SEC Contract Filing

Filing Date: 2016-01-05

Document Content:
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<TYPE>EX-10.4
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<FILENAME>d34656dex104.htm
<DESCRIPTION>EX-10.4
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECOND SUPPLEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO
THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MASTER CREDIT AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Term Loan) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS SECOND
SUPPLEMENT TO THE MASTER CREDIT AGREEMENT (&#147;<B><I>Second Supplement</I></B>&#148;) is made and entered into as of December&nbsp;29, 2015, by and between ABE SOUTH DAKOTA, LLC, a Delaware limited liability company
(&#147;<B><I>Borrower</I></B>&#148;), and AGCOUNTRY FARM CREDIT SERVICES, PCA (&#147;<B><I>Term Lender&#148;</I></B>) in its capacity as Term Lender hereunder. This Second Supplement supplements the Master 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&nbsp;1.02 thereof) from time to time, the &#147;<B><I>Master Agreement</I></B>&#148;)
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS: </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A.
Borrower has requested that Term Lender provide a $20 million term loan for the purpose of refinancing existing loans and funding working capital. Term Lender is willing to provide a term loan of $20 million, subject to the terms and conditions
hereof. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENT: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1. <U>Definitions</U></B>. 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: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Closing Date</I></B>&#148; means December&nbsp;29, 2015, for purposes of this Second Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Interest Election</I></B>&#148; has the meaning set forth in <U>Section&nbsp;5</U> of this Second Supplement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>LIBOR</I></B>&#148; means the one month London interbank rate reported on the tenth day of the month by the <I>Wall Street
Journal</I> from time to time in its daily listing of money rates, defined therein as &#147;the average of interbank offered rates for dollar deposits in the London market based on quotations at five major banks.&#148; If a one month LIBOR rate is
not reported on the tenth day of such month in the <I>Wall Street Journal</I> but is reported in a comparable publication, the LIBOR rate reported in such comparable publication shall apply, and if a one month LIBOR rate is not reported on the tenth
day of such month in a comparable publication, the one month LIBOR rate reported in the<I> Wall Street Journal</I> on the first Business Day preceding the tenth day of such month will be used. If the foregoing index is no longer available, Term
Lender will select a new index which is based on materially similar information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Loan Commitment Amount</I></B>&#148; means
$20,000,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>&#147;Margin&#148;</I></B> initially means three and one-half percentage points (3.50%)&nbsp;(350 basis points) and
will be effective until such time as the aggregate principal balance of all Loans and </P>

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unfunded Commitment amounts under the Credit Agreement is (a)&nbsp;$20,000,000 or less, at which time the Margin will be reduced to three and one-quarter percentage points (3.25%), or
(b)&nbsp;$15,000,000 or less, at which time the Margin will be further reduced to three percentage points (3.00%). Each reduction in the Margin will become effective upon Borrower&#146;s delivery to Agent of annual audited financial statements along
with a written certification that the aggregate principal balance of the Loans and unfunded Commitments required for such reduction has been achieved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;</B><B><I>Term Loan</I></B><B>&#148;</B> means the Loan made by Term Lender to Borrower under this Second Supplement. </P>
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