FIRST NATIONAL BANK OF OMAHA CONFIRMATION
EXHIBIT 10.40
FIRST NATIONAL BANK OF OMAHA
CONFIRMATION
To: |
Red Trail Energy, LLC | |
| P.O. Box 11 | ||
| Richardton, ND 58652 | ||
Attn: |
Xxxx Xxxxxxx/XxXxx Xxxx | |
Fax: |
000-000-0000 | |
From: |
First National Bank of Omaha | |
Date: |
11th December, 2007 | |
Our Ref: |
22173 |
The purpose of this letter agreement is to set forth the terms and conditions of the Swap
Transaction entered into between First National Bank of Omaha and Red Trail Energy, LLC (the
“Counterparty”) on the Trade Date specified below (the “Swap Transaction”). This letter agreement
constitutes a “Confirmation” as referred to in the Master Agreement specified below.
I. The
definitions and provisions contained in the 2006 ISDA Definitions (as published by the
International Swaps and Derivatives Association, Inc.) (the “Definitions”) are incorporated into
this Confirmation.
This
Confirmation supplements, forms a part of, and is subject to, a certain ISDA Master Agreement
(the “Master Agreement”) which has been, or will be executed between Counterparty and First
National Bank of Omaha. All provisions contained or incorporated by reference in such Master
Agreement shall govern this Confirmation except as expressly modified
below. In the event of any
inconsistency between this Confirmation and the Definitions or the Master Agreement, this
Confirmation will govern.
This Confirmation will be governed by and construed in accordance with the laws of the State of
New York, without reference to choice of law doctrine, provided that this provision will be
superseded by any choice of law provision on the Master Agreement.
2. This Confirmation constitutes a Swap Transaction under the Master Agreement and the terms
of the Swap Transaction to which this Confirmation relates are as follows:
Our ref: 22173
|
|
Notional Amount:
|
For each Calculation Period, the amount listed under the heading “Notional Amount (USD)” in Schedule A, attached. | |
Trade Date:
|
11th December, 2007 | |
Effective Date:
|
13th December, 2007 | |
Termination Date:
|
16th April, 2012 | |
Fixed
Amounts: |
||
Fixed Rate Payer:
|
Red Trail Energy, LLC | |
Fixed Rate Payer Payment Dates:
|
Commencing the 16th day of January, 2008 and quarterly thereafter on the 16th calendar day of April, July, October, and January up to and including the Temination Date, subject to adjustment in accordance with Following Business Day Convention. | |
Period End Dates:
|
The 16th calendar day of April, July, October, and January commencing January, 2008 and ending on the Termination Date. No Adjustment. | |
Fixed Rate:
|
7.69500% | |
Fixed Rate Day Count Fraction:
|
Act/360 | |
Floating
Amounts: |
||
Floating Rate Payer:
|
First National Bank of Omaha | |
Floating Rate Payer Payment Dates: |
Commencing the 16th day of January, 2008 and quarterly thereafter on the 16th calendar day of April, July, October, and January up to and including the Temination Date, subject to adjustment in accordance with Following Business Day Convention. | |
Period End Dates:
|
The 16th calendar day of April, July, October, and January commencing January, 2008 and ending on the Termination Date. No Adjustment. | |
Floating Rate for Initial Calculation Period: |
8.51125% inclusive of Spread | |
Floating Rate Option:
|
USD-LIBOR-BBA |
Our ref: 22173
|
|
Designated Maturity:
|
3 months | |
Spread:
|
3,40000% | |
Floating Rate Day: Count Fraction: |
Act/360 | |
Reset Dates:
|
The first day of each Floating Rate Payer Calculation Period. | |
Calculation Agent:
|
First National Bank of Omaha | |
Business Days:
|
New York, London | |
Other Terms and Conditions:
|
None | |
Payment Method:
|
ACCT#110193357 |
Please
confirm the foregoing correctly sets forth the terms of our Agreement by executing
the copy of this Confirmation and returning it to us.
| Regards, | ||||||
| First National Bank of Omaha | ||||||
| By: | ||||||
| Name: | ||||||
Accepted and confirmed as
of the Trade Date
|
||
/s/
Xxxx X. Xxxxxxx, CFO 12-12-07 |
||
/s/
Xxxx Xxxxxx, Chairman 12-12-07 |
||
Our ref: 22173
|
|
Designated Maturity:
|
3 months | |
Spread:
|
3.40000% | |
Floating Rate Day: Count Fraction: |
Act/360 | |
Reset Dates:
|
The first day of each Floating Rate Payer Calculation Period. | |
Calculation Agent:
|
First National Bank of Omaha | |
Business Days:
|
New York, London | |
Other Terms
and Conditions:
|
None | |
Payment Method:
|
ACCT#I10193357 |
Please
confirm the foregoing correctly sets forth the terms of our Agreement
by executing the copy
of this Confirmation and returning it to us.
| Regards, | ||||||
| First National Bank of Omaha | ||||||
| By: | /s/ XXXX X. XXXXX | |||||
| Name: | XXXX X. XXXXX | |||||
Accepted and confirmed
as of the Trade Date |
||
Our ref: 22173
|
|
Schedule A
| Period Start | Period End | Notional Amount (USD) | Notional Amortization | |||
13-Dec-07 |
16-Jan-08 | 10,000,000.00 | 285,183.83 | |||
16-Jan-08 |
16-Apr-08 | 9,714,816.17 | 182,995.86 | |||
16-Apr-08 |
16-Jul-08 | 9,531,820.31 | 186,511.41 | |||
16-Jul-08 |
16-Oct-08 | 9,345,308.90 | 188,121.60 | |||
16-Oct-08 |
16-Jan-09 | 9,157,187.30 | 191,775.34 | |||
l6-Jan-09 |
16-Apr-09 | 8,965,411.96 | 199,285.44 | |||
16-Apr-09 |
16-Jul-09 | 8,766,126.52 | 201,221.24 | |||
16-Jul-09 |
16-Oct-09 | 8,564,905.28 | 203,278.78 | |||
16-Oct-09 |
16-Jan-10 | 8,361,626.50 | 207,226.90 | |||
16-Jan-10 |
16-Apr-10 | 8,154,399.60 | 214,694.68 | |||
16-Apr-10 |
16-Jul-10 | 7,939,704.92 | 2! 7,097.72 | |||
16-Jul-10 |
16-Oct-10 | 7,722,607.20 | 219,638.08 | |||
16-Oct-10 |
16-Jan-11 | 7,502,969.12 | 223,903.94 | |||
16-Jan- 11 |
16-Apr- 11 | 7,279,065.18 | 231,326.03 | |||
16-Apr-11 |
16-Jul-11 | 7,047,739.15 | 234,233.37 | |||
16-Jul-11 |
16-Oct-11 | 6,813,505.78 | 237,294.85 | |||
16-Oct-l1 |
16-Jan-12 | 6,576,210.93 | 241,903.64 | |||
16-Jan-12 |
16-Apr-12 | 6,334,307.29 | 6,334,307.29 |
