Document:

exv10w1

 

Exhibit 10.1

REVOLVING PROMISSORY NOTE

			
	Omaha, Nebraska 

Note Date: July 18, 2007
	 	$3,500,000.00

Maturity Date: July 17, 2008

     On or before July 17, 2008, Red Trail Energy, LLC (“BORROWER”), promises
to pay to the order of First National Bank of Omaha (“BANK”) at any of its offices
in Omaha, Nebraska the principal sum hereof, which shall be Three Million Five
Hundred Thousand and no/100 ($3,500,000.00) Dollars or so much thereof as may have
been advanced by BANK and shown on the records of the BANK to be outstanding, under
this Note and the Construction Loan Agreement executed by the BANK and BORROWER
dated as of December 16, 2005, as it may, from time to time, be amended (the “LOAN
AGREEMENT”). Interest on the principal balance from time to time outstanding will
be payable at a rate equal to the LIBOR RATE plus three hundred forty (340) basis
points from time to time until maturity, and six hundred (600) basis points in
excess of said aggregate interest rate from time to time after maturity, whether by
acceleration or otherwise. Interest shall be calculated on the basis of a 360-day
year, counting the actual number of days elapsed. Interest on this NOTE shall be
payable quarterly, commencing October 10, 2007, and continuing on the same date of
each third month thereafter. Provided, however, the LOAN AGREEMENT contains
provisions for reduction of the interest rate under certain circumstances.

     This note is executed pursuant to the LOAN AGREEMENT. The LOAN AGREEMENT
contains additional terms of this Note, including, but not limited to enumerated
events of default, and the granting of liens to secure BORROWER’s performance. All
capitalized terms not otherwise defined herein shall have the same meanings as set
forth in the LOAN AGREEMENT.

     As provided in the LOAN AGREEMENT, upon any such enumerated default, BANK may
accelerate the due date of this Note and declare all obligations set forth herein
immediately due and payable, and BANK shall also have such other remedies as are
described in the LOAN AGREEMENT and are provided by law. 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.

     Executed as of the Note Date set forth above.

Red Trail Energy, LLC, a North Dakota limited liability company

	 	 	 	 	 	 	 
	By:

	 	/s/ Mike Appert
	 	By:
	 	/s/ Roger Berglund
	 

	 	 
	 	 	 	 
	Name:

	 	Mike Appert
	 	Name:
	 	Roger Berglund
	 

	 	 
	 	 	 	 
	Title:

	 	Chairman
	 	Title:	 	Treas.
	 

	 	 
	 	 	 	 

 

 

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	North Dakota
	 	 	)	 	 	 
	 

	 	 	 	 	)	 	 	ss.
	COUNTY OF

	 	Stark
	 	 	)	 	 	 
	 

	 	 	 	 	 	 	 	 

     On
this 24 day of July, 2007, before me, the undersigned, a Notary
Public, personally appeared Mike Appert, Chairman  of Red Trail
Energy, LLC, on behalf of said entity, who executed the foregoing instrument, and
acknowledged that he executed the same as his voluntary act and deed
and that of the Company.

	 	 	 	 	 
	 	 	/s/ De Ell Hoff
	 	 	 
	 

	 	Notary Public	 	 
	 

	 	 	 	DEELL HOFF
	 

	 	 	 	Notary Public
	 

	 	 	 	State of North Dakota 
	 

	 	 	 	My Commission Expires Oct. 21, 2011

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	North Dakota
	 	 	)	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	)	 	 	ss.
	COUNTY OF

	 	Stark
	 	 	)	 	 	 
	 

	 	 	 	 	 	 	 	 

     On
this 24 day of July, 2007, before me, the undersigned, a Notary
Public, personally appeared Roger Berglund, Treas of Red Trail
Energy, LLC, on behalf of said entity, who executed the foregoing instrument, and
acknowledged that he executed the same as his voluntary act and deed and that of the
Company.

	 	 	 	 	 
	 	 	/s/ De Ell Hoff
	 	 	 
	 

	 	Notary Public	 	 
	 

	 	 	 	DEELL HOFF
	 

	 	 	 	Notary Public
	 

	 	 	 	State of North Dakota 
	 

	 	 	 	My Commission Expires Oct. 21, 2011exv10w2

 

Exhibit 10.2

SECOND
AMENDMENT TO CONSTRUCTION LOAN AGREEMENT

This Second Amendment to Construction Loan Agreement is dated as of the 18th day of July, 2007,
and is by and between RED TRAIL ENERGY, LLC, a North Dakota limited liability company
(“BORROWER”), and FIRST NATIONAL BANK OF OMAHA (“BANK”), a national banking association
established at Omaha, Nebraska.

WHEREAS, the BANK and BORROWER executed a written Construction Loan Agreement dated as of July 25,
2002, which, together will all amendments thereto, is collectively called the “AGREEMENT”.

Now, Therefore, in consideration of the AGREEMENT, and their mutual promises made herein, BANK and
BORROWER agree as follows:

     1. Terms which are typed herein as all capitalized words and are not defined herein
shall have same meanings as when described in the AGREEMENT.

     2. Paragraph 1.23 (A) of the AGREEMENT is hereby amended to read as follows,
effective immediately:

1.24 “LOAN TERMINATION DATE” means the earliest to occur of the following: (i) as to the
REVOLVING NOTE, July 17, 2008, as to FIXED RATE NOTE, VARIABLE RATE NOTE and as to LONG
TERM REVOLVING NOTE, a date which is five years subsequent to the COMPLETION DATE, (ii)
the date the OBLIGATIONS are accelerated pursuant to this AGREEMENT, and (iii) the date
BANK has received (a) notice in writing from BORROWER of BORROWER’s election to terminate
this AGREEMENT and (b) indefeasible payment in full of the OBLIGATIONS.

     3. BORROWER certifies by its execution hereof that the representations and
warranties set forth in Section 5 of the AGREEMENT are true as of this date, and that no
EVENT OF DEFAULT under the AGREEMENT, and no event which, with the giving of notice
or passage of time or both, would become such an EVENT OF DEFAULT, has occurred as of
this date.

     4. Except as amended hereby the parties ratify and confirm as binding upon them all
of the terms of the AGREEMENT.

(remainder of page left intentionally blank)

 

 

     IN WITNESS whereof the parties set their hands as of the date first written above.

	 	 	 	 	 	 	 	 	 
	First National Bank of Omaha	 	 	 	Red Trail Energy, LLC
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Chris Reiner
	 	 	 	By:
	 	/s/ Mike Appert
	 

	 	 
	 	 	 	 	 	 
	 

	 	Chris Reiner
	 	 	 	Name:
	 	Mike Appert
	 

	 	 	 	 	 	 	 	 
	 

	 	Commercial Loan Officer
	 	 	 	Its:
	 	Chairman
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	And	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Roger Berglund
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	Roger Berglund
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:
	 	Treas.
	 

	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	North Dakota
	 	 	)	 	 	 
	 

	 	 	 	 	)	 	 	ss.
	COUNTY OF

	 	Stark
	 	 	)	 	 	 
	 

	 	 	 	 	 	 	 	 

     On this 24 day of July, 2007, before me, the undersigned, a Notary Public, personally
appeared  Mike Appert, Chairman of Red Trail Energy, LLC, on behalf of said entity, who executed the foregoing
instrument, and acknowledged that he executed the same as his voluntary act and deed and that of
the Company.

	 	 	 	 	 
	 	 	/s/ De Ell Hoff
	 	 	 
	 

	 	Notary Public	 	 
	 

	 	 	 	DEELL HOFF
	 

	 	 	 	Notary Public
	 

	 	 	 	State of North Dakota 
	 

	 	 	 	My Commission Expires Oct. 21, 2011

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	North Dakota
	 	 	)	 	 	 
	 

	 	 	 	 	)	 	 	ss.
	COUNTY OF

	 	Stark
	 	 	)	 	 	 
	 

	 	 	 	 	 	 	 	 

     On this 24 day of  July, 2007, before me, the undersigned, a Notary Public,
personally appeared  Roger Berglund, Treas of Red Trail Energy, LLC, on behalf of said entity,
who executed the foregoing instrument, and acknowledged that he executed the same as his voluntary
act and deed and that of the Company.

	 	 	 	 	 
	 	 	/s/ De Ell Hoff
	 	 	 
	 

	 	Notary Public	 	 
	 

	 	 	 	DEELL HOFF
	 

	 	 	 	Notary Public
	 

	 	 	 	State of North Dakota 
	 

	 	 	 	My Commission Expires Oct. 21, 2011exv10w3

 

Exhibit 10.3

August 2, 2007

Red Trail Energy

     Re: Transfer of RPMG LLC Business to Wholly-Owned Subsidiary 

Dear Mick Miller:

For business and tax reasons, Renewable Products Marketing Group, LLC (“RPMG”), has
determined that it is necessary to transfer substantially all of its assets and
liabilities to a wholly-owned subsidiary. To that end we formed RPMG, Inc. and
effective October 1,2007, we will be transferring all our business to that entity,
including our Marketing Agreement with you. RPMG, Inc. will be wholly owned by RPMG.
This step is being taken on the advice of our accountants and counsel and in no way
will affect our relationship with you or change our obligations to you under the
contract. However, our contract with you requires that you consent to the assignment.
Accordingly, we are asking you to sign and return the enclosed copy of this letter
confirming your consent to the assignment of your contract.

If you have any questions, please call Jennifer Seurer at 952-873-2420 ext. 34.

	 	 	 	 	 
	 	Very truly yours,

Renewable Products Marketing Group, LLC

 	 
	 	By:  	/s/ Randy Hahn
 	 
	 	 	Randy Hahn, CEO 	 
	 	 	 	 
	 

We hereby consent to the assignment described
above.

Dated this 31 day of August, 2007

	 	 	 	 	 
	Red Trail Energy

 	 
	By:  	/s/ Mick J. Miller
 	 
	 	An Authorized Officerexv10w4

 

Exhibit 10.4

CONSENT
TO ASSIGNMENT AND ASSUMPTION OF

MARKETING AGREEMENT

     The undersigned and Commodity Specialists Company, a Delaware corporation (“CSC”),
are parties to that certain Distiller’s Grain Marketing Agreement dated as of March 1,
2004 (the “Marketing Agreement”).

     On August 8, 2007, CSC and CHS Inc., a Minnesota cooperative corporation (“CHS”),
entered into an Assignment and Assumption Agreement (the “Assignment and Assumption
Agreement”), under which CSC assigned to CHS all of its right, title and interest in and
to the Marketing Agreement, subject to receiving consent to such assignment from the
undersigned.

     For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged:

     1. The undersigned hereby consents and agrees to:

     (a) the assignment by CSC to CHS of all of CSC’s right, title and interest in
and to the Marketing Agreement, as described in the Assignment and Assumption
Agreement;

     (b) the assumption by CHS of the duties, obligations and liabilities of CSC
under the Marketing Agreement which arise on or after the date hereof, subject
to the terms and conditions set forth in the Assignment and Assumption Agreement; and

     (c) deliver all notices required to be delivered to CHS under the Marketing
Agreement on or following the date hereof, to the following address:

CHS Inc.

P.O. Box 64089

St. Paul, Minnesota 55164-0089

Attn: Dave Christofore

Facsimile: 651-355-6857

     2. In
conjunction with this consent, the undersigned hereby acknowledges:

     (a)
the Marketing Agreement is in full force and effect and has not been
modified or amended, except as stated herein; and

     (b) each party to the Marketing Agreement has performed all obligations
required under it as of the date hereof and there is no default under the
Marketing Agreement or facts or circumstances which with the passing of time or giving
of notice would constitute a default thereunder.

	 	 	 	 	 
	Date: 8-31-07  	Red Trail Energy LLC

 	 
	 	By:  	/s/ Mick J. Miller
 	 
	 	 	Its: PRESIDENT

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