Document:

Exhibit
10.4

 

FIRST
AMENDED AND RESTATED REVOLVING PROMISSORY NOTE

 

	
  Omaha, Nebraska

  	
   

  	
  $1,000,000.00

  
	
  Note Date: April 24, 2009

  	
   

  	
   

  
	
  Maturity Date: February 28, 2010

  	
   

  	
   

  

 

On or before February 28, 2010, 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 FIRST 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 REVOLVING PROMISSORY NOTE dated April 24,
2008 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, CEOExhibit
10.5

 

FIRST
AMENDED AND RESTATED REVOLVING PROMISSORY NOTE

 

	
  Omaha, Nebraska

  	
   

  	
  $2,646,000.00

  
	
  Note Date: April 24, 2009

  	
   

  	
   

  
	
  Maturity Date: February 28, 2010

  	
   

  	
   

  

 

On or before February 28,
2010, 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 Two Million Six Hundred Forty-Six
Thousand and No/I 00 Dollars ($2,646,000.00) or so much thereof as may have
been advanced by BANK and shown on the records of BANK to be outstanding under
this FIRST AMENDED. AND RESTATED REVOLVING PROMISSORY NOTE (“REVOLVING
PROMISSORY NOTE”) and the AGREEMENT (as defined below). This REVOLVING
PROMISSORY NOTE amends and restates that certain REVOLVING PROMISSORY NOTE
dated April 24, 2008 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 Keltscher, CEO

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