Exhibit 10.22
FOURTH AMENDED AND RESTATED
IRREVOCABLE STANDBY LETTER OF CREDIT
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Letter of Credit
No. 1158
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Date of Issuance:
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February 16, 2006
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Issuer:
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Home Federal Bank
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225 South Main Avenue
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Sioux Fails, SD 57104
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To:
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Northwestern Services
Corporation
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25 S. Dakota Avenue,
Suite 1100
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Sioux Falls, SD
57104-6403
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This Fourth Amended and Restated
Irrevocable Standby Letter of Credit amends, restates and replaces
that certain Third Amended and Restated Irrevocable Standby Letter
of Credit dated February 28, 2005 by Home Federal Bank (Letter
of Credit No. 1158).
1.
Home Federal Bank (the
“Bank”) hereby establishes in favor of NorthWestern
Services Corporation (“NSC,” successor by merger to
NorthWestern Energy Corporation) an Irrevocable Standby Letter of
Credit (the “Letter of Credit”) at the request and for
the account of Great Plains Ethanol, LLC, a South Dakota limited
liability company (“Great Plains”), whereby the Bank,
subject to the terms and conditions contained herein, authorizes
NSC to draw on it at any time or times before the Expiration Date
(as defined below), by its draft (the “Draft”), in the
form of Appendix 1 hereto, an amount up to an aggregate amount
of $960,000.00, as set forth on an accompanying certificate (the
“Draw Certificate”), in the form of Appendix 2
hereto.
2.
This Letter of Credit shall expire
at the close of business on March 1, 2007 (the
“Expiration Date”), unless extended.
3.
This Letter of Credit is issued in
conjunction with a Natural Gas Distribution Delivery Agreement
between NorthWestern Energy Corporation and Great Plains dated
September 2, 2002 (the “Agreement”), under which
Great Plains agreed to transport a minimum quantity of natural gas
to its plant at a fixed price for delivery through a pipeline
constructed to serve the plant and the obligations of Great Plains
under the Agreement. The terms and conditions of the Agreement are
incorporated herein by reference.
