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Exhibit 10.2
  MASTER LOAN AGREEMENT
 THIS MASTER LOAN AGREEMENT FARM CREDIT SERVICES
OF AMERICA, FLCA ADVANCED BIOENERGY, LLC, Fairmont, Nebraska
 BACKGROUND
  SECTION 1. Supplements.
 SECTION 2. Sale of Participation Interests and Appointment of Administrative Agent.
 SECTION 3. Availability.




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SECTION 4. Repayment.
 SECTION 5. Capitalization.
 Owner Name: Advanced BioEnergy, LLC SSN/TIN: 20-2281511
  Revis L. Stephenson, III, voter
 SECTION 6. Security.




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SECTION 7. Conditions Precedent.
 (A) Conditions to Initial Supplement.
 (i) This Agreement, Etc.
 (ii) Security Agreement.
 (iii) Mortgage/Deed of Trust.
 (iv) Title Commitment/Policy.
 (v) Insurance.
 (vi) Environmental Audit.
 (vii) Evidence of Capital




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(viii) Process/Yield Guarantee.
 (ix) Engineering and Construction Contracts.
 (x) Utilities; Access.
 (xi) Project Budget and Schedule, Contracts and Plans.
 (xii) Escrow Agreement.




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(xiii) Survey.
 (xiv) Appraisal.
 (xv) Opinion of Counsel.
 (B) Conditions to Each Supplement.
 (i) Supplement.
 (ii) Evidence of Authority.
 (iii) Fees and Other Charges.
 (iv) Evidence of Perfection, Etc.
 (C) Conditions to Each Loan.
 SECTION 8. Representations and Warranties.
 (A) This Agreement.
 (i) Compliance.




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(ii) Subsidiaries.
 (B) Each Supplement.
 (i) Applications.
 (ii) Conflicting Agreements, Etc.
 (iii) Compliance.
 (iv) Binding Agreement.
 SECTION 9. Affirmative Covenants.
 (A) Eligibility.
 (B) Company Existence, Licenses, Etc.
 (C) Compliance with Laws.




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(D) Insurance.
 (E) Property Maintenance.
 (F) Books and Records.
 (G) Inspection.
 (H) Reports and Notices.
 (i) Annual Financial Statements.
 (ii) Interim Financial Statements.
 (iii) Notice of Default.




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(iv) Notice of Non-Environmental Litigation.
 (v) Notice of Environmental Litigation, Etc.
 (vi) Formation Documents.
 (vii) Budgets.
 (viii) Compliance Certificate.
 (ix) Other Information.
 (I) Policies/Contracts.
 (K) Performance Bonds.




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SECTION 10. Negative Covenants.
 (A) Borrowings.
 (B) Liens.
 (C) Mergers, Acquisitions, Etc.
 (D) Transfer of Assets.
 (E) Loans and Investments.
 (F) Contingent Liabilities.
 (G) Change in Business.




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(H) Capital Expenditures.
 (I) Leases.
 (J) Changes to Operating Agreements, Etc.
 (K) Dividends, Etc.
 SECTION 11. Financial Covenants.
 (A) Working Capital.
 (B) Net Worth.




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(C) Debt Service Coverage Ratio.
 SECTION 12. Events of Default.
 (A) Payment Default.
 (B) Representations and Warranties.
 (C) Certain Affirmative Covenants.
 (D) Other Covenants and Agreements.
 (E) Cross-Default.
 (F) Other Indebtedness.
 (G) Judgments.




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(H) Insolvency, Etc.
 (I) Material Adverse Change.
 (J) Revocation of Guaranty.
 SECTION 13. Remedies.
 (A) Enforcement.




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(B) Application of Funds.
  SECTION 14. Broken Funding Surcharge.
 SECTION 15. Complete Agreement, Amendments.
 SECTION 16. Other Types of Credit.




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SECTION 17. Applicable Law.
 SECTION 18. Notices.
 If to Agent, as follows:
    
    If to the Company, as follows:For general correspondence purposes:
    
    Advanced BioEnergy, LLCCoBank, ACB
    
    137 North 8th StreetP.O. Box 5110
    
    Geneva, Nebraska 68361Denver, Colorado 80217-5110Attention: ChairmanFor direct delivery purposes, when desired:
    
    Fax No.: (402) 759-3774CoBank, ACB5500 South Quebec StreetGreenwood Village, Colorado 80111-1914Attention: Credit Information ServicesFax No.: (303) 224-6101
 SECTION 19. Taxes and Expenses.
 SECTION 20. Effectiveness and Severability.
 SECTION 21. Successors and Assigns.




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SECTION 22. Participations, Etc.
 SECTION 23. Counterparts.
 SECTION 24. Administrative Fee.
 IN WITNESS WHEREOF
 FARM CREDIT SERVICES
    
    
    
    ADVANCED BIOENERGY, LLCOF AMERICA, FLCABy:
    
    /s/ Jeremy Wilhelm
    
    
    
    By:
    
    /s/ Revis L. Stephenson IIITitle:
    
    VP
    
    
    
    Title:
    
    Chairman