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Exhibit 10.49
 EXECUTION VERSION
 
 PLEDGE AND SECURITY AGREEMENT
 among
 FIRST UNITED ETHANOL, LLC,
as Pledgor
 SOUTHWEST GEORGIA ETHANOL, LLC,
as Company
 and
 WESTLB AG, NEW YORK BRANCH,
as Collateral Agent
 Dated as of November 20, 2007




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PageARTICLE I   DEFINITIONS
    
    
    2Section 1.01 Defined Terms
    
    
    2Section 1.02 Credit Agreement and UCC Definitions
    
    
    3Section 1.03 Rules of Interpretation
    
    
    3ARTICLE II   PLEDGE AND GRANT OF SECURITY INTEREST
    
    
    3Section 2.01 Granting Clause
    
    
    3Section 2.02 Delivery of Collateral
    
    
    4Section 2.03 Retention of Certain Rights
    
    
    5Section 2.04 Obligations Unconditional
    
    
    5Section 2.05 Waiver
    
    
    6ARTICLE III   SECURITY EVENTS OF DEFAULT
    
    
    7ARTICLE IV   REPRESENTATIONS AND WARRANTIES
    
    
    7Section 4.01 Organization; Power; Compliance with Law and Contractual Obligations
    
    
    7Section 4.02 Due Authorization; Non-Contravention
    
    
    7Section 4.03 Validity
    
    
    8Section 4.04 Beneficial Ownership; Pledged Equity Interests
    
    
    8Section 4.05 No Prior Assignment
    
    
    8Section 4.06 No Other Financing Documents
    
    
    8Section 4.07 Name; Organizational Number
    
    
    8Section 4.08 Capital Adequacy; Etc
    
    
    8Section 4.09 Perfection of Security Interest
    
    
    8ARTICLE V   COVENANTS OF THE PLEDGOR
    
    
    9Section 5.01 Defense of Collateral
    
    
    9Section 5.02 Limitation of Liens
    
    
    9Section 5.03 No Other Filings
    
    
    9Section 5.04 No Sale of Collateral
    
    
    9Section 5.05 No Impairment of Security
    
    
    10Section 5.06 Filing of Bankruptcy Proceedings
    
    
    10Section 5.07 Distributions
    
    
    10Section 5.08 Maintenance of Records
    
    
    10Section 5.09 Name; Jurisdiction of Organization
    
    
    10Section 5.10 Amendments to Organizational Documents
    
    
    11Section 5.11 Perfection
    
    
    11Section 5.12 Information Concerning Collateral
    
    
    11Section 5.13 Payment of Taxes
    
    
    11ARTICLE VI   REMEDIES UPON SECURITY EVENT OF DEFAULT
    
    
    11Section 6.01 Remedies Upon a Security Event of Default
    
    
    11




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PageSection 6.02 Minimum Notice Period
    
    
    13Section 6.03 Sale of Collateral
    
    
    13Section 6.04 Actions Taken by the Collateral Agent
    
    
    13Section 6.05 Private Sales
    
    
    14Section 6.06 Compliance With Limitations and Restrictions
    
    
    14Section 6.07 No Impairment of Remedies
    
    
    14ARTICLE VII   FURTHER ASSURANCES
    
    
    14Section 7.01 Attorney-in-Fact
    
    
    14Section 7.02 Delivery of Collateral; Proxy
    
    
    15Section 7.03 Place of Business; Location of Records
    
    
    15Section 7.04 Waiver of Transfer Restrictions
    
    
    15Section 7.05 The Companys Consent and Covenant
    
    
    15Section 7.06 Foreclosure
    
    
    15Section 7.07 Waiver of Rights of Subrogation
    
    
    16Section 7.08 Application of Proceeds
    
    
    16Section 7.09 Limitation on Duty of the Collateral Agent with Respect to the
Collateral
    
    
    16Section 7.10 Termination of Security Interest
    
    
    16ARTICLE VIII   MISCELLANEOUS
    
    
    17Section 8.01 Amendments, Etc
    
    
    17Section 8.02 Applicable Law; Jurisdiction; Etc
    
    
    17Section 8.03 Benefits of Agreement
    
    
    19Section 8.04 Expenses
    
    
    19Section 8.05 Interest
    
    
    19Section 8.06 Counterparts; Effectiveness
    
    
    19Section 8.07 Entire Agreement
    
    
    19Section 8.08 No Waiver; Cumulative Remedies
    
    
    19Section 8.09 Notices and Other Communications
    
    
    19Section 8.10 Reinstatement
    
    
    21Section 8.11 Rights of the Collateral Agent
    
    
    21Section 8.12 Severability
    
    
    21Section 8.13 Successions and Assignments
    
    
    21Section 8.14 Survival
    
    
    21Section 8.15 Time
    
    
    22Section 8.16 Waiver of Consequential Damages, Etc
    
    
    22Section 8.17 Waiver of Litigation Payments
  ii




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EXHIBITS
 Exhibit A
    
    -
    
    Irrevocable ProxyExhibit B
    
    -
    
    Transfer DocumentExhibit C
    
    -
    
    Schedule of Security FilingsSchedule I
    
    -
    
    Description of Pledged Equity Interests
  iii




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PLEDGE AND SECURITY AGREEMENT
 Agreement Pledgor Company Collateral Agent
 RECITALS
 Credit Agreement Lenders Loans
     AGREEMENT




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Defined Terms
 Agent
 Collateral Section 2.01 (Granting Clause)
 Collateral Agent preamble
 Company preamble
 Credit Agreement recitals
 Equity Interests
 Financing Documents
 Lenders recitals
 Loans recitals
 Obligations
  2




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Pledged Equity Interests Section 2.01 (Granting
Clause)
 Pledgor preamble
 Second Lien Section 5.02 (Limitation of Liens).
 Security Default
 Security Discharge Date
 Security Event of Default
 Credit Agreement and UCC Definitions
 Rules of Interpretation Principles of Interpretation
   Granting Clause Collateral
  3




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Pledged Equity Interests Schedule I
 (i)
    
    all rights to receive income, gain, profit,
dividends and other distributions allocated or distributed to the
Pledgor in respect of or in exchange for all or any portion of the
Pledged Equity Interests;(ii)
    
    all of the Pledgors capital or ownership
interest or other Equity Interest, including capital accounts, in the
Company;(iii)
    
    all of the Pledgors voting rights in or
rights to control or direct the affairs of the Company;(iv)
    
    all other rights, title and interest in or to
the Company derived from the Pledged Equity Interests;(v)
    
    all indebtedness or other obligations of the
Company owed to the Pledgor;(vi)
    
    all claims of the Pledgor for damages arising
out of, or for any breach or default relating to, the Pledged Equity
Interests;(vii)
    
    all securities, notes, certificates and other
instruments representing or evidencing any of the foregoing rights and
interests or the ownership thereof and any interest of the Pledgor
reflected in the books of any financial intermediary pertaining to such
rights and interests;(viii)
    
    all distributions, non-cash dividends, cash, options, warrants, stock
splits, reclassifications, rights, instruments or other investment
property and other property or proceeds from time to time received,
receivable or otherwise distributed in respect of or in exchange for
any or all of such rights and interests; and(ix)
    
    all security entitlements of the Pledgor in any
and all of the foregoing; and
 provided however Negative Covenants  Restricted Payments
  4




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Delivery of Collateral Section 7.02 (Delivery of Collateral;
Proxy)
  Retention of Certain Rights
 Obligations Unconditional
      5




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Waiver
       6




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Section 2.05
       Organization; Power; Compliance with Law and Contractual Obligations
 Due Authorization; Non-Contravention
   7




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Validity
 Beneficial Ownership; Pledged Equity Interests
 No Prior Assignment
 No Other Financing Documents
 Name; Organizational Number
 Capital Adequacy; Etc
  Perfection of Security Interest Exhibit C
  8




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Exhibit C
    Defense of Collateral
 Limitation of Liens Second Lien
 No Other Filings
 No Sale of Collateral
  9




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No Impairment of Security
 Filing of Bankruptcy Proceedings
 Distributions
 Maintenance of Records provided
 Name; Jurisdiction of Organization
  10




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Amendments to Organizational Documents
 Perfection
  Information Concerning Collateral
 Payment of Taxes
   Remedies Upon a Security Event of Default
  11




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12




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Minimum Notice Period Section 6.01
(Remedies Upon a Security Event of Default)
 Sale of Collateral
 Actions Taken by the Collateral Agent
  13




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Private Sales Article VI provided
 Compliance With Limitations and Restrictions
 No Impairment of Remedies
   Attorney-in-Fact Section 6.01 (Remedies Upon a Security Event of Default) provided however provided however
  14




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Delivery of Collateral; Proxy Exhibit A Exhibit B
 Place of Business; Location of Records Section 5.09 (Name; Jurisdiction of Organization) Section 8.09 (Notices and Other
Communications)
 Waiver of Transfer Restrictions
 The Companys Consent and Covenant
 Foreclosure
  15




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Waiver of Rights of Subrogation
 Application of Proceeds Application of Proceeds
 Limitation on Duty of the Collateral Agent with Respect to the
Collateral
  16




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Termination of Security Interest Section 8.10 (Reinstatement)
   Amendments, Etc
 Applicable Law; Jurisdiction; Etc. GOVERNING LAW
 SUBMISSION TO JURISDICTION
  17




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WAIVER OF VENUE SECTION 8.02(b)
 Appointment of Process Agent and Service of Process Section 8.02 Section 8.09 (Notices and Other
Communications)
 Immunity Section 8.02(e)
 WAIVER OF JURY TRIAL SECTION 8.02
  18




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Benefits of Agreement
 Expenses
 Interest
 Counterparts; Effectiveness
 Entire Agreement
 No Waiver; Cumulative Remedies
  19




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Notices and Other Communications Section 8.09(b)
 If to the Pledgor:First United Ethanol, LLCMailing Address:
    

P.O.
Box 386Camilla, GA 31730Physical Address:
    
    4615 Back Nine RoadPelham, GA 31779Attention:
    
    Larry Kamp, Chief Financial OfficerTelephone:
    
    (229) 522-2822Facsimile:
    
    (229) 522-2824E-mail :
    
    larry@firstunitedethanol.comIf to the Company:Southwest Georgia Ethanol, LLCMailing Address:
    
    P.O. Box 386Camilla, GA 31730Physical Address:
    
    4615 Back Nine RoadPelham, GA 31779Attention:
    
    Larry Kamp, Chief Financial OfficerTelephone:
    
    (229) 522-2822Facsimile:
    
    (229) 522-2824E-mail :
    
    larry@firstunitedethanol.comIf to the Collateral Agent:If to the Collateral Agent:WestLB AG, New York Branch1211 Avenue of the AmericasNew York, NY 10036Attention:
    
    Andrea BaileyTelephone:
    
    212-597-1158Facsimile:
    
    212-302-7964E-mail:
    
    NYC_Agency_Services@WestLB.com
   20




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Reinstatement
 Rights of the Collateral Agent
 Severability
 Successions and Assignments Section 8.14
(Survival)
  21




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Survival Section 8.04 (Expenses)
 Time
 Waiver of Consequential Damages, Etc
 [ REMAINDER OF PAGE INTENTIONALLY LEFT BLANK ]
  22




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FIRST UNITED ETHANOL, LLC,
as PledgorBy:
    /s/ Anthony J. FlaggName:
    Anthony J. FlaggTitle:
    CEOSOUTHWEST GEORGIA ETHANOL, LLC,
as CompanyBy:
    /s/ Anthony J. FlaggName:
    Anthony J. FlaggTitle:
    Authorized Person  23




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WESTLB AG, NEW YORK BRANCH,
as Collateral AgentBy:
    /s/ James R. AndersonName:
    James R. AndersonTitle:
    DirectorBy:
    /s/ Paul VestolaName:
    Paul VestolaTitle:
    Director




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EXHIBIT A
IRREVOCABLE PROXY
 Collateral
Agent
 Date:
    FIRST UNITED ETHANOL, LLCBy:
    /s/ Anthony J. FlaggName:Title:  A-1




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EXHIBIT B
TRANSFER DOCUMENT
 
 Date:
    FIRST UNITED ETHANOL, LLCBy:
    /s/ Anthony J. FlaggName:Title:  
  B-1




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EXHIBIT C
SCHEDULE OF SECURITY FILINGS
   C-1




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SCHEDULE I
DESCRIPTION OF PLEDGED EQUITY INTERESTS
    I-1