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EXHIBIT 10.1

 

SIXTH AMENDMENT TO CONSTRUCTION LOAN AGREEMENT

 

 

This Sixth Amendment to Construction Loan Agreement is dated as of the 16 th day of April, 2009, and is by and between RED TRAIL ENERGY, LLC , a North Dakota limited liability company (“BORROWER”), and FIRST NATIONAL BANK OF OMAHA (“BANK”), a national banking association established at Omaha, Nebraska.

 

WHEREAS, the BANK and BORROWER executed a written Construction Loan Agreement dated as of December 16, 2005 (“AGREEMENT”).

 

Now, Therefore, in consideration of the AGREEMENT, and their mutual promises made herein, BANK and BORROWER agree as follows:

 

1.           Terms which are typed herein as all capitalized words and are not defined herein shall have same meanings as when described in the AGREEMENT.

 

2.           Notwithstanding the provisions of Section 2.5 of the AGREEMENT, BORROWER has requested that BANK defer the April 16, 2009 and July 16, 2009 principal payments due on the FIXED RATE NOTE, 2007 FIXED RATE NOTE, and VARIABLE RATE NOTE until the LOAN TERMINATION DATE for the TERM NOTES (“DEFERRED AMOUNTS”).  BANK agrees to such deferral, but does not waive its right to timely payment of any other sums required by the AGREEMENT.  BORROWER acknowledges that the DEFERRED AMOUNTS shall be due on or before the LOAN TERMINATION DATE for the TERM NOTES.

 

3.           BANK and BORROWER have agreed to amend the interest rate of each of the TERM NOTES. As the result, BORROWER and BANK agree that the interest rate accruing on each of the TERM NOTES and REVOLVING NOTE shall hereafter be payable at a rate equal to the three month LIBOR RATE plus four hundred (400) basis points from time to time until maturity, and six hundred (600) basis points in excess of said aggregate interest rate from time to time after maturity, whether by acceleration or otherwise.  Interest shall be calculated on the basis of a


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