**Exhibit 10.24****REVOLVING NOTE**Omaha, Nebraska $10,000,000.00Note Date: December 19, 2006  Maturity Date: December 18, 2007       On or before December 18, 2007, CARDINAL ETHANOL, LLC (“BORROWER”), promises to pay to theorder of FIRST NATIONAL BANK OF OMAHA (“BANK”) at any of its offices in Omaha, Nebraska theprincipal sum hereof, which shall be Ten Million and no/100 Dollars ($10,000,000.00) or so muchthereof as may have been advanced by BANK and shown on the records of BANK to be outstanding underthis REVOLVING NOTE and the AGREEMENT (as defined below). Interest on the principal balance fromtime to time outstanding will be payable at a rate equal to the one month LIBOR RATE plus threehundred (300) basis points from time to time until maturity as such rate will be adjusted asprovided for in the AGREEMENT, and at a rate equal to the one month LIBOR RATE plus nine hundred(900) basis points from time to time after maturity, whether by acceleration or otherwise.Interest shall be calculated on the basis of a 360-day year, counting the actual number of dayselapsed. Interest on the REVOLVING LOAN shall be payable quarterly, in arrears, commencing March8, 2007.     The interest rate applicable to this REVOLVING NOTE is subject to reduction after a date sixmonths subsequent to the CONSTRUCTION LOAN TERMINATION DATE, as provided for in Section 2.15 of theAGREEMENT.     This REVOLVING NOTE is executed pursuant to that certain Construction Loan Agreement datedDecember 19, 2006 between BANK and BORROWER (the Construction Loan Agreement, together with allamendments, modifications and supplements thereto and all restatements and replacements thereof iscalled the (“AGREEMENT”). The AGREEMENT, and any amendments or substitutions thereof or thereto,contains additional terms and conditions, including default and acceleration provisions, which areincorporated into this REVOLVING NOTE by reference. All capitalized terms not otherwise definedherein shall have the same meanings as set forth in the AGREEMENT.     The aggregate unpaid principal amount hereof plus interest shall become immediately due andpayable without demand or further action on the part of BANK upon the occurrence of an EVENT OFDEFAULT as set forth under the AGREEMENT or any other LOAN DOCUMENT. If the maturity date of thisREVOLVING NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all therights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise availableat law or in equity. The rights, powers, privileges, options and remedies of BANK provided in theAGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulativeand concurrent, and may be pursued singly, successively or together at the sole discretion of BANK,and may be exercised as often as occasion therefor shall occur. No delay or discontinuance in theexercise of any right, power, privilege, option or remedy shall be deemed a waiver of such right,power, privilege, option or remedy, nor shall the exercise of any right, power, privilege, optionor remedy be deemed an election of remedies or a waiver of any other right, power, privilege,option or remedy. Without limiting thegenerality of the foregoing, BANK’s waiver of an EVENT OF DEFAULT shall
 

 
not constitute a waiver ofacceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration ofthis REVOLVING NOTE without in any way waiving or affecting any acceleration of this REVOLVING NOTEin the future as a consequence of an EVENT OF DEFAULT. BANK’s acceptance of partial payment orpartial performance shall not in any way affect or rescind any acceleration of this REVOLVING NOTEmade by BANK.     Unless prohibited by law, BORROWER will pay on demand all reasonable costs of collection,reasonable legal expenses and reasonable attorneys’ fees and costs incurred or paid by BANK incollecting and/or enforcing this REVOLVING NOTE. Furthermore, BANK reserves the right to offsetwithout notice all funds held by BANK against debts owing to BANK by BORROWER.     All makers and endorsers hereby waive presentment, demand, protest and notice of dishonor,consent to any number of extensions and renewals for any period without notice; and consent to anysubstitution, exchange or release of collateral, and to the addition or releases of any other partyprimarily or secondarily liable.[SIGNATURE PAGE FOLLOWS]
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     Executed as of the Note Date set forth above.       **CARDINAL ETHANOL, LLC**      , an Indiana limited liability