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Section
    
    Title
    
    PageARTICLE IDEFINITIONS AND CERTAIN RULES OF INTERPRETATIONSection 1.1.
    
    Definitions
    
    
    -2-Section 1.2.
    
    Certain Rules of Interpretation
    
    
    -2-ARTICLE II.REPRESENTATIONSSection 2.1.
    
    Representations by the Issuer
    
    
    -3-Section 2.2.
    
    Representations by the Borrower
    
    
    -4-ARTICLE IIICONSTRUCTION OF THE FACILITY; ISSUANCE OF THE BONDSSection 3.l.
    
    Construction of the Facility
    
    
    -7-Section 3.2.
    
    Agreement to Issue Bonds; Application of Proceeds
    
    
    -7-Section 3.3.
    
    Disbursement from the Project Fund
    
    
    -7-Section 3.4.
    
    Obligation to Furnish Documents to Trustee and Issuer
    
    
    -10-Section 3.5.
    
    Establishment of Completion Date
    
    
    -10-Section 3.6.
    
    Borrower Required to Pay Project Costs If Project Fund Insufficient
    
    
    -12-Section 3.7.
    
    Remedies Against Suppliers, Contractors and Subcontractors and Their Sureties
    
    
    -12-Section 3.8.
    
    Fund Investments
    
    
    -12-ARTICLE IV.SECURITY AGREEMENT; PROVISIONS FOR PAYMENTSection 4.l.
    
    Security Agreement
    
    
    -13-Section 4.2.
    
    Payment Obligations of the Borrower
    
    
    -13-Section 4.3.
    
    Other Payments; Trustees Fees and Expenses
    
    
    -14-Section 4.4.
    
    Obligations of the Borrower Absolute and Unconditional
    
    
    -14-Section 4.5.
    
    Borrower Consents to Assignment of Agreement and Security Agreement and Execution of Indenture
    
    
    -15-Section 4.6.
    
    Borrower's Performance Under Indenture
    
    
    -15-Section 4.7.
    
    Permitted Encumbrances
    
    
    -15-
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Section
    
    Title
    
    PageARTICLE VPARTICULAR AGREEMENTSSection 5.1.
    
    Maintenance and Operation of Project; Taxes; No Operation of Project by Issuer; Removal of Equipment
    
    
    -17-Section 5.2.
    
    Indemnification of Issuer and Trustee
    
    
    -17-Section 5.3.
    
    Covenants Regarding Maintenance of Borrowers Existence
    
    
    -18-Section 5.4.
    
    Annual Audit; Provision of Reports and Financial Information
    
    
    -18-Section 5.5.
    
    Agreement of Issuer Not to Assign or Pledge
    
    
    -20-Section 5.6.
    
    Redemption of Bonds
    
    
    -20-Section 5.7.
    
    Reference to Bonds Ineffective After Bonds Paid
    
    
    -20-Section 5.8.
    
    Assignment, Sale or Lease of Project
    
    
    -20-Section 5.9.
    
    Notification of Act of Bankruptcy
    
    
    -20-Section 5.10.
    
    Insurance
    
    
    -21-Section 5.11.
    
    Condemnation of the Project
    
    
    -22-Section 5.12.
    
    Inspections
    
    
    -22-ARTICLE VI.EVENTS OF DEFAULT AND REMEDIESSection 6.1.
    
    Events of Default Defined
    
    
    -23-Section 6.2.
    
    Remedies
    
    
    -24-Section 6.3.
    
    No Remedy Exclusive
    
    
    -24-Section 6.4.
    
    Agreement to Pay Counsel Fees and Expenses
    
    
    -24-Section 6.5.
    
    Waiver of Events of Default and Rescission of Acceleration
    
    
    -25-ARTICLE VIIPREPAYMENT UNDER AGREEMENT
    
    
    -26-Section 7.l.
    
    Option to Prepay Installment Amounts Under Agreement in Whole in Certain Events
    
    
    -26-Section 7.2.
    
    Damage and Destruction
    
    
    -27-ARTICLE VIIIMISCELLANEOUSSection 8.l.
    
    Term of Agreement
    
    
    -28-Section 8.2.
    
    Notices
    
    
    -28-Section 8.3
    
    Binding Effect
    
    
    -29-Section 8.4.
    
    Severability
    
    
    -29-Section 8.5.
    
    Amounts Remaining in Project Fund or Bond Fund or Special Fund
    
    
    -29-Section 8.6.
    
    Delegation of Duties and Assignment of Rights by Issuer
    
    
    -29-Section 8.7.
    
    Amendments, Changes and Modifications
    
    
    -29-Section 8.8.
    
    Counterparts
    
    
    -29-Section 8.9.
    
    Captions
    
    
    -29-Section 8.10.
    
    Payments Due on Saturday, Sundays and Holidays
    
    
    -29-
 -i-




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Section
    
    Title
    
    PageSection 8.11.
    
    Law Governing Construction of Agreement
    
    
    -29-
  -ii-




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W I T N E S S E T H
  -iii-




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Section 1.1. Definitions
      Section 1.2. Certain Rules of Interpretation
  e.g. e.g.
 -2-




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REPRESENTATIONS
 Section 2.1. Representations by the Issuer
 Organization and Authority.
 Pending Litigation.
 Issue, Sale and Other Transactions Are Legal and Authorized.
 Governmental Consents.
 -3-




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No Defaults.
 No Prior Pledge.
 Nature and Location of Project.
 No Liability of Issuer
 No Personal Liability
 Section 2.2. Representations by the Borrower
 Organization and Power.
 -4-




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Pending Litigation.
 Agreements Are Legal and Authorized.
 Governmental Consent.
 No Defaults.
 Compliance with Laws
 -5-




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Restrictions on the Borrower.
 Inducement.
 Operation of Project.
  CONSTRUCTION OF THE FACILITY; ISSUANCE OF THE BONDS
 Section 3.l. Construction of the Facility
 Section 3.2. Agreement to Issue Bonds; Application of Proceeds
  Section 3.3. Disbursement from the Project Fund
 -6-




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-7-




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Exhibit A
   -8-




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-9-




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Section 3.4. Obligation to Furnish Documents to Trustee and Issuer
 Section 3.5. Establishment of Completion Date
      -10-




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Section 3.6. Borrower Required to Pay Project Costs If Project Fund Insufficient
 Section 3.7. Remedies Against Suppliers, Contractors and Subcontractors and Their
Sureties
 -11-




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Section 3.8. Fund Investments
  SECURITY AGREEMENT; PROVISIONS FOR PAYMENT
 Section 4.l. Security Agreement
 Section 4.2. Payment Obligations of the Borrower
      -12-




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Section 4.3. Other Payments; Trustees Fees and Expenses
 -13-




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Section 4.4. Obligations of the Borrower Absolute and Unconditional
  Section 4.5. Borrower Consents to Assignment of Agreement and Security Agreement
and Execution of Indenture
 -14-




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Section 4.6. Borrowers Performance Under Indenture
 Section 4.7. Permitted Encumbrances
  PARTICULAR AGREEMENTS
 Section 5.1. Maintenance and Operation of Project; Taxes; No Operation of Project
by Issuer; Removal of Equipment
 -15-




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Section 5.2. Indemnification of Issuer and Trustee
 supra
   -16-




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Section 5.3. Covenants Regarding Maintenance of Borrowers Existence
  Section 5.4. Annual Audit; Provision of Reports and Financial Information
      -17-




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Section 5.5. Agreement of Issuer Not to Assign or Pledge
 Section 5.6. Redemption of Bonds
 -18-




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Section 5.7. Reference to Bonds Ineffective After Bonds Paid
 Section 5.8. Assignment, Sale or Lease of Project
 Section 5.9. Notification of Act of Bankruptcy
 Section 5.10. Insurance
   -19-




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Section 5.11. Condemnation of the Project
 -20-




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Section 5.12. Inspections
  EVENTS OF DEFAULT AND REMEDIES
 Section 6.1. Events of Default Defined
   -21-




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Section 6.2. Remedies
  -22-




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Section 6.3. No Remedy Exclusive
 Section 6.4. Agreement to Pay Counsel Fees and Expenses
   Section 6.5. Waiver of Events of Default and Rescission of Acceleration
 -23-




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PREPAYMENT UNDER AGREEMENT
 Section 7.l. Option to Prepay Installment Amounts Under Agreement in Whole in
Certain Events
     -24-




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plus
  Section 7.2. Damage and Destruction
   -25-




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MISCELLANEOUS
 Section 8.l. Term of Agreement
 Section 8.2. Notices
 (a) If to the Issuer:
    
    Mitchell County Development Authorityc/o Ms. Marilyn RoyalExecutive DirectorP.O. Box 692Camilla, Georgia 31730with a copy to:
    
    Alfred J. Powell, Jr., Esq.Powell & Waters P.C.55 East Oakland AvenueP.O. Box 188Camilla, Georgia 31730-1832(b) If to the Borrower:
    
    First United Ethanol, LLC2 West Broad StreetCamilla, Georgia 31730(c) If to the Trustee:
    
    Regions BankAttn: Richard (Rick) Jaegle260 Peachtree StreetSuite 1800Atlanta, Georgia 30303(e) If to thePlacement Agent:
    
    Morgan Keegan & Company, Inc.Attn: Cliff Kimsey, First VPTwo Buckhead Plaza, Suite 7023050 Peachtree Road, N.W.Atlanta, Georgia 30305
 -26-




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Section 8.3 Binding Effect
 Section 8.4. Severability
 Section 8.5. Amounts Remaining in Project Fund or Bond Fund or Special Fund
 Section 8.6. Delegation of Duties and Assignment of Rights by Issuer
 Section 8.7. Amendments, Changes and Modifications
 Section 8.8. Counterparts
 Section 8.9. Captions
 Section 8.10. Payments Due on Saturday, Sundays and Holidays
 -27-




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Section 8.11. Law Governing Construction of Agreement
  Mitchell County Development AuthorityBY:
    
    /s/ Charles Rooks

               Vice Chairman
   /s/ Marilyn Royal

Secretary
 -28-




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FIRST UNITED ETHANOL, LLC[SEAL]BY:
    
    /s/ Murray Campbell

               Managing Member
 -29-




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REQUISITION AND CERTIFICATION




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By:Authorized Borrower Representative