Exhibit 10.4

EXECUTION COPY

THIRD AMENDMENT TO CREDIT AGREEMENT

AND FIRST AMENDMENT TO ASA HOLDINGS PLEDGE AGREEMENT

This THIRD AMENDMENT TO CREDIT AGREEMENT AND FIRST AMENDMENT TO ASA HOLDINGS
PLEDGE AGREEMENT, dated as of                          , 2006 (this
“Amendment”), is by and among ASA OPCO HOLDINGS, LLC, a Delaware limited
liability company (“ASA Holdings”), ASA ALBION, LLC, a Delaware limited
liability company (“Albion”), ASA BLOOMINGBURG, LLC, a Delaware limited
liability company (“Bloomingburg”), and ASA LINDEN, LLC, a Delaware limited
liability company (“Linden” and, together with ASA Holdings, Albion and
Bloomingburg, the “Borrowers”), ASA Holdings, as Borrowers’ Agent, ASALLIANCES
BIOFUELS, LLC, a limited liability company organized and existing under the laws
of the State of Delaware (“ASA Biofuels”), each of the Lenders party hereto,
WESTLB AG, New York Branch, as Administrative Agent for the Lenders, FIRST
NATIONAL BANK OF OMAHA, as Collateral Agent, and FIRST NATIONAL BANK OF OMAHA,
as Accounts Bank.

WHEREAS, pursuant to the Credit Agreement, dated as of February 6, 2006 (as
amended by the First Amendment to Credit Agreement, dated as of
                         , 2006, and the Second Amendment to Credit Agreement,
dated as of                          , 2006, and as further amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
among the Borrowers, the Borrowers’ Agent, each of the Lenders from time to time
party thereto, the Administrative Agent, First National Bank of Omaha, as
Collateral Agent for the Senior Secured Parties, First National Bank of Omaha,
as Accounts Bank, WestLB AG, New York Branch, as Co-Syndication Agent, Lead
Arranger, and Sole Lead Bookrunner, First National Bank of Omaha and Standard
Chartered Bank, as Co-Syndication Agents and Lead Arrangers and CIT Capital USA
INC. and ING Capital LLC, as Co-Documentation Agents and Lead Arrangers, the
Lenders agreed to make a credit facility available to the Borrowers, subject to
the terms and conditions set forth therein;

WHEREAS, pursuant to the Pledge and Security Agreement, dated as of February 6,
2006 (as amended, restated, supplemented or otherwise modified from time to
time, the “Holdings Pledge Agreement”), among ASA Biofuels, ASA Holdings and the
Collateral Agent, ASA Biofuels pledged one hundred percent (100%) of the Equity
Interests in ASA Holdings to the Collateral Agent.

WHEREAS, the Borrowers have requested that the Lenders amend the Credit
Agreement and the Holdings Pledge Agreement in the manner set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained in the Credit Agreement and herein, and other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

1. Definitions. Capitalized terms used but not otherwise defined herein shall
have the same meanings assigned to them in the Credit Agreement.

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2. Amendments to the Credit Agreement to Become Effective Upon the ASA Biofuels
Conversion Date. Effective upon the ASA Biofuels Conversion Date (as defined in
Section 6A hereof), the parties hereto hereby agree to amend the following
provisions of the Credit Agreement in the manner set forth as follows:

A. The definition of “ASA Biofuels” set forth in Section 1.01 (Defined Terms)
will be deleted in its entirety and replaced with the following:

““ASA Biofuels” means ASAlliances Biofuels, Inc., a corporation organized and
existing under the laws of the State of Delaware.”

B. (i) The definition of “ASA Biofuels LLC Agreement” set forth in Section 1.01
(Defined Terms) will be deleted in its entirety and replaced with the following:

““ASA Biofuels By-Laws” means the certificate of incorporation, by-laws,
operating agreement (or the equivalent) or other organizational documents of ASA
Biofuels.”; and

(ii) Every time the term “ASA Biofuels LLC Agreement” is set forth in the Credit
Agreement it will be deleted and replaced with the term “ASA Biofuels By-Laws”.

C. With respect to the fifth paragraph of the definition of “Federal Tax
Distribution Amount” set forth in Section 1.01 (Defined Terms): (i) The phrase
“…ordinary business…” beginning on the sixteenth line will be deleted and
replaced with the word “taxable”; (ii) the phrase “…Form 1065, U.S. Return of
Partnership Income…” beginning on the seventeenth and twenty- fourth lines will
be deleted and in each case replaced with the phrase “Form 1120, U.S.
Corporation Income Tax Return”; (iii) the phrase “…ordinary business…” on the
thirty-third line will be deleted and replaced with the phrase “alternative
minimum taxable”; and (iv) the phrase “…Form 1065, U.S. Return of Partnership
Income) of ASA Biofuels, adjusted for the alternative minimum tax (AMT) items
(as would be reported on Schedule K of Form 1065, U.S Return of Partnership
Income…” beginning on the thirty-third line will be deleted and replaced with
the phrase “Form 4626, Alternative Minimum Tax – Corporations”.

D. The word “State” will be added on the last line of the definition of “State
Tax Distribution Amount” set forth in Section 1.01 (Defined Terms), between the
words “…Applicable” and “Tax…”.

 

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3. Further Amendments to the Credit Agreement to Become Effective Upon the
Consummation of an ASA Biofuels’ IPO. Effective upon the IPO Date (as defined in
Section 6B hereof), the parties hereto hereby further agree to amend the
following provisions of the Credit Agreement in the manner set forth as follows:

A. The following definitions set forth in Section 1.01 (Defined Terms) will be
deleted in their entirety: “Albion Required Subordinated Debt Disbursement”;
“Bloomingburg Required Subordinated Debt Disbursement”; “Current Priority
Subordinated Interest”; “Deferred Priority Subordinated Interest”;
“Intercreditor Agreement”; “Linden Required Subordinated Debt Disbursement”;
“Required Subordinated Debt Disbursements”; “Right of First Offer and Refusal
Agreement”; “Subordinated Debt Agreements”; “Subordinated Debt Environmental
Indemnity Agreement”; “Subordinated Debt Obligations”; “Subordinated Debt
Negative Pledge Agreement”; “Subordinated Guaranty”; “Subordinated Lenders”;
“Subordinated Loans”; and “Subordinated Note Purchase Agreement”.

B. The phrase “and the Albion Required Subordinated Debt Disbursement” beginning
on the fifth line of the definition of “Albion Construction Budget” set forth in
Section 1.01 (Defined Terms) will be deleted.

C. The amount specified beginning on the third line of the definition of “Albion
Required Equity Contribution” set forth in Section 1.01 (Defined Terms) will be
deleted and replaced with the following amount: “forty eight million eight
hundred twenty-seven thousand seven hundred seventy-three Dollars
($48,827,773)”.

D. The phrase “and the Bloomingburg Required Subordinated Debt Disbursement”
beginning on the sixth line of the definition of “Bloomingburg Construction
Budget” set forth in Section 1.01 (Defined Terms) will be deleted.

E. The amount specified beginning on the third line of the definition of
“Bloomingburg Required Equity Contribution” set forth in Section 1.01 (Defined
Terms) will be deleted and replaced with the following amount: “fifty million
one hundred forty-seven thousand one hundred fifty-one Dollars ($50,147,151)”.

F. The phrase “Required Subordinated Debt Disbursements;” on the tenth line of
the definition of “Cash Flow” set forth in Section 1.01 (Defined Terms) will be
deleted.

G. Paragraph (iv) of the definition of “Financing Documents” set forth in
Section 1.01 (Defined Terms) will be deleted in its entirety, and replaced with
the following: “(iv) [Intentionally omitted];”.

 

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H. The definition of “Insolvency Proceeding” set forth in Section 1.01 (Defined
Terms) will be deleted in its entirety and replaced with the following:

““Insolvency Proceeding” means, with respect to any Person, (i) any voluntary or
involuntary insolvency, bankruptcy, receivership, custodianship, liquidation,
reorganization, readjustment, composition or other similar proceeding relating
to such Person or any of its respective properties, whether under any
bankruptcy, reorganization or insolvency law or laws, federal or state, or any
law, federal or state, relating to relief of debtors, readjustment of
indebtedness, reorganization, composition or extension, (ii) any proceeding for
any liquidation, liquidating distribution, dissolution or other winding up of
such Person, voluntary or involuntary, whether or not involving insolvency or
bankruptcy proceedings, (iii) any assignment for the benefit of creditors of
such Person, (iv) other marshalling of the assets of such Person, (v) such
Person applies for, consents or acquiesces to, or permits or suffers to exist
the appointment of a trustee, receiver, sequestration or other custodian for
such Person or for a substantial part of its property, or (vi) such Person
becomes insolvent or generally fails to pay, or admits in writing its inability
or unwillingness to pay, debts as they become due.”

I. The following definition will be added in Section 1.01 (Defined Terms),
immediately after the definition of “Interest Rate Protection Provider”:

““IPO Date” has the meaning set forth in the Third Amendment.”

J. The phrase “and the Linden Required Subordinated Debt Disbursement” on the
sixth line of the definition of “Linden Construction Budget” set forth in
Section 1.01 (Defined Terms) will be deleted.

K. The amount specified beginning on the third line of the definition of “Linden
Required Equity Contribution” set forth in Section 1.01 (Defined Terms) will be
deleted and replaced with the following amount: “forty eight million eight
hundred twenty-nine thousand nine hundred eighty-six (48,829,986)”.

 

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L. The phrase “, each Subordinated Lender” in the definition of “Loan Parties”
set forth in Section 1.01 (Defined Terms) will be deleted.

M. Clause (b) of the definition of “Restricted Payments” set forth in
Section 1.01 (Defined Terms) will be deleted in its entirety, and the following
clauses of such definition shall be renumbered accordingly.

N. The following phrase will be added at the end of the definition of
“Restricted Payments” set forth in Section 1.01 (Defined Terms):

“or fees otherwise approved in the Construction Budgets or the Operating
Budget”.

O. The following definition will be added in Section 1.01 (Defined Terms),
immediately after the definition of “Termination Event”:

““Third Amendment” means the Third Amendment to Credit Agreement and First
Amendment to ASA Holdings Pledge Agreement, dated as of                     
    , 2006, by and among the Borrowers, the Borrowers’ Agent, ASA Biofuels, each
of the Lenders party thereto, the Administrative Agent, the Collateral Agent and
the Accounts Bank.”

P. The phrase “and (C) closing fees paid on the Subordinated Loans” beginning on
the tenth line of paragraph (iv) of Section 2.04(g) (Commitments and
Borrowing—Borrowing of Loans) will be deleted and replaced with the following:
“and (C) one million two hundred fifty thousand Dollars ($1,250,000)”.

Q. The following phrase will be added at the end of Section 2.04(g)(iv)
(Commitments and Borrowing—Borrowing of Loans):

“; provided, that for purposes of clause (1) above, it will be assumed that the
management fees incurred and paid by the Borrowers as Project Costs under the
Line Item entitled “Management Fees” under the heading “Start-up and Working
Capital” of the Construction Budgets were incurred and paid as provided for in
the original Construction Budgets and the Management Services Agreement through
the Conversion Date (as if no prepayment of fees under the Management Services
Agreement had been made)”.

 

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R. Paragraph (vii) of Section 2.04(g) (Commitments and Borrowing—Borrowing of
Loans) will be deleted in its entirety and replaced with the following:

 

  “(vii) seventh, to ASA Biofuels, as reimbursement for, or repayment of, the
Required Equity Contributions, in an amount equal to thirty-five percent
(35%) of any outstanding Construction Loan Commitments that remain outstanding
after the disbursements described in priorities first through sixth above.”

S. The phrase “, and the Subordinated Debt Agreements” beginning on the sixth
line of Section 5.11(a) (Representations and Warranties—Transaction Documents
and Other Documents; Representations and Warranties in Transaction Documents)
will be deleted and the word “and” will be added on the sixth line of such
Section between the phrases “…the Project Documents” and “the Management
Services Agreement”.

T. The phrase “and the Required Subordinated Debt Disbursements” beginning on
the eighth line of Section 5.22(b) (Representations and Warranties—Accuracy of
Information) will be deleted, and the word “and” will be added between the
phrases “…this Agreement,” and “…the Required Equity Contributions” on the
eighth line of such Section.

U. Section 6.02(b) (Conditions to First Borrowing for Each Plant—Subordinated
Loans) will be deleted in its entirety, and replaced with the following: “(b)
[Intentionally omitted].”

V. Paragraph (ii) of Section 7.02(a) (Negative Covenants—Restrictions on
Indebtedness of the Borrowers) will be deleted in its entirety, and replaced
with the following: “(ii) [Intentionally omitted];”.

W. Section 7.02(n) (Negative Covenants—Subordinated Debt Agreements) will be
deleted in its entirety, and replaced with the following: “(n) [Intentionally
omitted].”

X. The following phrase will be added at the end of Section 7.02(t) (Negative
Covenants—Construction Budget ”):

“; provided, that the Line Items entitled “Management Fees” and “Cash Interest
sub debt” set forth in the Construction Budgets shall be deemed to be completed
for purposes of clause (ii) above on the IPO Date.

 

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Y. The phrase “or any Subordinated Debt Agreement” beginning on the third line
of Section 7.03(g) (Covenants—Reporting Requirements) will be deleted, and the
word “or” will be added between the phrases “…the Management Services
Agreement,” and “any Additional Project Documents…” on the third line of such
Section.

Z. Section 7.03(h) (Covenants—Reporting Requirements) will be deleted in its
entirety, and replaced with the following: “(h) [Intentionally omitted];”.

AA. The phrase “and the Albion Required Subordinated Debt Disbursement” on the
second line of Section 8.03(b) (Project Accounts—Albion Construction Account)
will be deleted.

BB. The phrase “and the Bloomingburg Required Subordinated Debt Disbursement”
beginning on the second line of Section 8.04(b) (Project Accounts—Bloomingburg
Construction Account) will be deleted.

CC. The phrase “and the Linden Required Subordinated Debt Disbursement” on the
second line of Section 8.05(b) (Project Accounts—Linden Construction Account)
will be deleted.

DD. Paragraphs (x) and (xviii) of Section 8.08(b) (Revenue Account) will be
deleted in their entirety, and replaced with the following: “(x) [Intentionally
omitted];” and “(xviii) [Intentionally omitted];”, respectively.

EE. The phrase “, or any Loan Party defaults in the due performance and
observance of any of its obligations under the Intercreditor Agreement”
beginning on the fourteenth line of Section 9.01(c) (Events of
Default—Non-Performance of Certain Covenants and Obligations) will be deleted.

FF. The phrase “Subject to the Right of First Offer and Refusal Agreement,” on
the first line of Section 11.03(b) (Miscellaneous—Assignments) will be deleted,
and the first letter of the word “any” immediately following such phrase will be
capitalized.

GG. The parenthetical provision beginning on the sixth line of paragraph
(iii) of Section 11.09 (Miscellaneous—Indemnification by the Borrowers) will be
deleted.

 

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HH. The following terms will be deleted every time they are listed in Schedule
5.11-A: “Subordinated Guaranty”, “Subordinated Environmental Indemnity
Agreement” and “Subordinated Negative Pledge Agreement”.

II. The following phrases set forth in Schedule 5.25 will be deleted: (a) “the
Subordinated Guaranty and” on the third line of Section (vii); (b) “and the
Subordinated Guaranty” on the third line of Section (xviii); and (c) “and the
Subordinated Guaranty” beginning on the seventh line of Section (xx).

JJ. The phrase “and (C) closing fees paid on the Subordinated Loans” beginning
on the eighth line of paragraph fourth of Section 2 (Use of Proceeds) of Exhibit
A will be deleted and replaced with the following: “and (C) one million two
hundred fifty thousand Dollars ($1,250,000)”.

KK. The following phrase will be added at the end of paragraph fourth of
Section 2 (Use of Proceeds) of Exhibit A:

“; provided, that for purposes of clause (1) above, it has been assumed that the
management fees incurred and paid by the Borrowers as Project Costs under the
Line Item entitled “Management Fees” under the heading “Start-up and Working
Capital” of the Construction Budgets were incurred and paid as provided for in
the original Construction Budgets and the Management Services Agreement through
the Conversion Date (as if no prepayment of fees under the Management Services
Agreement had been made)”.

LL. Paragraph seventh of Section 2 (Use of Proceeds) of Exhibit A will be
deleted in its entirety and replaced with the following:

“seventh, [            ] Dollars ($[            ]) to ASA Biofuels, as
reimbursement for, or repayment of, the Required Equity Contributions, which
amount is equal to thirty-five percent (35%) of any outstanding Construction
Loan Commitments that remain outstanding after the disbursements described in
priorities first through sixth above.”

MM. Paragraphs (x) and (xviii), and paragraphs (q) and (y), of Exhibit L will be
deleted in their entirety, and replaced with the following: “(x) [Intentionally
omitted];”, “(xviii) [Intentionally omitted];”, “(q) [Intentionally omitted].”
and “(y) [Intentionally omitted].”, respectively.

 

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NN. The phrases “, the Right of First Offer and Refusal Agreement”, “or the
Right of First Offer and Refusal Agreement”, and “and the Right of First Offer
and Refusal Agreement” will be deleted every time they appear in Exhibit V. In
addition, and also with respect to such Exhibit V, (I) the word “or” will be
added on the seventh line of Section 4(a) between the phrases “…with the Credit
Agreement,” and “the other Financing Documents…”; (II) the word “and” will be
added on the fourth line of Section 4(b) between the phrases “…under the Credit
Agreement,” and “the other Financing Documents…”; (III) the word “and” will be
added on the seventh line of Section 4(b) between the phrases “…a copy of the
Credit Agreement,” and “each other Financing Document…”; (IV) the word “or” will
be added on the sixteenth line of Section 4(b) between the phrases “…under the
Credit Agreement,” and “any other Financing Document…”; and (V) the word “and”
will be added on the fourth lines of Sections 5(c)(i) and (ii), in each case
between the phrases “…under the Credit Agreement,” and “the other Financing
Documents”.

OO. The phrase “or Subordinated Debt Agreement” on the third line of Section 6
of Exhibit W will be deleted, and the word “or” will be added on the second line
of such Section between the phrases “…any Project Document,” and “Additional
Project Document”.

4. Amendments to the Holdings Pledge Agreement. Effective upon the ASA Biofuels
Conversion Date, ASA Holdings, ASA Biofuels and the Collateral Agent hereto
hereby further agree to amend the following provisions of the Holdings Pledge
Agreement in the manner set forth as follows:

A. The phrase “limited liability company” in Sections 4.01(a) and
(b) (Representations and Warranties—Organization; Power; Compliance with Law and
Contractual Obligations) will be deleted and replaced with the word
“corporation”.

B. The phrase “limited liability company” in Sections 4.01(c) (Representations
and Warranties—Organization; Power; Compliance with Law and Contractual
Obligations) and 4.02(a) (Representations and Warranties—Due Authorization;
Non-Contravention) will be deleted and replaced with the word “corporate”.

C. Section 4.07 (Representations and Warranties—Name; Organizational Number)
will be amended in the manner set forth in the ASA Biofuels Conversion Notice
(with respect to name) and the Certificate of Conversion (with respect to the
organizational number).

 

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D. The term “ASALLIANCES BIOFUELS, LLC” set forth in Exhibits A and B will be
deleted and replaced with “ASALLIANCES BIOFUELS, INC”.

5. Obligations of the Borrowers in Connection with the ASA Biofuels’ IPO. In
addition to each of their covenants, agreements and obligations set forth in the
Credit Agreement, the Borrowers hereby jointly and severally agree with each
Agent and each Lender that:

A. No later than three (3) Business Days prior to the IPO Date, the Borrowers
shall give written notice to the Administrative Agent specifying the IPO Date
and any other information reasonably requested by the Administrative Agent in
connection with ASA Biofuels’ IPO.

B. On the IPO Date, the Borrowers shall provide the Administrative Agent with a
certified pay-off letter executed by each Subordinated Lender (i) confirming
that all the Subordinated Debt Obligations have been irrevocably and
indefeasibly paid in full, (ii) confirming that each Subordinated Debt Agreement
(including each Subordinated Guaranty, the Subordinated Debt Environmental
Indemnity Agreement and the Subordinated Debt Negative Pledge Agreement) has
been terminated, and (iii) acknowledging that, effective upon the IPO Date, the
Intercreditor Agreement and the Right of First Offer and Refusal Agreement have
been terminated.

C. Within three (3) Business Days after the IPO Date, the Borrowers shall file
with the relevant registry/ies evidence of the termination in full of each of
the Subordinated Debt Agreements or other documents and/or instruments executed
pursuant thereto whose execution has been recorded in such registry/ies, and
promptly thereafter shall deliver to the Administrative Agent acknowledgement
copies or stamped receipt copies of the recordation of each such termination.

6. Conditions to Effectiveness. This Amendment (except as set forth in Sections
6.A. and 6.B. below) shall become effective upon the execution of a counterpart
hereof by each of the Borrowers, the Borrowers’ Agent, ASA Biofuels, the
Lenders, the Administrative Agent, the Collateral Agent and the Accounts Bank.

A. The provisions of Sections 2 and 4 of this Amendment shall become effective
on the date on which each of the following provisions are satisfied in a manner
satisfactory to the Administrative Agent (the “ASA Biofuels Conversion Date”),
provided that such provisions shall not become effective and shall be deemed to
be null and void if the ASA Biofuels Conversion Date does not occur by the
earlier of (x) the IPO Date and (y) twelve (12) months following the execution
of this Amendment:

(i) a counterpart of this Amendment shall have been executed by each of the
parties hereto and delivered to the Administrative Agent;

 

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(ii) the Administrative Agent shall have received satisfactory evidence,
including certificates of good standing from the Secretaries of State of each
relevant jurisdiction, that ASA Biofuels is duly authorized as a corporation to
carry on its business, and is duly organized, validly existing and in good
standing in each jurisdiction in which it is required to be so authorized;

(iii) the Administrative Agent shall have received a legal opinion from Dorsey &
Whitney LLP, New York and Delaware counsel to ASA Biofuels, addressed to the
Senior Secured Parties and in form and substance reasonably satisfactory to the
Administrative Agent, addressing such matters related to the conversion of ASA
Biofuels and the Lien granted pursuant to the Holdings Pledge Agreement as the
Administrative Agent may reasonably request;

(iv) the Administrative Agent shall have received satisfactory copies or
evidence, as the case may be, of the following actions in connection with the
perfection of the Security:

1. acknowledgment copies or stamped receipt copies of a proper amendment of the
UCC financing statements relating to the Holdings Pledge Agreement, duly filed
with the Secretary of State of the State of Delaware;

2. the original certificates representing all Equity Interests in ASA Holdings
reflecting ASAlliances Biofuels, Inc. as the owner shall have been delivered to
the Collateral Agent, in each case together with a duly executed transfer power
and irrevocable proxy in the form attached to the Holdings Pledge Agreement;

3. evidence of the completion of all other actions, recordings and filings of or
with respect to the Holdings Pledge Agreement that the Administrative Agent may
deem necessary or desirable in order to continue to perfect and protect the
first-priority Liens created under the Holdings Pledge Agreement;

 

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(v) the Administrative Agent shall have received from ASA Biofuels a certificate
of an Authorized Officer dated as of the ASA Biofuels Conversion Date, upon
which the Administrative Agent and each Lender may conclusively rely, as to:

1. resolutions of its members, managers, directors or shareholders, as the case
may be, then in full force and effect authorizing the conversion of ASA Biofuels
into a corporation;

2. the incumbency and signatures of those of its officers and representatives
authorized to execute and otherwise act with respect to each Financing Document
to which it is party; and

3.ASA Biofuel’s Organic Documents (including a Certificate of Conversion and a
Certificate of Incorporation duly filed with the Secretary of State of the State
of Delaware) which shall be in form and substance reasonably satisfactory to the
Required Lenders, and certifying that (A) such documents are in full force and
effect and no term or condition thereof has been amended from the form thereof
delivered to the Administrative Agent and (B) no material breach, material
default or material violation thereunder has occurred and is continuing; and

(vi) the Borrowers’ Agent and ASA Biofuels shall have provided at least three
(3) Business Days prior written notice to the Administrative Agent of the
anticipated ASA Biofuels Conversion Date (the “ASA Biofuels Conversion Notice”),
which notice shall set forth the full legal name of ASA Biofuels to be effective
on the ASA Biofuels Conversion Date, and the Lenders acknowledge and agree that
such notice will satisfy the notice requirements of Section 5.09 (Covenants of
Pledgor—Name; Jurisdiction of Organization) of the Holdings Pledge Agreement.

B. The provisions of Section 3 of this Amendment shall become effective on the
date on which each of the following provisions are satisfied (the “IPO Date”),
provided that such provisions shall not become effective and shall be deemed to
be null and void if the IPO Date does not occur within twelve (12) months
following the execution of this Amendment:

(i) the condition set forth in Section 6A.(i) above shall have been satisfied;

 

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(ii) the initial public offering of shares of ASA Biofuels shall be consummated
for an amount that equals or exceeds one hundred million Dollars ($100,000,000)
(the “ASA Biofuels’ IPO”); and

(iii) each of the Borrowers’ obligations set forth in Sections 5A. and 5B. of
this Amendment shall be fully satisfied to the Administrative Agent’s
satisfaction.

7. Termination of Certain Agreements. Upon the effectiveness of Section 3 of
this Amendment as provided in Section 6B. herein, the parties hereto hereby
acknowledge and agree that the Intercreditor Agreement and the Right of First
Offer and Refusal Agreement are automatically terminated.

8. Ratification; No Waiver; Etc. Except as expressly amended hereby, the Credit
Agreement, the Holdings Pledge Agreement and all documents, instruments, and
agreements related thereto are hereby ratified and confirmed in all respects and
shall continue in full force and effect. The execution, delivery, and
effectiveness of this Amendment shall not operate as a waiver of any right,
power, or remedy of any of the Lenders, the Collateral Agent or any other Senior
Secured Party under the Credit Agreement or the Holdings Pledge Agreement, nor
constitute a waiver of any provision of the Credit Agreement or the Holdings
Pledge Agreement. The Credit Agreement shall, together with this Amendment, be
read and construed as a single agreement, and the Holdings Pledge Agreement
shall, together with this Amendment, be read and construed as a single
agreement. All references in the Credit Agreement, the Holdings Pledge
Agreement, and any related documents, instruments and agreements shall hereafter
refer to the Credit Agreement and/or the Holdings Pledge Agreement, as amended
hereby.

9. Authority; Etc. The execution and delivery by each of the Borrowers, ASA
Biofuels and the Borrowers’ Agent of this Amendment and the performance by each
of the Borrowers, ASA Biofuels and the Borrowers’ Agent of all of its agreements
and obligations under the Credit Agreement as amended hereby are within the
organizational authority of each of them and have been duly authorized by all
necessary organizational action on the part of, and have been duly and validly
executed by, each Borrower, ASA Biofuels and the Borrowers’ Agent .

 

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10. Miscellaneous.

(a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA.

(b) Section headings in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment or the Credit
Agreement for any other purpose or be given any substantive effect.

(c) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all of which
counterparts together shall constitute but one and the same instrument.

(d) Delivery of an executed counterpart of a signature page of this Amendment by
telecopy or portable document format (“pdf”) shall be effective as delivery of a
manually executed counterpart of this Amendment.

[The remainder of this page was left blank intentionally.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to
Credit Agreement and First Amendment to ASA Holdings Pledge Agreement to be
executed by their respective officers as of the day and year first above
written.

 

ASA OPCO HOLDINGS, LLC,

as borrower

By:  

/s/ George Schaefer

Name:   George Schaefer Title:   Chief Financial Officer ASA ALBION, LLC, as
Borrower By:  

/s/ George Schaefer

Name:   George Schaefer Title:   Chief Financial Officer

ASA BLOOMINGBURG, LLC,

as Borrower

By:  

/s/ George Schaefer

Name:   George Schaefer Title:   Chief Financial Officer

ASA LINDEN, LLC,

as Borrower

By:  

/s/ George Schaefer

Name:   George Schaefer Title:   Chief Financial Officer

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

ASSALIANCES BIOFUELS, LLC By:  

/s/ George Schaefer

Name:   George Schaefer Title:   Chief Financial Officer

 

ASA OPCO HOLDINGS, LLC,

as Borrower’s Agent

By:  

/s/ George Schaefer

Name:   George Schaefer Title:   Chief Financial Officer

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

WESTLB AG, NEW YORK BRANCH,

as Lender

By:  

/s/ DUNCAN ROBERTSON

Name:   DUNCAN ROBERTSON Title:   EXECUTIVE DIRECTOR By:  

/s/ JUAN KREUTZ

Name:   JUAN KREUTZ Title:   DIRECTOR

WESTLB AG, NEW YORK BRANCH,

as Administrative Agent

By:  

/s/ DUNCAN ROBERTSON

Name:   DUNCAN ROBERTSON Title:   EXECUTIVE DIRECTOR By:  

/s/ JUAN KREUTZ

Name:   JUAN KREUTZ Title:   DIRECTOR

This Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

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FIRST NATIONAL BANK OF OMAHA,

as Lender

By:  

/s/ Fallon Savage

Name:   Fallon Savage Title:   Commercial Loan Officer

FIRST NATIONAL BANK OF OMAHA,

as Collateral Agent

By:  

/s/ Fallon Savage

Name:   Fallon Savage Title:   Commercial Loan Officer

FIRST NATIONAL BANK OF OMAHA,

as Account Bank

By:  

/s/ Fallon Savage

Name:   Fallon Savage Title:   Commercial Loan Officer

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

1ST FARM CREDIT SERVICES, FLCA,

as Lender

By:  

/s/ Alan Zwilling

Name:   Alan Zwilling Title:   Credit Analyst

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

AGFIRST FARM CREDIT BANK,

as Lender

By:  

/s/ Bruce B. Fortner

Name:   Bruce B. Fortner Title:   Vice President

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

AMARILLO NATIONAL BANK,

as Lender

By:  

/s/ Craig L Sanders

Name:   Craig L Sanders Title:   Executive Vice President By:  

/s/ Mark Fields

Name:   Mark Fields Title:   Vice President

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

BANCO BILBAO VIZCAYA ARGENTARIA S.A.,

as Lender

By:  

/s/ Anne-Maureen Sarfati

Name:   Anne-Maureen Sarfati Title:   Vice President   Global Corporate Banking
By:  

/s/ JAY LEVIT

Name:   JAY LEVIT Title:   VICE PRESIDENT   GLOBAL CORPORATE BANKING

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

BANCO SANTANDER CENTRAL HISPANO, S.A.,

as Lender

By:  

[Illegible]

Name:   Title:   By:  

/s/ L. RUBEN PEREZ-ROMO

Name:   L. RUBEN PEREZ-ROMO Title:   Vice President   Global Corporate Banking

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

BANK MIDWEST, N.A.,

as Lender

By:  

/s/ DAVID L. RAMBO

Name:   DAVID L. RAMBO Title:   SENIOR VICE PRESIDENT   COMMERCIAL LENDING

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

CIT CAPITAL USA INC.,

as Lender

By:  

/s/ Joseph Gyurindak

Name:   Joseph Gyurindak Title:   Vice President

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

FARM CREDIT SERVICES OF AMERICA, FLCA,

as Lender

By:  

/s/ Kathryn J. Frahm

Name:   Kathryn J. Frahm Title:   Vice President

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

GREENSTONE FARM CREDIT SERVICES, ACA/FLCA,

as Lender

By:  

/s/ Ben Mahlich

Name:   Ben Mahlich Title:   AVP/Lending Officer

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

ING CAPITAL LLC,

as Lender

By:  

/s/ Jim Latimer

Name:   Jim Latimer Title:   Managing Director

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

INVESTEC BANK (UK) LIMITED,

as Lender

By:  

/s/ M. Henderson

Name:   M. Henderson Title:   By:  

/s/ C KING

Name:   C KING Title:   Authorized Signatory

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

METROPOLITAN LIFE INSURANCE COMPANY,

as Lender

By:  

/s/ Erik V. Savi

Name:   Erik V. Savi Title:   Director

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

NATEXIS BANQUES POPULAIRES,

as Lender

By:  

/s/ Anadi Jauhari

Name:   Anadi Jauhari Title:   VP/Group Head By:  

/s/ ROBERT PARK

Name:   ROBERT PARK Title:   ASSOCIATE

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

SCOTIABANC INC.,

as Lender

By:  

/s/ William E. Zarrett

Name:   William E. Zarrett Title:   Managing Director

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement

--------------------------------------------------------------------------------

STANDARD CHARTERED BANK,

as Lender

By:  

/s/ NADA ELREEDY

Name:   NADA ELREEDY Title:   SENIOR VICE PRESIDENT   PROJECT FINANCE AMERICAS
By:  

/s/ ANDREW Y. NG

Name:   ANDREW Y. NG Title:   VICE PRESIDENT   STANDARD CHARTERED BANK NY

Third Amendment to Credit Agreement and First Amendment to ASA Holdings Pledge
Agreement