GUARANTY
THIS GUARANTY
(this "
Guaranty
") is executed and given by (the "
Guarantor
")
as of , 2008 (the "
Effective Date
") to AgCountry Farm Credit Services, FCA (the
"
Lender
").
WHEREAS,
Guarantor is a member of the Board of Directors of NEDAK Ethanol,
LLC, a Nebraska limited liability company (the "Company");
WHEREAS,
the Company has entered into a Master Credit Agreement dated as of
February 14, 2007 (together with the "Supplements" defined
therein, and as
further amended, supplemented and in effect from time to time,
the "Credit
Agreement") with Lender, pursuant to which Lender, subject to
the terms and
conditions contained in the Credit Agreement, is to make loans to
the Company;
WHEREAS,
Lender and the Company intend to enter into the Third Supplement
to the Credit Agreement (the "Third Supplement") pursuant to
which Lender will
provide certain accommodations to the Company; and
WHEREAS,
as a condition precedent to entering into the Third Supplement,
Lender requires that each of the members of the Board of
Directors of the
Company provide a personal guaranty for the purpose of confirming
the Board of
Directors' commitment to raise capital and Guarantor wishes to
provide such
guaranty.
NOW THEREFORE,
in consideration of the foregoing and for other good and
valuable consideration, the Guarantor hereby agrees as follows.
The Guarantor personally and unconditionally guarantees to
Lender that the
Board of Directors of the Company will raise additional equity in
the Company in
the amount of $2,000,000 upon Performance Test Acceptance as
defined in the EPC
Contract (the "
Obligation
").
Sixty days following Performance Test Acceptance, Lender may
demand payment
of the Obligation by delivering written notice thereof ("
Performance Notice
") to
the
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