have the meaning given them in the Credit Agreement):

 

(a) The Term Loan requested pursuant to
this Loan Request shall be made on [_________], 20[__].

 

(b) The aggregate principal amount of the
Term Loan requested hereunder is [_____________] Dollars ($[_________]).

 

(c) The Term Loan requested hereunder shall initially bear interest
at the [select one]:

 

□ LIBOR Index Option; or

 

□ Quoted Rate Option.

 

 

 

 

 

	 	ILLINOIS CORN PROCESSING, LLC
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

 

 

    	 	5Exhibit 10.3

 

REVOLVING TERM NOTE

 

	$18,000,000	Greenwood Village, Colorado

September 15, 2017

 

FOR VALUE RECEIVED,
ILLINOIS CORN PROCESSING, LLC, a limited liability company organized and existing
under the laws of Delaware (the “Company”), hereby promises to pay to the order of COMPEER
FINANCIAL, PCA (which, together with its endorsees, successors, and assigns, is referred to herein as the “Bank”),
at the office of CoBank, ACB (the “Agent”) located at 6340 S. Fiddlers Green Circle, Greenwood Village, Colorado
80111 (or at such other place of payment designated by the holder hereof to the Company), the lesser of (i) the principal sum of
eighteen MILLION DOLLARS ($18,000,000) as reduced from time to time pursuant to
Section 1 below (as so reduced, the “Revolving Term Commitment”), or (ii) the aggregate unpaid principal balance
of all loans made under the Revolving Term Commitment by the Bank to or for the benefit of the Company (each loan and any one or
more portions of any loan being referred to herein as a “Loan”) pursuant to that Credit Agreement, dated as
of even date herewith, between the Company, the Bank and the Agent (as amended, restated, modified or supplemented from time to
time, the “Agreement”), in lawful money of the United States of America in immediately available funds, payable
together with interest thereon, as set forth below, without presentment, demand, protest or notice of any kind, all of which are
hereby expressly waived by the Company, and without set-off, counterclaim or other deduction of any nature at the earlier of September
1, 2022 (the “Revolving Term Facility Expiration Date”), or as otherwise set forth below or in the Agreement.
Capitalized terms not otherwise defined in this Revolving Term Note (as amended, restated, modified, supplemented, replaced, refinanced
or renewed from time to time, this “Note”) shall have the respective meanings ascribed to them by the Agreement,
including Annex A thereto, and the Rules of Construction set forth in such Annex A shall apply to this Note.

 

1.                 
Commitment Reductions. The Company shall have the right, in its sole discretion, to permanently reduce the Revolving
Term Commitment by giving the Agent ten (10) days prior written notice; provided that no Event of Default or Default has occurred
or would result therefrom. Any such permanent reduction by the Company shall be made in increments of $500,000.

 

2.                 
Principal Payments and Prepayments. Payments and prepayments of principal shall be due and payable as set forth in the
Agreement and this Note. The entire remaining indebtedness evidenced by this Note, if not sooner paid in accordance with the terms
of the Agreement or this Note, shall be due and payable on the Revolving Term Facility Expiration Date. If at any time, the aggregate
principal amount of Loans outstanding exceeds the Revolving Term Commitment at such time, the Company shall immediately notify
the Agent and shall immediately prepay the principal amount of the outstanding Loans in an amount sufficient to eliminate such
excess.

 

3.                 
Purpose of Revolving Term Facility. The proceeds of the Revolving Term Facility shall be used to refinance the existing
indebtedness of the Company and provide Working Capital for the Company, and the Company shall use the Loans for no other purpose.

 

4.                 
Unused Commitment Fee. Accruing from the date hereof until the Revolving Term Facility Expiration Date, the Company
agrees to pay to the Agent a nonrefundable commitment fee (the “Unused Commitment Fee”) equal to 0.75% per annum
(computed on the basis of a year of 360 days for the actual number of days elapsed) multiplied by the average daily positive difference
between the amount of (i) the Revolving Term Commitment minus (ii) the aggregate principal amount of all Loans
then outstanding. All Unused Commitment Fees shall accrue to the first day of each month and be payable monthly in arrears on the
20th day of each month hereafter, commencing on October 20, 2017, and on the Revolving Term Facility Expiration Date.

 

 

 

    	 	1	 

     

    

 

5.                 
Interest Payments. The Company hereby further promises to pay to the order of the Agent, at the times and on the dates
provided in the Agreement, interest on the unpaid principal amount of the Loans from the date hereof until the Payment in Full
of all of the Loans at the rate or rates comprising the Interest Rate Option(s) (defined below), which the Company shall select
in accordance with the terms hereof to apply to each Loan, it being understood that, subject to the provisions of this Note and
the Agreement, the Company may select different Interest Rate Options to apply to the Loans and may convert to or renew one or
more Interest Rate Options with respect to any one or more of the Loans; provided that in the event the Company shall fail to timely
select an Interest Rate Option to apply to any one or more Loans, such Loans shall bear interest at the LIBOR Index Option, and
provided further that if an Event of Default or Default exists and is continuing, the Company may not request, convert to, or renew
the Quoted Rate Option for any Loans, and the Agent may demand that all existing Loans bearing interest under the Quoted Rate Option
shall be converted immediately to the LIBOR Index Option, and the Company shall be obligated to pay the Agent any indemnity, costs,
and expenses arising in connection with such conversion.

 

6.                 
Interest Rate Options. The Company shall have the right to select from the following interest rate options with respect
to the Loans (each, an “Interest Rate Option”): (a) upon the selection of a LIBOR Index Option, the LIBOR Index
Rate with a LIBOR Index Spread of 3.75% per annum (the “LIBOR Index Spread”) or (b) upon the selection of a
Quoted Rate Option, the Quoted Rate with such Quoted Rate to remain fixed for such period as is confirmed to the Company by the
Agent.

 

7.                 
Loans; Limitations. Under the Quoted Rate Option, a Quoted Rate may be fixed on such balance and for such period, and
shall be subject to such rules and requirements as may be established by the Agent in its sole discretion in each instance, provided
that: (1) the minimum fixed period hereunder shall be 365 days; (2) at no time shall more than 10 Loans to which the
Quoted Rate Option applies be outstanding at any one time; and (3) amounts may be fixed in increments of $500,000 or integral multiples
thereof. The Agent’s determination of the Quoted Rate shall be conclusive and binding upon the Company absent manifest error.

 

8.                 
Loan Requests. Subject to the terms and conditions of this Note and the Agreement, the Company may prior to the Revolving
Term Facility Expiration Date request the Bank to make Loans and the Company may from time to time prior to the Revolving Term
Facility Expiration Date request the Agent to renew or convert the Interest Rate Option applicable to an existing Loan, by delivering,
in accordance with the notice provisions of the Agreement, to the Agent not later than 12:00 noon (Denver time),

 

(a) the same
Business Day as the proposed Business Day of borrowing with respect to a Loan to which the LIBOR Index Option will apply, and (b)
the same Business Day as the proposed Business Day of borrowing with respect to a Loan to which the Quoted Rate Option will apply
or the last day of the preceding Quoted Rate period with respect to the conversion to or renewal of the Quoted Rate Option for
a Loan,

 

a duly completed request
therefor substantially in the form of Exhibit A hereto (or a request made by CoLink or by telephone, but subject to
the same deadline and containing substantially the same information, and in the case of a telephone request, immediately confirmed
in writing substantially in the form of Exhibit A and delivered in accordance with the terms hereof) by physical delivery,
facsimile, or electronic mail (each such request, whether telephonic or written and regardless how delivered, a “Loan
Request”), it being understood that the Agent may rely on the authority of any individual making such a telephonic request
without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the amount
of the proposed Loan, the Interest Rate Option to be applicable thereto, and, if applicable, the Quoted Rate period therefor (each
Quoted Rate applicable to a Loan shall remain fixed for such period as is confirmed to the Company by the Agent), which amounts
shall be in integral multiples of $500,000 for each Loan under the Quoted Rate Option. All notices and requests hereunder shall
be given, and all borrowings and all conversions or renewals of Interest Rate Options shall occur, only on Business Days.

 

 

 

 

    	 	2	 

     

    

 

9.                 
Incomplete Loan Requests; Consequences. If no Interest Rate Option is timely selected when a Loan is requested or with
respect to the end of any applicable Quoted Rate period for a Loan or prior to a requested conversion to a Quoted Rate Option for
a Loan previously subject to a different Interest Rate Option, the Company shall be deemed to have selected a LIBOR Index Option
for such Loan. In no event shall the interest rate(s) applicable to principal outstanding hereunder exceed the maximum rate of
interest allowed by applicable Law, as amended from time to time; any payment of interest or in the nature of interest in excess
of such limitation shall be credited as a payment of principal unless the Company requests the return of such amount.

 

10.              
Miscellaneous.

 

(a)               
This Note is the Revolving Term Note referred to in, and is entitled to the benefits of, the Agreement and the other Loan
Documents referred to therein. Reference is made to the Agreement for a description of the relative rights and obligations of the
Company, the Bank and the Agent, including rights and obligations of prepayment, collateral securing payment hereof, Events of
Default, and rights of acceleration of maturity upon the occurrence of an Event of Default.

 

(b)              
No delay on the part of the holder hereof in exercising any of its options, powers, or rights, or partial or single exercise
thereof, shall constitute a waiver thereof. The options, powers, and rights specified herein of the holder hereof are in addition
to those otherwise created or permitted by Law, the Agreement, and the other Loan Documents. There are no claims, set-offs, or
deductions of any nature as of the date hereof that could be made or asserted by the Company against the Bank and / or the Agent
or against any amount due or to become due under this Note; all such claims, set-offs, or deductions are hereby waived by the Company.

 

(c)               
Delivery of an executed signature page of this Note by telecopy or email (as a .pdf attachment thereto or otherwise)
shall be as effective as delivery of a manually executed counterpart of this Note, but shall in any event be promptly followed
by delivery of the original manually executed signature page (provided, however, that the failure to do so shall in no event adversely
affect the rights of the Bank and / or the Agent hereunder whatsoever). THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

 

 

 

 

 

[signature
page follows]

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF
and intending to be legally bound hereby, the Company has executed this Note as of the date hereof by its duly Authorized Officer.

 

	 	illinois corn processing, llc
	 	 
	 	 
	 	By:	/S/ BRYON T. MCGREGOR
	 	Name:	Bryon T. McGregor
	 	Title:	Chief Financial Officer

 

 

 

 

 

 

 

 

 

    	 	4	 

     

    

 

EXHIBIT A

 

FORM OF REVOLVING TERM LOAN REQUEST

 

[_____________], 20[__]

 

To: CoBank, ACB (the “Agent”)

 

From: Illinois Corn Processing,
LLC (the “Company”)

 

Re: Credit
Agreement (as amended, restated, modified or supplemented from time to time, the “Credit Agreement”), dated
as of September ___, 2017, between the Company, Compeer Financial, PCA, as Lender, and the Agent

 

Pursuant to Section 2.2(a) of the Credit
Agreement, the Company hereby gives notice of its desire to receive a Revolving Term Loan in accordance with the terms set forth
below (all capitalized terms used herein and not defined herein shall have the meaning given them in the Credit Agreement):

 

(a) The
Revolving Term Loan requested pursuant to this Revolving Term Loan Request shall be made on [________], 20[__].

 

(b) The
aggregate principal amount of the Revolving Term Loan requested hereunder is [_____________] Dollars ($[_________]).

 

(c) The Revolving Term Loan requested hereunder shall initially
bear interest at the [select one]:

 

□ LIBOR Index Option; or

 

□ Quoted Rate Option.

 

 

 

	 	ILLINOIS CORN PROCESSING, LLC
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

 

 

 

    	 	5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]