Document:

Exhibit
10.21

 

LONG
TERM REVOLVING NOTE

 

	
  Note Date:
  February 26, 2010

  	
   

  	
  $49,603.17

  
	
  Maturity Date:
  February 26, 2015

  	
   

  	
   

  

 

FOR VALUE RECEIVED, HIGHWATER ETHANOL, LLC, a
Minnesota limited liability company (“BORROWER”), promises to pay to the order
of Granite Falls Bank  in care of FIRST
NATIONAL BANK OF OMAHA (“AGENT”) at its principal office or such other address
as AGENT or holder may designate from time to time, the principal sum of Forty
Nine Thousand Six Hundred Three and 17/100 Dollars ($49,603.17) or the amount
shown on AGENT’s records to be outstanding, plus interest (calculated on the
basis of actual days elapsed in a 360-day year) accruing each day on the unpaid
principal balance at the annual interest rates defined below.  Absent manifest error, AGENT’s records shall
be conclusive evidence of the principal and accrued interest owing hereunder.

 

This
LONG TERM REVOLVING NOTE is executed pursuant to a Construction Loan Agreement
between BORROWER and BANKS dated as of April 24, 2008, (the Construction
Loan Agreement, together with all amendments, modifications and supplements
thereto and all restatements and replacements thereof is called the “AGREEMENT”).  All capitalized terms not otherwise defined
in this note shall have the meanings provided in the AGREEMENT.

 

INTEREST ACCRUAL. 
Interest on the principal amount outstanding shall accrue at the rate
provided for in the AGREEMENT, adjusted as provided for in the AGREEMENT.  Interest shall be calculated on the basis of
a 360-day year, counting the actual number of days elapsed.

 

REVOLVING FEATURE. 
Subject to the MAXIMUM AVAILABILITY, BORROWER may reborrow, on a
revolving basis, that principal amount repaid on this LONG TERM REVOLVING
NOTE.  Pursuant to this revolving loan
feature BANK will lend BORROWER, from time to time until maturity of this LONG
TERM REVOLVING NOTE such sums as BORROWER may request by reasonable same day
notice to BANK, received by BANK not later than 11:00 A.M. on Friday, or
the next BANKING DAY thereafter, each week but which shall not exceed in the
aggregate principal amount at any one time outstanding, the MAXIMUM
AVAILABILITY then applicable to this LONG TERM REVOLVING NOTE.  BORROWER may borrow, repay and reborrow
hereunder, from the date of this LONG TERM REVOLVING NOTE until the maturity of
this LONG TERM REVOLVING NOTE, said amount or any lesser sum.

 

INCENTIVE PRICING.  The interest rate applicable
to this LONG TERM REVOLVING NOTE is subject to reduction after a date six
months subsequent to CONSTRUCTION LOAN TERMINATION DATE, as provided for in Section 2.15
of the AGREEMENT.

 

 

REPAYMENT TERMS.  Interest and
principal shall be due and payable at the times, in the amounts and applied in
the manner provided for in Section 2.5 of the AGREEMENT.  Any remaining principal balance, plus any
accrued but unpaid interest, shall be fully due and payable on the Maturity
Date, if not sooner paid.  On each
REDUCTION DATE and EXCESS CASH FLOW REDUCTION DATE, BORROWER shall pay and
apply to the then outstanding principal balance of this LONG TERM REVOLVING
NOTE the amount necessary to reduce the outstanding principal balance of this
LONG TERM REVOLVING NOTE so that it is within the MAXIMUM AVAILABILITY
applicable on each such REDUCTION DATE and/or EXCESS CASH FLOW REDUCTION DATE.

 

PREPAYMENT.  BORROWER
may prepay this LONG TERM REVOLVING NOTE in full or in part at any time;
provided, however, that any prepayment fees provided for in the AGREEMENT shall
be due at the time of any such prepayment. 
No payment applied to this LONG TERM REVOLVING NOTE to bring the
outstanding principal balance within the MAXIMUM AVAILABILITY shall be the
cause of a payment to BANK for interest rate breakage fees or otherwise result
in any prepayment fee.

 

ADDITIONAL
TERMS AND CONDITIONS.  This LONG
TERM REVOLVING NOTE is executed pursuant to the AGREEMENT.  The AGREEMENT, and any amendments or
substitutions thereof or thereto, contains additional terms and conditions,
including default and acceleration provisions, which are incorporated into this
LONG TERM REVOLVING NOTE by reference.

 

The aggregate unpaid principal amount hereof plus interest shall become
immediately due and payable without demand or further action on the part of
BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the
AGREEMENT or any other LOAN DOCUMENT.  If
the maturity date of this LONG TERM REVOLVING NOTE is accelerated as a
consequence of an EVENT OF DEFAULT, then BANK shall have all the rights and
remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise
available at law or in equity.  The
rights, powers, privileges, options and remedies of BANK provided in the
AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity
shall be cumulative and concurrent, and may be pursued singly, successively or
together at the sole discretion of BANK, and may be exercised as often as
occasion therefor shall occur.  No delay
or discontinuance in the exercise of any right, power, privilege, option or
remedy shall be deemed a waiver of such right, power, privilege, option or
remedy, nor shall the exercise of any right, power, privilege, option or remedy
be deemed an election of remedies or a waiver of any other right, power,
privilege, option or remedy.  Without
limiting the generality of the foregoing, BANK’s waiver of an EVENT OF DEFAULT
shall not constitute a waiver of acceleration in connection with any future
EVENT OF DEFAULT.  BANK may rescind any
acceleration of this LONG TERM REVOLVING NOTE without in any way waiving or
affecting any acceleration of this LONG TERM REVOLVING NOTE in the future as a
consequence of an EVENT OF DEFAULT.  BANK’s
acceptance of partial payment or partial performance shall not in any way
affect or rescind any acceleration of this LONG TERM REVOLVING NOTE made by
BANK.

 

 

Unless prohibited by law, BORROWER will pay on demand all reasonable
costs of collection, reasonable legal expenses and reasonable attorneys’ fees
and costs incurred or paid by BANK in collecting and/or enforcing this LONG
TERM REVOLVING NOTE.  Furthermore, BANK
reserves the right to offset without notice all funds held by BANK against
debts owing to BANK by BORROWER.

 

WAIVER OF PRESENTMENT AND NOTICE OF DISHONOR.  BORROWER and any other
person who signs, guarantees or endorses this LONG TERM REVOLVING NOTE, to the
extent allowed by law, hereby waives presentment, demand for payment, notice of
dishonor, protest, and any notice relating to the acceleration of the maturity
of this LONG TERM REVOLVING NOTE.

 

[SIGNATURE PAGE FOLLOWS]

 

 

Executed as of the Note Date first above written.

 

 

	
   

  	
  HIGHWATER ETHANOL, LLC, a Minnesota limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Brian Kletscher

  
	
   

  	
  Title:

  	
  CEOExhibit
10.1

 

Execution
Copy

 

CONVERSION
CAP AND VOTING AGREEMENT

 

This Conversion Cap and Voting Agreement, effective
as of February 26, 2010 (this “Agreement”), is by and among the
persons, entities and managed accounts listed on Schedule A
(collectively, the “York Group,” and each, individually, a “member” of
the York Group) and Accuride Corporation (the “Company”).

 

WHEREAS,
pursuant to the Third Amended Joint Plan of Reorganization of the Company (the “Plan”)
on the effective date of the Plan (the “Effective Date”), the York Group
shall be issued (i) $18,039,606 in aggregate principal amount of 7.5%
Senior Convertible Notes due 2020 (the “Notes”), convertible into common
stock of the Company (the “Common Stock”) and (ii) an aggregate of
12,627,747 shares of Common Stock (the Notes and the Common Stock, “Company
Securities);

 

WHEREAS, the Notes are convertible into Common Stock
at any time prior to the close of business on the second business day
immediately preceding the maturity date of the Notes in accordance with the
terms thereof and holders of the Notes are entitled to vote on all matters
presented to holders of Common Stock for a vote;

 

WHEREAS, after issuance of the Company Securities on
the Effective Date, the York Group shall, in the aggregate, beneficially own in
excess of 9.999% of the shares of outstanding Company Securities; and

 

WHEREAS, the York Group and the Company wish to
limit the number of shares of Common Stock that the York Group beneficially
owns at any time, and to effect certain limitations on the York Group’s voting
power with respect to the Company;

 

NOW, THEREFORE, in consideration of and reliance
upon the mutual covenants and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.             Maximum
Limitation of Ownership of Common Stock.

 

(a)  Notwithstanding anything to the contrary
set forth in the terms and conditions of the Notes, the York Group may not, and
agrees that it will not, use its ability to convert the Notes into shares of
Common Stock or exercise its right to acquire shares of Common Stock under the
Notes, or otherwise acquire shares of Common Stock, to the extent that such
conversion or acquisition would result in the York Group and any other Persons
(as such term is defined in the Plan) whose beneficial ownership of Common
Stock would be aggregated with the York Group’s for purposes of Section 13(d) of
the Securities Exchange Act of 1934 (the “Exchange Act”), as amended,
owning more than 9.999% of the total outstanding shares of Common Stock of the
Company (including for such purpose the shares of Common Stock issuable upon
such conversion 

 

 

or
exercise).  Notwithstanding the
foregoing, upon ninety (90) days prior written notice to the Company, the York
Group may acquire shares of Common Stock such that the York Group’s ownership
of Common Stock of the Company exceeds 9.999% (a “Termination Election”),
and on the ninetieth (90th) day following
delivery of such Termination Election to the Company, the terms of this
Agreement shall terminate and be of no further force and effect.

 

(b)  The Company shall, promptly upon its
receipt of any conversion notice tendered by the York Group (or any designee of
the York Group) pursuant to the terms of the Notes, notify the York Group by
telephone and by facsimile of the number of shares of Common Stock outstanding
on such date and the number of shares of Common Stock which would be issuable
to the York Group if the conversion requested in such notice were effected in
full, whereupon, notwithstanding anything to the contrary set forth in the
terms of the Notes, the York Group shall, within one business day of the
Company’s notice required by this Section 1(b) by telephone or by
facsimile, revoke such conversion to the extent that it is determined that such
conversion would result in the York Group owning more than 9.999% of such
outstanding shares of Common Stock.

 

(c)   The
York Group represents that, as of the date hereof, it does not own any Company
Securities other than Company Securities issued to members of the York Group as
of the Effective Date, as set forth in the first recital of this Agreement .

 

(d)   For
all purposes hereunder, beneficial ownership of the outstanding shares of
Company Securities, as applicable, shall be calculated in accordance with Section 13(d) of
the Exchange Act.

 

2.           Agreement to
Vote Shares; Irrevocable Proxy.  During the term of this Agreement, at every
meeting of the shareholders of the Company, and at every adjournment or
postponement thereof, and on every action or approval by written consent of the
shareholders of the Company, the York Group shall, to the extent that the York
Group beneficially owns shares of Company Securities (or other voting
securities of the Company) representing in excess of 9.999% of the total voting
power of the outstanding Company Securities (the shares representing such
excess, the “Excess Voting Shares”) and to the extent not voted by the
person(s) appointed under the Proxy, with respect to any proposal
presented to holders of Voting Securities, vote (or cause to be voted),
including by written consent if requested by the Company, the Excess Voting
Shares in the same proportion as all other votes cast on such proposal
(excluding any votes cast by the York Group other than Excess Voting
Shares).  The York Group agrees not to
take any actions contrary to its obligations under this Agreement.  Upon the written request of the Company, each
member of the York Group will execute and deliver, or cause to be executed and
delivered, to the Company an irrevocable proxy (in accordance with Delaware
General Corporation Law), coupled with an interest sufficient in law to support
an irrevocable proxy, in a form reasonably satisfactory to the Company and the
York Group (the “Proxy”), in order to give effect to this Section 2
with respect solely to the voting of the Excess Voting Shares.  The Proxy, if delivered, shall terminate
automatically upon the termination of this Agreement.

 

 

3.             Termination.   This Agreement shall terminate and be of no
further force and effect on the earlier of: (i) the three year anniversary
of the date hereof; (ii) at the time the York Group and any other Persons
(as such term is defined in the Plan) whose beneficial ownership of Common
Stock would be aggregated with the York Group’s for purposes of Section 13(d) of
the Exchange Act beneficially own in the aggregate 9.999% or less of the
Company Securities (without giving effect to the limitations contained in Section 1
and 2); or (iii) on the 90th day following
the delivery of a Termination Election. 
This Agreement shall not restrict or limit in any way York’s ability to
convert any Notes in connection with the sale of shares of Common Stock in a registered
offering of Common Stock, but only to the extent of such Notes converted  and shares of Common Stock so sold.

 

4.             Further
Assurances.  The York
Group and the Company shall, from time to time and as applicable, execute and
deliver any agreements or documents and take any other actions as may be
necessary or advisable to effectuate the provisions and intent of this
Agreement.

 

5.             Governing Law.   This Agreement and all matters arising out of
or related to this Agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of New York, without regard to the
conflict of laws principles that would result in the application of the laws of
any other jurisdiction.

 

6.             Entire
Agreement.  This Agreement contains the entire
understanding of the parties with respect to the subject matter hereof and may
be amended only by an agreement in writing executed by the parties hereto.

 

7.             Notices.  All
notices, consents, requests, instructions, approvals and other communications
provided for herein shall be in writing and shall be deemed validly given or
made, if (a) given by facsimile and email, when such facsimile and email
is transmitted to the facsimile number set forth below and sent to the email
address set forth below and the appropriate facsimile confirmation is received
if sent on a Business Day or otherwise (or otherwise on the next Business Day)
or (b) if given by any other means, when actually received (or the date of
refusal of receipt) during normal business hours on a Business Day at the
address specified in this subsection:

 

if to the Company:

 

Accuride Corporation

77140 Office Circle

Evansville, IN  47715

Attn:   General Counsel

Facsimile:  (812) 962-5470

 

With a copy to (which shall
not constitute notice):

 

 

Latham & Watkins
LLP

233 S. Wacker Drive, Suite 5800

Chicago, IL  60606

Attention:  Christopher D. Lueking

Facsimile:  (312) 993-9767

 

if to the York Group:

 

York Capital Management

767 Fifth Avenue, 17th Floor

New York, NY 10153

Attention:  David
Charnin

Facsimile: (212) 300-1302

 

With a copy to (which shall
not constitute notice):

 

Arnold & Porter LLP

399 Park Avenue, 35th Floor

New York, New York

Attention:  David S.
Berg

Facsimile:  (212)
715-1399

 

For
purposes of this section, “Business Day” means any day that is not a Saturday,
Sunday or other day on which banks are required or authorized by law to be
closed in the City of New York.

 

8.             Severability.  If at
any time subsequent to the date hereof, any provision of this Agreement shall
be held by any court of competent jurisdiction to be illegal, void or
unenforceable, such provision shall be of no force and effect, but the
illegality or unenforceability of such provision shall have no effect upon the
legality or enforceability of any other provision of this Agreement.

 

9.             Counterparts.  This
Agreement may be executed in two or more counterparts (including by facsimile
or pdf) which together shall constitute a single agreement.  Counterpart signature pages delivered by
facsimile or pdf shall be as effective as manual delivery of such counterpart.

 

10.          Successors and Assigns.  This
Agreement shall not be assignable by any of the parties to this Agreement.  This Agreement, however, shall be binding on
successors of the parties hereto.

 

11.          No Third Party Beneficiaries.  This
Agreement is solely for the benefit of the parties hereto and is not
enforceable by any other persons.

 

 

12.          Fees and Expenses.  Neither the Company,
on the one hand, nor the York Group, on the other hand, will be responsible for
any fees or expenses of the other in connection with this Agreement.

 

13.          Interpretation and Construction.  Each of
the parties hereto acknowledges that it has been represented by counsel of its
choice throughout all negotiations that have preceded the execution of this Agreement,
and that it has executed the same with the advice of said independent
counsel.  Each party and its counsel
cooperated and participated in the drafting and preparation of this Agreement
and the documents referred to herein, and any and all drafts relating thereto
exchanged among the parties shall be deemed the work product of all of the
parties and may not be construed against any party by reason of its drafting or
preparation.  Accordingly, any rule of
law or any legal decision that would require interpretation of any ambiguities
in this Agreement against any party that drafted or prepared it is of no
application and is hereby expressly waived by each of the parties hereto, and
any controversy over interpretations of this Agreement shall be decided without
regards to events of drafting or preparation. 
The section headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement.

 

[Signature pages to
follow]

 

 

IN WITNESS WHEREOF, each of the parties hereto has
caused this Agreement to be duly executed as of the date first above written.

 

	
   

  	
  ACCURIDE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Martin

  
	
   

  	
   

  	
  Name: Stephen A. Martin

  
	
   

  	
   

  	
  Title:
  Vice President / General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  YORK
  CREDIT OPPORTUNITIES FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  York Credit Opportunities Domestic Holdings, LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James G. Dinan

  
	
   

  	
   

  	
  Name: James G. Dinan

  
	
   

  	
   

  	
  Title:
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  YORK
  CREDIT OPPORTUNITIES MASTER FUND, L.P.

  
	
   

  	
   

  
	
   

  	
  By:
  York Credit Opportunities Domestic Holdings, LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James G. Dinan

  
	
   

  	
   

  	
  Name: James G. Dinan

  
	
   

  	
   

  	
  Title: Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  YORK
  GLOBAL VALUE PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By: York Global Value
  Holdings, LLC, its General Partner

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James G. Dinan

  
	
   

  	
   

  	
  Name: James G. Dinan

  
	
   

  	
   

  	
  Title: Chief Executive
  Officer

  

 

 

SCHEDULE A

 

YORK
CREDIT OPPORTUNITIES FUND, L.P.

 

YORK
CREDIT OPPORTUNITIES MASTER FUND, L.P.

 

YORK
GLOBAL VALUE PARTNERS, L.P.

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