Document:

exv10w2

 

Exhibit
10.2

Execution Copy

FIRST SUPPLEMENT

TO THE

MASTER AMENDED AND RESTATED CREDIT AGREEMENT

(Original Term Loan)

     THIS FIRST SUPPLEMENT TO THE MASTER AMENDED AND RESTATED CREDIT AGREEMENT (“First Supplement”)
is made and entered into as of November 14, 2006, by and between GOLDEN GRAIN ENERGY, LLC, an Iowa
limited liability company, and HOME FEDERAL SAVINGS BANK, a federally chartered stock savings bank.
This First Supplement supplements the Master Amended and Restated Credit Agreement between the
Lender and the Borrower dated as of even date herewith (as the same may be amended, restated, or
otherwise modified (other than by Supplements entered into pursuant to Section 1.02
thereof) from time to time, the “Master Agreement”).

RECITALS:

     A. Pursuant to the Original Credit Agreement, Lender has made certain loans and other credit
accommodations available to Borrower, including a construction and term loan referred to as loan
number 2004 in Lender’s records (the “Original Term Loan”).

     B. The Original Term Loan converted to a term loan and began amortization on April 1, 2005.

     C. Borrower and Lender wish to re-document, amend and restate each of the existing loans and
credit facilities by Lender in favor of Borrower, including the Original Term Loan, and document
certain new loans and credit facilities, in each case pursuant to the Master Agreement, the
Supplements, and the other Amendment Documents.

     D. As of the date hereof, the principal amount outstanding under the Original Term Loan is
approximately $15,746,744.00.

AGREEMENT:

     1. Definitions. Capitalized terms used and not otherwise defined in this First
Supplement have the meanings attributed to them below or in the Master Agreement. Definitions in
this First Supplement control over inconsistent definitions in the Master Agreement, but only to
the extent the defined terms apply to Loans under this First Supplement. Definitions set forth in
the Master Agreement control for all other purposes. As used in this First Supplement, the
following terms have the following meanings:

     “Original Term Loan Maturity Date” means the earlier of (a) March 1, 2015, and (b) the date on
which the Obligations have been declared or have automatically become due and payable, whether by
acceleration or otherwise.

 

 

     “Original Term Note” means the Amended and Restated Term Note made by Borrower payable to the
order of Lender, dated the date hereof, in the initial aggregate principal amount of $32,000,000 in
substantially the form of Exhibit 1A attached hereto.

     “Prime Rate” means the rate of that name as published in the “Money Rates” Section of the Wall
Street Journal; provided, if Lender determines that the foregoing source is unavailable,
Lender will determine the Prime Rate based on a new index that is based on comparable information.

     2. Effect of First Supplement. This First Supplement, along with the Master
Agreement, amends the terms of the Original Term Loan effective as of the date hereof.

     3. Conditions Precedent. Lender will have no obligation under this First Supplement,
the Agreement, or any Amendment Document until each of the following conditions precedent is
satisfied or waived in accordance with Section 8.02 of the Master Agreement:

	 	(a)	 	Lender has received all fees and other amounts due and payable on or prior to
the date hereof, including the fees and amounts for reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by Borrower pursuant to any
Loan Document or any other agreement with Lender;
	 
	 	(b)	 	Lender has received Borrower’s counterpart of this First Supplement and the
Original Term Note duly executed and delivered by Borrower;
	 
	 	(c)	 	Lender has received Borrower’s counterparts of the Master Agreement and all
Amendment Documents contemplated thereby, in each case duly executed and delivered by
Borrower, as well as all other duly executed and delivered instruments, agreements,
opinion letters, and documents as Lender may require;
	 
	 	(d)	 	the representations and warranties set forth in the Master Agreement are true
and correct in all material respects as of the date hereof;
	 
	 	(e)	 	all conditions precedent in the Master Agreement and each other Loan Document
have been satisfied or waived; and
	 
	 	(f)	 	no Default or Event of Default has occurred and is continuing.

     4. Repayment. The Original Term Loan will be repaid in monthly installments of
principal and interest based on an amortization schedule of 120 months. The monthly amortized
payment amount as of the date hereof is $222,206.58. This amount will be adjusted from time to
time as the Prime Rate is adjusted. Lender’s determination of the amortized payment amount is
final and conclusive, absent manifest error. Payments on the Original Term Loan are due and
payable on the first day of each month. All remaining principal and accrued interest outstanding
on the Original Term Loan will be due and payable on the Original Term Loan Maturity Date.

     5. Interest. Interest on the unpaid principal amount of the Original Term Loan will
hereafter accrue on a simple interest basis at the floating Prime Rate in effect from time to time;

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provided, other than after application of Default Interest and/or Additional Interest, this
rate will not exceed (a) 8.00% per annum prior to April 1, 2008, or (b)10.00% per annum at any
time.

     6. Prepayment Fees. In the event any amount of the Original Term Loan is paid prior
to the time such amount is due and payable, whether voluntarily or involuntarily (including any
prepayment effected by Lender’s exercise of any right to accelerate), except to the extent such
prepayment is paid from the proceeds of Borrower’s operating cash flow (and not from the proceeds
of Indebtedness), Borrower agrees to pay to Lender a prepayment fee in the amount (a) a fee equal
to two percent (2.00%) of the principal balance outstanding if prepayment is made prior to April 1,
2007, or (b) a fee equal to one percent (1.00%) of the principal balance outstanding if prepayment
is made prior to April 1, 2008. Borrower agrees that the prepayment fee is paid for the right to
prepay and that is does not constitute liquidated damages or a penalty.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties have caused this First Supplement to be duly executed by their
respective authorized officers as of the day and year first written above.

	 	 	 	 	 
	 	BORROWER:

GOLDEN GRAIN ENERGY, LLC

 	 
	 	By:  	                         /s/ Walter Wendland
 	 
	 	 	Name:  	Walter Wendland 	 
	 	 	Title:  	President 	 
	 
	 
	 	LENDER:

HOME FEDERAL SAVINGS BANK

 	 
	 	By:  	/s/ Eric Oftedahl
 	 
	 	 	Name:  	Eric Oftedahl 	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURE PAGE FOR FIRST SUPPLEMENT TO

MASTER AMENDED AND RESTATED CREDIT AGREEMENT]

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EXHIBIT 1A

AMENDED AND RESTATED

TERM NOTE

			
	$32,000,000
	 	Rochester, Minnesota

November 14, 2006

FOR VALUE RECEIVED, the undersigned, Golden Grain Energy, LLC, an Iowa limited liability company
(“Borrower”), hereby promises to pay to the order of Home Federal Savings Bank (together with any
subsequent holder hereof, “Lender”) or its successors and assigns, at Post Office Box 6947, 1016
Civic Center Drive N.W., Rochester, Minnesota 55903-6947, (a) on the Original Term Loan Maturity
Date (as defined in the Master Amended and Restated Credit Agreement between Borrower and Lender
dated as of November 14, 2006 (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”)) and the First Supplement to the Master Amended
and Restated Credit Agreement (Original Term Loan) between Borrower and Lender, dated the same
date, the principal sum of Thirty Two Million and No/100 Dollars ($32,000,000.00) or so much of the
unpaid principal amount of the Original Term Loan (as defined in the Credit Agreement) as has
advanced by Lender to Borrower pursuant to the Credit Agreement, and (b) on each date specified in
the Credit Agreement prior to the Original Term Loan Maturity Date, the principal amount of the
Original Term Loan payable to Lender on such date as specified therein, in lawful money of the
United States of America in immediately available funds, and to pay interest from the Closing Date
on the unpaid principal amount thereof from time to time outstanding, in like funds, at said
office, at the rate or rates per annum and payable on such dates as provided in the Credit
Agreement. Borrower also promises to pay Default Interest and Additional Interest (each as defined
in the Credit Agreement), on demand, on the terms and conditions set forth in the Credit Agreement.
In addition, should legal action or an attorney-at-law be utilized to collect any amount due
hereunder, Borrower further promises to pay all costs of collection, including the reasonable
attorneys’ fees of Lender. THIS AMENDED AND RESTATED TERM NOTE RESTATES AND AMENDS THE ORIGINAL
“CONSTRUCTION AND TERM LOAN NOTE” ISSUED ON JANUARY 16, 2004, BY BORROWER TO LENDER IN THE SAME
AMOUNT, AND SHALL NOT BE CONSIDERED A NOVATION OF SUCH ORIGINAL NOTE.

All borrowings evidenced by this Amended and Restated Term Note and all payments and prepayments of
the principal hereof and the date thereof shall be recorded by Lender in its internal records;
provided, that the failure of Lender to make such a notation or any error in such notation
will not affect the obligations of Borrower to make the payments of principal and interest in
accordance with the terms of this Amended and Restated Term Note and the Credit Agreement.

This Amended and Restated Term Note is issued in connection with, and is entitled to the benefits
of, the Credit Agreement which, among other things, contains provisions for the acceleration of the
maturity hereof upon the happening of certain events, all upon the terms and conditions therein
specified.

THIS AMENDED AND RESTATED TERM NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF MINNESOTA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

	 	 	 	 	 
	 	GOLDEN GRAIN ENERGY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	Walter Wendland 	 
	 	 	Title:  	President 	 
	 

5exv10w3

 

Exhibit
10.3

Execution Copy

SECOND SUPPLEMENT

TO THE

MASTER AMENDED AND RESTATED CREDIT AGREEMENT

(Revolving and Letter of Credit Facility)

     THIS SECOND SUPPLEMENT TO THE MASTER AMENDED AND RESTATED CREDIT AGREEMENT (“Second
Supplement”) is made and entered into as of November 14, 2006, by and between GOLDEN GRAIN ENERGY,
LLC, an Iowa limited liability company, and HOME FEDERAL SAVINGS BANK, a federally chartered stock
savings bank. This Second Supplement supplements the Master Amended and Restated Credit Agreement
between Lender and Borrower dated as of even date herewith (as the same may be amended, restated,
or otherwise modified (other than by Supplements entered into pursuant to Section 1.02
thereof) from time to time, the “Master Agreement”).

RECITALS:

     A. Pursuant to the Original Credit Agreement, Lender has made certain loans and other credit
accommodations available to Borrower, including a revolving letter of credit facility with letter
of credit sub-facility referred to as loan number 2051 in Lender’s records (the “Original Revolving
Facility”).

     B. Borrower and Lender wish to re-document, amend and restate each of the existing loans and
credit facilities by Lender in favor of Borrower, including the Original Revolving Facility, and
document certain new loans and credit facilities, in each case pursuant to the Master Agreement,
the Supplements, and the other Amendment Documents.

     C. As of the date hereof, the principal amount outstanding under the Original Revolving
Facility is $0, and there are letters of credit outstanding in the aggregate notional amount of $0.

AGREEMENT:

     1. Definitions. Capitalized terms used and not otherwise defined in this Second
Supplement have the meanings attributed to them below or in the Master Agreement. Definitions in
this Second Supplement control over inconsistent definitions in the Master Agreement, but only to
the extent the defined terms apply to Loans under this Second Supplement. Definitions set forth in
the Master Agreement control for all other purposes. As used in this Second Supplement, the
following terms have the following meanings:

     “Letter of Credit” means a standby or documentary (trade) letter of credit issued for the
account of Borrower pursuant to this Second Supplement.

     “Letter of Credit Liabilities” means, at any time of calculation, the sum of (a) without
duplication, the amount then available for drawing under all outstanding Letters of Credit without
regard to whether any conditions to drawing thereunder can then be met plus (b) without

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duplication, the aggregate unpaid amount of all reimbursement obligations in respect of
previous drawings made under all such Letters of Credit.

     “Margin” means:

	 	(a)	 	0 if the Net Worth Ratio is greater than 1.00:1.00;
	 
	 	(b)	 	15 basis points (0.15%) if the Net Worth Ratio is less than 1.00:1.00 but
greater than 0.67:1.00; and
	 
	 	(c)	 	25 basis points (0.25%) if the Net Worth Ratio is less than 0.67:1.00.

     The Margin will be set on September 1, 2007 (based on Borrower’s most recent 10-Q report filed
with the SEC), and on the Spread Adjustment Date (based on prior year audited financial statements)
each year thereafter based on Borrower’s most recent audited financial statements.

     “Net Worth Ratio” means the ratio of Borrower’s Total Debt to Borrower’s Tangible Net Worth.

     “Prime Rate” means the rate of that name as published in the “Money Rates” Section of the Wall
Street Journal in effect from time to time; provided, if Lender determines that the
foregoing source is unavailable, Lender will determine the Prime Rate based on a new index that is
based on comparable information.

     “Revolving Commitment Amount” is the amount set forth in the first column below through and
including the date set forth in the second column below, and then the amount set forth in the first
column of the next line through and including the date set forth in the second column of such line
until the Revolving Facility Maturity Date, at which time the Revolving Commitment Amount will be
$0:

	 
	Commitment	 	Committed
Through
	$15,000,000	 	October 31, 2007
	$14,500,000	 	October 31, 2008
	$13,500,000	 	October 31, 2009
	$12,500,000	 	October 31, 2010
	$11,500,000	 	October 31, 2011
	$10,500,000	 	October 31, 2012
	$9,500,000	 	October 31, 2013
	$8,500,000	 	October 31, 2014
	$7,500,000	 	October 31, 2015
	$5,000,000	 	October 31, 2016
	$2,500,000	 	Revolving Facility Maturity Date

     “Revolving Facility” means the revolving credit facility established pursuant to this Second
Supplement.

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     “Revolving Facility Maturity Date” means the earlier of (a) August 1, 2017, and (b) the date
on which the Obligations have been declared or have automatically become due and payable, whether
by acceleration or otherwise.

     “Revolving Loan” means a Loan made under the Revolving Facility.

     “Revolving Note” means the Second Amended and Restated Revolving Credit Note made by Borrower
payable to the order of Lender, dated the date hereof, in the initial aggregate principal amount of
$15,000,000 in substantially the form of Exhibit 2A attached hereto.

     “Spread Adjustment Date” means March 1 of each year beginning March 1, 2008.

     2. Effect of Second Supplement. This Second Supplement, along with the Master
Agreement, amends the terms of the Original Revolving Facility effective as of the date hereof.

     3. Conditions Precedent. Lender will have no obligation under this Second Supplement,
the Agreement, or any Amendment Document until each of the following conditions precedent is
satisfied or waived in accordance with Section 8.02 of the Master Agreement:

	 	(a)	 	Lender has received all fees and other amounts due and payable on or prior to
the date hereof, including the fees and amounts for reimbursement or payment of all
out-of-pocket expenses required to be reimbursed or paid by Borrower pursuant to any
Loan Document or any other agreement with Lender;
	 
	 	(b)	 	Lender has received Borrower’s counterpart of this Second Supplement and the
Revolving Note duly executed and delivered by Borrower;
	 
	 	(c)	 	Lender has received Borrower’s counterparts of the Master Agreement and all
Amendment Documents contemplated thereby, in each case duly executed and delivered by
Borrower, as well as all other duly executed and delivered instruments, agreements,
opinion letters, and documents as Lender may require;
	 
	 	(d)	 	the representations and warranties set forth in the Master Agreement are true
and correct in all material respects as of the date hereof;
	 
	 	(e)	 	all conditions precedent in the Master Agreement and each other Loan Document
have been satisfied or waived; and
	 
	 	(f)	 	no Default or Event of Default has occurred and is continuing.

     4. Establishment of Revolving Facility. Lender hereby establishes in favor of
Borrower a revolving credit facility in the amount of the Revolving Commitment Amount. Subject to
the terms, conditions, and limitations herein, Borrower may borrow, prepay and re-borrow Revolving
Loans from time to time in amounts up to the Revolving Commitment Amount. The aggregate principal
amount of the sum of Revolving Loans and Letter of Credit Liabilities may not exceed the Revolving
Commitment Amount at any time. To request a Revolving Loan, a Responsible Officer will give Lender
written notice (or telephonic notice

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promptly confirmed in writing) of each request for a Revolving Loan substantially in the form
of Exhibit 2B attached hereto (a “Revolving Draw Request”) prior to 11:00 a.m. (Rochester,
Minnesota Time) five Business Days prior to the requested date of each Revolving Advance. Each
Revolving Draw Request will be irrevocable and will specify: (a) the aggregate principal amount to
be borrowed and (b) the requested funding date (which must be a Business Day). Revolving Loans
will be advanced in accordance with Section 1.10 of the Master Agreement.

     5. Conditions to Each Advance. The obligation of Lender to make a Revolving Loan is
subject to the satisfaction of the following conditions precedent, unless waived by Lender in
accordance with Section 8.02 of the Master Agreement:

	 	(a)	 	Lender has received a timely Revolving Draw Request;
	 
	 	(b)	 	at the time of and immediately after giving effect to such Loan, no Default or
Event of Default exists;
	 
	 	(c)	 	all representations and warranties of Borrower set forth in the Loan Documents
are true and correct in all material respects on and as of the date of such Loan before
and after giving effect thereto, except to the extent such representations and
warranties relate solely to an earlier period; and
	 
	 	(d)	 	since the date of the most recent audited financial statements of Borrower
delivered to Lender, there has been no change which has had or could reasonably be
expected to result in a Material Adverse Effect.

     6. Repayment. Any amount of Revolving Loans outstanding that is greater than the
Revolving Commitment Amount is due and payable immediately. All remaining principal and accrued
interest and other Obligations related to the Revolving Loans outstanding on Revolving Loans are be
due and payable on the Revolving Facility Maturity Date.

     7. Interest. Interest on the unpaid principal amount of Revolving Loans will accrue
on a simple interest basis at the floating Prime Rate in effect from time to time minus the Margin.
Interest accruing on Revolving Loans will be paid in full in arrears on the last day of each
calendar month prior to the Revolving Facility Maturity Date.

     8. Letter of Credit. On the terms and subject to the conditions set forth herein, the
Revolving Loan Commitment Amount may be used by Borrower, in addition to Revolving Loans, for the
issuance of one or more Letters of Credit so long as, after giving effect to any such issuance, (a)
the aggregate Letter of Credit Liabilities under all Letters of Credit does not exceed $5,000,000,
and (b) the sum of (1) all Letter of Credit Liabilities plus (2) the principal and accrued interest
outstanding on Revolving Loans does not exceed the Revolving Commitment Amount. Each Letter of
Credit will expire by its terms within 364 days after the date of issuance and in any event at
least thirty (30) days prior to the Revolving Facility Maturity Date. Notwithstanding the
foregoing, a Letter of Credit may provide for automatic extensions of its expiration date for one
or more successive 364-day periods provided that Lender has the right to terminate such Letter of
Credit on each such expiration date and no renewal term may extend the term of the Letter of Credit
to a date that is later than the thirtieth (30th) day prior to the Revolving Facility Maturity
Date.

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     9. Letter of Credit Fee. Borrower will pay to Lender a letter of credit fee of 100
basis points (1.00%) of the notional amount of each Letter of Credit issued on the date of issuance
and the date of any renewal. In addition, Borrower agrees to pay promptly to Lender any fronting
or other fees that it may charge in connection with any Letter of Credit.

     10. Reimbursement Obligation of Borrower. If Lender honors any draw request under,
and makes payment in respect of, a Letter of Credit, (a) Borrower will promptly reimburse Lender
for such amount and (b) Borrower will be deemed to have immediately requested that Lender make a
Revolving Loan in a principal amount equal to the such amount (but solely to the extent Borrower
fails to directly reimburse Lender for the amount of such payment). Lender hereby agrees to apply
the gross proceeds of each Revolving Loan deemed made pursuant to this Section 10 in
satisfaction of Borrower’s reimbursement obligations arising pursuant to this Section 10.

     11. Reimbursement and Other Payments by Borrower. The obligations of Borrower to
reimburse Lender pursuant to Section 10 is absolute, unconditional and irrevocable, and
will be performed strictly in accordance with the terms of this Supplement and the Master
Agreement, under all circumstances whatsoever, including the following:

	 	(a)	 	any lack of validity or enforceability of, or any amendment or waiver of or any
consent to departure from any Letter of Credit or any related document;
	 
	 	(b)	 	the existence of any claim, set-off, defense or other right which Borrower may
have at any time against the beneficiary of any Letter of Credit, Lender or any other
Person, whether in connection with any Loan Document or any unrelated transaction;
	 
	 	(c)	 	any statement or any other document 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; or
	 
	 	(d)	 	to the extent permitted under applicable law, any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing.

     12. Deposit Obligations of Borrower. In the event any Letter of Credit is outstanding
at the time that Borrower prepays or is required to repay the Obligations or the Revolving Loan
Commitment is terminated, Borrower will (a) deposit with Lender cash in an amount equal to one
hundred and five percent (105%) of the aggregate outstanding Letter of Credit Liabilities to be
available to Lender to reimburse payments of drafts drawn under such Letters of Credit and pay any
fees and expenses related thereto, and (b) prepay the fee payable under Section 9 with
respect to such Letters of Credit for the full remaining terms of such Letters of Credit. Upon
termination of any such Letter of Credit, the unearned portion of such prepaid fee attributable to
such Letter of Credit will be refunded to Borrower, together with the deposit described in the
preceding clause (a) to the extent not previously applied by Lender in the manner described herein.

     13. Reaffirmation of Representations and Warranties. Borrower’s request for a
Revolving Loan will be deemed Borrower’s reaffirmation of its representations and warranties

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under the Loan Documents, except to the extent such representations and warranties relate
solely to an earlier period.

     14. Prepayment Fees. In the Revolving Facility is refinanced with a Person other than
Lender prior to the date three years from the date hereof, whether voluntarily or involuntarily
(including any payment effected by Lender’s exercise of any right to accelerate), Borrower agrees
to pay to Lender a prepayment fee in the amount (a) three percent (3.0%) if such refinancing occurs
prior to the date one year from the date hereof, (b) two percent (2.0%) if such refinancing occurs
prior to the date two years from the date hereof, and (c) one percent (1.0%) if such refinancing
occurs prior to the date three years from the date hereof. Borrower agrees that the prepayment fee
is paid for the right to prepay and that is does not constitute liquidated damages or a penalty.

[SIGNATURE PAGE FOLLOWS]

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     IN WITNESS WHEREOF, the parties have caused this Second Supplement to be duly executed by
their respective authorized officers as of the day and year first written above.

	 	 	 	 	 
	 	BORROWER:

GOLDEN GRAIN ENERGY, LLC

 	 
	 	By:  	/s/ Walter Wendland
 	 
	 	 	Name:  	Walter Wendland 	 
	 	 	Title:  	President 	 
	 
	 	LENDER:

HOME FEDERAL SAVINGS BANK

 	 
	 	By:  	                                              /s/ Eric Oftedahl
 	 
	 	 	Name:  	Eric Oftedahl	 
	 	 	Title:  	Vice President 	 
	 

[SIGNATURE
PAGE FOR SECOND SUPPLEMENT TO

MASTER AMENDED AND RESTATED CREDIT AGREEMENT]

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EXHIBIT 2A

SECOND AMENDED AND RESTATED

REVOLVING CREDIT NOTE

$15,000,000

Rochester, Minnesota

November 14, 2006

     FOR VALUE RECEIVED, the undersigned, Golden Grain Energy, LLC, an Iowa limited liability company
(“Borrower”), hereby promises to pay to the order of Home Federal Savings Bank (together with any
subsequent holder hereof, “Lender”) or its successors and assigns, at Post Office Box 6947, 1016
Civic Center Drive N.W., Rochester, Minnesota 55903-6947, (a) on the Revolving Facility Maturity
Date (as defined in the Master Amended and Restated Credit Agreement between Borrower and Lender
dated as of November 14, 2006 (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”)) and the Second Supplement to the Master
Amended and Restated Credit Agreement (Revolving and Letter of Credit Facility) between Borrower
and Lender, dated the same date, the principal sum of Fifteen Million and No/100 Dollars
($15,000,000.00) or so much of the unpaid principal amount of the Revolving Facility (as defined in
the Credit Agreement) as has advanced by Lender to Borrower pursuant to the Credit Agreement, and
(b) on each date specified in the Credit Agreement prior to the Revolving Facility Maturity Date,
the principal amount of the Revolving Loans payable to Lender on such date as specified therein, in
lawful money of the United States of America in immediately available funds, and to pay interest
from the Closing Date on the unpaid principal amount thereof from time to time outstanding, in like
funds, at said office, at the rate or rates per annum and payable on such dates as provided in the
Credit Agreement. Borrower also promises to pay Default Interest and Additional Interest (each as
defined in the Credit Agreement), on demand, on the terms and conditions set forth in the Credit
Agreement. In addition, should legal action or an attorney-at-law be utilized to collect any
amount due hereunder, Borrower further promises to pay all costs of collection, including the
reasonable attorneys’ fees of Lender. THIS SECOND AMENDED AND RESTATED REVOLVING CREDIT NOTE
RESTATES AND AMENDS THE “AMENDED AND RESTATED REVOLVING CREDIT NOTE” ISSUED ON JANUARY 30, 2006, BY
BORROWER TO LENDER, AND SHALL NOT BE CONSIDERED A NOVATION OF SUCH NOTE.

     All borrowings evidenced by this Second Amended and Restated Revolving Note and all payments and
prepayments of the principal hereof and the date thereof shall be recorded by Lender in its
internal records; provided, that the failure of Lender to make such a notation or any error
in such notation will not affect the obligations of Borrower to make the payments of principal and
interest in accordance with the terms of this Second Amended and Restated Revolving Note and the
Credit Agreement.

     This Second Amended and Restated Revolving Note is issued in connection with, and is entitled to
the benefits of, the Credit Agreement which, among other things, contains provisions for the
acceleration of the maturity hereof upon the happening of certain events, all upon the terms and
conditions therein specified.

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THIS SECOND AMENDED AND RESTATED REVOLVING CREDIT NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF MINNESOTA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF
AMERICA.

	 	 	 	 	 
	 	GOLDEN GRAIN ENERGY, LLC 

 	 
	 	By:  	
 	 
	 	 	Name:  	Walter Wendland 	 
	 	 	Title:  	President 	 

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EXHIBIT
2B

Revolving Draw Request

[Date]

Home Federal Savings Bank

Post Office Box 6947

1016 Civic Center Drive N.W.

Rochester, Minnesota 55903-6947

Attention: Eric Oftedahl

Dear Mr. Oftedahl:

     Reference is made to the Master Amended and Rested Credit Agreement dated as of November 14, 2006
(as amended and in effect on the date hereof, the “Credit Agreement”), between the undersigned as
Borrower, and Home Federal Savings Bank as Lender. Terms defined in the Credit Agreement are used
herein with the same meanings. This notice constitutes a Revolving Draw Request, and Borrower
hereby requests a Revolving Loan under the Credit Agreement, and in that connection Borrower
certifies the following information with respect to the Revolving Borrowing requested hereby:

	 	(A)	 	Aggregate principal amount of the requested Revolving
Loan1:               
	 
	 	(B)	 	Date of the requested Revolving Loan (which is a Business
Day):               

Borrower hereby represents and warrants that the conditions specified in Section 5 of the Second
Supplement to the Credit Agreement are satisfied.

	 	 	 	 	 
	 	Very truly yours,

GOLDEN GRAIN ENERGY, LLC

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

 

			
	 	 	1 Not less than $100,000 and an integral multiple of
$100,000.

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]