Document:

EXHIBIT 10.1

 

AMENDED AND RESTATED FIFTH SUPPLEMENT

TO THE MASTER LOAN AGREEMENT

(REVOLVING LINE OF CREDIT LOAN)

 

THIS FIFTH SUPPLEMENT TO THE MASTER LOAN AGREEMENT (this “Fifth Supplement”), dated as of July 2,
2010, is between AGSTAR FINANCIAL SERVICES, PCA
(the “Lender”) and HERON LAKE BIOENERGY, LLC, a Minnesota limited liability company (the
“Borrower”), and supplements that
certain Fourth Amended and Restated Master Loan Agreement, dated October 1,
2007, between the Lender and the Borrower (as the same may be amended,
modified, supplemented, extended or restated from time to time, the “MLA”).

 

1.             Definitions.  As used in this Fifth Supplement, the
following terms shall have the following meanings.  Capitalized terms used and not otherwise
defined in this Fifth Supplement shall have the meanings attributed to such
terms in the MLA.  Terms not defined in
either this Fifth Supplement or the MLA shall have the meanings attributed to
such terms in the Uniform Commercial Code, as enacted in the State of Minnesota
and as amended from time to time.

 

“Availability
Date” shall have the meaning specified in Section 5 of this Fifth
Supplement.

 

“Borrowing
Base” means, at any time, the lesser of: 
(a) $6,750,000.00; or (b) the sum of:  (i) 75% of Borrower’s Eligible Accounts
Receivable; plus (ii) 75% of Borrower’s Eligible Inventory.

 

“Borrowing
Base Certificate” means the certificate in the form of Exhibit A
attached hereto properly completed and duly executed by an authorized officer
of the Borrower.

 

“Eligible
Accounts Receivable” means all unpaid Accounts, net of any credits, except
the following shall not in any event be deemed Eligible Accounts:

 

(a) 
That portion of Accounts unpaid 30 days or more after the invoice date:

 

(b) 
That portion of Accounts that is disputed or subject to a claim of offset or a
contra account;

 

(c) 
That portion of Accounts not yet earned by the final delivery of goods or
rendition of services, as applicable, by any Borrower to the customer;

 

(d) 
Accounts owed by any unit of government, whether foreign or domestic except
Incentive Payments will be considered a part of Eligible Accounts as defined in
this Agreement;

 

(e)  Accounts owed by an account debtor located
outside the United States;

 

(f) 
Accounts owed by an account debtor that is insolvent, the subject of bankruptcy
proceedings or has gone out of business;

 

(g) 
Accounts owed by a shareholder, Guarantor, Affiliate, officer or employee of any
Borrower;

 

 

(h) 
Accounts not subject to a duly perfected security interest in the Lender’s
favor or which are subject to any lien, security interest or claim in favor of
any Person other than the Lender, including, without limitation, any payment or
performance bond;

 

(i)  That portion of Accounts that has been
restructured, extended, amended or modified;

 

(j)  That portion of Accounts that constituted
advertising, finance charges, service charges or sales or excise taxes; and

 

(k)
 Accounts, or portions thereof, otherwise
deemed ineligible by the Lender, in its sole discretion, exercised reasonably.

 

“Eligible
Inventory” means all inventory held for ultimate sale or lease, or which
has been or will be supplied under contracts of service, or which are raw
materials, work in process, or materials used or consumed in the Borrower’s
business and that has been specifically identified and accepted by the Lender,
excluding all of the following inventory:

 

(a)   Covered by documents of title, instruments, or
chattel paper when these documents, instruments and paper are not owned and
held by the Borrower or are subject to competing claims, liens or encumbrances.

 

(b)   Intended to be sold outside of the ordinary course
of business.

 

(c)   Consigned, sold or leased to others or on
consignment or lease from others or subject to a bailment.

 

(d)   Subject to a competing claim, lien or encumbrance.

 

(e)   Paid for in advance with progress payments or any
other sums to the Borrower in anticipation of the sale and delivery of
inventory.

 

(f)    Obsolete or unusable in the ordinary course of
business.

 

(g)   Inventory of work in progress.

 

(h)   Inventory that the Lender, in its sole discretion,
disqualifies as Eligible Inventory, exercised reasonably.

 

“Incentive
Payments” means any and all federal or state governmental subsidies,
payments, transfers or other benefits, whether now or hereafter established,
received by the Borrower in any fiscal year aged less than 120 days.

 

“Letters
of Credit” shall have the meaning specified in Section 7 of this Fifth
Supplement.

 

“Maximum
Rate” shall have the meaning specified in Section 8 of this Fifth
Supplement.

 

“Monthly
Payment Date” means the first (1st) day of each calendar month.

 

“Outstanding
Credit” means, at any time of determination, the aggregate amount of
Advances then outstanding under this Fifth Supplement and the Revolving Line of
Credit Note.

 

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“Outstanding
Revolving Advance” means the total Outstanding Credit under this Fifth
Supplement and the Revolving Line of Credit Note.

 

“Revolving
Advance” means an advance under this Fifth Supplement and the Revolving
Line of Credit Note.

 

“Revolving
Line of Credit Loan” shall have the meaning specified in Section 2 of
this Fifth Supplement.

 

“Revolving
Line of Credit Loan Commitment” shall have the meaning specified in Section 2
of this Fifth Supplement.

 

“Revolving
Line of Credit Loan Maturity Date” shall mean December 31, 2010.

 

“Revolving
Line of Credit Loan Termination Date” shall have the meaning specified in Section 2
of this Fifth Supplement.

 

“Unused
Commitment Fee” shall have the meaning specified in Section 6(d) of
this Fifth Supplement.

 

2.             Revolving Loan Commitment.  On the terms and conditions set forth in the
MLA and this Fifth Supplement, Lender agrees to make one or more advances
(collectively, the “Revolving Line of Credit
Loan”) to the Borrower, during the period beginning on the
Availability Date (as defined in Section 5 of this Fifth Supplement) and
ending on the Business Day immediately preceding the Revolving Line of Credit
Loan Maturity Date (as hereinafter defined in this Section 2) (the “Revolving Line of Credit Loan Termination
Date”), in an aggregate principal amount
outstanding at any one time not to exceed $6,750,000.00 (the “Revolving Line of Credit Loan Commitment”) provided, however, that at no time shall
the Outstanding Revolving Advance exceed the Borrowing Base.  The Revolving Line of Credit Loan Commitment
shall expire at 12:00 noon Central time on the Revolving Line of Credit Loan Maturity Date. 
Subject to Section 7 of this Fifth Supplement, under the Revolving
Line of Credit Loan Commitment amounts borrowed and repaid or prepaid may be
reborrowed at any time prior to and including the Revolving Line of Credit Loan
Termination Date.

 

3.             Purpose.  The purposes for which advances under the
Loan may be used are for general corporate and operating purposes of the
Borrower and its subsidiaries, including closing costs and fees associated with
the Revolving Line of Credit Loan.  The
Borrower agrees that the proceeds of the Loan are to be used only for the purposes
set forth in this Section 3.

 

4.             Repayment of the Revolving Line of Credit Loan.  The Borrower will pay interest
on the Revolving Line of Credit Loan on the first day of each month, commencing
on the first Monthly Payment Date following the date on which the first Advance
is made on the Revolving Line of Credit Loan, and continuing on each Monthly
Payment Date thereafter until the Revolving Line of Credit Loan Maturity
Date.  On the Revolving Line of Credit
Loan Maturity Date, the amount of the then unpaid principal balance of the
Revolving Line of Credit Loan and any and all other amounts due and owing
hereunder or under any other Loan Document relating to the Revolving Line of
Credit Loan will be due and payable.  If
any Payment Date is not a Business Day, then the principal installment then due
shall be paid on the next Business Day and shall continue to accrue interest
until paid.

 

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5.             Availability. Subject to the provisions of the MLA and this Fifth Supplement, during
the period commencing on the date on which all conditions precedent to the
initial advance under the Revolving Line of Credit Loan are satisfied (the “Availability
Date”) and ending on the Revolving Line of Credit
Loan Termination Date, advances under the Revolving Line of Credit Loan will be
made as provided in this Fifth Supplement.

 

6.             Making the Advances.

 

(a)           Revolving
Advances.  Each
Revolving Advance shall be made, on notice from the Borrower (a “Request for Advance”) to the Lender delivered before
12:00 Noon (Minneapolis, Minnesota time) on a Business Day which is at
least three (3) Business Days prior to the date of such Revolving Advance
specifying the amount of such Revolving Advance, provided that, no Revolving
Advance shall be made while an Event of Default exists or if the interest rate
for such LIBOR Rate Accounts would exceed the Maximum Rate.  Any Request for Advance applicable to a
Revolving Advance received after 12:00 Noon (Minneapolis, Minnesota time)
shall be deemed to have been received and be effective on the next Business
Day.  The amount so requested from the
Lender shall, subject to the terms and conditions of this Fifth Supplement, be
made available to the Borrower by: 
(i) depositing the same, in same day funds, in an account of the
Borrower; or (ii) wire transferring such funds to a Person or Persons
designated by the Borrower in writing.

 

(b)           Requests
for Advances Irrevocable.  Each Request for Advance shall be irrevocable
and binding on the Borrower and the Borrower shall indemnify the Lender against
any loss or expense it may incur as a result of any failure to borrow any
Advance after a Request for Advance (including any failure resulting from the
failure to fulfill on or before the date specified for such Advance the
applicable conditions set forth in Article III of this Fifth Supplement),
including, without limitation, any loss (including loss of anticipated profits)
or expense incurred by reason of the liquidation or reemployment of deposits or
other funds acquired by the Lender to fund such Advance when such Advance, as a
result of such failure, is not made on such date.

 

(c)           Minimum
Amounts.  Each
Revolving Advance shall be in a minimum amount equal to $10,000.00.

 

(d)           Unused
Commitment  Fee.  Borrower agrees to pay to the Lender an
Unused Commitment Fee on the average daily unused portion of the Revolving Line
of Credit Loan Commitment from the effective date of this Agreement until the
Revolving Line of Credit Loan Maturity Date. 
Such Unused Commitment Fee shall be equal to a rate of 0.25% per annum,
payable in arrears in quarterly installments on the first (1st) day of each third month
after the effective date of this Agreement.

 

(e)           Draft Loan Program.  At the Borrower’s request and at the Lender’s
sole discretion, the Borrower may obtain a Revolving Advance by using draft
forms furnished by the Lender to the Borrower, subject to the following terms
and conditions:

 

(i)            Borrower Authorization and
Responsibility.  The Borrower
shall be deemed to have authorized and directed the Lender and its duly
authorized agents to accept drafts and to disburse Revolving Line of Credit
Loan funds by due execution of any draft. 
The Borrower shall be responsible for all disbursements made pursuant to
this authorization and direction.  The
Lender shall not be obligated to inquire as to whether the Borrower has issued
specific directions for any particular draft or to determine whether the
Borrower has received the benefit of the proceeds of any particular draft
before honoring such draft.  The
execution of any draft by the Borrower shall constitute a representation and
warranty to the Lender that the conditions set forth in Section 6(e) have
been met as of the date of all such drafts.

 

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(ii)           Minimum Amount.  Each draft shall be in a minimum amount equal
to $10,000.00 and shall not be written in excess of the Revolving Line of
Credit Loan Commitment provided, however; that
at no time shall any draft be written that results in the Outstanding Revolving
Advance exceeding the Borrowing Base or the Revolving Line of Credit Loan
Commitment, whichever is less.

 

(iii)          Stop Payment Provisions.  The Borrower may stop payment on a draft by
written request to the Lender.  The
Lender shall not be liable in the event the draft is honored following a
stop-payment order, if such order is not received in sufficient time to permit
the dishonor.  The Borrower shall
reimburse the Lender for all damages, costs and expenses as a result of the
Lender’s refusal to honor a draft due to a stop payment order requested by the
Borrower.

 

(iv)          Fees.  Reasonable fees may be charged the Borrower
by Lender for the use of drafts and are subject to change at the Lender’s
discretion.  In addition, the Borrower
may be charged additional fees for each draft that is not in compliance with
the provisions set forth in this Section 6(d) and for any draft for
which the Borrower requests a stop-payment order.

 

(v)           Limitations.  The Borrower shall not issue any draft as
payment on this or other Loan Obligations of the Borrower or for any purpose
other than as permitted in the Loan Documents.

 

(vi)          Revocation of Rights and
Rejection of Drafts.  The Lender
reserves the right to revoke all future draft privileges without notice to the
Borrower in the event the payment of any draft would result in the Outstanding
Revolving Advance exceeding the Borrowing Base or the Revolving Line of Credit
Loan commitment, whichever is less.  The
Lender reserves the right to reject drafts that are not written for purposes
specified in or pursuant to the terms and conditions of the Loan
Documents.  In the event that Lender
chooses to honor a draft which exceeds the limits as set forth in this Section 6(d)(ii),
Borrower shall repay all the amounts by which the Outstanding Revolving
Advances exceed the Borrowing Base or the Revolving Line of Credit Loan
Commitment, whichever is less, plus interest and a reasonable overdraft fee,
upon demand by Lender.

 

(vii)         Notification.  The Borrower agrees to immediately notify the
Lender in the event one or more drafts are lost, stolen, destroyed or otherwise
misused and to indemnify the Lender and hold the Lender harmless from any loss
or claim if any draft is lost, stolen, forged, altered or otherwise misused.

 

(viii)        Authorization.  This authorization and direction shall be
effective until the Lender receives written notice of revocation by the
Borrower, provided the privilege of using drafts may be terminated by the
Lender at any time in its sole discretion. 
Upon such termination, the Borrower shall surrender to the Lender all
unused drafts on demand.

 

(f)            Conditions
Precedent to All Advances.  The Lender’s obligation to make each Advance
under the Revolving Line of Credit Note shall be subject to the terms, conditions
and covenants set forth in the MLA and this Fifth Supplement, including,
without limitation, the following further conditions precedent:

 

(i)            Representations
and Warranties.  The
representations and warranties set forth in the MLA and this Fifth Supplement
are true and correct in all material respects as of the date of the request for
any Advance to the same extent and with the same effect as if made at and as of
the date thereof except as disclosed in writing to the Lender;

 

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(ii)           Compliance With
Disbursing Agreement.  All of the
terms and conditions of the Disbursing Agreement have been satisfied with
respect to each such Advance;

 

(iii)          No Defaults.  The Borrower is not in default under the
terms of the MLA, the Related Documents or any other Material Contracts to
which the Borrower is a party and which relates to the construction of the
Project or the operation of the Borrower’s business; and

 

(iv)          Deposit Accounts.  The Borrower shall have established and shall
maintain all of its primary deposit accounts at Home Federal Savings Bank.

 

7.             Letters
of Credit.

 

(a)           Commitment
to Issue.  The
Borrower may request Revolving Advances by the Lender, and the Lender, subject
to the terms and conditions of this Fifth Supplement, may, in its sole
discretion, issue letters of credit for any Borrower’s account (such letters of
credit, being hereinafter referred to collectively as the “Letters of
Credit”); provided, however,
that:

 

(i)            the aggregate
amount of outstanding Letter of Credit Liabilities shall not at any time exceed
the amount of $500,000.00;

 

(ii)           the sum of the
outstanding Letters of Credit plus the Outstanding Revolving Advances shall not
at any time exceed the Borrowing Base.

 

(b)           Letter
of Credit Request Procedure.  The Borrower shall give the Lender
irrevocable prior notice (effective upon receipt) on or before 3:00 P.M.
(Minneapolis, Minnesota time) on the Business Day three Business Days prior to
the date of the requested issuance of a Letter of Credit specifying the
requested amount, expiry date and issuance date of each Letter of Credit to be
issued and the nature of the transactions to be supported thereby.  Any such notice received after 3:00 P.M.
(Minneapolis, Minnesota time) on a Business Day shall be deemed to have been
received and be effective on the next Business Day.  Each Letter of Credit shall be in the form of
Exhibit B to this Fifth Supplement, have an expiration date that occurs on
or before the Maturity Date, shall be payable in U.S. dollars, must be
satisfactory in form and substance to the Lender, and shall be issued pursuant
to such documentation as the Lender may require, including, without limitation,
the Lender’s standard form letter of credit request and reimbursement Fifth Supplement;
provided that, in the event of any
conflict between the terms of such Fifth Supplement and the other Loan
Documents, the terms of the other Loan Documents shall control.

 

(c)           Letter
of Credit Fees.  The
Borrower shall pay to the Lender for (i) all fees, costs, and expenses of
the Lender arising in connection with any Letter of Credit, including the
Lender’s customary fees for amendments, transfers, and drawings on Letters of
Credit and (ii) on the date of the issuance of the Letter of Credit, and
at the anniversary date of issuance of such Letter of Credit, an issuance fee
equal to two and one-half (2.5%) percent, on an annualized basis, of the
maximum amount available to be drawn under the Letter of Credit.

 

(d)           Funding
of Drawings.  Upon
receipt from the beneficiary of any Letter of Credit of any demand for payment
or other drawing under such Letter of Credit, the Issuer shall promptly notify
the Borrower as to the amount to be paid as a result of such demand or drawing
and the respective payment date.  Any
notice pursuant to the forgoing sentence shall specify the amount to be paid as
a result of such demand or drawing and the respective payment date.

 

6

 

(e)           Reimbursements.  After receipt of the notice delivered
pursuant to clause (d) of this section with respect to a Letter of
Credit, the Borrower shall be irrevocably and unconditionally obligated to
reimburse the Lender for any amounts paid by the Lender upon any demand for
payment or drawing under the applicable Letter of Credit, without presentment,
demand, protest, or other formalities of any kind other than the notice
required by clause (d) of this section.  Such reimbursement shall occur no later than
3:00 P.M. (Minneapolis, Minnesota time) on the date of payment under the
applicable Letter of Credit if the notice under clause (d) of this
section is received by 2:00 P.M. (Minneapolis, Minnesota time) on
such date or by 11:00 A.M. (Minneapolis, Minnesota time) on the next
Business Day, if such notice is received after 2:00 P.M. (Minneapolis,
Minnesota time).  All payments on the
Reimbursement Obligations (including any interest earned thereon) shall be made
to the Lender for the account of the Lender in U.S. dollars and in immediately
available funds, without set-off, deduction, or counterclaim.

 

(f)            Reimbursement
Obligations Absolute.  The Reimbursement
Obligations of the Borrower under this Fifth Supplement shall be absolute,
unconditional, and irrevocable, and shall be performed strictly in accordance
with the terms of the Loan Documents under all circumstances whatsoever and the
Borrower hereby waives any defense to the payment of the Reimbursement
Obligations based on any circumstance whatsoever, including, without
limitation, in any case, the following circumstances:  (i) any lack of validity or
enforceability of any Letter of Credit or any other Loan Document;
(ii) any amendment or waiver of or any consent to departure from any Loan
Document; (iii) the existence of any claim, set-off, counterclaim,
defense, or other rights which any Borrower or any other Person may have at any
time against any beneficiary of any Letter of Credit, the Lender or any other
Person, whether in connection with any Loan Document or any unrelated
transaction; (iv) any statement, draft, or other documentation presented
under any Letter of Credit proving to be forged, fraudulent, invalid, or
insufficient in any respect or any statement therein being untrue or inaccurate
in any respect whatsoever; (v) payment by the Lender under any Letter of
Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit; or (vi) any other circumstance
whatsoever, whether or not similar to any of the foregoing; provided that Reimbursement Obligations with respect to a
Letter of Credit may be subject to avoidance by a Borrower if the Borrower
proves in a final non-appealable judgment that it was damaged and that such
damage arose directly from the Lender’s willful misconduct or gross negligence
in determining whether the documentation presented under the Letter of Credit
in question complied with the terms thereof.

 

(g)           Issuer
Responsibility.  Borrower
assumes all risks of the acts or omissions of any beneficiary of any Letter of
Credit with respect to its use of such Letter of Credit.  Neither the Lender, nor any of its respective
officers or directors shall have any responsibility or liability to the
Borrower or any other Person for: 
(a) the failure of any draft to bear any reference or adequate
reference to any Letter of Credit, or the failure of any documents to accompany
any draft at negotiation, or the failure of any Person to surrender or to take
up any Letter of Credit or to send documents apart from drafts as required by
the terms of any Letter of Credit, or the failure of any Person to note the
amount of any instrument on any Letter of Credit, each of which requirements,
if contained in any Letter of Credit itself, it is agreed may be waived by the
Lender; (b) errors, omissions, interruptions, or delays in transmission or
delivery of any messages; (c) the validity, sufficiency, or genuineness of
any draft or other document, or any endorsement(s) thereon, even if any
such draft, document or endorsement should in fact prove to be in any and all
respects invalid, insufficient, fraudulent, or forged or any statement therein
is untrue or inaccurate in any respect; (d) the payment by the Lender to
the beneficiary of any Letter of Credit against presentation of any draft or
other document that does not comply with the terms of the Letter of Credit; or
(e) any other circumstance whatsoever in making or failing to make any
payment under a Letter of Credit.  The
Lender may accept documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice or
information to the contrary.

 

7

 

8.             Interest
Rate.  Subject to the
provisions of Sections 9 and 11 of this Fifth Supplement, the Revolving Line of
Credit Loan shall bear interest at a rate equal to the LIBOR Rate plus 325
basis points.  The computation of
interest, amortization, maturity and other terms and conditions of the
Revolving Line of Credit Loan shall be as provided in the Revolving Line of
Credit Note, provided, however, in no event shall the applicable rate exceed
the maximum nonusurious interest rate, if any, that at any time, or from time
to time, may be contracted for, taken, reserved, charged, or received under
applicable state or federal laws (the “Maximum Rate”).  Notwithstanding the foregoing, in no event
shall the rate of interest under the Revolving Line of Credit Loan be less than
six (6.0%) percent per annum until paid in full.

 

9.             Default
Interest.  In addition
to the rights and remedies set forth in the MLA:  (i) if the Borrower fails to make any
payment to Lender when due (including, without limitation, any purchase of
equity of Lender when required), then at Lender’s option in each instance, such
obligation or payment shall bear interest from the date due to the date paid at
2% per annum in excess of the rate of interest that would otherwise be
applicable to such obligation or payment; (ii) upon the occurrence and
during the continuance of an Event of Default beyond any applicable cure
period, if any, at Lender’s option in each instance, the unpaid balances of the
Revolving Line of Credit Loan shall bear interest from the date of the Event of
Default or such later date as Lender shall elect at 2% per annum in excess of
the rate(s) of interest that would otherwise be in effect on the Revolving
Line of Credit Loan under the terms of the Revolving Line of Credit Note; (iii) after
the maturity of the Revolving Line of Credit Loan, whether by reason of
acceleration or otherwise, the unpaid principal balance of the Revolving Line
of Credit Loan (including without limitation, principal, interest, fees and
expenses) shall automatically bear interest at 2% per annum in excess of the
rate of interest that would otherwise be in effect on the Revolving Line of
Credit Loan under the terms of the Revolving Line of Credit Note.  Interest payable at the Default Rate shall be
payable from time to time on demand or, if not sooner demanded, on the last day
of each calendar month.

 

10.          Late
Charge.  If any
payment of principal or interest due under this Fifth Supplement or the
Revolving Line of Credit Note is not paid within ten (10) days of the due
date thereof, the Borrower shall, in addition to such amount, pay a late charge
equal to five percent (5%) of the amount of such payment.

 

11.          Changes
in Law Rendering Certain LIBOR Rate Loans Unlawful.  In the event that any change in any
applicable law (including the adoption of any new applicable law) or any change
in the interpretation of any applicable law by any judicial, governmental or
other regulatory body charged with the interpretation, implementation or
administration thereof, should make it (or in the good-faith judgment of the
Lender should raise a substantial question as to whether it is) unlawful for
the Lender to make, maintain or fund LIBOR Rate Loans, then:  (a) the Lender shall promptly notify
each of the other parties hereto; and (b) the obligation of the Lender to
make LIBOR rate loans of such type shall, upon the effectiveness of such event,
be suspended for the duration of such unlawfulness.  During the period of any suspension, Lender
shall make loans to Borrower that are deemed lawful and that as closely as
possible reflect the terms of the MLA.

 

12.          Payments
and Computations.

 

(a)           Method
of Payment.  Except as
otherwise expressly provided herein, all payments of principal, interest, and
other amounts to be made by the Borrower under the Loan Documents shall be made
to the Lender in U.S. dollars and in immediately available funds, without
set-off, deduction, or counterclaim, not later than 2:00 P.M.
(Minneapolis, Minnesota time) on the date on

 

8

 

which such payment shall become due (each such payment made after such
time on such due date to be deemed to have been made on the next succeeding
Business Day).  The Borrower shall, at
the time of making each such payment, specify to the Lender the sums payable
under the Loan Documents to which such payment is to be applied and in the
event that the Borrower fail to so specify or if an Event of Default exists,
the Lender may apply such payment and any proceeds of any Collateral to the
Loan Obligations in such order and manner as it may elect in its sole
discretion, subject to Section 12(c).

 

(b)           Application
of Funds.  Apply all
payments received by it to the Borrower’s obligations to Lender in such order
and manner as Lender may elect in its sole discretion; provided that any
payments received from any guarantor or from any disposition of any collateral
provided by such guarantor shall only be applied against obligations guaranteed
by such guarantor.

 

(c)           Payments
on a Non-Business Day. 
Whenever any payment under any Loan Document shall be stated to be due
on a day that is not a Business Day, such payment may be made on the next
succeeding Business Day, and such extension of time shall in such case be
included in the computation of the payment of interest and fees, as the case
may be.

 

(d)           Proceeds
of Collateral.  All
proceeds received by the Lender from the sale or other liquidation of the
Collateral when an Event of Default exists shall first be applied as payment of
the accrued and unpaid fees and expenses of the Lender hereunder and then to
all other unpaid or unreimbursed Loan Obligations (including reasonable
attorneys’ fees and expenses) owing to the Lender and then any remaining amount
of such proceeds shall be applied to the unpaid amounts of Loan Obligations,
until all the Loan Obligations have been paid and satisfied in full or cash
collateralized.  After all the Loan
Obligations (including without limitation, all contingent Loan Obligations)
have been paid and satisfied in full, all Commitments terminated and all other
obligations of the Lender to the Borrower otherwise satisfied, any proceeds of
Collateral shall be delivered to the Person entitled thereto as directed by the
Borrower or as otherwise determined by applicable law or applicable court
order.

 

(e)           Computations.  Except as expressly provided otherwise
herein, all computations of interest and fees shall be made on the basis of
actual number of days lapsed over a year of 365 or 366 days, as
appropriate.  Interest shall accrue from
and include the date of borrowing, but exclude the date of payment.

 

13.          Maximum
Amount Limitation.  Anything
in this MLA, this Fifth Supplement, or the other Loan Documents to the contrary
notwithstanding, Borrower shall not be required to pay unearned interest on the
Revolving Line of Credit Note or any of the Loan Obligations, or ever be
required to pay interest on the Revolving Line of Credit Note or any of the
Loan Obligations at a rate in excess of the Maximum Rate, if any.  If the effective rate of interest which would
otherwise be payable under the MLA, this Fifth Supplement, the Revolving Line
of Credit Note, or any of the other Loan Documents would exceed the Maximum
Rate, if any, then the rate of interest which would otherwise be contracted
for, charged, or received under the MLA, this Fifth Supplement, the Revolving
Line of Credit Note, or any of the other Loan Documents shall be reduced to the
Maximum Rate, if any.  If any unearned
interest or discount or property that is deemed to constitute interest
(including, without limitation, to the extent that any of the fees payable by
Borrower for the Loan Obligations to the Lender under the MLA, this Fifth
Supplement, the Revolving Line of Credit Note, or any of the other Loan
Documents are deemed to constitute interest) is contracted for, charged, or
received in excess of the Maximum Rate, if any, then such interest in excess of
the Maximum Rate shall be deemed a mistake and canceled, shall not be collected
or collectible, and if paid nonetheless, shall, at the option of the holder of
the Revolving Line of Credit Note, be either refunded to the Borrower, or
credited on the principal of the Revolving Line of Credit Note.  It is further agreed that, without limitation
of the foregoing and to the extent permitted by applicable law, all
calculations of the rate of interest or discount contracted for, charged or
received by

 

9

 

the Lender under the Revolving Line of Credit Note, or under any of the
Loan Documents, that are made for the purpose of determining whether such rate
exceeds the Maximum Rate applicable to the Lender, if any, shall be made, to
the extent permitted by applicable laws (now or hereafter enacted), by
amortizing, prorating and spreading during the period of the full terms of the
Advances evidenced by the Revolving Line of Credit Note, and any renewals
thereof all interest at any time contracted for, charged or received by Lender
in connection therewith.  This
section shall control every other provision of all agreements among the
parties to the MLA pertaining to the transactions contemplated by or contained
in the Loan Documents, and the terms of this section shall be deemed to be
incorporated in every Loan Document and communication related thereto.

 

14.          Lender
Records.  All
advances and all payments or prepayments made thereunder on account of
principal or interest may be evidenced by the Lender in accordance with its
usual practice in an account or accounts evidencing such advances and all
payments or prepayments thereunder from time to time and the amounts of
principal and interest payable and paid from time to time thereunder; in any
legal action or proceeding in respect of the Notes, the entries made in such
account or accounts shall be prima  facie evidence of the
existence and amounts of all advances and all payments or prepayments made thereunder
on account of principal or interest. 
Lender shall provide monthly statements of such entries to Borrower for
the purpose of confirming the accuracy of such entries.

 

15.          Mandatory
Prepayments or Collateralization. The Borrowers shall,
within five (5) days following the earlier of the delivery of each
Borrowing Base Certificate hereof or the day upon which such Borrowing Base
Certificate was due, either (i) prepay the Advances in the amount, if any,
by which the Outstanding Credit on the date of prepayment under this
Section 15 exceeds the Borrowing Base at such time, together with accrued
interest to the date of such prepayment on the amount prepaid, or
(ii) pledge and assign to the Lender additional collateral acceptable to
the Lender, in the Lender’s sole discretion, and deliver all documentation that
the Lender, in its sole discretion, may require in connection with such pledge
and assignment and the perfection of a first-priority security interest in such
additional collateral, so that the Borrowing Base plus the value assigned by
the Lender, in its sole discretion, to such additional collateral equals or
exceeds the Outstanding Credit.

 

16.          Loan
Payments.  During the
continuance of an Event of Default, the Lender may deduct any obligations due
or any other amounts due and payable by the Borrower under the Loan Documents
from any accounts maintained with the Lender.

 

17.          Reporting
Requirements.  In addition to
the reporting requirements under Section 5.01(c) in the MLA, the
Borrower will furnish to the Lender as soon as available and in any event
within 30 days after the end of each month (or at such other times or with such
greater frequency as is requested by the Lender), a duly completed Borrowing
Base Certificate, setting forth the Borrowing Base as of the last day of such
month calculated based upon collateral value criteria and advance rates which
do not exceed those set forth in the Borrowing Base Certificate, and including
such other information, representation and warranties contemplated therein,
certified by the appropriate authorized officer of the Borrower.

 

18.          Compensation.  Upon the request of the
Lender, the Borrower shall pay to the Lender such amount or amounts as shall be
sufficient (in the reasonable opinion of the Lender) to compensate it for any
loss, cost, or expense (excluding loss of anticipated profits incurred by it)
as a result of: (i) any payment, prepayment, or conversion of a LIBOR rate
loan for any reason on a date other than the last day of the Interest Period
for such Loan; or (ii) any failure by the Borrower for any reason
(including, without limitation, the failure of any condition precedent
specified in the MLA or this Fifth Supplement to be satisfied) to borrow,
extend, or prepay a LIBOR rate loan on the date for such borrowing, extension,
or prepayment specified in the relevant notice of borrowing, extension or
prepayment under this Agreement.

 

10

 

Such indemnification may include any amount equal to the excess, if
any, of:  (a) the amount of interest
which would have accrued on the amount so prepaid, or not so borrowed,
converted or extended, for the period from the date of such prepayment or of such
failure to borrower, convert or extend to the last day of the applicable
Interest Period (or in the case of a failure to borrow, convert or extend, the
Interest Period that would have commenced on the date of such failure) in each
case at the applicable rate of interest for such loan as provided for herein;
over (b) the amount of interest (as reasonably determined by the Lender)
which would have accrued to the Lender on such amount by placing such amount on
deposit for a comparable period with leading banks in the interbank LIBOR
market. The covenants of the Borrower set forth in this section shall survive
the repayment of the Revolving Line of Credit Loan and other obligations under
the Loan Documents hereunder.

 

19.                               Security.  The Borrower’s obligations hereunder and, to
the extent related thereto, the MLA, shall be secured as provided in the MLA.

 

20.                               Effect
of Fifth Supplement.  The execution and delivery of this Fifth
Supplement and the Revolving Line of Credit Note shall supercede and replace in
its entirety the Fourth Amended and Restated Second Supplement and the Second
Amended and Restated Revolving Note dated May 18, 2007, which shall be of
no force or effect.

 

11

 

IN WITNESS WHEREOF, the parties have caused
this Fifth Supplement to the Fourth Amended and Restated Master Loan Agreement
to be executed by their duly authorized officers as of the date shown above.

 

 

	
   

  	
  HERON LAKE BIOENERGY, LLC

  
	
   

  	
  a Minnesota limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert J. Ferguson

  
	
   

  	
  Name:

  	
  Robert
  J. Ferguson

  
	
   

  	
  Title:

  	
  President

  

 

12

 

	
  Dated:
  July 2, 2010

  	
   

  
	
   

  	
  AGSTAR
  FINANCIAL SERVICES, PCA

  
	
   

  	
  an
  United States corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Schmidt

  
	
   

  	
   

  	
  Mark Schmidt

  
	
   

  	
   

  	
  Its
  Vice President

  

 

[Signature page for Amended and Restated Fifth Supplement]

 

13

 

EXHIBIT A

BORROWING BASE CERTIFICATE

 

Date:
                                  
        ,

 

	
  1

  	
   

  	
  Accounts
  Receivable:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
                                              (ethanol)

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
                                              (DDGs)

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Total

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deduct Ineligible Accounts (31 days or more from
  invoice date) 

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Deduct Ineligible Accounts (as determined by Bank)
  

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Eligible
  Accounts Receivable

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Multiply
  by Borrowing Base Factor

  	
   

  	
  75.00

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  Accounts
  Receivable Loan Availability

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  Corn
  and Distiller’s Dried Grain (current value)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ending
  Corn Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ending
  DDGs Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Total
  Inventory

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Multiply
  by Borrowing Base Factor

  	
   

  	
  75.00

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  Corn
  Inventory Loan Availability

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  Ethanol
  Inventories (lower of cost or market)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ending
  Fuel Ethanol Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ending
  Denaturant Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ending
  AA Enzyme Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ending
  GA Enzyme Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Other
  Inventory

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Total
  Inventory

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Multiply
  by Borrowing Base Factor

  	
   

  	
  75.00

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  Inventory
  Loan Availability

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  Total
  Borrowing Base (Totals from #1, #2, & #3)

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  Outstanding
  Loan Balance (as of month end)

  	
   

  	
  $

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6

  	
   

  	
  Margin
  (Line 4 minus Line 5)

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  

 

14

 

EXHIBIT B

FORM OF LETTER OF CREDIT

 

IRREVOCABLE STANDBY LETTER OF CREDIT NO.

 

(Date)

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

(Beneficiary)

 

Ladies
and Gentlemen:

 

At
the request of Heron Lake BioEnergy, LLC,
                                  ,
Heron Lake, MN 
                              ,
we hereby establish our Irrevocable Standby Letter of Credit in your favor in
the amount of $ 
              
U.S. dollars.

 

We
undertake that drawings under this Irrevocable Standby  Letter of Credit will be honored upon
presentation of your draft drawn on AgStar Financial Services, PCA, at 1921
Premier Drive, Mankato, Minnesota 56002-4249 and the original of this
Irrevocable Standby Letter of Credit prior to the expiration date set forth
herein.  All drafts submitted to Agstar
Financial Services, PCA must indicate the number and date of this Irrevocable
Standby Letter of Credit.

 

This
Irrevocable Standby Letter of Credit expires on
                          .

 

Except
as expressly stated herein, this undertaking is not subject to any conditions
or qualification.  The obligation of
AgStar Financial Services, PCA, under this Irrevocable Standby  Letter of Credit shall be the individual
obligation of AgStar Financial Services, PCA, and in no way contingent upon
reimbursement with respect thereto.

 

This
Irrevocable Standby Letter of Credit is subject to the Uniform Customs and
Practice for Documentary Credits, 1993 Version, of the International Chamber of
Commerce or any successor publication.

 

Sincerely,

 

AGSTAR
FINANCIAL SERVICES, PCA

 

 

Mark Schmidt

 

15EXHIBIT 10.2

 

SECOND AMENDED AND RESTATED

REVOLVING LINE OF CREDIT NOTE

 

	
  $6,750,000.00

  	
   

  	
  July 2,
  2010

  

 

1.                                       FOR VALUE
RECEIVED, HERON LAKE BIOENERGY, LLC, a Minnesota
limited liability company (the “Borrower”), hereby promises to pay to the order
of AGSTAR FINANCIAL SERVICES, PCA, an
United States instrumentality (the “Lender”), the principal sum of Six Million
Seven Hundred Fifty Thousand and No/100ths ($6,750,000.00) Dollars, or so much
thereof as may be advanced to, or for the benefit of, the Borrower and be
outstanding, with interest thereon, to be computed on each advance from the
date of its disbursement as set forth herein pursuant to that certain Fourth
Amended and Restated Master Loan Agreement dated October 1, 2007, by and
between the Lender and the Borrower (as it may be amended, modified,
supplemented, extended or restated from time to time, collectively, the “MLA”), and in that certain Amended and Restated Fifth
Supplement to the MLA, of even date herewith (as it may be amended, modified,
supplemented, extended or restated from time to time, collectively, the “Fifth Supplement”), and which remains unpaid, in lawful
money of the United States and immediately available funds.  This Second Amended and Restated Revolving
Line of Credit Note (the “Note”) is
issued pursuant to the terms and provisions of the MLA and the Fifth Supplement
and is entitled to all of the benefits provided for in the MLA and the Fifth
Supplement.  All capitalized terms used
and not defined herein shall have the meanings assigned to them in the MLA and
the Fifth Supplement.

 

2.                                       The outstanding
principal balance of this Note shall bear interest at a variable rate
determined by Lender to be three and one-quarter percent (3.25%) above the
LIBOR Rate in effect on the first Advance pursuant to this Note, provided, however, at no time shall the rate of interest
under this Note be less than six (6.0%) percent per annum until paid in
full.  Notwithstanding the foregoing, the
rate of interest under this Note may be adjusted by Lender pursuant to the
provisions of the MLA and the Fifth Supplement.

 

3.                                       The “LIBOR Rate”
means the rate (rounded upward to the
nearest sixteenth and adjusted for reserves required on Eurocurrency
Liabilities (as hereinafter defined) for banks subject to FRB Regulation D (as
hereinafter defined) or required by any other federal law or regulation, quoted
by the British Bankers Association (the “BBA”) at 11:00 a.m. London time
two Banking Days (as hereinafter defined) before the commencement of the
Interest Period for the offering of U.S. Dollar deposits in the London
interbank market for am Interest Period of one month, as published by Bloomberg
or another major information vendor listed on BBA’s official website.  “Banking Day”
shall mean a day on which Lender is open for business, dealings in U.S. dollar
deposits are being carried out in the London interbank market, and banks are
open for business in New York City and London, England.  “Eurocurrency Liabilities”
has the meaning as set forth in FRB Regulation D.  “FRB Regulation D”
means Regulation D as promulgated by the Board of Governors of the Federal
Reserve System, 12 CFR Part 204, as amended from time to time.

 

4.                                       The rate of
interest due hereunder shall initially be determined as of the date hereof and
shall thereafter be adjusted, as and when, and on the same day that, the LIBOR
Rate changes. All such adjustments to the rate of interest shall be made and
become effective as of the date of any change in the LIBOR Rate and shall
remain in effect until and including the day immediately

 

 

preceding the next such
adjustment (each such day hereinafter being referred to as an “Adjustment Date”). 
All such adjustments to said rate shall be made and become effective as
of the Adjustment Date, and said rate as adjusted shall remain in effect until
and including the day immediately preceding the next Adjustment Date.  Interest hereunder shall be computed on the
basis of a year of three hundred sixty-five or three hundred sixty-six (365 or
366) days, but charged for actual days principal is outstanding.

 

5.                                       Beginning on
the first (1st) day of August,
2010, and continuing on the first (1st) day of each succeeding month thereafter until the
Maturity Date, the Borrower shall make monthly payments of accrued interest.

 

6.                                       The outstanding
principal balance hereof, together with all accrued interest, if not paid
sooner, shall be due and payable in full on December 31, 2010 (the “Maturity
Date”).

 

7.                                       All payments
and prepayments shall, at the option of the Lender, be applied first to any
costs of collection, second to any late charges, third to accrued interest and
the remainder thereof to principal.

 

8.                                       This Note may
be prepaid at any time, at the option of the Borrower, either in whole or in
part, subject to the obligation of the Borrower to compensate the Lender for
any loss, cost or expense as a result of such prepayment as set forth in the
Fifth Supplement.  This Note is subject
to mandatory prepayment, at the option of the Lender, as provided in the MLA
and the Fifth Supplement.

 

9.                                       In addition to
the rights and remedies set forth in the MLA and the Fifth Supplement: (i) if
the Borrower fails to make any payment to Lender when due (including, without
limitation, any purchase of equity of Lender when required ) under this Note,
then at Lender’s option in each instance, such obligation or payment shall bear
interest from the date due to the date paid at 2% per annum in excess of the
rate of interest that would otherwise be applicable to such obligation or
payment under this Note; (ii) upon the occurrence and during the
continuance of an Event of Default beyond any applicable cure period, if any,
at Lender’s option in each instance, the unpaid balances under this Note shall
bear interest from the date of the Event of Default or such later date as
Lender shall elect at 2% per annum in excess of the rate(s) of interest
that would otherwise be in effect under the terms of this Note; (iii) after
the Maturity Date, whether by reason of acceleration or otherwise, the unpaid
principal balance of this Note (including without limitation, principal,
interest, fees and expenses) shall automatically bear interest at 2% per annum
in excess of the rate of interest that would otherwise be in effect under this
Note.  Interest payable at the Default
Rate shall be payable from time to time on demand or, if not sooner demanded,
on the last day of each calendar month.

 

10.                                 If the Borrower
fails to make any payment to Lender within ten (10) days of the due date
thereof (including, without limitation, any purchase of equity of Lender when
required), the Borrower shall, in addition to such amount, a late charge equal
to five percent (5%) of the amount of such payment.

 

11.                                 Upon the
occurrence at any time of an Event of Default or at any time thereafter, the
outstanding principal balance hereof plus accrued interest hereon plus all
other amounts due hereunder shall, at the option of the Lender, be immediately
due and payable, without notice or 

 

2

 

demand and Lender shall be
entitled to exercise all remedies provided in this Note, the MLA, the Fifth
Supplement, or any of the Loan Documents.

 

12.                                 The occurrence
at any time of an Event of Default or at any time thereafter, the Lender shall
have the right to set off any and all amounts due hereunder by the Borrower to
the Lender against any indebtedness or obligation of the Lender to the
Borrower.

 

13.                                 The Borrower
promises to pay all reasonable costs of collection of this Note, including, but
not limited to, reasonable attorneys’ fees paid or incurred by the Lender on
account of such collection, whether or not suit is filed with respect thereto
and whether or not such costs are paid or incurred, or to be paid or incurred,
prior to or after the entry of judgment.

 

14.                                 Demand,
presentment, protest and notice of nonpayment and dishonor of this Note are
hereby waived.

 

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

 

16.                                 The Borrower
hereby irrevocably submits to the jurisdiction of any Minnesota state court or
federal court over any action or proceeding arising out of or relating to this
Note, the MLA, the Fifth Supplement and any instrument, agreement or document
related hereto or thereto, and the Borrower hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in
such Minnesota state or federal court. The Borrower hereby irrevocably waives,
to the fullest extent it may effectively do so, the defense of an inconvenient
forum to the maintenance of such action or proceeding.   Nothing in this Note shall affect the right
of the Lender to bring any action or proceeding against the Borrower or its
property in the courts of any other jurisdiction to the extent permitted by
law.

 

17.                                 The execution
and delivery of this Amended and Restated Revolving Line of Credit Note shall
supercede and replace that certain Amended and Restated Revolving Line of
Credit Note dated May 29, 2009, which shall be of no force or effect.

 

{SIGNATURE
PAGE TO IMMEDIATELY FOLLOW}

 

3

 

SIGNATURE
PAGE TO

AMENDED
AND RESTATED REVOLVING LINE OF CREDIT NOTE

EXECUTED
BY

HERON
LAKE BIOENERGY, LLC

IN
FAVOR OF

AGSTAR
FINANCIAL SERVICES, PCA

DATED:  July 2, 2010

 

	
   

  	
  HERON LAKE BIOENERGY, LLC

  
	
   

  	
  a Minnesota limited
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Robert J. Ferguson

  
	
   

  	
  By:

  	
  Robert J. Ferguson

  
	
   

  	
  Its:

  	
  President

  

 

4

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