Document:

Pledge Agreement

 Exhibit 10.3 
 PLEDGE AGREEMENT 
 This PLEDGE AGREEMENT (“Agreement”), dated
June 30, 2011, is made by Ethanol Capital Partners, LP – Series R, a Delaware limited partnership, Ethanol Capital Partners, LP – Series T, a Delaware limited partnership, Ethanol Capital Partners, LP – Series V, a Delaware
limited partnership, Ethanol Investment Partners, LLC, a Delaware limited liability company and Tennessee Ethanol Partners, LP, a Delaware limited partnership, jointly and severally (each a “Pledgor,” and collectively the
“Pledgors”), in favor of Advanced BioEnergy, LLC, a Delaware limited liability company (“Pledgee”). 

RECITALS: 

WHEREAS, Pledgee has made certain financial accommodations and extensions of credit available to Pledgors pursuant to that certain
Promissory Note of even date herewith made by Pledgors, jointly and severally, in favor of Pledgee in the principal amount of $490,000.00 (the “Note”); and 
 WHEREAS, Pledgors desire to secure their obligations under the Note for the benefit of Pledgee, by a pledge and grant of a security interest in all of Pledgors’ right, title and interest in the
limited liability company units of membership interest of Pledgee held by the Pledgors as described on Exhibit A attached hereto and incorporated herein, including any and all warrants to purchase additional units of Pledgee which were issued to the
Pledgors in connection with the pledged units, (the “Pledged Membership Interests”) to secure the payment and performance of the Obligations (as defined below). 
 NOW, THEREFORE, in consideration of the foregoing, and in order to induce the Pledgee to make the financial accommodations available to Pledgors under the Note, Pledgors hereby jointly and severally agree
with Pledgee as follows: 
 SECTION 1. Pledge. Pledgors hereby pledge to Pledgee and grant to Pledgee a security interest
in all of Pledgors’ right, title and interest in the Pledged Membership Interests, including without limitation all of Pledgors’ membership interests, governance rights, and financial rights related thereto, and together with any and all
after-acquired units in Pledgee and property relating thereto, any and all proceeds thereof, all of Pledgors’ interest and rights in all successor entities to Pledgee in connection with the Pledged Membership Interests, and any and all related
rights under the Pledgee’s limited liability company agreement and any and all other agreements relating to Pledgee or relating to any successor entities (the “Pledged Collateral”). 

SECTION 2. Security for Obligations. This Agreement secures the obligations of Pledgors under the Note and any documents related
thereto and it secures all obligations of the Pledgors now or hereafter existing under this Agreement (all such obligations of the Pledgors being the “Obligations”). 

  
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 SECTION 3. Delivery of Pledged Collateral. 

(a) All certificates or instruments representing or evidencing the Pledged Collateral will be delivered on or before this date to and held
by Pledgee pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignments in blank, all in form and substance satisfactory to the Pledgee. In addition, Pledgors
authorize Pledgee to file UCC financing statements in appropriate offices, describing the Pledged Collateral as collateral of Pledgee. Such filings, along with any continuation statements, amendments and other filings as Pledgee may deem appropriate
from time-to-time, may be filed without Pledgors’ further consent or signature. 
 (b) Legend. In addition to any
other legend required, the certificates representing the Pledged Collateral will bear an endorsement in substantially the following form: 
 “The units of membership interest represented by this certificate are pledged under, and are subject to, the terms and conditions of a Pledge Agreement dated June 30, 2011, between the issuer
and the registered owner of this certificate, as security for performance of the obligations of Ethanol Capital Partners, LP – Series R, Ethanol Capital Partners, LP – Series T, Ethanol Capital Partners, LP – Series V, Ethanol
Investment Partners, LLC, and Tennessee Ethanol Partners, LP, under that certain Promissory Note of even date therewith, and cannot be sold, assigned, transferred, pledged or disposed of except as provided in such Pledge Agreement.” 

SECTION 4. Representations and Warranties. Pledgors represent, warrant and covenant to Pledgee that as of the date hereof and
until the Obligations have been paid in full, the following: 
 (a) Pledgors are duly organized, validly existing and in good
standing under the laws of the State of Delaware. 
 (b) The chief executive office of each Pledgor is located in the State of
Arizona. 
 (c) The Pledged Collateral has been duly authorized and validly issued and is fully paid and non-assessable.

 (d) Except as otherwise set forth in Section 18, Pledgors are the legal and beneficial owners of the Pledged Collateral
free and clear of any liens, security interests, options or other charges or encumbrances except for the security interest created by this Agreement. 
 (e) The pledge of the Pledged Collateral pursuant to this Agreement creates a valid security interest in the Pledged Collateral, securing the payment of the Obligations. 

(f) Pledgors have full power and authority to execute and deliver this Agreement and to perform their respective obligations hereunder.

  
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 (g) No authorization, approval, or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required either: (i) for the pledge by Pledgors of the Pledged Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by the Pledgors; or (ii) for
the exercise by the Pledgee of the voting or other rights provided for in this Agreement or the remedies in respect of the Pledged Collateral pursuant to this Agreement (except as may be required in connection with such disposition by laws affecting
the offering and sale of securities generally and except as may be applicable to Pledgee under applicable statutes, rules, regulations, or any directives, letters or orders issued pursuant thereto). 

(h) Except as otherwise set forth in Section 18, the entering into and performance of this Agreement and the transactions related
hereto do not conflict with any other agreement to which the Pledgors are a party. 
 (i) Pledgors will substantially benefit
from the financial accommodations provided by Pledgee. 
 (j) Pledgors have the authority to enter into and to perform this
Agreement and the transactions related hereto, and the individual parties signing on behalf of the Pledgors have been fully authorized to execute this Agreement on behalf of such parties. 

SECTION 5. Further Assurances. Pledgors agree that at any time and from time-to-time, at the joint and several expense of
Pledgors, Pledgors will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Pledgee may request, in order to perfect and protect any security interest granted
or purported to be granted hereby or to enable Pledgee to exercise and enforce its rights and remedies hereunder with respect to any Pledged Collateral. 
 SECTION 6. Default. Any of the following shall constitute an “Event of Default” hereunder: 
 (a) A failure by Pledgors to observe or perform any obligation, covenant, condition, or agreement to be performed hereunder by any of the Pledgors; 

(b) Any representation or warranty made by any of the Pledgors in this Agreement is not true and correct in any material respect;

 (c) A default or event of default shall have occurred under the Note; 

(d) Any Pledgor from and after the date hereof shall, or shall attempt to, encumber, subject to any further pledge or security interest,
sell, transfer or otherwise dispose of any of the Pledged Collateral or any interest therein except as otherwise permitted herein, or any of the Pledged Collateral shall be attached or levied upon or seized in any legal proceedings against any of
the Pledgors; 
 (e) Any Pledgor shall generally not pay their debts as such debts become due, or shall admit in writing, their
inability to pay such debts generally, or shall make a general assignment for the benefit of creditors; 

  
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 (f) Any proceeding shall be instituted by or against any Pledgor, seeking to adjudicate them
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, custodianship, protection, relief, or composition of their debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors, or seeking the entry of an order for relief, or the appointment of a receiver, custodian, trustee, or other similar official for any substantial part of their property, and such proceeding shall not be dismissed within thirty (30) days
after its commencement; or any Pledgor shall take any action to authorize any of the actions set forth above in this clause (f); or 
 (g) This Agreement shall not or shall no longer be effective in granting to Pledgee a first priority perfected lien in or on the Pledged Collateral. 

SECTION 7. Voting Rights; Distributions. 
 (a) So long as no Event of Default or event which, with the giving of notice or the lapse of time, or both, would become an Event of Default shall have occurred and be continuing, Pledgors shall be
entitled to exercise any and all voting and other consensual rights pertaining to the Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement; provided, however, that Pledgors shall not exercise and
refrain from exercising any such right if, in Pledgee’s reasonable judgment, such action would have a material adverse effect on the value of the Pledged Collateral or any part thereof. 

(b) Notwithstanding whether or not an Event of Default has occurred, Pledgee shall be entitled to receive and retain, and apply as payment
on the Note, any and all dividends, distributions and interest paid in respect of the Pledged Collateral including all: 
 (i)
distributions, interest paid or payable in respect of, and instruments and other property received, receivable or otherwise distributed in respect of, or in exchange for, the Pledged Collateral, 

(ii) distributions paid or payable in cash in respect of any Pledged Collateral in connection with a partial or total liquidation or
dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus, and 
 (iii) cash paid, payable or
otherwise distributed in redemption of, or in exchange for, any Pledged Collateral. 
 (c) Pledgee shall execute and deliver (or
cause to be executed and delivered) all such proxies and other instruments as Pledgors may reasonably request for the purpose of enabling Pledgors to exercise the voting and other rights which they are entitled to exercise pursuant to
Section 7(a). 
 (d) Upon the occurrence and during the continuance of an Event of Default, or an event which, with
the giving of notice or the lapse of time, or both, would become an Event of Default: 
 (i) all rights of Pledgors to exercise
the voting and other consensual rights which they would otherwise be entitled to exercise pursuant to Section 7(a) shall cease, and all such rights shall thereupon become immediately vested in Pledgee which shall thereupon have the sole
right to exercise such voting and other consensual rights; and 

  
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 (ii) the Note, all interest thereon, and all other obligations thereunder, shall be
immediately due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived. 
 SECTION 8. Further Covenants. Until all the Obligations have been paid in full: 
 (a) Pledgors agree that they will not without the consent of Pledgee: (i) sell or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral; (ii) create or permit
to exist any lien or security interest, or other charge or encumbrance upon or with respect to any of the Pledged Collateral, except for the security interest under this Agreement; (iii) change the location of its chief executive office;
(iv) change the jurisdiction of its organization; or (v) change its legal name or organizational structure. 
 (b)
Pledgors agree that they will: (i) cause the issuer of the Pledged Membership Interest not to issue any interests or other securities in addition to or in substitution for the Pledged Membership Interest, except to Pledgors; and
(ii) pledge hereunder, immediately upon their acquisition (directly or indirectly) thereof, any and all additional membership interests or other securities of the issuer of the Pledged Membership Interest. 

(c) In the event the Pledgors desire to sell any of the Pledged Collateral, Pledgee shall not grant approval for such sale unless the
proceeds of such sale are immediately and directly paid to Pledgee pursuant to the terms of the Note. 
 SECTION 9. Pledgee
Appointed Attorney-in-Fact. Pledgors hereby appoint Pledgee as Pledgors’ attorney-in-fact, with full authority in the place and stead of Pledgors and in the name of Pledgors or otherwise, from time-to-time in Pledgee’s discretion to
take any action and to execute any instrument which Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to receive, endorse and collect all instruments made payable to Pledgors
representing any distribution or interest payment in respect of the Pledged Collateral or any part thereof and to give full discharge for the same. 
 SECTION 10. Pledgee May Perform. If Pledgors fail to perform any agreement contained herein, Pledgee may itself perform, or cause performance of such agreement, and the expenses of Pledgee incurred
in connection therewith shall be payable jointly and severally by Pledgors. 
 SECTION 11. Reasonable Care. Pledgee shall
be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if the Pledged Collateral is accorded treatment substantially equal to that which Pledgee accords its own property. 

  
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 SECTION 12. Remedies upon Default. If any Event of Default occurs, then: 

(a) Pledgee may exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party under the Uniform Commercial Code in effect in the State of Minnesota (the “Code”), and Pledgee may also, without notice except as specified below, sell the Pledged Collateral
or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of Pledgee’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as Pledgee may deem
commercially reasonable. Pledgors agree that, to the extent notice of sale shall be required by law, at least ten days’ notice to the respective Pledgor of the time and place of any public sale or the time after which any private sale is to be
made shall constitute reasonable notification. Pledgee shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. Pledgee may adjourn any public or private sale from time-to-time by announcement at
the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
 (b) Any cash held by Pledgee as Pledged Collateral and all cash proceeds received by Pledgee in respect of any sale of, collection from, or other realization upon all or any part of the Pledged Collateral
may, in the discretion of Pledgee, be held by Pledgee as collateral for, or then or at any time thereafter be applied in whole or in part by Pledgee against, all or any part of the Obligations as Pledgee shall elect. Any surplus of such cash or cash
proceeds held by Pledgee and remaining after payment in full of all the Obligations shall be paid over to whomsoever may be lawfully entitled to receive such surplus. 
 SECTION 13. Expenses. Pledgors, jointly and severally, will upon demand pay to Pledgee the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and
of any experts, which Pledgee may incur in connection with: (i) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Pledged Collateral; (ii) the exercise or enforcement of any of the
rights of Pledgee hereunder; or (iii) the failure by any of the Pledgors to perform or observe any of the provisions hereof. 
 SECTION 14. Amendments. No amendment or waiver of any provision of this Agreement nor consent to any departure by any of the Pledgors herefrom, shall in any event be effective unless the same shall
be in writing and signed by Pledgee, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

  
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 SECTION 15. Addresses for Notices. All notices and other communications provided for
hereunder shall be in writing and, if to any of the Pledgors, sent by a nationally recognized overnight courier service to: 

Scott Brittenham 

Clean Energy Capital, LLC 
 5151 East Broadway 
 Suite 510 

Tucson, AZ 85711 

With a copy to: 

Tonya Mitchem Grindon 
 Baker, Donelson, Bearman, Caldwell & Berkowitz, PC 
 211 Commerce Street,
Suite 800 
 Nashville, TN 37201 
 and, if to Pledgee, sent by a nationally recognized overnight courier service to Pledgee at: 
 Advanced BioEnergy, LLC 
 Attention: President 

8000 Norman Center Drive 
 Suite 610 
 Bloomington, MN 55437 

With a copy to: 

Stanley J. Duran 

Lindquist & Vennum P.L.L.P. 
 4200 IDS Center 
 80 South 8th Street 

Minneapolis, MN 55402 
 or as to
either party at such other address as shall be designated by such party in a written notice to the other party complying with the delivery terms of this Section 15. All such notices and other communications shall, when appropriately
couriered, be effective when delivered by the courier. 
 SECTION 16. Continuing Security Interest. This Agreement shall
create a continuing security interest in the Pledged Collateral and shall: (i) remain in full force and effect until satisfaction in full of the Obligations: (ii) be binding upon the Pledgors, their successors and assigns; and
(iii) inure, together with the rights and remedies of Pledgee hereunder, to the benefit of Pledgee, its successors, transferees and assigns. Upon the satisfaction in full of the Obligations, Pledgors shall be entitled to the return, upon their
request and at their joint and several expense, of such of the Pledged Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof. 
 SECTION 17. Governing Law; Terms. This Agreement shall be governed by, and construed in accordance with the laws of the State of Minnesota except as required by mandatory provisions of law and
except to the extent that the validity or perfection of the security interest hereunder, or remedies hereunder, in respect of any particular Pledged Collateral are governed 

  
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by the laws of a jurisdiction other than the State of Minnesota. Unless otherwise defined herein or in the Note, terms defined in Article 9 of the Code that are used herein are as defined in the
Code. 
 SECTION 18. Subordination of Certain Pledged Collateral. Notwithstanding anything herein contained to the
contrary, Pledgee acknowledges that there is an existing security interest in favor of Clean Energy Capital, LLC (“CEC”), in the Pledged Collateral listed in Exhibit A as number 8 (the “TEP Collateral”). Pledgee agrees that
its security interest and rights in and to the TEP Collateral are subordinate only: to those interests and rights of CEC as provided in the Revolving Credit Note in the principal amount of $400,000 dated September 25, 2008 made by Tennessee
Ethanol Partners, L.P. (“TEP”) for the benefit of Ethanol Capital Management, LLC (the predecessor in interest to CEC), as amended on April 14, 2009 (to increase the principal amount to $550,000), and as amended on September 1,
2010 (to change the interest rate), and in the Pledge Agreement dated September 25, 2008 made by TEP for the benefit of Ethanol Capital Management, LLC; and until such time as the security interest of CEC in the TEP Collateral terminates (the
“Interest Termination”). Upon Interest Termination, Pledgee’s interest in the TEP Collateral will be primary in all respects. 
 SECTION 19. Settlement Agreement. This Pledge, the Note, the Master Agreement, the Guaranty and any financing statements executed in connection with this Pledge, the Note, the Master Agreement and
the Guaranty (collectively, the “Loan Documents”), are being executed in connection with that certain Settlement Agreement dated June 30, 2011, among CEC, Pledgee and others (the “Settlement Agreement”), and the parties
hereto acknowledge and agree that no release of claims under the Settlement Agreement shall release, terminate, abrogate or otherwise impact the ongoing validity or enforceability of any of the Loan Documents. 

  
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 IN WITNESS WHEREOF, the Pledgors have caused this Agreement to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

					
	ETHANOL CAPITAL PARTNERS, LP – SERIES R
	 By:
 Its:
	 	 Clean Energy Capital, LLC
 General Partner

			
		 	By:	 	   /s/ Scott Brittenham

		 	Name:	 	   Scott Brittenham

		 	Its:	 	   President

  

					
	STATE OF	 	  
	 	)
		 		 	) ss.
	COUNTY OF	 	  
	 	)

 Before me, the undersigned authority, on this day personally appeared
                    
                     the
                     of Clean Energy Capital, LLC, which entity is the General Partner of Ethanol Capital Partners, LP – Series R, and
such person is known to me to be the person whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated.

 Given under my hand and seal of office this      day of June, 2011. 

 

	
	  

	Notary Public
	
	(SEAL)

  
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	ETHANOL CAPITAL PARTNERS, LP – SERIES T
	 By:
 Its:
	 	 Clean Energy Capital, LLC
 General Partner

			
		 	By:	 	   /s/ Scott Brittenham

		 	Name:	 	   Scott Brittenham

		 	Its:	 	   President

  

					
	STATE OF	 	  
	 	)
		 		 	) ss.
	COUNTY OF	 	  
	 	)

 Before me, the undersigned authority, on this day personally appeared
                    
                     the
                     of Clean Energy Capital, LLC, which entity is the General Partner of Ethanol Capital Partners, LP – Series T, and
such person is known to me to be the person whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated.

 Given under my hand and seal of office this      day of June, 2011. 

 

	
	  

	Notary Public
	
	(SEAL)

  
 10 

					
	ETHANOL CAPITAL PARTNERS, LP – SERIES V
	 By:
 Its:
	 	 Clean Energy Capital, LLC
 General Partner

			
		 	By:	 	   /s/ Scott Brittenham

		 	Name:	 	   Scott Brittenham

		 	Its:	 	   President

  

					
	STATE OF	 	  
	 	)
		 		 	) ss.
	COUNTY OF	 	  
	 	)

 Before me, the undersigned authority, on this day personally appeared
                    
                     the
                     of Clean Energy Capital, LLC, which entity is the General Partner of Ethanol Capital Partners, LP – Series V, and
such person is known to me to be the person whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated.

 Given under my hand and seal of office this      day of June, 2011. 

 

	
	  

	Notary Public
	
	(SEAL)

  
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	ETHANOL INVESTMENT PARTNERS, LLC
	 By:
 Its:
	 	 Clean Energy Capital, LLC
 Manager

			
		 	By:	 	   /s/ Scott Brittenham

		 	Name:	 	   Scott Brittenham

		 	Its:	 	   President

  

					
	STATE OF	 	  
	 	)
		 		 	) ss.
	COUNTY OF	 	  
	 	)

 Before me, the undersigned authority, on this day personally appeared
                    
                     the
                     of Clean Energy Capital, LLC, which entity is the Manager of Ethanol Investment Partners, LLC, and such person is known
to me to be the person whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated. 

Given under my hand and seal of office this      day of June, 2011. 

 

	
	  

	Notary Public
	
	(SEAL)

  
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	TENNESSEE ETHANOL PARTNERS, LP
	 By:
 Its:
	 	 Clean Energy Capital, LLC
 General Partner

			
		 	By:	 	   /s/ Scott Brittenham

		 	Name:	 	   Scott Brittenham

		 	Its:	 	   President

  

					
	STATE OF	 	  
	 	)
		 		 	) ss.
	COUNTY OF	 	  
	 	)

 Before me, the undersigned authority, on this day personally appeared
                    
                     the
                     of Clean Energy Capital, LLC, which entity is the General Partner of Tennessee Ethanol Partners, LP, and such person is
known to me to be the person whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated. 

Given under my hand and seal of office this      day of June, 2011. 

 

	
	  

	Notary Public
	
	(SEAL)

  
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	ADVANCED BIOENERGY, LLC
		
	By:	 	   /s/ Richard R. Peterson

	Name:	 	   Richard R. Peterson

	Its:	 	   Chief Executive Officer

  

					
	STATE OF	 	  
	 	)
		 		 	) ss.
	COUNTY OF	 	  
	 	)

 Before me, the undersigned authority, on this day personally appeared
                    
                     the
                     of Advanced BioEnergy, LLC, known to me to be the person whose name is subscribed to the foregoing instrument, and upon
his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity therein stated. 
 Given under my hand and seal of office this      day of June, 2011. 
  

	
	  

	Notary Public
	
	(SEAL)

  
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 Exhibit A 
 Pledged Membership Interests 
  

											
	 No.
	  	 Entity Name
	  	Certificate No.	 	  	Units	 
	 1
	  	Ethanol Capital Partners, LP – Series R	  	 	1424	  	  	 	47,438	  
	 2
	  	Ethanol Capital Partners, LP – Series R	  	 	1420	  	  	 	270,982	  
	 3
	  	Ethanol Capital Partners, LP – Series T	  	 	1421	  	  	 	462,412	  
	 4
	  	Ethanol Capital Partners, LP – Series T	  	 	1423	  	  	 	13,050	  
	 5
	  	Ethanol Capital Partners, LP – Series V	  	 	1481	  	  	 	27,300	  
	 6
	  	Ethanol Capital Partners, LP – Series V	  	 	1482	  	  	 	352,317	  
	 7
	  	Ethanol Investment Partners, LLC	  	 	1336	  	  	 	2,750,000	  
	 8
	  	Tennessee Ethanol Partners, L.P.	  	 	1252	  	  	 	500,000	  
		  		  				  	 	 	 
		  	TOTAL	  				  	 	4,423,499	  
		  		  				  	 	 	 

  
 15Guarantee

 Exhibit 10.4 
 GUARANTY 
 1.    Guaranty. For value
received, and to induce Advanced BioEnergy LLC, a Delaware limited liability company (the “Lender”) to extend or continue credit or other financial accommodations now or in the future to Ethanol Capital Partners, LP, a Delaware limited
partnership, Ethanol Capital Partners, LP – Series R, a Delaware limited partnership, Ethanol Capital Partners, LP – Series T, a Delaware limited partnership, Ethanol Capital Partners, LP – Series V, a Delaware limited partnership,
Ethanol Investment Partners, LLC, a Delaware limited liability company, and Tennessee Ethanol Partners, LP, a Delaware limited partnership (collectively, the “Borrowers”), Clean Energy Capital, LLC, a Delaware limited liability company
(the “Guarantor”), hereby unconditionally guarantees payment of and promises to pay or cause to be paid to the Lender the Obligations (as hereinafter defined), whether or not the Obligations are valid and enforceable against the Borrowers,
whenever the Obligations become due, whether on demand, at maturity or by reason of acceleration, or at the time any of the Borrowers shall become the subject of any bankruptcy or insolvency proceeding. As used herein, the term
“Obligations” shall mean all debts, liabilities and obligations of every kind of the Borrowers to the Lender arising under or in connection with that certain Promissory Note (“Note”) and that certain Pledge Agreement
(“Pledge”) both dated June 30, 2011, made by the Borrowers jointly and severally for the benefit of Lender, and all renewals, modifications, and extensions thereof, and any other documents executed or delivered in connection
therewith, whether such debts, liabilities, and obligations are direct or indirect, absolute or contingent, liquidated or unliquidated, whether of the same or a different nature and whether existing now or in the future, including interest thereon
and all costs, expenses and reasonable attorneys’ fees paid or incurred by the Lender at any time before or after judgment in attempting to collect any of the foregoing, to realize on any collateral securing any of the foregoing, and to enforce
this Guaranty. The definition of “Obligations” also includes the amount of any payments made to the Lender or another on behalf of any Borrowers (including payments resulting from liquidation of collateral) that are recovered from the
Lender by a trustee, receiver, creditor or other party pursuant to applicable Federal or state law (the “Surrendered Payments”). In the event that any Surrendered Payments are made (including pursuant to a negotiated settlement), the
Surrendered Payments shall immediately be reinstated as Obligations, regardless of whether the Lender has surrendered or canceled this Guaranty prior to returning the Surrendered Payments. 

2.    Consent to Lender Actions; No Discharge. The Guarantor agrees that the Lender does not have to take any
steps whatsoever to realize upon any collateral securing the Obligations, or to proceed against any or all of the Borrowers or any other guarantor or surety for the Obligations either before or after proceeding against the Guarantor, and the
Guarantor waives any claim of marshalling of assets against the Lender or any collateral. The Guarantor also agrees that the Lender may do or refrain from doing any of the following without the consent of the Guarantor, and without reducing or
discharging the Guarantor’s liability under this Guaranty (subject to providing reasonable notice to the Guarantor): (i) renew, amend, modify, extend or release any existing or future Obligations (including making additional advances, or
changing the amount, time or manner of payment of any Obligations), and make additional extensions of credit to the Borrowers (which will become additional Obligations), regardless of when such modifications or additional extensions

  
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of credit are made, and regardless of whether they are similar to or different from any other Obligations; (ii) amend, supplement and waive compliance with any of the provisions of the
documents evidencing or related to any of the Obligations; (iii) settle, modify, release, compromise or subordinate any Obligation, any collateral securing any Obligation or this Guaranty, or the liability of any other party responsible for
payment of any Obligation; and (iv) accept partial payments, and apply any payments and all other amounts received from the Borrowers, from liquidation of any collateral or from any other guarantor to the Obligations (or any other amounts due
to the Lender) in any manner that the Lender elects. The Guarantor also expressly agrees that the Guarantor’s liability will not be reduced or discharged by the Lender’s failure or delay in perfecting (or to continue perfection of) any
security interest, collateral assignment, mortgage or other lien on any collateral securing the Obligations or this Guaranty, or to protect the value or condition of any such collateral. 

3.    Waivers. The Guarantor expressly waives all rights of setoff and counterclaims, as well as diligence in
collection or prosecution, presentment, demand of payment or performance, protest, notice of dishonor, nonpayment or nonperformance of any Obligation. The Guarantor also expressly waives notice of acceptance of this Guaranty. The Guarantor will not
enforce or exercise any right of contribution, reimbursement, recourse, or subrogation available to the Guarantor against any other guarantor unless and until all of the Obligations shall have been fully paid and discharged. The Guarantor waives and
will not enforce or exercise at any time any right of contribution, reimbursement, recourse or subrogation available to the Guarantor against the Borrowers. 
 4.    Borrowers’ Financial Condition. The Guarantor warrants and represents to the Lender that: (i) the Guarantor is sufficiently knowledgeable and experienced in
financial and business matters to evaluate and understand the risks assumed in connection with the execution of this Guaranty; (ii) the Guarantor has had the opportunity to examine the records, reports, financial statements, and other
information relating to the financial condition of the Borrowers; (iii) the Guarantor has relied solely upon investigations of the Borrowers’ financial condition conducted by the Guarantor or the Guarantor’s authorized representative
in deciding to execute this Guaranty; and (iv) the Guarantor, or his authorized representative, shall continue to independently review, monitor and investigate the financial condition of the Borrowers while this Guaranty is in effect. The
Guarantor specifically relieves the Lender of any duty, obligation or responsibility of any nature whatsoever to advise the Guarantor of any change in the Borrowers’ financial condition.  

5.    Setoff. The Guarantor hereby authorizes the Lender, without further notice to anyone, to charge any
account of the Guarantor for the amount of any and all Obligations due under this Guaranty. 

6.    Duration of Guaranty; Continuing Obligations. This is a continuing Guaranty and shall not be revoked by
dissolution, merger, bankruptcy or insolvency of the Guarantor. This Guaranty shall remain in full force and effect with respect to the Guarantor until the Obligations are paid in full. 

  
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 7.    Acceleration of Obligations; Successors; Multiple
Guarantors. At such time as the Lender accelerates and declares the unpaid balance of any of the Obligations due and payable, the Guarantor’s liability hereunder to pay such Obligations shall become immediately due and payable whether or
not such Obligations are then due and payable by the Borrowers or any other guarantor. This Guaranty shall inure to the benefit of the Lender, its successors and assigns and to the holder and owner of any of the Obligations, and shall be binding on
the heirs, executors, administrators, successors and assigns of the Guarantor. 
 8.    Severability;
Prior Agreements; Amendment. The invalidity of any provision of this Guaranty shall not affect the validity of any other provision. The Note, the Pledge and any other documents evidencing the Obligations contain the entire agreement of the
parties regarding this matter. Any prior representations, promises or agreements (whether oral or written) which are not a part of this Guaranty or the documents described above are not enforceable. The terms of this Guaranty may not be altered,
amended or waived except by another written agreement signed by the Guarantor and the Lender. 

9.    Anti-Deficiency Waiver. The Guarantor hereby waives any and all defenses that may be available to the
Borrowers based on any anti-deficiency statute, and the Guarantor shall be liable for any deficiency remaining after foreclosure of any mortgage, deed of trust, assignment or security interest securing any of the Obligations whether or not the
liability of the Borrowers or any other obligor for such deficiency is discharged. 
 10.    Benefits to
Guarantor. Guarantor represents and warrants to Lender that the Guarantor has and will substantially benefit from the financial accommodations made by the Lender to the Borrowers and from providing this Guaranty to the Lender in support of the
Obligations. 
 11.    Governing Law; Jurisdiction. This Guaranty shall be governed by the internal
laws of the State of Minnesota except to the extent superseded by Federal law. THE GUARANTOR HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITUATED IN HENNEPIN COUNTY, MINNESOTA AND WAIVES ANY OBJECTIONS BASED ON
FORUM NON CONVENIENS, WITH REGARD TO ANY ACTIONS, CLAIMS, DISPUTES OR PROCEEDINGS RELATING TO THIS GUARANTY, THE COLLATERAL, ANY RELATED DOCUMENT, OR ANY TRANSACTIONS ARISING THEREFROM, OR ENFORCEMENT AND/OR INTERPRETATION OF ANY OF THE
FOREGOING. Nothing herein shall affect the Lender’s right to serve process in any manner permitted by law, or limit the Lender’s right to bring proceedings against the Guarantor in the competent courts of any other jurisdiction or
jurisdictions. 
 12.    Waiver of Jury Trial. THE GUARANTOR AND THE LENDER HEREBY JOINTLY AND
SEVERALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY, THE NOTE, THE PLEDGE AND ALL OTHER DOCUMENTS RELATING TO THIS GUARANTY, THE OBLIGATIONS HEREUNDER OR ANY TRANSACTION ARISING HEREFROM OR
CONNECTED HERETO. THE GUARANTOR AND THE LENDER EACH REPRESENTS TO THE OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN. 

  
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 13.    Settlement Agreement. This Guaranty is being executed in
connection with that certain Settlement Agreement dated June 30, 2011, among Guarantor, Lender and others (the “Settlement Agreement”), and the Guarantor acknowledges and agrees that no release of claims under the Settlement Agreement
shall release, terminate, abrogate or otherwise impact the ongoing validity or enforceability of this Guaranty. 
 IN WITNESS
WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered as of the date first above written. 
  

 

			
	CLEAN ENERGY CAPITAL, LLC
		
	By:	 	  /s/ Scott Brittenham
	Name:	 	  Scott Brittenham
	Its:	 	  President

  
  
  

STATE OF
                             ) 
                                   
              ) ss. 
 COUNTY OF
                        ) 
  

Before me, the undersigned authority, on this day personally appeared
                                         
                the                         
of Clean Energy Capital, LLC, known to me to be the person whose name is subscribed to the foregoing instrument, and upon his oath acknowledged to me that he executed the same for the purposes and consideration therein expressed and in the capacity
therein stated. 
  
 Given under my hand and seal of office this
                 day of         , 2011. 

 

	
	
	  
	Notary Public
	
	(SEAL)

  
 4

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