Document:

Exhibit 4(k)

THIRD AMENDMENT TO CONSTRUCTION AND TERM

  LOAN AGREEMENT 

          THIS THIRD AMENDMENT TO CONSTRUCTION AND TERM LOAN AGREEMENT (this "Amendment"), dated as of February 19, 2008, is executed by and among
LEVELLAND/HOCKLEY COUNTY ETHANOL, LLC, a Texas limited liability company (the "Borrower"), each of the Lenders or other lending institutions which is a signatory hereto or any successor or
assignee thereof, and MERRILL LYNCH CAPITAL, a division of Merrill Lynch Business Financial Services Inc., a Delaware corporation (in its capacity as administrative agent for the Lenders, together with its successors in such capacity, the
"Administrative Agent"). 

R E C I T A L S:

          A.      The Borrower, the Lenders, and the Administrative Agent are parties to that certain Construction and Term Loan Agreement, dated as of September 27, 2006, as amended by (a) that certain First
Amendment to Construction and Term Loan Agreement and other Loan Documents dated as of August 10, 2007 and (b) that certain Second Amendment to Construction and Term Loan Agreement dated as of February 15, 2008 (as has been and may be amended,
modified, supplemented or restated from time to time, the "Loan Agreement"). 

          B.      The Borrower, the Administrative Agent and the Lenders desire to amend the Loan Agreement as described herein, subject to the terms and conditions contained herein. 

          NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows intending to be legally bound: 

ARTICLE I

Definitions 

          Section 1.1 Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein,
shall have the same meanings as in the Loan Agreement, as amended hereby. 

ARTICLE II

Amendments

          Section 2.1     Amendments to Definitions in the Loan Agreement. Effective as of the date hereof, the following
definitions in Section 1.1 of the Loan Agreement are amended and restated to read in their entirety as follows: 

            "Permitted
        Exceptions" means (a) Liens in favor of
        Administrative Agent for the benefit of itself and Lenders, (b) as to
        Real Property Collateral, the liens, easements, restrictions, security
        interests and other title matters, if any, as reflected on the mortgagee
        policy of title insurance accepted by Administrative Agent with respect
        to the Mortgage, (c) Liens of Governmental Agencies for taxes not yet
        due and payable, (d) Liens not

Third Amendment to Construction and Term Loan Agreement – Page 1

  delinquent arising in the ordinary course
      of business and created by statute in connection with worker's compensation,
      unemployment insurance, social security and similar statutory obligations,
      (e) as to Personal Property Collateral, other non-consensual liens arising
      in the ordinary course of business for sums not due, (f) if Secured Parties'
      rights to and interest in the Collateral would not be materially and adversely
      affected thereby, any Liens for taxes or other non-consensual Liens against
      the Collateral arising in the ordinary course of business and being contested
      in good faith by appropriate proceedings, so long as adequate reserves
      are maintained with respect to such contested amounts in amount (including
      the amount contested, and potential costs, interest, and penalties) and
      manner acceptable to Administrative Agent, (g) as to grain in storage or
      in transit, byproducts and proceeds of byproducts but excluding grain in-process
      and proceeds of grain in-process, Liens in favor of a third party reasonably
      acceptable to Administrative Agent to secure Indebtedness permitted under Section
      6.3(f), (h) Liens arising pursuant to the
      Rex Subordinated Debt Documents, (i) Liens arising pursuant to the New
      Rex Subordinated Debt Documents, and (j) any other Liens expressly permitted
      in writing by Administrative Agent. 

             "Rex
        Subordinated Debt Documents" means collectively,
        (a) that certain Convertible Secured Promissory Note Purchase Agreement
        dated effective as of November 22, 2005, by and between Borrower and
        Rex, as amended by that certain Amendment to Convertible Secured Promissory
        Note Purchase Agreement dated effective as of May 31, 2006 by and between
        Borrower and Rex, (b) that certain Amended and Restated Secured Promissory
        Note, dated July 1, 2007, in an original principal amount of $307,600.75
        executed by Borrower and payable to the order of FEL, (c) that certain
        Guaranty dated as of May 31, 2006 executed by Rex Stores Corporation,
        a Delaware corporation, in favor of Borrower, (d) that certain Right
        of First Offer and Co-Sale Agreement dated effective as of November 22,
        2005 by and among Rex, RIO, Lindy Walker and James P. Halbert, all as
        assigned by Rex to FEL under that certain Assignment and Acknowledgement
        dated as of July 19, 2006 pursuant to which Rex assigned all its rights
        to FEL under the documents described in clauses
        (a), (b) and (d) above,
        and (e) any subordinate security agreements and mortgages or deeds of
        trust securing payment thereof to the extent the terms and provisions
        thereof are reasonably satisfactory to Administrative Agent.

             "Subordination
        Agreement" means, that certain Subordination
        Agreement dated as of the Closing Date, by and among Administrative Agent,
        Borrower and FEL, as amended by certain First Amendment to Subordination
        Agreement dated as of February 19, 2008, by and among Administrative
        Agent, Borrower and FEL, as the same has been and may be amended, restated
        or modified from time to time, all in form and substance satisfactory
        to Administrative Agent. 

          Section 2.2       Addition of Definitions to the Loan Agreement. Effective as of the date hereof, the following
definitions are added to Section 1.1 of the Loan Agreement to read as follows: 

 

Third Amendment to Construction and Term Loan Agreement - Page 2

            "New
        Rex Subordinated Debt" means the Indebtedness
        in an aggregate original principal amount of up to $5,000,000 evidenced
        by the New Rex Subordinated Debt Documents. 

             "New
        Rex Subordinated Debt Documents" means,
        collectively (a) that certain Convertible Secured Promissory Note Purchase
        Agreement dated effective as of January 29, 2008 by and among Borrower,
        Rex Stores Corporation, a Delaware corporation, and FEL, (b) that certain
        Convertible Secured Promissory Note in an original principal amount of
        up to $5,000,000 to be issued by Borrower and payable to the order of
        FEL pursuant to the Convertible Secured Promissory Note Purchase Agreement
        described in clause (a) above,
        and (c) any subordinate security agreements and mortgages or deeds of
        trust securing payment thereof to the extent the terms and provisions
        thereof are reasonably satisfactory to Administrative Agent. 

          Section 2.3       Amendment to Section 6.3(d) of the Loan Agreement. Effective as of the date hereof, Section 6.3(d)
of the Loan Agreement is amended and restated in its entirety to read as follows: 

            (d)            [Reserved]

          Section 2.4       Amendment to Section 6.3(f) of the Loan Agreement. Effective as of the date hereof, Section 6.3(f)
of the Loan Agreement is amended and restated to read in its entirety as follows: 

            (f)            other Indebtedness (including without limitation, the New Rex Subordinated
    Debt) not to exceed $8,000,000 in the aggregate at any one time outstanding
    for general working capital purposes, including without limitation, the
    financing of grain in storage and in transit. 

          Section 2.5       Amendment to Section 6.5 of the Loan Agreement.  Effective as of the date hereof, Section 6.5 of
the Loan Agreement is amended and restated to read in its entirety as follows: 

            Section
      6.5     Restricted
      Payments. Borrower shall not make or permit
      any Restricted Payment, except Borrower may (a) prepay in full the FEL
      Subordinated Debt and the Rex Subordinated Debt and (b) may pay the New
      Rex Subordinated Debt to the extent permitted in the Subordination Agreement. 

          Section 2.6       Amendment to Section 6.8 of the Loan Agreement.  Effective as of the date hereof, Section 6.8 of
the Loan Agreement is amended and restated to read in its entirety as follows: 

            Section
      6.8     Amendments
      to Entity Documents and Other Agreements.
      Borrower will not, and will not permit any Subsidiary to, amend its formation
      or governing documents without the prior written consent of Administrative
      Agent. Borrower will not amend, modify, waive or consent to any change
      or modification in any material agreement, document, contract or instrument
      to which it is a party, including without limitation, any Rex Subordinated
      Debt Documents, any FEL Subordinated Debt 

Third Amendment to Construction and Term Loan Agreement - Page 3 

  Documents, any New Rex Subordinated Debt
      Documents, any Operating Contract, any Construction Contract, any Property
      Contract or the Plan, except (a) as otherwise permitted pursuant to Section
      7.5 or (b) with the prior written consent
      of the Administrative Agent. 

ARTICLE III 

Conditions Precedent 

          Section 3.1       Condition.  The effectiveness of this Amendment is subject to the satisfaction of the following
conditions precedent: 

            (a)         Amendment.
      The Administrative Agent shall have received this Amendment executed by
      the Borrower, the Administrative Agent and the Lenders. 

             (b)         First
        Amendment to Subordination Agreement. The
        Administrative Agent shall have received the First Amendment to Subordination
        Agreement executed by the Administrative Agent, the Borrower and FEL.

             (c)          New
        Rex Subordinated Debt Documents. The Administrative
        Agent shall have received a copy of the executed New Rex Subordinated
        Debt Documents certified by the Borrower to be true, correct and complete
        copies.

             (d)         Payoff
        of Rex Subordinated Debt Documents. The
        Administrative Agent shall have received evidence satisfactory to the
        Administrative Agent that the Rex Subordinated Debt has been paid in
        full (or will be paid concurrent with the funding of the New Rex Subordinated
        Debt). 

             (e)          No
        Default. No Default shall have occurred
        and be continuing. 

             (f)         Representations
        and Warranties. All of the representations
        and warranties contained in Article IV of the Loan Agreement and in the
        other Loan Documents shall be true and correct on and as of the date
        of this Amendment with the same force and effect as if such representations
        and warranties had been made on and as of such date, except to the extent
        such representations and warranties speak to a specific date. 

ARTICLE IV 

No Waiver 

          Nothing contained herein shall be construed as a consent by the Administrative Agent and the Lenders to any breach of any covenant or provision of the Loan Agreement, the other Loan Documents, this
Amendment, or of any other contract or instrument among Borrower, the Administrative Agent and the Lenders, and the failure of the Administrative Agent or any Lender at any time or times hereafter to require strict compliance by Borrower of any
provision thereof shall not waive, affect or diminish any right of the Administrative Agent and the Lenders to thereafter demand strict compliance therewith.  The Administrative Agent and the Lenders hereby reserve all rights granted under the Loan
Agreement and the other Loan Documents (in 

Third Amendment to Construction and Term Loan Agreement - Page 4 

each case as amended by this Amendment), and this Amendment and any other contract or instrument among Borrower, the Administrative Agent and the Lenders. 

ARTICLE V

Ratifications, Representations and Warranties

          Section 5.1       Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all
inconsistent terms and provisions set forth in the Loan Agreement and the other Loan Documents and except as expressly modified and superseded by this Amendment, the terms and provisions of the Loan Agreement and the other Loan Documents are
ratified and confirmed and shall continue in full force and effect. The Borrower, the Administrative Agent and the Lenders agree that the Loan Agreement as amended hereby shall continue to be legal, valid, binding and enforceable in accordance with
its terms, except as enforceability may be limited by bankruptcy and other similar laws affecting the rights of creditors generally. 

          Section 5.2       Representations and Warranties.  The Borrower hereby represents and warrants to the Administrative
Agent and the Lenders that (i) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed or delivered in connection herewith have been authorized by all requisite action on the part of the Borrower and
will not violate the articles of organization, operating agreement or regulations or other organizational documents of the Borrower, (ii) the representations and warranties contained in the Loan Agreement, as such Loan Agreement is amended hereby,
and any other Loan Document are true and correct on and as of the date hereof as though made on and as of the date hereof except for those that relate solely to a specific date or have changed as a result of transactions permitted by the Loan
Agreement, (iii) after giving effect to this Amendment, no Default has occurred and is continuing, and (iv) after giving effect to this Amendment, the Borrower is in full compliance with all material covenants and agreements contained in the Loan
Agreement as amended hereby. 

ARTICLE VI 

Miscellaneous

          Section 6.1       Survival of Representations and Warranties.  All representations and warranties made in this
Amendment or any other Loan Document (as amended by this Amendment), including any Loan Document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment and such other Loan Documents, and no
investigation by the Administrative Agent or any Lender shall affect the representations and warranties or the right of the Administrative Agent or any Lender to rely upon them. 

          Section 6.2       Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

 

Third Amendment to Construction and Term Loan Agreement - Page 5 

          Section 6.3       GOVERNING LAW.  THIS LOAN AGREEMENT, THE NOTE AND, UNLESS OTHERWISE EXPRESSLY PROVIDED
THEREIN, EACH OF THE OTHER LOAN DOCUMENTS, SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF ILLINOIS, NOT INCLUDING ITS CONFLICT OF LAW PROVISIONS; PROVIDED THAT THE LAWS OF THE STATE WHERE REAL PROPERTY COLLATERAL IS LOCATED SHALL
GOVERN WITH RESPECT TO THE CREATION, PERFECTION AND ENFORCEMENT OF RIGHTS, SECURITY INTERESTS, REMEDIES AND LIENS AGAINST THE REAL PROPERTY COLLATERAL. 

          Section 6.4       Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the
Administrative Agent, the Lenders and the Borrower and their respective successors and assigns, except the Borrower may not assign or transfer its rights or obligations hereunder without the prior written consent of the Administrative Agent and the
Lenders. 

          Section 6.5       Counterparts.  This Amendment may be executed in one or more counterparts, each of which when so
executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. Facsimiles of signatures shall be binding and effective as originals. 

          Section 6.6       Effect of Waiver.  No consent or waiver, express or implied, by the Administrative Agent or any
Lender to or for any breach of or deviation from any covenant, condition or duty by the Borrower shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty. 

          Section 6.7       Headings.  The headings, captions, and arrangements used in this Amendment are for convenience
only and shall not affect the interpretation of this Amendment. 

          Section 6.8       ENTIRE AGREEMENT.  THIS AMENDMENT, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE
FINAL, ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO RELATING TO THIS AMENDMENT AND SUPERSEDE ANY AND ALL PRIOR AND CONTEMPORANEOUS COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND
MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES HERETO. 

[Remainder of Document Intentionally Left Blank] 

 

 

 

Third Amendment to Construction and Term Loan Agreement - Page 6

          IN WITNESS WHEREOF, this Amendment is executed as of the date first set forth above. 

  	
      BORROWER:  
	 	   
	
        LEVELLAND/HOCKLEY COUNTY ETHANOL,  
	
        LLC  
	 	   
	 	   
	By:      	 /s/
            James P. Halbert 

	 	 James P. Halbert  
	 	Vice President  

  

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	
      ADMINISTRATIVE AGENT AND LENDER:  
	 	   
	
        MERRILL LYNCH CAPITAL, a division of  
	
        Merrill Lynch Business Financial Services Inc., as  
	
        Administrative Agent and a Lender  
	 	   
	 	   
	By:      	 /s/
            Steve Coley 

	 	 Steve Coley  
	 	 Vice President, Group Credit Manager  

  

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	
      OTHER LENDERS:  
	 	 	   
	
        STATE BANK OF TEXAS,                                      
	
        as a Lender  
	 	 	   
	 	 	   
	By:      	  

	 	Name: 	
                         
	 	Title: 	  

  

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	PALM DESERT NATIONAL
      BANK, 
	as a Lender 
	 	 	 
	 	 	 
	By:      	 /s/
      Cheryl Dawson-Voight

	 	Name: 	Cheryl
      Dawson-Voight       
	 	Title: 	VP/Credit
          Administrator

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	COMMUNITY FIRST BANK, 
	as a Lender 
	 	 	 
	 	 	 
	By:      	/s/
            Thomas J. Fleming

	 	Name: 	Thomas
      J. Fleming
	 	Title: 	Vice
          President

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	MIDWEST BANK OF WESTERN
      ILLINOIS, 
	as a Lender 
	 	 	 
	 	 	 
	By:      	  

	 	Name: 	                   
	 	Title: 	  

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	TEXAS CITIZENS BANK
      N.A., 
	as a Lender 
	 	 	 
	 	 	 
	By:      	  

	 	Name: 	                   
	 	Title: 	  

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan Agreement

  	INTERSTATE BANK, SSB, 
	as a Lender 
	 	 	 
	 	 	 
	By:      	  

	 	Name: 	                   
	 	Title: 	  

 

 

 

 

 

Signature Page to Third Amendment to Construction and Term Loan AgreementExhibit 4(l)

CONSTRUCTION LOAN AGREEMENT

This Construction Loan Agreement (the "AGREEMENT") is dated as of the 20th day of September, 2007, and is by and among ONE EARTH ENERGY, LLC, an Illinois limited liability
company ("BORROWER"), FIRST NATIONAL BANK OF OMAHA ("FNBO"), a national banking association headquartered at Omaha, Nebraska as a BANK and as administrative agent for the BANKS (in such
capacity, the “ADMINISTRATIVE AGENT”), as accounts bank (in such capacity, the “ACCOUNTS BANK”) and as collateral agent for the BANKS (in such capacity, the “COLLATERAL AGENT”), and the other financial
institutions which are or may become a party to this AGREEMENT in accordance with the terms of this AGREEMENT and listed in Exhibit H to this AGREEMENT. 

WHEREAS, BORROWER has requested BANKS to lend to BORROWER up to the sum of the lesser of (i) One Hundred Million and No/100 Dollars ($100,000,000.00) or (ii) sixty percent (60%) of the TOTAL PROJECT COST as shown in the TOTAL
PROJECT COST STATEMENT (the "CONSTRUCTION LOAN"), for the purpose of partially funding the cost of the construction of an ethanol plant on the real estate described in Exhibit F attached hereto and by this reference made a part hereof (together with
all property encumbered by the MORTGAGE or otherwise constituting collateral for the LAONS, the "PROPERTY") together with a Ten Million and No/100 Dollars ($10,000,000.00) revolving line of credit ("REVOLVING LOAN"), up to One Million and No/100
Dollars ($1,000,000.00) to support the issuance by FNBO of Letters of Credit, and SWAP CONTRACTS with an additional exposure to FNBO. The foregoing may be collectively referred to in this AGREEMENT as the “LOANS” and singly referred to
as a “LOAN”. 

WHEREAS, BANKS are willing to provide such LOANS to BORROWER upon the terms and conditions herein set forth. 

SECTION 1 Definitions.

1.1       “ACCOUNTS BANK” means FNBO in its capacity as depositary bank, bank and securities intermediary hereunder, and any successor to FNBO in such capacity. 

1.2       “ADJUSTED EBITDA” means EBITDA less taxes, less capital expenditures and less TAX DISTRIBUTIONS and other distributions permitted under this AGREEMENT, in
each case for the applicable reporting period. 

1.3       “ADMINISTRATIVE AGENT” means FNBO in its capacity as administrative agent for the BANKS hereunder, and any successor to FNBO in such capacity. 

1.4       "AGENT" means collectively, the ACCOUNTS AGENT, ADMINISTRATIVE AGENT and COLLATERAL AGENT.

1.5       "ASSIGNMENT OF CONSTRUCTION CONTRACT" means the assignment of that certain Lump Sum Design-Build Agreement ("CONSTRUCTION CONTRACT") between BORROWER and Fagen, Inc. (the "DESIGN-BUILDER") dated June 13, 2007 for construction
of the PROJECT in

accordance with PLANS applicable thereto, by which BORROWER assigns, as additional security for repayment of the OBLIGATIONS, BORROWER's interest in the CONSTRUCTION CONTRACT in a form acceptable to COLLATERAL AGENT, and pursuant
to which BORROWER collaterally assigns to COLLATERAL AGENT all other construction contracts relating to the PROJECT. 

1.6       "BANKS" means collectively the financial institutions which are or become a party to this AGREEMENT and agree to make the LOANS to BORROWER, with any one of the BANKS individually referred to as a "BANK". 

1.7       "BANKING DAY" means a day on which ADMINISTRATIVE AGENT is open for substantially all of its business. "EURODOLLAR BUSINESS DAY" means a BANKING DAY on which commercial banks are open for international business (including
dealings in U.S. Dollar deposits) in London, England. 

1.8       "BORROWING BASE" means the lesser of:  

  (i)           $10,000,000.00, 

  or 

    (ii)          The
      aggregate of (i) 75% of BORROWER's corn inventory value as reported by
      Alliance Grain Co. of Gibson City, Illinois on the date reported to ADMINISTRATIVE
      AGENT less all accounts payable for such corn inventory, plus (ii) 75%
      of the amount of BORROWER's Ethanol and Distillers Grains Accounts aged
      thirty (30) days or less, excluding any such Accounts reasonably deemed
      ineligible by BANK, plus (iii) 75% of BORROWER's Finished Goods-Ethanol
      and Distillers Grains Inventory (both wet and dry), valued at the lower
      of cost or market value, plus (iv) 100% of the positive balance of BORROWER’s
      hedging accounts pledged to, and subject to a perfected security interest
      in favor of, COLLATERAL AGENT, valued at fair market value on the date
      of reporting and less (v) the negative balance of BORROWER’s hedging
      accounts pledged to, and subject to a perfected security interest in favor
      of, COLLATERAL AGENT. 

1.9       "CLOSING" shall mean the date on which ADMINISTRATIVE AGENT receives this AGREEMENT, executed by BORROWER and the BANKS, together with the CONSTRUCTION NOTES, the REVOLVING NOTES and the other LOAN DOCUMENTS which must be
delivered by the CLOSING as provided for in this Agreement. 

1.10      “COLLATERAL AGENT” means
FNBO in its capacity as collateral agent for the BANKS hereunder, and any successor
to FNBO in such capacity. 

1.11      "COMMITMENTS" means with respect
to each BANK, as applicable, such BANK’s respective amount of each LOAN,
as applicable, committed to BORROWER by such BANK under this AGREEMENT, which
COMMITMENTS for each BANK are  listed in Exhibit H to this AGREEMENT. 

1.12      "CONSTRUCTION LOAN TERMINATION
DATE" means the earlier of (i) July 31, 2009, or (ii) such earlier date upon
which BANKS' commitment to make a disbursement under the CONSTRUCTION LOAN is
terminated in accordance with the terms  of the CONSTRUCTION NOTES or this AGREEMENT
and the outstanding balance of the CONSTRUCTION LOAN became due and payable in
full. 

1.13      "COMPLETION DATE" means the
earlier of July 15, 2009, or the date ADMINISTRATIVE AGENT determines following
a proper inspection and in the exercise of ADMINISTRATIVE AGENT's reasonable
discretion, that the PROJECT has been  completed in accordance with the PLANS. 

1.14      "CONSTRUCTION NOTES" means the
promissory notes executed and delivered by BORROWER to each BANK substantially
in the form of Exhibit A evidencing borrowings under the CONSTRUCTION LOAN up
to an aggregate maximum amount of the  lesser of (i) One Hundred Million and
No/100 Dollars ($100,000,000.00), and (ii) sixty percent (60%) of the TOTAL PROJECT
COST. 

1.15      “DEFAULTING BANK” means
any BANK that (a) has failed to make any portion of the LOANS required to be
funded by it hereunder on the date required to be funded by it hereunder, (b)
has otherwise failed to pay over  to the ADMINISTRATIVE AGENT or any other BANK
any other amount required to be paid by it hereunder or under any LOAN DOCUMENT
within one (1) BANKING DAY of the date when due, unless the subject of a good
faith dispute, or (c) has been deemed  insolvent, become the subject of a bankruptcy
or insolvency proceeding or had its assets and/or control frozen or seized by
the applicable banking regulators or other governmental agency.

1.16      "DRAW REQUEST" means forms acceptable
to ADMINISTRATIVE AGENT to be submitted to ADMINISTRATIVE AGENT by BORROWER when
an advance is requested under the CONSTRUCTION LOAN. 

1.17      "EBITDA" means without duplication
Earnings Before Interest, Taxes, Depreciation and Amortization, in each case
during the applicable reporting period, all as determined in accordance with
GAAP. 

1.18      “EQUITY INTEREST” means,
with respect to any PERSON, all of the shares of capital stock or units, shares
or membership interests of (or other ownership or profit interests in) such PERSON,
all of the warrants,  options or other rights for the purchase or acquisition
from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable
for shares of capital stock or  units, shares or membership interests of (or
other ownership or profit interests in) such PERSON or warrants, rights or options
for the purchase or acquisition from such PERSON of such shares, units or membership
interests (or such other interests),  and all of the other ownership or profit
interests in such PERSON (including partnership, member or trust interests therein),
whether voting or nonvoting, and whether or not such shares, units, membership
interests, warrants, options, rights or  other interests are outstanding on any

date of determination, in each such case including all voting rights and economic rights related thereto. 

1.19      "EVENT OF DEFAULT" has the meaning
provided for in Section 7 of this AGREEMENT. 

1.20      "EXCESS CASH FLOW" means ADJUSTED
EBITDA, less scheduled payments on the LOANS, in each case for the applicable
reporting period. 

1.21      "FIXED CHARGE COVERAGE RATIO" means
the ratio derived when comparing (i) ADJUSTED EBITDA to (ii) BORROWER's scheduled
payments on the principal and interest of the LOANS made during the applicable
reporting period, excluding  any principal repaid on REVOLVING LOAN and LONG
TERM REVOLVING NOTES. 

1.22      "GAAP" means generally accepted
accounting principles in the United States, applied on a basis consistent with
the accounting principles applied in the preparation of the annual financial
statements of BORROWER referred to in  Section 6.1 of this AGREEMENT and the
PROJECTIONS described in Section 5.7 of this AGREEMENT. All accounting terms
not otherwise defined in this AGREEMENT have the meaning assigned to them in
accordance with GAAP. 

1.23      "INDEBTEDNESS" means, as to
BORROWER, all indebtedness for borrowed money from any lender including long-term
debt, short-term debt, the NEGATIVE TERMINATION VALUE of SWAP CONTRACTS, and
capital leases. 

1.24      "INDEPENDENT INSPECTOR" means
the firm which will be retained by ADMINISTRATIVE AGENT, at BORROWER's cost,
to conduct on site inspections of the work-in-progress on the PROJECT, and to
issue periodic reports to BANKS as to  the progress of construction of the PROJECT
and adherence to the PLANS. 

1.25      "INTEREST PERIOD" means for
the FIXED RATE NOTES, VARIABLE RATE NOTES, CONSTRUCTION NOTES and LONG TERM REVOLVING
NOTES a period of three (3) months, and for the REVOLVING NOTES a period of one
(1) month; provided that:

            1.25.1 subject to clause 1.25.2 below,
      any INTEREST PERIOD which would otherwise end on a day which is not a EURODOLLAR
      BUSINESS DAY shall be extended to the next succeeding EURODOLLAR BUSINESS
  DAY; and 

             1.25.2 no INTEREST PERIOD shall extend
      beyond the LOAN TERMINATION DATE applicable to such NOTE. 

1.26      "LIBOR RATE" means,
    for each INTEREST PERIOD, the London Interbank Offered Rate for U.S. Dollar
    Deposits for such INTEREST PERIODS as quoted by the Bloomberg service or
    such other vendor chosen by ADMINISTRATIVE AGENT for the  purpose of determining
    the London Interbank Offered Rate for U.S. Dollar Deposits for each INTEREST
    PERIOD. 

1.27      "LOAN DOCUMENTS" means this
AGREEMENT and each agreement or instrument referred to in Section 4 of this AGREEMENT
which is executed by or on behalf of BORROWER to govern, evidence or secure the
OBLIGATIONS. 

1.28      "LOAN TERMINATION DATE" means
the earliest to occur of the following: (i) as to the CONSTRUCTION NOTES, the
CONSTRUCTION LOAN TERMINATION DATE, as to the REVOLVING NOTES, September 19,
2008, as to the FIXED RATE NOTES, the  VARIABLE RATE NOTES, and as to the LONG
TERM REVOLVING NOTES, a date which is five years subsequent to the CONSTRUCTION
LOAN TERMINATION DATE, (ii) the date the OBLIGATIONS are accelerated pursuant
to this AGREEMENT, and (iii) the date  ADMINISTRATIVE AGENT has received (a)
notice in writing from BORROWER of BORROWER's election to terminate this AGREEMENT
and (b) indefeasible payment in full of the OBLIGATIONS. 

1.29      “MATERIAL ADVERSE EFFECT” means
any event or circumstance which (i) is reasonably likely to materially impair
or adversely effect the ability of BORROWER to perform and pay the OBLIGATIONS
and to perform and  comply with the terms and provisions of the LOAN DOCUMENTS
or (ii) would or could reasonably be expected to impair or adversely effect the
financial condition of BORROWER, or the construction or operation of the PROJECT. 

1.30      MARKETING AND RISK MANAGEMENT CONTRACTS" means the contracts between BORROWER and third parties for the marketing and sale of ethanol products, the marketing and sale of distiller’s dried grains (“DDGS”),
risk management, grain procurement, and commodity hedging accounts, all of which shall be assigned to the COLLATERAL AGENT and shall be subject to the reasonable approval of the ADMINISTRATIVE AGENT. 

1.31      “MAXIMUM AVAILABILITY” means
the maximum principal amount on the LONG TERM REVOLVING NOTES available to BORROWER
for borrowing on the date of determination (which shall initially be $10,000,000.00)
as such MAXIMUM  AVAILABILITY is reduced by (i) $250,000.00 on each REDUCTION
DATE and (ii) the EXCESS CASH FLOW calculation provided for in Section 6.2.3
of this AGREEMENT on each EXCESS CASH FLOW REDUCTION DATE as defined in Section
6.2.3 of this AGREEMENT.

1.32      "MORTGAGE" means the Construction
Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Financing
Statement executed
and delivered  by BORROWER
as grantor in favor of COLLATERAL AGENT as mortgagee and COLLATERAL AGENT for
the BANKS, creating a first lien on the PROPERTY and a security interest in all
of the personal  property located on the PROPERTY as security for payment of
the OBLIGATIONS, and all modifications and amendments thereof. 

1.33      "NEGATIVE TERMINATION VALUE" means,
with respect to any SWAP CONTRACT of BORROWER, the amount (if any) that BORROWER
would be required to pay if such SWAP CONTRACT were terminated by reason of a
default by or other  termination event relating to BORROWER, such amount to be
determined on the basis of a good faith estimate made by ADMINISTRATIVE AGENT,
in consultation with BORROWER. The NEGATIVE

TERMINATION VALUE of any such SWAP CONTRACT at any date shall be determined (i) as of the end of the most recent fiscal quarter ended on or prior to such date if such SWAP CONTRACT was then outstanding or (ii) as of the date such
SWAP CONTRACT is terminated. However, if an applicable agreement between BORROWER and the relevant counterparty provides that, upon any such termination by such counterparty, one or more other SWAP CONTRACTS (if any exist) between BORROWER and such
counterparty would also terminate and the amount (if any) payable by BORROWER would be a net amount reflecting the termination of all the SWAP CONTRACTS so terminated, then the NEGATIVE TERMINATION VALUE of all the SWAP CONTRACTS subject to such
netting shall be, at any date, a single amount equal to such net amount (if any) payable by BORROWER, determined as of the later of (i) the end of the most recently ended fiscal quarter or (ii) the date on which the most recent SWAP CONTRACT subject
to such netting was terminated. 

1.34      "NET WORTH" means, as to BORROWER
as of any date, total assets less total liabilities and less the following types
of assets: (1) leasehold improvements; (2) receivables (other than those created
by sale of goods) from a  member and other investments in or amounts due from
any member, employee or other person or entity related to or affiliated with
BORROWER); (3) goodwill, patents, copyrights, mailing lists, trade names, trademarks,
servicing rights, organizational  and franchise costs, bond underwriting costs
and other like assets properly classified as intangible, and (4) treasury stock
or equity interests in BORROWER, all as determined in accordance with GAAP; provided,
however, (x) NET WORTH shall not  include any debt due to BORROWER not acceptable
to ADMINISTRATIVE AGENT in the exercise of its reasonable discretion, and (y)
any TIF Grant funds actually received by BORROWER may be included in the determination
of total assets. 

1.35      "OBLIGATIONS" means the obligation
of the BORROWER: 

  1.35.1 To pay the principal of, and interest
      on, the LOANS in accordance with the terms thereof, to pay any fees
      owed to ADMINISTRATIVE AGENT or BANKS under this AGREEMENT, and
      to satisfy all of its other liabilities to BANKS whether hereunder or otherwise,
      whether now existing or hereafter incurred, matured or unmatured, direct
      or contingent, joint or several, including any extensions, modifications,
      renewals thereof, and substitutions therefore and including, but not limited
      to, any obligations under letter of credit agreements and
      SWAP CONTRACTS; 

   1.35.2 To repay to BANKS all amounts
      advanced by BANKS hereunder, under any other LOAN DOCUMENT (including,
      without limitation, any protective advance made under the MORTGAGE) or
      otherwise on behalf of BORROWER, including, but without limitation, advances
      for principal or interest payments to prior secured parties, mortgagees,
      or licensors, or taxes, levies, insurance, rent, or repairs to, or maintenance
      or storage of, any of the real or personal property securing BORROWER's
      payment and performance of this AGREEMENT; and 

   1.35.3 To reimburse BANKS, on demand,
      for BANKS' reasonable and necessary out of pocket expenses and costs, including
      the reasonable fees and expenses of counsel, in connection with the preparation,
      administration, amendment, modification, or enforcement of

  this AGREEMENT and the LOAN DOCUMENTS
      required hereunder, including, without limitation, any proceeding brought
      or threatened, to enforce payment of any of the OBLIGATIONS referred to
      in this section of the AGREEMENT. 

1.36     "PERMIT" or "PERMITS" means
    any and all licenses, consents or permits required under any federal, state
    or local law or regulation, including, but not limited to any environmental
    law or regulation, required to construct and  operate the facility on the
    PROPERTY after completion of the PROJECT at its operational capacity, including
    without limitation the following: 

  1.36.1 An air emissions permit, which
      PERMIT will allow BORROWER after the COMPLETION DATE to operate the ethanol
      plant on the PROPERTY after construction of the PROJECT at maximum capacity; 

   1.36.2 All permits required in connection
      with the construction and operation of all above or below ground storage
      tanks included in the PLANS for the ethanol plant; 

   1.36.3 A National Pollution Discharge
      Elimination System Construction Permit for any storm water and/or waste
      water that is discharged during construction and after construction of
      the PROJECT; and 

   1.36.4 The other permits listed on Exhibit
      I attached hereto and incorporated herein by reference. 

1.37      “PERSON” means
    an individual, partnership, limited liability company, business trust, joint
    stock company, trust, unincorporated association, joint venture, GOVERNMENTAL
    AUTHORITY, or other entity of whatever  nature. GOVERNMENTAL AUTHORITY means
    any federal, state, county, or local governmental department, commission,
    board, bureau, agency, authority, instrumentality or judicial or regulatory
    body or entity having or asserting jurisdiction as to any of  the PROPERTY,
    the PROJECT or BORROWER, either during the construction of the PROJECT or
    the operation of the PROJECT following completion thereof, including courts
    of appropriate jurisdiction. 

1.38      "PLANS" means collectively all
of the plans, specifications and materials listing for the construction of the
PROJECT, including but not limited to the plans, specifications and materials
prepared by Fagen Engineering, LLC  (“FAGEN ENGINEERING”) and DESIGN-BUILDER
on behalf of BORROWER for the construction of the ethanol plant and certified
to BANKS as the plans for the ethanol plant by the DESIGN-BUILDER, FAGEN ENGINEERING
and BORROWER. 

1.39      "PROJECT" means collectively
the design and construction of BORROWER’s ethanol plant, administration
building and railroad spur, together with all necessary and appropriate fixtures,
equipment, attachments, and  accessories, as described in the PLANS and the plans,
specifications and materials listing relating to the administration building
and railroad spur, to be constructed on the PROPERTY. 

1.40      “REDUCTION DATE” means
the date of any scheduled quarterly payment on the TERM LOANS as provided for
in Section 2.5 below, on which dates the MAXIMUM AVAILABILITY on the LONG TERM
REVOLVING NOTE shall reduce by  $250,000.00. 

1.41      "REQUIRED BANKS" means, at any
time, ADMINISTRATIVE AGENT and any combination of BANKS (other than AGENT) whose
COMMITMENTS in the LOANS aggregate at least fifty-one percent (51%) of the aggregate
COMMITMENTS; provided,  however, that the COMMITMENTS of any DEFAULTING BANK
other than AGENT shall be excluded for purposes of making a determination of
the REQUIRED BANKS. 

1.42      "REVOLVING NOTES" means the
promissory note of BORROWER to each BANK in the amount of such BANK’s COMMITMENT
evidencing the REVOLVING LOAN described in Section 2.8 of this AGREEMENT, its
renewals, modifications and  extensions. 

1.43      "SECURITY AGREEMENT" means the
SECURITY AGREEMENT between BORROWER, as debtor, and COLLATERAL AGENT, as secured
party and collateral agent for the BANKS, creating a first priority security
interest in all of BORROWER's  assets, including general intangibles and payment
intangibles, securing the OBLIGATIONS. 

1.44      "SUBCONTRACTOR" means any person
who contracts with the DESIGN-BUILDER, the general contractor of the administration
building, the general contractor of the railroad spur or BORROWER to perform
any work or supply any of the  materials or equipment necessary to complete the
PROJECT. 

1.45      "SWAP CONTRACT" or "SWAP CONTRACTS" means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity  or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond
index transactions, interest rate options, forward foreign exchange transactions,
cap transactions, floor  transactions, collar transactions, currency swap transactions,
cross currency rate swap transactions, currency options, spot contracts, or any
other similar transactions or any combination of any of the foregoing (including
any options to enter into  any of the foregoing), whether or not any such transaction
is governed by or subject to any master agreement, and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed  by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc. Provided, however, the
term SWAP CONTRACT shall not, for the purposes of this AGREEMENT, include commodity
hedging or commodity risk management  contracts. The term "commodity" includes
ethanol, grain, natural gas and other traded commodities. 

1.46      “TAX DISTRIBUTIONS” means
quarterly cash distributions to BORROWER’s members for the purpose of paying
their respective quarterly estimated federal and state income tax payments required
to be made by each  of BORROWER’s members based upon the operations of
BORROWER and the resulting federal and state income tax liability of such members
in an amount based upon an assumed combined federal and state tax rate for each
member of 42%. 

1.47      "TERM NOTES" means collectively
the FIXED RATE NOTES, VARIABLE RATE NOTES and LONG TERM REVOLVING NOTES to be
executed by BORROWER in favor of each BANK up to the amount of each BANKS COMMITMENT
which evidence permanent  financing to pay the CONSTRUCTION LOAN as described
in Section 2.5 of this AGREEMENT, their renewals, modifications and extensions.

1.48      “TOTAL PROJECT COST” means
the aggregate total cost to acquire the PROPERTY and construct the PROJECT, including
all hard and soft costs, as shown in the TOTAL PROJECT COST STATEMENT. 

1.49      “TOTAL PROJECT COST STATEMENT” means
the budget detailing by category the TOTAL PROJECT COST to acquire the PROPERTY
and construct the PROJECT in accordance with the PLANS, as attached hereto as
Exhibit G, which  has been approved by BANKS, as such TOTAL PROJECT COST STATEMENT
may be modified, amended or supplemented by “CONSTRUCTION VARIANCE REPORTS” submitted
by BORROWER to ADMINISTRATIVE AGENT in connection with a DRAW REQUEST. The
“CONSTRUCTION COST STATEMENT” shall be the portion of the TOTAL PROJECT
COST STATEMENT applicable to the costs incurred under the CONSTRUCTION CONTRACT
with the DESIGN-BUILDER. The TOTAL PROJECT COST STATEMENT includes a “SOURCES
 AND USES OF FUNDS” which demonstrates the source of funds to be applied
 to the TOTAL PROJECT COST as shown in the TOTAL PROJECT COST STATEMENT. 

1.50      "WORKING CAPITAL" means current
assets (less investments in or other amounts due from any member, manager, employee
or any person or entity related to or affiliated with BORROWER and prepayments),
plus the amount available to  BORROWER for drawing under the LONG TERM REVOLVING
NOTES, less current liabilities. 

SECTION 2 Amount and Terms of the LOANS.

2.1       CONSTRUCTION LOAN. To the extent of their respective COMMITMENTS, each BANK agrees, on the terms and subject to the conditions hereinafter set forth, to make, from
time to time during the period from the date of execution of this AGREEMENT to and including the CONSTRUCTION LOAN TERMINATION DATE disbursements to BORROWER pursuant to that certain Disbursing Agreement dated of even date with this AGREEMENT among
ADMINISTRATIVE AGENT, BORROWER, the TITLE COMPANY (as defined in Section 4.1.11 below) and Homestead Escrow and Exchange Company (the “DISBURSING AGREEMENT”), in an aggregate principal amount not to exceed the amount of the CONSTRUCTION
LOAN for the sole purpose of paying approved construction costs of the PROJECT. If, prior to the COMPLETION DATE, there is paid to ADMINISTRATIVE AGENT a third party payment (a grant payment, for example), which is applied to the CONSTRUCTION LOAN,
BANKS will advance such amount, or a lesser sum, as in ADMINISTRATIVE AGENT's reasonable discretion is necessary to complete the PROJECT.  Approved construction costs are costs actually incurred in connection with the construction of the PROJECT,
which shall include but not be limited to costs of PERMITS, licenses, labor, supplies, materials, services, equipment, insurance premiums, real estate taxes and interest on disbursements, and ADMINISTRATIVE AGENT-approved operating costs of the
PROJECT.

Construction costs do not include the cost associated with payment of lost profits connected with termination under Article 15 of the CONSTRUCTION CONTRACT. 

2.2      The CONSTRUCTION NOTES.  The obligation of BORROWER to repay the CONSTRUCTION LOAN shall be evidenced by the CONSTRUCTION NOTES. Notwithstanding any provisions of the
CONSTRUCTION NOTES, interest shall be payable at the rate provided therein only on such portions of the CONSTRUCTION LOAN proceeds as actually have been disbursed pursuant to this AGREEMENT and the DISBURSING AGREEMENT. 

2.3      Interest on the CONSTRUCTION LOAN.  Prior to the CONSTRUCTION LOAN TERMINATION DATE, interest on the principal balance outstanding on the CONSTRUCTION LOAN shall
accrue at a rate equal to the three month LIBOR RATE plus 310 hundred basis points, as more particularly set forth in the CONSTRUCTION NOTES. The interest rate on the CONSTRUCTION LOAN shall initially be set two (2) EURODOLLAR BUSINESS DAYS prior to
the date of the CONSTRUCTION LOAN, and shall adjust on the 8th day of every third month thereafter. After the CONSTRUCTION LOAN TERMINATION DATE, whether by acceleration or otherwise,
interest shall accrue on the CONSTRUCTION LOAN at a rate equal to the three month LIBOR RATE plus nine hundred ten (910) basis points. 

2.4      Repayment of the CONSTRUCTION NOTES. Interest only shall be payable quarterly on the CONSTRUCTION NOTES as more particularly provided for in the CONSTRUCTION NOTES.
All outstanding principal and accrued but unpaid interest shall be payable in full on the CONSTRUCTION LOAN TERMINATION DATE. 

2.5      TERM LOANS. The existing balance on the CONSTRUCTION LOAN, including any advance made to increase WORKING CAPITAL, as of CONSTRUCTION LOAN TERMINATION DATE will be
restated and said balance will be paid by the TERM NOTES substantially in the forms attached hereto as Exhibits B, C, and D, respectively, and are by this reference made a part hereof. The TERM NOTES evidence the "TERM LOANS". The TERM NOTES shall
be amortized on a ten (10) year basis and repaid as follows: 

           On the eighth (8th) day of every third (3rd) month, commencing three (3) months after the CONSTRUCTION LOAN TERMINATION DATE, BORROWER shall pay to ADMINISTRATIVE
AGENT, for the account of BANKS in accordance with their respective COMMITMENTS in the FIXED RATE LOAN, the scheduled principal payment shown in Schedule I, attached hereto and by this reference made a part hereof, plus accrued interest on the FIXED
RATE LOAN. 

           In addition, on the eighth (8th) day of every third (3rd) month, commencing three (3) months after the CONSTRUCTION LOAN TERMINATION DATE, BORROWER shall pay
$1,902,832.10 to ADMINISTRATIVE AGENT, for the account of BANKS in accordance with their respective COMMITMENT in the TERM LOANS, as follows: 

  (a).      first
      to accrued interest on the LONG TERM REVOLVING NOTES;

        (b).      next to accrued
        interest on the VARIABLE RATE NOTES; and 

        (c).      next to principal
        on the VARIABLE RATE NOTES. 

After the VARIABLE RATE NOTES have been fully paid, such quarterly payments shall be allocated first to accrued interest on the LONG TERM REVOLVING NOTES, and thence to principal outstanding on the LONG TERM REVOLVING NOTES;
provided, however, that, if there is no outstanding interest or principal on the LONG TERM REVOLVING NOTES, or the MAXIMUM AVAILABILITY on the LONG TERM REVOLVING NOTES has been reduced to zero dollars ($0), then such quarterly payment shall no
longer be required. 

          In addition, on each REDUCTION DATE and EXCESS CASH FLOW REDUCTION DATE, BORROWER shall pay and apply to the then outstanding principal balance of the LONG TERM REVOLVING NOTES, if any, the amount necessary to reduce the
outstanding principal balance of the LONG TERM REVOLVING NOTES so that they are within the MAXIMUM AVAILABILITY applicable on each such REDUCTION DATE and EXCESS CASH FLOW REDUCTION DATE. 

          All unpaid principal and accrued interest under the TERM LOANS shall be due and payable on the LOAN TERMINATION DATE applicable thereto, if not sooner paid. 

2.6     Interest on the TERM LOANS. Prior to the applicable LOAN TERMINATION DATE, interest shall accrue on the TERM LOANS as follows: 

  (a).         FIXED RATE NOTES. Interest on the
    principal balance outstanding on the FIXED RATE NOTES shall accrue at a
    rate equal to the three month LIBOR RATE plus 300 hundred basis points,
    as more particularly set forth in the FIXED RATE NOTES. The interest rate
    on the FIXED RATE NOTES shall initially be set two (2) EURODOLLAR BUSINESS
    DAYS prior to the date of the FIXED RATE NOTES, and shall adjust on the
    8th day of every third month thereafter. After the applicable LOAN TERMINATION
    DATE, whether by acceleration or otherwise, interest shall accrue on the
    FIXED RATE NOTES at a rate equal to the three month LIBOR RATE plus nine
    hundred (900) basis points.

   (b).         VARIABLE RATE NOTES. Subject to
    the incentive pricing provisions contained in Section 2.15 of this AGREEMENT,
    interest on the principal balance outstanding on the VARIABLE RATE NOTES
    shall accrue at a rate equal to the three month LIBOR RATE plus 310 basis
    points, as more particularly set forth in the VARIABLE RATE NOTES. The
    interest rate on the VARIABLE RATE NOTES shall initially be set two (2)
    EURODOLLAR BUSINESS DAYS prior to the date of the VARIABLE RATE NOTES,
    and shall adjust on the 8th day of every third month thereafter. After
    the applicable LOAN TERMINATION DATE, whether by acceleration or otherwise,
    interest shall accrue on the VARIABLE RATE NOTES at a rate equal to the
    three month LIBOR RATE plus nine hundred ten (910) basis points. 

   (c).         LONG TERM REVOLVING NOTES. Subject
    to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT,
    interest on the principal balance outstanding on the LONG TERM REVOLVING
    NOTES shall accrue at a rate equal to the three month LIBOR RATE plus 310
    basis points, as more particularly set forth in the LONG

  TERM REVOLVING NOTES. The interest rate
      on the LONG TERM REVOLVING NOTES shall initially be set two (2) EURODOLLAR
      BUSINESS DAYS prior to the date of the LONG TERM REVOLVING NOTES, and shall
      adjust on the 8th day of every third month thereafter. After the applicable
      LOAN TERMINATION DATE, whether by acceleration or otherwise, interest shall
      accrue on the LONG TERM REVOLVING NOTES at a rate equal to the three month
      LIBOR RATE plus nine hundred ten (910) basis points. 

2.7      LONG TERM REVOLVING NOTES.  Subject to the extent of their respective COMMITMENTS in the LONG TERM REVOLVING LOAN, BANKS agree to lend $10,000,000.00 to BORROWER
pursuant to this facility (reducing on each REDUCTION DATE and EXCESS CASH FLOW REDUCTION DATE as provided for above). ADMINISTRATIVE AGENT will credit proceeds of this revolving loan ("LONG TERM REVOLVING LOAN") to BORROWER's deposit account with
ACCOUNTS BANK, bearing number 110226509. 

  2.7.1 Subject to the terms hereof and
      their respective COMMITMENT, BANKS will lend BORROWER, from time to time
      until the LOAN TERMINATION DATE such sums as BORROWER may request by reasonable
      same day notice to ADMINISTRATIVE AGENT, received by ADMINISTRATIVE AGENT
      not later than 11:00 A.M. of such day, but which shall not exceed in the
      aggregate principal amount at any one time outstanding, the MAXIMUM AVAILABILITY
      in effect on the date of any requested advance. BORROWER may borrow, repay
      without penalty or premium and reborrow hereunder, from the date of this
      AGREEMENT until the LOAN TERMINATION DATE, either the full amount of the
      MAXIMUM AVAILABILITY or any lesser sum.

2.8     REVOLVING LOAN. Subject to their respective COMMITMENTS in the REVOLVING LOAN , BANKS agree to lend $10,000,000.00 to BORROWER pursuant to this facility.
ADMINISTRATIVE AGENT will credit proceeds of this revolving loan ("REVOLVING LOAN") to BORROWER's deposit account with ACCOUNTS BANK, bearing number 110226509. 

  2.8.1 Subject to the terms hereof and
      their respective COMMITMENTS, BANKS will lend BORROWER, from time to time
      until the LOAN TERMINATION DATE, such sums as BORROWER may request by reasonable
      same day notice to ADMINISTRATIVE AGENT, received by ADMINISTRATIVE AGENT
      not later than 11:00 A.M. of such day, but which shall not exceed in the
      aggregate principal amount at any one time outstanding, the lesser of (i)
      $10,000,000.00 or
      (ii) the BORROWING BASE (the "REVOLVING LOAN COMMITMENT"). BORROWER may
      borrow, repay without penalty or premium and reborrow hereunder, from the
      date of this AGREEMENT until the LOAN TERMINATION DATE, either the full
      amount of the REVOLVING LOAN COMMITMENT or any lesser sum. It is the intention
      of the parties that the outstanding balance of the REVOLVING LOAN shall
      not exceed the BORROWING BASE, as required in Section 6.1.9, and if at
      any time said balance exceeds the BORROWING BASE, BORROWER shall forthwith
      pay ADMINISTRATIVE AGENT for application to the REVOLVING LOAN sufficient
      funds to reduce the balance of the REVOLVING LOAN until it is in compliance
      with this requirement. 

2.9      THE REVOLVING NOTES.  The REVOLVING LOAN COMMITMENT shall be evidenced by REVOLVING NOTES having stated maturity on the LOAN TERMINATION DATE applicable thereto,
substantially in the form attached hereto as Exhibit E. 

2.10    INTEREST
ON THE REVOLVING NOTES. Prior to maturity and subject
to the incentive pricing provisions contained in Section 2.15 of this AGREEMENT,
interest on the  principal balance outstanding on the REVOLVING NOTES shall accrue
at a rate equal to the one month LIBOR RATE plus 310 hundred basis points, as
more particularly set forth in the REVOLVING NOTES. The interest rate on the
REVOLVING NOTES shall  initially be set two (2) EURODOLLAR BUSINESS DAYS prior
to the date of the REVOLVING NOTES, and shall adjust on the 8th day of each month
thereafter. After the applicable LOAN TERMINATION DATE, whether by acceleration
or otherwise, interest shall  accrue on the REVOLVING NOTES at a rate equal to
the one month LIBOR RATE plus nine hundred ten (910) basis points. 

2.11    LETTERS
OF CREDIT. FNBO will issue its letters of credit
at BORROWER's request, on BORROWER's account, pursuant to FNBO's customary policies
and with its standardized  documents, in amounts outstanding at no time exceeding
$1,000,000.00 in the aggregate. 

2.12    Payments
and Prepayments. All principal, interest and fees
due under the OBLIGATIONS and the LOAN DOCUMENTS shall be paid in  immediately
available funds as contracted in this AGREEMENT and no later than the payment
due dates set forth in the applicable NOTES (and with regards to fees, the due
dates set forth in the periodic statements mailed to BORROWER by ADMINISTRATIVE
 AGENT). Should a payment come due on a day other than a BANKING DAY, then the
payment shall be made no later than the next BANKING DAY and interest shall continue
to accrue during the extended period. 

          On the occasion of any prepayment of the CONSTRUCTION NOTES or all TERM NOTES in full as a result of refinancing with a lender other than FNBO, BORROWER will pay to ADMINISTRATIVE AGENT, for the account of the BANKS in accordance
with their respective COMMITMENTS, a prepayment fee calculated as follows: If the prepayment occurs during the construction of the PROJECT or within the first two (2) years of the TERM LOANS, a fee of one (1%) percent of the original amount or
exposure of the LOANS. 

          In the event that BORROWER pre-pays all of the FIXED RATE NOTES or VARIABLE RATE NOTES, where the rate is fixed in excess of one month, and except as to such payments as required by this AGREEMENT, BORROWER shall pay
ADMINISTRATIVE AGENT a breakage fee sufficient to make BANKS whole for any expenses actually incurred by BANKS and/or ADMINISTRATIVE AGENT related to breaking fixed interest rates, which ADMINISTRATIVE AGENT shall apportion among the BANKS in
accordance with their respective expenses actually incurred; provided, however, no payment of EXCESS CASH FLOW shall be the cause of a payment to ADMINISTRATIVE AGENT for interest rate breakage fees or otherwise result in any prepayment fee.

2.13   Fees.
BORROWER shall pay to ADMINISTRATIVE AGENT the fees and other amounts described
and provided for in that certain fee letter of even date with this AGREEMENT
 between

BORROWER and ADMINISTRATIVE AGENT (as it may be amended or modified and in effect from time to time, the “FEE LETTER”) in accordance with the terms of the FEE LETTER. 

BORROWER agrees to pay ADMINISTRATIVE AGENT for the account of BANKS in proportion to their respective COMMITMENTS in the REVOLVING LOAN an unused commitment fee equal to 35 basis points of the average unused portion of the
REVOLVING LOAN COMMITMENT, calculated and payable on a quarterly basis in arrears; provided, however, the unused commitment fees on same shall not begin accruing or be payable by BORROWER until the CONSTRUCTION LOAN TERMINATION DATE. BORROWER shall
pay ADMINISTRATIVE AGENT commitment fees equal to two percent (2%) per annum of issued and outstanding Letters of Credit issued at BORROWER’s request and on BORROWER’s account with such fee payable quarterly, together with such other
fees as are consistent with FNBO’s then current International Trade Services Fee Schedule. 

2.14   Appraisal.
ADMINISTRATIVE AGENT will obtain, at BORROWER's expense, an appraisal of the
PROJECT and PROPERTY providing values obtained by use of the cost approach,
the income approach and the replacement cost approach. If such appraisal shows
that the outstanding CONSTRUCTION LOAN amount at that time exceeds the value
of the PROJECT and PROPERTY as determined by the appraisal, using the replacement
cost  approach, then BORROWER shall, within thirty (30) days of notice by ADMINISTRATIVE
AGENT and without penalty or premium, pay the difference between the outstanding
CONSTRUCTION LOAN amount and the appraised value amount of the PROJECT and PROPERTY
 as determined by such appraisal, and no further advances shall be made on the
CONSTRUCTION LOAN thereafter until such time as the appraised value of the PROJECT
and PROPERTY exceeds the CONSTRUCTION LOAN amount.

2.15   Incentive
Pricing. The interest rate applicable to the REVOLVING
LOAN, VARIABLE RATE NOTES and the LONG TERM REVOLVING LOAN is subject to reduction
commencing six  months subsequent to CONSTRUCTION LOAN TERMINATION DATE, based
on the most recent interim financial statements delivered by or on behalf of
BORROWER to ADMINISTRATIVE AGENT. In the event that BORROWER maintains the following
ratios, measured  quarterly, the interest rate will be reduced accordingly: 

	 	
If INDEBTEDNESS to  	                 	   
	 	
NET WORTH is:  	
Interest rate will be:  
	 	 	 	 
	 	
Greater than or equal to 1.25 : 1.00  	 	
LIBOR RATE plus 295 basis points  
	 	
Less than 1.25 : 1.00, but greater than or equal  	 	
LIBOR RATE plus 280 basis points  
	 	
to 1.00 : 1.00  	   
	 	
Less than 1.00 : 1.00, but greater than 0.75 :  	 	
LIBOR RATE plus 275 basis points  
	 	
1.00  	   
	 	
Less than 0.75 : 1.00  	 	
LIBOR RATE plus 265 basis points  

SECTION 3 Disbursement Procedures. 

3.1     Submission of DRAW REQUESTS. BORROWER has submitted to ADMINISTRATIVE AGENT, and BANKS have approved, the TOTAL PROJECT COST STATEMENT. Whenever BORROWER desires a
disbursement under the CONSTRUCTION LOAN, which shall be no more often than three (3) times a month, unless ADMINISTRATIVE AGENT agrees otherwise, BORROWER shall submit to ADMINISTRATIVE AGENT a DRAW REQUEST, duly executed on behalf of BORROWER
setting forth the information requested therein. Each DRAW REQUEST shall be delivered to ADMINISTRATIVE AGENT at least ten (10) days before the date the disbursement is desired. Upon receipt of each DRAW REQUEST, ADMINISTRATIVE AGENT shall promptly
notify BANKS of the amount each BANK is required to fund of such DRAW REQUEST. Not later than 11:00 a.m. (Omaha, Nebraska time) on the applicable payment date each BANK will make available to ADMINISTRATIVE AGENT in immediately available funds an
amount equal to such BANK's pro rata share based on such BANK's COMMITMENT of the amount to be advanced to BORROWER pursuant to such DRAW REQUEST. The failure of any BANK to fund its COMMITMENTS shall not relieve any other BANK from funding its
COMMITMENTS (it being understood however that no BANK shall be responsible for the failure of any other BANK to fund its COMMITMENTS). Unless the ADMINISTRATIVE AGENT shall have been notified by any BANK prior to a proposed funding date of any
advance on any LOAN that such BANK will not make available to the ADMINISTRATIVE AGENT its portion of the borrowing proposed to be made on such date, the ADMINISTRATIVE AGENT shall assume that such BANK has made such amounts available to the
ADMINISTRATIVE AGENT on such date and the ADMINISTRATIVE AGENT in its sole discretion may, in reliance upon such assumption, (but shall not be obligated to) make available to BORROWER a corresponding amount. If such corresponding amount is not in
fact made available to the ADMINISTRATIVE AGENT by such BANK and the ADMINISTRATIVE AGENT has made such amount available to BORROWER, the ADMINISTRATIVE AGENT shall be entitled to recover such corresponding amount on demand from such DEFAULTING BANK
and, if such DEFAULTING BANK pays such amount (together with the interest noted below), then the amount so paid shall constitute such DEFAULTING BANK’s loan included in such borrowing.  If such DEFAULTING BANK does not pay such corresponding
amount forthwith upon the ADMINISTRATIVE AGENT’s demand, the ADMINISTRATIVE AGENT shall be entitled to recover from such DEFAULTING BANK interest on such corresponding amount in respect of each day from the date such corresponding amount was
made available by the ADMINISTRATIVE AGENT to BORROWER to the date such corresponding amount is recovered by the ADMINISTRATIVE AGENT, at an interest rate per annum equal to the greater of the federal funds rate determined by the ADMINISTRATIVE
AGENT and a rate determined by the ADMINISTRATIVE AGENT in accordance with banking industry rules on interbank compensation. Nothing herein shall be deemed to relieve any BANK from its obligation to fulfill its Commitments hereunder or be deemed to
be a release or waiver of any other right or remedy the ADMINISTRATIVE AGENT and/or BORROWER may have at law or in equity for a DEFAULTING BANK’S. failure to fund its COMMITMENT. 

3.2     Amount of DRAW REQUEST. Each DRAW REQUEST shall be limited to amounts equal to (i) the total of costs actually incurred and paid or owing by BORROWER to the date of
such DRAW REQUEST for work performed or materials incorporated in the PROJECT as described in the PLANS, plus (ii) the cost of materials and equipment not incorporated in the PROJECT, but

delivered to and suitably stored at the PROJECT site, plus (iii) prepayments for equipment when prepayment is required by the manufacturer or supplier or, with ADMINISTRATIVE AGENT’s prior written approval, when such
prepayment results in a material financial benefit to BORROWER; plus (iv) any other hard or soft costs which are consistent with the TOTAL PROJECT COST STATEMENT approved by ADMINISTRATIVE AGENT, as modified or supplemented by any CONSTRUCTION
VARIANCE REPORT approved by ADMINISTRATIVE AGENT, for which a disbursement under the CONSTRUCTION LOAN is available as demonstrated in the SOURCES AND USES OF FUNDS; less, (v) prior disbursements for such costs and from the CONSTRUCTION LOAN or
BORROWER's WORKING CAPITAL for such costs. Notwithstanding anything herein to the contrary, no disbursements for materials stored at the PROJECT site will be made by ADMINISTRATIVE AGENT unless BORROWER shall advise ADMINISTRATIVE AGENT of its
intention to store materials prior to their delivery, and provide suitable security for such storage. No advances on the CONSTRUCTION LOAN may be repaid and re-advanced. 

3.3     Other Documents. At the time of submission of each DRAW REQUEST, BORROWER shall submit or cause to be submitted to ADMINISTRATIVE AGENT the following: 

  3.3.1. A written lien waiver from the
      DESIGN-BUILDER or other general contractor and each SUBCONTRACTOR for work
      done and materials supplied by it which were paid for pursuant to the next
      preceding DRAW REQUEST with copies of all invoices supporting the DRAW
      REQUEST. 

   3.3.2. A document from BORROWER and
      DESIGN-BUILDER or other general contractor or SUBCONTRACTOR (as applicable),
      and if applicable, the INDEPENDENT INSPECTOR requesting and/or approving
      payment of the relevant DRAW REQUEST.

   3.3.3. Such other supporting evidence
      as may be reasonably requested by ADMINISTRATIVE AGENT to substantiate
      all payments which are to be made out of the relevant DRAW REQUEST and/or
      to substantiate all payments then made with respect to the PROJECT. 

   3.3.4. Subject to the provisions of
      Section 3.4 below, if BORROWER desires to reallocate funds from one budget
      category to another or modify, amend or supplement the TOTAL PROJECT COST
      STATEMENT, then BORROWER shall submit to ADMINISTRATIVE AGENT for ADMINISTRATIVE
      AGENT’s approval a CONSTRUCTION VARIANCE REPORT showing the details
      of such reallocation, modification, amendment or supplement. ADMINISTRATIVE
      AGENT may approve or disapprove of such CONSTRUCTION VARIANCE REPORT in
      ADMINISTRATIVE AGENT’s discretion, but ADMINISTRATIVE AGENT’s
      approval shall not be unreasonably withheld. 

3.4     Cost Over Runs. BORROWER agrees that all cost over runs on the PROJECT shall be paid solely by BORROWER and that BORROWER shall deliver additional funds to
ADMINISTRATIVE AGENT in accordance with Section 3.6 of this AGREEMENT to pay any cash required to fund cost over runs on the PROJECT. Notwithstanding the foregoing, BORROWER shall be entitled to apply 

any previously achieved savings in any completed category of the TOTAL PROJECT COST STATEMENT to pay for any such cost over runs. In addition, BORROWER may from time to time request that the contingency fund line item in the TOTAL
PROJECT COST STATEMENT be reallocated to pay needed costs of the PROJECT.  Such requests shall be subject to ADMINISTRATIVE AGENT’s written approval in its reasonable discretion, which shall not be unreasonably withheld. Notwithstanding the
foregoing, BORROWER shall be entitled to advances from the contingency fund line item in the TOTAL PROJECT COST STATEMENT so long as at all times there are sufficient funds remaining from all sources identified in the SOURCES AND USES OF FUNDS to
complete the construction of the PROJECT in accordance with the PLANS in the discretion of ADMINISTRATIVE AGENT. 

3.5     Making the Disbursements.  If on the date a DRAW REQUEST is received by ADMINISTRATIVE AGENT, BORROWER has performed all of its agreements and complied with all
requirements therefore to be performed or complied with hereunder including satisfaction of all applicable conditions precedent contained in Section 4 of this AGREEMENT and all of the BANKS have funded their pro rata share of such DRAW REQUEST based
on their respective COMMITMENTS, and, if required by ADMINISTRATIVE AGENT, ADMINISTRATIVE AGENT has received a current report from the INDEPENDENT INSPECTOR documenting material compliance with the PLANS for those portions of the PROJECT indicated
as completed in the DRAW REQUEST and otherwise confirming the acceptability of the PROJECT work represented by the DRAW REQUEST, ADMINISTRATIVE AGENT shall pay to the ESCROW COMPANY (as defined in the DISBURSING AGREEMENT) for disbursement to
BORROWER in accordance with the DISBURSING AGREEMENT the amount of the requested disbursement; provided, however, that a DEFAULT BANK'S failure to fund its COMMITMENT amount of such DRAW REQUEST shall not relieve any other BANK from its obligation
to fund its COMMITMENT amount of such DRAW REQUEST, an ADMINISTRATIVE AGENT will pay to the ESCROW COMPANY the amount actually funded by the BANKS with respect to such DRAW REQUEST and WILL NOT withhold funding due to a DEFAULTING BANK'S failure to
fund its share of such DRAW REQUST. Each disbursement disbursed to BORROWER under the CONSTRUCTION LOAN shall bear interest at the rate provided in the CONSTRUCTION NOTES evidencing the disbursement from the date such disbursement is so disbursed to
BORROWER or deposited into BORROWER's account. 

3.6     Deposit of Funds by BORROWER. If the ADMINISTRATIVE AGENT or INDEPENDENT INSPECTOR shall at any time in good faith determine that the undisbursed amount of the
CONSTRUCTION LOAN is less than the amount required to pay all cash required to pay costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the PROJECT after application of all funds received from
BORROWER's equity and shall thereupon send written notice thereof to BORROWER specifying the amount required to be deposited by BORROWER with the ADMINISTRATIVE AGENT to provide sufficient funds to complete the PROJECT, BORROWER agrees that it will,
within forty-five (45) calendar days of receipt of any such notice, deposit with the ADMINISTRATIVE AGENT, the amount of funds specified in ADMINISTRATIVE AGENT's notice. BORROWER agrees that any such funds deposited with ADMINISTRATIVE AGENT may be
disbursed before any further disbursement of

CONSTRUCTION LOAN proceeds from ADMINISTRATIVE AGENT, to pay any and all costs and expenses of any kind in connection with completion of the PROJECT. 

3.7     Disbursements Without Receipt of DRAW REQUEST. Notwithstanding anything herein to the contrary, ADMINISTRATIVE AGENT shall have the irrevocable right at any time and
from time to time to apply funds which it agrees to disburse hereunder to pay interest on the CONSTRUCTION LOAN as and when such interest becomes due, and to pay any and all of the expenses of ADMINISTRATIVE AGENT related to the PROJECT and the
CONSTRUCTION LOAN, all without receipt of a DRAW REQUEST. 

3.8     Miscellaneous Procedures.  ADMINISTRATIVE AGENT may establish additional procedures regarding disbursements as are reasonable to assure the proceeds of the
CONSTRUCTION LOAN are paid only to those persons and entities entitled to the same, and that the liens securing the OBLIGATIONS are in all cases first and paramount liens on the PROPERTY.

3.9     Appointment of INDEPENDENT INSPECTOR. No DRAW REQUEST shall be honored after commencement of construction unless BORROWER has acknowledged the appointment of an
INDEPENDENT INSPECTOR. 

SECTION 4 Conditions of Lending.

4.1     Conditions Precedent to the Initial Disbursement. The obligation of BANKS to make the initial disbursement under the CONSTRUCTION LOAN is subject to the condition
precedent, unless waived by the ADMINISTRATIVE AGENT, that BORROWER shall be in compliance with the conditions set forth in Section 4.2 of this AGREEMENT and to the further condition precedent that, unless waived by ADMINISTRATIVE AGENT in writing
in the POST-CLOSING LETTER (as defined below in Section 8.13), ADMINISTRATIVE AGENT shall have received on or before the CLOSING all of the following, each dated (unless otherwise indicated) the day of CLOSING, in form and substance satisfactory to
ADMINISTRATIVE AGENT: 

  4.1.1 This AGREEMENT, and the CONSTRUCTION
      NOTES, duly executed on behalf of BORROWER and delivered to ADMINISTRATIVE
      AGENT. 

   4.1.2 The MORTGAGE duly executed on
      behalf of BORROWER and in form acceptable for recording in Ford County,
      Illinois. 

   4.1.3 The FEE LETTER duly executed by
      BORROWER and delivered to ADMINISTRATIVE AGENT. 

   4.1.4 The SECURITY AGREEMENT, duly executed
      on behalf of BORROWER and delivered to ADMINISTRATIVE AGENT. 

   4.1.5 A financing statement or statements
      sufficient when filed to perfect the security interests granted under the
      MORTGAGE, the SECURITY AGREEMENT, and the ASSIGNMENT OF CONSTRUCTION CONTRACT,
      to the extent such security interests

  are capable of being perfected by filing,
      and a deposit account control agreement in form and substance acceptable
      to the ACCOUNTS BANK to perfect the ACCOUNTS BANK’s security interest
      in any deposit accounts maintained by BORROWER with financial institutions
      other than the ACCOUNTS BANK and a securities control agreement to perfect
      any investment property held by a financial intermediary. 

   4.1.6 A copy of the PLANS, with the
      PLANS prepared by FAGEN ENGINEERING certified by FAGEN ENGINEERING, DESIGN-BUILDER
      and BORROWER, and a copy of the plans for a dewatering system which addresses
      shallow groundwater at the PROPERTY to the satisfaction of ADMINISTRATIVE
      AGENT and the INSPECTING ARCHITECT. 

   4.1.7 The ASSIGNMENT OF CONSTRUCTION
      CONTRACT, duly executed by BORROWER and consented to by the DESIGN-BUILDER
      and a copy of the CONSTRUCTION CONTRACT, together with the General Conditions
      of Contract referred to therein, if any, and an assignment of the general
      construction contract for the administration building and railroad spur
      consented to by the applicable general contractor and a copy of such general
      contracts. 

   4.1.8 A TOTAL PROJECT COST STATEMENT
      of the PROJECT duly executed by BORROWER, setting forth the anticipated
      total cost of the PROJECT's completion, and a CONSTRUCTION COST STATEMENT
      duly executed by the DESIGN-BUILDER, setting forth its anticipated construction
      costs of the PROJECT. 

   4.1.9 An ALTA/ACSM
      Land Title Survey prepared in accordance with the current accuracy standards
      jointly adopted by ALTA (American Land Title Association), ACSM (American
      Congress on Surveying and Mapping) and NSPS (National Society of Professional
      Surveyors) together with optional survey requirements #2 (vicinity map
      showing the property surveyed in reference to nearby highway(s) or major
      street intersections); #6 (identify setbacks); #7 (identify exterior dimensions
      of all existing and proposed buildings “As-Built”, including
      square footage of exterior footprint of all buildings, gross floor area
      of all buildings); and #11 (location of utilities). The survey shall show
      the location of all easements and encroachments onto or from the PROPERTY
      that are visible on the PROPERTY, known to the surveyor preparing the survey
      or of record, identifying easements of record by recording data. Such surveyor
      shall certify there are no easements or encroachments upon the PROPERTY
      except as shown on the survey.

   4.1.10 An as built appraisal based upon
      the PLANS to be performed by Natwick Associates Appraisal Services which
      shows the as-completed value of the PROPERTY and PROJECT addressed to and
      otherwise acceptable to ADMINISTRATIVE AGENT. 

   4.1.11 A
      title binder, issued by First American Title Insurance Company (the "TITLE
      COMPANY") at BORROWER's expense, constituting a commitment by the TITLE
      COMPANY to issue a mortgagee's title policy in favor of COLLATERAL AGENT
      as mortgagee under the MORTGAGE and an owner’s title policy to BORROWER
      if applicable, that will be free from all standard exceptions, including
      mechanics' liens and all

  other exceptions not previously approved
      by AGENT and that will insure the MORTGAGE to be a valid first lien on
      the PROPERTY. Such loan policy shall include additional rider coverage
      as may be reasonably requested by AGENT, including, without limitation,
      the following ALTA endorsement forms: 

  	 	ALTA
          Endorsement Form 3.1 	 	Zoning-Completed
          Structure 
	 	ALTA
          Endorsement Form 6 	 	Variable
          Rate Mortgage 
	 	ALTA
          Endorsement Form 8.1 	 	Environmental
          Protection 
	 	ALTA
          Endorsement Form 9 	 	Restrictions,
          Encroachments, Minerals  
	 	Usury 	 	 
	 	ALTA
          Pending Disbursement Endorsement       	 	Mechanic’s
          Lien Coverage 
	 	ALTA
          Endorsement Form 14 	 	Future
          Advance 
	 	ALTA
          Endorsement Form 19 	 	Contiguity 
	 	ALTA
          Endorsement Form 21 	  	Creditor’s
          Rights 

  

   4.1.12 A soil report on the PROPERTY
      certified by a registered engineer including
      structural design recommendations in form and substance satisfactory to
      ADMINISTRATIVE AGENT. Such report shall include soil borings and geo-technical
      analyses. 

   4.1.13 A Phase I Environmental Report
      of the PROPERTY, as well as any subsequent Environmental Site Assessments
      issued prior to CLOSING, and such other environmental testing and due diligence
      as may be reasonably required by ADMINISTRATIVE AGENT, all in form and
      content satisfactory to ADMINISTRATIVE AGENT and establishing the environmental
      condition of the PROPERTY as satisfactory to ADMINISTRATIVE AGENT.

   4.1.14 An assignment of any License
      Agreements with ICM, INC., and ICM, INC.’s consent to any such assignment. 

   4.1.15 Copies of all PERMITS from the
      applicable regulatory agencies from whom a permit or license is required
      as of the then current stage of the PROJECT.

   4.1.16 Copies of documents from the
      appropriate state, federal, city or county authority having jurisdiction
      over the PROPERTY and the PROJECT that provide to the reasonable satisfaction
      of ADMINISTRATIVE AGENT that the PROJECT when constructed in accordance
      with the PLANS will comply in all material respects with all applicable
      ordinances, zoning, subdivision, platting, environmental and land use requirements,
      without special variance or exception, and such other evidence as ADMINISTRATIVE
      AGENT shall reasonably request to establish that the PROJECT and the contemplated
      use thereof are permitted by and comply in all material respects with all
      applicable use or other restrictions and requirements in prior conveyances,
      zoning ordinances, environmental laws and regulations, water shed district
      regulations and all other applicable laws or regulations, and governmental
      authorities having jurisdiction over the PROJECT. 

  4.1.17 Copies of certificates of insurance
      demonstrating the types, levels, deductibles, endorsements and other coverage
      parameter issues to the satisfaction of ADMINISTRATIVE AGENT for builder's
      risk insurance, commercial general liability, an umbrella policy, business
      automobile liability insurance, environmental liability insurance, worker's
      compensation insurance, and permanent all risk property insurance thirty
      days prior to completion of construction, all as required under Section
      6.3 of this AGREEMENT, with all such insurance in full force and effect
      and approved by ADMINISTRATIVE AGENT, in the exercise of its reasonable
      discretion, and naming ADMINISTRATIVE AGENT as an additional insured and
      loss payee together with appropriate flood insurance, if the PROPERTY is
      in a flood hazard area. Notwithstanding the foregoing, BORROWER is not
      required to obtain worker's compensation insurance until required by applicable
      law. In addition, BORROWER shall provide to ADMINISTRATIVE AGENT proof
      of insurance for business interruption/extra expense coverage for six months
      of operating expenses, and also directors/officers errors and omissions
      coverage in a minimum amount of $5,000,000.00. 

   4.1.18 A signed opinion of counsel for
      BORROWER, addressed to AGENT but for the benefit of and reliance upon by
      the BANKS, in form and substance acceptable to AGENT and AGENT’s
      counsel. 

   4.1.19 A Certificate of Authority or
      Secretary’s Certificate executed by such person or persons authorized
      by BORROWER's organizational documents and/or agreements to do so, certifying
      the incumbency and signatures of the officers or other persons authorized
      to execute the LOAN DOCUMENTS to which it is a party, and authorizing the
      execution of the LOAN DOCUMENTS to which it is a party and performance
      in accordance with their terms.

   4.1.20 A recently certified copy of
      BORROWER's Amended and Restated Operating Agreement, and any amendments
      thereto. 

   4.1.21 A recently certified copy of
      BORROWER's Articles of Organization and any amendments thereto. 

   4.1.22 A certificate of good standing
      for BORROWER from the office of the Illinois Secretary of State. 

   4.1.23 Proof of injection of equity
      capital into BORROWER of no less than $66,000,000.00 including any grant
      funds actually received and any funds actually received from tax increment
      financing or TIF programs. 

   4.1.24 A copy of any MARKETING AND RISK
      MANAGEMENT CONTRACTS, together with assignments in favor of BANK and consents
      thereto in form satisfactory to COLLATERAL AGENT, as well as control agreements
      reasonably requested by COLLATERAL AGENT, in form reasonably acceptable
      to COLLATERAL AGENT. 

  4.1.25 A copy of any existing contracts
      for BORROWER's natural gas, electricity, water service and grain procurement
      and assignments of such contracts along with the consent of BORROWER’s
      vendors under such contracts. 

   4.1.26 Evidence satisfactory to ADMINISTRATIVE
      AGENT that BORROWER has acquired marketable fee simple title to the PROPERTY
      subject only to the Permitted Exceptions identified in the MORTGAGE and
      the WATER EASEMENTS. 

   4.1.27 Documentation of the SWAP CONTRACTS
      in form satisfactory to ADMINISTRATIVE AGENT. 

   4.1.28 Copies of executed Water Line
      Easements, consents and approvals from all applicable parties and governmental
      authorities in recordable form and otherwise satisfactory to ADMINISTRATIVE
      AGENT providing for the construction and maintenance of a water main extending
      from the PROPERTY to the site of Borrower's well and water treatment facility,
      to provide water service to the PROJECT (the foregoing easements are collectively
      referred to in this Agreement as the "WATER EASEMENTS"). In addition, Borrower
      shall comply with the terms set forth in the POST CLOSING LETTER with respect
      to the WATER EASEMENTS and other matters relating to the foregoing water
      main. 

   4.1.29 The obligations and INDEBTEDNESS
      of BORROWER secured by the liens described in Section 6.4.1(ii) below and
      such liens described in Section 6.4.1(ii) shall be subordinated to the
      OBLIGATIONS and collateral securing the OBLIGATIONS pursuant to a Subordination
      Agreement executed by the holder of the INDEBTEDNESS described in Section
      6.4.1(ii) in favor of AGENT, with such Subordination Agreement being in
      form and substance acceptable to AGENT. In addition, it is a condition
      precedent to the initial disbursement on the CONSTRUCTION LOAN or an advance
      on any LOAN that the liens described in Section 6.4.1(ii) be terminated
      and released, and the Junior Creditor's liens on the Subordinate Collateral
      (as such terms are defined in the Subordination Agreement) be terminated
      and release. 

   4.1.30 Norfolk Southern Railway Company
      ("NSR") and Bloomer Connecting Shippers Railway Co. ("BLOOMERS") shall
      have entered into a switching agreement as contemplated in that certain
      Memorandum of Understanding between NSR and BLOOMERS dated on or about
      August 31, 2007, which gives BORROWER access to rail service, with such
      switching agreement in form and substance and rail access acceptable to
      the ADMINISTRATIVE AGENT. 

   4.1.31 The POST CLOSING LETTER duly
      executed by BORROWER and ADMINISTRATIVE AGENT detailing BORROWER's post-closing
      obligations 

   4.1.32 A grant of access from the City
      of Gibson City, Illinois to the railway line which is the subject of that
      certain Rail Access Easement dated January 26, 2005, recorded as Document
      No. 231815 in the Ford County Illinois Real Estate Records. 

4.2     Conditions Precedent to All Disbursements on the CONSTRUCTION LOAN.  The obligation of BANKS to make any advances under the CONSTRUCTION LOAN (including the initial
disbursement) is subject to the further conditions precedent that BORROWER shall remain in compliance with the conditions precedent contained in Section 4.1 of this AGREEMENT and, unless waived by ADMINISTRATIVE AGENT in writing in the POST CLOSING
LETTER, ADMINISTRATIVE AGENT shall have received on or before the submission of a DRAW REQUEST for such advance all of the following in form and substance satisfactory to ADMINISTRATIVE AGENT: 

  4.2.1 The disbursement requirements of
      Section 3 of this AGREEMENT have been satisfied and the DISBURSING AGREEMENT,
      in form and substance acceptable to ADMINISTRATIVE AGENT, has been executed
      by each party thereto and delivered to ADMINISTRATIVE AGENT. 

   4.2.2 That the INDEPENDENT INSPECTOR,
      based upon on-site inspections of the PROJECT, has reported to ADMINISTRATIVE
      AGENT that the portion of the PROJECT completed as of the date of last
      inspection by the INDEPENDENT INSPECTOR has been completed in accordance
      with the PLANS and that the PROJECT can be completed by the CONSTRUCTION
      LOAN TERMINATION DATE in accordance with the PLANS for the remaining funds
      available for construction of the PROJECT. 

   4.2.3 The TITLE COMPANY shall have issued
      an endorsement to the loan policy of title insurance reflecting the amount
      of all previous advances on the CONSTRUCTION LOAN, insuring the continued
      priority of the MORTGAGE over mechanics’ liens and similar liens
      and showing no exceptions to title other than those previously approved
      by ADMINISTRATIVE AGENT and the TITLE COMPANY will issue an endorsement
      insuring the requested advance on the CONSTRUCTION LOAN upon compliance
      with the terms of the DISBURSING AGREEMENT. 

   4.2.4 Construction of the PROJECT to
      the date of the request for the advance has been completed in accordance
      with all applicable laws, rules, restrictions, regulations and PERMITS,
      and BORROWER has complied with all applicable PERMITS and such PERMITS
      remain valid and have not been challenged, terminated, revoked or restricted,
      or modified, altered, restated or amended without the prior written consent
      of ADMINISTRATIVE AGENT. 

   4.2.5 BORROWER has delivered to ADMINISTRATIVE
      AGENT a fully executed Notice to Proceed as referenced and defined in the
      CONSTRUCTION CONTRACT. In addition, BORROWER, DESIGN-BUILDER and each SUBCONTRACTOR
      have each materially complied with all of their respective obligations
      under the CONSTRUCTION CONTRACT and other general contracts for the construction
      of the railroad spur and administration building and the CONSTRUCTION CONTRACT
      and such other general contracts remain in full force and effect. 

  4.2.6 Evidence satisfactory to ADMINISTRATIVE
      AGENT that all then due installments of general real estate taxes, special
      assessments and other levies against the PROPERTY or the PROJECT have been
      paid in full. 

   4.2.7 BORROWER has expended the equity
      referenced in Section 4.1.23 above and any TIF and grant funds on the PROJECT
      in accordance with the SOURCES AND USES OF FUNDS. 

   4.2.8 The representations and warranties
      contained in Section 5 of this AGREEMENT are correct in all material respects
      on and as of the date of such disbursement as though made on and as of
      such date, except to the extent that such representations and warranties
      relate solely to an earlier date and except to the extent of changes permitted
      under the terms of this AGREEMENT. 

   4.2.9 No event has occurred and is continuing,
      or would result from such disbursement, which constitutes an EVENT OF DEFAULT. 

   4.2.10 No determination shall have been
      made by ADMINISTRATIVE AGENT or the INDEPENDENT INSPECTOR in the exercise
      of their reasonable judgment that the undisbursed amount of the CONSTRUCTION
      LOAN is less than the amount required to pay all costs and expenses of
      any kind which reasonably may be anticipated in connection with the completion
      of the PROJECT; or, if such a determination has been made and notice thereof
      sent to BORROWER in accordance with this AGREEMENT, BORROWER shall have
      deposited the necessary funds with ADMINISTRATIVE AGENT in accordance with
      the Section 3.6 of this AGREEMENT. 

   4.2.11 If required by ADMINISTRATIVE
      AGENT, ADMINISTRATIVE AGENT shall be furnished with a statement from BORROWER
      and the DESIGN-BUILDER or other general contractor, in form and substance
      satisfactory to ADMINISTRATIVE AGENT, in the exercise of its reasonable
      discretion, setting forth the names, addresses and amounts due or to become
      due, as well as the amounts previously paid, to every SUBCONTRACTOR whose
      charges exceed $20,000.00. 

   4.2.12 No PERMIT necessary for the construction
      of the PROJECT shall have been revoked or the issuance thereof subjected
      to challenge before any court or other governmental authority having or
      asserting jurisdiction as to the PROJECT, and the construction of the PROJECT
      is in compliance with applicable PERMITS.

   4.2.13 The parties intend that the CONSTRUCTION
      LOAN is available to fund the lesser of sixty percent (60%) of the TOTAL
      PROJECT COST as shown in the TOTAL PROJECT COST STATEMENT, including all
      other approved expenses as set forth in the final version of the SOURCES
      AND USES OF FUNDS document furnished to BANK by BORROWER prior to CLOSING,
      or $100,000,000.00. No advances or disbursements under the CONSTRUCTION
      LOAN shall exceed such levels, unless ADMINISTRATIVE AGENT consents in
      writing to the same. 

4.3     Conditions Precedent to the Final Disbursements. The obligation of BANKS to make the final disbursement on the CONSTRUCTION LOAN shall be subject to the condition
precedent that BORROWER shall be in compliance with all conditions set forth in Sections 4.1 and 4.2 of this AGREEMENT and, further, that the following conditions shall have been satisfied or waived by ADMINISTRATIVE AGENT on or prior to the
CONSTRUCTION LOAN TERMINATION DATE:

  4.3.1 The PROJECT has been completed
      in material compliance with the PLANS and ADMINISTRATIVE AGENT shall have
      received a certificate of completion from the DESIGN-BUILDER, certifying
      that (i) work on the PROJECT has been completed in material compliance
      with the PLANS and all labor, services, materials and supplies used in
      such work have been paid for and (ii) the completed PROJECT conforms in
      all material respects with all applicable zoning, land use planning, building
      and environmental laws and regulations of the governmental authorities
      having jurisdiction over the PROJECT. 

   4.3.2 ADMINISTRATIVE AGENT has received
      satisfactory evidence that all work requiring inspection by municipal or
      other governmental authorities having jurisdiction has been duly inspected
      and approved by such authorities and by the rating or inspection organization,
      bureau, corporation or office having jurisdiction.

   4.3.3 ADMINISTRATIVE AGENT shall have
      received a lien waiver from each SUBCONTRACTOR whose charges exceed $20,000.00
      and the DESIGN-BUILDER and all other general contractors for all work done
      and for all materials furnished by it for the PROJECT. 

   4.3.4 ADMINISTRATIVE AGENT has received
      an itemized list from BORROWER of all material items of equipment and fixtures,
      which are at that time subject to BANKS' security interest. 

   4.3.5 BORROWER has hired a plant operations
      manager or general manager acceptable to ADMINISTRATIVE AGENT in the exercise
      of ADMINISTRATIVE AGENT’s reasonable discretion. 

   4.3.6 BORROWER has duly executed and
      delivered to ADMINISTRATIVE AGENT each TERM NOTE. 

   4.3.7 BORROWER shall have delivered
      to ADMINISTRATIVE AGENT an as-built ALTA/ACSM survey showing all improvements
      constructed on the LAND and otherwise meeting the requirements set out
      in Section 4.1.9 above. 

   4.3.8 Payment to ADMINISTRATIVE AGENT
      of all fees provided for in the FEE LETTER which have not previously been
      paid or are not then due under the terms of the FEE LETTER. 

  4.3.9 BORROWER shall have delivered to
      ADMINISTRATIVE AGENT a Certificate(s) of Insurance showing the coverages
  required under Section 6.3.4 of this Agreement. 

  

4.4     No Waiver. The making of any disbursement under the CONSTRUCTION LOAN prior to fulfillment of any condition thereto shall not be construed as a waiver of such
condition, and ADMINISTRATIVE AGENT reserves the right to require fulfillment of any and all such conditions prior to making any subsequent disbursements under the CONSTRUCTION LOAN. 

SECTION 5 Representations and Warranties.

To induce BANKS to enter into this AGREEMENT, BORROWER makes the following representations and warranties and agrees that each DRAW REQUEST and each request for an advance under the REVOLVING LOAN or LONG TERM REVOLVING LOAN
constitutes a reaffirmation of these representations and warranties and that such representations and warranties shall survive until all of the OBLIGATIONS are fully and finally paid: 

5.1     Existence and Power. BORROWER is a limited liability company duly organized and existing under the laws of the State of Illinois. BORROWER has accomplished all
necessary actions required by a limited liability company under applicable law to own the PROPERTY and construct the PROJECT, and to execute and deliver, and to perform all of its obligations under the LOAN DOCUMENTS to which it is a party. There
are no outstanding subscriptions, options, warrants, calls or rights (including preemptive rights) to acquire, and no outstanding securities or instruments convertible into, EQUITY INTERESTS of BORROWER, except as set forth on Exhibit J attached
hereto and incorporated herein by reference. 

5.2     Authorization of Borrowing; No Conflict as to Law or Other Agreements. The execution, delivery and performance by BORROWER of the LOAN DOCUMENTS and the borrowings
from time to time hereunder have been duly authorized by all necessary limited liability company actions of BORROWER and do not and will not (a) require any material consent or approval, or authorization, by any GOVERNMENTAL AUTHORITY, domestic or
foreign, other than those obtained and in full force and effect, (b) violate, in any material respect, any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect having applicability to BORROWER, or
violate any provision of the Articles of Organization or operating agreement or any members’ agreement or similar agreement of BORROWER, (c) result in a breach of or constitute a default beyond any applicable cure period under any indenture or
loan or credit agreement or any other agreement, lease or instrument to which BORROWER is a party or by which it or its properties may be bound or affected, or (d) other than liens in favor of the COLLATERAL AGENT and the liens set forth in Section
6.4.1 below, result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature to or with any other creditor of BORROWER, in the aggregate exceeding
$100,000.00, upon or with respect to any of the properties now owned or hereafter acquired by BORROWER.

5.3     Legal Agreements. The LOAN DOCUMENTS to which it is a party constitute the legal, valid and binding obligations of BORROWER enforceable against BORROWER in accordance
with

their respective terms, and as to any LOAN DOCUMENTS to which BORROWER is not a party, BORROWER has no knowledge that any such LOAN DOCUMENTS do not constitute the legal, valid and binding obligations of the parties thereto,
enforceable against such parties in accordance with their respective terms, except in each case (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of
creditors' rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

5.4     Licenses and Permits. BORROWER has all necessary PERMITS required for construction and operation of the PROJECT except those which are not required for the current
stage of construction of the PROJECT, or which cannot be obtained until completion of the PROJECT. BORROWER will provide ADMINISTRATIVE AGENT copies of all PERMITS as they are obtained and when required by the various regulatory agencies. BORROWER
will timely obtain and will retain all necessary PERMITS and licenses to operate its businesses at the PROPERTY. Other than the PERMITS, no consent, permission, order, license, approval or authorization of any GOVERNMENTAL AUTHORITY is necessary or
desirable in connection with the construction or operation of the PROJECT. BORROWER has complied with and will continue to comply with all of the terms, conditions, limitations and restrictions contained in any PERMIT. 

5.5     Construction of the PROJECT. The PROJECT will be constructed in material compliance with the PLANS and the applicable PERMITS; and will not encroach upon or overhang
any easement or right-of-way on land not constituting part of the PROPERTY. The PROJECT, both during construction and on COMPLETION DATE, and the contemplated use thereof, will not violate in any material respect, any applicable PERMIT, zoning or
use statute, ordinance, building code, rule or regulation, or any covenant or agreement of record. BORROWER agrees that it will furnish from time to time such satisfactory evidence with respect thereto as may be required by ADMINISTRATIVE AGENT.

5.6     Title to the PROPERTY. BORROWER has good and marketable fee simple title to the PROPERTY as required pursuant to Section 4.1.26 above and has maintained good and
marketable fee simple title to the PROPERTY, subject to the limitations described in 4.1.11, above, and except to the extent title is affected by the matters permitted under 6.4.1, below. Except as created by the LOAN DOCUMENTS and the liens set
forth in Section 6.4.1 below, there is no lien, security interest or other charge or encumbrance upon or with respect to any of the assets, properties or income of BORROWER. 

5.7     Financial Condition.  BORROWER has furnished to ADMINISTRATIVE AGENT its compiled cash flow projection of BORROWER for the construction period and for the first five
(5) years of operations, which projections were prepared by Christianson & Associates and are dated July 10, 2006 (the "PROJECTIONS"). To the knowledge of BORROWER, the PROJECTIONS fairly present the projected financial condition of BORROWER on
the dates thereof, and were prepared in GAAP format and on the basis of assumptions deemed reasonable by BORROWER. There has been no material adverse change in the operations, properties or condition (financial or otherwise) of BORROWER since the
date of the PROJECTIONS and no additional borrowings have been made by BORROWER other than the borrowing contemplated hereby or approved by

ADMINISTRATIVE AGENT or INDEBTEDNESS secured by the liens set forth in Section 6.4.1 below.  No certificate or statement furnished to BANKS by or on behalf of BORROWER in connection with the transactions contemplated hereby
contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not misleading.  To the best of the knowledge of BORROWER, there is no fact or circumstance
current or in the future (so far as BORROWER now foresees) which is reasonably likely to have a MATERIAL ADVERSE EFFECT which has not been set forth herein or in a certificate or statement furnished to ADMINISTRATIVE AGENT by BORROWER.

5.8     Litigation.  There are no actions, suits or proceedings pending or, to the knowledge of BORROWER, threatened against or affecting BORROWER or the properties of
BORROWER before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which, if determined adversely to BORROWER, would have a MATERIAL ADVERSE EFFECT. 

5.9     Taxes. BORROWER has filed all federal, state and local tax returns which to the knowledge of BORROWER are required to be filed, and BORROWER has paid or caused to be
paid to the respective taxing authorities all taxes as shown on said returns or on any assessment received by it to the extent such taxes have become due except those which BORROWER is contesting in good faith and with respect to which adequate
reserves have been set aside. 

5.10   No
Default. There is no event, which is, or with notice
or the lapse of time would be, an EVENT OF DEFAULT under this AGREEMENT or any
other LOAN DOCUMENT. 

5.11   ERISA.
BORROWER is in compliance in all material respects with the Employee Retirement
Income Security Act of 1974, as amended, and has received no notice to the  contrary
from the Internal Revenue Service, the Department of Labor, the Pension Benefit
Guaranty Corporation or any other governmental entity or notice of any claims
or pending claims under ERISA. 

5.12   Environmental
Matters. Except as set forth in the Phase I Environmental
Report referenced in Section 4.1.13 of this AGREEMENT, BORROWER is in compliance
in all  material respects with all health and environmental
laws applicable to BORROWER and its operations and knows of no existing conditions
or circumstances that could materially interfere with  such compliance in the
future. Except for PERMITS that cannot be obtained until completion of the PROJECT
or which are not required for the current stage of construction of the PROJECT,
BORROWER has obtained all PERMITS, and approvals required by  law for the operation
of its business. BORROWER has not identified any "recognized environmental conditions," as
that term is defined by the American Society for Testing and Materials in its
standards for environmental due diligence, which could  subject BORROWER to enforcement
action if brought to the attention of appropriate governmental authorities. 

5.13   Necessary
Utilities, Etc.  BORROWER has made suitable arrangements
so that the PROJECT has all necessary electrical, natural gas, water, storm and
sewer facilities in  place for the proper construction and operation of its ethanol
plant. BORROWER has made adequate provision

for all storage facilities, equipment and product supplies, including corn, as specified by its engineers for the maximum output and operation of the plant. 

5.14   Securities
Regulation Compliance. BORROWER has complied with
all applicable federal, state and local statutes, laws, codes, regulations and
ordinances applicable to  the public offering and sale of securities in or of
BORROWER. 

SECTION 6 Additional Covenants of BORROWER. 

6.1     Financial Information and Reporting. Except as otherwise stated in this AGREEMENT, all financial information provided to ADMINISTRATIVE AGENT shall be compiled using
GAAP consistently applied. During the time period that any amounts are outstanding under the OBLIGATIONS or this AGREEMENT or the LOAN DOCUMENTS to which it is a party, unless ADMINISTRATIVE AGENT shall otherwise agree in writing: 

  6.1.1 BORROWER shall provide ADMINISTRATIVE
      AGENT within 120 days of BORROWER's fiscal year end, BORROWER's annual
      financial statements. The statements must be audited with an unqualified
      opinion by a certified public accountant reasonably acceptable to ADMINISTRATIVE
      AGENT, and must be accompanied by a certificate of such accountants stating
      whether, in conducting their audit, they have become aware of any EVENT
      OF DEFAULT, or of any event which would, after the lapse of time or the
      giving of notice, or both, constitute an EVENT OF DEFAULT, specifying the
      nature and duration of the default. Such audit statement shall be accompanied
      by the accountants' calculations of BORROWER's compliance with the covenants
      contained in Section 6.2 of this AGREEMENT as of the said fiscal year end. 

   6.1.2 After the CONSTRUCTION LOAN TERMINATION
      DATE, BORROWER will furnish to ADMINISTRATIVE AGENT within thirty (30)
      days after the end of each calendar month monthly internally prepared financial
      statements consisting of a balance sheet and income statement of BORROWER
      as of the end of such period, and income statements and statements of changes
      in cash flow for such period and year to date, prepared in accordance with
      GAAP, all in reasonable detail, except for the absence of financial footnotes,
      and calculations of the financial covenants set forth below. 

   6.1.3 For each quarter of each fiscal
      year ending after the CONSTRUCTION LOAN TERMINATION DATE, BORROWER will
      deliver to ADMINISTRATIVE AGENT, within thirty (30) days of each full fiscal
      quarter end, a certificate in form reasonably acceptable to ADMINISTRATIVE
      AGENT that has been signed by an authorized manager or officer of BORROWER,
      which: 1) certifies that the statements required by Section 6.1.1 and 6.1.2
      have been accurately prepared in accordance with GAAP applied consistently
      (except for the absence of financial footnotes to the statements furnished
      under Section 6.1.2 and normal or customary year-end adjustments to the
      statements furnished under Section 6.1.2); 2) contains calculations of
      the financial covenants contained in Section 6.2 of this AGREEMENT and
      certifies compliance with such financial covenants, and 3) certifies that
      neither the authorized manager or officer nor BORROWER has knowledge of
      any EVENT OF DEFAULT under

  this AGREEMENT or the LOAN DOCUMENTS,
      or of any event which would, after the lapse of time or the giving of notice,
      or both, constitute an event of default under this AGREEMENT or the other
      LOAN DOCUMENTS. 

   6.1.4 After CONSTRUCTION LOAN TERMINATION
      DATE, BORROWER will deliver to ADMINISTRATIVE AGENT each month, within
      thirty (30) days of each month end, a monthly Production Report, in form
      reasonably acceptable to ADMINISTRATIVE AGENT, reporting for such month
      BORROWER's Input and Output amounts and costs of Corn Usage, DDGS Output,
      Ethanol Output, and if applicable, CO2 Output. 

   6.1.5 BORROWER shall notify ADMINISTRATIVE
      AGENT of the existence of any EVENT OF DEFAULT promptly after such EVENT
      OF DEFAULT becomes known to any officer, director or general manager of
      BORROWER. 

   6.1.6 BORROWER shall authorize all federal,
      state and municipal authorities to furnish reports of examinations, records
      and other information relating to the condition and affairs of BORROWER
      and its ethanol plant, and any information from reports, returns, files
      and records by such authorities regarding BORROWER upon request to ADMINISTRATIVE
      AGENT. 

   6.1.7 BORROWER will give ADMINISTRATIVE
      AGENT prompt written notice of any material violation as to any environmental
      matter by BORROWER of which BORROWER obtains knowledge and, of the commencement
      of any judicial or administrative proceeding adverse to BORROWER relating
      to health, safety or environmental matters (i) in which an adverse determination
      or result could result in the revocation of or have a MATERIAL ADVERSE
      EFFECT on any PERMITS held by BORROWER which are material to the operations
      of BORROWER, and (ii) which will or threatens to impose a material liability
      on BORROWER to any person or party or which will require a material expenditure
      by BORROWER to cure any alleged problem or violation. 

   6.1.8 BORROWER will give prompt notice
      to ADMINISTRATIVE AGENT of (i) any litigation or proceeding in which it
      is a party if an adverse decision therein would require it to pay more
      than $100,000.00 or deliver assets the value of which exceeds such sum
      (whether or not the claim is considered to be covered by insurance); and
      (ii) the institution of any other suit or proceeding involving it that
      is reasonably likely to have a MATERIALLY ADVERSE EFFECT. 

   6.1.9 BORROWER shall provide monthly
      BORROWING BASE certificates in form reasonably acceptable to ADMINISTRATIVE
      AGENT, calculating advance rates under the REVOLVING LOAN pursuant to the
      BORROWING BASE beginning with the certificate with respect to the fourth
      month following CONSTRUCTION LOAN TERMINATION DATE or at the time of any
      request for an advance on the REVOLVING LOAN. 

   6.1.10 BORROWER shall provide to ADMINISTRATIVE
      AGENT monthly summaries of all grain hedging transactions, from the entity
      providing BORROWER’s grain hedging

  account(s), and from any entity providing
      BORROWER with an ethanol or natural gas hedging account(s), monthly summaries
  of all ethanol and natural gas hedging transactions.

   6.1.11 BORROWER
      will provide ADMINISTRATIVE AGENT with such other information as it may
      reasonably request. 

   6.1.12 BORROWER will deliver to ADMINISTRATIVE
      AGENT, no later than thirty- (30) days prior to its fiscal year end, its
      projected financial statements for the ensuing fiscal year, and a budget
      of BORROWER's projected capital expenditures for the ensuing fiscal year
      ("CAPEX BUDGET"). 

6.2     Financial Covenants.  At all times that any amounts are outstanding under any OBLIGATION, or this AGREEMENT or the LOAN DOCUMENTS to which BORROWER is a party, unless
the REQUIRED BANKS shall otherwise agree in writing, BORROWER agrees to comply with the financial covenants described below, which shall be calculated using GAAP consistently applied, except as they may be otherwise modified by the capitalized
definitions: 

  6.2.1 BORROWER shall maintain a FIXED
      CHARGE COVERAGE RATIO, measured on a rolling four quarters trailing basis
      at the end of each full fiscal quarter, of no less than 1.25:1.0, for all
      periods following the CONSTRUCTION LOAN TERMINATION DATE; provided, however,
      the FIXED CHARGE COVERAGE RATIO shall be measured as follows for the first
      three fiscal quarters after the CONSTRUCTION LOAN TERMINATION DATE:

  first fiscal quarter: on a rolling one
      quarter basis at the end of the first fiscal quarter;

   second fiscal quarter: on a rolling
      two quarter basis at the end of the second fiscal quarter; 

   third fiscal quarter: on a rolling three
      quarter basis at the end of the third fiscal quarter. 

  The FIXED CHARGE COVERAGE RATIO shall
      be tested by ADMINISTRATIVE AGENT quarterly on a fiscal quarter basis commencing
      at the end of the first full fiscal quarter after the CONSTRUCTION LOAN
      TERMINATION DATE.

   6.2.2 After the CONSTRUCTION LOAN TERMINATION
      DATE, BORROWER shall maintain NET WORTH of not less than $63,000,000.00
      less any loss that may occur during construction. The required minimum
      NET WORTH of BORROWER shall be measured annually at the end of each fiscal
      year of BORROWER, and shall increase each fiscal year commencing on or
      after the CONSTRUCTION LOAN TERMINATION DATE by an amount equal to the
      greater of (a) $500,000.00 or (b) the amount of undistributed earnings
      accumulated during the fiscal year just ended (less any allowable distributions
      attributable to the just ended fiscal year's earnings). 

  

  6.2.3 For each fiscal year following
      the CONSTRUCTION LOAN TERMINATION DATE, BORROWER shall determine and report
      to ADMINISTRATIVE AGENT, within 120 days after the end of each such fiscal
      year, the amount of its EXCESS CASH FLOW for such ended fiscal year. Effective
      on the 120th day
      after the end of each fiscal year following the CONSTRUCTION LOAN TERMINATION
      DATE (each such day, an “EXCESS CASH FLOW REDUCTION DATE”), the
      MAXIMUM AVAILABILITY on the LONG TERM REVOLVING NOTE shall reduce by an
      amount equal to twenty percent (20%) of the EXCESS CASH FLOW for said ended
      fiscal year; provided, however, that, the maximum amount of such reduction
      for any fiscal year shall not exceed $6,000,000.00, and the maximum amount
      of such reduction during the term of this AGREEMENT shall not exceed $18,000,000.00
      in the aggregate. If the reduction to the MAXIMUM AVAILABILITY would cause
      BORROWER to be in default under any provision of this AGREEMENT, the amount
      of reduction shall be limited to the amount of reduction in the MAXIMUM
      AVAILABILITY to allow BORROWER to remain in compliance with the terms of
      this AGREEMENT. By the payment due date on the LONG TERM REVOLVING LOAN
      immediately following an EXCESS CASH FLOW REDUCTION DATE or a REDUCTION
      DATE, BORROWER shall pay and apply to the then outstanding principal balance
      on the LONG TERM REVOLVING NOTE, the amount necessary to reduce the outstanding
      principal amount of the LONG TERM REVOLVING LOAN so that it is within the
      MAXIMUM AVAILABILITY applicable after each EXCESS CASH FLOW REDUCTION DATE
      or REDUCTION DATE, as applicable. Such reduction payments shall not release
      BORROWER from making any payment of principal or interest otherwise required
      by this AGREEMENT or the LONG TERM REVOLVING NOTES. 

   6.2.4 BORROWER shall maintain the following
      minimum WORKING CAPITAL during the periods stated below, measured continuously: 

  	 	 	 	Minimum 
	 	Period 	WORKING
            CAPITAL 
	 	 	 	 
	 	Beginning with the first
          day of the fourth month after the 	 	$4,000,000.00 
	 	CONSTRUCTION LOAN TERMINATION
          DATE 	 
	 	through the seventh
          month after the CONSTRUCTION 	 
	 	LOAN
          TERMINATION DATE 	 
	 	Beginning with the first
          day of the eighth month through 	 	$7,000,000.00 
	 	the twelfth month after
          the CONSTRUCTION LOAN 	 
	 	TERMINATION
          DATE 	 
	 	Beginning with the first
          day of the thirteenth month after 	 	$10,000,000.00 
	 	the CONSTRUCTION LOAN
          TERMINATION DATE 	 
	 	until
          payment in full of the TERM LOANS 	 

  

   For the purpose of this covenant, the
      amount of any available borrowing under LONG TERM REVOLVING LOAN shall
      constitute an addition to WORKING CAPITAL. 

6.3     Affirmative Covenants. During the time period that any amounts are outstanding under any OBLIGATION, this AGREEMENT or the LOAN DOCUMENTS to which BORROWER is a party,
unless the REQUIRED BANKS shall otherwise agree in writing, BORROWER shall: 

  6.3.1 Diligently proceed with construction
      of the PROJECT in material compliance with the PLANS and in accordance
      in all material respects with all applicable laws and ordinances, and complete
      the PROJECT by the COMPLETION DATE. 

   6.3.2 Use the proceeds of each of the
      disbursements under the CONSTRUCTION LOAN solely for the purposes set forth
      in this AGREEMENT. 

   6.3.3 Use
      its best efforts to require the DESIGN-BUILDER, other general contractors
      and each SUBCONTRACTOR to comply in all material respects with all rules,
      regulations, ordinances and laws bearing on its conduct of work on the
      PROJECT. 

   6.3.4 Provide and maintain at all times
      during the process of building the PROJECT and, from time to time at the
      request of ADMINISTRATIVE AGENT, furnish ADMINISTRATIVE AGENT with proof
      of payment of premiums on:

  (i)           Builders' Risk completed value form
    insurance insuring the PROJECT (and after completion of the PROJECT, a
    permanent All Risk property policy of insurance with coverage equal to
    the replacement cost of the facility, as well as casualty/umbrella (Commercial
    General Liability) insurance) insuring the PROJECT, against all risks,
    including flood, earthquake, and mechanical and electrical breakdown including
    testing to the full value of the PROJECT (subject to reasonable loss deductible
    provisions). Notwithstanding the foregoing, the policy limits on flood
    and earthquake coverage may be $40,000,000.00 each. BANKS' interest shall
    be protected by naming AGENT as additional insured on the liability policies
    and loss payee on the property policies;

   (ii)         Casualty (Commercial General Liability) & Umbrella
      insurance (including products and completed operations, operations of subcontractors,
      and contractual liability insurance) with coverage in the amount of $2,000,000.00
      in the form of either a $2,000,000.00 primary policy or a $1,000,000.00
      primary policy and a $1,000,000.00 Umbrella policy. BANKS' interest shall
      be protected by naming AGENT as an additional named insured on all such
      policies; 

   (iii)      State
      worker's compensation insurance, with statutory limits, and Employer's
      Liability coverage with coverage of no less than $500,000.00. 

   (iv)         Business
    automobile liability insurance insuring all vehicles on the site, including
    hired and non-owned liability with coverage in the amount of $2,000,000.00
    in the form of either a $2,000,000.00 primary policy or a $1,000,000.00
    primary policy and a $1,000,000.00 Umbrella policy. BANKS' interest shall
    be protected by naming AGENT as loss payee on all such policies; 

  (v)          Environmental coverage shall be provided
    for clean up and removal once the Project becomes operational (unless the
    condition precedent site survey and soil tests establish adverse findings
    which may generate the need for environmental coverage prior to operation),
    but only insofar as it is reasonably required by AGENT. BANKS' interest
    shall be protected by naming AGENT as additional insured on the liability
    policies and loss payee on the property policies; 

   (vi)          Directors/Officers errors and omissions
    coverage of no less than $5,000,000.00. 

   (vii)         By the COMPLETION DATE, Business
    Interruption and Extra Expense insurance equal to 100% of the projected
    revenue loss during a potential interruption of production of not less
    than six months. 

   The policies of insurance required pursuant
      to clauses (i) and (ii) above shall be in form and content satisfactory
      to AGENT and shall be placed with financially sound and reputable insurers.
      The policy of insurance referred to in clause (i) above shall contain an
      agreement of the insurer to give not less than thirty (30) days' advance
      written notice to AGENT in the event of cancellation of such policy or
      change affecting the coverage there under. Acceptance of insurance policies
      referred to above shall not bar AGENT from requiring additional insurance,
      which it reasonably deems necessary. 

  6.3.5 Assign to ADMINISTRATIVE AGENT,
      in form acceptable to ADMINISTRATIVE AGENT, all equipment and systems warranties
      relating to the PROJECT, together with all contracts for natural gas, electricity,
      water and other utilities, grain procurement contracts, grain and ethanol
      hedging contracts, as the same are obtained by BORROWER following CLOSING,
      together with all consents from the vendors and other parties under such
      contracts. 

   6.3.6 Maintain accurate and complete
      books, accounts and records pertaining to the PROPERTY and the PROJECT
      and its ongoing and continuing operations in form and substance reasonably
      satisfactory to ADMINISTRATIVE AGENT. BORROWER will permit ADMINISTRATIVE
      AGENT, at ADMINISTRATIVE AGENT's expense if ADMINISTRATIVE AGENT's employees
      make the inspection, but at BORROWER's expense if ADMINISTRATIVE AGENT
      contracts with third parties at reasonable expense to make the inspection
      and if an EVENT OF DEFAULT has occurred, to examine upon reasonable notice
      and in a manner that does not interfere with the PROJECT or BORROWER’s
      operations all books, records, contracts, plans, drawings, PERMITS, bills
      and statements of account pertaining to the PROJECT and to inspect upon
      reasonable notice all books and records pertaining to its operations and
      to make extracts therefrom and copies thereof. 

  6.3.7 Cause to be paid to the proper
      authorities when due all federal, state and local taxes, including taxes
      on the PROPERTY, required to be paid or withheld by it except those which
      BORROWER is contesting in good faith and with respect to which adequate
      reserves have been set aside.

   6.3.8 Allow AGENT and AGENT’s
      representatives, at any time upon reasonable notice, and at its expense,
      to conduct such inspections of the PROJECT and BORROWER's assets, books
      and records as AGENT may deem necessary for the protection of BANKS' interest.
      Provided, however, such inspections shall occur during regular business
      hours, or such other time as BORROWER and AGENT may agree, shall not occur
      more frequently than twice per fiscal year unless there shall have occurred
      and be continuing an EVENT OF DEFAULT and shall not unreasonably interfere
      with BORROWER's business operations. Any such inspections shall be made
      and any certificates issued are solely for the benefit and protection of
      BANKS, and BORROWER shall not be entitled to rely thereon.

   6.3.9 Make all repairs, renewals or
      replacements necessary to keep its plant, properties and equipment in good
      working condition. 

   6.3.10 Comply in all material respects
      with all laws and regulations applicable to its form of organization, offering,
      sale and regulation of securities, business, and the ownership of its property
      and the ownership and operation of the PROJECT on the PROPERTY.

   6.3.11 Maintain and preserve all PERMITS,
      licenses, rights, privileges, charters, franchises and easements (including
      but not limited to the WATER EASEMENTS) that it are required to hold to
      construct and operate the PROJECT and comply with the terms, conditions,
      limitations and restrictions contained in such PERMITS, licenses rights,
      privileges, charters, franchises and easements (including but not limited
      to the WATER EASEMENTS). 

   6.3.12 Observe and comply with all laws,
      rules, regulations and orders of any government or government agency relating
      to health, safety, pollution, hazardous materials or other environmental
      matters to the extent non-compliance could result in a material liability
      or otherwise have a Material Adverse Effect on BORROWER or the operation
      of the PROJECT. 

   6.3.13 Maintain primary banking accounts
      (including those accounts containing BORROWER's equity capital) with the
      ACCOUNTS BANK, other than as otherwise agreed by ADMINISTRATIVE AGENT.
      AGENT agrees that BORROWER's payroll and other non-primary accounts may
      be maintained at local financial institutions on the conditions that, (i)
      if required by AGENT, BORROWER, AGENT and such local financial institution
      enter into a control agreement to perfect AGENT's security interest in
      such accounts, (ii) that deposits in such accounts do not exceed at any
      time $250,000.00 and (iii) that BORROWER provide AGENT with copies of the
  monthly statements relating to such deposit accounts.  

  6.3.14 BORROWER shall execute and deliver
      to ADMINISTRATIVE AGENT no later than 90 days following CLOSING such SWAP
      CONTRACTS as ADMINISTRATIVE AGENT shall require, in form satisfactory to
      ADMINISTRATIVE AGENT. 

6.4     Negative Covenants. During the time period that any amounts are outstanding under any OBLIGATION, or this AGREEMENT or the LOAN DOCUMENTS to which BORROWER is a party,
unless the REQUIRED BANKS shall otherwise agree in writing, BORROWER shall not: 

  6.4.1 Permit any security interest or
      mortgage or lien on the PROPERTY or PROJECT or other real or personal property
      BORROWER owns now or in the future, or assign any interest that it may
      have in any assets or subordinate any rights that it may have in any assets
      now or in the future, except: (i) liens, assignments, or subordinations
      in favor of AGENT; (ii) that certain Mortgage, Assignment of Leases and
      Rents, Security Agreement and Financing Statement dated June 18, 2007 encumbering
      the Mortgaged Property as defined therein executed by BORROWR in favor
      of Farmers Energy One Earth, LLC recorded in the real estate records of
      Ford County, Illinois on June 29, 2007, as document reference number 239266
      and the Fixture Financing Statement related thereto executed by BORROWER
      and filed on June 29, 2007 as Document No. 239263; that certain Mortgage,
      Assignment of Leases and Rents, Security Agreement and Financing Statement
      dated June 13, 2007 encumbering the Mortgaged Property as defined therein
      executed by BORROWER in favor of Farmers Energy One Earth, LLC recorded
      in the real estate records of Ford County, Illinois on June 29, 2007 as
      document reference number 239267 and the Fixture Financing Statement related
      thereto executed by BORROWER and filed on June 29, 2007 as Document No.
      239264; that certain Mortgage, Assignment of Leases and Rents, Security
      Agreement and Financing Statement dated June 13, 2007 encumbering the Mortgaged
      Property as defined there executed by BORROWER in favor of Framers Energy
      One Earth, LLC recorded in the real estate records of Ford County, Illinois
      on June 29, 2007 as Document reference number 239268, with a portion of
      the Mortgaged Property released pursuant to that certain Partial Release
      of Real Estate Mortgage dated as of August 3, 2007 recorded in the real
      estate records of Ford County, Illinois as document reference number 239639
      and the Fixture Financing Statement related thereto executed by BORROWER
      and filed on June 29, 2007 as Document No. 239265; that certain Mortgage,
      Assignment of Leases and Rents, Security Agreement and Financing Statement
      dated August 3, 2007 encumbering the Mortgaged Property as defined therein
      executed by BORROWER in favor of Farmers Energy One Earth, LLC recorded
      in the real estate records of Ford County, Illinois on August 13, 2007
      as document reference number 239637 and the Fixture Financing Statement
      related thereto executed by BORROWER and filed on August 13, 2007 as Document
      No. 239638; that certain Mortgage, Assignment of Leases and Rents, Security
      Agreement and Financing Statement dated August 3, 2007 encumbering the
      Mortgaged Property as defined therein executed by BORROWER in favor of
      Farmers Energy One Earth, LLC recorded in the real estate records of Ford
      County, Illinois on August 21, 2007 as document reference number 239710
      and the Fixture Financing Statement related thereto executed by BORROWER
      and filed on August 21, 2007 as Document No. 239711; that certain Security
      Agreement dated June 13, 2007 encumbering the Collateral defined therein
      executed by BORROWER in favor of Farmers Energy One Earth, LLC; that certain
      UCC-1 Financing Statement filed on June

  18, 2007 with the Illinois Secretary
      of State as Filing No. 12213719; that certain Conditional Assignment of
      Purchase Agreement dated June 13, 2007 executed by BORROWER in favor of
      Farmers Energy One Earth, LLC collaterally assigning the Construction Contract
      to Farmers Energy One Earth, LLC; and that certain Assignment of Permits
      dated June 13, 2007 executed by BORROWER in favor of Farmers Energy One
      Earth, LLC; (iii) liens, assignments, or subordinations outstanding on
      the date of this AGREEMENT and disclosed in advance to AGENT in writing
      and approved by AGENT; (iv) liens for taxes or assessments or other governmental
      charges not delinquent or which BORROWER is contesting in good faith and
      for which, if required under GAAP or by ADMINISTRATIVE AGENT, BORROWER
      has reserved against such taxes, assessments or governmental charges in
      an amount reasonably satisfactory to ADMINISTRATIVE AGENT; (v) liens which
      secure purchase money indebtedness allowed under this AGREEMENT; (vi) liens,
      pledges, or deposits under workers' compensation, unemployment insurance,
      Social Security, or similar legislation, but only if any such lien is being
      contested by BORROWER in good faith by appropriate proceedings which prevent
      foreclosure and has established reserves which ADMINISTRATIVE AGENT reasonably
      deems sufficient to satisfy such lien in the event of an adverse determination;
      and (vii) liens created in favor of a hedging account entity and described
      in the control agreements to which such hedging account entity, BORROWER
      and AGENT are party. 

   6.4.2 Agree or consent to any material
      changes in the PLANS, any material changes in the terms and provisions
      of the CONSTRUCTION CONTRACT or, to any one change order in an amount exceeding
      $250,000.00, or all change orders when combined exceeding $1,000,000.00,
      or any material change to any other contract identified in Section 4 of
      this AGREEMENT. 

   6.4.3 Incorporate in the PROJECT any
      materials, fixtures or property that are subject to the claims of any other
      person, whether pursuant to conditional sales contract, security agreement,
      lease, mortgage, except as permitted under Section 6.4.1. 

   6.4.4 Lease, sell, transfer, convey,
      assign, or otherwise transfer all or any material part of the interest
      of BORROWER in the PROJECT or the PROPERTY. 

   6.4.5 Make any changes in BORROWER’S
      general manager for the PROJECT without the prior written consent of ADMINISTRATIVE
      AGENT, which consent shall not be unreasonably withheld. 

   6.4.6 Engage in any line of business
      materially different from that presently engaged in by BORROWER. 

   6.4.7 Make any change to its organizational
      structure as a limited liability company. 

   6.4.8 Make any material changes in its
      accounting procedures for tax or other purposes.

  6.4.9 Incur any INDEBTEDNESS except:
      (1) debt arising under this AGREEMENT or another agreement with AGENT (including,
      but not limited to, SWAP CONTRACTS and documentation relating to letters
      of credit); (ii) unsecured trade credit incurred in the ordinary course
      of business; (iii) indebtedness in existence on the date of this AGREEMENT
      and disclosed in advance to ADMINISTRATIVE AGENT in writing and approved
      by ADMINISTRATIVE AGENT, and (iv) indebtedness set forth on Schedule 6.4.9,
      attached hereto and by this reference made a part hereof, if any. BORROWER
      shall not borrow other than pursuant to this AGREEMENT or as otherwise
      permitted hereunder, without permission of ADMINISTRATIVE AGENT. Provided,
      however, ADMINISTRATIVE AGENT consents to BORROWER in the ordinary course
      of its business, borrowing up to $100,000.00 each year, without further
  permission from ADMINISTRATIVE AGENT. 

   6.4.10 Consolidate, or merge or pool
      or syndicate or otherwise combine with any other entity, or give any preferential
      treatment, make any advance, directly or indirectly, by way of loan, gift,
      bonus, or otherwise, to any entity directly or indirectly controlling or
      affiliated with or controlled by BORROWER, or any other entity, or to any
      partner or employee of BORROWER, or of any such entity. 

   6.4.11 After completion of the PROJECT,
      make, or commit to make, capital expenditures (including the
      total amount of any capital leases, but excluding ADMINISTRATIVE AGENT
      approved plant construction) in an aggregate amount exceeding $1,000,000.00
      in any single fiscal year, nor capital expenditures not included in a ADMINISTRATIVE
      AGENT approved CAPEX BUDGET. 

   6.4.12 Make or pay, without the prior
      written consent of ADMINISTRATIVE AGENT, which written consent will not
      be unreasonably withheld, in and for any fiscal year, distributions to
      members or shareholders of BORROWER in excess of the TAX DISTRIBUTIONS
      permitted below and distributions permitted below based on BORROWER’s
      previous fiscal year's net income. 

  (i)           TAX DISTRIBUTIONS. So long as no
    EVENT OF DEFAULT has occurred and is continuing, BORROWER may make TAX
    DISTRIBUTIONS to its members within thirty (30) days prior to each June
    15, September 15 and January 15, each in an amount equal to one fourth
    (1⁄4) of the estimated income tax liability to be incurred for such
      year by BORROWER’s members by reason of their membership interest
      in BORROWER, based upon an assumed 42% combined federal and state income
      tax rate for each member and based upon BORROWER’s most recent financial
      information available. 

   (ii)          Final TAX DISTRIBUTION. BORROWER
    may make a final TAX DISTRIBUTION to its members within thirty (30) days
    prior to each April 15, so long as (a) no EVENT OF DEFAULT has occurred
    and is continuing or would occur after giving effect to the payment of
    such final TAX DISTRIBUTION described herein and the distributions permitted
    in Subsection 6.4.12(iii) below, (b) BORROWER has delivered to ADMINISTRATIVE
    AGENT BORROWER's annual

  audited financial statements and compliance
      statements as required in this AGREEMENT and (c) BORROWER is in compliance
      with all of the financial and other covenants provided for in this AGREEMENT
      and will remain so after giving effect to the payment of such final TAX
      DISTRIBUTION described herein and the distributions permitted in Subsection
      6.4.12(iii) below, in an amount not to exceed the positive difference between
      the total tax liability of BORROWER’s members incurred by reason
      of their membership interest in BORROWER and the amounts previously distributed
      to such members pursuant to Subsection 6.4.12(i) above, provided, that
      if the difference between the total tax liability of BORROWER’s members
      incurred by reason of their membership interest in BORROWER and the amounts
      previously distributed to such members pursuant to Subsection 6.4.12(i)
      above is zero or a negative number, then no final TAX DISTRIBUTION may
      be made by BORROWER under this Subsection 6.4.12(ii) .

   (iii)        Net
      Income Distributions. So long as (a) no EVENT OF DEFAULT has occurred and
      is continuing or would occur after giving effect to the payment of the
      distribution described in this Subsection 6.4.12(iii) and the year ending
      quarter TAX DISTRIBUTION described in Subsection 6.4.12(ii) above, (b)
      BORROWER has delivered to ADMINISTRATIVE AGENT BORROWER's annual audited
      financial statements and compliance statements as required in this AGREEMENT
      and (c) BORROWER is in compliance with all of the financial and other covenants
      provided for in this AGREEMENT and will remain so after giving effect to
      the payment of such distribution described in this Subsection 6.4.12(iii)
      and the year ending quarter TAX DISTRIBUTION described Subsection 6.4.12(ii)
      above, BORROWER may make one distribution of net income each fiscal year
      based upon the net income of BORROWER for the immediately preceding fiscal
      year in an amount not to exceed the percentage of BORROWER’s net
      income for such preceding fiscal year determined as follows: 

  	 	If BORROWER's ratio
            of INDEBTEDNESS 	 	Allowable 
	 	to
            NET WORTH is: 	distributions
            up to: 
	 	 	 	 
	 	Greater
          than or equal to 1.00 : 1.00 	 	45% 
	 	Less
          than 1.00 : 1.00 but greater than 0.75 : 1.00 	 	55% 
	 	Less
          than 0.75 : 1.00 	 	65% 

  

   Notwithstanding anything contained in
      this Agreement to the contrary, in no event shall any distributions, including,
      but not limited to TAX DISTRIBUTIONS, be made prior to BORROWER’s
      full payment and satisfaction of all of BORROWER’s OBLIGATIONS which
      have accrued to the date of payment of such distributions (including TAX
      DISTRIBUTIONS). Further, in no event shall any distributions, except for
      TAX DISTRIBUTIONS permitted in this AGREEMENT, be made prior to BORROWER’s
      full payment of all of BORROWER’s OBLIGATIONS which have accrued
      to the date of payment of such distributions, including the application
  of EXCESS CASH FLOW as

  provided for in Section 6.2.3 of this
      Agreement above. In no event shall total distributions for any fiscal year,
      including but not limited to TAX DISTRIBUTIONS, exceed the amounts calculated
      in the table above. 

   6.4.13 Assume, guarantee, endorse or
      otherwise becoming contingently liable for any obligations of any other
      person, except for those guaranties outstanding at the time of execution
      of this AGREEMENT and disclosed to ADMINISTRATIVE AGENT in writing.

   6.4.14 Make sales to or purchases from
      any affiliate of BORROWER or extend credit or make payments for services
      rendered by any affiliate of BORROWER, unless such sales or purchases are
      made or such services are rendered in the ordinary course of business and
      on terms and conditions at least as favorable to BORROWER as the terms
      and conditions which would apply in a similar transaction with a person
      or party not an affiliate of BORROWER.

   6.4.15 Sell or dispose of all or substantially
      all its assets. 

   6.4.16 Redeem, purchase, or retire any
      of its membership interests or grant or issue, or purchase or retire for
      any consideration, any warrant, right or option pertaining thereto, or
      permit any redemption, retirement, or other acquisition by BORROWER of
      the ownership of the outstanding membership interests of BORROWER; provided
      however, that BORROWER may redeem, purchase or retire its membership interest
      with funds that otherwise would be available for distribution pursuant
      to Section 6.4.12(iii) above. 

   6.4.17 Acquire or receive more grain
      from Alliance Grain’s (“Alliance”) West Gibson City Elevator,
      ID No. 053803AAH than is permitted under the Construction Permit issued
      by the Illinois Environmental Protection Agency as ID No. 053010AAW on
      May 7, 2007 (the “Air Permit”). 

   6.4.18 Alliance
      shall not increase its equity interest or acquire voting or management
      control over BORROWER, and BORROWER and Alliance shall remain independent
      companies as required in the Air Permit. 

SECTION 7 EVENTS OF DEFAULT, Rights and Remedies. 

	
7.1     	
EVENTS OF DEFAULT. Each of the following shall be an EVENT OF DEFAULT and give ADMINISTRATIVE AGENT the right to exercise its remedies under this AGREEMENT:
  
	 
	 	
7.1.1 BORROWER shall fail to pay when due
    any OBLIGATIONS or any other installment of principal
    or interest or fee payable to BANKS.
  
	 
	 	
7.1.2 BORROWER shall fail to provide reports
    and other information and otherwise comply with the provisions of Section
    6.1 above when due.
  
	 
	 	
7.1.3 BORROWER shall fail to observe or
    perform any other obligation to be observed or performed by it hereunder
    (other than BORROWER’s obligations under Sections 4, 6.1, 6.2,
  
	 

  6.3.2, 6.3.4, 6.3.8, 6.3.13 and Section
      6.4 hereof) or under any of the LOAN DOCUMENTS.

   7.1.4 BORROWER shall fail to pay any
      INDEBTEDNESS in an aggregate principal amount in excess of $100,000.00
      due any third party, and such failure shall continue beyond any applicable
      grace period, or BORROWER shall default under any material agreement binding
      BORROWER, and such default shall continue beyond any applicable grace period.

   7.1.5 Any financial statement, representation,
      warranty, or certificate made or furnished by or with respect to BORROWER
      to AGENT in connection with this AGREEMENT, or as an inducement to BANKS
      to enter into this AGREEMENT, or in any separate statement or document
      to be delivered to AGENT hereunder, shall be materially false, incorrect,
      or incomplete when made. 

   7.1.6 BORROWER shall admit its inability
      to pay its debts as they mature or shall make an assignment for the benefit
      of itself or any of its creditors. 

   7.1.7 Proceedings in bankruptcy, or
      for reorganization of BORROWER, or for the readjustment of debt under the
      Bankruptcy Code, as amended, or any part thereof, or under any other laws,
      whether state or federal, for the relief of debtors, now or hereafter existing,
      shall be commenced against or by BORROWER and, except with respect to any
      such proceedings instituted by BORROWER, shall not be discharged within
      sixty (60) days of their commencement. 

   7.1.8 A receiver or trustee shall be
      appointed for BORROWER or for any substantial part of its respective assets,
      or any proceedings shall be instituted for the dissolution or the full
      or partial liquidation of BORROWER, and except with respect to any such
      appointments requested or instituted by BORROWER, such receiver or trustee
      shall not be discharged within sixty (60) days of his appointment, and
      except with respect to any such proceedings instituted by BORROWER, such
      proceedings shall not be discharged within sixty (60) days of their commencement,
      or BORROWER shall discontinue business or materially change the nature
      of its business. 

   7.1.9 BORROWER shall suffer final judgments
      for payment of money aggregating in excess of $100,000.00 which are not
      covered, without reservation, by insurance and shall not discharge the
      same within a period of thirty (30) days unless, pending further proceedings,
      execution has not been commenced or, if commenced, has been effectively
      stayed. 

   7.1.10 A judgment creditor of BORROWER
      shall obtain possession of any of BANKS' collateral by any means, including
      (without implied limitation) attachment, levy, distraint, replevin, or
      self-help which is reasonably likely to have a MATERIAL ADVERSE EFFECT.

   7.1.11 The construction of the PROJECT
      is abandoned or shall be unreasonably delayed or be discontinued for a
      period of thirty (30) consecutive calendar days, in each instance for reasons
      other than acts of God, fire, storm, adverse weather, strikes, blackouts,
      labor

  difficulties, riots, inability to obtain
      materials, equipment or labor, governmental restrictions or any similar
      cause not subject to BORROWER's control and other than a change in the
      DESIGN-BUILDER as provided in Section 7.1.14. 

   7.1.12 BORROWER at any time prior to
      the completion of the PROJECT, shall delay construction or suffer construction
      to be delayed for any period of time, for any reason whatsoever, so that
      the completion of the PROJECT in accordance with the PLANS approved by
      ADMINISTRATIVE AGENT cannot be accomplished, in the reasonable judgment
      of ADMINISTRATIVE AGENT, by the COMPLETION DATE. 

   7.1.13 The PROJECT is materially damaged
      or destroyed by fire or other casualty and the loss, in the reasonable
      judgment of ADMINISTRATIVE AGENT, is not adequately covered by insurance
      actually collected or in the process of collection. 

   7.1.14 Fagen, Inc. shall cease to be
      the DESIGN-BUILDER and BORROWER has not replaced the DESIGN-BUILDER, within
      thirty (30) days following the termination of the same with the replacement
      contractor to the satisfaction of ADMINISTRATIVE AGENT, which ADMINISTRATIVE
      AGENT approval shall not be unreasonably withheld, but which approval may
      include a bonding requirement in the reasonable exercise of ADMINISTRATIVE
      AGENT's judgment. 

   7.1.15 Any
      entity described in any MARKETING AND RISK MANAGEMENT CONTRACTS approved
      by ADMINISTRATIVE AGENT ceases to be the marketing agent of BORROWER, and
      BORROWER has not within thirty (30) days following termination of any of
      the foregoing obtained a replacement to ADMINISTRATIVE AGENT's satisfaction,
      which ADMINISTRATIVE AGENT approval will not be unreasonably withheld. 

   7.1.16 BORROWER shall fail to maintain
      a general manager acceptable to ADMINISTRATIVE AGENT, or if BORROWER has
      not within thirty (30) days following a termination of any such person
      obtained a replacement to ADMINISTRATIVE AGENT’s satisfaction, which
      ADMINISTRATIVE AGENT approval shall not unreasonably be withheld. 

   7.1.17 The filing of any mechanics’,
      construction, materialmens’ or similar liens upon the PROPERTY and/or
      against the PROJECT which are not released or bonded against (in a manner
      satisfactory to ADMINISTRATIVE AGENT) for a period in excess of ten (10)
      BANKING DAYS after the filing date of such lien, unless such lien is being
      contested by BORROWER in good faith by appropriate proceedings which prevent
      foreclosure and has established reserves which ADMINISTRATIVE AGENT reasonably
      deems sufficient to satisfy such lien in the event of an adverse determination. 

   7.1.18 If BORROWER defaults under, or
      suffers a default to exist under, or fails to comply with, keep or perform
      its obligations under, the CONSTRUCTION CONTRACT or any other contract
      relating to the PROJECT to which BORROWER is a party, or the CONSTRUCTION
  CONTRACT or any such other contract relating to the PROJECT is

  terminated without the prior written
      consent of ADMINISTRATIVE AGENT, which consent shall not be unreasonably
      withheld. 

   7.1.19 The occurrence of a material
      deviation or change in the PLANS approved by ADMINISTRATIVE AGENT without
      the prior written approval of ADMINISTRATIVE AGENT, which approval shall
      not be unreasonably withheld. 

   7.1.20 BORROWER fails to timely comply
      with its obligations contained in that certain post-closing letter agreement
      of even date herewith between AGENT and BORROWER relating to BORROWER’s
      post-closing obligations. 

   7.1.21 BORROWER defaults under any contract
      for the provision of electricity, natural gas, water or water service or
      any other utility, or any such contract is terminated, revoked, altered,
      amended or restated without the prior written consent of ADMINISTRATIVE
      AGENT. 

   7.1.22 BORROWER defaults under any grain
      procurement contract or any such contract is terminated, revoked, altered,
      amended or restated without the prior written consent of ADMINISTRATIVE
      AGENT. 

   7.1.23 BORROWER fails to timely make
      any payment required after an EXCESS CASH FLOW REDUCTION DATE or REDUCTION
      DATE to bring the outstanding principal balance of the LONG TERM REVOLVING
      NOTE within the MAXIMUM AVAILABILITY after each such EXCESS CASH FLOW REDUCTION
      DATE or REDUCTION DATE. 

   7.1.24 The WATER EASEMENTS terminate,
      are removed or BORROWER's rights thereunder are materially adversely affected. 

   7.1.25 BORROWER fails to comply with
      the terms, conditions, limitations and restrictions contained in any PERMIT,
      or any PERMIT is revoked. 

7.2     Rights and Remedies. If an EVENT OF DEFAULT shall have occurred and be continuing, ADMINISTRATIVE AGENT may refrain from making any further disbursements hereunder
(but ADMINISTRATIVE AGENT may make disbursements after the occurrence of such an EVENT OF DEFAULT without thereby waiving its rights and remedies hereunder), and ADMINISTRATIVE AGENT may exercise any or all of the following rights and remedies:

  7.2.1 ADMINISTRATIVE AGENT may declare
      the OBLIGATIONS to be terminated, whereupon the same shall forthwith terminate,
      and ADMINISTRATIVE AGENT shall have no further obligation to make any advances
      thereunder. 

   7.2.2 ADMINISTRATIVE AGENT may declare
      the entire unpaid principal amount of the OBLIGATIONS then outstanding,
      all interest accrued and unpaid thereon, and all other amounts payable
      under this AGREEMENT to be forthwith due and payable, whereupon the

  OBLIGATIONS, all such accrued interest
      and all such amounts shall become and be forthwith due and payable, without
      presentment, demand, protest or further notice of any kind, all of which
      are hereby expressly waived by BORROWER. 

   7.2.3 AGENT may exercise and enforce
      its rights and remedies under any or all of the LOAN DOCUMENTS. 

   7.2.4 AGENT may enter upon the PROPERTY,
      if allowed under applicable law, and take possession thereof, together
      with the PROJECT then in the course of construction, and proceed either
      in its own name or in the name of BORROWER, as the attorney-in-fact of
      BORROWER (which authority is coupled with an interest and is irrevocable
      by BORROWER) to complete or cause to be completed the PROJECT, at the cost
      and expense of BORROWER. If ADMINISTRATIVE AGENT elects to complete or
      cause to be completed the PROJECT, it may do so according to the PLANS
      or according to such changes, alterations or modifications in and to the
      PLANS as ADMINISTRATIVE AGENT may reasonably deem appropriate; and ADMINISTRATIVE
      AGENT may enforce or cancel all contracts let by BORROWER relating to construction
      of the PROJECT, and/or let other contracts which in ADMINISTRATIVE AGENT's
      reasonable judgment, ADMINISTRATIVE AGENT deems advisable; and BORROWER
      shall forthwith turn over and duly assign to ADMINISTRATIVE AGENT, as ADMINISTRATIVE
      AGENT may from time to time require, contracts not already assigned to
      AGENT relating to construction of the PROJECT, blueprints, shop drawings,
      bonds, building permits, bills and statements of accounts pertaining to
      the PROJECT, whether paid or not, and any other instruments or records
      in the possession of BORROWER pertaining to the PROJECT. In addition, ADMINISTRATIVE
      AGENT and its contractors and agents may utilize all or any part of the
      labor, materials, equipment, fixtures and articles of personal property
      contracted for by BORROWER, whether or not previously incorporated into
      the PROJECT, and BANKS may pay, settle or compromise all bills or claims
      which may become a lien against the PROPERTY and/or the PROJECT, or any
      portion thereof. BORROWER shall be liable under this AGREEMENT to pay to
      ADMINISTRATIVE AGENT, on demand, any amount or amounts reasonably expended
      by BANKS in so completing the PROJECT, together with any reasonable costs,
      charges, or expenses incident thereto or resulting therefrom, all of which
      shall be secured by the LOAN DOCUMENTS. In the event that a proceeding
      is instituted against BORROWER for recovery and reimbursement of any moneys
      expended by BANKS in connection with the completion of the PROJECT, a statement
      of such expenditures, verified by the affidavit of an officer of ADMINISTRATIVE
      AGENT, shall be prima facie evidence of the amounts so expended and of
      the appropriateness and advisability of such expenditures; and the burden
      of proving to the contrary shall be upon BORROWER. ADMINISTRATIVE AGENT
      shall have the right to apply any funds which it agrees to disburse hereunder
      to bring about the completion of the PROJECT and to pay the costs thereof;
      and if such money so agreed to be disbursed is insufficient, in the sole
      judgment of ADMINISTRATIVE AGENT, to complete the PROJECT, BORROWER agrees
      to promptly deliver and pay to ADMINISTRATIVE AGENT such sum or sums of
      money as ADMINISTRATIVE AGENT may from time to time demand for the purpose
      of completing the PROJECT or of paying any liability, charge or expense
      which may have been incurred or

  assumed by ADMINISTRATIVE AGENT under
      or in performance of this AGREEMENT, or for the purpose of completing the
      PROJECT. It is expressly understood and agreed that in no event shall BANKS
      be obligated, or liable in any way to complete the PROJECT or to pay for
      the costs of construction thereof beyond the amount of the CONSTRUCTION
      LOAN.

   7.2.5 The ADMINISTRATIVE AGENT is hereby
      authorized at any time, and from time to time, without written notice to
      BORROWER (any such notice being expressly waived by each BORROWER) and
      without regard to the source of any funds, to instruct AGENT to set off
      and apply any and all deposits (general or special, time or demand, provisional
      or final) at any time held and other indebtedness at any time owing by
      the BANKS to or for the credit or the account of BORROWER against any and
      all of the obligations of BORROWER now or hereafter existing under this
      AGREEMENT or the LOANS or any other LOAN DOCUMENT, irrespective of whether
      or not the ADMINISTRATIVE AGENT shall have made any demand under this AGREEMENT
      or such other LOAN DOCUMENT and although such obligations may be unmatured.
      The ADMINISTRATIVE AGENT agrees promptly to notify BORROWER after any such
      setoff and the application thereof, however, the parties hereto agree that
      the failure to give such notice shall in no way affect the validity of
      such setoff and the application. The rights of the AGENT and the BANKS
      under this Section 7.2.5 are in addition to other rights and remedies the
      AGENT and the BANKS may have. 

   7.2.6 AGENT may exercise any other rights
      and remedies available to it by law, in equity or agreement. 

SECTION 8 Miscellaneous.

8.1     Inspections.  In addition to the inspections provided for under Section 6.3.8 of this AGREEMENT above, BORROWER, DESIGN-BUILDER and the other general contractors on
the PROJECT shall be responsible for making inspections of the PROJECT during the course of construction and shall determine to their own satisfaction that the work done or materials supplied by the DESIGN-BUILDER or any general contractor or
SUBCONTRACTOR to whom payment is to be made out of each disbursement has been properly done or supplied in accordance with the CONSTRUCTION CONTRACT. If any work done or materials supplied by the DESIGN-BUILDER or any SUBCONTRACTOR are not
satisfactory to BORROWER and/or its DESIGN-BUILDER and the same is not remedied within fifteen (15) days of the discovery thereof, BORROWER will immediately notify ADMINISTRATIVE AGENT in writing of such fact. It is expressly understood and agreed
that ADMINISTRATIVE AGENT and the INDEPENDENT INSPECTOR or other party designated by AGENT may conduct such inspections of the PROJECT, subject to the limitations expressed in this AGREEMENT, as AGENT may deem necessary for the protection of BANKS'
interest, and that any inspections which may be made of the PROJECT by AGENT will be made, solely for the benefit and protection of AGENT and the BANKS, and that BORROWER will not rely thereon. 

8.2     Indemnification by BORROWER. BORROWER shall bear all loss, expense (including reasonable attorneys' fees) and damage in connection with, and agrees to reimburse,
indemnify,

defend and hold harmless BANKS, their respective agents, servants and employees from, all claims, demands and judgments made or recovered against BANKS, their respective agents, servants and employees, because of damages, fines,
fees, penalties or other charges, bodily injuries, including death at any time resulting there from, and/or because of damages to property (including loss of use) from any cause whatsoever, arising out of, incidental to, or in connection with the
construction of the PROJECT, the operation of the PROJECT, permits applicable to the PROJECT (including, but not limited to, noncompliance with such permits) and other matters relating to the PROJECT, whether or not due to any act of omission or
commission, including negligence of BORROWER or the DESIGN-BUILDER or of its or their employees, servants or agents, other than gross negligence or willful misconduct of BANKS or their respective agents. BORROWER's liability hereunder shall not be
limited to the extent of insurance carried by or provided by BORROWER or subject to any exclusion from coverage in any insurance policy. OBLIGATIONS of BORROWER under this Section shall survive the payment of the CONSTRUCTION NOTES and the TERM
NOTES. Notwithstanding the foregoing, BORROWER’s liability hereunder shall terminate at such time as a private or governmental plaintiff is barred by the applicable statute of limitations from bringing a claim for the actions giving rise to
any BANK’s claim for indemnification hereunder. 

8.3     No Waiver; Cumulative Remedies.  No failure or delay on the part of AGENT or BORROWER in exercising any right, power or remedy under the LOAN DOCUMENTS shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy under the LOAN DOCUMENTS. The remedies provided in
the LOAN DOCUMENTS are cumulative and not exclusive of any remedies provided by law or in equity.

8.4     Amendments, Etc. No amendment, modification, termination or waiver of any provision of any of the LOAN DOCUMENTS or consent to any departure by BORROWER therefrom
shall be effective unless the same shall be in writing and signed by the applicable AGENT and BORROWER, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No notice to or
demand on BORROWER in any case shall entitle BORROWER to any other or further notice or demand in similar or other circumstances. 

8.5     Addresses for Notices, Etc. Except as otherwise expressly provided herein, all notices, requests, demands and other communications provided for under the LOAN
DOCUMENTS shall be in writing and sent by first class certified mail, return receipt requested, recognized overnight courier or telecopy (if by telecopy with a confirmation mailed within two BUSINESS DAYS thereafter), to the applicable party at its
address indicated below:

	          	
If to BORROWER:  	      	
One Earth Energy, LLC  
	 	   	   	
1306 West 8th Street  
	 	   	   	
Gibson City, IL 60936-0546  
	 	   	   	
Attention: Steve Kelly  
	 	   	   	
Telecopy: (217) 784-8949  
	   
	 	
If to AGENT:  	   	
First National Bank of Omaha  

	                                             	1620 Dodge St. STOP 1050

      Omaha, NE 68197-1050 

      Attention: Fallon Savage 

      Telecopy: 402-633-3519 

or, as to each party, at such other address as shall be designated by such party in a written notice to the other party complying as to delivery with the terms of this Section. All such notices, requests, demands and other
communications shall, when mailed, be effective when deposited in the mails or with an overnight courier, addressed as aforesaid, or, when telecopied, is effective when confirmation of receipt is received, except that notices or requests to AGENT
pursuant to any of the provisions hereunder shall not be effective until received by AGENT. 

8.6     Time of Essence. Time is
of the essence in the performance of this AGREEMENT.    

  8.7     Execution in Counterparts.
The LOAN DOCUMENTS may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed to be an original and
all of which counterparts, taken together, shall constitute but one and the same
instrument. 

8.8     Binding Effect, Assignment. The LOAN DOCUMENTS to which they are parties shall be binding upon and inure to the benefit of BORROWER and BANKS and their respective
successors and assigns, except that BORROWER shall not have the right to assign its rights thereunder or any interest therein without the prior written consent of ADMINISTRATIVE AGENT which consent shall not be unreasonably withheld. Each BANK is
extending its COMMITMENTS in the LOANS for its own account, and no BANK may participate, subparticipate, assign or otherwise transfer any of its COMMITMENTS or interests in the LOANS without the prior written consent of ADMINISTRATIVE AGENT, which
consent shall not be unreasonably withheld, and ADMINISTRATIVE AGENT shall notify BORROWER of any such participation, subparticipation, assignment or transfer. 

8.9     Governing Law. The LOAN DOCUMENTS, to the extent they do not otherwise provide, shall be governed by, and construed in accordance with, the laws of the State of
Nebraska, exclusive of its choice of laws principles. 

8.10   Severability
of Provisions. Any provision of this AGREEMENT,
which is prohibited or unenforceable, shall be ineffective to the extent of such
prohibition or  unenforceability without invalidating the remaining provisions
hereof. 

8.11   Headings.
Section headings in this AGREEMENT are included herein for convenience of reference
only and shall not constitute a part of this AGREEMENT for any other  purpose. 

8.12   Integration.
This AGREEMENT supersedes, replaces and terminates any prior oral offers, negotiations,
understandings or agreements and any commitment letters or  similar writings
relating to any of the matters contemplated herein. 

8.13   Post-Closing
Matters.  BORROWER, AGENT, and the BANKS acknowledge
that the closing of the LOANS provided for herein may occur prior to the time
BORROWER has delivered  to AGENT all of the documents, consents and certifications
required pursuant to the terms and provisions of this AGREEMENT. In the event
thereof, BORROWER agrees to execute and deliver to AGENT at CLOSING a post-closing
letter in form and substance  acceptable to ADMINISTRATIVE AGENT (the “POST
CLOSING LETTER”). BORROWER acknowledges and agrees that, notwithstanding
any terms or provisions of this AGREEMENT to the contrary, AGENT and the BANKS
are not, and shall not be, required to  make available or fund any portion of
the LOANS provided for in this AGREEMENT until each of the items, documents,
consents and certifications described in the POST CLOSING LETTER have been delivered
to ADMINISTRATIVE AGENT in form and content  reasonably acceptable to ADMINISTRATIVE
AGENT. 

Section 9 AGENT

9.1   Appointment
and Authority. 

          (a)       Each of the BANKS (in its capacity as a BANK) hereby irrevocably appoints, designates and authorizes AGENT to take such action on its
behalf under the provisions of this AGREEMENT and each other LOAN DOCUMENT and to exercise such powers and perform such duties as are expressly delegated to AGENT by the terms of this AGREEMENT or any other LOAN DOCUMENT, together with such actions
as are reasonably incidental thereto. The provisions of this Section 9 are solely for the benefit of AGENT and the BANKS, and neither the BORROWER nor any other PERSON shall have rights as a third party beneficiary of any of such provisions.

          (b)       Each BANK hereby appoints FNBO as its ADMINISTRATIVE AGENT under and for purposes of each LOAN DOCUMENT. FNBO hereby accepts this
appointment and agrees to act as the ADMINISTRATIVE AGENT for the BANKS in accordance with the terms of this AGREEMENT. Each BANK appoints and authorizes the ADMINISTRATIVE AGENT to act on behalf of such BANK under each LOAN DOCUMENT and, in the
absence of other written instructions from the REQUIRED BANKS received from time to time by the ADMINISTRATIVE AGENT (with respect to which the ADMINISTRATIVE AGENT agrees that it will comply, except as otherwise provided in this Section 9.1 or as
otherwise advised by counsel), to exercise such powers hereunder and thereunder as are specifically delegated to or required of the ADMINISTRATIVE AGENT by the terms hereof and thereof, together with such powers as may be reasonably incidental
thereto. Notwithstanding any provision to the contrary contained elsewhere in any LOAN DOCUMENT, the ADMINISTRATIVE AGENT shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the ADMINISTRATIVE AGENT have
or be deemed to have any fiduciary relationship with any BANK, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into any LOAN DOCUMENT or otherwise exist against the ADMINISTRATIVE AGENT.
Without limiting the generality of the foregoing sentence, the use of the term “agent” in this AGREEMENT or any other LOAN DOCUMENT with reference to the ADMINISTRATIVE AGENT is not intended to connote any fiduciary or other implied (or
express) obligations arising under agency doctrine of any 

applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

          (c)       Each BANK (in its capacity as a BANK) hereby appoints FNBO as its COLLATERAL AGENT under and for purposes of each LOAN DOCUMENT. FNBO
hereby accepts this appointment and agrees to act as the COLLATERAL AGENT for the BANKS in accordance with the terms of this AGREEMENT. Each of the BANKS hereby irrevocably appoints and authorizes the COLLATERAL AGENT to act as the agent of such
BANK for purposes of acquiring, holding and enforcing any and all mortgages, deeds of trust, pledges, liens, security interests or other charges or encumbrances of any nature on collateral granted by BORROWER or other PERSON to the COLLATERAL AGENT
in order to secure any of the OBLIGATIONS, together with such powers and discretion as are reasonably incidental thereto. In this connection the COLLATERAL AGENT, and any co-agents, sub-agents and attorneys-in-fact appointed by the COLLATERAL AGENT,
as the case may be, pursuant to Section 9.5 for purposes of holding or enforcing any mortgages, deeds of trust, pledges, liens, security interests or other charges or encumbrances of any nature on any collateral (or any portion thereof) granted
under the LOAN DOCUMENTS, or for exercising any rights and remedies thereunder at the direction of the COLLATERAL AGENT, as the case may be, shall be entitled to the benefits of all provisions of this Section 9 as if set forth in full herein with
respect thereto. Notwithstanding any provision to the contrary contained elsewhere in any LOAN DOCUMENT, the COLLATERAL AGENT shall not have any duties or responsibilities, except those expressly set forth herein or in the other LOAN DOCUMENTS, nor
shall the COLLATERAL AGENT have or be deemed to have any fiduciary relationship with any BANK, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into any LOAN DOCUMENT or otherwise exist against
the COLLATERAL AGENT. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this AGREEMENT or any other LOAN DOCUMENT with reference to the COLLATERAL AGENT is not intended to connote any fiduciary or
other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties.

          (d)       Each BANK hereby appoints and authorizes the ACCOUNTS BANK to act as depository for the COLLATERAL AGENT, on behalf of the BANKS, and as
the securities intermediary or bank with respect to any securities accounts held with the ACCOUNTS BANK for the benefit of the COLLATERAL AGENT, on behalf of the BANKS, with such powers as are expressly delegated to the ACCOUNTS BANK by the terms of
this AGREEMENT, together with such other powers as are reasonably incidental thereto. The ACCOUNTS BANK hereby accepts this appointment and agrees to act as the depository for the COLLATERAL AGENT, on behalf of the BANKS, and as the securities
intermediary or bank with respect to securities accounts held with the ACCOUNTS BANK, for the benefit of the COLLATERAL AGENT, on behalf of the BANKS, in accordance with the terms of this AGREEMENT. Notwithstanding any provision to the contrary
contained elsewhere in any LOAN DOCUMENT, the ACCOUNTS BANK shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the ACCOUNTS BANK have or be deemed to have any fiduciary relationship with any BANK, and
no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into any LOAN DOCUMENT or

otherwise exist against the ACCOUNTS BANK. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this AGREEMENT with reference to the ACCOUNTS BANK is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties. 

Section 9.2     Rights as a BANK. Each Person serving as AGENT hereunder or under any other LOAN DOCUMENT shall have the same rights and powers in its capacity as a BANK as
any other BANK and may exercise the same as though it were not an AGENT. Each such Person and its affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind
of business with BORROWER or affiliate thereof as if such Person were not an AGENT hereunder and without any duty to account therefor to the BANKS or any other AGENT.

Section 9.3     Exculpatory Provisions. No AGENT shall have any duties or obligations except those expressly set forth herein and in the other LOAN DOCUMENTS. Without limiting
the generality of the foregoing, no AGENT shall:

            (i)         be
      subject to any fiduciary or other implied duties, regardless of whether
  an EVENT OF DEFAULT has occurred and is continuing; 

             (ii)       have
      any duty to take any discretionary action or exercise any discretionary
      powers, except discretionary rights and powers expressly contemplated hereby
      or by the other LOAN DOCUMENTS that such AGENT is required to exercise
      as directed in writing by the REQUIRED BANKS; provided that
      such AGENT shall not be required to take any action that, in its opinion
      or the opinion of its counsel, may expose the AGENT to liability or that
      is contrary to any LOAN DOCUMENT or applicable law; or 

             (iii)        except
      as expressly set forth herein and in the other LOAN DOCUMENTS, have any
      duty to disclose, nor shall any AGENT be liable for any failure to disclose,
      any information relating to BORROWER or any of its affiliates that is communicated
      to or obtained by the PERSON serving as an AGENT or any of its affiliates
      in any capacity. 

          No AGENT shall be liable for any action taken or not taken by it (i) with the prior written consent or at the request of the REQUIRED BANKS (or such other number or percentage of the Lenders as may be
necessary, or as such AGENT may believe in good faith to be necessary, under the circumstances as provided in Section 9) or (ii) in the absence of its own gross negligence or willful misconduct. Each AGENT shall be deemed not to have knowledge of
any EVENT OF DEFAULT unless and until notice describing such EVENT OF DEFAULT is given to such AGENT in writing by BORROWER.

No AGENT shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this AGREEMENT or any other LOAN DOCUMENT, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence or continuance of any EVENT OF DEFAULT, (iv) the validity, enforceability, effectiveness or genuineness of this AGREEMENT, any other LOAN DOCUMENT or any other agreement, instrument or document, or the perfection or priority of any
mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature created or purported to be created by any LOAN DOCUMENT, or (v) the satisfaction of any condition set forth in this AGREEMENT or any other LOAN
DOCUMENT, other than to confirm receipt of items expressly required to be delivered to any such AGENT.

9.4     Reliance by AGENT. Each AGENT shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper PERSON. Each
AGENT also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper PERSON, and shall not incur any liability for relying thereon. Each AGENT may consult with legal counsel (who may be counsel
for any of the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

9.5      Delegation
of Duties. Each AGENT may perform any and all of
its duties and exercise any and all of its rights and powers hereunder or  under
any other LOAN DOCUMENT by or through any one or more sub-agents appointed by
such AGENT. Each AGENT and any such sub-agent may perform any and all of its
duties and exercise its rights and powers by or through their respective affiliates
or  subsidiaries. The exculpatory provisions of this Section 9 shall apply to
any such subagent and to the affiliates and subsidiaries of such AGENT and any
such sub-agent, and shall apply to their respective activities in connection
with their acting  as AGENT. 

9.6       Resignation or Removal of AGENT. Any AGENT may resign from the performance of all of its functions and duties hereunder and/or under the
other LOAN DOCUMENTS at any time by giving thirty (30) days’ prior notice to BORROWER and the BANKS. Any AGENT also may be removed at any time by the REQUIRED BANKS upon thirty (30)
days’ prior notice. Such resignation or removal shall take effect upon the appointment of a successor AGENT, in accordance with this Section 9.6. 

Upon any notice of resignation by any AGENT or upon the removal of any AGENT by the REQUIRED BANKS, the BANKS shall, so long as no EVENT OF DEFAULT has occurred and is continuing, with the consent (not to be unreasonably withheld
or delayed) of BORROWER, appoint a successor to such AGENT hereunder and under each other LOAN DOCUMENT who shall be a commercial bank having a combined capital and surplus of at least Two Hundred Fifty Million and No/100ths Dollars
($250,000,000.00) . If no successor AGENT has been appointed by the BANKS

within thirty (30) days after the date such notice of resignation was given by such AGENT or the REQUIRED BANKS elected to remove such AGENT, any BANK may petition any court of competent jurisdiction for the appointment of a
successor AGENT. Such court may thereupon, after such notice, if any, as it may deem proper, appoint a successor AGENT, as applicable, who shall serve as such AGENT, hereunder and under each other LOAN DOCUMENT until such time, if any, as the BANKS
appoint a successor AGENT, as provided above.  Upon the acceptance of a successor’s appointment as an AGENT hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring or
removed AGENT, and the retiring or removed AGENT shall be discharged from all of its duties and obligations hereunder or under the other LOAN DOCUMENTS. After the retirement or removal of any AGENT hereunder and under the other LOAN DOCUMENTS, the
provisions of this Section 9 shall continue in effect for the benefit of such retiring or removed AGENT, its sub-agents and their respective affiliates and subsidiaries in respect of any actions taken or omitted to be taken by any of them while the
retiring AGENT was acting as AGENT.

If a retiring or removed AGENT is the ACCOUNTS BANK, such ACCOUNTS BANK will promptly transfer all of the deposit accounts and security accounts of BORROWER relating to this AGREEMENT to the possession or control of the successor
ACCOUNTS BANK, and the ACCOUNTS BANK and BORROWER will execute and deliver such notices, instructions and assignments as may be reasonably necessary or desirable to transfer the rights of the ACCOUNTS BANK with respect thereto to the successor
ACCOUNTS BANK.

If a retiring or removed AGENT is the COLLATERAL AGENT, such COLLATERAL AGENT will promptly transfer any collateral for the LOANS in the possession or control of such COLLATERAL AGENT to the successor COLLATERAL AGENT, and the
COLLATERAL AGENT and BORROWER will execute and deliver such notices, instructions and assignments as may be reasonably necessary or desirable to transfer the rights of the COLLATERAL AGENT with respect to such collateral property for the LOANS to
the successor COLLATERAL AGENT.

9.7     No Amendment to Duties of AGENT Without Consent. No AGENT shall be bound by any waiver, amendment, supplement or modification of this AGREEMENT or any other LOAN
DOCUMENT that affects its rights or duties hereunder or thereunder unless such AGENT shall have given its prior written consent, in its capacity as AGENT, thereto. 

9.8     Non-Reliance on AGENT and Other BANKS.  Each BANK acknowledges that it has, independently and without reliance upon any AGENT or any other BANK or any of their
affiliates or subsidiaries and based on such documents and information as it has deemed appropriate, made its own credit analysis of the PROJECT and BORROWER and has made its own decision to enter into this AGREEMENT and make the LOANS.  Each BANK
also acknowledges that it will, independently and without reliance upon any AGENT or any other BANK or any of their affiliates or subsidiaries and based on such documents and information as it shall from time to time deem appropriate, continue to
make its own decisions in taking or not taking action under or based upon this AGREEMENT, any other LOAN DOCUMENT or any related agreement or any document furnished hereunder or thereunder. 

9.9     COLLATERAL AGENT May File Proofs of Claim.  In case of the pendency of any bankruptcy or insolvency proceeding relative to BORROWER (including any event described in
Sections 7.1.6, 7.1.7 or 7.1.8 of this AGREEMENT, the COLLATERAL AGENT (irrespective of whether the principal of any LOAN shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the COLLATERAL
AGENT or any other BANK shall have made any demand on BORROWER) shall be entitled and empowered, but shall not be obligated to, by intervention in such proceeding or otherwise:

  9.9.1 to file and prove a claim for the
      whole amount of the principal and interest owing and unpaid in respect
      of the LOANS and all other OBLIGATIONS that are owing and unpaid and to
      file such other documents as may be necessary or advisable in order to
      have the claims of the BANKS (including any claim for the reasonable compensation,
      expenses, disbursements and advances of the BANKS and their respective
      agents and counsel and all other amounts due the BANKS under this AGREEMENT
      or the other LOAN DOCUMENTS) allowed in such judicial proceeding; 

   9.9.2 to collect and receive any monies
      or other property payable or deliverable on any such claims and to distribute
      the same; and 

   9.9.3 any custodian, receiver, assignee,
      trustee, liquidator, sequestrator or other similar official in any such
      judicial proceeding is hereby authorized by each BANK to make such payments
      to the COLLATERAL AGENT and, in the event that the COLLATERAL AGENT may
      consent to the making of such payments directly to the BANKS, to pay to
      the COLLATERAL AGENT any amount due for the reasonable compensation, expenses,
      disbursements and advances of the AGENT and their respective agents and
      counsel, and any other amounts due the AGENT under this AGREEMENT and the
      other LOAN DOCUMENTS. 

9.10   Collateral
      Matters. The BANKS irrevocably authorize
      the COLLATERAL AGENT, upon the direction of the ADMINISTRATIVE AGENT, to
      release any mortgage, deed of trust,  pledge, lien, security interest or
      other charge or encumbrance of any nature on any property granted to or
      held by the COLLATERAL AGENT under any LOAN DOCUMENT upon BORROWER’s
      full and final satisfaction of the OBLIGATIONS. Upon request by the  COLLATERAL
      AGENT at any time, the BANKS will confirm in writing the COLLATERAL AGENT’s
      authority to release its interest in particular types or items of property
      pursuant to this Section 9.10. In each case as specified in this Section
      9.10,  the COLLATERAL AGENT will, at BORROWER’s expense, execute
      and deliver to BORROWER such documents as BORROWER may reasonably request
      to evidence the release of such item of collateral from the assignment
      and security interest granted under the  LOAN DOCUMENTS in accordance with
      the terms of the LOANS DOCUMENTS and this Section 9.10.

Notwithstanding anything to the contrary in any LOAN DOCUMENT, the powers conferred on the COLLATERAL AGENT under the LOAN DOCUMENTS are solely to protect its interest (on behalf of the BANKS) in the collateral securing the LOANS
and shall not impose any duty upon it to exercise any such powers. Except for the reasonable care of any such collateral in its possession and

the accounting for moneys actually received by it under the LOAN DOCUMENTS, the COLLATERAL AGENT shall have no duty as to any such collateral, or responsibility, for (i) ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relative to any investment property constituting collateral, whether or not the COLLATERAL AGENT has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to
preserve rights against prior parties or any other rights pertaining to any such collateral. The COLLATERAL AGENT shall be deemed to have exercised reasonable care in the custody and preservation of any collateral in its possession if such
collateral is accorded treatment substantially equal to that which it accords its own property. 

The COLLATERAL AGENT shall not be liable for interest on any money or assets received by it. Assets held in trust by the COLLATERAL AGENT need not be segregated from other assets except to the extent required by law. 

Before the COLLATERAL AGENT acts or refrains from acting, it may require a certificate of an appropriate officer of BORROWER at the expense of BORROWER. The COLLATERAL AGENT shall not be liable for any action it takes or omits to
take in good faith in reliance on such officer’s certificate. 

The COLLATERAL AGENT shall not be liable for any action that it takes or omits to take in good faith that it reasonably believes to be authorized or within its rights or powers under the LOAN DOCUMENTS. The COLLATERAL AGENT shall
not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, notice, request, direction, consent, order, bond, debenture, or other paper or document, but the COLLATERAL
AGENT, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit and, if the COLLATERAL AGENT shall determine to make such further inquiry or investigation, it shall be entitled, upon reasonable
notice to BORROWER, to examine the books, records and premises of BORROWER, personally or by agent or attorney and to consult with the officers and representatives of BORROWER, including BORROWER’s accountants and attorneys.

The COLLATERAL AGENT shall be under no obligation to exercise any of the rights or powers vested in it by the LOAN DOCUMENTS at the request, order or direction of the BANKS unless such BANKS have offered to the COLLATERAL AGENT
security or indemnity reasonably satisfactory to the COLLATERAL AGENT against the costs, expenses and liabilities that may be incurred by it in compliance with such request, order or direction. The COLLATERAL AGENT shall not be required to give any
bond or surety in respect of the performance of its powers and duties under the LOAN DOCUMENTS. 

The COLLATERAL AGENT may from time to time, at its option, perform any act that BORROWER agrees hereunder or under any LOAN DOCUMENT to perform and that BORROWER shall fail to perform after being requested in writing so to perform
(it being understood that no such request need be given after the occurrence of an EVENT OF DEFAULT) and the COLLATERAL AGENT may from time to time take any other action that the COLLATERAL AGENT reasonably deems necessary for the maintenance,
preservation or protection of any of the collateral for the LOANS or of its security interest therein. 

The COLLATERAL AGENT is authorized to endorse, in the name of BORROWER, any item, howsoever received by the COLLATERAL AGENT, representing any payment on or other proceeds of any of the collateral for the LOANS. 

9.11   Indemnification.
Each BANK other than AGENT jointly and severally agrees to indemnify AGENT (to
the extent not reimbursed by BORROWER), ratably according to the  respective
COMMITMENTS of the BANKS, from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind or nature whatsoever which may be imposed on, incurred  by, or asserted
against AGENT acting as AGENT in any way relating to or arising out of this AGREEMENT
or any other LOAN DOCUMENT or any action taken or omitted by AGENT acting as
the AGENT under this AGREEMENT or any other LOAN DOCUMENT,
provided that no BANK
shall be liable for any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements resulting
from  AGENT’s gross negligence or willful misconduct in connection with
AGENT acting as AGENT. Without limitation of the foregoing, each BANK jointly
and severally agrees to reimburse AGENT promptly upon demand for its ratable
share of any  out-of-pocket expenses (including counsel fees) incurred by AGENT
in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or  legal advice in respect of rights or responsibilities under,
this AGREEMENT or any other LOAN DOCUMENT to the extent that AGENT is not reimbursed
for such expenses by BORROWER. 

 

A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW. TO PROTECT YOU (BORROWER) AND US (LENDER) FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING, OR OFFER TO FOREBEAR
  REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTION FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY
  INSTRUMENT OR DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, MUST BE IN WRITING TO BE EFFECTIVE. 

 

 

[SIGNATURE PAGE FOLLOWS]

 

     IN WITNESS
WHEREOF, the parties hereto have caused this AGREEMENT to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 

  	
      ONE EARTH ENERGY, LLC  
	   
	   
	
      By:  	
        /s Steve Kelly  
	
      Title:  	
         President  
	   
	
      FIRST NATIONAL BANK OF OMAHA, in  
	
      its capacity as a BANK,  
	
      ADMINISTRATIVE AGENT,  
	
      COLLATERAL AGENT and ACCOUNTS  
	
      BANK  	   
	   
	   
	
      By:         	
         /s/ Fallon Savage  
	   	
      Fallon Savage, Commercial  
	   	
      Loan Officer  

   

   

   

  

        

EXHIBIT A 

Construction Note Form 

CONSTRUCTION NOTE 

	
Note Date: September 20, 2007  	$  
	                    

	
Maturity Date: July 31, 2009  	   	   

FOR VALUE RECEIVED, ONE EARTH ENERGY, LLC, an Illinois
limited liability company ("BORROWER"), promises to pay to the order of FIRST
NATIONAL BANK OF OMAHA ("BANK"),
at its principal office in Omaha, Nebraska or such other address as BANK or holder
may designate from time to time, the principal sum of _______________________
Dollars ($_____________), or the amount shown on BANK's records to be outstanding,
plus interest (calculated on the basis of actual days elapsed in a 360-day year)
accruing each day on the unpaid principal balance at the annual interest rates
defined below. Absent manifest error, BANK's records shall be conclusive evidence
of the principal and accrued interest owing hereunder. 

This CONSTRUCTION NOTE is executed pursuant to a Construction Loan Agreement ("LOAN AGREEMENT") between BORROWER and BANKS dated of even date herewith. All capitalized terms not otherwise defined in this CONSTRUCTION NOTE
shall have the meanings provided in the LOAN AGREEMENT. 

INTEREST ACCRUAL. Interest on the principal amount outstanding on the CONSTRUCTION LOAN shall accrue, for the period through and including the CONSTRUCTION LOAN TERMINATION DATE, at a
rate equal to the three month LIBOR RATE plus three hundred ten (310) basis points from time to time until maturity, and at a rate equal to the three month LIBOR RATE plus nine hundred ten (910) 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 days elapsed, and will adjust monthly as described in the LOAN AGREEMENT. 

REPAYMENT TERMS. Until the CONSTRUCTION LOAN TERMINATION DATE applicable to this CONSTRUCTION NOTE, interest only shall be payable quarterly, commencing December 8, 2007. On the
CONSTRUCTION LOAN TERMINATION DATE applicable to this CONSTRUCTION NOTE, all principal and accrued interest shall be due and payable. The LOAN AGREEMENT describes the TERM NOTES that may be used by BORROWER to pay this CONSTRUCTION NOTE. 

PREPAYMENT. The LOAN AGREEMENT contains provisions regarding prepayment.

ADDITIONAL TERMS AND CONDITIONS. The LOAN AGREEMENT, and any amendments or substitutions, contains additional terms and conditions, including default and acceleration provisions,
which are incorporated into this CONSTRUCTION NOTE by reference. BORROWER agrees to pay all costs of collection, including reasonable attorneys’ fees and legal expenses incurred by BANK if this CONSTRUCTION NOTE is not paid as provided above.
This CONSTRUCTION NOTE shall be governed by the substantive laws of the State of Nebraska, exclusive of its choice of laws principles. 

WAIVER OF PRESENTMENT AND NOTICE OF DISHONOR. BORROWER and any other person who signs, guarantees or endorses this CONSTRUCTION NOTE, to the extent allowed by law, hereby waives
presentment, demand for payment, notice of dishonor, protest, and any notice relating to the acceleration of the maturity of this CONSTRUCTION NOTE. 

[SIGNATURE PAGE FOLLOWS]

Executed as of the Note Date first above written.

 

  	
        ONE EARTH ENERGY, LLC, an Illinois  
	
        limited liability company  
	 	   
	 	   
	By: 	  

	Title:   	  

   

   

   

  

        

EXHIBIT B 

Fixed Rate Note 

FIXED RATE NOTE

	
Note Date:  	                
	$ 
	                      

	
Maturity Date:  	                          
	 	   

FOR VALUE RECEIVED, ONE EARTH
ENERGY, LLC, an Illinois limited liability company (“BORROWER”), promises
to pay to the order of FIRST NATIONAL BANK OF OMAHA (“AGENT”),
at its principal office or such other address as AGENT or holder may designate
from time to time, the principal sum of ____________________________________
Dollars ($__________), or the amount shown on AGENT's records to be outstanding,
plus interest (calculated on the basis of actual days elapsed in a 360-day year)
accruing each day on the unpaid principal balance at the annual interest rates
defined below. Absent manifest error, AGENT's records shall be conclusive evidence
of the principal and accrued interest owing hereunder. 

This FIXED RATE NOTE is executed pursuant to a Construction Loan Agreement between BORROWER and BANKS dated as of September 20, 2007, (the Construction Loan Agreement, together with all amendments, modifications and supplements
thereto and all restatements and replacements thereof is called the “AGREEMENT”). All capitalized terms not otherwise defined in this note shall have the meanings provided in the AGREEMENT. 

INTEREST ACCRUAL. Interest on the principal amount outstanding shall accrue at a per annum rate equal to the three month LIBOR RATE plus 300 basis points on the Note Date referenced above and
adjusting as provided for in the AGREEMENT, and at the three month LIBOR RATE plus 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 days elapsed. 

REPAYMENT TERMS. Principal
shall be due and payable in the amounts and on the dates set forth in Schedule
I attached to the AGREEMENT, and incorporated herein by reference, and accrued
and unpaid interest shall be due and payable in arrears on the same dates that
principal installments are due. Any remaining principal balance, plus any accrued
but unpaid interest, shall be fully due and payable on _______________________,
if not sooner paid. 

PREPAYMENT. BORROWER may prepay this FIXED RATE NOTE in full or in part at any time. Provided, however, a condition of any prepayment of all of this FIXED RATE NOTE, the VARIABLE RATE NOTE and the
LONG TERM REVOLVING NOTE is that certain fees shall be paid to BANK. If such complete prepayment occurs within the first two (2) years following the CONSTRUCTION LOAN TERMINATION DATE, a fee of one percent (1%) of the original principal amount of
this FIXED RATE NOTE shall be paid to BANK. In the event that BORROWER pre-pays all of this FIXED RATE NOTE and except as to such payments as are required by the AGREEMENT, BORROWER shall pay BANK a breakage fee sufficient to make BANK whole for any
expenses relating to breaking fixed interest rates, which BANK shall 

apportion among its participants. Any prepayment may be applied in inverse order of maturity or as BANK in its sole discretion may deem appropriate. Such prepayment shall not excuse BORROWER from making subsequent payments each
quarter until the indebtedness is paid in full. No payment of EXCESS CASH FLOW shall be the cause of a payment to BANK for interest rate breakage fees or otherwise result in any prepayment fee. 

ADDITIONAL TERMS AND CONDITIONS. This FIXED RATE NOTE is executed pursuant to the AGREEMENT. The AGREEMENT, and any amendments or substitutions thereof or thereto, contains additional terms and
conditions, including default and acceleration provisions, which are incorporated into this FIXED RATE NOTE by reference. 

The aggregate unpaid principal amount hereof plus interest shall become immediately due and payable without demand or further action on the part of BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the AGREEMENT
or any other LOAN DOCUMENT. If the maturity date of this FIXED RATE NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all the rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise
available at law or in equity. The rights, powers, privileges, options and remedies of BANK provided in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative and 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 the exercise 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, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option or remedy. Without limiting the generality
of the foregoing, BANK’s waiver of an EVENT OF DEFAULT shall not constitute a waiver of acceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration of this FIXED RATE NOTE without in any way waiving or
affecting any acceleration of this FIXED RATE NOTE in the future as a consequence of an EVENT OF DEFAULT. BANK’s acceptance of partial payment or partial performance shall not in any way affect or rescind any acceleration of this FIXED RATE
NOTE made 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 in collecting and/or enforcing this FIXED
RATE NOTE. Furthermore, BANK reserves the right to offset without notice all funds held by BANK against debts owing to BANK by BORROWER. 

WAIVER OF PRESENTMENT AND NOTICE OF DISHONOR. BORROWER and any other person who signs, guarantees or endorses this FIXED RATE NOTE, to the extent allowed by law, hereby waives presentment, demand
for payment, notice of dishonor, protest, and any notice relating to the acceleration of the maturity of this FIXED RATE NOTE. 

[SIGNATURE PAGE FOLLOWS]

Executed as of the Note Date first above written.

 

  	ONE EARTH ENERGY, LLC,
        an Illinois 
	limited liability company 
	 	 
	 	 
	By: 	  

	Title:   	  

   

   

   

  

        

EXHIBIT C 

Variable Rate Note 

VARIABLE RATE NOTE

	Note Date: 	                
	$ 
	                                  

	Maturity Date: 	                          
	 	 

FOR VALUE RECEIVED, ONE EARTH
ENERGY, LLC, an Illinois limited liability company (“BORROWER”), promises
to pay to the order of FIRST NATIONAL BANK OF OMAHA (“BANK”),
at its principal office or such other address as BANK or holder may designate
from time to time, the principal sum of ________________ and 00/100 Dollars ($_______________),
or the amount shown on BANK's records to be outstanding, plus interest (calculated
on the basis of actual days elapsed in a 360-day year) accruing each day on the
unpaid principal balance at the annual interest rates defined below. Absent manifest
error, BANK's records shall be conclusive evidence of the principal and accrued
interest owing hereunder. 

This VARIABLE RATE NOTE is executed pursuant to a Construction Loan Agreement between BORROWER and BANK dated as of June ___, 2007, (the Construction Loan Agreement, together with all amendments, modifications and supplements
thereto and all restatements and replacements thereof is called the “AGREEMENT”). All capitalized terms not otherwise defined in this note shall have the meanings provided in the AGREEMENT. 

INTEREST ACCRUAL. Interest on the principal amount outstanding shall accrue based on the three month LIBOR RATE plus 310 basis points from time to time until maturity as provided for in the
AGREEMENT, and at a rate equal to the three month LIBOR RATE plus 910 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
days elapsed. 

INCENTIVE PRICING. The interest rate applicable to this VARIABLE RATE NOTE is subject to reduction after a date six months subsequent to the CONSTRUCTION LOAN TERMINATION DATE, as provided for in
Section 2.15 of the AGREEMENT. 

REPAYMENT TERMS. Interest and principal shall be due and payable at the times, in the amounts and applied in the manner provided for in Section 2.5 of the AGREEMENT. Any remaining principal
balance, plus any accrued but unpaid interest, shall be fully due and payable on the Maturity Date, if not sooner paid.

PREPAYMENT. BORROWER may prepay this VARIABLE RATE NOTE in full or in part at any time; provided, however, that any prepayment fees provided for in the AGREEMENT shall be due at the time of any
such prepayment. Any prepayment may be applied in inverse order of maturity or as BANK in its sole discretion may deem appropriate. Such prepayment shall not excuse BORROWER from making subsequent payments each quarter until the indebtedness is paid
in full.

ADDITIONAL TERMS AND CONDITIONS. This VARIABLE RATE NOTE is executed pursuant to the AGREEMENT. The AGREEMENT, and any amendments or substitutions thereof or thereto, contains additional terms and
conditions, including default and acceleration provisions, which are incorporated into this VARIABLE RATE NOTE by reference. 

The aggregate unpaid principal amount hereof plus interest shall become immediately due and payable without demand or further action on the part of BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the AGREEMENT
or any other LOAN DOCUMENT. If the maturity date of this VARIABLE RATE NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all the rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or otherwise
available at law or in equity. The rights, powers, privileges, options and remedies of BANK provided in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative and 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 the exercise 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, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option or remedy. Without limiting the generality
of the foregoing, BANK’s waiver of an EVENT OF DEFAULT shall not constitute a waiver of acceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration of this VARIABLE RATE NOTE without in any way waiving or
affecting any acceleration of this VARIABLE RATE NOTE in the future as a consequence of an EVENT OF DEFAULT. BANK’s acceptance of partial payment or partial performance shall not in any way affect or rescind any acceleration of this VARIABLE
RATE NOTE made 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 in collecting and/or enforcing this
VARIABLE RATE NOTE. Furthermore, BANK reserves the right to offset without notice all funds held by BANK against debts owing to BANK by BORROWER.

WAIVER OF PRESENTMENT AND NOTICE OF DISHONOR. BORROWER and any other person who signs, guarantees or endorses this VARIABLE RATE NOTE, to the extent allowed by law, hereby waives presentment,
demand for payment, notice of dishonor, protest, and any notice relating to the acceleration of the maturity of this VARIABLE RATE NOTE. 

[SIGNATURE PAGE FOLLOWS]

Executed as of the Note Date first above written.

 

  	ONE EARTH ENERGY, LLC,
        an Illinois 
	limited liability company 
	 	 
	 	 
	By: 	  

	Title:   	  

 

 

 

EXHIBIT D 

Long Term Revolving Note

LONG TERM REVOLVING NOTE

	Note Date: 	                
	$ 
	                                  

	Maturity Date: 	                          
	 	 

FOR VALUE RECEIVED, ONE EARTH
ENERGY, LLC, an Illinois limited liability company (“BORROWER”), promises
to pay to the order of FIRST NATIONAL BANK OF OMAHA (“BANK”),
at its principal office or such other address as BANK or holder may designate
from time to time, the principal sum of _____________ and 00/100 Dollars ($10,000,000.00)
or the amount shown on BANK's records to be outstanding, plus interest  (calculated
on the basis of actual days elapsed in a 360-day year) accruing each day on the
unpaid principal balance at the annual interest rates defined below. Absent manifest
error, BANK's records shall be conclusive evidence of the principal and  accrued
interest owing hereunder. 

This LONG TERM REVOLVING NOTE is executed pursuant to a Construction Loan Agreement between BORROWER and BANKS dated as of September 20, 2007, (the Construction Loan Agreement, together with all amendments, modifications and
supplements thereto and all restatements and replacements thereof is called the “AGREEMENT”). All capitalized terms not otherwise defined in this note shall have the meanings provided in the AGREEMENT. 

INTEREST ACCRUAL. Interest on the principal amount outstanding shall accrue based on the three month LIBOR RATE plus 300 basis points from time to time until maturity as adjusted as provided for in
the AGREEMENT, and at a rate equal to the three month LIBOR RATE plus 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
days elapsed. 

REVOLVING FEATURE. Subject to the MAXIMUM AVAILABILITY, BORROWER may reborrow, on a revolving basis, that principal amount repaid on this LONG TERM REVOLVING NOTE. Pursuant to this revolving loan
feature BANK will lend BORROWER, from time to time until maturity of this LONG TERM REVOLVING NOTE such sums as BORROWER may request by reasonable same day notice to BANK, received by BANK not later than 11:00 A.M. on Friday, or the next BANKING DAY
thereafter, each week but which shall not exceed in the aggregate principal amount at any one time outstanding, the MAXIMUM AVAILABILITY then applicable to this LONG TERM REVOLVING NOTE. BORROWER may borrow, repay and reborrow hereunder, from the
date of this LONG TERM REVOLVING NOTE until the maturity of this LONG TERM REVOLVING NOTE, said amount or any lesser sum. 

INCENTIVE PRICING. The interest rate applicable to this LONG TERM REVOLVING NOTE is subject to reduction after a date six months subsequent to CONSTRUCTION LOAN TERMINATION DATE, as provided for in
Section 2.15 of the AGREEMENT. 

REPAYMENT TERMS. Interest and principal shall be due and payable at the times, in the amounts and applied in the manner provided for in Section 2.5 of the AGREEMENT. Any remaining principal
balance, plus any accrued but unpaid interest, shall be fully due and payable on the Maturity Date, if not sooner paid. On each REDUCTION DATE and EXCESS CASH FLOW REDUCTION DATE, BORROWER shall pay and apply to the then outstanding principal
balance of this LONG TERM REVOLVING NOTE the amount necessary to reduce the outstanding principal balance of this LONG TERM REVOLVING NOTE so that it is within the MAXIMUM AVAILABILITY applicable on each such REDUCTION DATE and/or EXCESS CASH FLOW
REDUCTION DATE. 

PREPAYMENT. BORROWER may prepay this LONG TERM REVOLVING NOTE in full or in part at any time; provided, however, that any prepayment fees provided for in the AGREEMENT shall be due at the time of
any such prepayment. No payment applied to this LONG TERM REVOLVING NOTE to bring the outstanding principal balance within the MAXIMUM AVAILABILITY shall be the cause of a payment to BANK for interest rate breakage fees or otherwise result in any
prepayment fee. 

ADDITIONAL TERMS AND CONDITIONS. This LONG TERM REVOLVING NOTE is executed pursuant to the AGREEMENT. The AGREEMENT, and any amendments or substitutions thereof or thereto, contains additional
terms and conditions, including default and acceleration provisions, which are incorporated into this LONG TERM REVOLVING NOTE by reference. 

The aggregate unpaid principal amount hereof plus interest shall become immediately due and payable without demand or further action on the part of BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the AGREEMENT
or any other LOAN DOCUMENT. If the maturity date of this LONG TERM REVOLVING NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all the rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or
otherwise available at law or in equity. The rights, powers, privileges, options and remedies of BANK provided in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative and 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 the exercise 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, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option or remedy. Without limiting
the generality of the foregoing, BANK’s waiver of an EVENT OF DEFAULT shall not constitute a waiver of acceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration of this LONG TERM REVOLVING NOTE without in
any way waiving or affecting any acceleration of this LONG TERM REVOLVING NOTE in the future as a consequence of an EVENT OF DEFAULT. BANK’s acceptance of partial payment or partial performance shall not in any way affect or rescind any
acceleration of this LONG TERM REVOLVING NOTE made 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 in collecting and/or enforcing this LONG
TERM REVOLVING NOTE. Furthermore, BANK reserves the right to offset without notice all funds held by BANK against debts owing to BANK by BORROWER. 

WAIVER OF PRESENTMENT AND NOTICE OF DISHONOR. BORROWER and any other person who signs, guarantees or endorses this LONG TERM REVOLVING NOTE, to the extent allowed by law, hereby waives presentment,
demand for payment, notice of dishonor, protest, and any notice relating to the acceleration of the maturity of this LONG TERM REVOLVING NOTE.

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

Executed as of the Note Date first above written.

 

  	ONE EARTH ENERGY, LLC,
        an Illinois 
	limited liability company 
	 	 
	 	 
	By: 	  

	Title:   	  

 

 

 

EXHIBIT E 

Revolving Promissory Note 

REVOLVING PROMISSORY NOTE 

	
Omaha, Nebraska  	$  
	
                           

	
Note Date: September 20, 2007  	   	   
	
Maturity Date: September 19, 2008  	   	   

          On or before September ____, 2008, ONE EARTH ENERGY, LLC
("BORROWER"), promises to pay to the order of FIRST NATIONAL BANK OF OMAHA ("BANK")
at any of its offices in Omaha, Nebraska the principal sum hereof, which shall
be _____________ and no/100 Dollars ($_________________) or so much thereof as
may have been advanced by BANK and shown on the records of BANK to be outstanding
under this REVOLVING PROMISSORY NOTE and the AGREEMENT (as defined below). Interest
on the principal balance from time to time outstanding will be payable at a rate
equal to the one month LIBOR RATE plus three hundred ten (310) basis points from
time to time until maturity as such rate will be adjusted as provided for in
the AGREEMENT, and at a rate equal to the one month LIBOR RATE plus nine hundred
ten (910) 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 days elapsed. Interest on the REVOLVING LOAN shall be payable
quarterly, in arrears. 

          The interest rate applicable to this REVOLVING NOTE is subject to reduction after a date six months subsequent to the CONSTRUCTION LOAN TERMINATION DATE, as provided for in Section 2.15 of the AGREEMENT.

          This REVOLVING PROMISSORY NOTE is executed pursuant to that certain Construction Loan Agreement dated September 20, 2007 between BANKS and BORROWER (the Construction Loan Agreement, together with all amendments, modifications and
supplements thereto and all restatements and replacements thereof is called the (“AGREEMENT”). The AGREEMENT, and any amendments or substitutions thereof or thereto, contains additional terms and conditions, including default and
acceleration provisions, which are incorporated into this REVOLVING PROMISSORY NOTE by reference. All capitalized terms not otherwise defined herein shall have the same meanings as set forth in the AGREEMENT. 

          The aggregate unpaid principal amount hereof plus interest shall become immediately due and payable without demand or further action on the part of BANK upon the occurrence of an EVENT OF DEFAULT as set forth under the AGREEMENT
or any other LOAN DOCUMENT. If the maturity date of this REVOLVING PROMISSORY NOTE is accelerated as a consequence of an EVENT OF DEFAULT, then BANK shall have all the rights and remedies provided for in the AGREEMENT, the other LOAN DOCUMENTS or
otherwise available at law or in equity. The rights, powers, privileges, options and remedies of BANK provided in the AGREEMENT, the other LOAN DOCUMENTS or otherwise available at law or in equity shall be cumulative and 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 the exercise 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, option or remedy be deemed an election of remedies or a waiver of any other right, power, privilege, option
or remedy. Without limiting the generality of the foregoing, BANK’s waiver of an EVENT OF DEFAULT shall not constitute a waiver of acceleration in connection with any future EVENT OF DEFAULT. BANK may rescind any acceleration of this REVOLVING
PROMISSORY NOTE without in any way waiving or affecting any acceleration of this REVOLVING PROMISSORY NOTE in the future as a consequence of an EVENT OF DEFAULT. BANK’s acceptance of partial payment or partial performance shall not in any way
affect or rescind any acceleration of this REVOLVING PROMISSORY NOTE made 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 in collecting and/or enforcing this
REVOLVING PROMISSORY NOTE. Furthermore, BANK reserves the right to offset without 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 any substitution, exchange or release of
collateral, and to the addition or releases of any other party primarily or secondarily liable. 

[SIGNATURE PAGE FOLLOWS]

 

 

 

Executed as of the Note Date set forth above.

  	ONE EARTH ENERGY, LLC,
        an Illinois 
	limited liability company 
	 	 
	 	 
	By: 	  

	Title:   	  

	 	 
	FIRST NATIONAL 

 

 

 

EXHIBIT F 

Real Estate Description

Parcel 1:

All that part of the South 1204.28 Feet of the South Half of Section 3, Township 23 North, Range 7 East of the Third Principal Meridian, Ford County, Illinois, lying east of the Northerly Extension of the East Line of a tract of
land conveyed to Ameren Energy Generating Company by Special Warranty Deed recorded September 11, 2000, as Document No. 216254 in the Ford County Recorder’s Office, and lying west of the Northerly Extension of the East Line of the West 250
Feet of the Northeast Quarter of Section 10, Township 23 North, Range 7 East of the Third Principal Meridian, situated in the City of Gibson, County of Ford and State of Illinois. 

Said Parcel 1 contains 34.00 acres, more or less. 

Parcel 2:

A part of the Northwest Quarter of Section 10, Township 23 North, Range 7 East of the Third Principal Meridian, Gibson City, Ford County, Illinois, more particularly described as follows: Beginning at the Northeast Corner of Lot 4
in the First Addition to Jordan Industrial Park Subdivision in the City of Gibson City, Illinois, according to the Plat recorded as Document No. 205053 in the Ford County Recorder’s Office. From said Point of Beginning, thence west 1146.34
feet along the North Line of said Lot 4 to the Northwest Corner thereof; thence north 543.85 feet along the East Right-of-Way line of Jordan Drive according to the Dedication thereof recorded as Document No. 212435 in said Recorder’s Office
which forms an angle to the left of 90°00’00” with the last described course; thence east 20.00 feet along said Right-of-Way Line which forms an angle to the left of 89°39’36” with the last described course; thence
north 30.00 feet along said Right-of-Way Line which forms an angle to the left of 270°20’24” with the last described course to the Southwest Corner of Parcel 4 conveyed to Ameren Energy Generating Company by Warranty Deed recorded
as Document No. 235733 in said Recorder’s Office; thence east 150.65 feet along the South Line of said Parcel 4 which forms an angle to the left of 89°39’36” with the last described course to the Southeast Corner thereof;
thence north 580.00 feet along the East Line of said Parcel 4 and the East Line of a Tract of Land conveyed by Special Warranty Deed recorded as Document No. 216254 in said Recorder’s Office, which lines form an angle to the left of
269°57’50” with the last described course to the Northeast Corner of said Tract, said Northeast Corner being on the North Line of the Northwest Quarter of said Section 10; thence east 979.71 feet along said North Line which forms an
angle to the left of 90°02’10” with the last described course to the Northeast Corner of the Northwest Quarter of said Section 10; thence south 1147.04 feet along the East Line of the Northwest Quarter of said Section 10 which forms
an angle to the left of 89°57’15; with the last described course to the Point of Beginning, situated in the County of Ford and State of Illinois, containing 28.07 acres, more or less. 

Parcel 3:

Lot 4 in the First Addition to Jordan Industrial Park Subdivision in the City of Gibson, Ford County, Illinois, according to the Plat recorded as Document No. 205053 in the Ford County Recorder’s

Office excepting (Exception No. 1) therefrom the East 100 Feet of even width thereof and also excepting (Exception No. 2) the following described tract: A part of Lot 4 in the First Addition to Jordan Industrial Park Subdivision
in the City of Gibson City, Ford County, Illinois according to the Plat recorded as Document No. 205053 in the Ford County Recorder’s Office, more particularly described as follows: Beginning at a point on the North Line of said Lot 4 lying
100.00 feet west of the Northeast Corner thereof, said point being the Northwest Corner of a Tract of Land conveyed to Bloomer Line Railroad according to the Deed recorded as Document No. 217701 in said Recorder’s Office. From said Point of
Beginning, thence west 551.97 feet along the North Line of said Lot 4 to the point of intersection with the Northerly Extension of the West Line of Lot 3 in said First Addition; thence south 599.81 feet along said Northerly Extension which forms an
angle to the right of 90°56’03” with the last described course to the Northwest Corner of said Lot 3 being a point on the South Line of said Lot 4; thence east 557.71 feet along the South Line of said Lot 4 which forms an angle to
the right of 89°03’55” with the last described course to a point lying 100.00 feet west of the Southeast Corner of said Lot 4, said point being the Southwest Corner of said Tract conveyed by Document No. 217701; thence north 599.74
feet along the West Line of said Tract which forms an angle to the right of 90°23’11” with the last described course to the Point of Beginning, situated in the County of Ford and State of Illinois. 

Said Parcel 3 contains 7.85 acres, more or less. 

Parcel 4:

A part of a Tract of Land conveyed by Warranty Deed recorded January 27, 2005 as Document No. 231777 in the Ford County Recorder’s Office being a part of Lot 4 in the First Addition to Jordan Industrial Park Subdivision in
the City of Gibson City, Ford County, Illinois, according to the Plant recorded as Document No. 205053 in the Ford County Recorder’s Office, more particularly described as follows: Beginning at a point on the North Line of said Lot 4 lying
100.00 feet west of the Northeast Corner thereof, said point being the Northwest Corner of a Tract of Land conveyed to Bloomer Line Railroad according to the Deed recorded as Document No. 217701 in said Recorder’s Office. From said Point of
Beginning, thence west 551.97 feet along the North Line of said Lot 4 to the point of intersection with the Northerly Extension of the West Line of Lot 3 in said First Addition; thence south 599.81 feet along said Northerly Extension which forms an
angle to the right of 90°56’03” with the last described course to the Northwest Corner of said Lot 3 being a point on the South Line of said Lot 4: thence east 60.00 feet along the South Line of said Lot 4 which forms an angle to
the right of 89°03’55” with the last described course; thence north 200.00 feet along a line which is parallel with the West Line of said Tract conveyed by Document No. 217701 and which forms an angle to the right of
90°23’11” with the last described course; thence east 497.71 feet along a line which is parallel with the South Line of said Lot 4 and which forms an angle to the right of 269°36’49” with the last described course
to a point on the West Line of said Tract conveyed by Document No. 217701 lying 200.00 feet north of the Southwest corner thereof; thence North 399.74 feet along the West Line of said Tract which forms an angle to the right of
90°23’11” with the last described course to the Point of Beginning, containing 5.35 acres, more or less. 

Parcel 5:

All that part of the West 250 Feet of the Northeast Quarter of Section 10, Township 23 North, Range 7 East of the Third Principal Meridian, situated in the City of Gibson, County of Ford and State of Illinois, lying north of the
North Line of a tract of land conveyed to Alliance Grain Company by Warranty Deed recorded October 2, 2000, as Document No. 216478 in the Ford County Recorder’s Office. 

Said Parcel 5 contains 10.02 acres, more or less. 

Parcel 6:

All that part of the North 100 Feet of the Northeast Quarter of Section 10, Township 23 North, Range 7 East of the Third Principal Meridian, Gibson City, Ford County, Illinois, lying west of the Centerline of Drummer Creek and
East of the East Line of a tract of land conveyed to One Earth Energy, LLC by Warranty Deed recorded May 2, 2007, as Document No. 238795 in the Recorder’s Office of Ford County, Illinois, situated in the County of Ford and State of Illinois.

Said Parcel 6 contains 4.84 acres, more or less.

EXHIBIT G 

Total Project Cost Statement 

 

 

EXHIBIT H 

BANKS’ COMMITMENTS 

	 	
    BANK      
	                                                     	
CONSTRUCTION  	 	
REVOLVING LOAN  	 	
TOTAL  
	 	   	
LOAN/TERM LOAN  	
COMMITMENT  	
COMMITMENT,  
	 	   	
COMMITMENT  	
AMOUNT  	
CONSTRUCTION  
	 	   	
AMOUNT  	   	
LOAN/TERM  
	 	   	   	   	
LOANS AND  
	 	   	   	   	
REVOLVING  
	 	   	   	   	
LOANS  
	 	 	 	 	 	 	 	 
	 	
1st Farm Credit  	 	
$7,500,000.00  	 	
N/A  	 	
$7,500,000.00  
	 	
Services  	   	   	   
	 	
Transamerica  	 	
$11,000,000.00  	 	
N/A  	 	
$11,000,000.00  
	 	
Occidental Life  	   	   	   
	 	
Insurance Company  	   	   	   
	 	
Busey Bank  	 	
$5,000,000.00  	 	
N/A  	 	
$5,000,000.00  
	 	
Capital Farm Credit  	 	
$3,000,000.00  	 	
N/A  	 	
$3,000,000.00  
	 	
Citizens First National  	 	
$9,000,000.00  	 	
$1,000,000.00  	 	
$10,000,000.00  
	 	
Bank  	   	   	   
	 	
CoBank  	 	
$4,550,000.00  	 	
$450,000.00  	 	
$5,000,000.00  
	 	
Deere Credit, Inc.  	 	
$18,181,818.00  	 	
$1,818,182.00  	 	
$20,000,000.00  
	 	
Farm Credit Services  	 	
$8,000,000.00  	 	
N/A  	 	
$8,000,000.00  
	 	
of America  	   	   	   
	 	
First Indiana Bank  	 	
$9,000,000.00  	 	
$1,000,000.00  	 	
$10,000,000.00  
	 	
First National Bank of  	 	
$19,768,182.00  	 	
$5,731,818.00  	 	
$25,500,000.00  
	 	
Omaha  	   	   	   
	 	
Quad City Bank and  	 	
$5,000,000.00  	 	
N/A  	 	
$5,000,000.00  
	 	
Trust  	   	   	   
	 	
Totals  	 	
$100,000,000.00  	 	
$10,000,000.00  	 	
$110,000,000.00  

EXHIBIT I

PERMITS 

	
1.        	
Construction Air Permit – NSPS Source
  
	 
	
2.	
Above Ground Storage Tank Permit
  
	 
	
3.      	
National Pollution Discharge Elimination System Permit, consisting of:
  
	 	
-          	
Storm Water Pollution Prevention Plan for Construction
  
	 	-  	
Storm Water Pollution Prevention Plan for Industrial
  
	 	
-   	
Discharge of Process, Non-contract Water (cooling water)
  
	 	
-   	
Industrial Wastewater Treatment Pond Permit
  
	 
	
4.	
Building Permits
  
	 	
-   	
State
  
	 	
-   	
County
  
	 	
-   	
Mechanical
  
	 	
-   	
Electrical
  
	 	
-   	
Structures
  
	 
	
5.	
Fire Protection Permit
  
	 
	
6.	
Septic Tank and Drain Field Permit
  
	 
	
7.	
Railroad Permit/Approval
  
	 
	
8.	
Approval for Access to County Road/Highway Access Permit
  
	 
	
9.	
Water Permits
  
	 	
-   	
Water Appropriations Permit
  
	 	
-   	
Potable Water
  
	 
	
10.	
Water Treatment Discharge Permit from the State of Illinois
  
	 
	
11.	
Tobacco Trade Bureau Permit
  
	 
	
12.	
Archeological Survey
  
	 
	
13.	
Risk Management Plan
  
	 
	
14.	
Spill Prevention, Control and Countermeasure Plan
  
	 
	
15.	
Operations Permit
  
	 
	
16.	
Wells Permits
  
	 

EXHIBIT J 

OUTSTANDING EQUITY INTERESTS

 

Subscription Agreements in connection with the following:

  One Earth Energy, LLC Initial Public
      Offering Dated August 17, 2007

   One Earth Energy, LLC Rescission Offer
      Dated August 20, 2007 

 

SCHEDULE “I” TO CONSTRUCTION LOAN AGREEMENT 

AMORTIZATION SCHEDULE – U.S. RULE (NO COMPOUNDING), 360 DAY YEAR 

	  

	
One Earth Energy, LLC Fixed Rate Loan  
	
Principal Schedule for Payments Plus Interest  
	   
	
AMORTIZATION SCHEDULE - U.S. Rule (no compounding), 360 Day Year  
	   
	   
	   	   	
Principal  	                  	                  	
Balance  
	   	   	   	 	   	
$  
	
1  	   	
$828,141.32  	 	   	
$49,171,858.68  
	
2  	   	
$844,783.51  	 	   	
$48,327,075.17  
	
3  	   	
$851,087.91  	 	   	
$47,475,987.26  
	
4  	   	
$868,379.18  	 	   	
$46,607,608.08  
	
5  	   	
$906,606.78  	 	   	
$45,701,001.30  
	
6  	   	
$914,533.28  	 	   	
$44,786,468.02  
	
7  	   	
$923,021.25  	 	   	
$43,863,446.77  
	
8  	   	
$941,773.96  	 	   	
$42,921,672.81  
	
9  	   	
$979,864.74  	 	   	
$41,941,808.07  
	
10  	   	
$990,077.41  	 	   	
$40,951,730.66  
	
11  	                  	
$1,000,930.33  	 	   	
$39,950,800.33  
	
12  	   	
$1,021,265.90  	 	   	
$38,929,534.43  
	
13  	   	
$1,059,208.49  	 	   	
$37,870,325.94  
	
14  	   	
$1,071,897.23  	 	   	
$36,798,428.71  
	
15  	   	
$1,085,311.58  	 	   	
$35,713,117.13  
	
16  	   	
$1,107,361.49  	 	   	
$34,605,755.64  
	
17  	   	
$1,137,501.49  	 	   	
$33,468,254.15  
	
18  	   	
$1,160,360.53  	 	   	
$32,307,893.62  
	
19  	   	
$1,176,544.28  	 	   	
$31,131,349.34  
	
20  	   	
$31,131,349.34  	 	   	
$0.00  

SCHEDULE 5.2 

(PERMITTED LIENS)

 

 

 

  	
      1st FARM CREDIT SERVICES, FLCA as a  
	
        BANK  
	 
	 	   
	By:	/s/ Dale Richardson

       

	 
	Title:  	VP, Illinois Capital
      Markets Group 

   

   

   

  

        

  	
        TRANSAMERICA OCCIDENTAL  
	
        INSURANCE COMPANY, as a BANK  
	 	   
	By: 	 /s/
      Tom Nordstrom 

	 	 
	Title: 	 Vice
      President 

   

   

   

  

        

  	
        BUSEY BANK, as a BANK                                
	 	   
	 	 
	 	 
	By: 	/s/
        Doug Roesch 

	 	 
	Title: 	Senior Vice President
 

   

   

   

  

        

  	
      FARM CREDIT SERVICES OF AMERICA,  
	
      FLCA, as a BANK  
	   
	 
	 
	
      By:  	                 /s/
      Ron Brandt 

	 	 
	
      Title:    	
            Vice President  

   

   

   

  

        

  	
      FIRST INDIANA BANK, as a BANK  
	   
	 
	 
	
      By:  	
          /s/ Jimmy Grey 

	 	 
	
      Title:    	
                Vice President 

   

   

   

  

        

  	
        QUAD CITY BANK AND TRUST, as a  
	
        BANK  
	 	 
	 	 
	 	   
	By: 	
            /s/ Rebecca Skafidas  
	 	 
	Title:   	Commercial Banking Officer
 

   

   

   

  

        

  	
        CAPITAL FARM CREDIT, as a BANK        
	   
	 
	 
	By: 	
          /s/ Robert P. Abbott  
	 
	Title:   	  President Corporate Lending
 

   

   

   

  

        

  	
      CITIZENS FIRST NATIONAL BANK, as a  
	
      BANK  
	 
	
      By:  	
         /s/ Joseph K. Bates  
	 	 
	
      Title:   	
            VP – Agribusiness Banking  

   

   

   

  

        

  	
        COBANK, as a BANK                                       
	 	 
	 	 
	 	   
	By: 	/s/ Jeffrey J. Grave
 
	 	 
	Title:  	
            Vice-President  

   

   

   

  

        

  	
        DEERE CREDIT, INC., as a BANK                    
	   
	 
	 
	By: 	
         /s/ Mark A. Thompson  
	 
	Title:  	
      Vice President, AFS Operations

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