Exhibit 10.11
 EXECUTION VERSION




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PageARTICLE I Definitions and Interpretive Matters
    
    
    11.01 Certain Defined Terms
    
    
    11.02 Accounting Terms and Determinations
    
    
    361.03 Types of Loans
    
    
    371.04 Certain Principles of Interpretation
    
    
    37ARTICLE II Loan Commitments
    
    
    382.01 Term Loans
    
    
    382.02 Working Capital Loans
    
    
    392.03 Letters of Credit
    
    
    392.04 Borrowings
    
    
    432.05 Changes of Loan Commitments
    
    
    432.06 Fees
    
    
    442.07 Lending Offices
    
    
    452.08 Several Obligations; Remedies Independent
    
    
    452.09 Notes
    
    
    46ARTICLE III Payments of Principal and Interest
    
    
    473.01 Repayment of Loans
    
    
    473.02 Interest
    
    
    473.03 Optional Prepayments and Conversions or Continuations of Loans
    
    
    483.04 Mandatory Prepayments
    
    
    48ARTICLE IV
Payments; Pro Rata Treatment; Computations; Etc.
    
    
    494.01 Payments
    
    
    494.02 Pro Rata Treatment
    
    
    504.03 Computations
    
    
    514.04 Minimum Amounts
    
    
    514.05 Certain Notices
    
    
    514.06 Non-Receipt of Funds by the Administrative Agent
    
    
    524.07 Sharing
of Payments; Etc.
    
    
    53ARTICLE V
Yield Protection; Etc.
    
    
    545.01 Alternate Rate of Interest
    
    
    545.02 Increased Costs
    
    
    555.03 Break Funding Payments
    
    
    565.04 Taxes
    
    
    565.05 Mitigation of Secured Obligations; Replacement of Lenders
    
    
    585.06 Illegality
    
    
    59
  i




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PageARTICLE VI Conditions Precedent
    
    
    606.01 Conditions to Closing Date
    
    
    606.02 Conditions to the First Project Funding
    
    
    666.03 Conditions to All Term Loan Fundings (except the Fee Funding)
    
    
    696.04 Conditions to all Fundings of Loans
    
    
    716.05 Conditions Precedent to the Conversion Date
    
    
    72ARTICLE VII Representations and Warranties
    
    
    757.01 Existence
    
    
    757.02 Financial Condition
    
    
    757.03 Action
    
    
    767.04 No Breach
    
    
    767.05 Government Approvals; Government Rules
    
    
    767.06 Proceedings
    
    
    787.07 Environmental Matters
    
    
    787.08 Taxes
    
    
    797.09 Tax Status
    
    
    807.10 ERISA; ERISA Event; Labor Relations
    
    
    807.11 Nature of Business; Property
    
    
    807.12 Security Documents
    
    
    807.13 Subsidiaries
    
    
    817.14 Status; Investment Company Regulation
    
    
    817.15 Contracts; Material Project Documents; Licenses
    
    
    817.16 Use of Proceeds
    
    
    827.17 Disclosure
    
    
    837.18 Fees
    
    
    837.19 Insurance
    
    
    837.20 Investments
    
    
    847.21 No Material Adverse Effect
    
    
    847.22 Absence of Default
    
    
    847.23 Event of Loss
    
    
    847.24 Title
    
    
    847.25
Property Rights, Utilities, Supplies; Etc.
    
    
    847.26 Separateness
    
    
    857.27 Patriot Act
    
    
    85ARTICLE VIII Covenants
    
    
    858.01 Reporting Requirements
    
    
    858.02
Maintenance of Existence; Etc.
    
    
    878.03
Compliance with Government Rules; Etc.
    
    
    878.04 Environmental Compliance
    
    
    888.05 Insurance; Events of Loss
    
    
    898.06 Proceedings
    
    
    928.07 Taxes
    
    
    938.08 Books and Records; Inspection Rights
    
    
    938.09 Use of Proceeds
    
    
    93
  ii




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Page8.10 Maintenance of Lien; Lenders Right to request stock pledge
    
    
    948.11 Prohibition of Fundamental Changes
    
    
    948.12 Restricted Payments
    
    
    958.13 Liens
    
    
    978.14 Investments
    
    
    988.15 Hedging Arrangements
    
    
    988.16 Indebtedness
    
    
    998.17 Nature of Business
    
    
    1008.18 Project Construction; Maintenance of Properties
    
    
    1008.19 Construction Reports
    
    
    1018.20 Project
Documents; Etc.
    
    
    1018.21 Operating and Capital Budgets
    
    
    1038.22 Operating Statements and Reports
    
    
    1048.23 Transactions with Affiliates
    
    
    1058.24 Final Survey and Title Policy
    
    
    1058.25 Other Documents and Information
    
    
    1058.26 Cooperation
    
    
    1068.27 Performance Tests
    
    
    1068.28 Separateness
    
    
    1068.29 Suspension or Abandonment
    
    
    1078.30 Mechanics Liens
    
    
    107ARTICLE IX Events of Default
    
    
    1079.01 Events of Default; Remedies
    
    
    107ARTICLE X The Administrative Agent
    
    
    11010.01 Appointment, Powers and Immunities
    
    
    11010.02 Reliance by Administrative Agent
    
    
    11110.03 Defaults
    
    
    11110.04 Rights as a Lender
    
    
    11210.05 Indemnification
    
    
    11210.06 Non-Reliance on Administrative Agent and Other Lenders
    
    
    11210.07 Failure to Act
    
    
    11310.08 Resignation or Removal of Administrative Agent
    
    
    11310.09 Consents under Transaction Documents
    
    
    11310.10 Appointment of Collateral Agent
    
    
    11410.11
Reports; Etc.
    
    
    11410.12 Lead
Arranger, etc.
    
    
    114ARTICLE XI Miscellaneous
    
    
    11411.01 Waiver
    
    
    11411.02 Notices
    
    
    11511.03
Expenses; Indemnification; Etc.
    
    
    11511.04
Amendments; Etc.
    
    
    11711.05 Successors and Assigns
    
    
    11711.06 Assignments and Participations; Replacement of Lender
    
    
    11811.07 SUBMISSION TO JURISDICTION; WAIVERS
    
    
    121
  iii




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Page11.08 Marshalling; Recapture
    
    
    12111.09 Interest Rate Limitation
    
    
    12311.10 Limitation of Liability
    
    
    12311.11 Survival
    
    
    12411.12 Captions
    
    
    12411.13 Counterparts; Integration; Effectiveness
    
    
    12411.14 Reinstatement
    
    
    12411.15 Severability
    
    
    12511.16 Remedies
    
    
    12511.17 NO THIRD PARTY BENEFICIARIES
    
    
    12511.18 SPECIAL EXCULPATION
    
    
    12511.19 GOVERNING LAW
    
    
    12511.20 WAIVER OF JURY TRIAL
    
    
    126
  iv




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APPENDICES, SCHEDULES AND EXHIBITS
 APPENDIX A
    
    
    
    Lender Loan CommitmentsAPPENDIX B
    
    
    
    Wire Transfer Details of AgentAPPENDIX C
    
    
    
    Target Balance AmountAPPENDIX D
    
    
    
    Construction ContractsSCHEDULE 6.01(a)
    
    
    
    Financing Documents  ClosingSCHEDULE 6.01(e)
    
    
    
    UCC Filing Jurisdictions  ClosingSCHEDULE 6.01(k)
    
    
    
    IndebtednessSCHEDULE 6.02(a)
    
    
    
    Financing Documents  First Project FundingSCHEDULE 6.02(d)
    
    
    
    UCC Filing Jurisdictions  First Project FundingSCHEDULE 6.05(e)
    
    
    
    Financing Documents  ConversionSCHEDULE 7.05(a)
    
    
    
    Government Approvals  Closing DateSCHEDULE 7.05(b)
    
    
    
    Government Approvals  First Project FundingSCHEDULE 7.05(d)
    
    
    
    Government Approvals  Post-First Project FundingSCHEDULE 7.07
    
    
    
    Environmental MattersSCHEDULE 7.10
    
    
    
    ERISASCHEDULE 7.15
    
    
    
    Project DocumentsPart A
    
    
    
    ClosingPart B
    
    
    
    First Project FundingPart C
    
    
    
    ConversionSCHEDULE 7.15(f)
    
    
    
    Transaction Documents Existing LiensSCHEDULE 7.15(j)
    
    
    
    Material Affiliated Project DocumentsSCHEDULE 7.18
    
    
    
    FeesSCHEDULE 7.26
    
    
    
    Separateness ProvisionsSCHEDULE 8.05
    
    
    
    Insurance RequirementsPart A
    
    
    
    ConstructionPart B
    
    
    
    OperationSCHEDULE 8.15
    
    -
    
    Commodity Hedging PlanSCHEDULE 8.27
    
    -
    
    Performance Tests and Performance CriteriaEXHIBIT A
    
    
    
    Form of NoteEXHIBIT B-1(a)
    
    
    
    Form of Term Loan Borrowing CertificateEXHIBIT B-1(b)
    
    
    
    Form of Working Capital Loan Borrowing CertificateEXHIBIT B-2
    
    
    
    Form of Notice of BorrowingEXHIBIT B-3
    
    
    
    Form of Letter of Credit Issuance RequestEXHIBIT C-1
    
    
    
    Form of Final Completion CertificateEXHIBIT C-2
    
    
    
    Form of Independent Engineers Final Completion CertificateEXHIBIT C-3
    
    
    
    Form of Independent Engineers CertificateEXHIBIT C-4
    
    
    
    Form of Independent Consultants Bringdown CertificateEXHIBIT D
    
    
    
    Form of Security AgreementEXHIBIT E
    
    
    
    Not UsedEXHIBIT F
    
    
    
    Form of Collateral Agency AgreementEXHIBIT G
    
    
    
    Form of Consent and AgreementEXHIBIT H
    
    
    
    Not UsedEXHIBIT I
    
    
    
    Terms of SubordinationEXHIBIT J
    
    
    
    Form of Construction Report
  v




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EXHIBIT K
    
    
    
    Form of Assignment and AcceptanceEXHIBIT L
    
    
    
    Form of Pending Disbursements ClauseEXHIBIT M
    
    
    
    Form of Confidentiality AgreementEXHIBIT N
    
    
    
    Form of Deed of Trust
  vi




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Agreement Borrower Section 11.06(b) Lender Lenders Administrative
Agent LC Issuing Bank
 MGY Project
  Credit Agreement
 Amended and Restated Credit Agreement
  Term Loan Facility Working Capital Facility
    1




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ARTICLE I
 DEFINITIONS AND INTERPRETIVE MATTERS
 Certain Defined Terms Sections 1.02 1.03 1.04
 Acceptable Bank
 Acceptable Insurance Broker
 Accounts
 Additional Project Document
 Adjusted LIBO Rate multiplied by
 Administrative Agent
 Administrative Agent Fee Letter
 Administrative Fee Section
2.05(c)
 Advance Date Section 4.06
 Affected Property
  2




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Affiliate
 Agreement
 Ancillary Documents
 Applicable Lending Office Appendix A provided
 Applicable Margin
 Eurodollar Rate
    
    Base RateTerm Loans
    
    
    4.00
    %
    
    
    3.00
    %Working Capital Loans
    
    
    4.00
    %
    
    
    3.00
    %
 Appurtenant Rights
  3




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Assignment and Acceptance Section
11.06(b) Exhibit K
 Authorized Officer
 Bankruptcy
  4




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Bankruptcy Code et seq
 Base Case Forecast
 Base Rate plus 1 2
 Base Rate Loans plus
 BBETC
 BBETC Event
      5




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Biodiesel
 Biodiesel Purchaser
 Biodiesel Sales Agreement
 Board
 Bookrunner
 Borrower
 Borrowers Knowledge
 Borrowing
 Business Day
 Capital Expenditures
  6




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Capital Lease Obligations
 Change in Control
 Change in Law
 Charges Section 11.09
 Closing Date Section 6.01
 Code
 Collateral ,
 Collateral Accounts
  7




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Collateral Agency Agreement Exhibit F
 Collateral Agency Fee Letter
 Collateral Agent
 Commitment Fees
 Commodity Hedging Agreement Section 8.15
 Commodity Hedging Plan Schedule 8.15
 Commodity Hedging Provider Section 8.15
 Confidential Information Memorandum
 Confidentiality Agreement Exhibit M
 Consent and Agreement Exhibit G
 Construction Account
  8




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Construction Budget and Schedule clause (a)
 Construction Contracts Appendix
D
 Construction Contractors
 Construction Report Exhibit J Section 8.19
 Contest Subject Claim Contest
 Continue Continuation Continued Section 3.03
 Control Controlled by under common Control with
  9




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Conversion Date Section 6.05
 Conversion Restricted Payment
 Convert Conversion Converted Section 3.03
 CPI
 Credit Party
 Date Certain
 Debentures
 Debenture Holders
 Debenture Security Agreement
 Debt Service Section 3.04 plus plus Section 2.05 clause (a)
 Debt Service Coverage Ratio over
  10




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to
 Debt Service Reserve Account
 Deed of Trust Exhibit N
 Default
 Depositary
 Determination Date Section 8.12
 Development
 Disposition
 Distribution Account
 Dollars $
 Easement Properties
 Effective Date No 1
 Effective Date No 2
 Eligible Assignee
 Environmental Claim
  11




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Environmental Laws
 Environmental Party
 Environmental Site Assessment
 Equator Principles
 Equity provided however
  12




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Equity Contribution Amount
 Equity Interests
 ERISA
 ERISA Affiliate
 ERISA Event
 Eurodollar Loans plus
 Event of Abandonment provided however Event of Abandonment
  13




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Event of Default Section 9.01
 Event of Loss
 Event of Taking
 Event of Total Loss
 Excluded Taxes Section 5.04(h)
 Federal Funds Rate provided
 Feedstock
 Feedstock Supplier
 Feedstock Supply Agreement
 Fee Funding
  14




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Sections 2.05 11.03
 Fee Funding Date
 Fee Letters
 Final Completion
  Section
8.27
    Section 8.05
 Section 8.15,
   15




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Schedule 7.05(a) Schedule 7.05(b) provided
  Final Completion Certificate Exhibit C-1
 Final Completion Date
 Final Maturity Date th provided
 Final Term Loan Borrowing
 Financing Documents
 First Project Funding after
 First Project Funding Date Section 6.02
 Foreign Lender
  16




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GAAP Section 1.02(a)
 Generator Lease
 Generator Lessee
 Glycerin
 Glycerin Purchaser
 Glycerin Sales Agreement
 Government Approval
 Government Authority
 Government Rule
 Guarantee
  17




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Guarantee Guaranteed
 Hazardous Material
 Holder
 Impairment Section 8.20 Section 8.03(b)
 Indebtedness clauses (a) (d) clauses  (a) (f)
 Indemnified Taxes
 Indemnitee Section 11.03
  18




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Independent Engineer
 Independent Engineers Certificate Exhibit C-3 Section 6.03(e)
 Independent Engineers Final Completion Certificate Exhibit C-2
 Independent Environmental Consultant
 Independent Insurance Consultant
 Independent Market Consultant(s)
 Interest Expense plus minus
 Interest Payment Date provided
 Interest Period
  19




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Section 4.05(a)
 clause (a) (b)
 Interest Rate Protection Agreement
 Investment
 IRS
 LC Disbursement
 LC Exposure plus
  20




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LC Issuing Bank Section 2.03(i)
 Lead Arranger
 Lender
 LIBO Rate
 Lien
 Loan
 Loan Borrowing Certificate Exhibit B-1(a) Exhibit B-1(b)
  21




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Loan Commitment Period
 Loan Commitments
 Loss Proceeds
 Loss Proceeds Account
 Losses Section 11.03
 Majority Lenders Section 11.04 Majority Lenders
 Management Services Agreement
 Margin Stock
 Material Adverse Effect
 Material Affiliated Project Party
 Material Biodiesel Sales Agreement
  22




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Material Feedstock Supply Agreement
 Material Glycerin Sales Agreement
 Material Methanol Sales Agreement
 Material Project Documents
 Material Project Parties
  23




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Maximum Rate Section 11.09
 Mechanics Liens paragraphs (a) (b) Section 8.13
 Methanol
 Methanol Purchaser
 Methanol Sales Agreement
 MGY
 Monthly Transfer Date st th th st
 Moodys
 Multiemployer Plan
 Net Available Amount
 Net Cash Payments provided
  24




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Section 8.16(a)(iii)
 Non-Consenting Lender Section
11.06(h)
 Non-Material Project Documents
 Nonrecourse Persons Section
11.10
 Non-U.S. Holder
 Notes Section 2.08(a)
 Notice of Borrowing Section
4.05(a)
 NPL et seq
 Operating and Capital Budget Section 8.21
 Operation and Maintenance Expenses
  25




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(a)
    
    general and administrative expenses;(b)
    
    payroll and other expenses for operating the Project and
maintaining the Project in good repair and operating condition (including any
deposits required to Project Parties and further including costs associated
with the supply and transportation for all Feedstock and other supplies and raw
materials to the Project and distribution and sale of Biodiesel, Glycerin,
Methanol, and other products from the Project for which the Borrower is
obligated to pay);(c)
    
    insurance costs;(d)
    
    applicable sales and excise Taxes (if any) payable or
reimbursable by the Borrower;(e)
    
    franchise Taxes payable by the Borrower;(f)
    
    property Taxes payable by the Borrower;(g)
    
    any other direct Taxes payable by the Borrower;(h)
    
    costs and fees attendant to the obtaining and maintaining in
effect the Government Approvals;(i)
    
    accounting and other professional fees attendant to any of the
foregoing items payable;(j)
    
    any fees and expenses of the Secured Parties not included in
Debt Service;(k)
    
    the reasonable costs of administration and enforcement of the
Transaction Documents;(l)
    
    all other costs and expenses included in the Operating and
Capital Budget.
  Operator
  26




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Other Taxes
 Participant Section
11.06(c)
 Participant Register Section
11.06(c)
 Payor Section 4.06
 PBGC
 Performance Test Report Section
8.27
 Performance Tests Schedule 8.27
 Performance Criteria Schedule 8.27.
 Permitted Capital Expenditures provided clause (A) clause (A) clause (A)
 Permitted Exceptions
 Permitted Indebtedness Section 8.16
  27




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Permitted Investments Section 8.14
 Permitted Liens Section 8.13
 Permitted Swap Agreement
 Permitted Swap Provider Section 8.15
 Permitted Tax Distribution Tax Parents Project Company Tax Liability
 Person
 Plan
 Post-Default Rate plus provided
  28




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Section 3.02 Article IX
 Prepayment Holding Account
 Prime Rate
 Principal Payment Dates clause (a)
 Project
 Project Costs clause (a)
     Section 8.05
   29




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Project Documents
 Project Facility Site
 Project Party
 Project Revenues
 Project Sponsor
 Projected Cash Flow Available for Debt Service less
 Projected Debt Service Coverage Ratio
 Projected Final Completion Date
 Projected Project Revenues
 Property
  30




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Quarterly Dates
 Register Section 2.08(d)
 Regulation A Regulation D Regulation U Regulation X
 Release
 Required Debt Service Reserve Amount
 Required Payment Section 4.06
 Restore Restoration
 Restricted Payment
 Restricted Payment Date Section 8.12
 Revenue Account
 S&P
  31




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Secured Obligations plus plus plus
 Secured Parties
 Security Agreement Exhibit D Exhibit D
 Security Documents Section
8.10(b))
 Statutory Reserve Rate
 Stock Pledge
 Subcontractors
  32




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Subordinated Indebtedness Exhibit I
 Subsidiary Wholly Owned Subsidiary
 Supermajority Lenders Section
11.04 Supermajority
Lenders
 Survey
       33




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Syndication Agent
 Target Balance Account
 Target Balance Amount Appendix C
 Taxes Tax
 Taxing Authority
 Term Lender
 Term Loan
 Term Loan Aggregate Commitment Section 2.04 Section 11.06
 Term Loan Borrowing
 Term Loan Commitments Section 2.04 Section 11.06
 Term Loan Commitment Fee Section
2.05(a)
 Term Loan Commitment Period Section
2.04 Section 9.01
  34




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Term Loan Construction Period Aggregate Commitment Section 2.04 Section 11.06.
 Termination Date
 Title Company
 Title Policy
 Transaction Documents
 Treasury Regulations
 Trust Estate
 Type Section 1.03
 Uniform Commercial Code UCC provided however Uniform Commercial Code UCC
 United States U.S.
 Use
 WestLB
  35




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WestLB Fee Letter
 Withdrawal Liability
 Working Capital Aggregate Commitment Section 2.04 Section 11.06
 Working Capital Loan Borrowing
 Working Capital Commitment Appendix A Section 2.04 Section 11.06
 Working Capital Commitment Fee Section 2.05(b)
 Working Capital Commitment Period Section 2.04 Section 9.01
 Working Capital Exposure
 Working Capital Lender
 Working Capital Loan
 Accounting Terms and Determinations
   36




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subsection (b) provided however provided further
 Section 8.01
  Types of Loans Type Type
 Certain Principles of Interpretation
  37




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ARTICLE II
 LOAN COMMITMENTS
 Term Loans
   Section 8.09(a)
 Section 3.03 Section 3.03
   38




---



##### 



Working Capital Loans
   Section 8.09(b).
 Section 3.03 Section 3.03
 Letters of Credit
 General
     39




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Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions Section 4.05(b)
 Expiration Date
 Participations
 Disbursement Procedures
  Reimbursement
  40




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Section
2.04(b) Section 2.04(d)
 Loans paragraph (f) Article III
 Obligations Absolute paragraph (g)
 provided
  41




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##### 



Replacement of the LC Issuing Bank. Section 2.06(d)
 Cash Collateralization. Section 9.01 Section
3.01(b), plus provided clause (f) (g) Article IX
  42




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Borrowings
 Section 4.05(a)
 Appendix B
   Changes of Loan Commitments
 Optional Changes of Commitment Section 2.04(b) provided Section 4.05(a)
  43




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Mandatory Changes of Loan Commitments
   No Reinstatement
 Fees
 Term Loan Commitment Fee Term Loan Commitment Fee
 Working Capital Commitment Fee Working Capital Commitment Fee
 Administrative Fee Administrative Fee
 Letter of Credit Fees
 Letter of
Credit Participation Fee
  44




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Letter of Credit
Fronting Fee
 provided
 Other Fees
 Lending Offices
 Several Obligations; Remedies Independent
  45




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Notes
 Notes Note Exhibit A Section
11.06(b)
 Loan Records provided
 Subdivision Section 11.06(b)
 Maintenance of Records by the Administrative Agent Register
 Effect of Entries paragraph (b) (d) prima facie provided
  46




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ARTICLE III
 PAYMENTS OF PRINCIPAL AND INTEREST
 Repayment of Loans
 Term Loans Section 9.01 provided
 Working Capital Loans Section 9.01
 Interest
 plus
 plus
  provided provided further
  47




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Optional Prepayments and Conversions or Continuations of Loans Section 4.04 provided Section 4.05(a) Section 3.03 Section 3.03 Section 3.03
 Mandatory Prepayments Section 3.01 paragraph (g)
 Event of Loss Section 8.05(m)
 Asset Sales
 Project Payments
  48




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Excess Cash Flow/Target Balance Amount seventh seventh
 Debt Service Coverage eighth
 BBETC Event. ninth
 Application in Inverse Order clauses Section 3.04 clauses (f) Section 3.04
 Payments Section 3.04
 Swap Prepayments Section 3.04 Section 3.04
 ARTICLE IV
 PAYMENTS; PRO RATA TREATMENT; COMPUTATIONS; ETC.
 Payments
   49




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Appendix B
 Section 4.02
  Section 1.01 Quarterly Date
 Section 2.02(d)
 Pro Rata Treatment Section 2.01 Section 2.02 Sections 2.05(a) (b) Section 5.03 provided
  50




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Section
11.04
 Computations
 Minimum Amounts Section 3.04 Section 5.03
 Certain Notices
  Number ofNotice
    
    Business Days PriorTermination or reduction of Loan Commitments
    
    
    3Borrowing (except the Term Loan Borrowing for the Fee
Funding), Conversions into or from, Continuations of
Interest Periods for, and Prepayments of Eurodollar
Loans
    
    
    5Borrowing (except the Term Loan Borrowing for the Fee
Funding) or Prepayment of Base Rate Loans
    
    
    1Term Loan Borrowing for the Fee Funding
    
    
    1
 Notice of Borrowing Exhibit B-2
  51




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Article VI 8.09
  Issuance Request Exhibit B-3 Section 2.03(c)
 Non-Receipt of Funds by the Administrative Agent Payor Required
Payment
  52




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##### 



Advance Date provided
 Section 3.02
 Section 3.02 Section 11.15
 Sharing of Payments; Etc.
 provided
   53




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##### 



pro rata provided pro rata Section 11.04 pro rata
  Section 4.07 Section 4.07
 ARTICLE V
 YIELD PROTECTION; ETC.
 Alternate Rate of Interest Section 5.01 borrowing
   54




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Increased Costs
    Section 5.05
 Section 5.05
  55




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Section 5.02 Section 5.02(a) Section 5.02(b)
 Section 5.02 provided Section 5.02 provided further
 Break Funding Payments Section 3.03 Section 3.04 Section 5.05 Section 5.03 Section 5.03
 Taxes
 provided
  56




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Section 5.04
  Section 5.04 Section 5.04
    57




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##### 



Section 5.04(a) 5.04(c)
  Mitigation of Secured Obligations; Replacement of Lenders
 Section 5.02 Section 5.04
  58




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Section 5.02 5.04
 Section 5.02 Section 5.04 Section 5.06 Section 11.06 provided Section 5.02 Section 5.04 Section 5.02 5.04 5.06 Section 5.05 Section 11.06(b) Section 5.05 Article V
 Illegality
  59




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provided
 ARTICLE VI
 CONDITIONS PRECEDENT
 Conditions to Closing Date
 Financing Documents Schedule
6.01(a)
 Material Project Documents Schedule 7.15
     Corporate Documents
   60




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##### 



paragraph (c)(i) Section 6.01;
      61




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Project Development
 Construction Budget and Schedules
 Base Case Forecast
 Report and Bring-Down Certificate of the Independent Engineer Exhibit C-4
 Report and Bring-Down Certificate of the Independent Environmental
Consultant
  62




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##### 



Exhibit C-4
 Report and Bring-Down Certificate of the Independent Market
Consultant Exhibit C-4
 Construction Report Section 8.19
 Permits Schedule
7.05(a)
 Filings, Registrations and Recordings; Fees and Taxes
 Search Reports
 Termination Statements
  63




---



##### 



Lien Releases
 Filings, Registrations and Recordings Schedule 6.01(e)
 Fees and Taxes
 Title Insurance
 Insurance.
  64




---



##### 



Insurance Policies Section 8.05 Section 8.05 Section 8.05 Section 8.05 Section 8.05 Schedule 8.05
 Independent Insurance Consultants Report and Bring-Down
Certificate Exhibit C-4
 Opinions of Counsel
 Opinion of New York Counsel to the Credit Parties
 Opinions of Local Counsel to the Credit Parties
 Balance Sheet pro forma
 Repayment of Indebtedness Schedule 6.01(k)
 Bank Regulatory Requirements
  65




---



##### 



Closing Fees; Expenses Sections
2.05 11.03
 Absence of Defaults
 Abandonment, Taking, Total Loss
 Conditions to the First Project Funding Sections 6.01 6.03 6.04 Section
6.01
 Financing Documents Schedule
6.02(a)
 Equity Contribution Amount
 Material Project Documents Part B Schedule 7.15 Section 6.01(b)
   66




---



##### 



Corporate Bring-Down Documents and filings
  Section 6.01
 Filings, Registrations and Recordings Schedule 6.02(d)
 Independent Consultants Bring-Down Certificates Section 6.01 Exhibit C-4
  67




---



##### 



Permits Schedule 7.05(b)
 Survey.
 Title Insurance
 Title Insurance Fees
 Insurance Policies Section 8.05 Section 8.05 Section 8.05 Section 8.05 Section 8.05 Schedule 8.05
 Opinions of Counsel
 Opinion of New York Counsel to the Credit Parties
 Opinions of Local Counsel to the Credit Parties
  68




---



##### 



Opinion of Counsel to Certain Material Project Parties
 Accounts Established
 Confidential Information Memorandum
 Commodity Hedging Plans
 Lien Subordinations
 Notice Provisions, Appendices, Schedules and Exhibits.
 Conditions to All Term Loan Fundings (except the Fee Funding) Section 6.04
 Payment of Project Costs provided
  69




---



##### 



paragraph (c)
 Evidence of Project Costs provided clause (y) provided
 Substantial Completion and Final Completion Schedules
 Independent Engineers Certificate Exhibit C-3
  70




---



##### 



Construction Report Section 8.19 Section 8.19
 Lien Waivers clauses (A) (B)
 Permits
 Endorsement to Title Policy Exhibit L
 Conditions to all Fundings of Loans
 Loan Borrowing Certificate Exhibit B-1(a) (b)
  71




---



##### 



Notice of Borrowing Section 2.03
 Payment of Fees Sections 2.05 11.03
 Material Adverse Effect.
 Absence of Defaults
 Abandonment, Taking, Total Loss
 Aggregate Value
 Conditions Precedent to the Conversion Date Section 6.04
 Material Project Documents Part C Schedule 7.15 Section
6.01(b) and 6.02(c)
   72




---



##### 



Final Completion
 Payment and Evidence of Project Costs
    paragraph (e) Section
6.05
 provided
  73




---



##### 



Lien Waivers
 Debt Service Reserve Account
 Insurance Section 8.05
 Final Survey
 Title Insurance
 Permits and Government Approvals
  74




---



##### 



Material Adverse Effect.
 Absence of Defaults
 Abandonment, Taking, Total Loss
 ARTICLE VII
 REPRESENTATIONS AND WARRANTIES.
  Existence
 Financial Condition Section 8.01 Schedules 6.01(a) 7.15 Section 7.15
  75




---



##### 



Action
 No Breach clauses (b) (c)
 Government Approvals; Government Rules
 Schedule 7.05(a) Schedule 7.05(a) Schedule 7.05(a) Schedule 7.05(a)
   76




---



##### 



Schedule 7.05(b)
 Schedule 7.05(b) Schedule 7.05(b)
 Schedule 7.05(d)
 Schedule 7.05(d) Schedule 7.05(d)
   77




---



##### 



Proceedings clause (a) (b)
 Environmental Matters Schedule 7.07
    78




---



##### 



Taxes
  79




---



##### 



Tax Status
 ERISA; ERISA Event; Labor Relations
 Schedule 7.10
   Schedule 7.10
 Nature of Business; Property Section 8.13
 Security Documents Section
8.20(e)
  80




---



##### 



Section 8.13 clause
(f)
 Subsidiaries
 Status; Investment Company Regulation
 Contracts; Material Project Documents; Licenses
 Schedule 7.15
  Schedule 7.15
  Section 8.20
  81




---



##### 



Schedule 7.15 Schedule 7.15(f) Section 8.13 Section 6.02(o).
 Section 8.20(c)
 Schedule 7.15
  Schedule 7.15(j)
 Use of Proceeds Section 8.09
  82




---



##### 



Disclosure
 provided
 Section 6.01(d)(iii) (iv) (v) Section 6.01(g), Section 6.02(e)
 Fees Schedule 7.18
 Insurance Section 8.05 Schedule 8.05
  83




---



##### 



Section 8.05 Schedule 8.05
 Investments
 No Material Adverse Effect
 Absence of Default
 Event of Loss
 Title
 Property Rights, Utilities, Supplies; Etc
    84




---



##### 



Separateness
   Schedule 7.26
 Patriot Act
 Terrorism Order
  ARTICLE VIII
 COVENANTS
  Reporting Requirements
  85




---



##### 



paragraphs (c) (g)
       86




---



##### 



paragraph (a) (b)
 Maintenance of Existence; Etc.
 Compliance with Government Rules; Etc.
 provided
 paragraph (c)
  87




---



##### 



Schedule 7.05(a) Schedule 7.05(b)
 Environmental Compliance
    88




---



##### 



Section 8.04(b)
 Insurance; Events of Loss
 Compliance with Insurance Requirements
 Insurance Maintained During Construction Part A Schedule 8.05 Part A Schedule 8.05 paragraph (c) Section 8.05
 Insurance Maintained During Operations Part
B Schedule 8.05
 Insurance Maintained by the Borrower and the Construction Contractors Part A Schedule 8.05
 Additional Insureds and Loss Payee
 Copies of Insurance Certificates
  89




---



##### 



Section 8.05 Section 8.05
 Copies of Insurance Policies
 Right to Procure Insurance Section 8.05
 Compromise, Adjustment or Settlement
 Notice of Event of Loss or Change in Insurance Coverage
  90




---



##### 



Section 8.05 Schedule 8.05
 No Duty of Secured Parties to Verify Section 8.05
 Loss Proceeds
 Deposits to Revenue Account
 Deposits to Loss Proceeds Account
 Corrections paragraph (i) (ii) paragraph (i) (ii)
 Restoration
    91




---



##### 



Modifications to Insurance Coverage paragraphs (b) (c) (d) Section 8.05 Schedule 8.05 Schedule 8.05 provided
 Proceedings clauses (a) (b)
  92




---



##### 



Taxes
 Books and Records; Inspection Rights
 Use of Proceeds
         93




---



##### 



Maintenance of Lien; Lenders Right to request stock pledge
 provided
  Prohibition of Fundamental Changes
   94




---



##### 



Section 8.05(m)
 Restricted Payments
 Restricted Payment Date
    Determination Date
   95




---



##### 



Section 3.03
    clause (iii)
         96




---



##### 



Section 8.12(a) provided
  Liens
      clause (iii) Section 8.16(a)
  97




---



##### 



Investments
        Section 8.16(a)
 Hedging Arrangements
   98




---



##### 



Schedule 8.15
    Indebtedness
    provided
  99




---



##### 



Section 8.16
 Nature of Business
  Schedule 7.10
 Project Construction; Maintenance of Properties
      100




---



##### 



Construction Reports Exhibit J
       Project Documents; Etc.
 Schedule 7.15 provided
  101




---



##### 



provided
   102




---



##### 



Section
8.20(c)
 clause (a) clause (i)
  Operating and Capital Budgets
   103




---



##### 



Section 8.21(a) provided
 Operating Statements and Reports Section 8.19
  104




---



##### 



Transactions with Affiliates Section 8.23 Schedule 7.15(j)
 Final Survey and Title Policy
   Other Documents and Information
   105




---



##### 



Schedule 7.05(a) Schedule 7.05(b)
  
 Cooperation
 Performance Tests Performance Test Report Section 8.27
 Separateness Schedule 7.26
  106




---



##### 



Suspension or Abandonment
 Mechanics Liens
 ARTICLE IX
 EVENTS OF DEFAULT
 Events of Default; Remedies Events of Default
 clause (ii)
    107




---



##### 



provided
 Section 8.01(c) 8.01(f) 8.02 8.03 8.04(b) 8.05(a) 8.05(b) 8.05(c) 8.05(d) 8.05(l) 8.05(m) 8.07 8.08 8.09 8.10 8.11 8.12 8.13 8.14 8.15 8.16(a) 8.17 8.18(c) 8.28, 8.29 8.30
 Section 9.01 Sections 9.01(s) (t)
   clause (i) (ii) clause (ii) clause (i)
 Section 9.01 Section 9.01 provided
  108




---



##### 



paragraph (h) (n) Section 9.01
 Section 8.05 provided clause (j)
  paragraph (a) (b) (c) (d) Section 8.05
   provided further
  109




---



##### 



paragraph (f) Article IX Section 5.03 5.04 paragraph (f) Article IX Section 5.03 5.04 clauses (1) (2)
 ARTICLE X
 THE ADMINISTRATIVE AGENT
 Appointment, Powers and Immunities
  110




---



##### 



Section 10.05 Section 10.06 Section 11.06(b)
 Reliance by Administrative Agent
 Defaults Section 10.07 provided
  111




---



##### 



Rights as a Lender
 Indemnification Section 11.03 Section 11.03 Section 11.03 provided
 Non-Reliance on Administrative Agent and Other Lenders
  112




---



##### 



Failure to Act Section 10.05
 Resignation or Removal of Administrative Agent Article X
 Consents under Transaction Documents Section 11.04
  113




---



##### 



provided
 Appointment of Collateral Agent
 Reports; Etc.
 Lead Arranger, etc
 ARTICLE XI
 MISCELLANEOUS
 Waiver Section 9.01
  114




---



##### 



Notices provided
 Expenses; Indemnification; Etc.
  Section
11.03(b)
    115




---



##### 



Indemnitee Losses provided however
  116




---



##### 



Amendments; Etc. provided Section 11.04 Article X Section 10.05 Section 10.06
 Article VI Section 11.04 Section 10.09 Section 11.04 provided clause (a)
 Successors and Assigns
  117




---



##### 



Assignments and Participations; Replacement of Lender
  provided Exhibit K Assignment and Acceptance Section 11.06(b)
  118




---



##### 



provided Participant Sections 5.02 5.04 Section 4.07(c) Article V Section 10.09
   119




---



##### 



Section 11.06
 Section 11.08(b)
 Section 11.06
 Non-Consenting Lender provided plus Section 5.03 Section 5.03 Section 11.06(b) provided
   120




---



##### 



SUBMISSION TO JURISDICTION; WAIVERS . ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO
THIS AGREEMENT AND ANY ACTION FOR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT IN
THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF
NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO HEREBY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND APPELLATE COURTS FROM ANY THEREOF. EACH OF THE PARTIES
HERETO IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
POSTAGE PREPAID, TO THE PARTIES HERETO AT ITS ADDRESS REFERRED TO IN THIS AGREEMENT OR THE
COLLATERAL AGENCY AGREEMENT. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH
THIS AGREEMENT BROUGHT IN THE COURTS REFERRED TO ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED IN ANY OTHER JURISDICTION.
 Marshalling; Recapture
  121




---



##### 



Treatment of Certain Information; Confidentiality Section
11.08(b)
 provided Section 11.08(b) Section 11.08(a) Section 11.08(b) Exhibit M provided however
  122




---



##### 



Section 11.08(b) Section 11.08
 Interest Rate Limitation Charges Maximum Rate
 Limitation of Liability Nonrecourse Persons provided Section 11.10 Section 11.10 Section 11.10 Section 11.10
  123




---



##### 



Sections 6.01 6.02 clause (d) Section 11.10
 Survival Sections 5.02 5.03 5.04 11.03 11.18 11.19 11.20 Section 10.05
 Captions
 Counterparts; Integration; Effectiveness
 Reinstatement
  124




---



##### 



Severability
 Remedies Article IX Article IX
 NO THIRD PARTY BENEFICIARIES . THE AGREEMENT OF THE LENDERS TO MAKE THE LOANS TO
THE BORROWER, ON THE TERMS AND CONDITIONS SET FORTH IN THIS AGREEMENT, IS SOLELY FOR THE BENEFIT OF
THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS, AND NO OTHER PERSON (INCLUDING ANY OTHER
PROJECT PARTY, CONTRACTOR, SUBCONTRACTOR,
SUPPLIER, WORKMAN, CARRIER, WAREHOUSEMAN OR MATERIALMAN FURNISHING LABOR, SUPPLIES, GOODS OR
SERVICES TO OR FOR THE BENEFIT OF THE PROJECT) SHALL HAVE ANY RIGHTS UNDER THIS AGREEMENT OR UNDER
ANY OTHER TRANSACTION DOCUMENT AS AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER OR WITH RESPECT TO
ANY EXTENSION OF CREDIT CONTEMPLATED BY THIS AGREEMENT.
 SPECIAL EXCULPATION . TO THE EXTENT PERMITTED BY APPLICABLE GOVERNMENT RULE, NO
CLAIM MAY BE MADE BY ANY PARTY HERETO AGAINST ANY OTHER PARTY HERETO OR ANY OF THEIR RESPECTIVE
AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS FOR ANY SPECIAL, INDIRECT,
CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER
THEORY OF LIABILITY ARISING OUT OF OR RELATING TO, OR ANY ACT, OMISSION OR EVENT OCCURRING IN
CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS (OTHER THAN THE RIGHTS OF THE LENDERS
EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS), AND EACH PARTY HEREBY
WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR ANY SUCH DAMAGES, WHETHER OR NOT ACCRUED
AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.
 GOVERNING LAW . THIS AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE OF LAW PRINCIPLES OF SUCH
LAWS WHICH WOULD REQUIRE THE APPLICATION OF THE LAWS
  125




---



##### 



OF A JURISDICTION OTHER THAN THE STATE OF NEW
YORK (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
 WAIVER OF JURY TRIAL THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS
HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS.
   126




---



##### 



BORROWER:
GREENHUNTER BIOFUELS, INC.By:Name:Title: 
  S-1




---



##### 



LENDERS:
WESTLB AG, NEW YORK BRANCHBy:Name:Title:By:Name:Title:  
  
  S-2




---



##### 



ADMINISTRATIVE AGENT:
WESTLB AG, NEW YORK BRANCHBy:Name:Title:By:Name:Title:  
 
  S-3




---



##### 



LC ISSUING BANK:
WESTLB AG, NEW YORK BRANCHBy:Name:Title:By:Name:Title:  
  
  S-4