Document:

Exhibit 10.2

      

      

       

          

       

          

      Loan No. 00031748T02-B

      

      

      

      

      AMENDED AND RESTATED REVOLVING TERM PROMISSORY NOTE

      

      

      THIS  AMENDED  AND  RESTATED 
            REVOLVING  TERM  PROMISSORY  NOTE (this "Promissory Note") to the Credit Agreement dated July 3, 2017 (such agreement, as may be amended, hereinafter referred to as the "Credit Agreement"), is entered into as of September

            24, 2018 between FARM CREDIT SERVICES OF AMERICA, FLCA, a federally-chartered instrumentality of the United States ("Lender") and LINCOLNWAY ENERGY, LLC, Nevada, Iowa, a
            limited liability company (together with its permitted successors and assigns, the "Borrower"). Capitalized terms not otherwise defined in this Promissory Note will have the meanings set forth in the Credit Agreement.

      

      

      RECITALS

      

      

      (A)      This Promissory Note amends, restates, replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Amended and Restated Revolving Term Promissory Note numbered 0003l748T02-A, dated as of February 23, 2018 between Lender and the Borrower.

      

      

      
        
          
            SECTION 1.        REVOLVING TERM COMMITMENT. On the terms and conditions set forth in the Credit Agreement and this Promissory Note, Lender agrees to make loans to the Borrower during the period set forth below in an aggregate principal amount not to exceed the  Maximum  Commitment Amount set forth below at any one time
                  outstanding (the "Commitment"). The Maximum Commitment
                  Amount will be $21,000,000.00 initially and will reduce during the term of the Commitment as follows. Within the limits of the Commitment, the Borrower may borrow, repay and re-borrow.

          

        

      

    

     

    

    
      	
              Maximum Commitment Amount

            	
              From

            	
              Up to and Including

            
	
              $17,400,000.00

            	
              July 1, 2020

            	
              June 30, 2021

            
	
              $13,800,000.00

            	
              July 1, 2021

            	
              June 30, 2022

            
	
              $10,200,000.00

            	
              July 1, 2022

            	
              June 30, 2023

            
	
              $6,600,000.00

            	
              July 1,

                  2023

            	
              July 1,
                  2024

            

      

      

      
        
          
            
              SECTION 2.          PURPOSE. The purpose of the Commitment is to finance construction projects and provide working capital to the Borrower.

            

          

        

        

        

        SECTION 3.         TERM. The term of the Commitment will be from the date hereof, up to  and including July 1, 2024, or such later date as Agent may, in its sole discretion, authorize in writing (the "Term Expiration Date").

        

        

        SECTION 4.          LIMITS  ON  ADVANCES, AVAILABILITY, ETC.  The loans will be made available as provided in Article 2 of the Credit Agreement.

        

        

        
          
            
              SECTION 5.          INTEREST. The Borrower agrees to pay interest on the unpaid  balance  of the loan(s) in accordance with the following interest rate option(s):

            

          

        

        

        

        (A)     One-Month LIBOR Index Rate. At a rate (rounded upward to the nearest 1/100th 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) per annum

        

          
            
              

          

          
          LINCOLNWAY ENERGY, LLC

          Nevada, Iowa

        

        Promissory Note No. 0003l748T02-B

        

        

        equal at all times to 3.400% above the higher of: (1) zero percent (0.00%); or (2) the rate reported at 11:00 a.m. London time for the
            offering of one (1)-month U.S. dollars deposits, by  Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by Agent from time to
            time, for the  purpose  of providing quotations of interest rates applicable to dollar deposits in the London interbank market) on the first U.S. Banking Day (as hereinafter defined) in each week, with such  rate to change weekly on such  day.
            The rate will be reset automatically, without the necessity of notice being provided to Agent, the Borrower, or any other party, on the first U.S. Banking Day of each succeeding week, and each change in the rate will be applicable to all
            balances subject to this option. Information about the then-current  rate  will be made available upon telephonic request. For purposes hereof: (a) "U.S.

              Banking  Day" means a day on which Agent is open for business and banks are open for business in New York, New York; (b) "Eurocurrency Liabilities" will have the meaning as set forth in "FRB Regulation D"; and (c) "FRB Regulation D" means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended. 

        

        

        (B)      Quoted Rate. At a fixed rate per annum to be quoted by Agent in its sole
              discretion in  each instance. Under this option, rates may be fixed on such balances and for such periods, as may be agreeable to Agent in its sole discretion in each instance, provided that:  (1)  the minimum  fixed period  will be 365 days;
              (2) amounts may be fixed in an amount not less than $100,000.00 or multiples thereof; and (3) the maximum number of fixes in place at any one time will be five.

        

        

        (C)      LIBOR. At a fixed rate per annum equal to LIBOR  (as  hereinafter 
              defined), plus 3.400%.  Under this option:  (1)  rates may be fixed for Interest Periods (as hereinafter defined) of  1, 2, 3,  6, or 12 months, as selected by the Borrower; (2) amounts may be fixed in an amount not less than $100,000.00 or multiples thereof; (3) the maximum number of fixes in place at any one time will be five; (4) rates may only be fixed on a Banking Day (as hereinafter defined) on three Banking Days' prior written notice, and (5) no Interest Period will end later than the maturity date of the Commitment as may  be extended from time
            to time. For purposes hereof: (a) "LIBOR" means the higher of: (i) zero percent (0.00%); or (ii) the rate (rounded upward to the nearest 1/100th 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) reported at 11:00 a.m. London time two Banking Days before the commencement of the Interest Period for the offering of U.S. dollar deposits in the London interbank market for the Interest
            Period designated by the Borrower, by Bloomberg Information Services (or any successor or substitute service providing rate quotations comparable to those currently provided by such service, as determined by Agent from time to time, for the
            purpose of providing quotations of interest rates applicable to dollar deposits in the London interbank market); (b) "Banking Day" means a day on which Agent 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; (c) "Interest Period" means

            a period commencing on the date this option is to take effect and ending on the numerically corresponding day in the next calendar month or the month that is 1, 2, 3, 6, or 12 months thereafter, as the case may be; provided, however, that: (i)
            in the event such ending day is not a Banking Day, such period will be extended to the next Banking Day unless such next Banking Day falls in the next calendar month, in which case it will end on the preceding Banking Day; and (ii) if there is no numerically corresponding day in the month, then such period will end on the last Banking Day in the relevant month; (d) "Eurocurrency Liabilities" will have meaning as set forth in FRB Regulation D; and (e) "FRB Regulation D" means Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended. 

        

          
            2

            
              

          

          LINCOLNWAY ENERGY, LLC

          Nevada, Iowa

        

        Promissory Note No. 0003I748T02-B

        

        

        The Borrower will select the applicable rate option at the time it requests a loan hereunder  and may, subject to the limitations set forth
            above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. If the Borrower fails to elect an interest rate option, interest will accrue at the variable interest rate option. Upon the
            expiration of any fixed rate period, interest will automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates
            may not be fixed for periods expiring after the maturity date of the loans and rates may not be fixed in such a manner as to  cause the Borrower to have to break any fixed rate balance in order to pay any installment of principal. All elections
            provided for herein will be made electronically (if applicable), telephonically or in writing  and must be received by Agent not later than 12:00 p.m. Denver,  Colorado time in order to be considered to have been received on that day; provided,
            however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon Agent's request. Interest will be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days
            and will be payable monthly in arrears by the 20th day of the following month or on such other day as Agent will require in a written notice to the Borrower ("Interest Payment Date"); provided, however, in the event the Borrower elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at Agent's option upon written notice to the
            Borrower, interest will be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than three months, interest on that portion of the indebtedness outstanding will be payable quarterly in arrears
            on each three-month anniversary of the commencement date of such Interest Period, and at maturity.

        

        

        SECTION 6.         INTEREST REPRICING. The

            Borrower acknowledges that interest rates available on the date hereof in Sections 5(A) and 5(C) above (the "Available Rates"),  may not represent  the true
            cost of funds incurred by Lender in connection with making this Commitment available to Borrower. In recognition of the foregoing the Agent shall, on the third and sixth anniveraries of the date hereof ("Reset Date"), increase or decrease the Available Rates applicable to this Commitment by the
            basis points difference between the Current Cost of Funds and the Closing Date Cost of Funds, which increase or decrease shall remain in effect until the

            Reset Date or Term Expiration Date. As used herein:

        

        

        
          
            (A)           "Closing Date Cost of Funds" means the difference between (a) the all-in one-month LIBOR Floating Note Rate cost of funds paid by
                Lender as indicated by the Farm Credit Funding Corporation and (b) the one-month LIBOR Rate, as of the date hereof.

          

        

        

        

        (B)           "Current Cost of Funds" means, as of any Reset Date, the difference, if any, between the all-in one-month LIBOR Floating Note Rate cost of funds paid by Lender
            as indicated by the Farm Credit Funding Corporation and the one-month LIBOR Rate as of such date.

        

        

        (C)           "LIBOR Floating Note Rate" means, as of any date, the estimated funding cost, including standard underwriting fees, for new 3-year floating farm credit debt
            securities issued into the primary market based on market observations on such date indicated at approximately 9:30 a.m. Eastern time; provided that such indications represent the Farm Credit Funding Corporation's  best estimate of the cost  of
            new debt issues based on a combination of daily surveys of selected farm credit selling group members (participating bond dealers) and ongoing monitoring of the fixed income markets for actual,  recent, primary market issuance by other
            government-sponsored enterprises of similar bonds and notes  and pricing within related derivative markets, particularly the interest rate swap market. Historical information on such funding costs is available, for the prior week, on the Farm
            Credit Funding Corporation's website (http://www.farmcreditfunding.com/ffcb live/fundingCostlndex.html)
            under the "Output" tab of the most recent spreadsheet.

        

        

        
          
            3

            
              

          

          LINCOLNWAY ENERGY, LLC

          Nevada, Iowa

          Promissory Note No. 00031748T02-B

           

            

        

        SECTION 7.        PROMISSORY NOTE. The Borrower promises to repay on the date of  each reduction in the Commitment set forth in the schedule in Section 1 above, the outstanding
            principal,  if any, that is in excess of the reducing Commitment amount set forth in the aforementioned schedule, followed by a final installment in an amount equal to the remaining unpaid principal balance of the loans on the Term Expiration
            Date.

        

        

        In addition to the above, the Borrower promises to pay
            interest on the unpaid principal balance of the loans at the times and in accordance with the provisions set forth herein.

        

        

        
          
            
              SECTION 8.         SECURITY. The Borrower's obligations hereunder and, to the extent related hereto, under the Credit Agreement, will be secured as provided in
                  Section 2.4 of the Credit Agreement.

            

          

        

        

        

        SECTION 9.          FEES.

        

        

        (A)            Amendment Fee. In consideration of the Commitment, the Borrower
            agrees to pay to Agent on the execution hereof, a fee in the amount of $2,500.00.

        

        

        (B)          Commitment Fee. In consideration of the Commitment, the Borrower
            agrees to pay to Agent a commitment fee on the average daily unused available portion of the Commitment at the rate of 0.500% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following each month. Such fee
            will be payable for each month (or portion thereof) occurring during the original or any extended term of the Commitment.

        

        

        SECTION 10.        LETTERS OF CREDIT.
            INTENTIONALLY OMITTED.

        

        

        SIGNATURE PAGE FOLLOWS

        

        

        
          
            4

            
              

          

          LINCOLNWAY ENERGY, LLC

          Nevada, Iowa

          Promissory Note No. 00031748T02-B

        

         

            

        SIGNATURE PAGE TO PROMISSORY NOTE

         

            

        IN
              WITNESS WHEREOF, the parties have caused this Promissory Note to the Credit Agreement to be executed by their duly authorized officer(s).

        

        

        
          	
                   

                	
                  LINCOLNWAY ENERGY, LLC

                
	
                   

                	
                   

                	
                   

                
	
                   

                	By:

                	
                  
                    /s/ Kristine A. Strum

                  

                
	
                   

                	
                   

                	
                   

                
	
                   

                	Name:

                	
                  
                    Kristine A. Strum

                  

                
	
                   

                	
                   

                	
                   

                
	
                   

                	Title:

                	
                  
                    Director of Finance

                  

                

        

        

        

        
          
            5

            
              

          

          LINCOLNWAY ENERGY, LLC

          Nevada, Iowa

          Promissory Note No. 0003l748T02-B

        

         

        
        SIGNATURE PAGE TO PROMISSORY NOTE

        

        

        IN WITNESS WHEREOF, the parties have caused this Promissory Note to the Credit Agreement to be executed by their duly authorized officer(s).

      

      

      

      
        	
                 

              	
                
                  FARM CREDIT SERVICES OF AMERICA, FLCA

                

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                
                  By:

                

              	
                
                  /s/ Andrew D. McKay

                

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                
                  Name:

                

              	
                
                  Andrew D. McKay

                

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                
                  Title:

                

              	
                
                  Vice President

                

              

      

      

      

      

      

      6Exhibit
10.1

 

AMENDMENT
NO. 1 TO AMENDED AND RESTATED COOPERATION AGREEMENT

 

This
AMENDMENT NO. 1 TO THE AMENDED AND RESTATED COOPERATION AGREEMENT (this “Amendment”) is dated as of October
10, 2018 (the “Effective Date”) and amends the Cooperation Agreement, dated as of August 11, 2017 (the “Cooperation
Agreement”), by and among Fred’s, Inc., a Tennessee corporation (the “Company”), on the one
hand, and Alden Global Capital LLC, a Delaware limited liability company, Strategic Investment Opportunities LLC, a Delaware limited
liability company, and Heath B. Freeman (collectively, “Alden”), on the other hand. The Company and Alden are
each referred to herein as a “Party” and collectively, as the “Parties.” Capitalized terms
used in this Amendment and not otherwise defined have the meaning given to them in the Cooperation Agreement.

 

RECITALS

 

WHEREAS,
as of the Effective Date, Alden, including its Affiliates and Associates, Beneficially Owns, in the aggregate, 9,275,000 shares
of the Company’s Common Stock; and

 

WHEREAS,
Alden desires to purchase additional shares of Common Stock and in order to do so has requested that the Company’s board
of directors (the “Board”): (i) pursuant to Section 25 of the Amended & Restated Rights Agreement, dated
as of September 18, 2017, (the “Rights Agreement”), by and between the Company and American Stock Transfer
& Trust Company, LLC, as rights agent, grant Alden an exemption with respect to a prospective acquisition by Alden of additional
shares of Common Stock (the “Exemption Request”); and (ii) pursuant to Section 3 of the Cooperation Agreement,
consent to Alden’s acquisition of such shares of Common Stock (the “Consent Request” and, together with
the Exemption Request, the “Requests”); and

 

WHEREAS,
the Requests, in the Board’s discretion, may be either granted or denied, in whole or in part, and may be subject to limitations
or conditions (including a requirement that Alden agree that it will not acquire Beneficial Ownership of shares of Common Stock
in excess of a maximum number and/or percentage of shares approved by the Board); and

 

WHEREAS,
the Board, acting through a special committee of its members, has reviewed the Requests and believe that granting the Requests,
upon the conditions set forth in this Amendment, is in the best interests of the Company;

 

NOW,
THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the Parties hereby agree as follows:

 

    	- 1 - 

     

    

 

1.         Amendment
of the Cooperation Agreement. The Cooperation Agreement is hereby amended as follows:

 

(a)       Section
5(g) of the Cooperation Agreement is deleted in its entirety.

 

(b)       Section
13(a) of the Cooperation Agreement is amended by deleting: (i) “March 1, 2019” where it appears and replacing it with
“September 1, 2019”; and (ii) “2019 Annual Meeting” where it appears and replacing it with “2020
Annual Meeting”.

 

2.
        Consent and Exemption. Pursuant to Section 3 of the
Cooperation Agreement, the Company hereby consents to Alden’s acquisition of no more than 3,725,000 additional shares
of Common Stock, which would result in Alden owning no more than 13,000,000 shares of Common Stock (excluding shares of
Common Stock issued to Heath B. Freeman as compensation for his services on the Board) (the “Alden Ownership
Limit”). Pursuant to Section 25 of the Rights Agreement, the Company and the Board also hereby grant Alden an
exemption under the Rights Agreement, the effect of which is to render Alden an “Exempt Person” (as that term is
defined in the Rights Agreement), such exemption to remain in effect so long as the Beneficial Ownership of Common Stock by
Alden and its Affiliates and Associates (excluding shares of Common Stock issued to Heath B. Freeman as compensation for his
services on the Board) remains at or below the Alden Ownership Limit, and such exemption to be otherwise subject to the
remaining terms and conditions of the Rights Agreement, including those set forth in Section 1.(y) of the Rights
Agreement.

 

3.
        Press Release; Beginning of Purchases. As promptly as
practicable following the execution of this Amendment, the Company shall issue a mutually agreeable press release (the
“Press Release”) announcing the execution of and certain terms contained in this Agreement. Alden agrees
that, pursuant to the Company’s trading policy, it will make no purchases of Common Stock: (a) until two (2) Business
Days after the Press Release is issued to the public and, (b) thereafter, at any time when Alden is in possession of material
non-public information regarding the Company (excluding shares of Common Stock issued to Heath B. Freeman as compensation for
his services on the Board) subject to Alden’s having adopted a trading plan meeting the requirements of Exchange Act
Rule 10b5-1(c) that would otherwise permit such purchases to be made).

 

4.
        Effect of Amendment, Consent and Exemption. Except as and to the
extent expressly modified by this Amendment, the Cooperation Agreement and the Rights Agreement and the exhibits thereto remain
in full force and effect in all respects without any modification. This Amendment will be deemed an amendment to and consent under
the Cooperation Agreement and will become effective on the Effective Date. In the event of a conflict or inconsistency between
this Amendment and the Cooperation Agreement and the exhibits thereto, the provisions of this Amendment will govern. This Amendment
will be deemed an exemption granted pursuant to (and not an amendment of) the Rights Agreement, which remains in full force in
accordance with its terms, and will become effective on the Effective Date.

 

5.
        Counterparts. This Amendment may be executed in any number of counterparts
and each of such counterparts will for all purposes be deemed to be an original, and all such counterparts will together constitute
one and the same instrument, it being understood that all parties need not sign the same counterpart. A signature to this Amendment
transmitted electronically (including by fax and .pdf) will have the same authority, effect and enforceability as an original
signature. No party hereto may raise the use of such electronic transmission to deliver a signature, or the fact that any signature
or agreement or instrument was transmitted or communicated through such electronic transmission, as a defense to the formation
of a contract, and each party forever waives any such defense, except to the extent such defense relates to lack of authenticity.

 

    	- 2 - 

     

    

 

6.
        Severability. If any term, provision, covenant or restriction of
this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions of this Amendment will remain in full force and effect and will in no way
be affected, impaired or invalidated.

 

7.
        Descriptive Headings. The descriptive headings of the several Sections
of this Amendment are inserted for convenience only and will not control or affect the meaning or construction of any of the provisions
hereof.

 

8.
        Further Assurances. Each of the Parties to this Amendment will cooperate
and take such action as may be reasonably requested by the other Party in order to carry out the provisions and purposes of this
Amendment, and the Cooperation Agreement and the transactions contemplated hereunder and thereunder.

 

9.         Governing
Law. This Amendment will be deemed to be a contract made pursuant to the laws of the State of Delaware and for all purposes
shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed
entirely within such State.

 

[Signature
page follows.]

 

    	- 3 - 

     

    

 

IN
WITNESS WHEREOF, each of the Parties has executed this Amendment, or caused the same to be executed by its duly authorized representative,
as of the date first above written.

 

	ALDEN
    GLOBAL CAPITAL LLC	 
	 	 	 	 
	By:	/s/
    Heath B. Freeman	 
	Name:	Heath
    B. Freeman	 
	Title:	President	 
	 	 	 	 
	STRATEGIC
    INVESTMENT OPPORTUNITIES LLC	 
	 	 	 	 
	By:
    Alden Global Capital LLC	 
	Investment
    Manager	 
	 	 	 	 
	By:	/s/
    Heath B. Freeman	 
	Name:	Heath
    B. Freeman	 
	Title:	President	 
	 	 	 	 
	/s/
    Heath B. Freeman	 
	Heath
    B. Freeman	 
	 	 	 	 
	FRED’S,
    INC.	 
	 	 	 	 
	By:	/s/
    Joe Anto	 
	Name:	Joe
    Anto	 
	Title:	CEO	 

 

    	- 4 -

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