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(Local Currency3⁄4Single Jurisdiction)
 
  MASTER AGREEMENT
 12/19/2006
 First National Bank of Omaha
    
    and
    
    Cardinal Ethanol, LLC
  3⁄4
 1. Interpretation
 Definitions
 Inconsistency
 Single Agreement
 2. Obligations
 General Conditions.




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Change of Account.
 Netting.
 (i)
    
    in the same currency; and(ii)
    
    in respect of the same Transaction
   Default Interest; Other Amounts.
 3. Representations
  Basic Representations.
 Status.
 (ii) Powers.
 No Violation or Conflict.
 2




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Consents.
 Obligations Binding.
 Absence of Certain Events.
 Absence of Litigation.
 Accuracy of Specified Information.
 4. Agreements
  Furnish Specified Information.
 Maintain Authorisations.
 Comply with Laws.
 5. Events of Default and Termination Events
 Events of Default.
 Failure to Pay or Deliver.
 Breach of Agreement.
 3




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Credit Support Default.
    Misrepresentation.
 Default under Specified Transaction.
 (vi) Cross Default.
 Bankruptcy
  4




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Merger Without Assumption.
   Termination Events.
 Illegality.
   Credit Event Upon Merger.
 Additional Termination Event.
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Event of Default and Illegality.
 6. Early Termination
 Right to Terminate Following Event of Default.
 Right to Terminate Following Termination Event.
 Notice.
 Two Affected Parties.
 Right to Terminate.
    Effect of Designation.
   Calculations.
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Statement.
 Payment Date.
 Payments on Early Termination.
 Events of Default.
 First Method and Market Quotation.
 First Method and Loss.
 Second Method and Market Quotation.
 Second Method and Loss.
 Termination Events.
 One Affected Party.
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Two Affected Parties.
    Adjustment for Bankruptcy.
 Pre-Estimate.
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7. Transfer
     8. Miscellaneous
 Entire Agreement.
 Amendments.
 Survival of Obligations.
 Remedies Cumulative.
 Counterparts and Confirmations.
   No Waiver of Rights.
 Headings.
 9. Expenses
  9




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10. Notices
 Effectiveness.
       Change of Addresses.
 11. Governing Law and Jurisdiction
 Governing Law.
 Jurisdiction.
    Waiver of Immunities.
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12. Definitions
  Additional Termination Event
 Affected Party
 Affected Transactions
 Affiliate
 Applicable Rate
     consent
 Credit Event Upon Merger
 Credit Support Document
 Credit Support Provider
 Default Rate
 Defaulting Party
 Early Termination Date
 Event of Default
 Illegality
 law lawful unlawful
 11




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Local Business Day
 Loss
 Market Quotation
 Non-default Rate
 Non-defaulting Party
 12




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Potential Event of Default
 Reference Market-makers
 Scheduled Payment Date
 Set-off
 Settlement Amount
   Specified Entity
 Specified Indebtedness
 Specified Transaction
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Terminated Transactions
 Termination Event
 Termination Rate
 Unpaid Amounts
  First National Bank of Omaha
    
    
    
    
    
    Cardinal Ethanol, LLC(Name of Party)
    
    
    
    
    
    (Name of Party)By:
    
    /s/ Fallon Savage
    
    
    
    By:
    
    /s/ Troy PrescottName: Fallon Savage
    
    
    
    
    
    Name: Troy PrescottTitle: Commercial Loan Officer
    
    
    
    
    
    Title: PresidentDate: 12/19/06
    
    
    
    
    
    Date: 12/19/06
 14 ISDA
® 1992




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SCHEDULE
TO THE MASTER AGREEMENT
 dated as of 12/19/2006
 First National Bank of Omaha Cardinal Ethanol, LLC
 (Party A)
    
    (Party B)
 Part 1. Termination Provisions.
 (a)
    
    Specified Entitymeans in relation to Party A for the purpose of:
 Section 5(a)(v),
    
    NoneSection 5(a)(vi),
    
    NoneSection 5(a)(vii),
    
    NoneSection 5(b)(ii),
    
    Noneand in relation to Party B for the purpose of:Section 5(a)(v),
    
    Any current or future Affiliate of Party BSection 5(a)(vi),
    
    Any current or future Affiliate of Party BSection 5(a)(vii),
    
    Any current or future Affiliate of Party BSection 5(b)(ii),
    
    Any current or future Affiliate of Party B
 (b)
    
    Specified Transactionwill have the meaning specified in Section 12 of this Agreement.(c)
    
    The Cross Defaultprovisions of Section 5(a)(vi) will apply to Party B.(d)
    
    Specified Indebtednesswill have the meaning specified in Section 12 of this Agreement.(e)
    
    Threshold Amountmeans $100,000.(f)
    
    The Credit Event Upon Mergerprovisions of Section 5(b)(ii) will apply to Party B.(g)
    
    The Automatic Early Terminationprovision of Section 6(a) will not apply to Party A or Party
B.(h)
    
    Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:The Second Method and Market Quotation will apply.(i)
    
    Additional Termination Event:For the purpose of Section 5(b)(iii) of this Agreement, it
shall be an Additional Termination Event with Party B being the Affected Party if (i) the
loan or other indebtedness in connection with which a Transaction is entered into by Party B
for the purpose or with the effect of altering the net combined payment of Party B from a
floating to fixed or a fixed to floating rate basis is repaid, whether upon acceleration of
principal, at maturity, or otherwise, or for any other reason ceases to be an obligation of
Party B, with or without the consent of Party A, or (ii) any Credit Support Document expires,
terminates, or ceases to be in full force and effect for the purpose of this Agreement unless
this Agreement is expressly amended in writing to reflect that it is no longer a Credit
Support Document hereunder, or (iii) Party A and Party B or any current or future Affiliate of
Party B fail to enter into any future anticipated loan to or other indebtedness of Party B or
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any current or future Affiliate of Party B in the amount of the Notional Amount of a Transaction
that is entered into in anticipation of such loan or other indebtedness and by the Effective
Date of such Transaction.
 Part 2. Agreement to Deliver Documents.
  (a)
    
    A certificate of an authorized officer of Party B evidencing the necessary corporate
authorizations, resolutions, and approvals with respect to the execution, delivery and
performance of this Agreement, and certifying the names, true signatures, and authority of the
officer(s) signing this Agreement and executing Transactions hereunder.(b)
    
    Quarterly and annual financial statements of Party B when requested by Party A.(c)
    
    IRS Form W-9 of Party B when requested by Party A.
 Part 3. Miscellaneous.
 Addresses for Notices
      Address:Attention:Facsimile No.:
    
    
    
    Telephone No.:
 (b)
    
    Calculation Agent.The Calculation Agent is Party A.(c)
    
    Credit Support Document:In relation to Party B, means any guarantee, security agreement, or
other document in effect from time to time that by its terms guarantees or otherwise supports
the full and timely performance of Party Bs obligations under this Agreement.(d)
    
    Credit Support Provider:Any individual or entity named in a Credit Support Document who is
securing Party Bs full and timely performance of its obligations to Party A under such
documents, including without limitation guarantors.(e)
    
    Governing Law. This Agreement will be governed by and construed in accordance with the laws
of the State of New York without reference to choice of law doctrine.(f)
    
    Definitions. Section 12 is modified as follows:
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(g)
    
    Payments.
 Account Number:
 Account Number:
 Part 4. Other Provisions.
 (a)
    
    Additional Representations. Party B represents to Party A (which representation will be
deemed to be repeated by Party B on each date on which a Transaction is entered into) that it,
or any Credit Support Provider, has: (A) if a corporation, partnership, proprietorship,
limited liability company or trust, (1) total assets exceeding $10,000,000 or (2) a net worth
exceeding $1,000,000 andis entering into the Transaction in connection with the conduct of
its business or to manage the risk associated with an asset or liability owned or incurred in
the conduct of its business, or (B) if an individual, total assets exceeding (1) $10,000,000
or (2) $5,000,000 andwho is entering into the Transaction to manage the risk associated with
an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the
individual.(b)
    
    Event of Default.Each Party agrees to notify the other party of the occurrence of any Event
of Default or Potential Event of Default immediately upon learning of the occurrence thereof.(c)
    
    Disclaimer.In entering into this Agreement, Party B understands that there is no assurance
as to the direction in which interests rates in financial markets may move in the future and
that Party A makes no covenant, representation, or warranty in this regard or in regard to the
suitability of the terms of the Agreement or any Transaction to the particular needs and
financial situation of Party B. Party B represents, which representation shall be deemed
repeated with respect to and at the time of each Transaction, that (A) it has had the
opportunity, independently of Party A and Party As affiliates, officers, employees, and
agents, to consult its own financial advisors and has determined that it is in Party Bs
interest to enter into the Agreement and any Transaction and (B) it is capable of assuming and
assumes the risks of any Transaction. Party A is not acting as a fiduciary for or advisor to
Party B in respect of any Transaction.(d)
    
    Waiver of Jury Trial.Each party hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all rights it may have to trial by jury in respect of any
proceedings arising out of or relating to this Agreement or any Transaction and acknowledges
that it and the other party have been induced to enter into this Agreement by, among other
things, these mutual waivers.(e)
    
    Set-off.The right to exercise a Set-off against any amount otherwise payable in respect of
an Early Termination Date pursuant to Section 6(e) may be applied solely at the election of
the Non-Defaulting Party in the case of an Event of Default, and by the party other than the
Affected Party in the case of a Termination Event or Additional Termination Event, whether or
not such party is the payer or payee of an amount determined pursuant to Section 6. If an
obligation is unascertained, such party may in good faith estimate that obligation and
exercise a Set-off in respect of the estimate, subject to the relevant party accounting to the
other party when the obligation becomes ascertained.
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(f)
    
    Jurisdiction.Section 11 (b)(i) is modified to read:
  First National Bank of Omaha
    
    
    
    Cardinal Ethanol, LLCBy:
    
    /s/ Fallon Savage
    
    
    
    By:
    
    /s/ Troy PrescottName: Fallon Savage
    
    
    
    
    
    Name: Troy PrescottTitle: Commercial Loan Officer
    
    
    
    
    
    Title: President
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