Document:

EXHIBIT
10.3

    

    REVOLVING
NOTE

     

    
      	
              $500,000.00

            	
              Chicago,
      Illinois

            
	 
      	
              September
      4, 2009

            

    

    

    FOR VALUE
RECEIVED, The Wood Energy Group, Inc., a Missouri corporation (“Maker”),
promises to pay to the order of Fifth Third Bank, a Michigan banking corporation
(“Bank”), at its offices at 222 South Riverside Plaza, 32nd Floor,
Chicago, Illinois 60606 or at such other place as the holder of this Note may
designate in writing to the Maker, on or before September 3, 2010, the principal
sum of Five Hundred Thousand and 00/100 Dollars ($500,000.00), or, if less, the
aggregate amount of Revolving Loans with respect to the Working Capital Facility
advanced and unpaid pursuant to that certain Loan and Security Agreement dated
as of even date herewith made by and between the Maker and the Bank, as the same
may be amended from time to time (the “Loan Agreement”), the terms of which are
incorporated by reference and made a part of this Note as though fully set out
herein.  Capitalized terms used and not otherwise defined herein shall
have the meanings ascribed to such terms in the Loan Agreement.  The
amount advanced and outstanding under the Loan Agreement as shown on the books
and records of the Bank shall be considered correct and conclusively binding on
the Maker absent manifest error.

     

    The Maker
further promises to pay interest on the Revolving Loans as provided in the Loan
Agreement.  All payments received from the Maker hereunder shall be
applied by the Bank in accordance with the terms of the Loan
Agreement.

     

    This Note
and any renewals and extensions hereof, and any other Obligations of the
undersigned to the Holder hereof (the term “Holder” shall include the Bank and
any subsequent holder hereof) due or to become due, now existing or hereafter
contracted, and howsoever acquired by the Holder, are secured in the manner
described in the Loan Agreement.

     

    This Note
is issued under the Loan Agreement and this Note and the Holder are entitled to
all of the benefits provided for by the Loan Agreement or referred to therein,
to which Loan Agreement reference is made for a statement
thereof.  Pre-payments may be made hereon only at the times, in the
events and in the manner provided in the Loan Agreement.

     

    All
unpaid amounts owing on this Note or on any other Obligations immediately shall
become due and payable at the option of the Holder, without notice or demand,
upon the occurrence of any Event of Default.

     

    In the
event of default in the payment of any sums due under this Note, the Maker
hereby agrees that the Bank may offset all money, bank or other deposits or
credits now or hereafter held by the Bank or owed by the Bank to Maker against
all amounts due under this Note or against any other amounts which may be due
the Bank from the Maker.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    No clause
or provision contained in this Note or any documents related hereto shall be
construed or shall so operate (a) to raise the interest rate set forth in this
Note above the lawful maximum, if any, in effect from time to time in the
applicable jurisdiction for loans to borrowers of the type, in the amount, for
the purposes, and otherwise of the kind contemplated, or (b) to require the
payment or the doing of any act contrary to law, but if any clause or provision
contained herein shall otherwise so operate to invalidate this Note, in whole or
in part, then (i) such clauses or provisions shall be deemed modified to the
extent necessary to be in compliance with the law, or (ii) to the extent not
possible, shall be deemed void as though not contained and the remainder of this
Note and such document shall remain operative and in full force and
effect.

     

    All
makers and any endorsers, guarantors, sureties, accommodation parties and all
other persons liable or to become liable for all or any part of this
indebtedness, jointly and severally waive diligence, presentment, protest and
demand, and also notice of protest, of demand, of nonpayment, of dishonor and of
maturity and also recourse or suretyship defenses generally; and they also
jointly and severally hereby consent to any and all renewals, extensions or
modifications of the terms of this Note, including time for payment, and further
agree that any such renewals, extension or modification of the terms of this
Note or the release or substitution of any security for the indebtedness under
this Note or any other indulgences shall not affect the liability of any of the
parties for the indebtedness evidenced by this Note.  Any such
renewals, extensions or modifications may be made without notice to any of said
parties.

     

    The Maker
shall be liable to the Holder for all reasonable costs and expenses incurred in
connection with collection, whether by suit or otherwise, of any amount due
under this Note, including, without limitation, attorneys’ fees, as more fully
set forth in the Loan Agreement.

     

    This Note
shall be governed by and construed in accordance with the laws of the State of
Illinois.

     

    
      
        
          
            	
                    The
      Wood Energy Group, Inc.,

                  	 
      	
                    Fifth
      Third Bank,

                  
	
                    a
      Missouri corporation

                  	 
      	
                    a
      Michigan banking corporation

                  
	 
      	 
      	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Gary O. Marino

                  	 
      	
                    By:

                  	
                    /s/ Craig Schuth

                  
	
                    Its:

                  	
                    Chairman
      and Chief Executive Officer

                  	 
      	
                    Its:

                  	
                    Vice
      PresidentEXHIBIT
10.4

       

      CAPEX
NOTE

       

      
        	
                $1,500,000.00

              	
                Chicago,
      Illinois

              
	 
      	
                September
      4, 2009

              

      

      

      FOR VALUE
RECEIVED, The Wood Energy Group, Inc., a Missouri corporation (“Maker”),
promises to pay to the order of Fifth Third Bank, a Michigan banking corporation
(“Bank”), at its offices at 222 South Riverside Plaza, 32nd Floor,
Chicago, Illinois 60606 or at such other place as the holder of this Note may
designate in writing to the Maker, on or before September 3, 2010, the principal
sum of One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000.00), or,
if less, the aggregate amount of Capex Loans with respect to the Capex Facility
advanced and unpaid pursuant to that certain Loan and Security Agreement dated
as of even date herewith made by and between the Maker and the Bank, as the same
may be amended from time to time (the “Loan Agreement”), the terms of which are
incorporated by reference and made a part of this Note as though fully set out
herein.  Capitalized terms used and not otherwise defined herein shall
have the meanings ascribed to such terms in the Loan Agreement.  The
amount advanced and outstanding under the Loan Agreement as shown on the books
and records of the Bank shall be considered correct and conclusively binding on
the Maker absent manifest error.

       

      The Maker
further promises to pay interest on the Capex Loans as provided in the Loan
Agreement.  All payments received from the Maker hereunder shall be
applied by the Bank in accordance with the terms of the Loan
Agreement.  Principal amounts repaid on the Capex Loans may not be
borrowed again.

       

      This Note
and any renewals and extensions hereof, and any other Obligations of the
undersigned to the Holder hereof (the term “Holder” shall include the Bank and
any subsequent holder hereof) due or to become due, now existing or hereafter
contracted, and howsoever acquired by the Holder, are secured in the manner
described in the Loan Agreement.

       

      This Note
is issued under the Loan Agreement and this Note and the Holder are entitled to
all of the benefits provided for by the Loan Agreement or referred to therein,
to which Loan Agreement reference is made for a statement
thereof.  Pre-payments may be made hereon only at the times, in the
events and in the manner provided in the Loan Agreement.

       

      All
unpaid amounts owing on this Note or on any other Obligations immediately shall
become due and payable at the option of the Holder, without notice or demand,
upon the occurrence of any Event of Default.

       

      In the
event of default in the payment of any sums due under this Note, the Maker
hereby agrees that the Bank may offset all money, bank or other deposits or
credits now or hereafter held by the Bank or owed by the Bank to Maker against
all amounts due under this Note or against any other amounts which may be due
the Bank from the Maker.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      No clause
or provision contained in this Note or any documents related hereto shall be
construed or shall so operate (a) to raise the interest rate set forth in this
Note above the lawful maximum, if any, in effect from time to time in the
applicable jurisdiction for loans to borrowers of the type, in the amount, for
the purposes, and otherwise of the kind contemplated, or (b) to require the
payment or the doing of any act contrary to law, but if any clause or provision
contained herein shall otherwise so operate to invalidate this Note, in whole or
in part, then (i) such clauses or provisions shall be deemed modified to the
extent necessary to be in compliance with the law, or (ii) to the extent not
possible, shall be deemed void as though not contained and the remainder of this
Note and such document shall remain operative and in full force and
effect.

       

      All
makers and any endorsers, guarantors, sureties, accommodation parties and all
other persons liable or to become liable for all or any part of this
indebtedness, jointly and severally waive diligence, presentment, protest and
demand, and also notice of protest, of demand, of nonpayment, of dishonor and of
maturity and also recourse or suretyship defenses generally; and they also
jointly and severally hereby consent to any and all renewals, extensions or
modifications of the terms of this Note, including time for payment, and further
agree that any such renewals, extension or modification of the terms of this
Note or the release or substitution of any security for the indebtedness under
this Note or any other indulgences shall not affect the liability of any of the
parties for the indebtedness evidenced by this Note.  Any such
renewals, extensions or modifications may be made without notice to any of said
parties.

       

      The Maker
shall be liable to the Holder for all reasonable costs and expenses incurred in
connection with collection, whether by suit or otherwise, of any amount due
under this Note, including, without limitation, attorneys’ fees, as more fully
set forth in the Loan Agreement.

       

      This Note
shall be governed by and construed in accordance with the laws of the State of
Illinois.

       

      
        
          
            	
                    The
      Wood Energy Group, Inc.,

                  	 
      	
                    Fifth
      Third Bank,

                  
	
                    a
      Missouri corporation

                  	 
      	
                    a
      Michigan banking corporation

                  
	 
      	 
      	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Gary O. Marino

                  	 
      	
                    By:

                  	
                    /s/ Craig Schuth  

                  
	
                    Its:

                  	
                    Chairman
      and Chief Executive Officer

                  	 
      	
                    Its:

                  	
                    Vice
      President

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