Document:

Exhibit 10.3

 

LOAN AND SECURITY
AGREEMENT

 

THIS LOAN AND SECURITY
AGREEMENT (together with all schedules, riders and exhibits annexed hereto from time to time, this "Agreement")
is entered into this 17th day of September, 2014, by and among AVENTINE RENEWABLE ENERGY,
INC., a Delaware corporation ("Borrower"), the financial institutions party hereto from time to time
as Lenders, MIDCAP FINANCIAL, LLC, as Collateral Agent, and ALOSTAR BANK OF COMMERCE, a state banking institution
incorporated or otherwise organized under the laws of the State of Alabama, as Administrative Agent. All schedules, riders and
exhibits annexed hereto are incorporated herein and made a part hereof.

 

SECTION
1.Definitions

 

1.1Defined
Terms. When used in this Agreement or in any schedule or rider hereto, the following terms
shall have the following meanings (terms defined in the singular to have the same meaning when used in the plural and vice versa):

 

"Account Debtor"
means a Person obligated to pay an Account.

 

"Accounts Formula
Amount" means, on any date of determination thereof, an amount equal to the percentage set forth in Item 1 of
the Terms Schedule of the net amount of Eligible Accounts on such date. As used herein, the phrase "net amount of Eligible
Accounts" shall mean the face amount of such Accounts on any date less any and all Taxes at any time owing by Account Debtors,
or any interest accrued on the amount of, such Accounts at such date.

 

"Administrative
Agent" means AloStar Bank of Commerce, acting as administrative agent for the Lender Group, and any successor Administrative
Agent appointed pursuant to Section 11.12.

 

“Administrative
Agent Account” means the Deposit Account of Administrative Agent identified in Item 19 of the Terms Schedule.

 

"Administrative
Agent’s Office" means the office of Administrative Agent located at 3630 Peachtree Road, N.E., Suite 1050, Atlanta,
GA 30326, Attention: Aventine Portfolio Manager, or such other office as may be designated by Administrative Agent pursuant to
the provisions of Section 12.1.

 

"Administrative
Questionnaire" means a questionnaire in form and substance satisfactory to Administrative Agent.

 

"Affiliate"
means a Person (a) which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under
common control with, another Person; (b) which beneficially owns or holds 10% or more of any class of the Equity Interests
of a Person; or (c) 10% or more of the Equity Interests with power to vote of which is beneficially owned or held by another
Person or a Subsidiary of another Person. For purposes hereof, "control" means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of any
Equity Interest, by contract or otherwise. As used herein (other than in subsection (a) of the definition of Change of Control),
the term “Affiliate” shall not include any Persons controlled by any holder of 10% or more of any class of the Equity
Interests of Parent.

 

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“Agents”
means the Administrative Agent and the Collateral Agent.

 

"Aggregate Commitment
Ratio" means, with respect to any Lender, the ratio, expressed as a percentage, of (a) the unutilized portion of the Commitments
plus Loans (other than Agent Advances and Swing Loans) outstanding plus participation interests in LC Credit Support Obligations,
Swing Loans and Agent Advances outstanding of such Lender, divided by (b) the sum of the aggregate unutilized Commitments plus
Loans (other than Agent Advances and Swing Loans) outstanding plus participation interests in LC Credit Support Obligations, Swing
Loans and Agent Advances of all Lenders, which Aggregate Commitment Ratios, as of the Closing Date, are set forth (together with
Dollar amounts thereof) on Item 20 of the Terms Schedule.

 

“Agricultural
Liens” means statutory liens imposed on, through or by corn producers and other like agricultural liens imposed by law.

 

"Anti-Terrorism
Laws" means any laws relating to terrorism or money laundering, including Executive Order No. 13224 and the USA PATRIOT
ACT.

 

"Applicable Variable
Rate" shall have the meaning given to it in Item 8(a) of the Terms Schedule.

 

"Approved Fund"
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity that administers
or manages a Lender.

 

“Assignment
and Acceptance” shall mean that certain form of Assignment and Acceptance attached hereto as Exhibit E, pursuant
to which each Lender may, as further provided in Section 12.3, sell a portion of its Loans or a portion of the Commitments.

 

"Authorized Officer"
means each Senior Officer, each person identified in Item 2 of the Terms Schedule (if any), and each other person designated
in writing by Borrower to Administrative Agent as an authorized officer to make requests for Loans or other extensions of credit
hereunder.

 

"Availability"
means, on any date of determination thereof, the amount that Borrower is entitled to borrow as Revolver Loans or Swing Loans on
such date, such amount being the difference derived when the sum of the principal amount of Revolver Loans plus Agent Advances
plus Swing Loans then outstanding is subtracted from the Borrowing Base on such date. If the amount outstanding is equal to or
greater than the Borrowing Base, then there shall be no Availability.

 

"Availability
Reserve" means, on any date of determination thereof, an amount equal to the sum of the following (without duplication,
and, in each case, determined by Agents exercising their Permitted Discretion): (a) the in-transit freight rail reserve; (b)
(i) the aggregate amount of past due rent, fees or other charges owing at such time by any Obligor to any landlord of any premises
where any of the Collateral is located or to any processor, repairman, mechanic or other Person who is in possession of any Collateral
or has asserted or is able to assert any Lien or claim thereto and (ii) any Availability Reserve established pursuant to Section
5.1(a) or any other provision of this Agreement; (c) any amounts which any Obligor is obligated to pay pursuant to the
provisions of any of the Loan Documents that Agents elect to pay for the account of such Obligor in accordance with authority contained
in any of the Loan Documents; (d) additional reserves described in Item 3 of the Terms Schedule; (e) the amount of
any outstanding Bank Product Obligations due and owing to any Lender or any Affiliate of any Lender; (f) reserves with respect
to (x) any potential claims against Borrower or its property pursuant to PACA and (y) payables to vendors entitled to benefits
of PACA, or any similar statute or regulation; and (g) such additional reserves, in such amounts and with respect to such matters,
as Agents in their Permitted Discretion may elect to impose from time to time.

 

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"Bank Product
Obligations" means all indebtedness or other obligations arising out of or relating in any way to Bank Products.

 

"Bank Products"
means any one or more of the following types of products, services or facilities extended to Borrower by any Lender or any Affiliate
of any Lender (whether or not in reliance on such Lender's agreement to indemnify such Affiliate): (i) commercial credit or
debit cards; (ii) merchant card services; (iii) cash management services for operating, collections, payroll and trust
accounts of Borrower that are provided by any Lender or any of their respective Affiliates, including automated clearing house
services, controlled disbursement services, electronic funds transfer services, information reporting services, lockbox services,
stop payment services and wire transfer services; (iv) products consisting of interest rate protection agreements, foreign
currency exchange agreements, forward contracts, currency swap agreements, commodity price protection agreements for other interest
or currency exchange rate or commodity price hedging arrangements; (v) equipment leasing arrangements between Borrower and
any Lender or any Affiliate of any Lender; and (vi)  such other banking products or services provided by any Lender or any
Affiliate of any Lender as may be requested by Borrower, other than Letters of Credit.

 

"Bankruptcy Code"
means title 11 of the United States Code.

 

"Borrower's Books"
means all of Borrower's books and records relating to its existence, governance, assets, liabilities or financial condition or
any of the Collateral, including minute books; ledgers and records indicating, summarizing or evidencing Borrower's assets or liabilities;
all information relating to Borrower's business operations; and all computer records, programs, discs or tape files, printouts,
runs, and other information prepared or stored electronically, including the equipment or any website or third party storage provider
containing or hosting such information.

 

"Borrowing Base"
means, on any date of determination thereof, an amount equal to the lesser of: (a) an amount equal to the Maximum Revolver
Facility Amount on such date and (b) an amount equal to (i) the sum of the Accounts Formula Amount plus the Inventory
Formula Amount on such date minus (ii) the Availability Reserve on such date.

 

"Borrowing Base
Certificate" means a certificate, substantially in the form attached hereto as Exhibit C, with appropriate insertions,
to be submitted to Administrative Agent by Borrower Agent pursuant to this Agreement.

 

"Borrowing Request"
means a certificate, substantially in the form attached hereto as Exhibit D, with appropriate insertions, to be submitted
to Administrative Agent by Borrower Agent pursuant to this Agreement.

 

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"Business Day"
means any day of the week, excluding Saturdays, Sundays, each day that is a legal holiday under the laws of the State of Georgia
and each day on which Administrative Agent is otherwise closed for transacting business with the public.

 

“Canton”
means Aventine Renewable Energy – Canton, LLC, a Delaware limited liability company.

 

"Change in Law"
means the occurrence, after the date hereof, of (a) the adoption, taking effect or phasing in of any law, rule, regulation or treaty;
(b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any governmental
authority; or (c) the making, issuance or application of any request, guideline, requirement or directive (whether or not having
the force of law) by any governmental authority. For the avoidance of doubt, "Change in Law" shall include (a) the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directions issued thereunder
or in connection therewith or in implementation thereof and (b) all requests, rules, guidelines or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, in each case regardless of the date enacted, adopted,
issued or implemented.

 

"Change of Control"
means (a) the occurrence of any event (whether in one or more transactions) which results in a transfer of Control of Borrower
to a Person who is not an original owner (or an Affiliate thereof) of Equity Interests in Borrower on the Closing Date or (b) any
merger or consolidation of or with Borrower or sale of all or substantially all of the property of Borrower, other than any merger
or consolidation between Obligors and any merger or consolidation of any Subsidiary with or into Borrower. For purposes of this
definition, "Control of Borrower" shall mean the power, direct or indirect, (i) to vote 50% or more of the Equity Interests
having ordinary voting power for the election of directors or managing agents of Borrower or (ii) to direct or cause the direction
of the management and the policies of Borrower by contract or otherwise.

 

"Closing Date"
means the date on which the initial Loan is funded hereunder.

 

"Collateral"
means all of the property and interests in property described in Section 4.1 of this Agreement, all property described
in any of the Security Documents as security for the payment or performance of any of the Obligations, and all other property and
interests in property that now or hereafter secure (or are intended to secure) the payment or performance of any of the Obligations.

 

“Collateral
Agent” means MidCap Financial, LLC, and any successor Collateral Agent.

 

"Collections
Account" means any Deposit Account maintained by Borrower at a bank or other financial institution to which collections,
deposits and other payments on or with respect to the Collateral are to be made pursuant to the terms hereof and in respect of
which only Administrative Agent shall have access to withdraw or otherwise direct the disposition of the funds on deposit therein.

 

"Commitment Termination
Date" means the date that is the sooner to occur of (i) the last day of the Term or (ii) the date on which the Commitments
are terminated pursuant to Section 3.2.

 

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"Commitments"
means all commitments and other undertakings of Lenders in this Agreement to make Loans or other extensions of credit to or for
the benefit of Borrower in accordance with the terms of this Agreement and of the other Loan Documents.

 

"Commodity Account
Control Agreement" means a commodity account control agreement among Borrower, Administrative Agent and the Commodity
Intermediary named therein, pursuant to which Administrative Agent, for the benefit of the Lender Group, shall have obtained "control"
(as contemplated by Section 9-106 of the UCC) of such Commodity Account.

 

"Commodity Hedging
Arrangements" means any arrangement to hedge the price of corn purchases, ethanol sales, WDG or DDG sales or natural gas
purchases, including crush spread hedges, corn future contracts, and ethanol future contracts.

 

“Commodity
Risk Management Plan” means the risk management plan prepared by Borrower setting forth terms and conditions relating
to any Commodity Hedging Arrangements from time to time proposed to be entered into by Borrower (as the same may be amended from
time to time after the date hereof; provided, that Borrower shall promptly notify the Agents of any material amendment thereto).

 

"Compliance Certificate"
means a Compliance Certificate, in the form of Exhibit B attached hereto, with appropriate insertions, to be submitted to
Administrative Agent by Borrower Agent pursuant to this Agreement and certified as true and correct by a Senior Officer.

 

"Credit Support"
means any guaranty, indemnity, security or other assurance of payment or performance provided by Lenders to induce a Person to
extend credit to or for the benefit of any Obligor, including the issuance of any Letter of Credit by such Person for the account
of any Obligor.

 

"DDG"
means dried distillers grains produced by Borrower.

 

"Debt"
means, as applied to a Person, without duplication: (a) all items which in accordance with GAAP would be included in determining
total liabilities as shown on the liability side of a balance sheet of such Person as of the date as of which Debt is to be determined,
including capitalized lease obligations (other than any troubled debt restructuring adjustments that resulted from the debt refinancing
that occurred on September 24, 2012); (b) all contingent obligations of such Person (other than under any Commodity Hedging Arrangements
so long as the amount payable by such Person if such arrangements are terminated is cash collateralized); (c) all reimbursement
obligations in connection with letters of credit issued for the account of such Person; and (d) in the case of Borrower (without
duplication), the Obligations. The Debt of a Person shall include any recourse Debt of any partnership or joint venture in which
such Person is a general partner or joint venturer.

 

"Default"
means an event or condition the occurrence of which would, with the lapse of time or the giving of notice, or both, become an Event
of Default.

 

"Defaulting Lender"
shall mean any Lender, as determined by Agents, that (a) has failed to fund any portion of its Loans or participations in
Swing Loans or LC Credit Support Obligations required to be funded by it hereunder within one Business Day of the date required
to be funded by it hereunder, (b) has notified Administrative Agent, the Swing Bank any Lender and/or the Borrower in writing that
it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect
that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits
to extend credit, (c) has failed, within three Business Days after request by Agents prompted by any evidence of facts described
in clause (b) with respect to such Lender, to confirm in writing that it will comply with the terms of this Agreement relating
to its obligations to fund prospective Loans and participations in then outstanding LC Credit Support Obligations and Swing Loans,
(d) has otherwise failed to pay over to Administrative Agent or any other Lender any other amount required to be paid by it
hereunder within three Business Days of the date when due, unless the subject of a good faith dispute, or (e) shall take, or is
the Subsidiary of any Person that has taken, any action or be (or is) the subject of any Insolvency Proceeding (or any comparable
proceeding initiated by a regulatory authority having jurisdiction over such Lender or such Person).

 

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“Deposit Account
Control Agreement” means a deposit account control agreement among Borrower, Administrative Agent and the financial institution
named therein, pursuant to which Administrative Agent, for the benefit of the Lender Group, shall have obtained “control”
(as contemplated by Section 9.104 of the UCC) of such deposit account.

 

“Dilution”
means, as of any date of determination, a percentage, based upon the experience of the immediately prior 90 consecutive days, that
is the result of dividing the Dollar amount of (a) bad debt write-downs, discounts, advertising allowances, credits, or other dilutive
items with respect to Borrower’s Accounts during such period, by (b) Borrower’s billings with respect to Accounts during
such period.

 

“Dilution Reserve”
means, as of any date of determination, an amount sufficient to reduce the advance rate against Eligible Accounts by one (1) percentage
point for each percentage point by which Dilution is in excess of five percent (5%), rounded up to the nearest one tenth of a percentage
point (0.10%).

 

"Disbursement
Account" means each Deposit Account maintained by Borrower with a financial institution for the purpose of receiving and
disbursing the proceeds of Loans made pursuant hereto.

 

"Disclosure Schedule"
means the Disclosure Schedule annexed hereto.

 

"Disqualified
Equity Interests" shall mean any Equity Interest that, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is
mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except
as a result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change of
control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Obligations that are accrued
and payable and the termination of the Commitments), (b) is redeemable at the option of the holder thereof (other than solely for
Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes
convertible into or exchangeable for Debt or any other Equity Interests that would constitute Disqualified Equity Interests, in
each case, prior to the date that is 180 days after maturity.

 

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"Distribution"
means, in respect of any entity, (i) any payment of dividends or other distributions on Equity Interests of the entity (except
distributions consisting of such Equity Interests) and (ii) any purchase, redemption or other acquisition or retirement for value
of any Equity Interests of the entity or an Affiliate of the entity unless made contemporaneously from the net proceeds of the
sale of Equity Interests.

 

"Dollars"
and the sign "$" means lawful money of the United States of America.

 

"Early Termination
Fee" means a fee to be paid by Borrower to Administrative Agent, for the account of Lenders in accordance with their respective
Aggregate Commitment Ratios, pursuant to Items 4 and 9(a)(iv) of the Terms Schedule.

 

“EFS”
means an effective financing statement under the FSA that is filed against a Producer.

 

"Eligible Account"
means an Account which arises in the Ordinary Course of Business of Borrower from the sale of goods, is payable in Dollars, is
subject to the Administrative Agent’s duly perfected Lien, and has not been deemed by the Agents, in their Permitted Discretion,
to not be an Eligible Account. Without limiting the generality of the foregoing, no Account shall be an Eligible Account if: (a)
it arises out of a sale made by Borrower to a Subsidiary or an Affiliate of Borrower or to a Person controlled by an Affiliate
of Borrower; (b) it is due or unpaid for more than 60 days after the original due date shown on the invoice; (c) it is unpaid more
than 90 days after the original invoice date; (d) 50% or more of the Accounts from the Account Debtor are not deemed Eligible Accounts
hereunder; (e) the total unpaid Accounts of any Account Debtor exceed 30% of the aggregate amount of all Accounts, in each case,
to the extent of such excess; (f) any covenant, representation or warranty contained in this Agreement with respect to such Account
has been breached; (g) the Account Debtor is also Borrower's creditor or supplier, or the Account Debtor has disputed liability
with respect to such Account, or the Account Debtor has made any claim with respect to any other Account due from such Account
Debtor to Borrower, or the Account otherwise is or may become subject to any right of setoff, counterclaim, recoupment, reserve,
defense or chargeback, provided that, the Accounts of such Account Debtor shall be ineligible only to the extent of such dispute
or right of offset, counterclaim, recoupment, reserve, defense or chargeback; (h) an Insolvency Proceeding has been commenced by
or against the Account Debtor or the Account Debtor has failed, suspended or ceased doing business; (i) the Account Debtor is not
or has ceased to be Solvent; (j) it arises from a sale to an Account Debtor that is organized under the laws of any jurisdiction
outside of the United States or Canada or that has its principal office, assets or place of business outside the United States
or Canada, except to the extent that the sale is supported or secured by a letter of credit or credit insurance that is acceptable
in all respects to the Agents and duly assigned to the Administrative Agent; (k) it arises from a sale to the Account Debtor on
a bill-and-hold, guaranteed sale, sale or return, sale on approval, consignment or any other repurchase or return basis; (l) the
Account Debtor is the United States of America or any department, agency or instrumentality thereof, unless Borrower is not prohibited
from assigning the Account and does assign its right to payment of such Account to the Administrative Agent, in a manner satisfactory
to Agents, so as to comply with the Assignment of Claims Act of 1940 (31 U.S.C. Sec.3727 and 41 U.S.C. Sec.15), or is a state,
county or municipality, or a political subdivision or agency thereof and applicable law disallows or restricts an assignment of
Accounts on which it is the Account Debtor; (m) the Account Debtor is located in a state in which Borrower is deemed to be doing
business under the laws of such state and which denies creditors access to its courts in the absence of qualification to transact
business in such state or of the filing of any reports with such state, unless Borrower has qualified as a foreign entity authorized
to transact business in such state or has filed all required reports or could receive access to its courts by paying minimal amounts
to so qualify to transact business in such state; (n) the Account is subject to a Lien other than (x) Liens in favor of the Administrative
Agent, (y) Liens securing the Term Loan Indebtedness so long as the Administrative Agent has entered into the Intercreditor Agreement
or (z) Permitted Liens identified in clause (b) and (c) in the definition thereof; (o) the goods giving rise to such Account have
not been delivered to and accepted by the Account Debtor or the Account otherwise does not represent a final sale; (p) the Account
is evidenced by Chattel Paper or an Instrument of any kind, or has been reduced to judgment; (q) the Account represents a progress
billing or a retainage or arises from a sale on a cash-on-delivery basis; (r) Borrower has made any agreement with the Account
Debtor for any deduction therefrom, except for discounts or allowances which are made in the Ordinary Course of Business for prompt
payment and which discounts or allowances are reflected in the calculation of the face value of each invoice related to such Account;
(s) Borrower has made an agreement with the Account Debtor to extend the time of payment thereof beyond the later of (x) 60 days
after the original due date shown on the invoice, or (y) 90 days after the original invoice date; (t) the Account represents, in
whole or in part, a billing for interest, fees or late charges, provided that such Account shall be ineligible only to the extent
of the amount of such billing; (u) the Account Debtor has made a partial payment with respect to such Account; or (v) it arises
from a retail sale of Inventory to a Person who is purchasing the same primarily for personal, family or household purposes.

 

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"Eligible
Assignee" shall mean (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; or (d) any other Person approved
by the Agents and, in the absence of an Event of Default, Borrower (such consent not to be unreasonably withheld, conditioned or
delayed; provided that the Borrower shall be deemed to have
approved such Person unless the Borrower shall object thereto by written notice to the Administrative Agent within five (5) Business
Days after having received notice thereof).

 

"Eligible Inventory"
means Inventory which is owned by Borrower (other than packaging or shipping materials, labels, samples, display items, bags, replacement
parts and manufacturing supplies, including, without limitation, chemicals, enzymes, denaturants, coal and natural gas) and which
Agents, in their Permitted Discretion, does not deem to not be Eligible Inventory. Without limiting the generality of the foregoing,
no Inventory shall be Eligible Inventory unless: (a) it is owned by Borrower and it is not held by Borrower on consignment
from or subject to any guaranteed sale, sale-or-return, sale-on-approval or repurchase agreement with any supplier; (b) it
is in good, new and saleable condition and is not damaged, defective, shopworn or otherwise unfit for sale (other than with respect
to any co-products (including, but not limited to WDG, DDG or feed) that may be sold to Account Debtors at a discount; provided,
that the amount of such co-products included in the value of Eligible Inventory may not exceed $500,000); (c) it is not slow-moving,
obsolete or unmerchantable and is not goods returned to Borrower by or repossessed from an Account Debtor; (d) it meets all
standards imposed by any governmental authority and is not a Hazardous Material (other than ethanol and anhydrous ammonia)
to the extent such goods can be transported or sold only with licenses or permits that are not readily available; (e) it conforms
in all respects to the warranties and representations set forth in this Agreement and is fully insured in the manner required by
this Agreement; (f) it is at all times subject to Administrative Agent's duly perfected, first priority security interest
and no other Lien other than Liens securing the Term Loan Indebtedness so long as the Administrative Agent has entered into the
Intercreditor Agreement and Permitted Liens identified in clause (b) and (c) in the definition thereof; (g) it is in Borrower's
possession and control at a location listed on the Disclosure Schedule (including any update to such Disclosure Schedule delivered
in compliance with this Agreement), is not in transit or outside the continental United States and is not consigned to any
Person; (h) it is not the subject of a negotiable warehouse receipt or other negotiable document (other than, for the
period commencing on the Closing Date and ending on the 180th day thereafter, any receipt related to sugar stored in
certain USDA approved facilities); and (i) it has not been sold or leased and Borrower has not received any deposit or downpayment
in respect thereof in anticipation of a sale.

 

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"Environmental
Laws" means all federal, state, local and foreign laws, rules, regulations, codes, ordinances, orders and consent decrees
(together with all programs, permits and guidance documents promulgated by regulatory agencies, to the extent having the force
of law), now or hereafter in effect, that relate to public health (but excluding occupational safety and health, to the extent
regulated by OSHA) or the protection or pollution of the environment, whether now or hereafter in effect, including, but not limited
to, the Comprehensive Environmental Response Compensation and Liability Act of 1980, the Superfund Amendments and Reauthorization
Act of 1986, the Clean Water Act, the Clean Air Act, the Toxic Substances Act, and the Resource Conservation and Recovery Act.

 

"Equity Interest"
means the interest of (a) a shareholder in a corporation, (b) a partner (whether general or limited) in a partnership
(whether general, limited or limited liability), (c) a member in a limited liability company, or (d) any other Person
having any other form of equity security or ownership interest.

 

"ERISA"
means the Employee Retirement Income Security Act of 1974.

 

"Event of Default"
means the occurrence of any one of the events set forth in Section 10.

 

“Excluded Real
Property Collateral” means the real property in Canton, Illinois owned by Canton.

 

"Executive Order
No. 13224" means executive order no. 13224 effective September 24, 2001, as the same has been, or shall hereafter be,
renewed, extended, amended or replaced.

 

"Fees"
means all fees payable pursuant to Section 2.4(a).

 

"Fiscal Year"
means the fiscal year of Borrower and its Subsidiaries for accounting and tax purposes, which is described in the Disclosure Schedule.

 

“FSA”
means the Food Security Act of 1985 (codified in 7 U.S.C. Sec. 1631) (as amended from time to time).

 

“FSA Producer
Payables” means all payables and accrued payables by Borrower to Producers against whom an EFS has been filed or a FSA
Notice has been given to Borrower by a Producer’s Lender.

 

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“FSA Notice”
means a written notice received by Borrower from a Producer or a Producer’s Lender within 1 year before the most recent purchase
of, or marketing for, farm products from a given Producer indicating that the Producer’s Lender has a security interest in
the farm products of such Producer being purchased by Borrower and/or the proceeds of such farm products.

 

“FSA Reserve”
means an amount determined by the Agents in their Permitted Discretion after inspection of the records of Borrower and information
obtained from the Master Lists of the States in which Producers are located equal to the FSA Producer Payables. Any FSA Producer
Payable shall be excluded from the FSA Reserve if Borrower receives a waiver, release or subordination agreement from such Producer’s
Lender waiving, releasing or subordinating any security interest such Producer’s Lender may have in Borrower’s Inventory
and/or Accounts to the security interest granted by Borrower to Lender. Any FSA Producer Payable shall be limited to the specific
portion of such FSA Producer Payable claimed by a Producer’s Lender to the extent that Borrower has received a signed acknowledgment
from such Producer’s Lender stating the specific amount claimed by such Producer’s Lender and that such Producer’s
Lender will not increase such amount without giving the Borrower or Lender at least 30 days’ prior written notice of such
increase.

 

"Full Payment"
means the full and final payment in full in cash of all of the Obligations (or, in the case of any contingent Obligations, such
as Letters of Credit or Bank Products, the cash collateralization of such contingent Obligations in a manner satisfactory to Agents
and to the extent of 103% of the liquidated or estimated amount of such contingent Obligations with respect to Letters of Credit
or cash collateralization in an amount sufficient to satisfy the reasonably estimated credit exposure with respect to the then
existing Bank Product Obligations); termination of the Commitments; and release by each Obligor (and by any representative of creditors
of such Obligor in any Insolvency Proceeding of such Obligor) of any then existing claims that such Obligor has or asserts to have
against Agents, Lenders or any of their respective Affiliates, other than such claims resulting from gross negligence or willful
misconduct as determined by a final judgment of a court of competent jurisdiction.

 

"Fund"
means any Person that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar
extensions of credit in the ordinary course of its business.

 

"GAAP"
means generally accepted accounting principles in the United States of America in effect from time to time.

 

"Governing Rate"
shall have the meaning given to it in Section 2.3(a).

 

"Guarantor"
means individually, and "Guarantors" means collectively, each Person who at any time guarantees the payment or performance
of any Obligations, including each Person listed on Item 5 of the Terms Schedule as a Guarantor.

 

"Guaranty"
means each guaranty agreement at any time executed by a Guarantor with respect to any of the Obligations.

 

    	- 10 -

    	 

    

“Hazardous Material”
means any substance, material, pollutant, contaminant, chemical or waste, the presence, emission or exposure to which is regulated
under any applicable Environmental Law.

 

"Indemnified
Claim" means any and all claims, demands, liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
awards, remedial response costs, expenses or disbursements of any kind or nature whatsoever (including reasonable attorneys', accountants',
consultants' or paralegals' fees and expenses), whether arising under or in connection with any of the Loan Documents, any applicable
law (including any Environmental Laws) or otherwise, that may now or hereafter be suffered or incurred by any Indemnitee and whether
suffered or incurred in or as a result of any investigation, litigation, arbitration or other judicial or non-judicial proceedings
or any appeals related thereto.

 

"Indemnitees"
means each member of the Lender Group, each Affiliate thereof and each of their respective officers, directors, employees and agents
(including legal counsel).

 

"Insolvency Proceeding"
means any action, case or proceeding commenced by or against a Person under any state, federal or foreign law, or any agreement
of such Person, for (a) the entry of an order for relief under any chapter of the Bankruptcy Code or other insolvency or debt
adjustment law (whether state, federal or foreign), (b) the appointment of a receiver (or administrative receiver), trustee,
liquidator administrator, conservator or other custodian for such Person or any part of its property, (c) an assignment
or trust mortgage for the benefit of creditors of such Person, or (d) the liquidation, dissolution or winding up of the affairs
of such Person.

 

“Intercreditor
Agreement” means that certain Second Amended and Restated Intercreditor Agreement, dated as of September 24, 2012, executed
by and among the Term Loan Agent and Wells Fargo, as Revolver Agent, and acknowledged by Borrowers, in form and substance reasonably
satisfactory to the Agents, and as the same may be further amended, modified or restated in accordance with the terms hereof.

 

"Inventory Formula
Amount" means, on any date of determination thereof, an amount equal to the percentage set forth in Item 6 of the Terms
Schedule of the lower of (a) the cost of such Eligible Inventory or (b) the market value of such Eligible Inventory; provided
that (i) the market value of such Eligible Inventory consisting of corn and ethanol shall be based on the price of corn and ethanol,
as applicable, as listed by the Chicago Board of Trade at the close of business on the date immediately prior to the date of delivery
of each Borrowing Base Certificate pursuant to Section 2.6 adjusted by the local basis and (ii) the market value of any other Eligible
Inventory shall be determined by GAAP.

 

“Lender Agreement”
means a lender joinder agreement, in form and substance satisfactory to the Agents.

 

"Lender Group"
means, collectively, Administrative Agent and Lenders.

 

    	- 11 -

    	 

    

"Lender Group
Expenses" means all of the following: (a) Taxes and insurance premiums required to be paid by Borrower under this Agreement
or any of the other Loan Documents which are paid or advanced by the Lender Group, or any of them; (b)reasonable  filing,
recording, publication and search fees paid or incurred by the Lender Group, or any of them, including all recording taxes and
indebtedness taxes; (c) the costs, fees (including reasonable attorneys' and paralegals' fees) and reasonable expenses incurred
by Agents, in accordance with this Agreement and the other Loan Documents and subject to any limitations included in this Agreement
(i) to inspect, copy, audit or examine Borrower or any of Borrower's Books or inspect, verify, count or appraise any Collateral;
(ii) to cure any Default or enforce any provision of any of the Loan Documents, whether or not litigation is commenced; (iii) in
gaining possession of, maintaining, handling, preserving, insuring, storing, shipping, preparing for sale, advertising for sale,
selling or foreclosing a Lien upon any of the Collateral, whether or not a sale is consummated; (iv) in collecting any Accounts
or Payment Intangibles or recovering any of the Obligations; (v) in structuring, drafting, reviewing, implementing or preparing
any of the Loan Documents and any amendment, modification or waiver of this Agreement or any of the other Loan Documents; (vi) 
in defending the validity, priority or enforceability of Administrative Agent Liens; and (vii) in monitoring or seeking any
relief in any Insolvency Proceeding involving an Obligor; and (d) all other reasonable out-of-pocket costs and expenses incurred
by the Lender Group, or any of them and described in Section 2.4(b).

 

"Lenders"
shall mean those lenders whose names are set forth on the signature pages to this Agreement under the heading "Lenders"
and any assignees of Lenders who hereafter become parties hereto pursuant to and in accordance with Section 12.3;
and "Lender" shall mean any one of the foregoing Lenders.

 

"Letter of Credit"
means a standby letter of credit issued by a Lender or an Affiliate of a Lender or by another Person in reliance (in whole or in
part) upon Credit Support provided by Lenders.

 

"Lien"
means any interest in property securing an obligation owed to, or a claim by, a Person other than the owner of the property, whether
such interest is based on common law, statute or contract. The term "Lien" shall also include reservations, exceptions,
encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases and other title exceptions and encumbrances
affecting property. For the purpose hereof, Borrower shall be deemed to be the owner of any property which it has acquired or holds
subject to a conditional sale agreement or other arrangement pursuant to which title to the property has been retained by or vested
in some other Person for security purposes.

 

"Lien Waiver/Access
Agreement" means an agreement in favor of Administrative Agent, for the benefit of the Lender Group, providing for the
waiver or subordination of Liens from any lessor, mortgagee, warehouse operator, processor, customs broker, carrier, or other Person
that may have lienholders' enforcement rights with respect to any Collateral, by which such Person shall waive or subordinate its
Liens and claims with respect to any Collateral in favor of Administrative Agent's Liens and shall assure Administrative Agent's
access to any Collateral in such Person's possession for the purpose of allowing Administrative Agent to enforce the Lender Group’s
rights and Liens with respect to such Collateral.

 

"Loan"
means an advance of money made by Lenders or the Swing Bank to Borrower pursuant to the terms of this Agreement, including any
Rider.

 

"Loan Documents"
means, collectively, this Agreement, each Note, the Security Documents, Lien Waiver/Access Agreements, and any other agreements
entered into between the Lender Group, or any of them, and any Obligor in connection with this Agreement or to evidence or govern
the terms of any of the Obligations, including letter of credit agreements, mortgages, deeds of trust, guaranties, assignments,
pledge agreements, subordination agreements, agreements relating to Bank Products entered into between Borrower and the Lender
Group or any of them, and any and all other documents, agreements, certificates and instruments executed and/or delivered by any
Obligor pursuant hereto or in connection herewith.

 

    	- 12 -

    	 

    

“Lockbox Agreement”
means each agreement between Borrower and a bank concerning the establishment of the lockbox and related bank Deposit Account for
the collection of and remittance to Administrative Agent of payments received with respect to the Accounts.

 

"Majority Lenders"
shall mean, as of any date of calculation, Lenders the sum of whose unutilized portions of Commitments plus Loans (other than Agent
Advances and Swing Loans) outstanding plus participation interests in LC Credit Support Obligations, Swing Loans and Agent Advances
outstanding on such date of calculation exceeds fifty percent (50%) of the sum of the aggregate unutilized Commitments plus Loans
(other than Agent Advances and Swing Loans) outstanding plus participation interests in LC Credit Support Obligations, Swing Loans
and Agent Advances outstanding of all of Lenders as of such date of calculation; provided, so long as there are two or more
Lenders which are not Affiliates party to this Agreement, Majority Lenders shall require at least two Lenders; provided,
further, so long as there are three or more Lenders which are not Affiliates party to this Agreement, Majority Lenders shall
mean Lenders the sum of whose unutilized portions of Commitments plus Loans (other than Agent Advances and Swing Loans) outstanding
plus participation interests in LC Credit Support Obligations, Swing Loans and Agent Advances outstanding on such date of calculation
is equal or greater than sixty-six percent (66%) of the sum of the aggregate unutilized Commitments plus Loans (other than Agent
Advances and Swing Loans) outstanding plus participation interests in LC Credit Support Obligations, Swing Loans and Agent Advances
outstanding of all of Lenders as of such date of calculation; provided, further, Defaulting Lenders and their portion
of the Commitments, Loans and participation interests in LC Credit Support Obligations, Swing Loans and Agent Advances shall be
excluded for purposes of determining "Majority Lenders" hereunder.

 

"Margin Stock"
shall have the meaning ascribed to it in Regulation U of the Board of Governors of the Federal Reserve System.

 

“Master List”
means the master list maintained and distributed by the applicable Secretary of State or equivalent governmental authority in which
a Producer is located, as described in the FSA.

 

"Material Adverse
Effect" means the effect of any event, condition, action, omission or circumstance, which, alone or when taken together
with other events, conditions, actions, omissions or circumstances occurring or existing concurrently therewith, (a) has,
or with the passage of time could be reasonably expected to have, a material adverse effect upon the business, operations, properties
or condition (financial or otherwise) of any Obligor; (b) has or could be reasonably expected to have any material adverse
effect upon the validity or enforceability of this Agreement or any of the other Loan Documents; (c) has any material adverse
effect upon the value of the whole or any material part of the Collateral, the Liens of Administrative Agent with respect to any
material part of the Collateral or the priority of any such Liens as a result of any action or inaction on the part of an Obligor;
(d) materially impairs the ability of any Obligor to perform its obligations under this Agreement or any of the other Loan
Documents, including repayment of any of the Obligations when due; or (e) materially impairs the ability of Administrative
Agent to enforce or collect the Obligations or realize upon any of the Collateral in accordance with the Loan Documents or applicable
law.

 

    	- 13 -

    	 

    

"Material Agreement"
means any agreement, instrument or arrangement to which Borrower or any Subsidiary is a party for which default in the performance,
observance or fulfillment of any of the material obligations, covenants or conditions contained therein could reasonably be expected
to have a Material Adverse Effect.

 

"Maximum Revolver
Facility Amount" means an amount equal to the amount shown on Item 7(a) of the Terms Schedule.

 

"Money Borrowed"
means, as applied to any Obligor, without duplication: (a) Debt arising from the lending of money by any other Person to such Obligor;
(b) Debt, whether or not in any such case arising from the lending of money by another Person to such Obligor, (i) which is represented
by notes payable or drafts accepted that evidence extensions of credit, (ii) which constitutes obligations evidenced by bonds,
debentures, notes or similar instruments, or (iii) upon which interest charges are customarily paid (other than accounts payable)
or that was issued or assumed as full or partial payment for property; (c) Debt under a lease that is required to be capitalized
for financial reporting purposes in accordance with GAAP as in effect on the date hereof; (d) reimbursement obligations with respect
to letters of credit or guarantees relating thereto; and (e) Debt of such Obligor under any guaranty of obligations that would
constitute Debt for Money Borrowed under clauses (a) through (d) hereof, if owed directly by such Obligor.

 

“Minimum Availability
Block” means an amount equal to the amount shown on Item 7(b) of the Terms Schedule.

 

"Multiemployer
Plan" shall have the meaning set forth in Section 4001(a)(3) of ERISA.

 

"Note"
means a promissory note executed by Borrower at a Lender's request to evidence any of the Obligations, including the Revolver Note.

 

"Obligations"
means all Debts, liabilities, obligations, covenants, and duties at any time or times owing by Borrower to the Lender Group, or
any of them, of any kind and description, whether incurred pursuant to or evidenced by any of the Loan Documents or pursuant to
any other agreement between the Lender Group, or any of them, and Borrower or otherwise, and whether direct or indirect, absolute
or contingent, due or to become due, or joint or several, including the principal of and interest on the Loans, all Bank Product
Obligations, all Fees, all obligations of Borrower under any indemnification of the Lender Group, or any of them, all obligations
of Borrower to reimburse the Lender Group, or any of them, in connection with any Letter of Credit or bankers acceptances, all
obligations of Borrower to reimburse the Lender Group, or any of them, for any Credit Support, and all Lender Group Expenses. Without
limiting the generality of the foregoing, the term "Obligations" shall include all Debts, liabilities and obligations
incurred by Borrower to the Lender Group, or any of them, in any bankruptcy case of Borrower and any interest, fees or other charges
accrued in any such bankruptcy case, whether or not any such interest, fees or other charges are recoverable from Borrower or its
estate under 11 U.S.C. Sec.506.

 

    	- 14 -

    	 

    

"Obligor"
means Borrower, each Guarantor, and each other Person that is at any time liable for the payment of the whole or any part of the
Obligations or that has granted in favor of Administrative Agent, for the benefit of the Lender Group, a Lien upon any of
such Person's assets to secure payment of any of the Obligations.

 

"Ordinary Course
of Business" means, with respect to any transaction involving any Person, the ordinary course of such Person's business,
as conducted by such Person in accordance with past practices and undertaken by such Person in good faith and not for the
purpose of evading any covenant or restriction in any Loan Document.

 

"Organic Documents"
means, with respect to any entity, its charter, certificate or articles of incorporation, bylaws, articles of organization, limited
liability agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership,
certificate of formation, voting trust, or similar agreement or instrument governing the formation or operation of such Person.

 

"OSHA"
means the Occupational Safety and Hazard Act of 1970.

 

"Overadvance"
shall have the meaning given to it in Section 2.1(d).

 

“PACA”
means the Perishable Agricultural Commodities Act, 17 U.S.C. 499.e(c) (or any successor legislation thereto), as amended from
time to time, and any regulations promulgated thereunder.

 

“Parent”
means Aventine Renewable Energy Holdings, Inc., a Delaware corporation.

 

"Permitted Asset
Disposition" means a sale, lease, license, consignment or other transfer or disposition of assets (real or personal, tangible
or intangible) of Borrower, including a disposition of property of Borrower in connection with a sale-leaseback transaction or
synthetic lease, in each case only if such disposition (a) consists of the sale of Inventory of Borrower in the Ordinary Course
of Business or the sale of Accounts in the Ordinary Course of Business in connection with the compromise or collection thereof;
(b) is a disposition of Equipment permitted by Section 5.4(b); (c)on or prior to December 31, 2014, is the sale of Borrower’s
Equity Interest in Canton and all assets owned by Canton; (d) arises solely from a termination of a lease of real or personal property
that is not necessary in an Obligor's Ordinary Course of Business, could not reasonably be expected to have a Material Adverse
Effect and does not result from such Obligor's default or failure to perform under such lease; (e) is the licensing, on a non-exclusive
basis, or patents, trademarks, copyrights and other Intellectual Property rights in the Ordinary Course of Business; (f) is the
granting of Permitted Liens; (g) is any involuntary loss, damage or destruction of property or condemnation, seizure or taking,
by exercise of the power of eminent domain or otherwise or confiscation or requisition of use of property; (h) is the leasing or
subleasing of assets in the Ordinary Course of Business; (i) is the lapse of registered Intellectual Property to the extent not
economically desirable in the conduct of Borrower’s business or the abandonment of Intellectual Property Rights in the Ordinary
Course of Business; (j) consists of transfers of assets among Obligors; or (k) consists of sales or dispositions of assets (other
than Accounts, Inventory or Equity Interests of Subsidiaries of Parent) in the Ordinary Course of Business not otherwise permitted
above so long as made at fair market value.

 

    	- 15 -

    	 

    

“Permitted Change
of Control” means a Change of Control so long as, after giving effect thereto, Borrower remains obligated for the Obligations
hereunder and all such Obligations remain secured by the Collateral, in each case to the same extent as was the case immediately
prior to such Change of Control.

 

“Permitted Discretion”
shall mean a determination made in the exercise of reasonable commercial discretion (from the perspective of a secured asset-based
lender) in accordance with the applicable Agent’s customary and generally applicable credit policies.

 

"Permitted Lien"
means any of the following: (a) Liens at any time granted in favor of Administrative Agent, for the benefit of the Lender Group;
(b) Liens for Taxes (excluding any Lien imposed pursuant to the provisions of ERISA) not yet due or being Properly Contested; (c)
statutory Liens (excluding any Lien for Taxes) arising in the Ordinary Course of Business of Borrower or a Subsidiary, but only
if and for so long as payment in respect of such Liens is not at the time required or the Debt secured by any such Liens is being
Properly Contested and such Liens do not materially detract from the value of the property of Borrower or such Subsidiary and do
not materially impair the use thereof in the operation of Borrower's or such Subsidiary's business; (d) purchase money Liens securing
Debt incurred for the purchase of fixed assets, provided that such Liens are confined to the property so acquired and secure only
the Debt incurred to acquire such property; (e) Liens arising from the rendition, entry or issuance against Borrower or any Subsidiary,
or any property of Borrower or any Subsidiary, of any judgment, writ, order, or decree for so long as each such Lien is in existence
for less than 30 consecutive days after it first arises or the judgment is being Properly Contested and is at all times junior
in priority to any Liens in favor of Administrative Agent; (f) normal and customary rights of setoff upon deposits of cash in favor
of banks and other depository and financial institutions and Liens of a collecting bank arising under the UCC on payment items
in the course of collections; (g) Liens in existence immediately prior to the Closing Date that are satisfied in full and released
on the Closing Date as a result of the application of Borrower's cash on hand at the Closing Date or the proceeds of Loans made
on the Closing Date; (h) Liens securing the Term Loan Indebtedness so long as the Administrative Agent has entered into the Intercreditor
Agreement; (i) Liens securing the Excluded Real Property Collateral; (j) the interests of lessors under operating leases and non-exclusive
licensors under license agreements; (k) Liens on amounts deposited to secure Parent’s and its Subsidiaries’ obligations
in connection with worker’s compensation or other unemployment insurance; (l) Liens on amounts deposited to secure Parent’s
and its Subsidiaries’ obligations in connection with the making or entering into of bids, tenders, or leases in the Ordinary
Course of Business and not in connection with the borrowing of money; (m) Liens on amounts deposited to secure Parent’s and
its Subsidiaries’ reimbursement obligations with respect to surety or appeal bonds obtained in the Ordinary Course of Business;
(n) with respect to any single tract or parcel of, or multiple contiguous tracts or parcels of, real property, (i) survey exceptions,
easements, ordinances, subdivision approvals, restrictive covenants, and dedications for public use, (ii) reservations of, or rights
of others or, licenses and rights-of-way for sewers, electric lines, telegraph and telephone lines, and other similar purposes,
(iii) zoning or other restrictions as to the use of such real property, and (iv) mineral leases which are in effect as of the date
hereof and disclosed in any mortgagee policy of title insurance issues or endorsed to Agents relating to any portion of the Real
Property Collateral, that, in each case, were not incurred in connection with Debt and do not in the aggregate have a materially
adverse effect on the value of such real property or materially impair or negatively affect the current or hereafter contemplated
use or operation of such real property; (o) non-exclusive licenses of patents, trademarks, copyrights, and other intellectual property
rights in the Ordinary Course of Business; (p) Liens that are replacements of Permitted Liens to the extent that the original Debt
is the subject of permitted refinancing Debt and so long as the replacement Liens only encumber those assets that secured the original
Debt; (q) rights of setoff or bankers’ liens upon deposits of funds in favor of (i) banks or other depository institutions,
solely to the extent incurred in connection with the maintenance of such Deposit Accounts in the Ordinary Course of Business, and
Jefferies Bache, LLC, solely to the extent incurred in connection with the maintenance of the Commodity Hedging Arrangements referenced
in the Disclosure Schedules in the Ordinary Course of Business; (r) Liens granted in the Ordinary Course of Business on the unearned
portion of insurance premiums securing the financing of insurance premiums to the extent the financing is permitted under Section
9.2; (s) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods; (t) leases or subleases granted to others that do not materially interfere with the Ordinary Course
of Business of Parent and its Subsidiaries taken as a whole so long as the aggregate fair market value of all Collateral subject
to such Liens pursuant to this clause does not exceed $500,000 at any one time; (u) Liens securing reimbursement Obligations with
respect to letters of credit that encumber documents and other property relating to such letters of credit and the products and
proceeds thereof so long as the aggregate amount of obligations secured by Liens incurred pursuant to this clause does not exceed
$500,000 at any one time outstanding; (v) Liens consisting of conditional sale, title retention, consignment or similar arrangements
for the sale of goods acquired by Parent or any of its Subsidiaries in the ordinary course of business in accordance with the past
practices of Parent and its Subsidiaries prior to the Closing Date so long as the aggregate fair market value of all Collateral
subject to such Liens pursuant to this clause does not exceed $500,00 at any one time; (w) other Liens which do not secure Debt
for borrowed money or letters of credit and as to which the aggregate amount of the obligations secured thereby does not exceed
$250,000 at any one time; and (x) such other Liens as appear on the Disclosure Schedule, to the extent provided therein.

 

    	- 16 -

    	 

    

"Person"
means an individual, partnership, corporation, limited liability company, limited liability partnership, joint stock company, land
trust, business trust, or unincorporated organization, or a governmental authority.

 

"Plan"
means an employee pension benefit plan that is covered by Title IV of ERISA or subject to the minimum funding standards under Section
412 of the Internal Revenue Code and that is either (a) maintained by Borrower for employees or (b) maintained pursuant
to a collective bargaining agreement or any other arrangement under which more than one employer makes contributions and to which
Borrower is then making or accruing an obligation to make contributions or has within the preceding 5 years made or accrued such
contributions.

 

“Plant-Level
Financial Statements” means, for each of Borrower’s ethanol production facilities and for any specified period,
statements of income and operations (including appropriate operating metrics) of each such facility for such period and for the
portion of Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding
period of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail.

 

    	- 17 -

    	 

    

“Producer”
means any entity from which the Borrower obtains corn or corn products, in each case, which would be deemed farm products under
the UCC.

 

“Producer’s
Lender” means a creditor of a Producer that has a security interest in the Producer’s farm products that has filed
an EFS that appears on the Master List under applicable state law or has given a FSA Notice to Borrower naming that Producer.

 

"Properly Contested"
means, in the case of any Debt of an Obligor (including any Taxes) that is not paid as and when due or payable by reason of such
Obligor's bona fide dispute concerning its liability to pay same or concerning the amount thereof, (a) such Debt is being
properly contested in good faith by appropriate proceedings promptly instituted and diligently conducted; (b) such Obligor
has established appropriate reserves as shall be required in conformity with GAAP; (c) the non-payment of such Debt will not
have a Material Adverse Effect and will not result in a forfeiture or sale of any assets of such Obligor; (d) no Lien
is imposed upon any of such Obligor's assets with respect to such Debt unless such Lien is at all times junior and subordinate
in priority to the Liens in favor of Administrative Agent (except only with respect to property taxes that have priority as a matter
of applicable state law) and enforcement of such Lien is stayed during the period prior to the final resolution or disposition
of such dispute; (e) if the Debt results from, or is determined by the entry, rendition or issuance against an Obligor or any of
its assets of a judgment, writ, order or decree, enforcement of such judgment, writ, order or decree is at all times stayed pending
a timely appeal or other judicial review; and (f) if such contest is abandoned, settled or determined adversely (in whole
or in part) to such Obligor, such Obligor forthwith pays such Debt and all penalties, interest and other amounts due in connection
therewith.

 

"Qualified Equity
Interest" means and refers to any Equity Interests issued by Parent (and not by one or more of its Subsidiaries) that
is not a Disqualified Equity Interest.

 

“Real Property
Collateral” means the real property set forth on the Disclosure Schedule as owned by Borrower and any Real Property hereafter
acquired by Borrower, other than the Excluded Real Property Collateral.

 

“Release”
means any release, spill, leak, discharge, presence of, abandonment, disposal, pumping, pouring, emitting, emptying, injecting,
leaching, dumping, depositing, dispersing, allowing to escape or migrate into or otherwise enter the environment (including ambient
air, surface water, groundwater, wetlands, land, surface, and subsurface strata or within any building, structure, facility or
fixture) of any Hazardous Material.

 

"Revolver Note"
means the Revolver Note to be executed by Borrower in favor of a Lender, if requested by such Lender, in the form of Exhibit
A attached hereto, which shall be in the face amount of such Lender’s ratable share (based upon such Lender’s Aggregate
Commitment Ratio) of the Maximum Revolver Facility Amount and which shall evidence all Revolver Loans made by Lender to Borrower
pursuant to this Agreement.

 

"Rider"
means any Rider to this Agreement from time to time.

 

"Schedules"
means the Terms Schedule and the Disclosure Schedule.

 

    	- 18 -

    	 

    

"Security Documents"
means each instrument or agreement now or at any time hereafter securing or assuring payment of the whole or any part of the Obligations,
including each Deposit Account Control Agreement, Commodity Account Control Agreement, Mortgage and assignments of any of the foregoing.

 

"Senior Officer"
means, on any date, any person occupying any of the following positions with Borrower: the chairman of the board of directors,
president, chief executive officer, chief financial officer, treasurer or secretary of Borrower.

 

"Solvent"
means, with respect to any Person on any date of determination, that on such date (a) the fair value of the property of such Person
(determined on a going concern basis) is greater than the total amount of liabilities, including contingent liabilities that are
probable and estimable, of such Person; (b) the present fair salable value of the assets of such Person (determined on a going
concern basis) is not less than the amount that will be required to pay the probable liability of such Person on its debts as they
become absolute and matured taking into account the possibility of refinancing such obligations and selling assets; (c) such Person
does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such
debts and liabilities as they mature taking into account the possibility of refinancing such obligations and selling assets; (d)
such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such
Person’s property would constitute an unreasonably small capital and (e) such Person is able to pay its debts and liabilities,
contingent obligations that are probable and estimable and other commitments as they mature in the ordinary course of business
taking into account the possibility of refinancing such obligations and selling assets. The amount of contingent liabilities at
any time shall be computed taking into account all facts and circumstances existing at such time.

 

"Subordinated
Debt" means all of the indebtedness owed by Borrower to any Person the repayment of which is subordinated to the repayment
of the Obligations pursuant to the terms of a debt subordination agreement approved by the Agents in their Permitted Discretion.

 

"Subsidiary"
means any Person in which 50% or more of all Equity Interests (or 50% of all Equity Interests having a power to vote) is owned,
directly or indirectly, by Borrower, one or more other Subsidiaries of Borrower or Borrower and one or more other Subsidiaries.

 

“Swing Bank”
shall mean AloStar Bank of Commerce, or any other Lender who shall agree with the Agents to act as Swing Bank.

 

‘Swing Loans”
shall mean, collectively, the amounts advanced from time to time by the Swing Bank to the Borrower under the Commitments in accordance
with Section 2.1(g).

 

"Taxes"
means any present or future taxes, levies, imposts, duties, fees, assessments, deductions, withholdings or other charges of whatever
nature, including income, receipts, excise, property, sales, use, transfer, license, payroll, withholding, social security and
franchise taxes now or hereafter imposed or levied by the United States or any other governmental authority and all interest,
penalties, additions to tax and similar liabilities with respect thereto, but excluding, in the case of any Lender, taxes
imposed on or measured by the net income or overall gross receipts of such Lender.

 

    	- 19 -

    	 

    

“Term Loan Agent”
means collectively the “Administrative Agent” and “Collateral Agent” as such terms are defined in the Term
Loan Agreement and any Person acting in a similar capacity under any amendment, restatement, supplement, replacement or refinancing
thereof. The Term Loan Agent on the date hereof is Citibank, N.A.

 

“Term Loan Agreement”
means that certain Amended and Restated Senior Secured Term Loan Credit Agreement, dated as of September 24, 2012, by and among
Aventine Renewable Energy Holdings, Inc., as borrower, the Term Loan Lenders, the Term Loan Agent and the other parties thereto,
as such is amended, modified, supplemented, restated, replaced or refinanced from time to time if and to the extent not prohibited
pursuant to the Intercreditor Agreement.

 

“Term Loan Documents”
means the “Loan Documents” as such term is defined in the Term Loan Agreement and any documents, instruments and agreements
entered into in connection with any amendment, supplement, restatement, replacement or refinancing thereof, as amended, modified
supplemented or restated from time to time if and to the extent not prohibited pursuant to the Intercreditor Agreement.

 

“Term Loan Indebtedness”
means the Debt incurred by Borrower under the Term Loan Documents.

 

“Term Loan Lenders”
means the lenders from time to time party to the Term Loan Agreement.

 

"Terms Schedule"
means the Terms Schedule annexed hereto.

 

"UCC"
means the Uniform Commercial Code (or any successor statute) as adopted and in force in the State of New York from time to time
or, when the laws of any other state govern the method or manner of the perfection or enforcement of any security interest
in any of the Collateral, the Uniform Commercial Code (or any successor statute) of such state.

 

"Unused Line
Fee" shall have the meaning given to it in Item 9(a)(ii) of the Terms Schedule.

 

"USA PATRIOT
ACT" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Pub. L. No. 107-56, 115 Stat. 272 (2001).

 

"Warrant Agreement
(2012)" means that certain Warrant Agreement, dated as of September 24, 2012, between Parent and American Stock Transfer
& Trust Company, LLC, as warrant agent.

 

“Warrant Agreement
(2013)” means that certain Warrant Agreement, dated as of June 18, 2013 between Parent and American Stock Transfer &
Trust Company, LLC, as warrant agent.

 

"Warrants (2012)"
means the five-year warrants, issued by Parent to the beneficial owners of all of Parent's Equity Interests issued and outstanding
immediately prior to the September 24, 2012, pursuant to the Warrant Agreement (2012), to purchase 787,855 shares of Parent's Equity
Interests at an exercise price of $61.75 per share.

 

    	- 20 -

    	 

    

“Warrants (2013)”
means the three-year warrants issued pursuant to the Warrant Agreement (2013) to purchase 11,853,453 shares of Parent’s Equity
Interests at an exercise price of $0.01 per share.

 

"WDG"
means wet distillers grains produced by Borrower.

 

“Wells Fargo”
means Wells Fargo Capital Finance, LLC.

 

1.2Other
Terms Defined in this Agreement. The following terms are defined in the applicable provisions
of this Agreement:

 

	Agent Indemnified Person	Section 11.10
	Agent Advance	Section 2.1(f)(i)
	Default Rate	Section 2.3(a)
	Excess	Section 2.5
	Excluded Property	Section 4.1(a)
	Governing Rate	Section 2.3(a)
	Interest	Section 2.5
	Loan Register	Section 2.8
	Mortgages	Section 8.15
	Mortgage Policy	Item 15(j) of the Terms Schedule
	Overadvance	Section 2.1(d)
	Participant	Section 12.3(d)
	Permitted Debt	Section 9.2
	Register	Section 12.3(c)
	Replacement Event	Section 12.9
	Replacement Lender	Section 12.9
	Revolver Loan	Section 2.1(a)
	Schedule of Accounts	Section 5.2(a)
	Term	Section 3.1

 

 

1.3UCC Terms.
All other capitalized terms contained in this Agreement and not otherwise defined herein shall have, when the context so indicates,
the meanings provided for by the UCC to the extent the same are used or defined therein. Without limiting the generality of the
foregoing, the following terms shall have the meaning ascribed to them in the UCC: Accessions, Account, Chattel Paper, Commercial
Tort Claim, Commodity Account, Commodity Intermediary, Deposit Account, Document, Electronic Chattel Paper, Equipment, Fixtures,
Goods, General Intangible, Instrument, Inventory, Investment Property, Letter-of-Credit Right, Payment Intangible, Proceeds, Securities,
Securities Account, and Software.

 

1.4Accounting
Terms. Unless otherwise specified herein, all terms of an accounting nature used in this
Agreement shall be interpreted, all accounting determinations under this Agreement shall be made, and all financial statements
required to be delivered under this Agreement shall be prepared in accordance with GAAP, applied on a basis consistent with the
most recent audited financial statements of Borrower and its Subsidiaries delivered to Administrative Agent prior to the Closing
Date and using same method for inventory valuation as used in such audited financial statements, except for any changes required
by GAAP.

 

    	- 21 -

    	 

    

1.5Certain
Matters of Construction. The terms "herein," "hereof" and "hereunder"
and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision.
Any pronoun used shall be deemed to cover all genders. The section titles and list of exhibits appear as a matter of convenience
only and shall not affect the interpretation of this Agreement. All references to statutes shall include all amendments of same
and implementing regulations and any amendments of same and any successor statutes and regulations; to any instrument, agreement
or other documents (including any of the Loan Documents) shall include all modifications and supplements thereto and all restatements,
extensions or renewals thereof to the extent such modifications, supplements, restatements, extensions or renewals of any such
documents are permitted by the terms thereof and not prohibited by the terms of this Agreement; to any Person (including Borrower
or any Lender) shall mean and include the successors and permitted assigns of such Person; to "including" and "include"
shall be understood to mean "including, without limitation"; or to the time of day shall mean the time of day on
the day in question in Atlanta, Georgia, unless otherwise expressly provided in this Agreement. A Default or an Event of Default
shall be deemed to exist at all times during the period commencing on the date that such Default or Event of Default first occurs
to the date on which such Default or Event of Default is waived in writing pursuant to this Agreement or, in the case of a Default,
is cured within any period of cure expressly provided in this Agreement; and an Event of Default shall "continue" or
be "continuing" until such Event of Default has been waived in writing. All calculations of value shall be in Dollars,
all Loans shall be funded in Dollars and all Obligations shall be repaid in Dollars. Whenever in any provision of this Agreement
Agents are authorized to take or decline to take any action (including making any determination) in the exercise of their "discretion,"
such provision shall be understood to mean that Agents may take or refrain to take such action in their sole and absolute Permitted
Discretion. Whenever the phrase "to the best of Borrower's knowledge" or words of similar import relating to the knowledge
or the awareness of Borrower are used in this Agreement or other Loan Documents, such phrase shall mean and refer to (i) the actual
knowledge of a Senior Officer of Borrower or (ii) the knowledge that a Senior Officer would have obtained if such Senior Officer
had engaged in good faith and diligent performance of his or her duties, including the making of such reasonably specific inquiries
as may be necessary of the officers, employee or agents of Borrower and a good faith attempt to ascertain the existence or accuracy
of the matter to which such phrase relates.

 

SECTION
2.LOANS AND TERMS OF REPAYMENT

 

2.1 Revolver
Loans.

 

(a)Subject to all
of the terms and conditions in this Agreement, Lenders agree, severally in accordance with their respective Aggregate Commitment
Ratios, and not jointly, to make advances to Borrower (each a "Revolver Loan") on any Business Day during the
period from the Closing Date through the Business Day before the last day of the Term, not to exceed in aggregate principal amount
outstanding at any time the Maximum Revolver Facility Amount minus the aggregate principal amount of all Agent Advances and Swing
Loans then outstanding, which Revolver Loans may be repaid and reborrowed in accordance with the provisions of this Agreement;
provided, however, that each Lender shall have no obligation to honor any request for a Revolver Loan (i) on or after
the Commitment Termination Date; or (ii) if at the time of the proposed funding thereof the aggregate principal amount of all Revolver
Loans plus Agent Advances and Swing Loans then outstanding (together with the amount of any Revolver Loans for which a request
is pending) exceeds, or would exceed after the funding of such Revolver Loan, such Lender’s ratable share (based upon such
Lender’s Aggregate Commitment Ratio) of the Borrowing Base. The proceeds of Revolver Loans shall be used by Borrower solely
for one or more of the following purposes: (i) repay Debt owing on the Closing Date; (ii) to pay the Fees and transaction
expenses associated with the closing of the transaction described herein; (iii) to pay any of the Obligations in accordance
with this Agreement; and (iv) to make expenditures for other lawful purposes of Borrower to the extent such expenditures are
not prohibited by this Agreement or applicable law. In no event may any Revolver Loan proceeds be used to purchase or to carry,
or to reduce, retire or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related purpose that violates
the provisions of Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Revolver Loans made by
Lenders and interest accruing thereon shall be evidenced by the records of Administrative Agent (including the Loan Register) and,
upon request by any Lender, by a Revolver Note. The Revolver Loans shall bear interest as set forth in Section 2.3.

 

    	- 22 -

    	 

    

(b)Whenever Borrower
desires to obtain funding of a Revolver Loan hereunder, Borrower shall deliver to Administrative Agent a Borrowing Request
(or telephonic notice promptly confirmed in writing), provided that an email shall be sufficient, and signed by a Senior Officer.
Such Borrowing Request shall be given by Borrower no later than 11:00 a.m. on the Business Day of the requested borrowing at
the office designated by Administrative Agent from time to time, and notices received by Administrative Agent after 11:00 a.m.
shall be deemed received on the next Business Day. Each such Borrowing Request (or telephonic notice thereof) shall be irrevocable
and shall specify (A) the principal amount of the requested borrowing, (B) the date of requested borrowing (which shall
be a Business Day) and (C) the account of Borrower to which the proceeds of such requested borrowing are to be disbursed.
Unless payment is otherwise timely made by Borrower, the becoming due of any amount required to be paid with respect to any of
the Obligations (including any interest thereon) shall be deemed irrevocably to be a request (without any requirement for the submission
of a notice of borrowing) for a Revolver Loan on the due date of and in an aggregate amount required to pay such Obligations and
the proceeds of such Revolver Loan may be disbursed by way of direct payment of the relevant Obligations; provided, however,
that Administrative Agent shall have no obligation to honor any deemed request for a Revolver Loan on or after the Commitment Termination
Date, when an Overadvance exists or would result from such funding or when any applicable condition precedent set forth in Section
6 hereof is not satisfied, but, with the consent of the Majority Lenders, Administrative Agent may do so in its Permitted Discretion
and without regard to the existence of, and without being deemed to have waived, any Default or Event of Default and regardless
of whether such Revolver Loans is funded on or after the Commitment Termination Date.

 

(c)Upon receipt of
(i) a Borrowing Request or a telephone, telecopy or deemed request for a Revolver Loan, or (ii) notification from the LC Issuer
that a draw has been made under any Letter of Credit, Administrative Agent shall promptly notify each Lender by telephone or telecopy
of the contents thereof and the amount of each Lender’s portion of any such Revolver Loan. Each Lender shall, not later than
3:00 p.m. (Atlanta, Georgia time) on the date specified for such Revolver Loan in such notice, make available to Administrative
Agent at Administrative Agent’s Office, or at such account as Administrative Agent shall designate, the amount of such Lender’s
portion of the Revolver Loan in immediately available funds. Unless Administrative Agent shall have received notice from a Lender
prior to 12:00 noon (Atlanta, Georgia time) on the date of any Revolver Loan that such Lender will not make available to Administrative
Agent such Lender’s ratable portion of such Revolver Loan, Administrative Agent may assume that such Lender has made or will
make such portion available to Administrative Agent on the date of such Revolver Loan and Administrative Agent may, in its Permitted
Discretion and in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the
extent such Lender shall not have so made such ratable portion available to Administrative Agent, such Lender agrees to repay to
Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such
amount is made available to Borrower until the date such amount is repaid to Administrative Agent, (x) for the first two (2) Business
Days, at the Federal Funds Rate for such Business Days, and (y) thereafter, at the Governing Rate. If such Lender shall repay to
Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s portion of the applicable
Revolver Loan for purposes of this Agreement and if both such Lender and Borrower shall pay and repay such corresponding amount,
Administrative Agent shall promptly relend to Borrower such corresponding amount. If such Lender does not repay such corresponding
amount immediately upon Administrative Agent’s demand therefor, Administrative Agent shall notify Borrower and Borrower shall
immediately pay such corresponding amount to Administrative Agent. The failure of any Lender to fund its portion of any Revolver
Loan shall not relieve any other Lender of its obligation, if any, hereunder to fund its respective portion of the Revolver Loan
on the date of such borrowing, but no Lender shall be responsible for any such failure of any other Lender. In the event that a
Lender for any reason fails or refuses to fund its portion of a Revolver Loan in violation of this Agreement, then, until such
time as such Lender has funded its portion of such Revolver Loan, or all other Lenders have received payment in full (whether by
repayment or prepayment) of the principal and interest due in respect of such Revolver Loan, such non-funding Lender shall not
(i) have the right to vote regarding any issue on which voting is required or advisable under this Agreement or any other Loan
Document and, with respect to any such Lender, the amount of the Commitment or Loans, as applicable, held by such Lender shall
not be counted as outstanding for purposes of determining “Majority Lenders” hereunder, and (ii) be entitled to receive
any payments of principal, interest or fees from Borrower or Administrative Agent (or the other Lenders) in respect of its Loans..

 

    	- 23 -

    	 

    

(d)If the unpaid
balance of Revolver Loans plus Agent Advances plus Swing Loans outstanding at any time should exceed the Borrowing Base at such
time (such excess referred to as an "Overadvance"), such Revolver Loans, Agent Advances and Swing Loans shall
nevertheless constitute Obligations that are secured by all of the Collateral and entitled to all the benefits of the Loan Documents.
All Overadvances shall be payable on demand and shall bear interest as provided in Section 2.3 of this Agreement.

 

(e)Borrower irrevocably
authorizes Administrative Agent to disburse the proceeds of each Revolver Loan requested, or deemed to be requested, pursuant to
Section 2.1(b), as follows: (i) the proceeds of each Revolver Loan requested by Borrower and made available to
Administrative Agent by Lenders shall be disbursed by Administrative Agent in immediately available funds, in the case of the initial
borrowing, in accordance with the terms of the written disbursement letter from Borrower, and in the case of each subsequent borrowing,
by wire transfer to the Disbursement Account or such other bank account as may be agreed upon by Borrower and Administrative Agent
from time to time; and (ii) the proceeds of each Revolver Loan deemed requested by Borrower shall be disbursed by Administrative
Agent by way of direct payment of the relevant Obligation.

 

    	- 24 -

    	 

    

(f) Agent Advances.

 

(i) Subject to the
limitations set forth below and notwithstanding anything else in this Agreement to the contrary, Administrative Agent is authorized
by Borrower and Lenders, from time to time in Administrative Agent’s sole discretion, (A) at any time that a Default
or Event of Default exists, (B) at any time that any of the other conditions precedent set forth in Section 6 have not been
satisfied, or (C) at any time an Overadvance exists or would result from any Agent Advance (as defined below), to make Loans to
Borrower on behalf of Lenders in an aggregate amount outstanding at any time not to exceed $4,000,000, which Administrative Agent,
in its reasonable business judgment, deems necessary or desirable (1) to preserve or protect the Collateral, or any portion thereof,
(2) to enhance the likelihood of, or maximize the amount of, repayment of the Loans and other Obligations, or (3) to pay any other
amount chargeable to the Borrowers pursuant to the terms of this Agreement, including costs, fees and expenses as provided under
this Agreement (any of such advances are herein referred to as “Agent Advances”); provided, that Administrative
Agent shall not make any such Agent Advance without the prior written consent of the Collateral Agent (which such consent shall
be deemed given if the Collateral Agent does not object to such Agent Advance within 2 hours of its receipt of written notice from
the Administrative Agent of its intent to make such Agent Advance); provided, further, that the Majority Lenders
may at any time revoke Administrative Agent’s authorization to make Agent Advances. Any such revocation must be in writing
and shall become effective prospectively upon Administrative Agent’s receipt thereof. Administrative Agent shall promptly
provide to Borrower written notice of any Agent Advance. In no event shall the aggregate amount of all outstanding Revolver Loans
plus the aggregate amount of all outstanding Letters of Credit, Agent Advances, and Swing Loans, after giving effect to any Agent
Advance, exceed the Commitments.

 

(ii)The Agent Advances
shall be secured by the Collateral and shall constitute Obligations hereunder. Each Agent Advance shall bear interest at the Default
Rate. Each Agent Advance shall be subject to all terms and conditions of this Agreement and the other Loan Documents applicable
to Revolver Loans, except that all payments thereon shall be made to Administrative Agent solely for its own account and the making
of any Agent Advance shall not require the consent of Borrower. Administrative Agent shall have no duty or obligation to make any
Agent Advance hereunder.

 

    	- 25 -

    	 

    

(iii)Administrative
Agent shall notify each Lender no less frequently than weekly, as determined by Administrative Agent, of the principal amount of
Agent Advances outstanding as of 12:00 noon (Atlanta, Georgia time) as of such date, and each Lender’s pro rata share thereof.
Each Lender shall before 2:00 p.m. (Atlanta, Georgia time) on such Business Day make available to Administrative Agent, in immediately
available funds, the amount of its pro rata share of such principal amount of Agent Advances outstanding. Upon such payment by
a Lender, such Lender shall be deemed to have made a Revolving Loan to Borrower, notwithstanding any failure of Borrower to satisfy
the conditions in Section 6.2. Administrative Agent shall use such funds to repay the principal amount of Agent Advances.
Additionally, if at any time any Agent Advances are outstanding, any of the events described in Section 10.1(e) shall have
occurred, then each Lender shall automatically, upon the occurrence of such event, and without any action on the part of Administrative
Agent, Borrower or Lenders, be deemed to have purchased an undivided participation in the principal and interest of all Agent Advances
then outstanding in an amount equal to such Lender’s Aggregate Commitment Ratio and each Lender shall, notwithstanding such
Event of Default, immediately pay to Administrative Agent in immediately available funds, the amount of such Lender’s participation
(and upon receipt thereof, Administrative Agent shall deliver to such Lender, a loan participation certificate dated the date of
receipt of such funds in such amount). The disbursement of funds in connection with the settlement of Agent Advances hereunder
shall be subject to the terms and conditions of Section 2.1(c).

 

(g)Swing Loans.

 

(i) Subject to the terms
and conditions of this Agreement, the Swing Bank, in its sole discretion, during the period from the Closing Date through the Business
Day before the last day of the Term, may make Swing Loans to the Borrower (i) in an amount not to exceed Availability, to the extent
in effect at such time of determination, as of such Business Day and (ii) in an aggregate amount (including all Swing Loans outstanding
as of such Business Day) not to exceed the lesser of (A) the excess of (1) the Swing Bank’s ratable share (in accordance
with its Aggregate Commitment Ratio) of the Commitments less (2) the sum of the aggregate outstanding principal amount of Swing
Loans, its participations in Agent Advances and other Revolving Loans made by it, or (B) $5,000,000.

 

(ii)The Borrower
shall give the Swing Bank written notice in the form of a Borrowing Request, or notice by telephone no later than 12:00 noon (Atlanta,
Georgia time) on the date on which the Borrower wishes to receive any Swing Loan followed immediately by a written Borrowing Request,
with a copy to the Administrative Agent; provided, however, that the failure by the Borrower to confirm any notice
by telephone with a written Borrowing Request shall not invalidate any notice so given. Each Swing Loan shall bear interest as
set forth in Section 2.3. If the Swing Bank, in its sole discretion, elects to make the requested Swing Loan, the Swing
Loan shall be made on the date specified in the notice or the Borrowing Request and such notice or Borrowing Request shall specify
(i) the amount of the requested Swing Loan and (ii) instructions for the disbursement of the proceeds of the requested Swing Loan.
Each Swing Loan shall be subject to all the terms and conditions applicable to Revolving Loans, except that all payments thereon
shall be payable to the Swing Bank solely for its own account. The Swing Bank shall have no duty or obligation to make any Swing
Loans hereunder. The Swing Bank shall not make any Swing Loans if the Swing Bank has received written notice from any Lender or
the Borrower (or the Swing Bank has actual knowledge) that one or more applicable conditions precedent set forth in Section
6.2 will not be satisfied (or waived pursuant to the last sentence of Section 6.2) on the requested Swing Loan date.
In the event the Swing Bank in its sole and absolute discretion elects to make any requested Swing Loan, the Swing Bank shall make
the proceeds of such Swing Loan available to the Borrower by deposit of Dollars in same day funds by wire transfer to the Disbursement
Account (or such other account requested by the Borrower in writing). In the event that the Swing Bank informs the Administrative
Agent that it will not make the requested Swing Loan, then such request will be deemed a request for a Revolving Loan.

 

    	- 26 -

    	 

    

(iii)The Swing Bank
shall notify the Administrative Agent and each Lender no less frequently than weekly, as determined by the Administrative Agent,
of the principal amount of Swing Loans outstanding as of noon (12:00 p.m.) (Atlanta, Georgia time) as of such date and each Lender’s
pro rata share (based on its Aggregate Commitment Ratio) thereof. Each Lender shall before 2:00 p.m. (Atlanta, Georgia time) on
such Business Day make available to the Administrative Agent, in immediately available funds, the amount of its pro rata share
(based on its Aggregate Commitment Ratio) of such principal amount of Swing Loans outstanding. Upon such payment by a Lender, such
Lender shall be deemed to have made a Revolving Loan to the Borrower, notwithstanding any failure of the Borrower to satisfy the
conditions in Section 6.2. The Administrative Agent shall use such funds to repay the principal amount of Swing Loans to
the Swing Bank. Additionally, if at any time any Swing Loans are outstanding, any of the events described in Section 10.1(e)
shall have occurred, then each Lender shall automatically upon the occurrence of such event and without any action on the part
of the Swing Bank, the Borrower, the Administrative Agent or the Lenders be deemed to have purchased an undivided participation
in the principal and interest of all Swing Loans then outstanding in an amount equal to such Lender’s Aggregate Commitment
Ratio of the principal and interest of all Swing Loans then outstanding and each Lender shall, notwithstanding such Event of Default,
immediately pay to the Administrative Agent for the account of the Swing Bank in immediately available funds, the amount of such
Lender’s participation (and upon receipt thereof, the Swing Bank shall deliver to such Lender a loan participation certificate
dated the date of receipt of such funds in such amount). The disbursement of funds in connection with the settlement of Swing Loans
hereunder shall be subject to the terms and conditions of Section 2.1(c).

 

    	- 27 -

    	 

    

2.2 Payments.
(a) All payments with respect to any of the Obligations shall be made to Administrative Agent, for the account of the Lender
Group, on the date when due, in immediately available funds, without any offset or counterclaim. In the case of a payment for
the account of a Lender, Administrative Agent will promptly thereafter distribute the amount so received in like funds to
such Lender. If Administrative Agent shall not have received any payment from Borrower as and when due, Administrative Agent
will promptly notify Lenders accordingly. Except
where evidenced by a Note or other instrument issued or made by Borrower to a Lender or its order specifically containing
payment provisions that are in conflict with this Section 2.2 (in which event the conflicting provisions of said Note or
other instrument shall govern and control), the Obligations shall be due and payable as follows:

 

(i)Principal
payable on account of the Loans shall be payable by Borrower to Administrative Agent, for
the account of Lenders in accordance with their respective Aggregate Commitment Ratios, immediately upon the earliest of (A) the
receipt by Administrative Agent or Borrower of any proceeds of any of the Collateral, to the extent of such proceeds, (B) the occurrence
of an Event of Default in consequence of which the maturity and payment of the Obligations is accelerated, and (C) the Commitment
Termination Date; provided, however, that if an Overadvance shall exist at any time, Borrower shall, on demand,
repay the Obligations in accordance with Section 2.1(d) to the extent necessary to eliminate the Overadvance.

 

(ii)Interest accrued
on the principal balance of the Loans shall be due and payable on each of (A) the first day of each month, computed through
the last day of the preceding month; (B) upon demand by Administrative Agent after the occurrence of an Event of Default in
consequence of which the maturity and payment of the Obligations is accelerated; and (C) the Commitment Termination Date.

 

(iii)The balance
of the Obligations requiring the payment of money, if any, shall be payable by Borrower to Administrative Agent, for the account
of Lenders in accordance with their respective Aggregate Commitment Ratios, as and when provided in the Loan Documents, or, if
the date of payment is otherwise not specified in the Loan Documents, on demand.

 

(b)Whenever any payment
of any of the Obligations shall be due on a day that is not a Business Day, the date for payment thereof shall be extended to the
next succeeding Business Day and, if the day for any payment of principal is extended by operation of law or otherwise, interest
thereon shall be payable for such extended period of time.

 

(c)To the extent
that Borrower makes a payment to Administrative Agent, or any member of the Lender Group receives payment from the proceeds of
any Collateral or exercises its right of setoff, and such payment or the proceeds of such Collateral or setoff (or any part thereof)
are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver
or any other Person, then to the extent of any loss of any member of the Lender Group, the Obligations or part thereof originally
intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect
as if such payment or proceeds have not been made or received and any such enforcement or setoff had not occurred. The provisions
hereof shall survive the Commitment Termination Date and Full Payment of the Obligations.

 

    	- 28 -

    	 

    

2.3 Interest
Rates.  

 

(a)Except where otherwise
provided in a Note or other instrument issued or made by Borrower to a Lender or its order specifically containing interest rate
provisions that are in conflict with this Section 2.3 (in which event the conflicting provisions of said Note or other instrument
shall govern and control), the principal balance of Revolver Loans, Swing Loans and other Obligations outstanding from time to
time shall bear interest from the respective dates such principal amounts are advanced or incurred until paid at the Governing
Rate. "Governing Rate" means, on any date, a rate per annum equal to the greater of (i) the minimum interest rate
floor set forth in Item 8(c) of the Terms Schedule and (ii) the sum of (A) the Applicable Variable Rate in effect on such
date plus (B) the interest margin set forth in Item 8(b) of the Terms Schedule. The Applicable Variable Rate shall
be adjusted daily, with each change to the Applicable Variable Rate, with any adjustments to be effective as of the opening of
business on the day that any change in the Applicable Variable Rate becomes effective. Upon and after the occurrence of an Event
of Default and during the continuation thereof, the principal balance of the Loans shall, at the election of the Agents and without
the necessity of declaring the Obligations immediately due and payable and without the necessity of providing any prior notice
Borrower, bear interest at the rate (the "Default Rate") equal to the lesser of (i) the Governing Rate in
effect from time to time plus the default margin set forth in Item 8(d) of the Terms Schedule and (ii) the highest
rate allowed by applicable law. The amount of any Overadvance shall bear interest at the Default Rate. All interest chargeable
under this Agreement shall be computed on the basis of the actual number of days elapsed in a year of 360 days.

 

(b)The Applicable
Variable Rate on the date hereof is the per annum rate set forth in Item 8(e) of the Terms Schedule, and therefore
the rate of interest in effect hereunder with respect to Revolver Loans and other Obligations that bear interest at the Governing
Rate, expressed in simple interest terms as of the date hereof, is the per annum rate set forth in Item 8(f) of the Terms
Schedule.

 

2.4 Fees
and Reimbursement of Expenses.

 

(a)Borrower shall pay to Agents
and Lenders, as applicable, the Fees set forth in Item 9(a) of the Terms Schedule and shall reimburse Agents for all reasonable
costs and expenses incurred in connection with examinations of Borrower's Books and appraisals of the Collateral and such other
matters as Agents shall deem reasonable and appropriate in their Permitted Discretion, as set forth in Item 9(b) of the
Terms Schedule.

 

    	- 29 -

    	 

    

(b)If, at any time
or times regardless of whether or not any Event of Default then exists, Administrative Agent or any other member of the Lender
Group, as applicable, incurs legal or accounting expenses or any other reasonable costs or out-of-pocket expenses in connection
with the loan transaction described herein, including fees and expenses incurred in connection with: (i) the negotiation and
preparation of any amendment of or modification of this Agreement or any of the other Loan Documents or documents evidencing or
otherwise relating to any workout, restructuring or forbearance with respect to any Loan Documents or any Obligations; (ii) the
administration by Administrative Agent of this Agreement or any of the Loan Documents and the transactions contemplated hereby
and thereby; (iii) any litigation, contest, dispute, suit, proceeding (including any Insolvency Proceeding) or action (whether
instituted by Administrative Agent, any Lender, Borrower or any other Person) in any way relating to the Collateral, this Agreement
or any or the other Loan Documents or Borrower; or (iv) any attempt to enforce any rights of the Lender Group against Borrower
or any other Person which may be obligated to the Lender Group by virtue of this Agreement or any of the other Loan Documents,
including any Obligor; or (v) any consultations regarding any Loan Documents or preparation thereof, or financing extended
thereunder; then all such reasonable legal and accounting expenses, other reasonable costs and out-of-pocket expenses of any member
of the Lender Group, shall be charged to Borrower, shall be Obligations secured by all of the Collateral, shall be payable to Administrative
Agent or the Lender Group, as applicable, on demand, and shall bear interest from the date such demand is made until paid in full
at the rate applicable to Revolver Loans from time to time.

 

(c)All Fees shall
be fully earned by Administrative Agent or Lenders, as applicable, when due and payable and, except as otherwise set forth herein
or required by applicable law, shall not be subject to rebate, refund or proration. All Fees provided for in this Section 2.4
are and shall be deemed to be for compensation for services and are not, and shall not be deemed to be, interest or any other charge
for the use, forbearance or detention of money.

 

2.5 Maximum
Interest. Regardless of any provision contained in this Agreement or any other Loan
Document, in no contingency or event whatsoever shall the aggregate of all amounts that are contracted for, charged or
received by the Lender Group pursuant to the terms of this Agreement or any other Loan Document and that are deemed interest
under applicable law exceed the highest rate permissible under any applicable law, which a court of competent jurisdiction
shall, in a final determination, deem applicable hereto or thereto. No agreements, conditions, provisions or stipulations
contained in any of the Loan Documents or the exercise by the Lender Group of the right to accelerate the payment or the
maturity of all or any portion of the Obligations or the exercise of any option whatsoever contained in any of the Loan
Documents, or the prepayment by Borrower of any of the Obligations, or the occurrence of any contingency whatsoever, shall
entitle the Lender Group to charge or receive, in any event, interest or charges, amounts, premiums or fees deemed
interest by applicable law (such interest, charges, amounts, premiums and fees referred to collectively as
"Interest") in excess of the maximum rate allowable under applicable law and in no event shall any Obligor be
obligated to pay Interest exceeding such maximum rate, and all agreements, conditions, or stipulations, if any, which may in
any event or contingency whatsoever operate to bind, obligate or compel any Obligor to pay Interest exceeding the maximum
rate allowable under applicable law shall be without binding force or effect, at law or in equity, to the extent only of the
excess of Interest over such maximum rate. If any Interest is charged or received in excess of the maximum rate allowable
under applicable law ("Excess"), Borrower acknowledges and stipulates that any such charge or receipt shall be the
result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the
principal Obligations and the balance, if any, returned to Borrower, it being the intent of the parties hereto not to enter
into a usurious or other illegal relationship. The right to accelerate the maturity of the Obligations does not include the
right to accelerate any interest that has not otherwise accrued on the date of such acceleration, and the Lender Group does
not intend to collect any unearned interest in the event of any such acceleration. For the purpose of determining whether or
not any Excess has been contracted for, charged or received by the Lender Group, all Interest at any time contracted for,
charged or received from Borrower in connection with any of the Loan Documents shall, to the extent permitted by applicable
law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. The
provisions of this Section shall be deemed to be incorporated into every Loan Document (whether or not any provision of this
Section is referred to therein).

 

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2.6 Borrowing
Base Certificate; Authorizations. (a) (i) For the period commencing on the Closing Date
and ending on January 4, 2015, on or prior to 11:00 a.m. on the first Business Day of each calendar week and (ii) thereafter
less frequently as the Agents may agree in their Permitted Discretion (in each case, or more frequently as Agents shall
request in their Permitted Discretion), Borrower shall deliver to Agents a fully completed Borrowing Base Certificate
certified by a Senior Officer of Borrower as being true and correct. In addition, within 20 days after the end of each month
Borrower shall deliver to the Agents a fully completed Borrowing Base Certificate calculated as of the end of such prior
month, with reconciliations of the calculations set forth therein to the last Borrowing Base Certificate delivered during
such month, and certified by a Senior Officer of Borrower as being true and correct. Concurrent with the delivery of the
Borrowing Base Certificate, Borrower shall provide a written report to Agents of all returns and all material disputes,
claims and other deductions, together with sales and other reports and supporting information relating to the Accounts and
Inventory, as reasonably required by Agents. Agents shall have the right to review and adjust any calculations made in a
Borrowing Base Certificate (i) to reflect Agents’ estimate of declines in value of any of the Collateral described
therein and (ii) to the extent that such calculation is not in accordance with this Agreement or does not accurately reflect
the amount of the Availability Reserve. In no event shall the Borrowing Base on any date be deemed to exceed the amount of
the Borrowing Base shown on the Borrowing Base Certificate last received by Agents prior to such date, as such Borrowing Base
Certificate may be adjusted from time to time by Agents as authorized herein. If Borrower fails to deliver to Agents the
Borrowing Base Certificate on the date when due, then notwithstanding any of the provisions contained in Section 2.1 or
in any other Loan Document to the contrary and in addition to any other rights or remedies the Administrative Agent or
Lenders may have under this Agreement, Administrative Agent may suspend honoring any requests for Revolver Loans until a
current Borrowing Base Certificate is delivered to Agents.

 

(b)The Lender Group
is hereby authorized to make Loans and other extensions of credit under this Agreement based on telecopied, electronically communicated
or other instructions and transaction reports received from any individual believed to be an Authorized Officer of Borrower, or,
at the Permitted Discretion of Agents, if such extensions of credit are necessary to satisfy any Obligations that are past due.
Although Administrative Agent shall make a reasonable effort to determine the individual's identity, Administrative Agent shall
not be responsible for determining the authenticity of any such telecopied or electronically communicated instructions and Administrative
Agent may act on the instructions of any individual whom Administrative Agent  believes to be an Authorized Officer.

 

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2.7 Collections.
All payments owed to or to be received by Borrower with respect to the Accounts and other Collateral shall be deposited (either
directly by the Account Debtors or by Borrower) in the Collections Account; provided that Borrower shall establish a lockbox under
the control of Administrative Agent to which all Account Debtors shall be directed to forward payments with respect to the Accounts.
Administrative Agent shall have the right, at any time after the occurrence and during the continuance of an Event of Default,
to contact directly any or all Account Debtors to ensure that payments on the Accounts are directed to Administrative Agent or
to the lockbox. To expedite collection, Borrower shall endeavor to make collection of its Accounts for the Lender Group. All payment
items received by Borrower with respect to the Accounts and other Collateral shall be held by Borrower, as trustee of an express
trust, for the Lender Group's benefit and shall not be commingled with Borrower's other funds and shall be deposited promptly
by Borrower to the Collections Account. All such payment items shall be the exclusive property of Administrative Agent, for the
benefit of the Lender Group, upon the earlier of the receipt thereof by Administrative Agent or by Borrower. Borrower hereby grants
to Administrative Agent, for the benefit of the Lender Group, a Lien upon all items and balances held in any lockbox and the Collections
Account as security for the payment of the Obligations, in addition to and cumulative with the general security interest in all
other assets of Borrower (including all Deposit Accounts) as provided elsewhere in this Agreement or any other Loan Document.
All funds in the Collections Account shall be automatically deposited into the Administrative Agent Account on a daily basis in
immediately available funds. Administrative Agent shall be entitled to apply immediately to the Obligations any wire transfer,
check or other item of payment received by Administrative Agent, but interest shall continue accruing on the amount of such wire
transfer, check or other payment item for the number of collection days set forth in Item 11 of the Terms Schedule after the date
that the proceeds of such wire transfer, check or other payment item become good, collected funds

 

2.8 Loan
Register; Account Stated. Administrative Agent shall maintain in accordance with its
usual and customary practices an account or accounts (collectively, the "Loan Register") evidencing the Loans, including
the amount of principal and interest payable to the Lender Group from time to time hereunder. Any failure of Administrative Agent
to make an entry in the Loan Register, or any error in doing so, shall not limit or otherwise affect the obligation of Borrower
under the Loan Documents to pay any amount owing to Administrative Agent or Lenders. The entries made in the Loan Register shall
constitute rebuttably presumptive evidence of the information contained therein, provided that if a copy of information contained
in the Loan Register is provided to Borrower or any other Obligor, or Borrower or any other Obligor inspects the Loan Register,
at any time or from time to time, then the information contained in the Loan Register shall be conclusive and binding on such
Person for all purposes, absent manifest error, unless such Person notifies Administrative Agent in writing within 30 days after
such Person's receipt of such copy or such Person's inspection of the Loan Register of its intention to dispute the information
contained therein.

 

2.9 Application
of Payments and Collections. Borrower irrevocably waives the right to direct the
application of any and all payments and collections at any time or times hereafter received by Administrative Agent from or
on behalf of Borrower.

 

    	- 32 -

    	 

    

(a)At all times during
which an Event of Default has not occurred, Borrower does hereby irrevocably agree that Administrative Agent shall have the continuing
exclusive right to distribute any and all such payments and collections received by Administrative Agent or its agent in the following
order of priority:

 

FIRST, pro rata, to the
payment of (i) out-of-pocket costs and expenses (including reasonable attorneys’ fees) of Administrative Agent incurred by
Administrative Agent in connection with the enforcement of the rights of the Lender Group under the Loan Documents and (ii) any
Agent Advances made by Administrative Agent under or pursuant to the terms of the Loan Documents and interest accrued thereon;

 

SECOND, pro rata, to
the payment of any fees then due and payable to Administrative Agent or Swing Bank hereunder or under any other Loan Documents;

 

THIRD, pro rata, to the
payment of all Obligations consisting of accrued fees and interest then due and payable to Lenders hereunder;

 

FOURTH, to the payment
of principal then due and payable on the Swing Loans;

 

FIFTH, to the payment
of principal then due and payable on the Revolver Loans; 

 

SIXTH, to the payment
of the Obligations arising in respect of Bank Products then due and payable; and

 

SEVENTH,
to the payment of all other Obligations not otherwise referred to in this Section 2.9(a)
then due and payable.

 

(b)Notwithstanding
anything in this Agreement or any other Loan Document which may be construed to the contrary, subsequent to the occurrence and
during the continuance of an Event of Default, payments and prepayments with respect to the Obligations made to the Lender Group,
or any of them, or otherwise received by any member of the Lender Group (from realization on Collateral or otherwise) shall be
distributed in the following order of priority (subject, as applicable, to Section 2.13):

 

FIRST, pro rata, to the
payment of (i) out-of-pocket costs and expenses (including reasonable attorneys’ fees) of Administrative Agent incurred in
connection with the enforcement of the rights of the Lender Group under the Loan Documents, and (ii) any Agent Advances made by
Administrative Agent under or pursuant to the terms of the Loan Documents (including any costs incurred in connection with the
sale or disposition of any Collateral);

 

SECOND, pro rata, to
payment of any fees owed to Administrative Agent or Swing Bank hereunder or under any other Loan Document;

 

THIRD, to the payment
of out-of-pocket costs and expenses (including reasonable attorneys’ fees) of Lenders incurred in connection with the enforcement
of their respective rights under the Loan Documents;

 

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FOURTH, to the payment
of all Obligations consisting of accrued fees and interest payable to Lenders hereunder;

 

FIFTH, to the payment
of principal then due and payable on the Swing Loans;

 

SIXTH,
pro rata, to (i) the payment of principal on the Revolving Loans then outstanding, and (ii) the Cash Collateral Account to the
extent of one hundred three percent (103%) of any LC Credit Support Obligations then outstanding;

 

SEVENTH, to the payment
of any Obligation arising in respect of the Bank Products;

 

EIGHTH, to any other
Obligations not otherwise referred to in this Section 2.9(b); and

 

NINTH,
upon satisfaction in full of all Obligations, to Borrower or as otherwise required by law.

 

If as the result of
collections of Borrower's Accounts or other proceeds of Collateral a credit balance exists in the Loan Register, such credit balance
shall not accrue interest in favor of Borrower, but shall be available to Borrower at any time or times for so long as no
Default or Event of Default exists.

 

2.10 All
Loans to Constitute One Obligation. All Loans shall constitute one general obligation
of Borrower and shall be secured by Administrative Agent's Liens upon all of the Collateral.

 

2.11 Capital
Requirements. If either (a) the introduction of, or any Change in Law or the
interpretation thereof or (b) compliance with any guideline or request from any central bank or comparable agency or other
governmental authority (whether or not having the force of law), in each case, occurs or takes effect after the date of this
Agreement, has or would have the effect of reducing the rate of return on the capital of, or has affected or would affect the
amount of capital required to be maintained by, any Lender as a consequence of, or with reference to, the credit facility or
commitments hereunder, below the rate which such Lender or such other corporation could have achieved but for such
introduction, change or compliance, then within 5 Business Days after written demand by such Lender, Borrower shall pay such
Lender from time to time as specified by such Lender additional amounts sufficient to compensate such Lender or such other
corporation for such reduction. A certificate as to such amounts submitted to Borrower by such Lender shall, in the absence
of manifest error, be presumed to be correct and binding for all purposes.

 

2.12 Increased
Costs. If any Change in Law shall: (a) impose, modify or deem applicable any
reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for
the account of, or credit extended or participated in by, any Lender, (b) subject any Lender to any Tax with respect to
any Loan or Loan Document or change the basis of taxation of payments to any Lender in respect thereof, or (c) impose on
any Lender any other condition, cost or expense affecting any Loan or Loan Document, and the result thereof shall be to
increase the cost to such Lender of making or maintaining any Loan (or of maintaining its obligation to make any such Loan),
or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or any
other amount) then, upon request by such Lender, Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

    	- 34 -

    	 

    

 

2.13Pro
Rata Treatment.

 

(a)Each
Revolver Loan from Lenders under this Agreement shall be made pro rata on the basis of their respective Aggregate Commitment Ratios.

 

(b)Each
payment and prepayment of the principal of the Revolving Loans and each payment of interest on the Revolving Loans received from
the Borrower shall be made by Administrative Agent to Lenders pro rata on the basis of their respective unpaid principal amounts
thereof outstanding immediately prior to such payment or prepayment (except in cases when a Lender’s right to receive payments
is restricted pursuant to Section 2.1(c)). If any Lender shall obtain any payment (whether
involuntary, through the exercise of any right of set-off or otherwise) on account of the Loans (other than (x) any payment received
by a Lender as consideration for the assignment of a sale of a participation in any of its Loans to any assignee or Participant
or (y) as otherwise expressly provided elsewhere herein) in excess of its ratable share of Loans
under its Aggregate Commitment Ratio (or in violation of any restriction set forth in Section 2.1(c)),
such Lender shall forthwith purchase from the other Lenders such participation in the Loans made by them as shall be necessary
to cause such purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion
of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and
such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery without interest thereon unless
the Lender obligated to repay such amount is required to pay interest. Borrower agrees that any Lender so purchasing a participation
from another Lender pursuant to this Section 2.13(b) may, to the fullest extent permitted
by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such
Lender were the direct creditor of Borrower in the amount of such participation.

 

2.14Reserved.

 

2.15Defaulting
Lenders.Notwithstanding any provision of this Agreement to the contrary, if any Lender
becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)the
Unused Line Fee shall cease to accrue on the portion of the Commitments held by such Lender so long as it is a Defaulting Lender;

 

(b)if
any Swing Loans or LC Credit Support Obligations exist at the time a Lender becomes a Defaulting Lender then:

 

(i)all
or any part of such Swing Loans or LC Credit Support Obligations shall be reallocated among the non-Defaulting Lenders in accordance
with their respective Aggregate Commitment Ratio but only to the extent the aggregate Revolver Loans and LC Credit Support Obligations
held by all non-Defaulting Lenders’ plus the Aggregate Commitment Ratio of the such Defaulting Lender’s Swing Loan
and LC Credit Support Obligations does not exceed the portion of the Commitments held by the non-Defaulting Lenders;

 

    	- 35 -

    	 

    

(ii)if
the reallocation described in clause (i) above cannot, or can only partially, be effected, Borrower shall within one Business Day
following notice by Administrative Agent, (A) prepay such Defaulting Lender’s pro rata share of the Swing Loans and (B) Cash
Collateralize such Defaulting Lender’s pro rata share of the LC Credit Support Obligations (after giving effect to any partial
reallocation pursuant to clause (i) above) in an amount equal to one hundred three percent (103%) of the LC Credit Support Obligations
for so long as such LC Credit Support Obligations are outstanding;

 

(iii)if
any portion of such Defaulting Lender’s pro rata share of the LC Credit Support Obligations is cash collateralized pursuant
to clause (ii) above, Borrower shall not be required to pay the Letter of Credit fees set for in Section 7(a) of the Letter of
Credit Rider with respect to such portion of such Defaulting Lender’s LC Credit Support Obligations so long as it is cash
collateralized.

 

(iv)if
any portion of such Defaulting Lender’s LC Credit Support Obligations is reallocated to the non-Defaulting Lenders pursuant
to clause (i) above, then the Letter of Credit fees set for in Section 7(a) of the Letter of Credit Rider with respect to such
portion shall be allocated among the non-Defaulting Lenders in accordance with their Aggregate Commitment Ratio;

 

(v)if
any portion of such Defaulting Lender’s pro rata share of the LC Credit Support Obligations is neither cash collateralized
nor reallocated pursuant to this Section 2.15(b), then, without prejudice to any rights
or remedies of any Lender hereunder, the Unused Line Fee that otherwise would have been payable to such Defaulting Lender (with
respect to the portion of such Defaulting Lender’s Commitment that was utilized by such LC Credit Support Obligations) and
the Letter of Credit fees set for in Section 7(a) of the Letter of Credit Rider payable with respect to such Defaulting Lender’s
LC Credit Support Obligations shall be payable to Administrative Agent until such LC Credit Support Obligations are cash collateralized
and/or reallocated in accordance herewith; 

 

(vi)
so long as any Lender is a Defaulting Lender, the Swing Bank shall not be required to fund any Swing Loan, unless it is satisfied
that the related expenses will be 100% covered by the Commitments of the non-Defaulting Lenders, and participations in any such
newly made Swing Loan shall be allocated among non-Defaulting Lenders in accordance with their respective Aggregate Commitment
Ratio (and Defaulting Lenders shall not participate therein); and 

 

(c)any
amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise) may, in lieu
of being distributed to such Defaulting Lender, be retained by Administrative Agent in a segregated non-interest bearing account
and, subject to any applicable law, be applied at such time or times as may be determined by Agents (i) first, to the payment of
any amounts owing by such Defaulting Lender to Administrative Agent hereunder, (ii) second, to the funding of any Loan or the funding
or cash collateralization of any participation in any LC Credit Support Obligation in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by Agents, (iii) third, if so determined by Agents
and Borrower, held in such account as cash collateral for future funding obligations of Defaulting Lender under this Agreement,
(iv) fourth, pro rata, to the payment of any amounts owing to Borrower or Lenders as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower or any Lender against such Defaulting Lender as a result of such Defaulting Lender’s
breach of its obligations under this Agreement and (v) fifth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if such payment is (x) a prepayment of the principal amount of any Loans or LC Credit
Support Obligations in respect of Letters of Credit which a Defaulting Lender has funded its participation obligations and (y)
made at a time when the conditions set forth in Section 6.2 are satisfied, such payment shall be applied solely to prepay the Loans
of, and LC Credit Support Obligations owed to, all non-Defaulting Lenders, based on their Aggregate Commitment Ratio, prior to
being applied to the prepayment of any Loans, or LC Credit Support Obligations owed to, any Defaulting Lender.

 

    	- 36 -

    	 

    

In
the event that Agents and the Borrower and, in the case of Swing Loans, the Swing Bank each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the LC Credit Support Obligations of Lenders
shall be readjusted to reflect the inclusion of such Lender’s portion of the Commitments and on such date such Lender shall
purchase at par such of the Loans of the other Lenders as Agents shall determine may be necessary in order for such Lender to hold
such Loans in accordance with its Aggregate Commitment Ratio. The rights and remedies against a Defaulting Lender under this Section
2.15 are in addition to other rights and remedies that Borrower, Agents, the Swing Bank and the
non-Defaulting Lenders may have against such Defaulting Lender. The arrangements permitted or required by this Section 2.15
shall be permitted under this Agreement, notwithstanding any limitation on Liens or the pro rata sharing provisions or otherwise.

 

SECTION
3.TERM AND TERMINATION

 

3.1 Term.
All Commitments hereunder shall, subject to the satisfaction (or waiver by the Majority Lenders) of each condition set forth
in Section 4 hereof, become effective on the date of this Agreement and shall expire at the close of business on the day
specified in Item 12 of the Terms Schedule (the "Term"), unless sooner terminated as provided in Section 3.2
hereof. 

 

3.2 Termination.
At any time that an Event of Default exists, the Majority Lenders may terminate the Commitments without notice, and all of
the Commitments shall automatically terminate upon the occurrence of an Event of Default resulting from the commencement of
an Insolvency Proceeding by or against Borrower. Upon at least 10 days prior written notice to Administrative Agent, Borrower
may, at its option, terminate all or any portion of the Commitments; provided, however, no such termination of the
Commitments by Borrower shall be effective until Full Payment of the Obligations being so prepaid (including the applicable
Early Termination Fee, if any); provided, further, after giving effect to any partial reduction in the Commitments, the
aggregate Commitments will be no less than $20,000,000. Any notice of termination given by Borrower shall be irrevocable
unless Agents otherwise agree in writing. 

 

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3.3 Effect
of Termination. On the effective date of any termination of all or any part of the
Commitments, (a) all applicable Obligations (including the Early Termination Fee) shall become immediately due and payable
without notice to or demand upon Borrower and shall be paid to Administrative Agent, for
the account of Lenders in accordance with their respective Aggregate Commitment Ratios, in cash or by a wire transfer of
immediately available funds and (b) the Lenders’ Commitments shall be reduced pro rata on the basis of their respective
Aggregate Commitment Ratios immediately prior to giving effect to any such Commitment reduction. No termination of all or any
part of the Commitments shall in any way affect any of Administrative Agent’s or Lenders’ respective rights or
remedies hereunder, any of Borrower's duties or obligations hereunder (including its obligation to pay all of the Obligations
(including the Early Termination Fee) on the effective date of such termination) or any Liens held by Administrative Agent,
except that all Liens shall be immediately released upon Full Payment of the Obligations.

 

SECTION
4.CREATION OF SECURITY INTEREST

 

4.1 Grant
of Security Interest. To secure the prompt payment and performance of all of the
Obligations, Borrower hereby grants to Administrative Agent, for the benefit of the Lender Group, a continuing security
interest in and Lien upon all property of Borrower, including all of the following property and interests in property of
Borrower, whether now owned or existing or hereafter created, acquired or arising and wheresoever located: all Accounts; all
Goods, including all Inventory and Equipment (including Fixtures); all Instruments; all Chattel Paper; all Documents
(including bills of lading); all General Intangibles, including Intellectual Property, Payment Intangibles and Software; all
Deposit Accounts; all Investment Property (including all Commodity Accounts, Securities and Securities Accounts, but
excluding any Securities that constitute Margin Stock unless otherwise expressly provided in any Security Document and, in
the case of Securities in a Subsidiary organized under a law other than a state of the United States or the District of
Columbia, limited to 65% of such Securities); all Letter-of-Credit Rights; all Supporting Obligations; all Commercial Tort
Claims; all monies now or at any time or times hereafter in the possession or under the control of Administrative Agent; all
Accessions to, substitutions for and replacements, Products and cash and non-cash Proceeds of any of the foregoing, including
Proceeds of and unearned premiums with respect to insurance policies insuring any of the Collateral and claims against any
Person for loss of, damage to or destruction of any of the Collateral; and all of Borrower's Books, other than Excluded
Property. “Excluded Property” means (i) any permit, license, agreement or asset subject to any such agreement to
the extent that the grant of a security interest therein constitutes a breach of, grounds for termination of, or a default
under, such permit, license or agreement (other than to the extent that such terms would be rendered ineffective pursuant to
Sections 9-406, 9-407, 9-408 or 9-409 of the UCC of any applicable jurisdiction or by any other applicable law or principles
of equity), (ii) property owned by Borrower that is subject to a purchase money Lien or a capital lease permitted under this
Agreement if the agreement pursuant to which such Lien is granted (or providing for such capital lease) prohibits or requires
the consent of any Person other than Borrower which has not been obtained as a condition to the creation of any other Lien on
such property, and (iii) any "intent to use" trademark applications for which a statement of use has not been filed
(but only until such statement is filed); provided, however, the term "Excluded Property" shall not include any
proceeds, products, substitutions or replacements of Excluded Property (unless such proceeds, products, substitutions or
replacements would otherwise constitute Excluded Property); provided, further, the exclusions set forth in the preceding
clause (i) shall not apply if such prohibition has been waived or such applicable Person party to such agreements has
otherwise consented to the creation hereunder of a security interest in such Excluded Property. In addition, with respect to
clauses (i) and (ii) above, immediately upon the ineffectiveness, lapse or termination of the provisions of such agreements
or laws which prohibit or require the consent of any Person as a condition to the creation by Borrower of a security interest
or Lien thereon or that would be breached or give the other party the right to terminate it as a result thereof, Borrower
shall be deemed to have granted a security interest in, and all of its rights, titles and interests in and to, such
Excluded Property.

 

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4.2 Other
Collateral; Setoff. Administrative Agent shall have, in addition to Liens upon the
property of Borrower described in Section 4.1, Liens, for the benefit of the Lender Group, upon all other property of
Borrower and each other Person as described in the Security Documents. All sums at any time standing to Borrower's credit
balance on any Lender's books and all of Borrower's property at any time in Administrative Agent’s or any Lender's
possession, or upon or in which Administrative Agent or any Lender has a lien or security interest shall be security for all
Obligations. In addition to and not in limitation of the above, with respect to any deposits of property of Borrower in
Administrative Agent’s or any Lender's possession or control, now or in the future, Administrative Agent’s and
each Lender shall have the right to set off all or any portion thereof, at any time, against any Obligations, even if
unmatured upon the occurrence and during the continuance of an Event of Default without prior notice or demand to
Borrower.

 

4.3 Continuation
of Security Interest. Notwithstanding termination of this Agreement or of
Lenders’ commitments to extend Loans hereunder, until Full Payment of the Obligations, Administrative Agent shall
retain its security interest in all presently owned and hereafter arising or acquired Collateral, and Borrower shall continue
to immediately deliver to Administrative Agent, in kind, all collections received respecting the Accounts and other
Collateral.

 

4.4Perfection of
Security Interest. Promptly after Administrative Agent's request therefor, Borrower shall
execute or cause to be executed and delivered to Administrative Agent such instruments, assignments, title certificates or other
documents as are necessary under the UCC or other applicable law (including any motor vehicle certificates of title act for any
motor vehicles with a value in excess of $50,000) to perfect (or continue the perfection of) Administrative Agent's Liens upon
the Collateral and shall take such other action as may be requested by Administrative Agent to give effect to or carry out the
intent and purposes of this Agreement. Unless prohibited by applicable law, Borrower hereby irrevocably authorizes Administrative
Agent to execute and file in any jurisdiction any financing statement or amendment thereto on Borrower's behalf, including
financing statements that indicate the Collateral (i) as all assets or all personal property of Borrower or words to similar
effect or (ii) as being of equal or lesser scope, or with greater or lesser detail, than as set forth in this Section 4.
Borrower also hereby ratifies its authorization for Administrative Agent to have filed in any jurisdiction any like financing
statement or amendment thereto if filed prior to the date hereof.

 

4.5 Access
to Borrower's Books and Computer Records. Administrative
Agent and its agents, including external field examiners reasonably satisfactory to the Agents, shall have the right to
conduct inspections, verifications (of accounts and otherwise), appraisals, and field examinations of the Collateral and such
Person’s other property and books and records at any time or times hereafter, during Borrower's usual business hours,
or during the usual business hours of any Obligor having control over any Collateral or the records of Borrower, and with
such frequency as Agents may request from time to time, with (a) when no Default or Event of Default is in existence,
reasonable notice thereof and (b) when any Default or Event of Default is in existence, no notice thereof, and Borrower shall
provide Administrative Agent access to any such information stored online, together with access to any computer programs used
by Borrower to compile, analyze or otherwise manipulate such information. Borrower shall pay the cost of such inspections,
verifications, appraisals, and field examinations in accordance with Item 9(b) of the Terms Schedule. Borrower shall, at its
expense, conduct physical inventories of its and its Subsidiaries’ Inventory with such frequency as Agents shall
reasonably request from time to time and, before conducting any such physical inventory, shall provide reasonable written
notice thereof to Administrative Agent and allow Administrative Agent or its agents to witness such physical
inventory. 

 

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4.6 Power
of Attorney. Borrower hereby irrevocably makes, constitutes and appoints Administrative
Agent (and any of Administrative Agent's officers, employees or agents designated by Administrative Agent) as Borrower's true
and lawful attorney with power:

 

(a)To sign the name
of Borrower on any of the documents described in Section 4.4 or on any other similar documents that need to be executed,
recorded and/or filed in order to perfect or continue perfected Administrative Agent's Liens upon any of the Collateral, if Borrower
fails or refuses to comply, or delays in complying, with its undertakings contained in Section 4.4;

 

(b)To endorse Borrower's
name on any checks, notes, acceptances, money orders, drafts or other forms of payment or security that may come into Administrative
Agent's possession;

 

(c)To sign Borrower's
name on drafts against Account Debtors, on schedules and assignments of Accounts, on notices to Account Debtors and on any invoice
or bill of lading relating to any Account;

 

(d)To do all things
necessary to carry out this Agreement.

 

(e)After the occurrence
and during the continuance of an Event of Default, to notify the post office authorities to change the address for delivery of
Borrower's mail to any address designated by Administrative Agent, to receive and open all mail addressed to Borrower, and to retain
all mail relating to the Collateral and forward, within 2 Business Days of Administrative Agent's receipt thereof, all other mail
to Borrower; and

 

(f)To send requests
for verification of Accounts, and to contact Account Debtors in any other manner in order to verify the Accounts.

 

The appointment of Administrative
Agent as Borrower's attorney and each and every one of Administrative Agent's rights and powers, being coupled with an interest,
are irrevocable so long an any Accounts in which Administrative Agent has a security interest remain unpaid or unfinished, as the
case may be, and until all of the Obligations have been fully paid and performed. Borrower ratifies and approves all acts of the
attorney. Neither Administrative Agent nor its employees, officers, or agents shall be liable for any acts or omissions or for
any error in judgment or mistake of fact or law made in good faith except for gross negligence or willful misconduct.

 

    	- 40 -

    	 

    

 

4.7 Commercial
Tort Claims. Borrower shall promptly notify Administrative Agent in writing upon
Borrower's obtaining a Commercial Tort Claim in an amount that could reasonably be expected to result in a recovery to
Borrower in excess of $50,000 after the Closing Date against any Person and, upon Administrative Agent’s written
request, promptly enter into an amendment to this Agreement (or any of the other Loan Documents) and do such other acts or
things deemed appropriate by Administrative Agent to confer upon Administrative Agent a security interest, for the benefit of
the Lender Group, in each such Commercial Tort Claim.

 

SECTION 5.COLLATERAL
ADMINISTRATION

 

5.1 General
Provisions. 

 

(a)
All tangible items of Collateral, other than Inventory in transit, shall at all times be kept by Borrower at one or more
of the business locations of Borrower set forth in the Disclosure Schedule and shall not be moved therefrom, without the
prior written approval of Agents, except that in the absence of an Event of Default and acceleration of the maturity of the
Obligations in consequence thereof, Borrower may (i) make sales or other dispositions of any Collateral to the extent
not prohibited by Section 9.2 hereof and (ii) move Inventory or Equipment or any record relating to any
Collateral to a location in the United States other than those shown on the Disclosure Schedule so long as Borrower has given
Administrative Agent at least 10 days prior written notice of such new location. Notwithstanding anything to the contrary
contained in this Agreement, Borrower shall not be permitted to keep, store or otherwise maintain any Collateral at any
location, unless (i) Borrower is the owner of such location, (ii) Borrower leases such location and the landlord has
executed in favor of Administrative Agent a Lien Waiver/Access Agreement (or, if Agents agree in their Permitted Discretion,
Administrative Agent has established an Availability Reserve with respect to such location), or (iii) the Collateral
consists of Inventory placed with a warehouseman, bailee or processor, Administrative Agent has received from such
warehouseman, bailee or processor an acceptable Lien Waiver/Access Agreement (or, if Agents agree in their
Permitted Discretion, Administrative Agent has established an Availability Reserve with respect to such warehouseman, bailee
or processor); provided, however, that Borrower may store sugar at certain USDA approved warehouses without having to receive
a Lien Waiver/Access Agreement and without establishment of an Availability Reserve so long as such product will be shipped
to a location owned by Borrower within 180 days after the Closing Date.

 

(b)Borrower shall
maintain and pay for insurance upon all Collateral (including personal property and marine cargo coverage), wherever located, covering
casualty, hazard, public liability, theft, malicious mischief, and such other risks in such amounts and with such insurance companies
as are reasonably satisfactory to Agents. The Disclosure Schedule describes all property insurance of Borrower in effect on the
date hereof. All proceeds payable under each such policy shall be payable to Administrative Agent for application to the Obligations,
subject to the terms of the Intercreditor Agreement. Borrower shall deliver copies of such policies to Administrative Agent with
satisfactory lender's loss payable endorsements reasonably satisfactory to Agents naming Administrative Agent as a lender loss
payee, assignee or additional insured, as appropriate. Each policy of insurance or endorsement shall contain a clause requiring
the insurer to give not less than 30 days prior written notice to Administrative Agent in the event of cancellation of the policy
for any reason whatsoever and a clause specifying that the interest of Administrative Agent shall not be impaired or invalidated
by any act or neglect of Borrower or the owner of the property or by the occupation of the premises for purposes more hazardous
than are permitted by said policy. If Borrower fails to provide and pay for such insurance, Administrative Agent may, at
its option, but shall not be required to, procure the same and charge Borrower therefor. Borrower agrees to deliver to Administrative
Agent, promptly as rendered, true copies of all reports made in any reporting forms to insurance companies. For so long as no Event
of Default exists, Borrower shall have the right to settle, adjust and compromise any claim with respect to any insurance maintained
by Borrower, provided that all proceeds thereof are applied in the manner specified in this Agreement, and Administrative
Agent agrees promptly to provide any necessary endorsement to any checks or drafts issued in payment of any such claim. At any
time that an Event of Default exists, Administrative Agent shall be authorized to settle, adjust and compromise such claims and
Administrative Agent shall have all rights and remedies with respect to such policies of insurance as are provided for in
this Agreement and the other Loan Documents, subject to the terms of the Intercreditor Agreement.

 

    	- 41 -

    	 

    

(c)All expenses of
protecting, storing, warehousing, insuring, handling, maintaining and shipping any Collateral, all Taxes imposed under any applicable
law on any of the Collateral or in respect of the sale thereof, and all other payments required to be made by Administrative Agent
to any Person to realize upon any Collateral shall be borne and paid by Borrower. Administrative Agent shall not be liable or responsible
in any way for the safekeeping of any of the Collateral or for any loss or damage thereto (except for reasonable care in the custody
thereof while any Collateral is in Administrative Agent's or Administrative Agent’s agent’s actual possession)
or for any diminution in the value thereof, or for any act or default of any warehouseman, carrier, forwarding agency, or other
Person whomsoever, but the same shall be at Borrower' sole risk.

 

5.2 Administration
of Accounts. 

 

(a)Borrower shall
keep accurate and complete records of its Accounts and all payments and collections thereon and shall submit to Administrative
Agent on such periodic basis as Agents shall request a sales and collections report for the preceding period, in form reasonably
satisfactory to Agents. Borrower shall also provide to Administrative Agent, on or before the 20th day of each month,
a detailed aged trial balance of all Accounts existing as of the last day of the preceding month, specifying the names, addresses,
face value, dates of invoices and due dates for each Account Debtor obligated on an Account so listed ("Schedule of
Accounts"), and, upon Agents' request therefor, copies of proof of delivery and a copy of all documents, including repayment
histories and present status reports relating to the Accounts so scheduled and such other matters and information relating to the
status of then existing Accounts as Agents shall reasonably request. Borrower shall deliver to Administrative Agent, promptly
upon Agents’ request, copies of invoices or invoice registers related to all of its Accounts.

 

    	- 42 -

    	 

    

(b)If Borrower grants
any discounts, allowances or credits that are not shown on the face of the invoice for the Account involved, Borrower shall report
such discounts, allowances or credits, as the case may be to Administrative Agent as part of the next required Schedule of Accounts.
If any amounts due and owing in excess of $200,000 are in dispute between Borrower and any Account Debtor, or if any returns are
made in excess of $200,000 with respect to any Accounts owing from an Account Debtor, Borrower shall provide the Administrative
Agent with written notice thereof at the time of submission of the next Schedule of Accounts, explaining in detail the reason for
the dispute or return, all claims related thereto and the amount in controversy.

 

(c)If an Account
of Borrower includes a charge for any Taxes payable to any governmental authority, Administrative Agent is authorized, in
its Permitted Discretion, to pay the amount thereof to the proper governmental authority for the account of Borrower and to charge
Borrower therefor as a Lender Group Expense, provided that Administrative Agent shall be not liable for any Taxes that may
be due by Borrower.

 

(d)Whether or not
a Default or an Event of Default exists, Administrative Agent shall have the right at any time, in the name of Administrative Agent,
any designee of Administrative Agent or Borrower to verify the validity, amount or any other matter relating to any Accounts of
Borrower by mail, telephone, telegraph or otherwise. Borrower shall cooperate fully with Administrative Agent in an effort to facilitate
and promptly conclude any such verification process. Administrative Agent retains the right at all times that an Event of
Default exists to notify Account Debtors of Borrower that Accounts have been assigned to Administrative Agent and to collect Accounts
directly in its own name and to charge to Borrower the reasonable collection costs and expenses incurred by Administrative Agent,
including reasonable attorneys' fees, as Lender Group Expenses.

 

5.3 Administration
of Inventory.  

 

(a) Borrower shall
keep accurate and complete records of its Inventory (including records showing the cost thereof and daily withdrawals therefrom
and additions thereto) and shall furnish Administrative Agent on or before the 20th day of each month inventory reports
respecting such Inventory in form and detail satisfactory to Agents as of the last day of the preceding month, or at such other
times as Agents may reasonably request, but so long as no Default or Event of Default exists, no more frequently than once each
month. Borrower shall, at its own expense, conduct a physical inventory no less frequently than annually (and on a more
frequent basis if requested by Agents when an Event of Default exists) and periodic cycle counts consistent with Borrower's historical
practices and shall provide to Administrative Agent a report based on each such physical inventory and cycle count promptly
after completion thereof, together with such supporting information as Agents shall reasonably request. Agents may participate
in and observe each physical count or inventory, which participation by the Administrative Agent shall be at Borrower' expense
at any time that an Event of Default exists.

 

    	- 43 -

    	 

    

(b)Borrower shall
not return any of its Inventory to a supplier or vendor thereof, or any other Person, whether for cash, credit against future purchases
or then existing payables, or otherwise, unless (i) such return is in the Ordinary Course of Business of Borrower and such
Person; (ii) no Default or Event of Default exists or would result therefrom; (iii) the return of such Inventory will
not result in an Overadvance; (iv) Borrower promptly notifies the Administrative Agent thereof if the aggregate value of all Inventory
returned in any month exceeds $200,000; and (v) any payments received by Borrower in connection with any such return
are promptly turned over to Administrative Agent for application to the Obligations.

 

(c)Borrower shall
not acquire or accept any Inventory on consignment or approval and will use its best efforts to insure that all Inventory
that is produced in the United States of America will be produced in accordance with the Fair Labor Standards Act. Borrower
shall not sell or deliver any Inventory to any customer on approval or any other basis upon which the customer has a right to return
or obligates Borrower to repurchase such Inventory.

 

(d)Borrower shall
produce, use, store and maintain all Inventory with all reasonable care and caution in accordance with applicable standards of
any insurance and in conformity with applicable law (including the requirements of the Fair Labor Standards Act) and will maintain
current rent payments (within applicable grace periods provided for in leases) at all locations at which any Inventory is maintained
or stored.

 

5.4 Administration
of Equipment. 

 

(a) Borrower shall
keep accurate records itemizing and describing the kind, type, quality, quantity and cost of its Equipment and all dispositions
made in accordance with Section 5.4(b), and shall furnish Administrative Agent with a current schedule containing the
foregoing information on an annual basis.

 

(b)Borrower shall
not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof, whether in a single transaction or
a series of related transactions, other than (i) a disposition of Equipment that is no longer useful in Borrower's business
and (ii) a replacement of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function
and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition
of the Equipment that is to be replaced and the replacement Equipment shall be free and clear of Liens other than Permitted Liens.

 

(c)The Equipment
is in good operating condition and repair, and all necessary replacements of and repairs thereto shall be made so that the value
and operating efficiency of the Equipment shall be maintained and preserved, ordinary wear and tear excepted. Borrower shall ensure
that the Equipment shall be mechanically and structurally sound, capable of performing the functions for which the Equipment was
originally designed, in accordance with the manufacturer's published and recommended specifications. Borrower will not permit
any of the Equipment to become affixed to any real property leased to Borrower so that an interest arises therein under applicable
law unless the landlord of such real property has executed a Lien Waiver/Access Agreement in favor of and in form acceptable to
Agents, and Borrower will not permit any of the Equipment to become an accession to any personal property that is subject
to a Lien unless the Lien is a Permitted Lien.

 

    	- 44 -

    	 

    

SECTION
6.CONDITIONS PRECEDENT

 

6.1 Initial
Conditions Precedent. The Lenders shall not be obligated to fund any Loan or make any
other extension of credit hereunder unless, on or before the date hereof each of the following conditions has been satisfied,
in the sole opinion of Agents:

 

(a)Borrower and each
other Person that is to be a party to any Loan Document shall have executed and delivered each such Loan Document, all in form
and substance satisfactory to Agents.

 

(b)Borrower shall
cause to be delivered to the Agents the following documents, each in form and substance reasonably satisfactory to Agents:

 

(i)A copy of the
Organic Documents of Borrower;

 

(ii)An incumbency
certificate and certified resolutions of the board of directors (or other appropriate governing body) of Borrower, signed by a
Senior Officer of Borrower, authorizing the execution, delivery and performance of the Loan Documents;

 

(iii)A favorable
legal opinion of each Obligor's outside legal counsel addressed to Agents regarding such matters as Agents and their counsel may
request;

 

(iv)A satisfactory
Borrowing Base Certificate duly completed by Borrower, together with all supporting statements, schedules and reconciliations as
required by Agents;

 

(v)Evidence of insurance,
reasonably satisfactory to Agents and otherwise meeting the requirements of the Loan Documents;

 

(vi)Duly executed
Lien Waiver/Access Agreements as required by this Agreement or any of the other Loan Documents;

 

(vii)Borrower's financial
statements for its most recently concluded Fiscal Year and for the fiscal month ended July 2014 and such other financial reports
and information concerning Borrower as Agents shall reasonably request; and

 

(viii)All additional
opinions, documents, certificates and other assurances that Agents or their counsel may reasonably require.

 

(c)Agents shall have
received, by virtue of UCC searches and/or other Lien searches, evidence satisfactory to it that there are no existing Liens with
respect to any of the Collateral other than Permitted Liens.

 

    	- 45 -

    	 

    

(d)Agents shall have
received a final payoff letter from any Person whose outstanding Debt is to be satisfied by remittance of proceeds from the Loans
hereunder, and, if applicable, a disbursement letter shall be required to direct the payment of Loan proceeds to such Person.

 

(e)Agents shall
have received, in form and content reasonably satisfactory to them, all appraisals of any of the Collateral that may be reasonably
required by Agents and all field exams with respect to Borrower or any of the Collateral as may be required by Agents.

 

(f)Agents shall
have received assurances, satisfactory to them, that no litigation is pending or threatened against any Obligor which could reasonably
be expected to have a Material Adverse Effect.

 

(g)Agents shall
have determined, based upon their review of a current Borrowing Base Certificate submitted to it, that after giving effect to the
initial Loans and any other extensions of credit to be made by Lenders to Borrower (including Loans in an amount sufficient to
satisfy any Debt that is secured by a Lien and is to be satisfied at closing) and the payment of all Fees to Agents and Lenders
as required by this Agreement and the reimbursement of all expenses pursuant to the Loan Documents, Borrower will have Availability
(after deducting therefrom the aggregate amount of all of Borrower’s accounts payable that are more than 60 days past due)
plus unrestricted cash and cash equivalents of not less than the amount shown in Item 14 of the Terms Schedule.

 

(h)Borrower shall
have satisfied such additional conditions precedent as are set forth in Item 15 of the Terms Schedule.

 

6.2 Ongoing
Conditions Precedent. The Lenders shall not be obligated to fund any Loan or make any
other extension of credit hereunder (including the initial Loans, but excluding Loans, the proceeds of which are to reimburse
the Swing Bank for Swing Loans) unless and until each of the following conditions is satisfied, in the opinion of Agents, and
each request by Borrower for an extension of credit hereunder shall be deemed to be a representation that all such conditions
have been satisfied:

 

(a)Agents shall have
received from Borrower a Notice of Borrowing and such other information (including Borrowing Base Certificates) as Agents may request
in connection with the funding of any Loan or other extension of credit.

 

(b)No Default or
Event of Default shall exist.

 

(c)All representations
and warranties made by any Obligor in any of the Loan Documents, or otherwise in writing to the Lender Group, or any of them, shall
be true and correct in all material respects (without duplication of any materiality qualifier contained herein) with the same
effect as though the representations and warranties have been made on and as of the date of the funding of the requested Loan or
other extension of credit, other than any representation and warranty that relates solely to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects (without duplication of any materiality qualifier
contained herein) as of such earlier date.

 

    	- 46 -

    	 

    

(d)No event shall
have occurred and no conditions shall exist which could reasonably be expected to have a Material Adverse Effect.

 

(e)No Overadvance
exists at the time of, or would result from funding, the proposed Loan or other extension of credit.

 

Notwithstanding the foregoing,
if the conditions or any of them, set forth above are not satisfied, such conditions may be waived by the requisite Lenders under
Section 12.8 and, in any event the Majority Lenders may waive the condition set forth in Section 6.2(b).

 

SECTION
7.BORROWER'S REPRESENTATIONS AND WARRANTIES

 

To induce the Lender
Group to enter into this Agreement and to make Loans or otherwise extend credit as provided in any of the Loan Documents, Borrower
makes the following representations and warranties, all of which shall survive the execution and delivery of the Loan Documents,
and, unless otherwise expressly provided herein, such representations and warranties shall be deemed made as of the date hereof
and as of the date of each request for a Loan or other extension of credit:

 

7.1 Existence
and Rights; Predecessors. Each of Borrower and its Subsidiaries is an entity as
described in the Disclosure Schedule, duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization and as duly qualified or licensed to transact businesses in all places where the failure to
be so qualified could reasonably be expected to have a Material Adverse Effect; has the right and power to enter into, and
discharge all of its obligations under the Loan Documents, each of which constitutes a legal, valid and binding obligation of
such Person, enforceable against it and accordance with their respective terms, subject only to bankruptcy and similar laws
affecting creditors' rights generally; and has the power, authority, rights and franchises to own its property and to carry
on its business as presently conducted. Except as provided in the Disclosure Schedule, neither Borrower nor any Subsidiary
has changed its legal status or the jurisdiction in which it is organized within the 5-year period immediately preceding the
date of this Agreement; and, during the 5 year period prior to the date of this Agreement, Borrower has not been a party to
any merger, consolidation or acquisition of all or substantially all of the assets or equity interests of any other
Person.

 

7.2
Authority. The execution, delivery and performance of this Agreement and the other Loan
Documents by Borrower and each other Person (other than the Lender Group) executing any Loan Document have been duly authorized
by all necessary actions of such Person, and do not and will not violate any provision of law, or any writ, order or decree of
any court or governmental authority or agency or any provision of the Organic Documents of such Person or any Material Agreement
to which such Person is a party, and do not and will not, with the passage of time or the giving of notice, result in a breach
of, or constitute a default or require any consent under, or result in the creation of any Lien (other than Administrative Agent's
Lien) upon any property or assets of such Person pursuant to, any law, regulation, instrument or agreement to which any such Person
is a party or by which any such Person or its properties may be subject, bound or affected.

 

7.3 Litigation.
Except as set forth in the Disclosure Schedule, there are no actions or proceedings pending, or to the knowledge of Borrower
threatened, against any Obligor before any court or administrative agency, and Borrower has no knowledge or belief or any
pending, threatened or imminent, governmental investigations or claims, complaints, actions or prosecutions involving
Borrower or any Obligor that could reasonably be expected to have a Material Adverse Effect. Neither Borrower nor any Obligor
is in default with respect to any order, writ, injunction, decree or demand of any court or any governmental or regulatory
authority that could reasonably be expected to have a Material Adverse Effect.

 

    	- 47 -

    	 

    

 

7.4 Financial
Condition. All financial statements and information relating to Borrower and its
Subsidiaries which have been delivered by Borrower to Administrative Agent have been prepared in accordance with GAAP, unless
otherwise stated therein, and fairly and reasonably present Borrower's and its Subsidiaries’ financial condition in all
material respects. There has been no material adverse change in the financial condition of Borrower or any Subsidiary since
the date of the most recent of such financial statements submitted to Administrative Agent. Borrower has no knowledge of any
material liabilities, contingent or otherwise, which are not reflected in such financial statements and information, and
neither Borrower nor any Subsidiary has entered into any special commitments or contracts which are not reflected in such
financial statements or information which may have a Material Adverse Effect upon Borrower's financial condition, operations
or business as now conducted. Taken as a whole, Borrower and its Subsidiary are, and after consummating the transactions
described in the Loan Documents will be, Solvent.

 

7.5 Taxes.
Each of Borrower and its Subsidiaries has filed all federal, state and other tax returns that are required to be filed, and
have paid all Taxes shown on said returns as well as all Taxes (including withholding, FICA and ad valorem Taxes) shown on
all assessments received by it to the extent that such Taxes are not being Properly Contested; and neither Borrower nor any
Subsidiary is subject to any federal, state or local tax Liens and, as of the date hereof, has not received any notice of
deficiency or other official notice to pay any Taxes.

 

7.6 Title
to Assets. Borrower and its Subsidiaries have good title to their assets (including
those shown or included in its financial statements and Borrowing Base Certificates) and the same are not subject to any
Liens other than Permitted Liens.

 

7.7 Material
Agreements. Each Material Agreement of the Borrower and its Subsidiaries’ is in
full force and effect and no such Person is in default thereunder. The Borrower does not have any knowledge of any threatened
termination of any Material Agreement. 

 

7.8 Intellectual
Property. Borrower possesses all necessary trademarks, trade names, copyrights,
patents, patent rights and licenses to conduct its business as now operated, without any known conflict with the rights of
others, including, as of the date hereof, those described in the Disclosure Schedule.

 

7.9 Compliance
With Laws. Each of Borrower and its Subsidiaries has duly complied with, and its
properties, business operations and leaseholds are in compliance with, the provisions of all applicable laws, including all
Environmental Laws, OSHA and the Fair Labor Standards Act, except for any non-compliance that could not reasonably be
expected to have, either individually or in the aggregate, a Material Adverse Effect.

 

7.10Environmental
Matters. 

 

    	- 48 -

    	 

    

(a)There
have been no Releases of Hazardous Materials to any property, arising from the business operations of Borrower that could reasonably
be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

 

(b)Borrower has obtained,
and is in material compliance with, all permits, authorizations, credits, license and approvals required under any Environmental
Laws for the ownership, operation and maintenance of its business operations, including all permits, authorizations registrations,
credits, license or approvals required for the sale or transfer of ethanol or any other product for use as a renewable fuel or
renewable fuel component.

 

(c)Borrower has not
received (i) any written notice from any governmental authority of alleged or actual material liability under, or material noncompliance
with, Environmental Laws or (ii) any written notice from any third party alleging material liability under Environmental Laws.

 

7.11 Business
and Collateral Locations. Borrower's chief executive office, principal place of
business, office where Borrower's tangible business records are located and all other places of business of Borrower
(including places of business where any tangible items of Collateral are kept or maintained) are all correctly and completely
described in the Disclosure Schedule; and except as otherwise described in the Disclosure Schedule, none of the Collateral
(other than Collateral in transit) is in the possession of any Person other than Borrower and all tangible items of the
Collateral are located in, on or about the business premises of Borrower described in the Disclosure Schedule.

 

7.12 Accounts
and Other Payment Rights. Each Document, Instrument, Chattel Paper or other writing
evidencing or relating to any Account or Payment Intangible of Borrower (a) is genuine and enforceable in accordance with its
terms except for such limits thereon arising from bankruptcy or similar laws relating to creditors' rights; (b) is not
subject to any reduction or discount (other than as stated in the invoice applicable thereto and disclosed to Administrative
Agent), defense, setoff, claim or counterclaim of a material nature against Borrower except as to which Borrower has notified
Administrative Agent in writing; (c) is not subject to any other circumstances that would impair the validity, enforceability
or amount of such Collateral except as to which Borrower has notified Administrative Agent in writing; (d) arises from a bona
fide sale of goods or delivery of services in the Ordinary Course of Business and in accordance with the terms and
conditions of any applicable purchase, or a, contract or agreement; (e) is free of all Liens other than Permitted Liens; and
(f) is for a liquidated amount maturing as stated in the applicable invoice or other document pertaining thereto. Each
Account included in any Borrowing Base Certificate, report or other document as an Eligible Account meets all of the
requirements of an Eligible Account as set forth in the definition of that term (other than Agent-discretionary
criteria).

 

7.13 Deposit
Accounts and Commodity Accounts. As of the Closing Date, neither Borrower nor any of
its Subsidiaries has any Deposit Accounts or Commodity Accounts other than those listed in the Disclosure
Schedule.

 

7.14 Brokers.
There has been no mortgage or loan broker in connection with this loan transaction, and Borrower agrees to indemnify and hold
the Lender Group harmless from any claim of compensation payable to any mortgage or loan broker in connection with this loan
transaction.

 

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7.15 ERISA.
Except as otherwise set forth in the Disclosure Schedule, neither Borrower nor any of its Subsidiaries has any Plan. For each
Plan established or maintained by Borrower which is subject to Part 3 of Subtitle B of Title I of ERISA, Borrower has timely
made all minimum funding contributions as determined under Section 302 of ERISA, and no funding waiver has been requested or
granted under Section 302(c) of ERISA, and no material liability to the Pension Benefit Guaranty Corporation, has been or is
expected by Borrower to be, incurred with respect to any such Plan by Borrower. Borrower is not required to contribute to and
is not contributing to a Multiemployer Plan. Borrower has no withdrawal liability to any Multiemployer Plan, nor has any
reportable event referred to in Section 4043(b) of ERISA occurred with respect to a Multiemployer Plan that has resulted or
could result in material liability of Borrower; and Borrower does not have any reason to believe that any other event has
occurred that has resulted or could result in material liability of Borrower as set forth above.

 

7.16 Labor
Relations. Except as described in the Disclosure Schedule, neither Borrower nor any of
its Subsidiaries is a party to or bound by any collective bargaining agreement, management agreement or consulting agreement.
On the date hereof, there are no grievances, disputes or controversies with any union or any other organization of Borrower's
or any Subsidiary's employees that could reasonably be expected to result in a Material Adverse Effect, or, to Borrower's
knowledge, any threats of strikes, work stoppages or any asserted pending demands for collective bargaining by any union or
organization.

 

7.17 Anti-Terrorism
Laws. Neither Borrower nor any of its Affiliates is in violation of any Anti-Terrorism
Law; engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law; or is any of the following (each a
"Blocked Person"): (1) a Person that is listed in the annex to, or is otherwise subject to the provisions of,
Executive Order No. 13224; (2) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in
the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; (3) a Person or entity with which any
bank or other financial institution is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism
Law; (4) a Person or entity that commits, threatens or conspires to commit or supports "terrorism" as defined in
Executive Order No. 13224; (5) a Person or entity that is named as a "specially designated national" on the most
current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any
replacement website or other replacement official publication of such list; or (6) a Person who is affiliated with a Person
listed above. Neither Borrower nor any of its Affiliates conducts any business or engages in making or receiving any
contribution of funds, goods or services to or for the benefit of any Blocked Person or deals in, or otherwise engages in any
transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224.

 

7.18 Not a
Regulated Entity. Neither Borrower nor any Subsidiary is (a) an "investment
company" or a "person directly or indirectly controlled by or acting on behalf of an investment company" each
as defined in the Investment Company Act of 1940 or (b) subject to regulation under the Federal Power Act, the Interstate
Commerce Act, any public utilities code or any other applicable law relating to its authority to incur Debt. None of the
Borrowers are in the business of producing electric power for delivery to a transmission grid or natural gas to be shipped by
interstate pipeline. 

 

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7.19 No
Insider Status. Borrower is not an "executive officer," "director,"
or "principal shareholder" (as those terms are defined in 12 U.S.C. Sec.375(b) or in regulations promulgated
pursuant thereto) of Administrative Agent or any Lender.

 

7.20 Capital
Structure. As of the date hereof, the Disclosure Schedule sets forth (a) the correct
name of each Subsidiary, its jurisdiction or organization and the percentage of its Equity Interests owned by each Person,
(b) the identity of each Person owning any of the Equity Interests of Borrower and each Subsidiary, and (c) the number
of authorized and issued Equity Interests (and treasury shares) of Borrower and each Subsidiary. Borrower has good title to
all of the Equity Interests it purports to own in each of its Subsidiaries, free and clear of any Lien other than Permitted
Liens. As of the date hereof and except as set forth in the Disclosure Schedule or provided to the Agents on the date hereof,
since the date of the last audited financial statements of Borrower, Borrower has not made, or obligated itself to make, any
Distributions. As of the date hereof and except as set forth in the Disclosure Schedule, there are no outstanding options to
purchase, or any rights or warrants to subscribe for, or any commitments or agreements to issue or sell, or any Equity
Interests or obligations convertible into, or any powers of attorney relating to, Equity Interests of Borrower or any
Subsidiary. As of the date hereof and except as set forth in the Disclosure Schedule, there are no outstanding agreements
or instruments binding upon the holders of Borrower's Equity Interests relating to the ownership of such Equity
Interests.

 

7.21Compliance
with Regulations T, U, and X. Borrower is not engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock. No part of the proceeds
of the Loans made to Borrower will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose
of purchasing or carrying any such margin stock or for any purpose that violates the provisions of Regulation T, U or X of the
Board of Governors of the United States Federal Reserve.

 

7.22PACA.
Borrower is not a “dealer”, “commission merchant” or “broker”
under PACA, and Borrower’s assets are not subject to the trust provisions provided for under PACA. Except as set forth on
Section 7.22 of the Disclosure Schedules as of the Closing Date and as disclosed under Section 8.6(e) hereof, Borrower has not
received any notice pursuant to the applicable provisions of PACA, the FSA, the UCC or any other applicable laws from (a) any supplier
or seller of farm products or (ii) any lender to any such supplier or seller or any other Person with a security interest in the
assets of any such supplier or seller or (iii) the
Secretary of State (or equivalent official) or other Governmental Authority of any State, Commonwealth or political subdivision
thereof in which any farm products purchased by Borrower are produced, in any case advising or notifying such Borrower of the intention
of such supplier or seller or other Person to preserve the benefits of any trust applicable to any assets of any Borrower established
in favor of such supplier, seller or other Person under the provisions of any law or claiming a Lien with respect to any perishable
agricultural commodity or any other Farm Products which may be or have been purchased by a Borrower or any related or other assets
of such Borrower.

 

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7.23Inventory.
All Inventory included in any Borrowing Base Certificate, report or other document as Eligible Inventory meets all of the
requirements of Eligible Inventory as set forth in the definition of that term.

 

7.24 Disclosure
Schedule. All of the representations and warranties in the Disclosure Schedule are true
and correct on the date of this Agreement and will remain true after the date of this Agreement; provided that Borrower may
update the Disclosure Schedule from time to time by delivering written notice thereof to Administrative Agent so long as any
changes set forth in any such update are not otherwise violative of this Agreement.

 

SECTION
8.AFFIRMATIVE COVENANTS

 

At all times prior to
the Commitment Termination Date and Full Payment of all of the Obligations, Borrower covenants that it shall, and shall cause each
of its Subsidiaries to:

 

8.1 Notices.
Notify each member of the Lender Group, promptly after Borrower's obtaining knowledge thereof, of (i) any Default or
Event of Default hereunder; (ii) the commencement of any action, suit or other proceeding against, or any demand for
arbitration with respect to, any Obligor that (x) relates to the Loan Documents or (y) could reasonably be expected to result
in claims or liability to such Obligor in an amount in excess of $500,000 if adversely determined; (iii) the occurrence or
existence of any default (or claimed default) by an Obligor under any agreement relating to Debt for Money Borrowed in an
amount in excess of $500,000; (iv)
any transaction that could result in claims against Borrower or its property pursuant to PACA, including, without limitation,
receipt by Borrower of an invoice containing language providing that such transaction is subject to the trust provisions
provided for under PACA; (v) the receipt by Borrower of any notice from a Person asserting an intent to preserve such
Person’s trust benefits provided for under PACA; (vi) the receipt of any notice of deficiency or other official notice
to pay any Taxes or (vii) any other event or transaction which has or could reasonably be expected to have a Material Adverse
Effect.

 

8.2 Rights
and Facilities. Maintain and preserve all material rights (including all material
rights related to Intellectual Property), franchises and other authority adequate for the conduct of its business; maintain
its properties, equipment and facilities in good order and repair, ordinary
wear, tear, casualty and condemnation and Permitted Asset Dispositions excepted; conduct its business in an orderly manner
without voluntary interruption; and maintain and preserve its existence except
as otherwise permitted by this Agreement.

 

8.3 Insurance.
In addition to the insurance required by the Loan Documents with respect to the Collateral, maintain with its current
insurers or with other financially sound and reputable insurers having a rating of at least “A-” or better by Best's
Ratings, a publication of A.M. Best Company, (i) insurance with respect to its properties and business against such
casualties and contingencies of such type (including product liability, workers' compensation, larceny, embezzlement or other
criminal misappropriation insurance) and in such amounts and with such coverages, limits and deductibles as is customary in
the business of Borrower or such Subsidiary, (ii) marine cargo coverage, in such amounts and with such coverages, limits and
deductibles as is customary in the business of Borrower or such Subsidiary, and (iii) business interruption insurance, in an
amount customary in the business of Borrower or such Subsidiary.

 

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8.4 Visits
and Inspections. Permit representatives of Agents from time to time, as often as may be
reasonably requested, but only during normal business hours and (except when a Default or Event of Default exists) upon
reasonable prior notice to Borrower to: visit and inspect properties of Borrower and each of its Subsidiaries; inspect, audit
and make extracts from Borrower's and each Subsidiary's books and records; and discuss with its officers, employees and
independent accountants Borrower's and each Subsidiary's business, financial conditions, business prospects and results of
operations. Any other member of the Lender Group may, at its expense (unless an Event of Default has occurred and is
continuing), accompany Agents on any regularly scheduled visit (or at any time that a Default exists any visit regardless of
whether it is regularly scheduled) to the Borrower‘s properties.

 

8.5 Taxes;
Other Charges. Pay and discharge all Taxes and other charges the non-payment of which
could result in a Lien on Borrower's assets prior to the date on which such Taxes or other charges, as applicable, become
delinquent or any penalties attached thereto, except and to the extent only that such Taxes or other charges, as applicable,
are being Properly Contested or for any Taxes in an aggregate amount of not more than $250,000 at any one time outstanding,
and, if requested by Agents, shall provide proof of payment or, in the case of withholding or other employee taxes, deposit
of payments required by applicable law. If requested by the Administrative Agent, Borrower shall, and shall cause each of its
Subsidiaries to, deliver to Administrative Agent copies of all of Tax returns (and amendments thereto) promptly after the
filing thereof.

 

8.6 Financial
Statements and Other Information. (a) Keep adequate records and books of account with
respect to its business activities in which proper entries are made in accordance with GAAP reflecting all its financial
transactions; and cause to be prepared and furnished to Administrative Agent, with copies to Lenders, the following (all to
be prepared in accordance with GAAP applied on a consistent basis):

 

(i)as soon as available,
and in any event within 120 days after the close of each Fiscal Year, unqualified audited balance sheets of Borrower and its Subsidiaries
as of the end of such Fiscal Year and the related statements of income, shareholders' equity and cash flow, on a consolidated basis,
certified without qualification (except any such qualification in such auditors’ report or opinion resulting from the regularly
scheduled maturity date of any Debt for Borrowed Money which qualification shall be permissible) by a firm of independent certified
public accountants of recognized national or regional standing selected by Borrower setting forth in each case in comparative form
the corresponding consolidated figures for the preceding Fiscal Year;

 

(ii)(A) as soon as
available, and in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year hereafter,
unaudited balance sheets of Borrower and its Subsidiaries as of the end of such fiscal quarter and the related unaudited consolidated
statements of income and cash flow for such fiscal quarter and for the portion of Borrower's Fiscal Year then elapsed, on a consolidated
basis, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year and certified by
the principal financial officer of Borrower as prepared in accordance with GAAP and fairly presenting the consolidated financial
position and results of operations of Borrower and its Subsidiaries for such fiscal quarter and period subject only to changes
from audit and year-end adjustments and except that such statements need not contain notes; and (B) concurrently with delivery
of the financial statements under this subclause, Borrower shall deliver to the Agents a report prepared by a Senior Officer of
Borrower analyzing the results set forth in such financial statements, including a comparison of the actual results and explanation
of variances versus the projected results for such quarter and for the portion of Borrower's Fiscal Year then elapsed as set forth
in the projected balance sheet and income statement and statement of cash flows for such Fiscal Year as provided by Borrower to
the Agents in accordance with subclause (iv) hereof;

 

    	- 53 -

    	 

    

(iii)(A) as soon
as available, and in any event within 30 days after the end of each month hereafter, excluding the last month of Borrower's Fiscal
Year, unaudited balance sheets of Borrower and its Subsidiaries as of the end of such month and the related unaudited consolidated
statements of income and cash flow for such month and for the portion of Borrower's Fiscal Year then elapsed, on a consolidated
basis, setting forth in each case in comparative form the corresponding figures for the preceding Fiscal Year and certified by
the principal financial officer of Borrower as prepared in accordance with GAAP and fairly presenting the consolidated financial
position and results of operations of Borrower and its Subsidiaries for such month and period subject only to changes from audit
and year-end adjustments and except that such statements need not contain notes; and (B) concurrently with delivery of the financial
statements under this subclause, Borrower shall deliver to Agents a report of the ethanol production during the trailing 12 month
period ending as of such calendar month, in the aggregate for all Borrower’s ethanol production plants;

 

(iv)as soon as available,
and in any event no later than 60 days after the beginning of each Fiscal Year (beginning with Fiscal Year ending December
31, 2015), Borrower's projected balance sheet and income statement and statement of cash flows for each month of the next Fiscal
Year, accompanied by a statement of assumptions and supporting schedules and information, and are commercially reasonable and in
a form reasonably acceptable to Agents in their Permitted Discretion; and

 

(v)promptly after
the sending or filing thereof, as the case may be, copies of any proxy statements, financial statements or reports which Borrower
has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements
or prospectuses which Borrower files with the SEC or any governmental authority which may be substituted therefor, or any national
securities exchange; and copies of any press releases or other statements made available by Borrower to the public concerning material
changes to or developments in the business of Borrower.

 

Concurrently with the
delivery of the financial statements described in clauses (i), (ii) and (iii) of this Section, or more frequently if requested
by Agents during any period that a Default or Event of Default exists, Borrower shall cause to be prepared and furnished to Administrative
Agent, with copies to Lenders, a Compliance Certificate, which shall include a list of any new trademarks, trade names, copyrights,
patents, patent rights and licenses acquired after delivery of the previous Compliance Certificate most recently delivered to the
Administrative Agent.

 

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(b)Promptly after
the sending or filing thereof, Borrower shall also provide to Administrative Agent copies of any annual report to be filed in accordance
with ERISA in connection with each Plan and such other data and information (financial and otherwise) as Agents, from time to time,
may reasonably request, bearing upon or related to the Collateral or Borrower's and any of its Subsidiaries' financial condition
or results of operations.

 

(c)Borrower shall
also provide to Administrative Agent, not later than 20 days after each calendar month, (i) a listing of all of Borrower's trade
payables as of the last Business Day of such month, specifying the name of and balance due each trade creditor, (ii) a monthly
detailed trade payable aging, and (iii) a monthly detailed held checks aging, each in form reasonably acceptable to Agents.

 

(d)Borrower shall
also provide to Administrative Agent, not later than 30 days after each calendar month, Plant-Level Financial Statements.

 

(e)Borrower shall
also provide to Administrative Agent, not later than 30 days after each calendar month, (i) reports describing any Agricultural
Liens on the Collateral or other collateral securing the Obligations, (ii) all FSA Notices received by Borrower during such month,
(iii) a report detailing any notices of liens, claims of liens or any other notices from a supplier, seller or agent pursuant to
the FSA or PACA of the intention of such Person to preserve the benefits of any trust applicable to any assets of Borrower under
the provisions of PACA or any other statute, which report shall indicate any additions or deletions to the prior report delivered
by Borrower pursuant to this clause (e) (together with copies of any such notices, upon the request of Administrative Agent), and
(iv) a report of all additions or deletions to the list of Producers with which Borrower transacts business, each in form acceptable
to Lender.

 

(e)Borrower shall
also provide to Lender not later than 30 days after each calendar month the most recent Master Lists from all states that have
a central filing system under the FSA in which a Producer for Borrower is located and reports describing the EFS filings against
Producers compiled from the Master Lists in form acceptable to Lender.

 

The Administrative Agent
hereby agrees to deliver copies of all financial statements, collateral reports, agings, Compliance Certificates and other notices
received hereunder to the Collateral Agent promptly upon receipt thereof.

 

8.7 Compliance
with Laws. Comply, in all material respects, with all laws relating to Borrower, the
conducts of its business and the ownership and use of its Assets, including ERISA, all Environmental Laws, OSHA, the Fair
Labor Standards Act and all other laws regarding the collection, payment and deposit of the Taxes, and shall obtain and keep
in full force and effect any and all governmental and regulatory approvals necessary to the ownership of its properties or
the conduct of its business and shall promptly report any non-compliance to Administrative Agent.

 

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8.8
Reimbursement for Lender Group Expenses. Upon the demand of Administrative Agent,
promptly reimburse the Lender Group for all sums expended by the Lender Group, or any of them, which constitute Lender Group
Expenses, and Borrower hereby authorizes and approves all Loans by Lenders in payment of items constituting Lender Group
Expenses.

 

8.9 Financial
Covenants. Comply with all of the financial covenants set forth in Item 16 of the Terms
Schedule.

 

8.10 After-Acquired
Collateral. Borrower shall promptly notify Administrative Agent in writing if, after the
Closing Date, any Obligor obtains any interest in any Collateral consisting of Real Property Collateral, Deposit Accounts, Chattel
Paper, Documents, Instruments, Intellectual Property, Investment Property or Letter-of-Credit Rights and, upon Administrative Agent’s
request, shall promptly take such actions as Administrative Agent deems appropriate to effect Administrative Agent’s duly
perfected, Lien upon such Collateral, including obtaining any appropriate possession, control agreement or Lien Waiver/Access Agreement,
all subject to the terms and conditions of the Intercreditor Agreement. If any Collateral is in the possession of a third party,
at Administrative Agent’s request, Obligors shall obtain an acknowledgment that such third party holds the Collateral for
the benefit of Administrative Agent.

 

8.11Commodity
Hedging Programs. Borrower at all times shall comply in all material respects with, and shall
ensure that all Commodity Hedging Arrangements comply with, the Commodity Risk Management Plan.

 

8.12Environmental
Matters.

 

(a)Keep
any property either owned or operated by Borrower free of any environmental liens.

 

(b)Promptly
notify Administrative Agent of any Release of a Hazardous Material in any reportable quantity from or onto property owned or operated
by Borrower and take all actions required to abate said Release or otherwise to come into compliance with applicable Environmental
Law.

 

(c)Promptly
notify Administrative Agent of any (i) notice that an environmental lien has been filed against any of the real or personal property
of Borrower, (ii) any written notice from any party alleging liability under, or non-compliance with, Environmental Laws which
could reasonably be expected to result in a Material Adverse Effect.

 

8.13Sale
of Canton. If the sale of Canton does not occur on or prior to December 31, 2014, the
Borrower shall take all actions reasonably requested by the Agents to join Canton to this Agreement as a Borrower and grant to
the Administrative Agent a duly perfected Lien on all Collateral owned by Canton, other
than the Excluded Real Property Collateral. 

 

8.14FSA.
With respect to any farm products purchased by Borrower which are produced in a state with a
central filing system, Borrower will register as a buyer and as a seller with the Secretary of State or equivalent governmental
authority of such state prior to the purchase or marketing of such farm products and will otherwise comply with the requirements
of such system. Terms used in this Section 8.14 and defined in the FSA shall have the meanings ascribed to such terms therein.
Borrower shall comply with any payment obligations imposed by a secured party as a condition to the waiver and release of a security
interest under the FSA or other applicable laws.

 

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8.15Post-Closing
Obligations. 

 

(a)No later than
60 days after the Closing Date (or such later date as may be agreed to by Agents in their sole discretion) the Borrower’s
accounts maintained by any depositary bank other than Administrative Agent shall be closed and replaced with an account maintained
by Administrative Agent.

 

(b)On or before
September 30, 2014 (or such later date as may be agreed to by Agents in their sole discretion), the Borrower shall deliver to the
Agents (i) Agents shall have received a mortgage, security agreement, assignment of rents and leases, and fixture filings, of even
date herewith from Borrower in favor of Administrative Agent with respect to each piece of Real Property Collateral (the “Mortgages”),
and (ii) a mortgagee title insurance policy (or a marked commitment to issue the same) for each piece of Real Property Collateral
issued by a title insurance company satisfactory to Agents (a “Mortgage Policy”) in amounts satisfactory to
Agents assuring Agents that the applicable Mortgage is a valid and enforceable second priority mortgage Lien on each piece of Real
Property Collateral free and clear of all defects and encumbrances except Permitted Liens, and the Mortgage Policy otherwise shall
be in form and substance satisfactory to Agents.

 

(c)On or before
September 30, 2014 (or such later date as may be agreed to by Agents in their sole discretion), the Borrower shall deliver to the
Agents a fully executed Commodity Account Control Agreement for each of the following Commodity Accounts of Borrower: the Commodity
Accounts maintained by Borrower with Jefferies, LLC that are listed on the Disclosure Schedule.

 

(d)On or before
September 30, 2014 (or such later date as may be agreed to by Agents in their sole discretion), the Borrower shall have delivered
to the Agents a fully executed Deposit Account Control Agreement for each of the Deposit Accounts of Borrower maintained by Borrower
with Wells Fargo Bank that are listed on the Disclosure Schedules.

 

 

 

SECTION
9.NEGATIVE COVENANTS

 

At all times prior to
the Commitment Termination Date and Full Payment of the Obligations, Borrower shall not and shall not permit any Subsidiary to:

 

9.1 Fundamental
Changes. Merge, reorganize, or consolidate with any Person, or liquidate, wind up its
affairs or dissolve itself, in each case whether in a single transaction or in a series of related transactions, except for
mergers or consolidations of any Subsidiary with another Subsidiary so long as any merger or consolidation involving a
Borrower results in Aventine Renewable Energy, Inc. being the surviving entity; change its name or conduct business under any
fictitious name except for any fictitious name shown in the Disclosure Statement; change its federal employer identification
number, organizational identification number or state of organization; relocate its chief executive office or principal place
of business without having first provided 30 days prior written notice to Administrative Agent; or amend, modify or otherwise
change any of the terms or provisions in any of its Organic Documents, except for changes that do not affect in any way
Borrower's authority to enter into and perform the Loan Documents to which it is a party, the perfection of Administrative
Agent's Liens in any of the Collateral, or Borrower's authority or obligation to perform and pay the Obligations; or amend,
modify or otherwise change any of the terms or provisions of any Material Agreement in a manner which would be
materially adverse to Borrower or Lenders.

 

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9.2 Conduct
of Business. Sell, lease or otherwise dispose of any of its assets (including any
Collateral but
excluding any Equity Interests of Parent) other than a Permitted Asset Disposition; suspend or otherwise discontinue all or
any material part of its business operations; engage in any business other than the business engaged in by it on the Closing
Date and any business or activities that are substantially similar, related or incidental thereto; create, incur or suffer to
exist any Lien on any of its assets other than Permitted Liens; make any loans, advances or other transfers of assets to any
other Person, except transfers in the Ordinary Course of Business by one Subsidiary that is an Obligor to Borrower or to
another Subsidiary that is an Obligor and transfers permitted by Section 9.9; guarantee or otherwise become in any way liable
for any Debt of another Person other than with respect to
Permitted Debt; or create, incur, assume or suffer to exist any Debt except for Permitted Debt. As used
herein, “Permitted Debt” means (a) the Obligations, (b) the Term Loan Indebtedness and Subordinated Debt existing
on the Closing Date or incurred after the Closing Date on terms reasonably acceptable to Agents, (c) accounts payable to
trade creditors that are not aged more than 90 days from billing date or more than 30 days from the due date to the extent
incurred in the Ordinary Course of Business and paid within such time period (unless the same are being Properly Contested),
(d) purchase money obligations secured by Liens that are Permitted Liens, (e) Debt for accrued payroll, Taxes and other
operating expenses incurred in the Ordinary Course of Business so long as payment thereof is not past due and payable unless,
in the case of Taxes, such Taxes are being Properly Contested, (f) Debt owed to any Person providing insurance to Parent or
any of its Subsidiaries, so long as the amount of such Debt is not in excess of the amount of the unpaid cost of, and shall
be incurred only to defer the cost of, such insurance for the year in which such Debt is incurred and such Debt is
outstanding only during such year, (g) Debt incurred in the Ordinary Course of Business in respect of credit cards, credit
card processing services, debit cards, stored value cards or purchase cards, (h) unsecured Debt of Parent owing to former
employees, officers or directors incurred in connection with the repurchase by Parent of the Equity Interests of Parent that
has been issued to such Persons, in an aggregate amount not to exceed $5,000,000; provided, that, at the time of such
incurrence (x) no Event of Default shall exist or be caused thereby and (y) the holder of such Debt shall enter into a
subordination agreement with the Administrative Agent, in form and substance reasonably acceptable to the Agents, (i) Debt
composing investments permitted by this Agreement, (j) accrual of interest, accretion or amortization of original
issue discount, or the payment of interest in kind, in each case, on Debt that otherwise constitutes Permitted Debt, (k) Debt
related to a mortgage on the Excluded Real Property Collateral, and (l) any other unsecured Debt incurred by Parent or any of
its Subsidiaries in an aggregate amount not to exceed $10,000,000 at any one time.

 

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9.3 Agreements
with Account Debtors. Grant any discount, credit or allowance to any Account Debtor or
accept any return of merchandise without Agents’ consent, except, when no Event of Default exists, in the Ordinary
Course of Business. Administrative Agent may, during the continuance of an Event of Default, settle or adjust disputes and
claims directly with Account Debtors for amounts and upon terms which Administrative Agent considers advisable, and in such
cases, Administrative Agent will credit Borrower's account with only the net amounts received by Administrative Agent in
payment of such disputed Accounts, after deducting all Lender Group Expenses incurred or expended in connection
therewith.

 

9.4 Distributions.
Declare or make any Distribution other than (a) Parent may make Distributions to employees, former employees, officers,
directors or former directors of Parent (or permitted transferees of any of the foregoing, including any spouses, ex-spouses,
or estates of any of the foregoing) on account of redemptions of Equity Interests of Parent held by such Persons or pursuant
to the terms of the agreements (including employment agreements) or plans (or amendments thereto) approved by the Board of
Directors; provided, that (i) prior to and after giving effect to such Distributions, Availability is at least $5,000,000,
(ii) the aggregate amount of such redemptions made by Parent during any fiscal year of Parent does not exceed $2,500,000, and
(iii) the aggregate amount of such redemptions made by Parent during the term of this Agreement does not exceed $5,000,000,
(b) Parent may purchase Equity Interests from its or its Subsidiaries' employees, in an aggregate amount not to exceed
$1,000,000 in any fiscal year of Parent, in connection with the satisfaction of such employees' tax withholding obligations
pursuant to employee benefit plans or outstanding awards, and payment of any corresponding requisite amounts to the
appropriate governmental authority, and (c) Parent may issue any Equity Interests required by the exercise of the Warrants
(2012) or any change of control payments calculated in accordance with the Warrant Agreement (2013) paid to the holders of
the Warrants (2013) to the extent such Warrants (2013) could be exercised at such time, provided that (x) no Change of
Control other than a Permitted Change of Control (as such term is defined in the Term Loan Agreement as in effect as of the
Closing Date), has occurred unless all Obligations are paid in full prior to such payments and (y) any such payments made
prior to payment in full of the Obligations shall be made solely from the proceeds of the issuance of new Equity Interests
(other than Disqualified Equity Interests) or other equity contributions to Parent and shall not be made with the proceeds of
any Collateral; provided, that, in each case of (a) through (c), no Default or Event of Default has occurred and is
continuing. 

 

9.5 Other
Debt. Amend or modify (a) any provision of any instrument or agreement evidencing or
securing any Subordinated Debt or (b) the Term Loan Indebtedness in violation of the Intercreditor Agreement; or pay any
principal of or interest on any Subordinated Debt other than in accordance with the applicable Subordination Agreement. 

 

9.6 ERISA.
Withdraw from participation in, permit the termination or partial termination of, or permit the occurrence of any other event
with respect to any Plan maintained for the benefit of Borrower's employees under circumstances that could result in
liability to the Pension Benefit Guaranty Corporation, or any of its successors or assigns, or in any liability that in
aggregate amount in excess of $200,000 to Borrower or any Subsidiary which provides funds for such Plan; or withdraw from any
Multiemployer Plan described in Section 4001(a)(3) of ERISA which covers Borrower's employees.

 

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9.7 Certain
Tax and Accounting Matters. File or consent to the filing of any consolidated
income tax return with any Person other than a Subsidiary; make any significant change in accounting treatment or
reporting practices, except as may be required by GAAP; or establish a fiscal year different from the Fiscal Year.

 

9.8 Subsidiaries.
Form or acquire any additional Subsidiary.

 

9.9 Restricted
Investments. Make or have any Restricted Investments. As used herein, the term
"Restricted Investment" shall mean (a) any acquisition of property by Borrower or any of its Subsidiaries in
exchange for cash or other property, whether in the form of an acquisition of Equity Interests or Debt, or (b) the purchase
or acquisition by Borrower or any Subsidiary of any other property, or (c) a loan, advance, capital contribution or
subscription, except the following: (i) acquisitions of fixed assets to be used in the Ordinary Course of Business of
Borrower so long as the acquisition costs thereof constitute Capital Expenditures and do not violate any financial covenant
contained in this Agreement; (ii) acquisitions of Goods held for sale or lease or to be used in the manufacture of goods or
the provision of services by Borrower in the Ordinary Course of Business; (iii) acquisitions of current assets arising from
the sale or lease of Goods or the rendition of services in the Ordinary Course of Business by Borrower or any
Subsidiary; (iv) investments by Borrower in any Subsidiary existing on the date hereof and any other investment to the extent
existing on the Closing Date and fully disclosed in the Disclosure Schedule; (v) acquisition of cash and cash equivalents,
including marketable direct obligations issued or unconditionally guaranteed by the United States government and backed by
the full faith and credit of the United States government having maturities of not more than 12 months from the date of
acquisition, and domestic certificates of deposit and time deposit having maturities of not more than 12 months from the date
of acquisition, to the extent they are not subject to rights of offset in favor of any Person other than Administrative
Agent; (vi) Commodity Hedging Arrangements permitted by Section 8.11; (vii) loans between Borrower and any Subsidiary who is
an Obligor; (viii) Equity Interests or other securities acquired in connection with the satisfaction or enforcement of Debt
or claims due or owing to Borrower or its Subsidiaries (in bankruptcy of customers or suppliers); (ix) deposits of cash made
in the Ordinary Course of Business to secure performance of operating leases; (x) loans and advances to employees, officers
and directors in the Ordinary Course of Business in an aggregate amount not to exceed $1,000,000; (xi) investments resulting
from entering into any Permitted Debt; (xii) investments held by a Person acquired as consideration in a disposition of Term
Loan Primary Collateral (as such term is defined in the Intercreditor Agreement) to the extent such Investments are permitted
under the Term Loan Agreement; and (xii) so long as no Event of Default has occurred and is continuing or would result
therefrom, any other Investments in an aggregate amount not to exceed $1,000,000 during the term of this Agreement 

 

9.10 Deposit
Accounts. Open or maintain any Deposit Accounts except for (a) Deposit Accounts listed
in the Disclosure Schedule, (b) such other Deposit Accounts as shall be necessary for payroll, petty cash, local trade
payables and other occasional needs of Borrower, and (c) the Cash Collateral Account (as defined in the Term Loan Agreement);
provided that the aggregate balance of all Deposit Accounts (other than the Cash Collateral Account, the letter of credit
cash collateral account, number 4945660959 maintained by Borrower with Wells Fargo Bank, N.A., and account number 4123507220
maintained by Borrower with Wells Fargo Bank, N.A.) which are not subject to a Deposit Account Control Agreement on terms
satisfactory to Agents may not at any time exceed $25,000; provided, further that the aggregate balance of account number
4123507220 maintained by Borrower with Wells Fargo Bank, N.A. may not at any time exceed $8,000,000 unless such account is
subject to a Deposit Account Control Agreement on terms satisfactory to the Agents.

 

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9.11 Affiliate
Transactions. Enter into or be party to any transaction with an Affiliate of an
Obligor, except (a) transactions contemplated by the Loan Documents, (b) payment of reasonable compensation to officers,
employees and advisors for services actually rendered, (c) payment of customary directors' fees and indemnities, (d)
transactions with Affiliates that were consummated prior to the Closing Date and fully disclosed in the Disclosure Schedule,
and (e) transactions with Affiliates in the Ordinary Course of Business, upon fair and reasonable terms fully disclosed to
Administrative Agent and no less favorable than would be obtained in comparable arm's length transaction with a
non-Affiliate; provided, however that in the case of clause (b) and (c) above no such payments shall be made by a Borrower
to any Subsidiary who is not also a Borrower hereunder.

 

9.12 Restrictions
on Payment of Certain Debt. In addition to the restrictions contained in
Section 9.5, make any payments (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or
acquisition) with respect to any Money Borrowed (other than the Obligations) prior to its due date under the agreements
evidencing such Debt as in effect on the Closing Date (or as amended thereafter with the prior written consent of Agents);
provided, however, that Borrower may prepay any Money Borrowed (other than Subordinated Indebtedness) so long as prior to and
after giving effect to such prepayment (x) no Event of Default exists, (y) Borrower is in pro forma compliance with the
financial covenants set forth in Item 16 of the Terms Schedule, such compliance to be determined on the basis of the
financial information most recently delivered to the Agents pursuant to Section 8.6(a)(i), (ii) or (iii) and (z) Availability
is at least $2,500,000.

 

9.13Hedging
Agreements.  Enter into
any hedging agreement, except to hedge risks arising in the Ordinary Course of Business.

 

9.14 Commodity
Accounts. Open or maintain any Commodity Accounts except for Commodity Accounts listed
in the Disclosure Schedule as such Disclosure Schedule may be updated pursuant to Section 7.24 and subject to a Commodity
Account Control Agreement.

 

SECTION
10.EVENTS OF DEFAULTS; REMEDIES

 

10.1 Events of
Default. The occurrence or existence of any one or more of the following events or conditions
shall constitute an Event of Default:

 

(a)Borrower shall fail
to pay any of the Obligations on the due date thereof (whether due at stated maturity, on demand, upon acceleration or otherwise);

 

(b)Any Obligor fails
or neglects to perform, keep or observe any term, provision, condition, covenant or agreement, in this Agreement, in any of the
other Loan Documents, or in any other present or future agreement between Borrower and Lender Group, or any of them, not otherwise
constituting an Event of Default under this Section 10.1, provided that Borrower shall have the right to cure any
such failure or neglect within 30 days after any Senior Officer obtains knowledge of such failure or neglect if such failure or
neglect does not consist of Borrower's breach of or default under Sections 2.1(d), 2.6(a), 2.7, 4.4, 4.5, 8.4, 8.6(i), 8.9 or 9;
provided, further that Borrower shall have the right to cure any failure to deliver a Borrowing Base Certificate within 1 Business
Day after such Borrowing Base Certificate becomes due pursuant to Section 2.6(a);

 

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(c)Any representation,
statement, report, or certificate made or delivered by or on behalf of Borrower or any Obligor to Agents, including any Borrowing
Base Certificate, any aged trial balance of all Accounts, or any accounts payable aging is not true and correct, in any material
respect, when made or furnished;

 

(d)[Reserved];

 

(e)An Insolvency
Proceeding is commenced by an Obligor or is commenced against an Obligor and is not dismissed within 45 days thereafter;

 

(f)Borrower
is enjoined, restrained or in any way prevented by court order from continuing to conduct all or any material part of its business
affairs or Borrower voluntarily ceases to continue to conduct all or any material part of its business;

 

(g)One or
more judgments or orders for the payment of money shall be entered against any Obligor for an amount in excess of $2,500,000 in
aggregate for all such judgments outstanding at any time and (i) there shall have been commenced by any creditor an enforcement
proceeding upon such judgment or order, (ii) there shall be any period of 30 consecutive days during which a stay of enforcement
of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect, or (iii) such judgment or order
results in the creation or imposition of a Lien upon any of the Collateral that is not a Permitted Lien;

 

(h)There shall
occur any default or event of default on the part of any Obligor under any agreement, document or instrument to which such Obligor
is a party or by which such Obligor or any of its properties is bound, creating or relating to (i) any Bank Product Obligations
or (ii) any other Debt (other than the Obligations) in excess of $2,500,000, if the payment or maturity of such Debt may be accelerated
in consequence of such default or event of default or if demand for payment of such Debt may be made;

 

(i)Any Guarantor
shall revoke or attempt to revoke the Guaranty signed by such Guarantor, shall repudiate or dispute such Guarantor's liability
thereunder, shall be in default under the terms thereof, or shall fail to confirm in writing, promptly after receipt of Administrative
Agent's written request therefor, such Guarantor's ongoing liability under the Guaranty in accordance with the terms thereof;

 

(j)A Reportable Event
(consisting of any of the events set forth in Section 4043(b) of ERISA for which the notice provisions have not been waived by
applicable guidance) shall occur which Agents, in their Permitted Discretion, shall determine constitutes grounds for the termination
by the Pension Benefit Guaranty Corporation of any Plan (under Section 4042 of ERISA) or the appointment by the appropriate United
States district court of a trustee for any Plan, or if any Plan shall be terminated by the Pension Benefit Guaranty Corporation
(under Section 4042 of ERISA) or any such trustee shall be requested or appointed, or if Borrower or any other Obligor is in "default"
(as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan resulting from Borrower's, or such
other Obligor's complete or partial withdrawal from such Multiemployer Plan;

 

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(k)[Reserved];

 

(l)Any Obligor
shall challenge in any action, suit or other proceeding the validity or enforceability of any of the Loan Documents, the legality
or enforceability of any of the Obligations or the perfection or priority of any Lien granted to Administrative Agent, or any of
the Loan Documents ceases to be in full force or effect for any reason other than a full or partial waiver or release by the Lender
Group in accordance with the terms thereof;

 

(m)A Change
of Control shall occur; or

 

(n)There shall occur
any event set forth in Item 17 of the Terms Schedule.

 

10.2 Remedies.
Upon and after the occurrence of an Event of Default, Agents may, at their election (unless otherwise instructed by the
Majority Lenders) or shall at the direction of the Majority Lenders, without notice of such election and without notice to or
demand upon any Obligor, do any one or more of the following:

 

(a)Declare all Obligations,
whether arising pursuant to this Agreement or otherwise, to be due, whereupon the same shall become without further notice or demand
(all of which notice and demand Borrower expressly waives) forthwith due and payable and Borrower shall forthwith pay to Administrative
Agent, for the account of Administrative Agent and Lenders in accordance with their respective Aggregate Commitment Ratios, the
entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and its
court costs if such principal and interest are collected by or through an attorney-at-law;

 

(b)Cease advancing
money or otherwise extending credit to or for the benefit of Borrower under this Agreement or under any other agreement between
Borrower and Lender Group, or any of them;

 

(c)Terminate the
Commitments, but without affecting the Lender Group's rights and security interest in the Collateral and without affecting the
Obligations owing by Borrower to the Lender Group;

 

(d)Notify Account
Debtors of Borrower that the Accounts have been assigned to Administrative Agent and that Administrative Agent has a security interest
therein, collect them directly, and charge the collection costs and expenses to the Loan Register;

 

(e)Take immediate
possession of any of the Collateral, wherever located; require Borrower to assemble the Collateral, at Borrower's expense, and
make it available to Administrative Agent at a place designated by Administrative Agent which is reasonably convenient to both
parties; and enter any premises where any of the Collateral should be located and keep and store the Collateral on said premises
until sold (and if said premises are the property of Borrower, then Borrower agrees not to charge Administrative Agent for storage
thereof);

 

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(f)Sell or otherwise
dispose of all or any part of the Collateral in its then condition, or after any further manufacturing or processing thereof, at
public or private sales, with such notice as may be required by applicable law, in lots or in bulk, for cash or on credit, all
as Agents in their Permitted Discretion may deem advisable; and Borrower agrees to any requirement of notice to Borrower or any
other Obligor of any proposed public or private sale or other disposition of Collateral by Administrative Agent shall be deemed
reasonable notice thereof if given at least 10 days prior thereto, and such sale may be at such locations as Administrative Agent
may designate in said notice;

 

(g)Petition for and
obtain the appointment of a receiver, without notice of any kind whatsoever, to take possession of any or all of the Collateral
and business of Borrower and to exercise such rights and powers as the court appointing such receiver shall confer upon such receiver,
Borrower hereby waiving any requirement under applicable law that Administrative Agent post a bond in connection with the appointment
of any such receiver;

 

(h)Set off any Deposit
Account or Commodity Account maintained by Borrower over which Administrative Agent has control and apply the balances therein
to the payment of the Obligations;

 

(i)Conduct all appraisals,
field examinations and other assessments of the Collateral as deemed necessary by Agents; engage or require Borrower to engage
one or more financial consultants or workout professionals as approved by Agents in advance; take such additional collateral as
security for the Obligations as required by Agents and do all such other acts and things deemed necessary by Agents to preserve
its collateral security position hereunder; and

 

(j)Exercise all other
rights and remedies available to Administrative Agent under any of the Loan Documents or applicable law.

 

Administrative Agent
is hereby granted an irrevocable, non-exclusive license or other right to use, license or sub-license (exercisable without payment
of royalty or other compensation to any Obligor or any other Person) any or all of Borrower's Intellectual Property and all Borrower's
computer hardware and software, trade secrets, brochures, customer lists, promotional and advertising materials, labels, and packaging
materials, and any property of a similar nature, in advertising for sale, marketing, selling and collecting and in completing the
manufacturing of any Collateral, and Borrower's rights under all licenses and franchise agreements shall inure to Administrative
Agent's benefit. The proceeds realized from any sale or other disposition of any Collateral may be applied, after allowing 2 Business
Days for collection, first to any Lender Group Expenses and then to the remainder of the Obligations in such order of application
as set forth in Section 2.9, with Borrower and each of the Obligors remaining liable for any deficiency.

 

10.3 Cumulative
Rights; No Waiver. All covenants, conditions, warranties, guaranties, indemnities and
other undertakings of Borrower in this Agreement or any of the other Loan Documents shall be deemed cumulative, and the
Lender Group shall have all other rights and remedies not inconsistent herewith as provided under the UCC or other applicable
law. No exercise by the Lender Group, or any of them of one right or remedy shall be deemed an election, and no waiver by
Lender Group, or any of them, of any Default or Event of Default on one occasion shall be deemed to be a continuing waiver or
applicable to any other occasion. No waiver or course of dealing shall be established by the failure or delay of Lender
Group, or any of them, to require strict performance by Borrower with any term of the Loan Documents, or to exercise any
rights or remedies with respect to the Collateral or otherwise.

 

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SECTION
11.ADMINISTRATIVE AGENT

 

11.1Appointment
and Authorization. Each member of the Lender Group hereby irrevocably appoints and authorizes,
and hereby agrees that it will require any transferee of any of its interest in this Agreement and the other Loan Documents and
its Loans, its portion of the Commitments irrevocably to appoint and authorize, Administrative Agent to take such actions as its
agent on its behalf and to exercise such powers hereunder and under the other Loan Documents as are delegated by the terms hereof
and thereof, together with such powers as are reasonably incidental thereto. Without limiting the foregoing, each member of the
Lender Group hereby authorizes Administrative Agent to execute and deliver each Loan Document to which Administrative Agent is,
or is required to be, a party. Neither Administrative Agent nor any of its directors, officers, employees, or agents shall be
liable for any action taken or omitted to be taken by it hereunder or in connection herewith, except for its own gross negligence
or willful misconduct as determined by a final non-appealable order of a court of competent jurisdiction.

 

11.2Interest
Holders. Administrative Agent may treat each Lender, or the Person designated in the last notice filed with Administrative
Agent under this Section 11.2, as the holder of all of the interests of such Lender in this
Agreement and the other Loan Documents, its Loans and its portion of the Commitments until written notice of transfer, signed
by such Lender (or the Person designated in the last notice filed with Administrative Agent) and by the Person designated in such
written notice of transfer, in form and substance satisfactory to Administrative Agent, shall have been filed with Administrative
Agent.

 

11.3Consultation
with Counsel. Administrative Agent may consult with legal counsel selected by it and shall
not be liable to any Lender for any action taken or suffered by it in good faith in reliance on the advice of such counsel.

 

11.4Documents.
Administrative Agent shall not be under any duty to examine, inquire into, or pass upon the validity, effectiveness, or genuineness
of this Agreement, any other Loan Document, or any instrument, document, or communication furnished pursuant hereto or in connection
herewith, and Administrative Agent shall be entitled to assume that they are valid, effective, and genuine, have been signed or
sent by the proper parties, and are what they purport to be.

 

11.5Administrative
Agent and Affiliates. With respect to the Commitments and Loans, Administrative Agent shall
have the same rights and powers hereunder as any other Lender, and Administrative Agent and its Affiliates, as the case may be,
may accept deposits from, lend money to, and generally engage in any kind of business with Borrower or any Affiliates of, or Persons
doing business with, Borrower, as if it were not Administrative Agent or affiliated with Administrative Agent and without any obligation
to account therefor. The Lenders acknowledge that Administrative Agent and its Affiliates have other lending and investment relationships
with Borrower and their Affiliates and in the future may enter into additional such relationships.

 

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11.6Responsibility
of Administrative Agent.  Notwithstanding any provision to the contrary contained elsewhere
in this Agreement or in any other Loan Document, Administrative Agent shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall Administrative Agent have or be deemed to have any fiduciary relationship with any other
member of the Lender Group, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be
read into this Agreement or any other Loan Document or otherwise exist against Administrative Agent. Without limiting the generality
of the foregoing sentence, the use of the term “agent” in this Agreement with reference to Administrative Agent is
not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable
law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties. Administrative Agent shall be entitled to assume that no Default exists unless
it has actual knowledge, or has been notified by Borrower, of such fact, or has been notified by a Lender that such Lender considers
that a Default exists, and such Lender shall specify in detail the nature thereof in writing. Administrative Agent shall provide
each Lender with copies of such documents received from Borrower as such Lender may reasonably request.

 

11.7Action
by Administrative Agent.

 

(a)Administrative
Agent shall be entitled to use its Permitted Discretion with respect to exercising or refraining from exercising any rights which
may be vested in it by, and with respect to taking or refraining from taking any action or actions which it may be able to take
under or in respect of, this Agreement, unless Administrative Agent shall have been instructed by the Majority Lenders to exercise
or refrain from exercising such rights or to take or refrain from taking such action. Administrative Agent shall incur no liability
under or in respect of this Agreement with respect to anything which it may do or refrain from doing in the reasonable exercise
of its judgment or which may seem to it to be necessary or desirable in the circumstances.

 

(b)Administrative
Agent shall not be liable to Lenders, or any of them, in acting or refraining from acting under this Agreement or any other Loan
Document in accordance with the instructions of the Majority Lenders (or all Lenders if expressly required by Section 12.8),
and any action taken or failure to act pursuant to such instructions shall be binding on all Lenders.

 

11.8Notice
of Default.  In the event that any member of the Lender Group shall acquire actual knowledge,
or shall have been notified in writing, of any Default, such member of the Lender Group shall promptly notify the other members
of the Lender Group, and Administrative Agent shall take such action and assert such rights under this Agreement as the Majority
Lenders shall request in writing, and Administrative Agent shall not be subject to any liability by reason of its acting pursuant
to any such request. If the Majority Lenders shall fail to request Administrative Agent to take action or to assert rights under
this Agreement in respect of any Default after their receipt of the notice of any Default from a member of the Lender Group, or
shall request inconsistent action with respect to such Default, Administrative Agent may (with the prior written consent of the
Collateral Agent), but shall not be required to, take such action and assert such rights (other than rights under Section
10) as it deems in its Permitted Discretion to be advisable for the protection of the Lender
Group, except that, if the Majority Lenders have instructed Administrative Agent not to take such action or assert such right,
in no event shall Administrative Agent act contrary to such instructions.

 

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11.9Responsibility
Disclaimed. Administrative Agent shall not be under any liability or responsibility whatsoever
as Administrative Agent:

 

(a)To
Borrower or any other Person or entity as a consequence of any failure or delay in performance by or any breach by, any member
of the Lender Group of any of its obligations under this Agreement;

 

(b)To
any member of the Lender Group, or any of them, as a consequence of any failure or delay in performance by, or any breach by, Borrower
or any other obligor of any of its obligations under this Agreement or any other Loan Document; or

 

(c)To
any member of the Lender Group, or any of them, for any statements, representations, or warranties in this Agreement, or any other
document contemplated by this Agreement or any information provided pursuant to this Agreement, any other Loan Document, or any
other document contemplated by this Agreement, or for the validity, effectiveness, enforceability, or sufficiency of this Agreement,
any other Loan Document, or any other document contemplated by this Agreement.

 

11.10Indemnification.
The Lenders agree to indemnify (to the extent not reimbursed by the Borrowers) and hold harmless Administrative Agent, Collateral
Agent and each of their respective Affiliates, employees, representatives, officers and directors (each an “Agent Indemnified
Person”) pro rata in accordance with their Aggregate Commitment Ratios from and against any and all claims, liabilities,
investigations, losses, damages, actions, demands, penalties, judgments, suits, investigations, costs, expenses (including fees
and expenses of experts, agents, consultants and counsel) and disbursements, in each case, of any kind or nature (whether or not
an Agent Indemnified Person is a party to any such action, suit or investigation) whatsoever which may be imposed on, incurred
by, or asserted against an Agent Indemnified Person resulting from any breach or alleged breach by Borrower, or any of them, of
any representation or warranty made hereunder, or otherwise in any way relating to or arising out of the Commitments, the Loans,
the Letters of Credit, this Agreement, the other Loan Documents or any other document contemplated by this Agreement or any action
taken or omitted by Administrative Agent or Collateral Agent under this Agreement, any other Loan Document, or any other document
contemplated by this Agreement (other than agreements relating to Bank Products entered into between Borrower and any Lender),
the making, administration or enforcement of the Loan Documents and the Loans or any transaction contemplated hereby or any related
matters unless, with respect to any of the above, such Agent Indemnified Person is determined by a final non-appealable judgment
of a court of competent jurisdiction to have acted or failed to act with gross negligence or willful misconduct. This Section
11.10 is for the benefit of each Agent Indemnified Person and shall not in any way limit the
obligations of Borrower under Section 12.4. The provisions of this Section 11.10
shall survive the termination of this Agreement.

 

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11.11Credit
Decision. Each member of the Lender Group represents and warrants to each other member of
the Lender Group that:

 

(a)In
making its decision to enter into this Agreement and to make its Loans it has independently taken whatever steps it considers necessary
to evaluate the financial condition and affairs of Borrower and that it has made an independent credit judgment, and that it has
not relied upon information provided by Administrative Agent or any of its Affiliates;

 

(b)So
long as any portion of the Obligations remains outstanding, it will continue to make its own independent evaluation of the financial
condition and affairs of Borrower; and

 

(c)Except
for notices, reports and other documents expressly herein required to be furnished to Lenders by Administrative Agent, Administrative
Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business,
prospects, operations, property, financial and other condition or creditworthiness of Borrower which may come into the possession
of any of Administrative Agent or any Affiliates of Administrative Agent.

 

11.12Successor
Administrative Agent. Subject to the appointment and acceptance of a successor Administrative
Agent as provided below, Administrative Agent may resign at any time by giving written notice thereof to Lenders and Borrower.
Upon any such resignation, the Majority Lenders shall have the right to appoint a successor Administrative Agent (with the consent
of Borrower if no Event of Default then exists). If no successor Administrative Agent shall have been so appointed by the Majority
Lenders, and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent’s giving
of notice of resignation, then the retiring Administrative Agent may, on behalf of Lenders, appoint a successor Administrative
Agent which shall be any Lender or a Person organized under the laws of the US, a State or any political subdivision thereof which
has combined capital and reserves in excess of $150,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder
by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all
the rights, powers, privileges, duties, and obligations of the retiring Administrative Agent, and the retiring Administrative Agent
shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent’s resignation hereunder
as Administrative Agent, the provisions of this Section 11 shall continue in effect for
its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent.

 

11.13Administrative
Agent May File Proofs of Claim. Administrative Agent may file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of Administrative Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of Administrative Agent, its agents, financial advisors and counsel)
and Lenders allowed in any judicial proceedings relative to Borrower, or its creditors or property, and shall be entitled and empowered
to collect, receive and distribute any monies, securities or other property payable or deliverable on any such claims and any custodian
in any such judicial proceedings is hereby authorized by each Lender to make such payments to Administrative Agent and, in the
event that Administrative Agent shall consent to the making of such payments directly to Lenders, to pay to Administrative Agent
any amount due to Administrative Agent for the reasonable compensation, expenses, disbursements and advances of Administrative
Agent, its agents, financial advisors and counsel, and any other Lender Group Expenses. Nothing contained in this Agreement or
the Loan Documents shall be deemed to authorize Administrative Agent to authorize or consent to or accept or adopt on behalf of
any Lender any plan of reorganization, arrangement, adjustment or composition affecting this Agreement, the Notes, the Letters
of Credit or the rights of any holder thereof, or to authorize Administrative Agent to vote in respect of the claim of any Lender
in any such proceeding.

 

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11.14Collateral.
Administrative Agent is hereby authorized to hold all Collateral pledged pursuant to any Loan Document and to act on behalf of
the Lender Group, in its own capacity and through other agents appointed by it, under the Security Documents; provided, that Administrative
Agent shall not agree to the release of any Collateral except in accordance with the terms of this Agreement. The Lender Group
acknowledges that the Loans, any Overadvances, all Obligations with respect to Bank Products and all interest, fees and expenses
hereunder constitute one Debt for Money Borrowed, secured by all of the Collateral. Administrative Agent hereby appoints each Lender
as its agent (and each Lender hereby accepts such appointment) for the purpose of perfecting Administrative Agent’s Liens
in assets which, in accordance with the UCC, can be perfected by possession. Should any Lender obtain possession of any such Collateral,
such Lender shall, promptly upon Administrative Agent’s request therefore, deliver such Collateral to Administrative Agent
or in accordance with Administrative Agent’s instructions.

 

11.15Release
of Collateral.

 

(a)Each
Lender hereby directs, in accordance with the terms of this Agreement, Administrative Agent to release any Lien held by Administrative
Agent for the benefit of the Lender Group:

 

(i)against
all of the Collateral, upon final and indefeasible payment in full of the Obligations and termination of the Commitments; or

 

(ii)against
any part of the Collateral sold, transferred or disposed of by Borrower if such sale, transfer or other disposition is permitted
by Section 9.2 or is otherwise consented to by the requisite Lenders for such release
as set forth in Section 12.8, as certified to Administrative Agent by Borrower in a certificate
of a Senior Officer of Borrower.

 

(b)Each
Lender hereby directs Administrative Agent to execute and deliver or file or authorize the filing of such termination and partial
release statements and do such other things as are necessary to release Liens to be released pursuant to this Section 11.15
promptly upon the effectiveness of any such release. Upon request by Administrative Agent at any time, Lenders will confirm in
writing Administrative Agent’s authority to release particular types or items of Collateral pursuant to this Section
11.15.

 

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SECTION
12.GENERAL PROVISIONS

 

12.1 Notices
and Communications.

 

(a) Except as otherwise
provided in Section 2.1, all notices, requests and other communications to or upon a party hereto shall be in writing (including
facsimile transmission or similar writing) and shall be given, (i) if to Administrative Agent or Borrower, to such party at the
address or facsimile number in Item 18 of the Terms Schedule; or (ii) if to Lenders, to the addresses set forth on the signature
pages of this Agreement; or (iii) at such other address or facsimile number as such party may hereafter specify for the purpose
by notice to Administrative Agent, Lenders or Borrower in accordance with the provisions of this Section.

 

(b)Except as otherwise
provided in this Section, each such notice, request or other communication shall be effective (i) if given by facsimile transmission,
when transmitted to the facsimile number specified herein for the noticed party and confirmation of receipt is received, (ii) if
given by mail, 3 Business Days after such communication is deposited in the U.S. Mail, with first-class postage pre-paid,
addressed to the noticed party at the address specified herein, or (iii) if given by personal delivery, when duly delivered
with receipt acknowledged in writing by the noticed party. In no event shall a voicemail message be effective as a notice, communication
or confirmation under any of the Loan Documents. Notwithstanding the foregoing, no notice to or upon Administrative Agent or Lender
Group, as applicable, pursuant to Sections 2.1, 3.2 or 8.1 shall be effective until after actually received
by the individual or individuals to whose attention at Administrative Agent or Lender Group such notice is required to be
sent. Any written notice, request or demand that is not sent in conformity with the provisions hereof shall nevertheless be effective
on the date that such notice, request or demand is actually received by the individual to whose attention at the noticed
party such notice, request or demand is required to be sent.

 

(c)Electronic
mail and internet websites may be used only to distribute routine communications, such as financial statements, Borrowing Base
Certificates and other information required by Section 8.6, and to distribute Loan Documents for execution by the parties
thereto, and may not be used for any other purpose as effective notice under this Agreement or any of the other Loan Documents.

 

12.2 Performance
of Borrower's Obligations; Sharing of Information; Publicity.

 

(a) If Borrower shall
fail to discharge any covenant, duty or obligation hereunder or under any of the other Loan Documents, Administrative Agent may,
in its Permitted Discretion at any time or from time to time, for Borrower's account and at Borrower's expense, pay any amount
or do any act required of Borrower hereunder or under any of the other Loan Documents or otherwise lawfully requested by Administrative
Agent to (i) enforce any of the Loan Documents or collect any of the Obligations, (ii) preserve, protect, insure or maintain
or realize upon any of the Collateral, or (iii) preserve, defend, protect or maintain the validity or priority of Administrative
Agent's Liens in any of the Collateral, including the payment of any judgment against Borrower, any insurance premium, any Bank
Product Obligations, any warehouse charge, any finishing or processing charge, any landlord claim, any other Lien upon or with
respect to any of the Collateral (whether or not a Permitted Lien). Subject to the terms and conditions of Section 2.1(f),
all payments that Administrative Agent may make under this Section and all out-of-pocket costs and expenses (including Lender Group
Expenses) that Administrative Agent pays or incurs in connection with any action taken by it hereunder shall be an Agent Advance.
Any payment made or other action taken by Administrative Agent under this Section shall be without prejudice to any right to assert,
and without waiver of, an Event of Default hereunder and without prejudice to Administrative Agent's right to proceed thereafter
as provided herein or in any of the other Loan Documents.

 

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(b)Borrower hereby
authorizes Lenders to use the names "Aventine Renewable Energy, Inc.", ‘Aventine Renewable Energy Holdings, Inc.”,
“Aventine Renewable Energy – Aurora West, LLC” and “Nebraska Energy, L.L.C.”, in each case together
with variants of such name and related logotypes and the amount of the transaction, in advertising that promotes Lenders and the
business transaction between Borrower and Lenders described herein through the use of so-called "tombstones" and similar
publicity, and neither Lenders nor any of their respective subsidiaries, Affiliates, officers, employees and advertising agents
shall have any liability to Borrower arising out of or related to the reasonable exercise of the rights hereby granted to Lenders.

 

12.3 Effectiveness,
Successors, Assigns, Participations.

 

(a)This Agreement
shall be binding and deemed effective when executed by Borrower and accepted by the Lender Group in the State of New York, and
when so accepted, shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided
that Borrower may not assign this Agreement or any rights hereunder without each Lender's prior written consent and any prohibited
assignment shall be absolutely void. No consent to an assignment by Lenders shall release Borrower from its Obligations to Lenders.

 

(b)Each Lender reserves
the right to sell, assign, transfer, negotiate or grant participations in all or any part of, or any interest in, such Lender's
rights and benefits hereunder. Any Lender may assign this Agreement and its rights and duties hereunder; provided that (i) any
such assignment shall be to an Eligible Assignee; (ii) except in the case of an assignment of the entire remaining amount of the
assigning Lender’s portion of the Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender
or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the portion of the Commitment
of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to
such assignment is delivered to Administrative Agent) shall not be less than $2,000,000, unless Agents otherwise consent (such
consent not to be unreasonably withheld); and (iii) the parties to each assignment shall execute and deliver to Administrative
Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500 (unless such assignment is to a Lender,
an Affiliate of a Lender or an Approved Fund), and the Eligible Assignee, if it shall not be a Lender, shall deliver to Administrative
Agent an Administrative Questionnaire. Subject to acceptance and recording thereof by Administrative Agent pursuant to Section
12.3(c), from and after the effective date specified in each Assignment and Acceptance, the Eligible Assignee thereunder shall
be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations
of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering
all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but
shall continue to be entitled to the benefits of any obligations that survive the termination of this Agreement including, without
limitation, Sections 2.11, 2.12 and 12.4). Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender
of a participation in such rights and obligations in accordance with paragraph (d) of this Section 12.3.

 

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(c)Administrative
Agent, acting solely for this purpose as an agent of Borrower, shall maintain at Administrative Agent’s Office a copy of
each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of Lenders, and the
portion of the Commitments of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to
time (the “Register”). The entries in the Register shall be conclusive, and Borrower, Administrative Agent and
Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(d)Any
Lender may, without the consent of, or notice to, Borrower, sell participations to one or more banks or other entities (a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its portion
of the Commitments and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) Borrower and the Lender Group shall continue to deal solely and directly with such Lender in connection with such Lender’s
rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification
or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in Section
12.8(a)(i) that affects such Participant. Subject to paragraph (e) of this Section, the
Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.12 and 12.4
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section
12.3(b).

 

(e)Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including without limitation (i) any pledge or assignment to secure obligations to a Federal Reserve
Bank and (ii) in the case of any Lender that is a Fund, any pledge or assignment of all or any portion of such Lender’s rights
under this Agreement to any holders of obligations owed, or securities issued, by such Lender as security for such obligations
or securities, or to any trustee for, or any other representative of, such holders, and this Section shall not apply to any such
pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

    	- 72 -

    	 

    

 

12.4 General
Indemnity. Borrower hereby agrees to indemnify and defend the Indemnitees against and
to hold the Indemnitees harmless from and against any Indemnified Claim that may be instituted or asserted against or
incurred by any of the Indemnitees and that either (i) arises out of or relates to this Agreement or any of the
other Loan Documents (including any transactions entered into pursuant to any of the Loan Documents, Administrative Agent's
Liens upon the Collateral, or the performance by any member of the Lender Group of its respective duties or the exercise
of any of Lender Group's rights or remedies under this Agreement or any of the other Loan Documents), or (ii) results
from Borrower's failure to observe, perform or discharge any of Borrower's covenants or duties hereunder. Without limiting
the generality of the foregoing, this indemnity shall extend to any Indemnified Claims instituted or asserted against or
incurred by any of the Indemnitees by any Person under any Environmental Laws or similar laws by reason of Borrower's or any
other Person's failure to comply with laws applicable to the management, manufacture, processing, distribution, use,
treatment, storage, disposal, Release, transport, or handling of any Hazardous Materials. Additionally, if any Taxes
(excluding Taxes imposed upon or measured solely by the net income of any member of the Lender Group, but including any
intangibles tax, stamp tax, recording tax or franchise tax) shall be payable by any member of the Lender Group or any Obligor
on account of the execution or delivery of this Agreement, or the execution, delivery, issuance or recording of any of the
other Loan Documents or any financing statement or other perfection document relating thereto, or the creation or
repayment of any of the Obligations hereunder, by reason of any applicable law now or hereafter in effect, Borrower
shall pay (or shall promptly reimburse such member of the Lender Group for the payment of) all such Taxes, including any
interest and penalties thereon, and will indemnify and hold Indemnitees harmless from and against all liability in connection
therewith. The foregoing indemnities shall not apply to Indemnified Claims incurred by any Indemnitee as
a direct and proximate result of its own gross negligence or willful misconduct.

 

12.5 Section
Headings; Interpretation. Section headings and section numbers have been set forth
herein for convenience only. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved
against any member of the Lender Group or Borrower, whether under any rule of construction or otherwise. This Agreement has
been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of the words used so as
to fairly accomplish the purposes and intentions of the parties hereto.

 

12.6 Indulgences
Not Waivers. No failure or delay at any time or times by the Lender Group, or any of
them, or the Majority Lenders to require strict performance by Borrower of any provision of this Agreement or any of the
other Loan Documents shall not waive, affect or otherwise diminish any right of the Lender Group, or any of them, or the
Majority Lenders thereafter to demand strict compliance and to performance with such provision.

 

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12.7 Severability;
Survival. Each provision of this Agreement shall be severable from every other
provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.
Notwithstanding anything to the contrary contained in this Agreement or any of the other Loan Documents, the obligations of
Obligors with respect to each indemnity given by it in any of the Loan Documents in favor of each Indemnitee shall survive
the termination of the Commitments and the Full Payment of the Obligations.

 

12.8
Amendments and Waivers.

 

(a)This Agreement
cannot be changed or terminated orally but only by an instrument in writing signed by the Majority Lenders, or in the case of Loan
Documents executed by Administrative Agent (and not the other members of the Lender Group), signed by Administrative Agent and
approved by the Majority Lenders and, in the case of an amendment, also by Borrower, except that: (i) the consent of each of Lenders
(or in the case of clause (C) and clause (E), each of the affected Lenders) and, in the case of an amendment, Borrower, shall be
required for (A) any sale or release of, or the subordination of Administrative Agent’s security interest in, any material
Collateral except in conjunction with sales or transfers of Collateral permitted hereunder, (B) except in conjunction with transactions
permitted hereunder, any release of any guarantor of the Obligations, (C) any extensions, postponements or delays of the maturity
or the scheduled date of payment of interest or principal or fees, or any reduction of principal (without a corresponding payment
with respect thereto), or reduction in the rate of interest or fees due to Lenders hereunder or under any other Loan Documents
(it being understood that any amendment or modification to the financial definitions in this Agreement shall not constitute a reduction
in the rate of interest for purposes on this Section 12.8), (D) any amendment of this Section 12.8 or of the definition
of “Majority Lenders” or any other provision of the Loan Documents specifying the number or percentage of Lenders required
to waive, amend or modify any rights thereunder or make any determination or grant any consent thereunder; (E) any amendment increasing
the Commitments (it being understood and agreed that a waiver of any Default or Event of Default or modification of any of the
defined terms contained herein (other than those defined terms specifically addressed in this Section 12.8) shall not constitute
a change in the terms of any portion of the Commitments held by any Lender); (F) any amendment to the definition of “Availability”
and the defined terms used therein; and (G) any amendment to Section 2.9; (ii) the consent of Administrative Agent, the
Majority Lenders and Borrower shall be required for any amendment to Section 2.1(f) (with respect to which the consent of
the Collateral Agent shall also be required) or Section 11; (iii) the consent of the LC Issuer, the Majority Lenders and
Borrower shall be required for any amendment to the Letter of Credit Rider; (iv) the consent of the Swing Bank, the Majority Lenders
and the Borrower shall be required for any amendment to Section 2.1(g); and (v) the consent of Administrative Agent only
shall be required to amend Item 20 of the Terms Schedule to reflect assignments of any portion of the Commitments and Loans
in accordance with this Agreement. Any amendment, modification, waiver, consent, termination or release of any agreements relating
to Bank Products may be effected by the parties thereto without the consent of the Lender Group.

 

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(b)Each
Lender grants to Administrative Agent the right to purchase all (but not less than all) of such Lender’s portion of the Commitments,
the Loans and Letter of Credit Support Obligations owing to it and any Revolver Notes held by it and all of its rights and obligations
hereunder and under the other Loan Documents at a price equal to the outstanding principal amount of the Loans payable to such
Lender plus any accrued but unpaid interest on such Loans and accrued but unpaid commitment fees and letter of credit fees owing
to such Lender plus the amount necessary to cash collateralize any Letters of Credit issued by such Lender, which right may be
exercised by Administrative Agent if such Lender refuses to execute any amendment, waiver or consent which requires the written
consent of all of Lenders and to which the Majority Lenders, Administrative Agent and Borrower have agreed. Each Lender agrees
that if Administrative Agent exercises its option hereunder, it shall promptly execute and deliver an Assignment and Acceptance
and other agreements and documentation necessary to effectuate such assignment. Administrative Agent may assign its purchase rights
hereunder to any assignee if such assignment complies with the requirements of Section 12.3(b).

 

(c)If
any fees are paid to Lenders as consideration for amendments, waivers or consents with respect to this Agreement, at Administrative
Agent’s election, such fees may be paid only to those Lenders that agree to such amendments, waivers or consents within the
time specified for submission thereof.

 

12.9Replacement
of Lender. In the event that a Replacement Event occurs and is continuing with respect to
any Lender, Borrower may designate another financial institution (such financial institution being herein called a “Replacement
Lender”) acceptable to Agents, and which is not Borrower or an Affiliate of Borrower, to assume such Lender’s portion
of the Commitments hereunder and to purchase the Loans and participations of such Lender and such Lender’s rights hereunder,
without recourse to or representation or warranty by, or expense to, such Lender for a purchase price equal to the outstanding
principal amount of the Loans payable to such Lender plus any accrued but unpaid interest on such Loans and accrued but unpaid
commitment fees and letter of credit fees owing to such Lender, and upon such assumption, purchase and substitution, and subject
to the execution and delivery to Administrative Agent by the Replacement Lender of documentation satisfactory to Agents (pursuant
to which such Replacement Lender shall assume the obligations of such original Lender under this Agreement), the Replacement Lender
shall succeed to the rights and obligations of such Lender hereunder and such Lender shall no longer be a party hereto or have
any rights hereunder provided that the obligations of the Borrowers to indemnify such Lender with respect to any event occurring
or obligations arising before such replacement shall survive such replacement. “Replacement Event” shall mean, with
respect to any Lender, (a) the commencement of or the taking of possession by, a receiver, custodian, conservator, trustee or liquidator
of such Lender, or the declaration by the appropriate regulatory authority that such Lender is insolvent or such Lender shall become
a Defaulting Lender or (b) the making of any claim by any Lender under Sections 2.11 or 2.12, unless the changing of the lending
office by such Lender would obviate the need of such Lender to make future claims under such Sections. 

 

12.10Entire
Agreement. This Agreement and the other Loan Documents represent the entire understanding
of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings, negotiations
and inducements regarding the same subject matter.

 

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12.11 Counterparts;
Facsimile Signatures. This Agreement and any amendments hereto 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 to be an original and all of which counterparts taken together shall constitute but one and the same
instrument. Counterparts of each of the Loan Documents may be delivered by facsimile or electronic mail and the effectiveness
of each such Loan Document and signatures thereon shall, subject to applicable law, have the same force and effect as
manually signed originals and shall be binding on all parties thereto.

 

12.12 Governing
Law. This Agreement shall be deemed to have been made in the State of New York, and
shall be governed by and construed in accordance with the internal laws (without regard to conflict of law provisions) of the
State of New York.

 

12.13 Consent
to Forum. Each party hereto hereby consents to the non-exclusive jurisdiction of any
United States federal court sitting in or with direct or indirect jurisdiction over the Northern District of Georgia, the
Northern District of Alabama, or
the Southern District of New York or any state or superior court sitting in Cobb County, Georgia, Jefferson County, Alabama,
or the City of New York, Borough of Manhattan in any action, suit or other proceeding arising out of or relating to this
Agreement or any of the other Loan Documents and Borrower irrevocably agrees that all claims and demands in respect of any
such action, suit or proceeding may be heard and determined in any such court and irrevocably waives any objection it may now
or hereafter have as to the venue of any such action, suit or proceeding brought in any such court or that such court is an
inconvenient forum. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
herein shall limit the right of any member of the Lender Group to bring proceedings against Borrower in the courts of any
other jurisdiction. Any judicial proceeding commenced by Borrower against any member of the Lender Group or any holder of any
of the Obligations, or any Affiliate of any member of the Lender Group or any holder of any Obligations, involving, directly
or indirectly, any matter in any way arising out of, related to or connected with any Loan Document shall be brought only in
a United States federal court sitting in or with direct jurisdiction over the Northern District of Georgia, the Northern
District of Alabama or the Southern District of New York or any state or superior court sitting in Cobb County, Georgia,
Jefferson County, Alabama or the City of New York, Borough of Manhattan. Nothing in this Agreement shall be deemed or operate
to affect the right of any member of the Lender Group to serve legal process in any other manner permitted by law or to
preclude the enforcement by any member of the Lender Group of any judgment or order obtained in such forum or the taking of
any action under this Agreement to enforce same in any other appropriate forum or jurisdiction.

 

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12.14 Waiver
of Certain Rights. To the fullest extent permitted by applicable law, Borrower hereby
knowingly, intentionally and intelligently waives (with the benefit of advice of legal counsel of its own choosing): (i) the
right to trial by jury (which each member of the Lender Group hereby also waives) in any action, suit, proceeding or
counterclaim of any kind arising out of, related to or based in any way upon any of the Loan Documents, the Obligations or
the Collateral; (ii) presentment, protest, default, non-payment, maturity, release, compromise, settlement, extension or
renewal of any or all commercial paper, accounts, contract rights, documents, instruments, chattel paper and guaranties at
any time held by Administrative Agent on which Borrower may in any way be liable and hereby ratifies and confirms whatever
Administrative Agent may do in this regard; (iii) notice prior to taking possession or control of any of the Collateral and
the requirement to deposit or post any bond or other security which might otherwise be required by any court or applicable
law prior to allowing Administrative Agent to exercise any of Administrative Agent's self-help or judicial remedies to obtain
possession of any of the Collateral; (iv) the benefit of all valuation, appraisement and exemption law; (v) any claim against
any member of the Lender Group on any theory of liability, for special, indirect, consequential, exemplary or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of any of the
Loan Documents, any transaction thereunder, the enforcement of any remedies by any member of the Lender Group or the use of
any proceeds of any Loans; (vi) notice of acceptance of this Agreement by any member of the Lender Group; and (vii) the right
to assert any confidential relationship that it may have under applicable law with any accounting firm and/or service bureau
in connection with any information requested by any member of the Lender Group pursuant to or in accordance with this
Agreement (and Borrower agrees that the Lender Group may contact directly any such accounting firm and/or service bureau in
order to obtain any such information).

 

12.15USA
Patriot Act Notice.  To help fight the funding of terrorism and money laundering activities,
Federal law requires all financial institutions to obtain, verify, and record information that identifies each Person who opens
an account. For purposes of this section, account shall be understood to include loan accounts.

 

12.16Credit
Inquiries.  Borrower hereby authorizes
and permits each member of the Lender Group at its discretion and without any obligation to do so, to respond to credit inquiries
from third parties concerning Borrower or any of its Subsidiaries.

 

12.17Additional
Provisions. Time is of the essence of
this Agreement and the other Loan Documents. No provision of this Agreement or any of the other Loan Documents shall be construed
against or interpreted to the disadvantage of any party hereto by any governmental authority by reason of such party having or
being deemed to have structured, drafted or dictated such provision.

 

12.18Intercreditor
Agreement. (a) The Administrative Agent, for itself and on behalf of each ABL Secured Party
(as defined in the Intercreditor Agreement), (i) acknowledges that it has received a copy of the Intercreditor Agreement, (ii)
consents to the subordination of Liens on the Term Loan Primary Collateral as defined, and provided for, in the Intercreditor Agreement,
(iii) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (iv)
solely with respect to each ABL Secured Party, authorizes and instructs the Administrative Agent to enter into the Intercreditor
Agreement as agent for and representative of such ABL Secured Party.  The foregoing provisions are intended as an inducement
to the Term Loan Secured Parties (as defined in the Intercreditor Agreement) under the Term Loan Documents to extend credit to
the Loan Parties and such Term Loan Secured Parties are intended third party beneficiaries of such provisions.

 

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(b)Notwithstanding
anything herein to the contrary, the lien and security interest granted to the Administrative Agent, for the ratable benefit of
the ABL Secured Parties, pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent and the
other ABL Secured Parties hereunder with respect to the Term Loan Primary Collateral, are subject to the provisions of the Intercreditor
Agreement.  In the event of any conflict or inconsistency between the provisions of the Intercreditor Agreement and this Agreement
with respect to the Term Loan Primary Collateral, the provisions of the Intercreditor Agreement shall control.

 

 

 

[Remainder
of page intentionally left blank]

 

 

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement, to be effective on the date first set forth above.

 

 

 

	 	BORROWER:
	 	 
	 	AVENTINE RENEWABLE ENERGY, INC. 
	 	 
	 	 
	 	By:  /s/
    Mark Beemer                                             
	 	      Name: Mark Beemer
	 	      Title: President and Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	-79-

    	 

    

 

 

 

	 	
        ADMINISTRATIVE AGENT:

         

        ALOSTAR BANK OF COMMERCE,
        as Administrative Agent and a Lender

         

         

        By: /s/ Eddie
        Carpenter________________

        Name: Eddie Carpenter

        Title: Director

         

         

        LENDER:

         

        MIDCAP FINANCIAL, LLC

         

         

        By: /s/ Stephen
        Redlich________________

        Name: Stephen Redlich

        Title: Managing Director

         

 

 

 

 

 

 

 

 

 

 

 

 

    	-80-

    	 

    

 

DISCLOSURE SCHEDULE

 

TO BE PROVIDED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	-81-

    	 

    

 

DISCLOSURE SCHEDULE

 

THIS
DISCLOSURE SCHEDULE ("Disclosure Schedule") dated September 17, 2014, is made a part of and incorporated into
that certain Loan and Security Agreement AVENTINE RENEWABLE ENERGY, INC., a Delaware corporation ("Borrower Agent"),
AVENTINE RENEWABLE ENERGY HOLDINGS, INC., a Delaware corporation ("Parent"), AVENTINE RENEWABLE ENERGY —
AURORA WEST, LLC, a Delaware limited liability company ("Aurora") and NEBRASKA ENERGY, L.L.C., a Kansas limited
liability company ("Nebraska" and, together with a Borrower Agent, Parent and Aurora, collectively, the "Borrowers"),
the financial institutions party thereto from time to time, as lenders (the "Lenders"), Midcap Financial, LLC,
as collateral agent (the "Collateral Agent"), and ALOSTAR BANK OF COMMERCE, as administrative agent (the "Administrative
Agent"), dated as of the date hereof (together with all schedules, riders and exhibits annexed thereto and all amendments,
restatements, supplements or other modifications with respect thereto, the "Loan Agreement"). Capitalized terms
used herein, unless otherwise defined, shall have the meanings ascribed to them in the Loan Agreement.

 

		1.	Fiscal Year of Borrower: The Fiscal Year of Borrowers for
accounting and tax purposes is as follows: January 1— December 31

 

		2.	Permitted Liens: Except as described below, there are no security
interests in or other Liens upon any assets of any Borrower or Guarantor that are not Permitted Liens (if none, so state). None

 

		3.	Borrower Locations: All Collateral, other than Inventory in
transit, is kept by each Borrower at one or more of the business locations of such Borrower set forth below:

 

Aventine Renewable Energy, Inc. — 1300 South
2nd Street, Pekin, IL 61554

Nebraska Energy, L.L.C. — 1205 0 Road, Aurora,
NE 68818

Aventine Renewable Energy — Aurora West, LLC
— 2103 Harvest Drive, Aurora, NE 68818

Kinder Morgan Liquid Terminals, L.L.C. — 8500
West 68th Street, Argo, IL 60501

Parke Warehouse, 1800 East Garfield Avenue, Decatur,
IL 62525

 

		4.	Description of Property Insurance of Borrower: Borrowers have
the following policies of insurance covering the Collateral.

 

	Insurance Company	 	Policy Number	 	Expiry Date	 	Property Covered
	 	 	 	 	 	 	 
	Liberty International Underwriters	 	3C 366943 008	 	04/30/2015	 	Real and personal property (50%)
	Lloyds of London — GCUBE	 	PRPNA1300896	 	04/30/2015	 	Real and personal property (50%)

 

 

 

    	-82-

    	 

    

		5.	Borrower and Guarantor Information:

 

		(i)	Legal Names: The exact name of Borrowers and Guarantors, as
it appears in their

respective certificate of incorporation or formation, the type of entity, the state of such Borrower's incorporation or organization
and the states where such Borrower is qualified or licensed to transact businesses are described below:

 

	Legal Name	 	Type of Entity	 	State of Incorporation/ 
 Formation	 	Qualified to do Business
	Aventine Renewable Energy, Inc.	 	Corporation	 	Delaware	 	Alabama, Arkansas, California, Colorado, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Texas, Virginia, Washington, Wisconsin
	Aventine Renewable Energy Holdings, Inc.	 	Corporation	 	Delaware	 	N/A
	Aventine Renewable Energy -- Aurora West, LLC	 	Limited liability company	 	Delaware	 	Nebraska
	Nebraska Energy, L.L.C.	 	Limited liability company	 	Kansas	 	Nebraska

 

		(ii)	Other Names: Set forth below is each other name that any Borrower
or Guarantor has had since its organization (including trade names) used by such Borrower, Guarantor or any of its divisions or
other business units at any time during the past five years (if none, so state): None

 

		(iii)	Corporate Changes: Except as described below, no Borrower nor
Guarantor has been a party to any merger, combination or consolidation or acquired all or substantially all of the Equity Interests
or assets of any Person (if none, so state):

 

Aventine Renewable Energy
Holdings, Inc. acquired all interests of Aventine Renewable Energy, LLC held in Nebraska Energy, L.L.C. pursuant to a merger agreement
dated March 15, 2010 between Aventine Renewable Energy Holdings, Inc. and Aventine Renewable Energy, LLC.

 

Aventine Renewable Energy
Holdings, Inc. purchased substantially all of the assets of New CIE Energy Opco, LLC d/b/a Riverland Biofuels on August 6, 2010.
Aventine Renewable Energy Holdings, Inc. transferred the assets by quitclaim deed to Aventine Renewable Energy — Canton,
LLC on December 22, 2010.

 

    	-83-

    	 

    

		(iv)	FEIN: The Federal Tax Identification Numbers of each Borrower, Guarantor and each Subsidiary are set forth below:

 

	Name:	 	FEIN #
	Aventine Renewable Energy, Inc.	 	75-3108352
	Aventine Renewable Energy Holdings, Inc.	 	05-0569368
	Aventine Renewable Energy — Aurora West, LLC	 	20-5359285
	Nebraska Energy, L.L.C.	 	47-0771872

 

		6.	Litigation: Described below are any actions or proceedings that could reasonably be expected to have a Material Adverse
Effect pending, or to the knowledge of any Borrower threatened, against any Obligor, and any pending, threatened or imminent, governmental
investigations or claims, complaints, actions or prosecutions that could reasonably be expected to have a Material Adverse Effect
involving any Borrower or any Obligor:

 

Aurora Cooperative Elevator
Company's ("Coop") claim brought to the National Grain and Feed Association (NGFA Case No. 2651) and in the United States
District Court, Nebraska (Case No. 4:12-cv-03200). Coop sued Aventine Renewable Energy, Inc. ("Aventine") claiming that
Coop had acquired grain on Aventine's behalf, for which Aventine had not paid and of which Aventine had not accepted delivery.
Aventine denied that the grain belonged to Aventine and counterclaimed for the amounts Coop owed to Aventine and had setoff against
the disputed debt. The dispute was referred to the National Grain and Feed Association for arbitration, in which Aventine prevailed.
Coop appealed the ruling. The federal lawsuit is currently inactive, but Aventine has sought to recast its counterclaims to include
breach of contract damages.

 

Aurora Cooperative Elevator
Company's claim in the United States District Court, Nebraska (Case No. 4:14-cv-03032). Coop sued for a declaratory judgment on
Coop's rights as to certain disputed rail access matters. Coop then rendered its complaint moot. The matter is inactive pending
a ruling on Aventine's motion to dismiss or alternatively consolidate this case with Case No. 4:12-cv-03200 described above.

 

Aurora Cooperative Elevator
Company's claim in the United States District Court, Nebraska (Case No. 4:12-cv-0230). Coop claims that Aventine failed to complete
construction and operate the Aventine Renewable Energy — Aurora West, LLC facility by a contractual deadline, as Coop has
purported to exercise an option to repurchase the land on which the facility is located. Aventine countered that the contract only
required Aventine to diligently pursue construction and that construction is complete, and that there was no contractual production
requirement. The parties are engaged in protracted discovery and motion practice in this matter at this time.

 

 

    	-84-

    	 

    

 

Matthew Burton's ("Burton")
claim in the Circuit Court for Tenth Judicial Circuit, State of Illinois (Case No. 2008-L-360). Burton was an employee of Wells
Pet Food, which experiences a grain silo fire. Burton sued the suppliers and shippers of the grain product involved in the fire
for his personal injuries. On the date of the fire, Aventine had supplied corn gluten meal to the location of the fire through
an independent shipper (also named as a defendant). Burton's injuries occurred in early 2009 but Burton has not consistently moved
along the case. Aventine has tendered this matter to our insurance provider for defense.

 

		7.	Intellectual Property: Set forth below is a list of all trademarks,
trade names, copyrights, patents, patent rights and licenses owned by each Borrower and Guarantor as of the date hereof which are
necessary to conduct its business as now operated:

 

		(i)	Patents:

 

	Patent Description	 	Owner	 	Registration Number
	"Heat Recovery from a Biomass Heat Source"	 	Aventine Renewable Energy, Inc.	 	7,566,383

 

		(i)	Trademarks: 

 

	Trademark Description	 	Owner	 	Registration Number	 
	"Aventine Renewable Energy and design"	 	Aventine Renewable Energy Holdings, Inc.	 	 	3,857,196	 
	"Aventine Renewable Energy, Inc. and design"	 	Aventine Renewable Energy, Inc.	 	 	2,954,378	 
	"Aventine"	 	Aventine Renewable Energy, Inc.	 	 	2,928,195	 
	"Aventine and design"	 	Aventine Renewable Energy, Inc.	 	 	2,937,415	 
	"Providing clean, renewable energy for the world"	 	Aventine Renewable Energy, Inc.	 	 	3,428,803	 
	Riverland Biofuels	 	Aventine Renewable Energy Holdings, Inc.	 	 	Unregistered	 
	Riverland Biofuels logo	 	Aventine Renewable Energy Holdings, Inc.	 	 	Unregistered	 

 

		(iii)	Copyrights:
                                         None

 

    	-85-

    	 

    

		8.	Compliance with Laws:

 

Except as set forth below
and except for any non-compliance that could not reasonably be expected to have, either individually or in the aggregate, a Material
Adverse Effect, each Borrower and their respective Subsidiaries has duly complied with, and its properties, business operations
and leaseholds are in compliance in all material respects with, the provisions of all applicable laws, including all applicable
Environmental Laws, OSHA, the Fair Labor Standards Act, Federal Power Act and Motor Vehicle Laws: N/A

 

		9.	Chief Executive Office and other Collateral Locations:

	 	 	 
		(i)	The chief executive office of each Borrower and each Guarantor is at the following addresses:

 

	Street Address	 	County	 	State	 	Zip Code
	1300 South 2nd Street	 	Tazewell	 	Illinois	 	61554

 

		(ii)	The following are all of the current places of business of each Borrower and each Guarantor that
are not identified above:

 

	Street Address	 	County	 	State	 	Zip Code
	 	 	 	 	 	 	 
	1205 0 Road	 	Hamilton	 	Nebraska	 	68818
	2103 Harvest Drive	 	Aurora	 	Nebraska	 	68818

 

		(iii)	The following are all of the locations not identified above where any Borrower
or Guarantor maintains any books or records relating to any accounts receivable (if none, so state): None

 

		(iv)	The following are all of the locations not identified above where any Borrower
or Guarantor maintains any property (including inventory, equipment, fixtures, documents of title, instruments, warehouse receipts
or chattel paper) (if none, so state): None

 

		(v)	The following are the locations identified above where any Borrower or Guarantor is a tenant, together
with the name and address of the landlord (if none, so state):

 

	Address of Property	 	Name and address of Landlord
	5400 LBJ Freeway, Suite 450, Dallas, Texas 75240	 	TIAA CREF, 730 Third Avenue, New York, New York 10017

 

    	-86-

    	 

    

 

		(vi)	The following are the locations identified above which are owned by any Borrower or Guarantor (if
none, so state):

 

	Street Address	 	County	 	State	 	Zip Code
	1300 South 2"d Street	 	Tazewell	 	Illinois	 	61554
	1205 0 Road	 	Hamilton	 	Nebraska	 	68818
	2103 Harvest Drive	 	Hamilton	 	Nebraska	 	68818

 

		(vii)	The following are the names and addresses of each Person (other than Borrower or a Subsidiary)
that has possession of any property of any Borrower or a Subsidiary:

 

	Name	Street Address	County	State	Description
	Kinder Morgan Liquid Terminals, L.L.C.	8500 West 68th Street	Cook	Illinois	Ethanol
	Parke Warehouse	1800 East Garfield Avenue	Macon	Illinois	Yeast
	United Sugars Corporation	524 Center Avenue	Clay	Minnesota	Sugar
	 	Box 600 Highway 75 South	Polk	Minnesota	 
	 	1002 Business Highway 2	Polk	Minnesota	 
	American Crystal Sugar Co.	Route 2, Box 42	Traill	North Dakota	 
	Reile's Warehouse	3101 12th Avenue NW	Cass	North Dakota	 
	 	4007 33rd Street North	Cass	North Dakota	 
	 	4310 33rd Street North	Cass	North Dakota	 
	Murphy Warehouse	4700 Main Street	Anoka	Minnesota	 
	The Western Sugar Company	2100 East Overland Drive	Scotts Bluff	Nebraska	 
	 	18317 Highway 144	Morgan	Colorado	 
	 	11801 Sugar Mill Road	Weld	Colorado	 
	 	P.O. Box 411, 3rd & Chestnut	Otero	Colorado	 
	 	1973 Factory Street	Logan	Colorado	 
	 	North 7th Street	Scotts Bluff	Nebraska	 
	 	40284 22nd Avenue	Scotts Bluff	Nebraska	 
	 	Route 1 Box 134	Morrill	Nebraska	 

 

		(viii)	The following are all of the locations not identified above where any Borrower
or any Subsidiary has conducted business or maintained property at any time during the past five (5) years (if none, so state):
None

 

    	-87-

    	 

    

	10.	Deposit Accounts and Commodity Accounts: Set forth below is
a description of each Deposit Account and Commodity Account of each Borrower and its Subsidiaries, together with relevant information
regarding each Deposit Account and Commodity Account:

 

	Account Number	 	Type of Account	 	Bank Name
	BTB-950791	 	Commodities Account	 	Jefferies Bache, LLC
	BTB-952751	 	Commodities Account	 	Jefferies Bache, LLC
	4123507220	 	Deposit Account	 	Wells Fargo, N.A.
	4123507238	 	Deposit Account	 	Wells Fargo, N.A.
	4123507246	 	Deposit Account	 	Wells Fargo, N.A.
	4123507253	 	Deposit Account	 	Wells Fargo, N.A.
	4123507261	 	Deposit Account	 	Wells Fargo, N.A.
	4124321696	 	Deposit Account	 	Wells Fargo, N.A.
	4124321787	 	Deposit Account	 	Wells Fargo, N.A.
	4124321829	 	Deposit Account	 	Wells Fargo, N.A.
	4945660959	 	Deposit Account	 	Wells Fargo, N.A.

 

		11.	Benefit Plans: Set forth below is a description of all Plans sponsored or maintained
by each Borrower or Guarantor (if none, so state):

 

Aventine Renewable Energy, Inc.
maintains Aventine Renewable Energy, Inc. Hourly Pension Plan, a defined benefit pension plan, for the benefit of certain eligible
unionized employees employed at the Pekin, Illinois facility.

 

		12.	Collective Bargaining Agreements: Except as described below and as of the date hereof,
no Borrower nor Guarantor is a party to any collective bargaining or other agreement with any organization or representative of
any of its employees (if none, so state):

 

Agreement between Aventine Renewable
Energy, Inc. and United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industry and Service Workers International
Union Loan 7-662, expiring 10/31/2015, and covering its Pekin, Illinois production employees.

 

    	-88-

    	 

    

 

		13.	Capital Structure of Borrower:

 

		(I)	Set forth below is a list of each Person that owns any of the Equity Interests in each Borrower and such Person's percentage
of ownership as of the date hereof:

 

	Issuer	 	Type of Security	 	% Ownership	 	Number of authorized and 

issued Equity Interests
	Aventine Renewable Energy, Inc.	 	Shares	 	100% - Aventine Renewable Energy Holdings, Inc.	 	1,000
	Aventine Renewable Energy — Aurora West, LLC	 	Membership interest	 	100% - Aventine Renewable Energy Holdings, Inc.	 	N/A
	Nebraska Energy, L.L.C.	 	Membership interest	 	78.4% - Aventine Renewable Energy Holdings, Inc. 
 	 	N/A
	 	 	 	 	21.6% - Aventine Renewable Energy, Inc.	 	 

 

		(ii)	Set forth below is a list of investments by each Borrower in any other Person
and such Borrower's percentage of ownership: N/A

 

		(iii)	Set forth below is a description of and obligation of each Borrower or Guarantor
to make any Distribution since the date of the last audited financial statements (if none, so state): None

 

		14.	Investments: Except as described below, no Borrower nor Guarantor
holds any investments (if none, so state):

 

	Holder	 	Issuer	 	Type of Security	 	 	Ownership Interest	 
	Aventine Renewable Energy Holdings, Inc.	 	Imperial Petroleum, Inc.	 	Common Stock	 	 	425,000	 
	Aventine Renewable Energy, Inc.	 	Advanced Bio-Energy LLC	 	Membership interest	 	 	131,579	 
	 	 	Northeast Iowa Ethanol*	 	Membership interest	 	 	7.9%	 
	 	 	TriStates Ethanol Company LLC*	 	Membership interest	 	 	15.1%	 
	 	 	Fluid Technologies n/k/a Micap Plc*	 	Membership interest	 	 	1.9%	 

 

*These investments are unlikely
to be recoverable and have been written down to $0 on Aventine Renewable Energy, Inc.'s general ledger and financial records.

 

		15.	Affiliate
Transactions: Except as described below, no Borrower nor Guarantor is a party to any agreement or transaction with, or
obligated to make any payment to, an Affiliate, other than agreements to pay officers and employees and advisors and directors'
fees and indemnities, in each case, in accordance with Section 9.11 of the Loan Agreement (if none, so state): None

 

    	-89-

    	 

    

 

The undersigned has executed
this Disclosure Schedule on and as of the date of the Loan Agreement.

 

 

	 	BORROWERS:	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY HOLDINGS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	NEBRASKA ENERGY, L.L.C.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 

 

 

 

 

    	-90-

    	 

    

 

TERMS SCHEDULE

 

This TERMS SCHEDULE
("Terms Schedule") is made a part of and incorporated into that certain Loan and Security Agreement by and among
aventine renewable energy, inc., a Delaware corporation (“Borrower”),
the financial institutions party hereto from time to time as Lenders, MIDCAP FINANCIAL, LLC, as Collateral Agent, and ALOSTAR
BANK OF COMMERCE, a state banking institution incorporated or otherwise organized under the laws of the State of Alabama, as
Administrative Agent dated September 17, 2014 (together with all schedules, Riders and exhibits annexed thereto and all amendments,
restatements, supplements or other modifications with respect thereto, the "Loan Agreement").

 

1.Accounts
Percentage: 85%

 

2.Authorized
Officers:

 

In addition to the
Senior Officers, each of the following persons (if none, so state):

 

None.

 

3.Additional
Specified Availability Reserves:

 

(a)Minimum Availability
Block.

 

(b)Dilution Reserve.

 

(c)FSA Reserve.

 

4.Early Termination
Fee; Applicable Termination Percentage:

 

Upon the effective date
of termination of the Commitments (whether such termination is effected by Borrower or Administrative Agent or automatically as
the result of the commencement of an Insolvency Proceeding by or against Borrower), Borrower shall be obligated to pay, in addition
to all of the other Obligations then outstanding, an amount equal to the product obtained by multiplying the amount of Commitments
being so terminated by the applicable percentage set forth below:

 

	(a)		1.90% if the effective date of termination occurs during the first 365-day period
after the Closing Date; or

	(b)		0.95% if the effective date of termination occurs during the second 365-day period
after the Closing Date;

 

and thereafter there
shall be no applicable Early Termination Fee; provided, that in connection with the initial termination of the Commitments (other
than a termination of the full amount of the Commitments) by the Borrower, the amount of the Commitments used to calculate the
applicable Early Termination Fee shall be reduced by an amount up to $5,000,000.

 

 

    	-1-

    	 

    

 

5.Guarantors:

 

None.

 

6.Inventory
Formula Amount: 70%

 

7.(a)Maximum
Revolver Facility Amount: $40,000,000.

 

(b)Minimum
Availability Block: $2,000,000.

 

8.Interest
Rates (Sec.2.3):

 

	(a)		The Applicable Variable Rate shall be the LIBOR Rate in effect from time to time,
or in Lender’s discretion at any time that Lender determines that (i) it is not reasonably possible to determine the LIBOR
Rate, (ii) the LIBOR Rate is no longer available, (iii) it is no longer lawful for Lender to make Loans at any rate based on the
LIBOR Rate, or (iv) a Default or Event of Default exists, the Base Rate in effect from time to time.

 

“Base Rate”
means, on any day, the U.S. prime rate as shown in The Wall Street Journal on such day, or, if such day is not a Business
Day, on the immediately preceding Business Day. If The Wall Street Journal for any reason ceases to publish a U.S. prime
rate, then the Prime Rate shall be as published from time to time in any other publication or reference source designated by Lender
in its discretion. The prime rate is a reference rate and does not necessarily represent the best or lowest rate charged by Lender.

 

" LIBOR Rate"
means, on any day, the LIBOR Rate as shown in the Wall Street Journal on such day for United States dollar deposits for
the one month delivery of funds in amounts approximately equal to the principal amount of the Loan for which such rate is being
determined or, if such day is not a Business Day on the immediately preceding Business Day. If The Wall Street Journal for
any reason ceases to publish a LIBOR Rate, then the LIBOR Rate shall be as published from time to time and any other publication
or reference source designated by Lender in its discretion. The LIBOR Rate is a reference rate and does not necessarily represent
the best or lowest rate charged by Lender.

 

	(b)		Interest margin for Revolver Loans based on the LIBOR Rate: 6.00%. Interest margin
for Revolver Loans based on the Base Rate: 3.00%.

	(c)		Minimum interest rate floor for Revolver Loans based on the LIBOR Rate (after giving
effect to the applicable margin set forth above, but prior to giving effect to the Default Margin set forth below, when applicable):
6.50%. Minimum interest rate floor for Revolver Loans based on the Base Rate (after giving effect to the applicable margin set
forth above, but prior to giving effect to the Default Margin set forth below, when applicable): 5.00%

	(d)		Default margin: 2.00%.

	(e)		Applicable Variable Rate Disclosure: 0.50%.

 

    	-2-

    	 

    

 

	(f)		Interest Rate Disclosure (Governing Rate): 6.50%.

 

9.Fees and
Expenses (Sec.2.4):

 

	(a)		Fees: Borrower shall pay to Administrative Agent, the following fees: (i) a
closing fee, for the account of the Lenders in accordance with their respective Aggregate Commitment Ratios as of the Closing
Date, in the amount of 1.25% of the Maximum Facility Amount, to be due and payable on the Closing Date; (ii) an unused line fee,
for the account of Lenders in accordance with their respective Aggregate Commitment Ratios, in the amount of 0.50% per annum of
the amount by which the average loan balance (other than with respect to Agent Advances and Swing Loans) for any month (or portion
thereof that the Agreement is in effect) is less than the Maximum Revolver Facility Amount, such fee to be paid on the first day
of the following month, but if the Commitments are terminated on a day other than the first day of the month, then any such fee
payable for the month in which termination shall occur shall be paid on the effective date of such termination; (iii) a monthly,
non-refundable maintenance fee, for the account of Administrative Agent, in the amount of $3,000 per month, which shall be paid
on the first day of each month, in arrears, beginning November 1, 2014, but if Full Payment of the Obligations occurs on a day
other than the first day of the month, then any such fee payable for the month in which Full Payment of the Obligations shall
occur shall be paid on the date of Full Payment of the Obligations; and (iv) the Early Termination Fee, for the account of
Lenders in accordance with their respective Aggregate Commitment Ratios, to the extent required to be paid pursuant to Item
4 of this Terms Schedule.

	(b)		Expenses: Borrower shall reimburse Administrative Agent for all reasonable, out-of-pocket
costs and expenses incurred by Administrative Agent (including standard fees charged by Administrative Agent's internal or external
field examiners) in connection with (i) examinations and reviews of Borrower's Books and such other matters pertaining to
Borrower or any Collateral as Administrative Agent shall deem appropriate and shall pay to Administrative Agent the then standard
amount charged by Administrative Agent per person per day ($900 per person per day as of the Closing Date) for each day that an
employee or agent of Administrative Agent shall be engaged in an examination or review of any of Borrower’s Books establishment
of electronic collateral reporting systems, plus reasonable out-of-pocket expenses; provided, however, that Borrower
shall not be required to reimburse Administrative Agent for the costs and expenses of more than three field exams in any 12 month
period, unless an Event of Default exists; (ii) appraisals of any Inventory or Equipment forming a part of the Collateral; (iii)
reasonable, out-of-pocket legal fees and expenses incurred by Administrative Agent in connection with the preparation and negotiation
of the Loan Documents; and (iv) the actual charges paid or incurred by Administrative Agent if it elects to employ the services
of one or more third parties, to establish electronic collateral reporting of Borrower, appraise the Collateral or to assess
Borrower's business valuation.

 

    	-3-

    	 

    

 

10.[Reserved]

 

11.Collection
Days (Sec.2.7):

 

One (1) Business Day

 

12.Term (Sec.3.1):

 

July 26, 2017.

 

13.[Reserved]

 

14.Opening
Availability (including unrestricted cash and cash equivalents) (Sec.6.1(g)):

 

$7,000,000

 

15.Other Conditions
Precedent (Sec.6.1(h)):

 

	(a)		[Reserved].

	(b)		Agents shall have received final credit approval for the transactions described in
this Agreement.

	(c)		Agents shall have completed their business, financial, legal and collateral due diligence
of Borrower, including a collateral audit and review of Borrower's Books, with results satisfactory to Agents.

	(d)		Agents shall have received, reviewed and be satisfied with all of Borrower's Material
Agreements.

	(e)		Agents shall have completed background checks with respect to certain key officers
of Borrower and such background checks shall be satisfactory to Agents.

	(f)		[Reserved].

	(g)		[Reserved].

	(h)		[Reserved].

	(i)		Agents shall have received a copy of the existing real estate survey with respect
to the Real Property Collateral.

	(j)		Agents shall have received the Commodity Risk Management Plan in form and substance
satisfactory to Agents.

	(k)		[Reserved].

	(l)		Agents shall have received an operations consulting report from Conway McKenzie, the
results of which are satisfactory to the Agents.

 

    	-4-

    	 

    

 

	(m)		Agents shall have received a business plan from the Borrower, the results of which
are reasonably satisfactory to the Agents.

	(n)		Agents shall have received a fully executed Third Amended and Restated Intercreditor
Agreement, duly executed by Administrative Agent, Term Loan Agent and the Borrower.

	(o)		Agents shall have received a Lockbox Agreement in respect of a lockbox related to
the Collections Account.

 

16.Financial
Covenants (Sec.8.9):

 

Borrower covenants that,
from the Closing Date until the Commitment Termination Date and Full Payment of the Obligations, Borrower and each Subsidiary shall
comply with the following additional covenants:

 

	(a)		Fixed Charge Coverage Ratio. At the end of each month, commencing with the
month ending October 31, 2014, Borrower shall maintain a Fixed Charge Coverage Ratio of not less than 1.10 to 1.00 for the trailing
twelve month period then ending.

	(b)		[Reserved].

	(c)		Unrestricted Cash. At all times after the Closing Date, Borrower shall maintain
unrestricted Cash in an amount equal to or greater than $5,000,000.

 

As used in this Item
16 of the Terms Schedule, the following terms shall have the following means ascribed to them.

 

"Capital Expenditures"
means all liabilities incurred or expenditures made by Borrower or any of its Subsidiaries for the acquisition of fixed assets,
or any improvements, substitutions or additions thereto with a useful life of more than one year.

 

"EBITDA"
means, for any period, determined on a consolidated basis for Borrower and its Subsidiaries, net income, calculated before interest
expense, provision for income taxes, depreciation and amortization expense, gains or losses arising from the sale of capital assets
or discontinued operations, gains arising from the write-up of assets, any extraordinary gains (in each case, to the extent included
in determining net income), any non-cash expenses and any non-cash extraordinary losses.

 

"Fixed Charge
Coverage Ratio" means, for the trailing twelve month period then ending, the quotient obtained by dividing (a) the difference
between (i) Borrower's EBITDA for such period, minus (ii) the sum of (A) all of Borrower's Unfinanced Capital Expenditures
made in such period, and (B) any Distributions paid by Borrower in such period, and (C) cash Taxes paid by Borrower in such period
(without benefit of any refund), divided by (b) the sum of (i) the current portion of scheduled principal amortization
on Debt for Money Borrowed plus (ii) cash interest payments paid by Borrower in such period.

 

"Unfinanced Capital
Expenditures" means, for any fiscal period, Capital Expenditures made by Borrower and its consolidated Subsidiaries that
are not funded by Debt for Money Borrowed (other than Revolver Loans) or capital lease obligations, in each case incurred by Borrower
and its Subsidiaries during such period.

 

    	-5-

    	 

    

 

17.Other Events
of Default (Sec.10.1):

 

The Parent and its Subsidiaries,
on a consolidated basis, shall cease to be Solvent.

 

18.Notices (Sec.11.1):

 

If to Borrower:

 

Aventine Renewable Energy
Holdings, Inc.

1300 South Second Street

PO Box 10

Pekin, IL 61554

Attention: Chief Financial
Officer

Facsimile: (309) 347-1174

 

with a courtesy copy to (which
shall not be deemed notice):

Aventine Renewable Energy
Holdings, Inc.

 

1300 South Second Street

PO Box 10

Pekin, IL 61554

Attention: General Counsel

Facsimile: (309) 347-1174

 

If to Administrative Agent:

 

AloStar Bank of Commerce

3630 Peachtree Road, N.E.,
Suite 1050

Atlanta, GA 30326

Attn: Aventine Portfolio
Manager

Facsimile: (404) 365-7112

 

with courtesy copies to (which
shall not be deemed notice):

 

King & Spalding LLP

1180 Peachtree Street, N.E.

Atlanta, Georgia 30309

Attn: Chris D. Molen, Esq.

Facsimile: (404) 572-2880

 

19. Administrative
Agent Account:

 

Bank:  AloStar
Bank of Commerce

Address:  Birmingham,
AL

ABA #: 062-006-330

Account No.: 7000005772

Account Name: ABL Settlement

Reference: Aventine

 

    	-6-

    	 

    

 

20. Commitments:

 

	Lender	Commitment
	AloStar Bank of Commerce	$20,000,000
	MidCap Financial, LLC	$20,000,000
	Total:	$40,000,000

 

 

[Remainder of page intentionally
left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	-7-

    	 

    

 

The undersigned have executed
this Terms Schedule on and as of the date of the Loan Agreement.

 

	 	BORROWER:	 
	 	 	 	 
	 	aventine renewable energy, inc.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY HOLDINGS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title: President and Chief Executive Officer	 
	 	 	 	 
	 	NEBRASKA ENERGY, L.L.C.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title: President and Chief Executive Officer	 

 

 

 

 

    	-8-

    	 

    

 

 

Accepted in Atlanta, Georgia:

 

	 	ADMINISTRATIVE AGENT:	 
	 	 	 	 
	 	ALOSTAR BANK OF COMMERCE, as 

Administrative Agent and a Lender	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Eddie Carpenter	 
	 	 	Name: Eddie Carpenter	 
	 	 	Title: Director	 
	 	 	 	 
	 	LENDERS:	 
	 	 	 	 
	 	MIDCAP FINANCIAL, LLC	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Stephen Redlich	 
	 	 	Name: Stephen Redlich	 
	 	 	Title: Managing Director	 

 

 

 

 

 

 

 

 

 

 

 

 

    	-9-

    	 

    

 

EXHIBIT A

 

FORM OF REVOLVER NOTE

 

	 	 
	U.S. $[__________________]	[___________ ____, 20___]
	 	Atlanta, Georgia

 

FOR VALUE RECEIVED, the
undersigned, aventine renewable energy, inc., a Delaware corporation (“Borrower
Agent”), AVENTINE RENEWABLE ENERGY HOLDINGS, INC., a Delaware corporation (“Parent”), AVENTINE
RENEWABLE ENERGY – AURORA WEST, LLC, a Delaware limited liability company (“Aurora”) and NEBRASKA
ENERGY, L.L.C., a Kansas limited liability company (“Nebraska” and, together with Borrower Agent, Parent
and Aurora, collectively, the "Borrower"), hereby, jointly and severally, promise to pay to the order of [__________________________]
(herein, together with any subsequent holder hereof, called "Lender"), the principal sum of [__________________]
AND NO/100 DOLLARS ($[___________]) or such lesser sum as may constitute the outstanding principal amount of all Revolver Loans
made pursuant to the terms of the Loan Agreement (as defined below) on the date on which such outstanding principal amounts become
due and payable pursuant to Section 2.2(a)(i) of the Loan Agreement (as defined below), in strict accordance with the terms
thereof. Borrower likewise unconditionally promises to pay to Lender interest from and after the date hereof on the outstanding
principal amount of Revolver Loans at such interest rates, payable at such times and computed in such manner as are specified in
Sections 2.2(a)(ii) and 2.3 of the Loan Agreement and in strict accordance with the terms thereof.

 

This Revolver Note ("Note")
is issued pursuant to, and is the "Revolver Note" referred to in, the Loan and Security Agreement dated September 17,
2014 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the "Loan Agreement"),
by and among Borrower, the financial institutions party hereto from time to time as Lenders, Midcap Financial, LLC, as Collateral
Agent, and AloStar Bank of Commerce, a state banking institution incorporated or otherwise organized under the laws of the State
of Alabama, as Administrative Agent, and Lender is and shall be entitled to all benefits thereof and of all other Loan Documents
executed and delivered in connection therewith. All capitalized terms used herein, unless otherwise defined herein, shall have
the meanings ascribed to such terms under the Loan Agreement.

 

The entire unpaid principal
balance and all accrued interest on this Note shall be due and payable immediately upon the Commitment Termination Date. All
payments of principal and interest shall be made in Dollars and in immediately available funds as specified in the Loan Agreement.

 

Upon or after the occurrence
of an Event of Default and for so long as such Event of Default exists, the principal balance and all accrued interest of this
Note may be declared (or shall become) due and payable in the manner and with the effect provided in the Loan Agreement, and the
unpaid principal balance hereof shall bear interest at the Default Rate as and when provided in Section 2.3 of the Loan
Agreement. If this Note is collected by or through an attorney at law, then Borrower shall be obligated to pay, in addition to
the principal balance of and accrued interest on this Note, all costs of collection, including, without limitation, reasonable
attorneys' fees and court costs.

    	-1-

    	 

    

All principal amounts of
Revolver Loans made by Lender to Borrower pursuant to the Loan Agreement, and all accrued and unpaid interest thereon, shall
be deemed evidenced by this Note and shall continue to be owing by Borrower until paid in accordance with the terms of this Note
and the Loan Agreement.

 

In no contingency or event
whatsoever, whether by reason of advancement of the proceeds of Revolver Loans or otherwise, shall the amount paid or agreed to
be paid to Lender for the use, forbearance or detention of Revolver Loans exceed the highest lawful rate permissible under any
law which a court of competent jurisdiction may deem applicable hereto; and, in the event of any such payment inadvertently paid
by Borrower or inadvertently received by Lender, such excess sum shall be, at Borrower's option, returned to Borrower forthwith
or credited as a payment of principal, but shall not be applied to the payment of interest. It is the intent hereof that Borrower
not pay or contract to pay, and that Lender not receive or contract to receive, directly or indirectly in any manner whatsoever,
interest in excess of that which may be paid by Borrower under applicable law.

 

Time is of the essence
of this Note. To the fullest extent permitted by applicable law, Borrower, for itself and its legal representatives, successors
and assigns, expressly waives presentment, demand, protest, notice of dishonor, notice of non-payment, notice of maturity, notice
of protest, presentment for the purpose of accelerating maturity, diligence in collection, and the benefit of any exemption or
insolvency laws.

 

Wherever possible each
provision of this Note shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision
of this Note shall be prohibited or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition
or invalidity without invalidating the remainder of such provision or remaining provisions of this Note. No delay or failure on
the part of Lender in the exercise of any right or remedy hereunder shall operate as a waiver thereof, nor as an acquiescence in
any default, nor shall any single or partial exercise by Lender of any right or remedy preclude any other right or remedy. Lender,
at its option, may enforce its rights against any Collateral securing this Note without enforcing its rights against Borrower,
or any other property or indebtedness due or to become due to Borrower. Borrower agrees that, without releasing or impairing Borrower's
liability hereunder, Lender may at any time release, surrender, substitute or exchange any Collateral securing this Note and may
at any time release any party primarily or secondarily liable for the indebtedness evidenced by this Note.

The rights of Lender and
obligations of Borrower hereunder shall be construed in accordance with and governed by the laws (without giving effect to the
conflict of law principles thereof) of the State of New York. This Note is intended to take effect as an instrument under seal
under New York law.

To the fullest extent permitted
by applicable law, Borrower and, by its acceptance hereof, Lender, each hereby waives the right to trial by jury in any action,
suit, proceeding or counterclaim of any kind arising out of, related to or based in any way upon this Note or any of the matters
contemplated hereby.

 

[Remainder of page intentionally
left blank]

    	-2-

    	 

    

 

IN WITNESS WHEREOF, Borrower
has caused this Note to be executed and delivered by its duly authorized officers on the date first above written.

 

	 	
        BORROWERS:

         

        AVENTINE RENEWABLE ENERGY,
        INC.

         

         

        By: _____________________________________

        Name:

        Title:

         

        AVENTINE RENEWABLE ENERGY
        HOLDINGS, INC.

         

         

        By: _____________________________________

        Name:

        Title:

         

        AVENTINE RENEWABLE ENERGY-AURORA
        WEST, LLC

         

         

        By: _____________________________________

        Name:

        Title:

         

        NEBRASKA ENERGY, L.L.C.

         

         

        By: _____________________________________

        Name:

        Title

         

 

    	-3-

    	 

    

 

EXHIBIT B

 

FORM OF COMPLIANCE CERTIFICATE

 

[Letterhead of Borrower]

 

__________________, 20__

 

 

AloStar Bank of Commerce

3630 Peachtree Road, N.E.,
Suite 1050

Atlanta, Georgia 30326

Attn: Susan Hall

 

The undersigned, the Chief
Financial Officer of Aventine Renewable Energy, Inc., a Delaware corporation
("Borrower Agent"), gives this certificate to AloStar Bank of Commerce, a state banking institution incorporated
or otherwise organized under the laws of the State of Alabama, as Administrative Agent, in accordance with the requirements of
Section 8.6(a) of that certain Loan and Security Agreement, dated September 17, 2014, by and among Borrower, the financial institutions
party hereto from time to time as Lenders, Midcap Financial, LLC, as Collateral Agent, and Administrative Agent (as at any time
amended, the "Loan Agreement"). Capitalized terms used in this Certificate, unless otherwise defined herein, shall
have the meanings ascribed to them in the Loan Agreement.

 

1.Attached hereto are
copies of the balance sheets and statements of income, shareholders' equity and cash flow of Borrower and its consolidated Subsidiaries
for the [Fiscal Year] [fiscal quarter] [month] ending [____________, 20__], which have been prepared in accordance with GAAP and
fairly present the financial position and results of operations of Borrower for such [Fiscal Year] [fiscal quarter] [month] subject
only to changes due to audit and year-end adjustments and except that such statements do not contain notes.

 

2.I hereby certify
based upon my review of the balance sheets and statements of income of Borrower and its consolidated Subsidiaries for the month
ending [__________, 20__], that the Fixed Charge Coverage Ratio for the relevant measurement period is ____ to 1.0, which [is]
[is not] in compliance with the requirements of Item 16(a) of the Terms Schedule to the Loan Agreement.

 

3.I hereby certify
based upon my review of the balance sheets and statements of income of Borrower and its consolidated Subsidiaries for the month
ending [_________, 20__], that the unrestricted Cash of Borrower and its consolidated Subsidiaries at all times during such month
[did] [did not] exceed $5,000,000 which [is][is not] in compliance with the requirements of 16(c) of the Terms Schedule to the
Loan Agreement.

 

4.No Default or Event
of Default exists on the date hereof, other than:

_____ ________________________________________________ [if none,
so state]; and

 

5.Attached hereto as
Exhibit A is a schedule showing the calculations that support Borrower's [compliance] [non-compliance] with the financial
covenants, as shown above.

    	-1-

    	 

    

6.Attached hereto
as Exhibit B is a list of all trademarks, trade names, copyrights, patents, patent rights and licenses acquired since delivery
of the immediately preceding Compliance Certificate.

 

 

	 	 Very truly yours,

_______________________________

Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	-2-

    	 

    

 

 

Exhibit A

 

To

 

Compliance Certificate

 

 

 

 

 

 

 

 

 

 

    	-3-

    	 

    

 

 

EXHIBIT C

 

FORM OF BORROWING BASE
CERTIFICATE

 

[see attached]

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

EXHIBIT D

 

FORM OF BORROWING REQUEST

 

_________ __, 201_

 

I, ____________________________,
the ___________________ and an Authorized Officer of AVENTINE RENEWABLE ENERGY, INC., a Delaware corporation (the “Borrower
Agent”), do hereby certify, on behalf of the Borrower, pursuant to the provisions of that certain Loan and Security Agreement,
dated as of September 17, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”; capitalized terms used herein without definition shall have the meanings ascribed thereto in the Loan Agreement);
that:

 

1.The Borrower hereby
requests a Revolver Loan in the amount of $____________ to be made on _________________, 201_, under the Commitments. The proceeds
of the Loan should be wired on behalf of the Borrower as set forth on Schedule 1 attached hereto. The foregoing instructions
shall be irrevocable.

 

2.All representations
and warranties made by any Obligor in any of the Loan Documents, or otherwise in writing to any member of the Lender Group, are
true and correct in all material respects with the same effect as though the representations and warranties have been made on and
as of the date hereof.

 

3.No event has occurred
and no conditions exist which could reasonably be expected to have a Material Adverse Effect.

 

4.No Overadvance exists
or would result from funding the requested Loan.

5.No Default or Event
of Default exists or will exist after giving effect to this Borrowing Request.

 

[remainder of page intentionally
left blank]

    	 

    	 

    

 

 

 

	 	AVENTINE RENEWABLE ENERGY,
INC.

 

 

By:_____________________________

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

SCHEDULE 1 - WIRING INSTRUCTIONS

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

EXHIBIT E

 

FORM OF ASSIGNMENT AND
ACCEPTANCE 

 

This
Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Effective Date set forth below
and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee
identified in item 2 below (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings
given to them in the Loan Agreement (as defined below), receipt of a copy of which is hereby acknowledged by the Assignee. The
Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and
made a part of this Assignment and Acceptance as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Loan Agreement, as of the date of acceptance
and recording inserted by Administrative Agent below (the “Effective Date”) (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Loan Agreement and any other documents or instruments delivered pursuant
thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations
of the Assignor under the respective facilities identified below (including without limitation any letters of credit, guarantees,
and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other rights of the Assignor (in its capacity as a Lender) against any Person, whether known or
unknown, arising under or in connection with the Loan Agreement, any other documents or instruments delivered pursuant thereto
or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited
to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the
rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor
to the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).
Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance,
without representation or warranty by the Assignor.

 

	1.	Assignor:	__________
	 	 	 
	2.	Assignee:	__________
	 	 	[and is an Affiliate/Approved Fund of [Identify Lender]]1
	 	 	 
	3.	Borrower:	Aventine
Renewable Energy, Inc., a Delaware corporation
	 	 	 
	4.	Administrative Agent:	AloStar
Bank of Commerce, as Administrative Agent under the Loan Agreement

 

___________________________

1
Select as applicable.

    	 

    	 

    

 

	5.	Loan Agreement:	The Loan and Security Agreement, dated as of September 17, 2014 (as amended, restated, supplemented or otherwise
modified from time to time, the “Loan Agreement”; capitalized terms used herein without definitions shall have
the meanings ascribed thereto in the Loan Agreement), by and among aventine renewable
energy, inc., a Delaware corporation (“Borrower"), the financial institutions party thereto from time
to time as Lenders, Midcap Financial, LLC, as Collateral Agent, and AloStar Bank of Commerce, as Administrative Agent.
	 	 	 
	6.	Assigned Interest:	 

 

	Aggregate Amount of Commitments/

Loans for all Lenders2	Amount of Commitment/Loans Assigned3	Percentage Assigned of Commitment/

Loans4
	$	$	%

 

 

 

 

 

 

[remainder of page
intentionally left blank]

__________

2
Global amount of the Commitment/Loans.

3
Amount to be assigned to Assignee as of the Effective Date.

4
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

 

2

    	 

    	 

    

 

Effective Date: _____________
___, 20___

 

The terms set forth in this
Assignment and Acceptance are hereby agreed to:

 

	 	
        ASSIGNOR

        [NAME OF ASSIGNOR]

         

        By:______________________________

        Name:

        Title:

         

         

        ASSIGNEE

        [NAME OF ASSIGNEE]

         

         

        By:______________________________

        Name:

        Title:

         

 

 

ACCEPTED AND APPROVED THIS
____ DAY

OF __________________, 20___;

 

AloStar
Bank of Commerce,

as Administrative Agent

 

 

By:_____________________________

Name:

Title:

 

AVENTINE RENEWABLE ENERGY,
INC.,12

as Borrower

 

 

By:_____________________________

Name:

Title:

 

 

_______________

12
If consent is required

3

    	 

    	 

    

 

ANNEX 1 to Assignment and
Acceptance

 

AVENTINE
RENEWABLE ENERGY, INC. LOAN AND SECURITY AGREEMENT

 

STANDARD TERMS AND CONDITIONS
FOR

ASSIGNMENT AND ACCEPTANCE

 

1. Representations
and Warranties.

 

 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Loan Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrowers, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2. Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under
the Loan Agreement, (ii) it meets all the requirements of an Eligible Assignee under the Loan Agreement (subject to receipt of
such consents as may be required under the Loan Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions
of the Loan Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest
and either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring
assets of such type, (v) it has received a copy of the Loan Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to Section 8.6 thereof, as applicable, and such other
documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and
Acceptance and to purchase the Assigned Interest, and (vi) it has, independently and without reliance upon Administrative Agent
or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest; and (b) agrees that (i) it will, independently
and without reliance on Administrative Agent, the Assignor or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents
are required to be performed by it as a Lender.

 

2. Payments.
From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

    	 

    	 

    

 

3. General Provisions.
This Assignment and Acceptance shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by telecopy shall be effective
as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed
by, and construed in accordance with, the law of the State of New York (without regard to conflict of law provisions).

 

 

 

 

 

 

 

 

 

 

2

    	 

    	 

    

 

 

LETTER
OF CREDIT RIDER

 

THIS LETTER OF CREDIT RIDER
("Rider") dated September 17, 2014, is made a part of and incorporated into that certain Loan and Security Agreement,
by and among aventine renewable energy, inc., a Delaware corporation (“Borrower"),
the financial institutions party hereto from time to time as Lenders, MIDCAP FINANCIAL, LLC, as Collateral Agent, and ALOSTAR
BANK OF COMMERCE, a state banking institution incorporated or otherwise organized under the laws of the State of Alabama, as
Administrative Agent, dated September 17, 2014 (together with all schedules, Riders and exhibits annexed thereto and all amendments,
restatements, supplements or other modifications with respect thereto, the "Loan Agreement").

 

1.Definitions.
Capitalized terms contained in this Rider, unless otherwise defined herein, shall have the meanings attributable to such terms
under the Loan Agreement. In addition, when used in this Rider, the following terms shall have the following meanings (terms defined
in the singular to have the same meaning when used in the plural and vice versa):

 

"Cash Collateral"
means cash that is delivered to Administrative Agent to Cash Collateralize any Obligations and all interest and other income earned
(if any) on such cash.

 

"Cash Collateral
Account" means a demand deposit, money market or other account maintained with Administrative Agent and subject to Administrative
Agent's Liens.

 

"Cash Collateralize"
means the delivery of cash to Administrative Agent, for the benefit of the Lender Group, as security for the payment of any LC
Credit Support Obligations, in an amount equal to 103% of the aggregate LC Credit Support Obligations at the time of delivery.
Cash Collateralization has a correlative meaning.

 

"LC Application"
means an application (whether consisting of a single or several documents) by Borrower to LC Issuer, in form and substance satisfactory
to LC Issuer, for the issuance of a Letter of Credit, which application shall, among other things, provided for Borrower's reimbursement
to LC Issuer for any amount paid by LC Issuer under a Letter of Credit.

 

"LC Conditions"
means the following conditions necessary for Administrative Agent to use its reasonable efforts to cause the issuance of a Letter
of Credit by LC Issuer: (a) each of the conditions set forth in Section 6 of the Loan Agreement is satisfied at such time,
unless satisfaction thereof is waived by the Majority Lenders in writing; (b) Borrower shall have delivered to Administrative Agent,
at such times and in such manner as Administrative Agent may prescribe, an LC Request and an LC Application in form and substance
satisfactory to LC Issuer and Administrative Agent for the issuance of Letter of Credit and such other documents as may be required
pursuant to the terms thereof; (c) no Default or Event of Default exists at the time of the request for the issuance of the proposed
Letter of Credit or on the issuance date or after giving effect thereto; (d) Administrative Agent shall have determined that, after
giving effect to such issuance (i) the total LC Credit Support Obligations do not exceed the Letter of Credit Subline and (ii)
the total LC Credit Support Obligations plus the aggregate balance of Revolver Loans and Agent Advances outstanding at such time
does not exceed the Borrowing Base at such time, or, if no Revolver Loans are outstanding at such time, the LC Credit Support Obligations
plus the aggregate balance of Agent Advances and Swing Loans outstanding at such time does not exceed the Borrowing Base (without
giving effect to the LC Reserve for purposes of this calculation); (e) the expiration date of such Letter of Credit is no more
than 365 days from issuance, in the case of standby Letters of Credit; (f) the Letter of Credit and payments thereunder are denominated
in Dollars; (g) the purpose and form of the proposed Letter of Credit are satisfactory to Administrative Agent in its discretion;
and (h) the issuance of the requested Letter of Credit would not cause all LC Credit Support Obligations then outstanding to exceed
any limit imposed by law or regulation upon LC Issuer.

 

    	1

    	 

    

 

 

"LC Credit Support
Obligations" means, on any date, the sum (without duplication) of the following on such date: (a) all amounts owing by
Borrower for reimbursement to Lenders of amounts paid by Lenders under any Credit Support of a Letter of Credit; (b) the aggregate
amount of all liabilities (whether or not contingent at the time in question) of Lenders under any Credit Support of outstanding
Letters of Credit; and (c) all Fees and other amounts owing by Borrower to Lenders with respect to any Credit Support provided
by Lenders to any LC Issuer.

 

"LC Documents"
means any and all agreements, instruments and documents required by LC Issuer or Administrative Agent to be executed at any time
by Borrower or any other Person and delivered to LC Issuer or Administrative Agent, as applicable, in connection with, or as a
condition to the issuance of, a Letter of Credit, including each LC Application and LC Request. All of the LC Documents, to the
extent executed with or in favor of Administrative Agent, for the benefit of the Lender Group, shall constitute "Loan Documents"
(as defined in the Loan Agreement).

 

"LC Issuer"
means any bank or other financial institution which is selected by Administrative Agent to be the issuer of a Letter of Credit
and to which Lenders provides a Credit Support as an inducement for such bank or other financial institution to issue such Letter
of Credit.

 

"LC Request"
means a request for issuance of a Letter of Credit, to be provided by Borrower, in form satisfactory to LC Issuer and Administrative
Agent.

 

"LC Reserve"
means a reserve in the aggregate amount of all LC Credit Support Obligations outstanding any time, other than any LC Credit Support
Obligations that have been fully Cash Collateralized.

 

"Letter of Credit
Subline" means an amount equal to $8,000,000.

 

"Reimbursement Date"
means, in case of Borrower's obligation to reimburse LC Issuer for any amounts paid by LC Issuer under a Letter of Credit, the
date on which LC Issuer makes payment under such Letter of Credit; and in the case of Borrower's obligation to reimburse Lenders
for any amounts paid by Lenders under any Credit Support to an LC Issuer, the date on which Lenders makes payment under such Credit
Support.

 

2.Letters
of Credit. Administrative Agent agrees to use its reasonable best efforts to cause LC Issuer to issue Letters of Credit
from time to time from the date hereof until the date that is 90 days before the last day of the Term; provided, however,
that Administrative Agent shall have no obligation to request the issuance of a Letter of Credit on or after the Commitment Termination
Date or if at the time of Borrower's request for a Letter of Credit, all of the LC Conditions are not satisfied as determined by
Administrative Agent. Administrative Agent's agreement to request LC Issuer to issue Letters of Credit is further subject to the
following terms and conditions:

 

    	2

    	 

    

 

 

	(a)		Administrative Agent's willingness to use its reasonable efforts to cause LC Issuer
to issue any Letter of Credit is conditioned upon (i) LC Issuer's receipt of an LC Request and an LC Application with respect
to the requested Letter of Credit, as well as such other instruments and agreements as LC Issuer may customarily require for issuance
of a Letter of Credit of similar type and amount, and (ii) satisfaction of the LC Conditions; provided, however,
that Lenders shall have no obligation to issue any Letter of Credit and shall have no liability for any failure by LC Issuer to
issue or LC Issuer's delay in issuing any Letter of Credit.

	(b)		Letters of Credit may be requested by Borrower only (i) to support obligations of
Borrower incurred in the Ordinary Course of Business or (ii) for other purposes as the Agents may approve from time to time in
writing. The renewal or extension of any Letter of Credit shall be treated as the issuance of a new Letter of Credit, except that
delivery of a new LC Application shall be required at the discretion of Administrative Agent or LC Issuer.

	(c)		Borrower assumes all risks of the acts, omissions or misuses of any Letter of Credit
by the beneficiary. In connection with the issuance of any Letter of Credit, Lender Group shall not be responsible for the existence,
character, quality, quantity, condition, packing, value or delivery of any goods purported to be represented by any Documents;
any differences or variation in the character, quality, quantity, condition, packing, value or delivery of any goods from that
expressed in any Documents; the form, validity, sufficiency, accuracy, genuineness or legal effect of any Documents or of any
endorsements thereon; the time, place, manner or order in which shipment of goods is made; partial or incomplete shipment of,
or failure to ship, any goods referred to in a Letter of Credit or any Documents; any deviation from instructions, delay, default
or fraud by any shipper or other Person in connection with any goods, shipment or delivery; any breach of contract between a shipper
or vendor and Borrower; errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable,
telegraph, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms; the misapplication by a beneficiary
of any Letter of Credit or the proceeds thereof; any payment by LC Issuer under a Letter of Credit that was improperly made or
any consequences arising from causes beyond the control of the Lender Group, including any act or omission of a governmental authority.
The Lender Group shall be fully subrogated to the rights and remedies of each beneficiary whose claims against Borrower are discharged
with proceeds of any Letter of Credit.

	(d)		Borrower shall promptly comply with each LC Document. An Event of Default shall occur
if Borrower fails to comply with any covenant contained herein as in any LC Document at any time or if any representation or warranty
by Borrower in any LC Document is not true and correct in all material respects when made or furnished (or deemed to be made or
furnished) under any LC Document.

 

3.Reimbursement.
If LC Issuer honors any request for payment under a Letter of Credit, Borrower shall pay to LC Issuer on the Reimbursement Date,
the amount paid under such Letter of Credit. If Lenders make any payment to LC Issuer under any Credit Support, Borrower shall
pay to Administrative Agent, for the account of Lenders in accordance with their respective Aggregate Commitment Ratios, on the
Reimbursement Date, the amount paid by Lenders under such Credit Support together with interest at the interest rate applicable
to Revolver Loans from the Reimbursement Date until payment is actually made by Borrower. The obligation of Borrower to reimburse
LC Issuer or Lenders for any payment made under a Letter of Credit or Credit Support shall be absolute, unconditional, irrevocable
and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or any LC Document; or the existence
of any claim, setoff, defense, counterclaim or other right that Borrower may have at any time against the beneficiary or the LC
Issuer. Borrower shall be deemed to have requested a Revolver Loan in an amount necessary to pay all amounts due the Lender Group
on any Reimbursement Date.

 

    	3

    	 

    

 

4.Cash Collateral.
If any LC Credit Support Obligations, whether or not then due or payable, shall for any reason be outstanding at any time (a) that
a Default or Event of Default exists, (b) that Availability is less than zero, (c) on or after the effective date of termination
of the Commitments, or (d) within 30 days prior to the last day of the Term, then Borrower shall, at Administrative Agent's request,
Cash Collateralize all LC Credit Support Obligations (whether absolute or contingent at the time in question). If Borrower fails
to provide Cash Collateral as required herein, Lenders may advance, as one or more Revolver Loans, the amount of Cash Collateral
required. Without limiting the foregoing, on the effective date of the termination of the Commitments, all Obligations shall be
due and payable in full and on such date Borrower shall comply with the terms of Section 3 of the Loan Agreement and shall either
(a) Cash Collateralize all LC Credit Support Obligations (whether absolute or contingent at the time in question) or (b) cause
to be issued a replacement letter of credit, which letter of credit shall be in form and substance satisfactory to Administrative
Agent and LC Issuer, for each Letter of Credit outstanding on such date, and cause each Letter of Credit to be returned to LC Issuer
marked cancelled concurrently with the issuance of each replacement letter of credit and such repayment in full of all Obligations.

 

5.Availability
Reserve; Maximum Revolver Facility Amount. The Availability Reserve on any date shall be increased by an amount equal to
the LC Reserve on such date. The Maximum Revolver Facility Amount shall not be increased by the amount of the Letter of Credit
Subline, and the aggregate amount of all Revolver Loans, Agent Advances, Swing Loans and LC Credit Support Obligations outstanding
on any date shall not exceed the Maximum Revolver Facility Amount.

 

6.Indemnification.
In addition to any other indemnity which Borrower may have to any Indemnitee under the Loan Agreement or any of the other Loan
Documents and without limiting such other indemnification provisions, Borrower hereby agrees to indemnify each of the Indemnitees
from, and to defend and hold each of the Indemnitees harmless against, any and all claims, demands, liabilities, costs, actions,
suits or proceedings that any one or more of them may incur or be subject to as a consequence, directly or indirectly, of (a) the
issuance of, payment or failure to pay or any performance or failure to perform under any Letter of Credit or any LC Document,
(b) any suit, investigation or proceeding as to which any Indemnitee may become a party to as a consequence, directly or indirectly,
of the issuance of any Letter of Credit or Credit Support therefor or payment or failure to pay under such Letter of Credit or
Credit Support, and (c) any action, suit or other proceeding to recover, set aside or reclaim any amount paid by or on behalf of
Borrower, or from any proceeds of the Collateral, to or for the benefit of any Indemnitee on account of any of the LC Credit Support
Obligations. This indemnity shall survive Full Payment of the Obligations and termination of the commitments under the Loan Agreement.

 

    	4

    	 

    

 

7.Letter of Credit
Fees. Borrower shall pay (a) to Administrative Agent, for the account of Lenders in accordance with their respective Aggregate
Commitment Ratios, a fee equal to 4.0% per annum multiplied by the average daily undrawn amount of all Letters of Credit
issued and outstanding pursuant to the Loan Documents, which fee shall be payable monthly, in arrears, on the first day of each
month; and (b) to LC Issuer, for its own account, all fees, charges, costs and expenses associated with the issuance, amending,
negotiating, payment, processing, transfer and administration of Letters of Credit, which fees, charges, costs and expenses shall
be paid as and when incurred. During an Event of Default, the fee payable under clause (a) of this Section 7 shall be increased
by 2.0% per annum.

 

[Remainder of page intentionally
left blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	5

    	 

    

 

The undersigned have executed
this Letter of Credit Rider on the date first written above.

 

 

	 	BORROWERS:	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY HOLDINGS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	NEBRASKA ENERGY, L.L.C.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 

 

 

 

    	6

    	 

    

 

 

	 	ADMINISTRATIVE AGENT AND LENDERS:	 
	 	 	 	 
	 	ALOSTAR BANK OF COMMERCE, as 

    Administrative Agent and a Lender	 
	 	 	 	 
	 	By:	/s/ Eddie Carpenter	 
	 	 	Name: Eddie Carpenter	 
	 	 	Title: Director	 
	 	 	 	 
	 	 	 	 
	 	MIDCAP FINANCIAL, LLC	 
	 	 	 	 
	 	By: 	/s/ Stephen Redlich	 
	 	 	Name: Stephen Redlich	 
	 	 	Title: Managing Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	7

    	 

    

 

MULTIPLE BORROWER RIDER

 

THIS MULTIPLE BORROWER
RIDER ("Rider") dated September 17, 2014, is made a part of and incorporated into that certain Loan and Security
Agreement, between aventine renewable energy, inc., a Delaware corporation
(“Borrower"), the financial institutions party thereto from time to time, as lenders (the “Lenders”),
MIDCAP FINANCIAL, LLC, as Collateral Agent, and ALOSTAR BANK OF COMMERCE, as administrative agent (the “Administrative
Agent”), dated as of the date hereof (together with all schedules, Riders and exhibits annexed thereto and all amendments,
restatements, supplements or other modifications with respect thereto, the "Loan Agreement").

 

1.Definitions.
Capitalized terms contained in this Rider, unless otherwise defined herein, shall have the meanings attributable to such terms
under the Loan Agreement.

 

2.Multiple Borrowers.
In addition to Aventine Renewable Energy, Inc. identified in the Loan Agreement as "Borrower," each Person identified
below shall also be deemed to be a Borrower under the Loan Agreement, shall be entitled to all of the benefits of a Borrower under
the Loan Agreement and the other Loan Documents, shall be deemed to have granted (and does hereby grant) to the Administrative
Agent, for the benefit of the Lenders, as security for the payment of the Obligations, a continuing security interest and Lien
upon all property of such Person of the types or items as are set forth in Section 4 of the Loan Agreement, and shall be
subject to all of the obligations of a Borrower under the Loan Agreement and each of the other Loan Documents:

 

Aventine Renewable Energy
Holdings, Inc., a Delaware corporation

Aventine Renewable Energy
– Aurora West, LLC, a Delaware limited liability company

Nebraska Energy, L.L.C.,
a Kansas limited liability company

 

Aventine Renewable Energy,
Inc. shall be deemed to constitute the "Borrower Agent" and, in that capacity, shall be authorized to act for
and on behalf of each other Borrower, including for the purpose of requesting any Loans or other extensions of credit under the
Loan Agreement and receiving proceeds of Loans and other extensions of credit for and on behalf of each other Borrower; and any
Loan or other extension of credit funded to or at the direction of Borrower Agent shall be deemed made to and on behalf of all
Borrowers.

 

3.Joint and Several
Liability. Each Borrower shall be jointly and severally liable with each other Borrower for the payment and performance
of all of the Obligations; shall be deemed to have separately made the representations and warranties set forth herein; shall be
responsible jointly and severally with each other Borrower for all of the indemnities set forth in any of the Loan Documents; shall
be responsible for discharging the covenants contained in each of the Loan Documents applicable to it; and shall be deemed separately
to have granted (and does hereby grant), as security for the payment of the Obligations, a security interest in the types and items
of its property constituting Collateral. The Administrative Agent and Lenders shall have the right to deal with any individual
of Borrower Agent with regard to all matters concerning the rights and obligations of Lender and the duties and liabilities of
Borrowers under the Loan Documents. All actions or inactions of the officers, managers, members and agents of any Borrower with
regard to the transactions contemplated under any of the Loan Documents shall be deemed to be binding upon all Borrowers hereunder.
Any Loans or other extensions of credit made to one Borrower shall be deemed to have been made to and for the benefit of all Borrowers,
it being understood that Borrowers' businesses are a mutual and collective enterprise and Borrowers believe that the consolidation
of all Loans under this Agreement will enhance the aggregate borrowing powers of each Borrower and ease the administration of their
loan relationship with Lenders, all to the mutual advantage of each Borrower. Notwithstanding the appointment of Aventine Renewable
Energy, Inc. to serve as Borrower Agent, each Borrower hereby appoints each other Borrower as its true and lawful attorney-in-fact,
with full right and power, for purposes of exercising all rights of such appointing Borrower hereunder and under applicable law
with regard to the transactions contemplated under the Loan Documents.

 

    	1

    	 

    

 

4.Unconditional
Nature of Liabilities. Borrowers' joint and several liability with respect to the Loans and other Obligations shall, to
the fullest extent permitted by applicable law, be unconditional irrespective of (i) the validity, enforceability, avoidance
or subordination of any of the Obligations or of any document evidencing or securing any part of the Obligations, (ii) the absence
of any attempt to collect any of the Obligations from any other Obligor or any Collateral or other security therefor, or the absence
of any other action to enforce the same, (iii) the waiver, consent, extension, forbearance or granting of any indulgence by the
Administrative Agent or any Lender with respect to any Loan Documents, (iv) the failure by the Administrative Agent or any Lender
to take any steps to perfect or maintain the perfected status of its security interest in or Lien upon, or to preserve its right
to, any of the Collateral or the Administrative Agent’s release of any Collateral or its termination or release of any Liens
upon any Collateral, (v) the release or compromise, in whole or in part, of the liability of any Obligor for the payment of any
of the Obligations, (vi) any amendment or modification of any of the Loan Documents or any waiver of a Default or Event of Default,
(vii) any increase in the amount of the Obligations beyond any limits imposed herein or any increase or decrease in the amount
of any interest, fees or other charges payable in connection therewith, or (viii) any other circumstances that might constitute
a legal or equitable discharge or defense of any Obligor. Each Borrower shall be deemed to have waived any provision under applicable
law that might otherwise require the Administrative Agent or any Lender to pursue or exhaust its remedies against any Collateral
or Obligor before pursuing Borrower or any other Obligor. Each Borrower consents that neither the Administrative Agent nor any
Lender shall be under no obligation to marshal any assets in favor of any Obligor or against or in payment of any or all of the
Obligations.

 

5.Subordination.
Each Borrower subordinates any claims, including any right of payment, subrogation, contribution and indemnity, that it may have
from or against any other Obligor, and any successor or assign of the Obligor, including any trustee, receiver or debtor-in-possession,
howsoever arising, due or owing or whether heretofore, now or hereafter existing, to the full and final payment of all of the Obligations.

 

6.Incorporation
by Reference. The terms, covenants and conditions of the Loan Agreement are incorporated into and made a part of this Rider.
This Rider shall form a part of the Loan Agreement and shall constitute a part of the Loan Documents.

 

7.Miscellaneous.
This Rider may be executed in multiple counterparts, each of which shall be deemed an original document and all of which taken
together shall constitute one and the same instrument; shall be deemed to have been executed and made in the State of New York
and shall be governed in all respects by and construed in accordance with the internal laws of the State of New York; and shall
be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. Borrower hereby
waives notice of the Administrative Agent’s or any Lender’s acceptance hereof.

 

 

    	2

    	 

    

 

The undersigned have executed
this Multiple Borrower Rider on the date first written above.

 

 

	 	BORROWERS:	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY HOLDINGS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC	 
	 	 	 	 
	 	 	 	 
	 	By:	 /s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	NEBRASKA ENERGY, L.L.C.	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Mark Beemer	 
	 	 	Name: Mark Beemer	 
	 	 	Title:  President and Chief Executive Officer	 

 

 

    	3

    	 

    

 

 

	 	ADMINISTRATIVE AGENT AND LENDERS:	 
	 	 	 	 
	 	ALOSTAR BANK OF COMMERCE, as 

    Administrative Agent and a Lender	 
	 	 	 	 
	 	By:	/s/ Eddie Carpenter	 
	 	 	Name: Eddie Carpenter	 
	 	 	Title: Director	 
	 	 	 	 
	 	 	 	 
	 	MIDCAP FINANCIAL, LLC	 
	 	 	 	 
	 	By: 	/s/ Stephen Redlich	 
	 	 	Name: Stephen Redlich	 
	 	 	Title: Managing Director	 

 

 

 

 

 

 

    	4Exhibit 10.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS AGREEMENT

 

DATED AS OF SEPTEMBER 24, 2012

 

BY AND
AMONG

 

AVENTINE RENEWABLE ENERGY HOLDINGS,
INC.,

 

THE INVESTORS LISTED ON SCHEDULE A
HERETO

 

AND

 

THE EXISTING STOCKHOLDERS LISTED ON
SCHEDULE A HERETO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

 

	 	 	Page(s)
	Article 1 DEFINITIONS	2
	Section 1.1	Definitions	2
	 	 	 
	Article 2 VOTING; BOARD OF DIRECTORS	11
	Section 2.1	Board of Directors	11
	Section 2.2	Vacancy	11
	Section 2.3	Meetings; Advance Notice; Meeting Materials	12
	Section 2.4	Expenses; Director Fees	12
	Section 2.5	Significant Transactions	12
	Section 2.6	Observation Rights	13
	Section 2.7	Voting Agreement	13
	 	 	 
	Article 3 INSURANCE	13
	Section 3.1	Directors and Officers Insurance	13
	 	 	 
	Article 4 RESTRICTIONS ON TRANSFER	13
	Section 4.1	General Prohibitions on Transfers	13
	 	 	 
	Article 5 CO-SALE AGREEMENT	14
	Section 5.1	Co-Sale Notice	14
	Section 5.2	Co-Sale Right	14
	Section 5.3	Price Modifications	14
	Section 5.4	Co-Sale Stockholder Shares; Representations and Warranties	15
	Section 5.5	Exercise Procedure	15
	Section 5.6	Transfer Period	16
	Section 5.7	Subsequent Transfer	16
	 	 	 
	Article 6 DRAG-ALONG RIGHTS	16
	Section 6.1	Drag-Along Right	16
	Section 6.2	Conditions to Exercise	17
	Section 6.3	Exercise Procedure	17
	Section 6.4	Costs	17
	Section 6.5	No Appraisal Rights	18
	 	 	 
	Article 7 ISSUANCES OF NEW SECURITIES; PREEMPTIVE RIGHTS	18
	Section 7.1	Preemptive Rights	18
	Section 7.2	Issuance Notice	18
	Section 7.3	Post-Issuance Notice	19
	Section 7.4	Consideration	19
	Section 7.5	Subsequent Issuances	19

 

 

    	i

    	 

    

 

 

	Article 8 AFFILIATE TRANSACTIONS	19
	Section 8.1	Affiliate Transactions	19
	 	 	 
	Article 9 INFORMATION AND ACCESS RIGHTS	21
	Section 9.1	Financial Statements	21
	Section 9.2	Other Information	23
	Section 9.3	Quarterly Operating Call	23
	 	 	 
	Article 10 TREATMENT OF CERTAIN INFORMATION; CONFIDENTIALITY	23
	Section 10.1	Non-Disclosure Obligations	23
	Section 10.2	Restricting Information	24
	 	 	 
	Article 11 MISCELLANEOUS	25
	Section 11.1	Legends	25
	Section 11.2	Stock Transfer Records	26
	Section 11.3	Successors and Assigns	26
	Section 11.4	Entire Agreement	27
	Section 11.5	Notices	27
	Section 11.6	Construction and Interpretation	28
	Section 11.7	Severability	28
	Section 11.8	Counterparts	28
	Section 11.9	Waivers and Amendments	29
	Section 11.10	Remedies	29
	Section 11.11	Stockholder Representations	29
	Section 11.12	Governing Law	30
	Section 11.13	Consent to Jurisdiction and Venue	30
	Section 11.14	Termination	31
	Section 11.15	Arbitration	31
	Section 11.16	Waiver of Jury Trial	32

 

 

 

Schedules

 

Schedule A – Equity Ownership

 

Exhibits

 

Exhibit A – Stockholder’s Assent

Exhibit B – Spousal Consent

 

 

 

 

 

 

 

    	ii

    	 

    

 

STOCKHOLDERS AGREEMENT

 

THIS STOCKHOLDERS AGREEMENT (as amended, modified
or supplemented from time to time, this “Agreement”) is made as of September 24, 2012, by and among Aventine
Renewable Energy Holdings, Inc., a Delaware corporation (the “Company”), each of the investors identified on
Schedule A hereto as “Investors” (each, an “Investor” and collectively, the “Investors”)
and each of the other parties identified on Schedule A hereto as “Existing Stockholders” (each, an “Existing
Stockholder” and collectively, the “Existing Stockholders”).

 

W I T N E S S E T H

 

WHEREAS, the Company and the Investors
are parties to that certain Subscription Agreement, dated as of September 24, 2012 (as amended, modified or supplemented from time
to time, the “Subscription Agreement”), pursuant to which, on the Closing Date, in exchange for the retirement,
cancellation or forgiveness of a portion of the outstanding balance of the Original Term Loan owed by the Company to each such
Investor in the amount set forth opposite such Investor’s name in column (3) of Schedule 1 thereto and certain Investors
wish to lend the Company a portion of the outstanding balance of the New Term Loan (as defined in the Subscription Agreement) in
the amount set forth opposite such Investors’ name in column (4) of Schedule 1 thereto, the Company is issuing and selling
to the Investors, and the Investors are purchasing from the Company, shares of Common Stock, all on the terms and subject to the
conditions set forth in the Subscription Agreement;

 

WHEREAS, pursuant to the Restructuring
Agreement, the Existing Stockholders have agreed to restructure their existing Equity Interests in the Company as set forth therein;

 

WHEREAS, the execution and delivery
of this Agreement by the parties hereto is a condition precedent to the obligation of each Investor to consummate the transactions
contemplated by the Subscription Agreement;

 

WHEREAS, in consideration of the substantial
direct and indirect benefits which the Company and the Existing Stockholders will realize from the consummation of the transactions
contemplated by the Subscription Agreement and the Financing Documents, the Company and the Existing Stockholders have agreed to
grant to the Investors certain rights as set forth in this Agreement; and

 

WHEREAS, it is understood and agreed
among the parties hereto that the Investors would not be consummating the transactions contemplated by the Subscription Agreement
but for the agreements set forth in this Agreement.

 

NOW, THEREFORE, in consideration of
the mutual premises, representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby subject to the conditions
set forth herein, the parties agree as follows:

 

    	1

    	 

    

 

Article
1

 

DEFINITIONS

 

Section 1.1Definitions. For purposes
of the provisions of this Agreement, the following definitions shall have the following meanings:

 

“Acceptance Notice” has
the meaning set forth in Section 7.2.

 

“Administrative Agent”
means Citibank, N.A.

 

“Affiliate” means, with
respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with the Person specified. Notwithstanding the foregoing, solely for the purpose of the definition
of “Affiliate”, no Stockholder shall be deemed to Control the Company solely because such Stockholder (or an Affiliate
of an Approved Fund of such Stockholder), in its capacity as a Stockholder: (a) has the right to, or otherwise participates in,
the selection of the initial Board on the Closing Date; (b) has the right to, or otherwise participates in, the selection of any
Observer from time to time; (c) is the owner of Company Stock so long as such Stockholder, together with its Affiliates and Approved
Funds, owns less than 40% of the Company Stock on a Fully-Diluted Basis; or (d) may be deemed to be acting together with other
Stockholders as a “group” (within the meaning of Section 13(d) of the Exchange Act, or any successor provision thereto).

 

“Agreement” has the meaning
set forth in the preamble.

 

“Agreement Among Lenders”
means that certain Agreement Among Lenders, by and among the Term Loan A Lenders (as defined in the Amended and Restated Senior
Term Loan Facility) and the Term Loan B Lenders (as defined in the Amended and Restated Senior Term Loan Facility), dated as of
the Closing Date, as may be amended, restated, supplemented or otherwise modified from time to time.

 

“Amended and Restated Bylaws”
means the Second Amended and Restated Bylaws of the Company, to be effective as of the Closing Date, as further amended or restated
from time to time.

 

“Amended and Restated Certificate
of Incorporation” means the Fourth Amended and Restated Certificate of Incorporation of the Company, effective as of
or prior to the Closing Date, as further amended or restated from time to time.

 

“Amended and Restated Senior Term
Loan Facility” means that certain Amended and Restated Senior Secured Term Loan Credit Agreement, dated as of the
Closing Date among the Company, as borrower, the lenders from time to time party thereto and the Administrative Agent, as collateral
agent and administrative agent, as may be amended, restated, supplemented, or otherwise modified from time to time.

 

“Applicable Law” means
all laws, statutes, common law ordinances, codes, rules, regulations, Orders, decrees, judgments, court decisions, writs, injunctions,
consent decrees, rulings, binding policies, executive Orders, and other pronouncements by or requirements of a Governmental Authority
having the force or effect of law, including the common law.

 

    	2

    	 

    

“Approved Fund” means any
Fund that is administered or managed by (a) a Stockholder, (b) an Affiliate of a Stockholder or (c) an entity or
an Affiliate of an entity that administers or manages a Stockholder.

 

“Aventine Companies” means,
collectively, the Company, Aventine Power, LLC, Aventine Renewable Energy, Inc., Aventine Renewable Energy—Aurora West, LLC,
Aventine Renewable Energy—Mt Vernon, LLC, Nebraska Energy, L.L.C., Aventine Renewable Energy- Canton LLC and any direct or
indirect wholly-owned Subsidiary of the Company formed after the date hereof.

 

“Board” means the Board
of Directors of the Company.

 

“Capital Stock” means (a)
in the case of a corporation, corporate stock (including all classes of common stock and preferred stock); (b) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock; (c) in the case of a partnership or limited liability company, partnership (whether general or limited) or
membership interests; and (d) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person.

 

“CEO Director” has the
meaning set forth in Section 2.1(a)(1).

 

“Closing Date” means the
date on which the transactions contemplated by the Financing Documents close.

 

“Commission” means the
United States Securities and Exchange Commission and any Governmental Authority succeeding to the functions thereof.

 

“Common Stock” means shares
of common stock of the Company, par value $0.001 per share.

 

“Company” has the meaning
set forth in the preamble.

 

“Company Materials” means
materials and/or information provided by or on behalf of the Company.

 

“Company Stock” means all
authorized, issued and outstanding shares of Common Stock and all other Equity Interests in the Company.

 

“Contractual Obligation”
means, as to any Person, any Organizational Document of such Person and any provision of any security issued by such Person or
of any written agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property
is bound.

 

    	3

    	 

    

“Control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through
the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Co-Sale Stockholder Shares”
has the meaning set forth in Section 5.2.

 

“Co-Sale Notice” has the
meaning set forth in Section 5.1.

 

“Co-Sale Stockholders”
has the meaning set forth in Section 5.1.

 

“Debt Securities” means
any securities, instruments and agreements evidencing or documenting a debt obligation, including notes, debentures, bonds, credit
agreements and loan agreements.

 

“DGCL” means the General
Corporation Law of the State of Delaware.

 

“Drag-Along Stockholder”
has the meaning set forth in Section 6.1.

 

“Equity Documents” means,
collectively, this Agreement, the Subscription Agreement, the Registration Rights Agreement, the Warrant Agreement, the Warrants
and each of the other documents and agreements entered into by the parties thereto (other than the Financing Documents) in connection
with the transactions contemplated by the Subscription Agreement and, in each case, as in effect on the Closing Date and as amended,
supplemented or otherwise modified from time to time.

 

“Equity Interests” means,
with respect to any Person, all Capital Stock and all Stock Equivalents of such Person.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Existing ABL Facility”
means that certain Second Amended and Restated Credit Agreement, dated as of the Closing Date, among the Company, Aventine Renewable
Energy – Aurora West, LLC, Aventine Renewable Energy – Mt Vernon, LLC, Aventine Renewable Energy—Canton, LLC,
Aventine Power, LLC and Nebraska Energy, L.L.C., as borrowers, and Wells Fargo Capital Finance, LLC, as lender and agent, as may
be amended, restated, supplemented, or otherwise modified from time to time.

 

“Existing Stockholders”
has the meaning set forth in the preamble.

 

“Existing Warrants” is
defined in the Subscription Agreement.

 

“Facilities” means the
Company’s and each of its Subsidiaries’ ethanol production facilities and, in each case, all improvements thereto.

 

“Financial Officer” means
with respect to any Person, the chief financial officer, chief accounting officer, vice president of finance, treasurer, assistant
treasurer or controller of such Person.

 

    	4

    	 

    

“Financing Documents” means
each of the Existing ABL Facility, the Amended and Restated Senior Term Loan Facility, the Intercreditor Agreement, the Agreement
Among Lenders, the Omnibus Amendment and each of the other documents and agreements entered into by the parties thereto (other
than the Equity Documents) in connection with the transactions contemplated by each such agreement.

 

“Fully-Diluted Basis” means
the number of shares of Common Stock that would be outstanding, as of the date of computation, based on the number of outstanding
shares of Common Stock and assuming that all issued and outstanding Stock Equivalents had been converted, exercised or exchanged.

 

“Fund” means any Person
(other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

 

“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards
Board, that are applicable to the circumstances as of the date of determination.

 

“Governmental Authority”
means any nation or government, any state or other political subdivision thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government, including any governmental authority, agency,
department, board, commission or instrumentality of the United States of America, any governmental authority, agency, department,
board, commission or instrumentality of Switzerland or any other jurisdiction, any State of the United States of America or canton
of Switzerland or any political subdivision thereof, and any court, tribunal or arbitrator(s) of competent jurisdiction, and any
self-regulatory organization.

 

“Independent Director”
means a member of the Board who is not (a) Affiliated with any of the Stockholders, (b) the CEO Director or (c) any other officer,
employee or member of the Company’s management team.

 

“Information” has the meaning
set forth in Section 10.1(b).

 

“Initial Public Offering”
means the first initial underwritten Public Offering of the Common Stock after the date hereof on Form S-1 (or any successor form
under the Securities Act) on a firm commitment basis.

 

“Intercreditor Agreement”
means that certain Second Amended and Restated Intercreditor Agreement, dated as of the Closing Date, among the Administrative
Agent, the Collateral Agent (as defined in the Amended and Restated Senior Term Loan Facility) and the agent under the Existing
ABL Facility, as may be amended, restated, supplemented or otherwise modified from time to time, which agreement amends and restates
the Original Intercreditor Agreement.

 

“Investor” has the meaning
set forth in the preamble.

 

    	5

    	 

    

“Issuance Notice” has the
meaning set forth in Section 7.2.

 

“Lien” means any mortgage,
deed of trust, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional
sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest).

 

“NDA Signatories” means
such Stockholders or other Persons that have executed a customary non-disclosure agreement for the benefit of the Aventine Companies.

 

“New Securities” means
any Capital Stock of the Company whether now authorized or not, and any other Equity Interests in the Company; provided,
however, that the term “New Securities” shall not include the Warrants, the shares of Common Stock issued under
the Subscription Agreement or Company Stock (a) issued or granted to any directors, officers or other employees of the Company
pursuant to any stock option or other employee incentive or benefit plan or arrangement that has been approved by the Board, (b)
issued as a result of (i) any stock split, stock dividend or subdivision that is approved by the Board or (ii) any combination,
recapitalization or any similar event that is approved by the Board, (c) issued upon the exercise or conversion of the Warrants,
the Existing Warrants (as defined in the Subscription Agreement) or convertible or exchangeable New Securities previously issued
in accordance with, and subject to, Article VII, (d) issued as payment-in-kind interest on, or otherwise in connection with, Debt
Securities issued by the Company upon the approval of the Board; (e) issued in connection with a bona fide arms’ length
transaction not intended for financing purposes consummated upon the approved by the Board, (f) registered under the Securities
Act that are issued in an underwritten Public Offering or (g) distributed pursuant to the Plan (as defined in the Subscription
Agreement).

 

“Observers” has the meaning
set forth in Section 2.6.

 

“Omnibus Amendment” means
the Omnibus Amendment, dated as of the Closing Date, by and among the Company, the Subsidiary Guarantors (as defined in the Amended
and Restated Senior Term Loan Facility), the Collateral Agent (as defined in the Amended and Restated Senior Term Loan Facility)
and the Administrative Agent, amending and ratifying (as so amended) the Security Agreement (as defined in the Amended and Restated
Senior Term Loan Facility) and the Subsidiary Guaranty (as defined in the Amended and Restated Senior Term Loan Facility).

 

“Order” means any writ,
judgment, decree, injunction, stipulation, determination or award or similar order of any Governmental Authority.

 

“Organizational Documents”
means, with respect to any Person that is a corporation, its articles or certificate of incorporation or memorandum and articles
of association, as the case may be, and bylaws; with respect to any Person that is a partnership, its certificate of partnership
and partnership agreement; with respect to any Person that is a limited liability company, its certificate of formation and limited
liability company or operating agreement; with respect to any Person that is a trust or other entity, its declaration or agreement
of trust or other constituent document; and with respect to any other Person, its comparable organizational documents, in each
case, as has been amended or restated.

 

    	6

    	 

    

“Original Credit Agreement”
means that certain Senior Secured Term Loan Credit Agreement, dated as of December 22, 2010, among the Company, as borrower, the
Administrative Agent, as administrative agent and collateral agent, the lenders party thereto, Citigroup Global Market Inc. and
Jefferies Finance LLC, as joint lead arrangers and joint book-runners, and Citibank, N.A. and Jefferies Finance, LLC, as co-syndication
agents, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Original Intercreditor Agreement”
means the Amended and Restated Intercreditor Agreement, dated as of July 20, 2011, among the Agents (as defined in the Amended
and Restated Senior Term Loan Facility) and the agent under the Existing ABL Facility, as may have been amended, supplemented or
otherwise modified as of the Closing Date.

 

“Original Term Loan” means
the term loans made under the Original Credit Agreement, including all principal, interest, capitalized interest, fees and expenses.

 

“Permitted Transfer” means,
with respect to any Stockholder, (a) any Transfer of all or a portion of such Stockholder’s Company Stock to an Affiliate
or Approved Fund, (b) any Transfer of all or a portion of such Stockholder’s Company Stock to any Person who is an “accredited
investor” (as such term is defined in Rule 501(a) of Regulation D of the Securities Act), (c) any Transfer of all or a portion
of such Stockholder’s Company Stock to any Person who is a “qualified institutional buyer” (as such term is defined
in Rule 144A of the Securities Act), or (d) at any time after the one-year anniversary of the Closing Date, any Transfer of all
or a portion of such Stockholder’s Company Stock to a Rule 144 Transferee, in each case in a transaction exempt from registration
under federal and state securities laws. Notwithstanding anything to the contrary contained herein, any Permitted Transfer shall
be subject to Article 4, Article 5 and Article 6 of this Agreement. Each Stockholder shall be solely responsible for any and all
tax consequences to him or it resulting from any Permitted Transfers under this Agreement. Notwithstanding the foregoing, however,
a Transfer shall not be deemed to be a Permitted Transfer unless the permitted transferee of the Company Stock expressly assumes,
in writing, all of the rights, obligations and limitations imposed on the Company Stock under this Agreement, pursuant to the form
of Stockholder’s Assent attached hereto as Exhibit A.

 

“Person” means any individual,
corporation, partnership, company, limited liability company, association, joint stock company, trust, estate, employee benefit
plan, joint venture or unincorporated organization.

 

“Plan” is defined in the
Subscription Agreement.

 

“Plant-Level Financial Statements”
means, for each Facility and for any specified period, statements of income and operations (including appropriate operating metrics)
of such Facility for such period and for the portion of the Company’s fiscal year then ended, setting forth in each case
in comparative form the figures for the corresponding period of the previous fiscal year and the corresponding portion of the previous
fiscal year, all in reasonable detail.

 

    	7

    	 

    

“Pro Rata Share” means,
with respect to a Stockholder, a percentage based upon a fraction, (a) the numerator of which is the sum of the total number of
shares of Company Stock, calculated on a Fully-Diluted Basis, owned by such Stockholder immediately prior to such issuance and
(b) the denominator of which is the total number of shares of Company Stock, calculated on a Fully-Diluted Basis, outstanding immediately
prior to such issuance; provided, that for purposes of Article 7, (a) a Stockholder’s “Pro Rata Share”
shall be calculated immediately prior to the issuance of any New Securities and (b) the definition of “Pro Rata Share”
shall not include any Company Stock underlying Warrants that have not been exercised prior to the issuance of any New Securities.

 

“Public Filer” means, with
respect to the Company, (a) that after the date hereof, the Company has filed a Registration Statement with the Commission for
its Equity Interests and such Registration Statement has been declared to be, and remains, effective, or (b) that the Company is
otherwise making its quarterly unaudited consolidated financial statements and annual audited financial statements publicly available
(through its corporate web-site or otherwise).

 

“Public Offering” means
a public offering and sale of Common Stock for cash pursuant to an effective Registration Statement.

 

“Public Stockholder” means,
in the event that the Company is a Public Filer, a Stockholder that chooses to be a “public-side” Stockholder (i.e.,
a Stockholder that does not wish to receive material non-public information with respect to any other Stockholder or their securities).

 

“Qualified Stockholder”
means, as of any measurement date, any Stockholder holding Common Stock representing at least ten percent (10.0%) of the aggregate
Common Stock issued and outstanding on such date.

 

“Registration Rights Agreement”
means that certain Registration Rights Agreement, dated as of the Closing Date, by and among the Company and the Holders (as defined
therein).

 

“Registration Statement”
means a registration statement filed by the Company with the Commission under the Securities Act that covers any of the Company
Stock pursuant to the provisions of the Registration Rights Agreement.

 

“Required Holders” means,
as of any measurement date, the holders of Common Stock representing at least a majority of the aggregate Common Stock issued and
outstanding on such date.

 

“Responsible Officer” means,
with respect to any Person, the chief executive officer, president, any executive officer, any Financial Officer, or any vice president
of such Person or, with respect to financial matters, the Financial Officer of such Person. Unless otherwise specified, all references
herein to “Responsible Officer” shall refer to a Responsible Officer of the Company.

 

“Restricting Information”
has the meaning set forth in Section 10.2.

 

    	8

    	 

    

“Restructuring Agreement”
means the Restructuring Agreement, including the Restructuring Term Sheet attached thereto, dated as of August 17, 2012, by and
among the Company, Aventine Renewable Energy, Inc., Aventine Renewable Energy—Aurora West, LLC, Aventine Renewable Energy
- Mt Vernon, LLC, Aventine Renewable Energy—Canton, LLC, Aventine Power, LLC, Nebraska Energy, L.L.C., the lenders listed
on the signature pages thereof and certain shareholders of the Company beneficially holding the Company’s issued and outstanding
common stock in the amounts set forth in Exhibit B thereto.

 

“Rules” has the meaning
set forth in Section 11.15(b).

 

“Rule 144” means Rule 144
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission having substantially the same effect as such rule.

 

“Rule 144 Transferee” means
any Person to whom a Transfer of Company Stock is made in accordance with Rule 144, which Transfer shall be permitted at any time
after the performance by the Company of its obligations as set forth in Section 6 of the Registration Rights Agreement.

 

“Sale Notice” has the meaning
set forth in Section 6.3.

 

“Sale of the Company” means
such time as:

 

(a)the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of
all or substantially all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any “person”
(within the meaning of Section 13(d) of the Exchange Act) other than the Company or any of its Subsidiaries;

 

(b)the Company’s stockholders approve
a plan for the liquidation or dissolution of the Company;

 

(c)any Person or Persons acting together
that would constitute a group (for purposes of Section 13(d) of the Exchange Act) (a “group”), together with any Affiliates
or related Persons thereof, is or becomes the “Beneficial Owner,” directly or indirectly, of more than 50% of the voting
power of the Voting Stock of the Company; provided, that none of the Investors shall be deemed to be acting together as
a group for this purpose; provided, further, that in no event shall the sale of the Company’s Common Stock
to an underwriter or group of underwriters in privity of contract with the Company (or any other Person in privity of contract
with such underwriters) be deemed to be a Sale of the Company unless such Common Stock is held in an investment account, in which
case the investment account would be treated without giving effect to the foregoing part of this proviso; or

 

(d)individuals who on the Closing Date
constituted the Board (together with any new directors appointed pursuant to the terms of this Agreement or whose election by the
Board or whose nomination by the Board for election by the Company’s stockholders was approved by a vote of at least a majority
of the Board then in office who either were members of the Board on the Closing Date or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of the members of the Board then in office.

 

    	9

    	 

    

“Securities Act” means
the Securities Act of 1933, as amended.

 

“Selling Stockholder” has
the meaning set forth in Section 5.1.

 

“Selling Stockholder Shares”
has the meaning set forth in Section 5.1.

 

“Stockholder” means any
Person who holds Company Stock that is or becomes a party hereto.

 

“Stock Equivalents” means
any (a) warrants, options or other right to subscribe for, purchase or otherwise acquire any shares of Common Stock or any other
class or series of Capital Stock of the Company or (b) any securities convertible into or exchangeable for shares of Common Stock
or any other class or series of Capital Stock of the Company.

 

“Sub Board” means the board
of directors of any Subsidiary of the Company.

 

“Subscription Agreement”
has the meaning set forth in the recitals.

 

“Subsidiary” means, with
respect to any specified Person, (a) any corporation, association or other business entity of which more than fifty percent (50%)
of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers or trustees of the corporation, association or other business entity is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof);
and (b) any partnership (i) the sole general partner or the managing general partner of which is such Person or a Subsidiary of
such Person or (ii) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination
thereof).

 

“Transfer” means (a) when
used as a noun, any transfer, donation, sale, assignment, pledge, encumbrance, hypothecation, gift, bequest, creation of a security
interest in or lien on, or other disposition, irrespective of whether any of the foregoing are effected with or without consideration,
voluntarily or involuntarily, directly or indirectly, conditionally or unconditionally, by operation of law or otherwise, inter
vivos or upon death (including an indirect transfer of Equity Interests occurring as a result of the transfer of Equity Interests
in any Person which has a direct or indirect interest in such Equity Interests); or (b) when used as a verb, means to make a transfer.

 

“Voting Stock” means with
respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers
or other voting members of the governing body of such Person.

 

“Warrantholder” means any
Person who holds any Warrants pursuant to the Warrant Agreement.

 

    	10

    	 

    

“Warrants” means the five-year
warrants to be issued by the Company pursuant to the Warrant Agreement to purchase 787,855 shares of Common Stock at an initial
exercise price of $61.75 per share, subject to adjustment as provided in the Warrant Agreement.

 

“Warrant Agreement” means
that certain Warrant Agreement, dated as of the Closing Date, between the Company and American Stock Transfer & Trust Company,
LLC, as warrant agent.

 

Article
2

 

VOTING; BOARD OF DIRECTORS

 

Section 2.1Board of Directors.
From and after the date hereof, and until the provisions of this Article 2 cease to be effective, each Stockholder shall vote all
of his or its Company Stock over which such Stockholder has voting control, whether at any annual or special meeting, by written
consent or otherwise, and shall take all other reasonably necessary or desirable actions within such Stockholder’s control
(whether in such Stockholder’s capacity as a stockholder, director, member of a Board committee or officer of the Company
or otherwise, and including attendance at meetings in person or by proxy for purposes of obtaining a quorum and execution of written
consents in lieu of meetings), and the Company shall take all necessary or desirable actions within its control (including calling
special Board and stockholder meetings as permitted by the Amended and Restated Bylaws), so that:

 

(a)the authorized number of directors
on the Board shall initially be five (5):

 

(1)one (1) of whom shall be the Chief
Executive Officer of the Company (the “CEO Director”); and

 

(2)three (3) of whom shall be Independent
Directors designated by the affirmative vote of a majority in interest of the Investors (one of whom shall serve as the Chairman
of the Board); and

 

(3)one (1) of whom shall be an Independent
Director designated by the affirmative vote of a majority in interest of the Existing Stockholders,

 

and the initial directors under clause (1), (2) and (3) shall
be John Castle, Eugene Davis (who shall serve as the Chairman of the Board), Timothy Bernlohr, Kip Horton and James Continenza.

 

(b)Subsidiary Boards. The composition
of each Sub Board shall be determined by the Board.

 

Section 2.2Vacancy. In the event
that any director designated hereunder, other than the CEO Director, ceases for any reason to serve as a member of the Board during
his term of office pursuant to Section 2.1, the resulting vacancy on the Board shall be filled as promptly as practicable by the
affirmative vote of the remaining Independent Directors. In the event that the CEO Director ceases for any reason to serve as a
member of the Board during his term of office pursuant to Section 2.1, the resulting vacancy on the Board shall be filled as promptly
as practicable by the affirmative vote of the Independent Directors.

 

    	11

    	 

    

 

Section 2.3Meetings; Advance Notice;
Meeting Materials. Meetings of the Board shall be held in person or by means of conference telephone or similar communications
equipment by means of which all directors and Observers (as defined below) participating in the meeting can hear each other, it
being acknowledged and agreed, that no matter the form of meeting, any director or Observer may participate by means of telephone
or similar communications equipment. The Company shall give each director and each Observer notice, in the same manner and at the
same time, of each meeting of the Board at least forty-eight (48) hours prior to such meeting. Notwithstanding the foregoing or
anything to the contrary in the Amended and Restated Bylaws, (a) a meeting may be held at any time without notice if a majority
of the directors and Observers have waived notice of the meeting and (b) if the Company reasonably determines that, as a result
of exigent circumstances affecting the Company, it must hold a meeting of the Board without such advance notice as required pursuant
to this Section 2.3, the Company shall be permitted to conduct such meeting and shall provide advance notice of such meeting to
each director and each Observer, in the same manner and at the same time, as soon as reasonably practicable prior to such meeting.
The Company shall provide, in the same manner and at the same time, each director and Observer with (a) copies of all information
and materials (including a meeting agenda, if one is prepared) at least forty-eight (48) hours prior to each meeting of the Board,
as the case may be, and (b) copies of the minutes of all meetings of such directors and/or stockholders, but in no event later
than thirty (30) days after each such meeting. Notwithstanding the foregoing, if the Company reasonably determines that, as a result
of exigent circumstances affecting the Company, it must hold a meeting of the Board without such advance information and materials
as required pursuant to this Section 2.3, the Company shall provide, in the same manner and at the same time, each director and
Observer with electronic copies of all information and materials (including a meeting agenda, if one is prepared) as soon as reasonably
practicable prior to such meeting.

 

Section 2.4Expenses; Director Fees.
Without limitation of any right to reimbursement or advance of expenses provided in the Amended and Restated Certificate of Incorporation
or the Amended and Restated Bylaws or otherwise, the Company (a) shall pay the reasonable out-of-pocket expenses incurred by each
Independent Director in connection with meetings of the Board any committees thereof, and (b) shall pay to the Independent Directors
and any non-employee director on each Sub Board a reasonable annual director fee to be determined by the Board.

 

Section 2.5Significant Transactions.
In the event that the Drag-Along Stockholders elect to exercise their rights under Article 6, each Stockholder agrees to cast all
votes to which such Stockholder is entitled in respect of its Company Stock, whether at any annual or special meeting, by written
consent or otherwise, in the same proportion as the Company Stock is voted by the Drag-Along Stockholders to approve any Sale of
the Company or other transaction or series of transactions involving any of the Aventine Companies (or all or any portion of their
respective assets) in connection with, or in furtherance of, the exercise by the Drag-Along Stockholders of their rights under
Article 6.

 

    	12

    	 

    

 

 

Section 2.6Observation Rights.
Without limiting any of the rights of any Investor set forth in this Article 2, the Company shall invite (by written notice given
to each Qualified Stockholder) one (1) representative of each Qualified Stockholder (provided such representative shall become
an NDA Signatory and such non-disclosure agreement would apply to information received by such Observer and such Qualified Stockholder
would be responsible for such Observer’s breaches of the terms of such non-disclosure agreement) (such individuals, each
an “Observer” and collectively, the “Observers”) to attend in a non-voting observer capacity
all meetings of the Board and all meetings of the stockholders of the Company. The Company shall ensure that the Board does not
meet in any informal capacity without giving prior notice to each Observer; provided, that the Board may exclude any Observer
from any meeting of the Board or withhold copies of any information or materials to be presented, discussed or used at such meeting
if the Board reasonably determines that such exclusion is necessary to (a) preserve the attorney-client, work product or similar
privilege or immunity belonging to any of the Aventine Companies or (b) to protect highly confidential proprietary information.
Each Qualified Stockholder shall bear any and all expenses incurred by each Observer designated by such Qualified Stockholder and
the Company shall not pay any fees to, or expenses of, any such Observer.

 

Section 2.7Voting Agreement. The
agreements set forth in Article 2 are, to the extent applicable, intended to constitute enforceable voting agreements within the
scope of Section 218 of the DGCL.

 

Article
3

 

INSURANCE

 

Section 3.1Directors and Officers Insurance.
The Company shall, and shall cause each other Aventine Company to, have in place and maintain in full force and effect one or more
insurance policies covering directors and officers liability and employment practice liability. The directors and officers liability
insurance policies shall provide for coverage amounts and terms and conditions at least as favorable as maintained by the Company
immediately prior to the date hereof.

 

Article
4

 

RESTRICTIONS ON TRANSFER

 

Section 4.1General Prohibitions on
Transfers.

 

(a)Notwithstanding anything to the contrary
in this Agreement, other than (i) Permitted Transfers, (ii) Transfers as provided in Article 5 of this Agreement, or (iii) Transfers
in connection with any Sale of the Company pursuant to Article 6 of this Agreement, no Stockholder may Transfer any shares of Company
Stock. Transfers of Company Stock may only be made in compliance with applicable foreign, U.S. federal and state securities laws,
including the Securities Act of 1933, as amended, and the rules and regulations thereunder, and the DGCL. Any purported Transfer
of any such Company Stock other than in strict accordance with this Agreement shall be null and void and of no force and effect,
and the Company may refuse to recognize, unless otherwise agreed in writing by the Board, any such prohibited Transfer and not
reflect in its records any change in record ownership of such Company Stock pursuant to any such prohibited Transfer.

 

    	13

    	 

    

(b)Any Stockholder that proposes to
Transfer any shares of Company Stock to a Permitted Transferee shall deliver a written notice to the Company at least twenty (20)
days prior to such proposed Transfer, with such notice stating the number and class of Company Stock that is proposed to be Transferred
by such Stockholder and the name and address of such Permitted Transferee.

 

Article
5

 

CO-SALE AGREEMENT

 

Section 5.1Co-Sale Notice. In the
event that one or more Stockholders holding a majority of the aggregate number of issued and outstanding shares of Common Stock
(any such Stockholder, a “Selling Stockholder” and collectively, the “Selling Stockholders”)
proposes to Transfer (in a single transaction or a series of related transactions) shares of Common Stock representing more than
a majority of the aggregate number of shares of Common Stock issued and outstanding immediately prior to such Transfer (“Selling
Stockholder Shares”) to any Person other than an Affiliate or Approved Fund of such Selling Stockholder, such Selling
Stockholder(s) shall promptly notify the Company and each other Stockholder (collectively, the “Co-Sale Stockholders”)
of such proposed Transfer in writing (the “Co-Sale Notice”) at least twenty (20) days prior to the closing of
such proposed Transfer. The Co-Sale Notice shall describe in reasonable detail the proposed Transfer, including the number of Selling
Stockholder Shares proposed to be Transferred, the nature of such Transfer, the consideration to be paid and the name and address
of each prospective transferee.

 

Section 5.2Co-Sale Right. Each
Co-Sale Stockholder shall have the right, but not the obligation, exercisable upon written notice to the Selling Stockholder(s)
within fifteen (15) days after receipt of the Co-Sale Notice, to participate in such proposed Transfer on the same terms and conditions
as specified in the Co-Sale Notice, as such terms and conditions may be modified as contemplated by Section 5.3, up to the amount
described in Section 5.4. To the extent that a Co-Sale Stockholder exercises its right to participate in accordance with the terms
and conditions set forth in this Article 5, the Selling Stockholder(s) will, upon the consent of the prospective transferee, increase
the amount of shares of Common Stock to be Transferred to the prospective transferee by the amount of shares of Common Stock owned
by such Co-Sale Stockholder as at the date of such Co-Sale Notice (the “Co-Sale Stockholder Shares”), as determined
pursuant to Section 5.4, the Co-Sale Stockholders elect to include in such Transfer, unless the prospective transferee does not
wish to purchase such additional Co-Sale Stockholder Shares, in which case, the number of Selling Stockholder Shares that the Selling
Stockholder(s) may Transfer in the proposed Transfer shall be correspondingly reduced, subject to Section 5.4.

 

Section 5.3Price Modifications.
If there shall be a decrease in the price to be paid by the prospective transferee for the Selling Stockholder Shares to be purchased
from the price set forth in the Co-Sale Notice, which decrease is acceptable to the Selling Stockholder(s), or any other change
in the terms or conditions set forth in the Co-Sale Notice which are less favorable to the Selling Stockholder(s) but which are
acceptable to the Selling Stockholder(s), the Selling Stockholder(s) shall immediately notify the Company and each Co-Sale Stockholder
in writing of such decrease or other change, and each such Co-Sale Stockholder shall have ten (10) days from the date of receipt
of such written notice to modify the Co-Sale Stockholder Shares that it elected to sell to the prospective transferee as previously
indicated in the written notice delivered by such Co-Sale Stockholder, as the case may be, pursuant to Section 5.2.

 

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Section 5.4Co-Sale Stockholder Shares;
Representations and Warranties. In connection with any proposed Transfer of Selling Stockholder Shares under Section 5:

 

(a)Each Co-Sale Stockholder shall have
the right, but not the obligation, to Transfer up to and including a number of Co-Sale Stockholder Shares equal to the product
of (i) the number of Selling Stockholder Shares covered by the Co-Sale Notice, multiplied by (ii) a fraction, the numerator
of which is the number of Co-Sale Stockholder Shares owned by such Co-Sale Stockholder at the time of such Transfer, and the denominator
of which is the number of Co-Sale Stockholder Shares owned by such Co-Sale Stockholder at the time of such Transfer plus
the number of Selling Stockholder Shares owned by the Selling Stockholder(s) at the time of such Transfer plus the number
of Co-Sale Stockholder Shares owned by each other Co-Sale Stockholder electing to participate in such Transfer at the time of such
Transfer.

 

(b)In no event shall any Co-Sale Stockholder
be required to make any representations or warranties as to the Co-Sale Stockholder Shares held by such Co-Sale Stockholder or
the business of the Company and/or its Subsidiaries in connection with the proposed Transfer, other than with respect to such Co-Sale
Stockholder, the organization and authority of such Co-Sale Stockholder, title to such Co-Sale Stockholder’s Co-Sale Stockholder
Shares, no consents and no conflicts with (i) such Co-Sale Stockholder’s Organizational Documents and (ii) such Co-Sale Stockholder’s
material agreements. No such Co-Sale Stockholder shall have any liability for any breach of a representation or warranty of any
other Co-Sale Stockholder relating to the representations required to be given pursuant to the immediately preceding sentence.
In the event that any indemnification and/or purchase price adjustment liabilities are incurred, a Co-Sale Stockholder’s
obligations pursuant thereto shall be on a several (and not a joint and several) basis and shall not exceed the lesser of (x) such
Co-Sale Stockholder’s Pro Rata Share of such indemnification and/or purchase price adjustment liabilities and (y) the net
proceeds received by such Co-Sale Stockholder pursuant to such proposed Transfer.

 

Section 5.5Exercise Procedure.

 

(a)If a Co-Sale Stockholder elects to
participate in the proposed Transfer, it shall effect its participation by delivering to the prospective transferee for Transfer
to the prospective transferee documentation representing the Co-Sale Stockholder Shares that it has elected to sell. Such documentation
shall be delivered to the prospective transferee in connection with the consummation of the Transfer pursuant to the terms and
conditions specified in the Co-Sale Notice (as such terms and conditions may be modified and accepted pursuant to Section 5.3),
and the Selling Stockholder(s) shall concurrently therewith pay or arrange for the payment to such Co-Sale Stockholder, as applicable,
by wire transfer in immediately available funds of that portion of the sale proceeds to which such Co-Sale Stockholder is entitled
by reason of its participation in such Transfer. To the extent any prospective transferee prohibits such assignment or otherwise
refuses to purchase any of a Co-Sale Stockholder’s Co-Sale Stockholder Shares, the Selling Stockholder(s) shall not sell
to such prospective transferee any Selling Stockholder Shares unless and until, simultaneously with such sale, the Selling Stockholder(s)
shall purchase such Co-Sale Stockholder’s Co-Sale Stockholder Shares from such Co-Sale Stockholder, as applicable, on terms
and conditions equivalent to those under which the Selling Stockholder(s) sold its shares of Company Stock (as such terms and conditions
may be modified and accepted pursuant to Section 5.3). Subject to the foregoing sentence, if the Selling Stockholder(s) does not
complete the proposed Transfer for any reason, it shall immediately, but in no event in more than two (2) days, return to such
Co-Sale Stockholder all documents (including any shares of Common Stock) which such Co-Sale Stockholder delivered to the Selling
Stockholder(s) pursuant to this Article 5 or otherwise in connection with such Transfer.

 

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Section 5.6Transfer Period. In
the event that no Co-Sale Stockholder has elected to participate in the proposed Transfer, the Selling Stockholder(s) shall have
sixty (60) days thereafter to Transfer or enter into a binding agreement (pursuant to which the Transfer of such Selling Stockholder
Shares covered thereby will be, and is, consummated within sixty (60) days from the date of such agreement) to Transfer the Selling
Stockholder Shares as to which such Co-Sale Stockholder(s) co-sale right was not exercised, at a price and upon such other terms
no more favorable to the Selling Stockholder(s) than those specified in the Co-Sale Notice. In the event the Selling Stockholder(s)
have not Transferred such Selling Stockholder Shares within such sixty (60) day period (or Transferred such Selling Stockholder
Shares in accordance with the foregoing within sixty (60) days from the date of such agreement), the Selling Stockholder(s) will
not thereafter Transfer any Selling Stockholder Shares without first offering such Selling Stockholder Shares to such Co-Sale Stockholders
in the manner provided above.

 

Section 5.7Subsequent Transfer.
The exercise or non-exercise of the rights by a Co-Sale Stockholder hereunder to participate in one or more sales of Selling Stockholder
Shares shall not adversely affect its right to participate in one or more subsequent sales of Selling Stockholder Shares. Any transfer
by any Selling Stockholder(s) of any of its Common Stock without first giving each Co-Sale Stockholder the rights described in
this Article 5 shall be void and of no force or effect.

 

Article
6

 

DRAG-ALONG RIGHTS

 

Section 6.1Drag-Along Right. In
the event that one or more Stockholders holding a majority of the aggregate number of issued and outstanding shares of Common Stock
(such Stockholders, the “Drag-Along Stockholders”) propose to consummate any Sale of the Company, such Drag-Along
Stockholders shall have the right, but not the obligation, to require each of the other Stockholders to participate in the Sale
of the Company and dispose of all (but not less than all) of the shares of Company Stock owned by each such other Stockholder on
the date of the consummation of such Sale of the Company at the same price and on the same terms and conditions as the Drag-Along
Stockholders have agreed in the Sale of the Company; provided, that the terms of the Sale of the Company are normal and
customary for transactions of that nature.

 

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Section 6.2Conditions to Exercise.
The obligation of any such Stockholder to participate in a Sale of the Company is subject to the satisfaction of the following
conditions: (a) the Sale of the Company is a bona fide arm’s length transaction that has been, or prior to the consummation
thereof will be, approved by a majority-in-interest of the Stockholders; (b) upon the consummation of the Sale of the Company,
each Stockholder shall receive in exchange for its shares of Company Stock the same portion of the aggregate consideration from
such Sale of the Company that such Stockholder would have received if such consideration had been distributed by the Company in
a complete liquidation of the Company; (c) if any holder of Company Stock is given an option as to the form of consideration to
be received, all holders of such Company Stock will be given the same option; (d) in no event shall any Stockholder be required
to make any representations or warranties as to the Company Stock held by such Stockholder or the business of the Company and/or
its Subsidiaries in connection with the proposed Sale of the Company, other than with respect to such Stockholder, the organization
and authority of such Stockholder, title to such Stockholder’s shares of Company Stock, no consents and no conflicts with
(i) such Stockholder’s Organizational Documents and (ii) such Stockholder’s material agreements; and (e) no such Stockholder
shall have any liability for any breach of a representation or warranty of any other Stockholder relating to the representations
required to be given pursuant to the immediately preceding clause (d). In the event that any indemnification and/or purchase price
adjustment liabilities are incurred, a Stockholder’s obligations pursuant thereto shall be on a several (and not a joint
and several) basis and shall not exceed the lesser of (A) such Stockholder’s Pro Rata Share of such indemnification and/or
purchase price adjustment liabilities and (B) the net proceeds received by such Stockholder pursuant to such Sale of the Company.

 

Section 6.3Exercise Procedure.
If the Drag-Along Stockholders wish to exercise their drag-along rights under this Article 6, they shall furnish written notice
to all other Stockholders (a “Sale Notice”) not more than sixty (60) days nor less than twenty (20) days prior
to the proposed date of consummation of the Sale of the Company, and the Drag-Along Stockholders shall cause a definitive agreement
with respect to such Sale of the Company to be executed not more than sixty (60) days following the date the Sale Notice is delivered.
The Sale Notice shall set forth: (a) the name and address of the Person to whom the Sale of the Company is being made; (b) the
proposed amount and form of consideration to be paid per share of Company Stock and the terms and conditions of payment offered
by such Person; (c) the aggregate number of shares of Company Stock being sold in the Sale of the Company; (d) the planned date
on which such Sale of the Company is to be consummated; and (e) the Drag-Along Stockholders’ intention to exercise the “Drag-Along”
rights set forth in this Article 6.

 

Section 6.4Costs. Each Stockholder
shall bear its Pro Rata Share (based upon the number of shares of Company Stock sold by him, her or it) of the costs of any sale
of such Stockholder’s shares of Company Stock pursuant to a Sale of the Company to the extent such costs are incurred for
the benefit of Stockholders and are not otherwise paid by the Company or the acquiring third party. Costs incurred by any Stockholder
for his or its own behalf shall not be considered costs of the Sale of the Company hereunder.

 

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Section 6.5No Appraisal Rights.
Each Stockholder hereby agrees to waive any and all appraisal rights to which such Stockholder may be entitled under Section 262
of the DGCL with respect to a transaction subject to Article 6 as to which such appraisal rights are available.

 

Article
7

 

ISSUANCES OF NEW SECURITIES; PREEMPTIVE RIGHTS

 

Section 7.1Preemptive Rights. The
Company hereby grants to each Stockholder the right to purchase up to such Stockholder’s Pro Rata Share of any New Securities
which the Company may from time to time propose to issue and sell, and the Company shall not issue or sell any New Securities without
first complying with the provisions of this Article 7. For the avoidance of doubt, no Warrantholder shall have any rights under
this Article 7 in such capacity unless and until such Warrantholder has exercised all or any portion of the Warrants, and then
only to the extent such Warrants have been exercised for shares of Company Stock in accordance with the terms of the Warrant Agreement.

 

Section 7.2Issuance Notice. If
the Company proposes to undertake an issuance of New Securities, it shall give each Stockholder written notice (an “Issuance
Notice”) of its intention, describing the number and type of New Securities, and the proposed offer price for such New
Securities and the general terms upon which the Company proposes to issue such New Securities. Each Stockholder shall have twenty
(20) days after its receipt of the Issuance Notice to agree to purchase up to such Stockholder’s Pro Rata Share of such New
Securities for the price and upon the terms specified in the Acceptance Notice by giving written notice to the Company (the “Acceptance
Notice”) and indicating therein the number of New Securities to be purchased. The Company shall, at the closing of the
issuance of the New Securities, sell to each Stockholder such number of New Securities as such Stockholder shall have agreed to
purchase in the Acceptance Notice. In the event any Stockholder fails to exercise such preemptive right within such twenty (20)
day period, the Company will have sixty (60) days thereafter to sell or enter into a binding agreement (pursuant to which the sale
of New Securities covered thereby will be, and is, consummated within sixty (60) days from the date of such agreement) to sell
the New Securities as to which such Stockholder’s preemptive right was not exercised, at a price and upon such other terms
no more favorable to the purchasers thereof than those specified in the Issuance Notice. In the event the Company has not sold
such New Securities within such sixty (60) day period (or sold and issued New Securities in accordance with the foregoing within
sixty (60) days from the date of such agreement), the Company will not thereafter issue or sell any New Securities without first
offering such New Securities to such Stockholders in the manner provided above. Notwithstanding anything in this Agreement to the
contrary, for so long as the Company is a Public Filer, in no event will the Company be required to deliver an Issuance Notice
to any Public Stockholder, and no such Public Stockholder shall have a right to exercise its rights under this Article 7 if such
Issuance Notice is a condition precedent to such exercise (or election to exercise), and any such Issuance Notice, as determined
by a Responsible Officer, would constitute Restricting Information.

 

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Section 7.3Post-Issuance Notice.
Notwithstanding the notice requirements of Section 7.2, the Company may proceed with any issuance of New Securities prior to having
complied with the provisions of Section 7.2; provided, that the Company shall:

 

(a)provide each Stockholder with (i)
prompt notice of such issuance of New Securities and (ii) the Issuance Notice described in Section 7.2, in which the actual price
per unit of the New Securities shall be set forth;

 

(b)offer to issue to each Stockholder
such number of New Securities of the type issued in the issuance of New Securities as may be requested by such Stockholder (not
to exceed the Pro Rata Share such Stockholder would have been entitled to purchase pursuant to Section 7.1 multiplied by the number
of New Securities that would have been issued had every Stockholder participated up to its Pro Rata Share) on the same economic
terms and conditions with respect to such New Securities as the subscribers in the issuance of New Securities received; and

 

(c)keep such offer open for a period
of thirty (30) days, during which period each such Stockholder may accept such offer by sending a written acceptance to the Company
committing to purchase an amount of such New Securities (not in any event to exceed the Pro Rata Share that each such Stockholder
would have been entitled to pursuant to Section 7.1 multiplied by the number of New Securities that would have been issued had
every Stockholder participated up to its Pro Rata Share).

 

Section 7.4Consideration. Notwithstanding
anything to the contrary contained in this Article 7, if the consideration to be received by the Company with respect to the issuance
of New Securities specified in the Issuance Notice is other than cash to be paid upon the issuance of the New Securities (that
is, if the consideration would constitute so-called “in-kind” property such as Capital Stock), or if security is to
be provided to secure the payment of any deferred portion of the purchase price, then any Stockholder exercising its rights under
this Article 7 may purchase such New Securities by making a cash payment at the time of the closing specified in the Acceptance
Notice in the amount of the reasonably equivalent value of the “in-kind” property specified in the Issuance Notice
and/or may provide reasonably equivalent security to that provided in the Issuance Notice. Such “reasonably equivalent value”
or “reasonably equivalent security” shall be determined by the Board, or, following the objection of the Required Holders
of such determination by the Board, shall be determined pursuant to arbitration in accordance with Section 11.15 hereof.

 

Section 7.5Subsequent Issuances.
The exercise or non-exercise of the rights by any Stockholder hereunder to participate in one or more issuances of New Securities
shall not adversely affect its right to participate in one or more subsequent issuances of New Securities.

 

Article
8

 

AFFILIATE TRANSACTIONS

 

Section 8.1Affiliate Transactions.
From and after the date hereof, without the prior written consent of the Board, the Company shall not, and shall cause the other
Aventine Companies not to, directly or indirectly enter into, renew or extend any transaction (including, without limitation, the
purchase, sale, lease or exchange of property or assets, or the rendering of any service) with any Stockholder (or any Affiliate
of such Stockholder) that owns 10% or more of any class of Capital Stock of the Company or with any Affiliate of the Company, except
upon fair and reasonable terms no less favorable to the Company or such Subsidiary than could be obtained, at the time of such
transaction or, if such transaction is pursuant to a written agreement, at the time of the execution of the agreement providing
therefor, in a comparable arm’s length transaction with a Person that is not such a holder or an Affiliate. The foregoing
restrictions shall not apply to the following:

 

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(a)transactions (i) approved by a majority
of the disinterested members of the Board or (ii) for which the Company or a Subsidiary delivers to the Board a written opinion
of a nationally recognized investment banking, accounting, valuation or appraisal firm stating that the transaction is fair to
the Company or such Subsidiary from a financial point of view;

 

(b)any transaction solely between the
Company and any of its Subsidiaries or solely among Subsidiaries;

 

(c)the payment of compensation (including
awards or grants in cash, securities or other payments) for the personal services of, and expense reimbursement and indemnity provided
on behalf of, officers, directors (including the payment of, or an agreement providing for the payment of, reasonable directors’
fees), consultants and employees of the Company or any of its Subsidiaries, in each case in the ordinary course of business;

 

(d)any payments or other transactions
pursuant to any tax-sharing agreement between the Company and any other Person with which the Company files a consolidated tax
return or with which the Company is part of a consolidated group for tax purposes;

 

(e)any sale of shares of Capital Stock
(other than Disqualified Stock (as defined in the Amended and Restated Senior Term Loan Facility)) of the Company;

 

(f)any Investments (as defined in the
Amended and Restated Senior Term Loan Facility) or any Restricted Payments (as defined in the Amended and Restated Senior Term
Loan Facility) not prohibited by Section 7.05 of the Amended and Restated Senior Term Loan Facility;

 

(g)the transactions in accordance with
the Financing Documents and the Equity Documents and other agreements set forth on Schedule 7.07(g) of the Amended and Restated
Senior Term Loan Facility as in effect as of the Closing Date (or as of the time contemplated by Section 4.8 of the Subscription
Agreement in the case of the Warrants) or any amendment thereto or any transaction contemplated thereby (including pursuant to
any amendment thereto) in any replacement agreement thereto so long as any such amendment or replacement agreement is not more
disadvantageous to the Lenders (as defined in the Amended and Restated Senior Term Loan Facility) in any material respect than
the original agreement as in effect on the Closing Date;

 

    	20

    	 

    

(h)the issuance of securities or other
payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock options
and stock ownership plans or similar employee benefit plans approved by the Board in good faith and loans to employees of the Company
and its Subsidiaries which are approved by the Board in good faith;

 

(i)transactions with customers, clients,
suppliers, or purchasers or sellers of goods or services, in each case on ordinary business terms and otherwise in compliance with
the terms of this Agreement, which are fair to the Company or its Subsidiaries, in the reasonable determination of the Board or
the senior management thereof, or are on terms at least as favorable as could reasonably have been obtained at such time from an
unaffiliated party;

 

(j)any transaction with a joint venture
or similar entity which would be subject to this covenant solely because the Company or a Subsidiary of the Company owns an equity
interest in or otherwise controls such joint venture or similar entity; or

 

(k)payments and transactions in connection
with any Credit Facilities (as defined in the Amended and Restated Senior Term Loan Facility) (including commitment, syndication
and arrangement fees payable thereunder) and the Amended and Restated Senior Term Loan Facility (including upfront, syndicate and
arrangement fees payable in connection therewith), and the application of the proceeds of each, and the payment of fees and expenses
with respect thereto.

 

(l)Notwithstanding the foregoing, any
transaction or series of related transactions covered by the first paragraph of this Section 8.1 and not covered by clauses (b)
through (l), (A) the aggregate amount of which exceeds $5,000,000 in value, must be approved or determined to be fair in the manner
provided for in clause (a)(i) or (a)(ii) above and (B) the aggregate amount of which exceeds $15,000,000 in value must be determined
to be fair in the manner provided for in clause (a)(ii) above.

 

Article
9

 

INFORMATION AND ACCESS RIGHTS

 

Section 9.1Financial Statements.

 

(a)From the date of this Agreement,
the Company shall deliver to (i) each Stockholder and (ii) any prospective Stockholder that becomes an NDA Signatory; provided,
that, if the Company is and for such time as it continues to be a Public Filer, then the financial statements described in subsections
(1) and (2) below, other than Plant-Level Financial Statements, will be delivered to all Stockholders and (y) the Company shall
not be required to deliver the financial statements and projections in subsections (3) and (4) below):

 

(1)as soon as available, but in any event
within ninety (90) days after the end of each fiscal year of the Company (commencing with the fiscal year ending December 31,
2012), (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal year, setting
forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public
accountant of nationally recognized standing, which report and opinion shall be prepared in accordance with generally accepted
auditing standards; and (ii) Plant-Level Financial Statements for such fiscal year (such Plant-Level Financial Statements to be
certified by a Responsible Officer of the Company as fairly presenting in all material respects the financial condition and results
of operations of the applicable Facility in accordance with GAAP);

 

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(2)as soon as available, but in any event
within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of the Company (commencing
with the fiscal quarter ending September 30, 2012), (i) a consolidated balance sheet of the Company and its Subsidiaries as
at the end of such fiscal quarter, and the related consolidated statements of income or operations, changes in shareholders’
equity and cash flows for such fiscal quarter and for the portion of the Company’s fiscal year then ended, setting forth
in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year, all in reasonable detail, and (ii) Plant-Level Financial Statements for such fiscal quarter
certified by a Responsible Officer of the Company as fairly presenting in all material respects the financial condition and results
of operations of the Company and its Subsidiaries or applicable Facility in accordance with GAAP, subject only to normal year-end
audit adjustments and the absence of footnotes;

 

(3)as soon as available, but in any event
within thirty (30) days after the end of each fiscal month of each fiscal year of the Company (commencing with the fiscal
month ending October 31, 2012), (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such fiscal
month, and the related consolidated statements of income or operations for such fiscal month and for the portion of the Company’s
fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal month of the previous
fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail, and (ii) Plant-Level Financial
Statements for such fiscal month, such consolidated statements and Plant-Level Financial Statements to be certified by a Responsible
Officer of the Company as fairly presenting in all material respects the financial condition and results of operations of the Company
and its Subsidiaries or applicable Facility in accordance with GAAP, subject only to normal year-end audit adjustments and the
absence of footnotes; and

 

(4)as soon as available and in any event
within sixty (60) days after the end of each fiscal year, forecasts prepared by management of the Company, in form reasonably
satisfactory to a majority-in-interest of the Qualified Stockholders, of balance sheets, income statements and cash flow statements
on a quarterly basis for the fiscal year following such fiscal year and on an annual basis for each fiscal year thereafter, together
with a budget for the each fiscal quarter and fiscal year, in form reasonably satisfactory to a majority-in-interest of the Qualified
Stockholders (provided, in the event of a conflict between the information that is required to be delivered hereunder and the information
required to be delivered under the Amended and Restated Term Loan Facility, the latter shall control and be delivered pursuant
hereto).

 

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(b)Documents required to be delivered
pursuant to this Section 9.1 may be delivered electronically and if so delivered, shall be deemed to have been delivered on the
date (i) on which the Company posts such documents, or provides a link thereto on the Company’s website on the Internet
at the website address listed on Schedule 10.02 to the Amended and Restated Senior Term Loan Facility; (ii) such information
is filed on EDGAR or the equivalent thereof with the Commission; or (iii) on which such documents are posted on the Company’s
behalf on an Internet or intranet website, if any, to which each Stockholder has access (whether a commercial, third-party website
or whether sponsored by the Administrative Agent); provided, that if any Stockholder so requests, the Company shall provide
such Stockholder, by electronic mail, electronic versions (i.e., soft copies) of the documents required to be delivered
pursuant to this Section 9.1. Each Stockholder shall be solely responsible for requesting delivery to it or maintaining its copies
of such documents.

 

(c)Notwithstanding anything to the contrary
contained herein, all Plant-Level Financial Statements referred to above shall only be delivered to Persons that are (i) subject
to the confidentiality provisions set forth in Article 10 or (ii) NDA Signatories.

 

Section 9.2Other Information. At
any time after the one-year anniversary of the Closing Date, upon the request of one or more Stockholders, with the prior written
approval of the Required Holders, the Company shall provide to such requesting Stockholders the information set forth in Section
6 of the Registration Rights Agreement.

 

Section 9.3Quarterly Operating Call.
Within fifty (50) days of the end of each fiscal quarter, commencing with the first fiscal quarter ending after the date hereof,
the Company shall cause the Chief Executive Officer and Chief Financial Officer of the Company to hold a conference telephone call
with representatives of (a) each Stockholder and (b) any prospective Stockholder that becomes an NDA Signatory to review the financial
condition of the Aventine Companies as reflected in the information furnished pursuant to Section 9.1. The Company shall determine
in each fiscal quarter the date and time for the quarterly operating call to be held in the immediately succeeding fiscal quarter
and shall notify such Stockholders and prospective Stockholders at least ten (10) days prior to the date thereof. The financial
officers of the Company shall prepare a financial package to be electronically delivered to each such Stockholder and prospective
Stockholder (provided, that such package shall not actually be delivered until such prospective Stockholder becomes an NDA Signatory)
at least twenty-four (24) hours prior to each scheduled quarterly operating call. The financial package shall include, among other
things, (i) information furnished pursuant to Section 9.1 and (ii) such other information regarding the Aventine Companies as a
majority-in-interest of the Stockholders may, from time to time, reasonably request.

 

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Article
10

 

TREATMENT OF CERTAIN INFORMATION; CONFIDENTIALITY

 

Section 10.1Non-Disclosure Obligations.

 

(a)Each Stockholder agrees to maintain
the confidentiality of Information, except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, agents, advisors and other representatives with a need to know such Information
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority purporting to have
jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners); provided,
such Stockholder shall provide the Company with prompt notice prior to such disclosure to the extent permitted by law to do so,
(iii) to the extent required by Applicable Law or regulations or by any subpoena or similar legal process, (iv) to any other party
hereto, (v) in connection with the exercise of any remedies hereunder or under any other Equity Document or Financing Document,
any action or proceeding relating to this Agreement or any other Equity Document or Financing Document, the enforcement of rights
hereunder or thereunder or any litigation or proceeding to which such Stockholder or any of its Affiliates may be a party, (vi)
with the written consent of the Company or (vii) to the extent such Information (1) becomes publicly available other than as a
result of a breach of this Article 10 or (2) becomes available to such Stockholder or any of its Affiliates on a nonconfidential
basis from a source (other than another Stockholder) not known by such Stockholder to be bound by a confidentiality duty or obligation.

 

(b)For purposes of this Section, “Information”
means all information received from the Company or any Subsidiary relating to the Company or any Subsidiary or any of their respective
businesses, other than any such information that is available to a Stockholder on a nonconfidential basis prior to disclosure by
the Company or any Subsidiary; provided, that in the case of information received from the Company or any such Subsidiary
after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain
the confidentiality of Information as provided in this Article 10 shall be considered to have complied with its obligation to do
so if such Person has exercised reasonable care to protect such Information, and in no event less than the same degree of care
to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

Section 10.2Restricting Information.
EACH STOCKHOLDER ACKNOWLEDGES THAT UNITED STATES FEDERAL AND STATE SECURITIES LAWS PROHIBIT ANY PERSON WITH MATERIAL, NON-PUBLIC
INFORMATION ABOUT AN ISSUER FROM PURCHASING OR SELLING SECURITIES OF SUCH ISSUER OR, SUBJECT TO CERTAIN LIMITED EXCEPTIONS, FROM
COMMUNICATING SUCH INFORMATION TO ANY OTHER PERSON. EACH STOCKHOLDER AGREES TO COMPLY WITH APPLICABLE LAW AND ITS RESPECTIVE CONTRACTUAL
OBLIGATIONS WITH RESPECT TO CONFIDENTIAL AND MATERIAL NON-PUBLIC INFORMATION. Each Stockholder that is not a Public Stockholder
confirms to the Company that such Stockholder has adopted and will maintain internal policies and procedures reasonably designed
to permit such Stockholder to take delivery of Restricting Information (as defined below) and maintain its compliance with Applicable
Law and its respective contractual obligations with respect to confidential and material non-public information. A Public Stockholder
may elect not to receive Company Materials and Information that contains material non-public information with respect to the Stockholder
or their securities (such Company Materials and Information, collectively, “Restricting Information”), in which
case it will identify itself to the Company as a Public Stockholder. Such Public Stockholder shall not take delivery of Restricting
Information and shall not participate in conversations or other interactions with any other Stockholder concerning the Company
Stock in which Restricting Information is likely to be discussed. The Company, however, shall not, by making any Company Materials
and Information (including Restricting Information) available to a Stockholder (including any Public Stockholder), by participating
in any conversations or other interactions with a Stockholder (including any Public Stockholder) or otherwise, be responsible or
liable in any way for any decision a Stockholder (including any Public Stockholder) may make to limit or to not limit its access
to Company Materials and Information. In particular, the Company shall not have, and hereby disclaims, any duty to ascertain or
inquire as to whether or not a Stockholder (including any Public Stockholder) has elected to receive Restricting Information, such
Stockholder’s policies or procedures regarding the safeguarding of material non-public information or such Stockholder’s
compliance with Applicable Law related thereto. Each Public Stockholder acknowledges that circumstances may arise that require
it to refer to Company Materials and Information that might contain Restricting Information. Accordingly, each Public Stockholder
agrees that it will nominate at least one designee to receive Company Materials and Information (including Restricting Information)
on its behalf and identify such designee (including such designee’s contact information) on such Public Stockholder’s
Administrative Questionnaire (as defined in the Amended and Restated Senior Term Loan Facility). Each Public Stockholder agrees
to notify the Company in writing (including by electronic communication) from time to time of such Public Stockholder’s designee’s
e-mail address to which notice of the availability of Restricting Information may be sent by electronic transmission. Each Public
Stockholder confirms to the Company that such Public Stockholder understands and agrees that the Company and each other Stockholder
may have access to Restricting Information that is not available to such Public Stockholder and that such Public Stockholder has
elected to make its decision to enter into this Agreement and to take or not take action under or based upon this Agreement, any
other Equity Document or any other Financing Document or related agreement knowing that, so long as such Person remains a Public
Stockholder, it does not and will not be provided access to such Restricting Information. Nothing in this Section 10.2 shall modify
or limit a Stockholder’s (including any Public Stockholder) obligations under Section 10.1 with regard to Company Materials
and Information and the maintenance of the confidentiality of or other treatment of Company Materials or Information.

 

    	24

    	 

    

Article
11

 

MISCELLANEOUS

 

Section 11.1Legends. Any certificates
or book-entry records representing Common Stock shall have substantially the following legend endorsed conspicuously thereupon:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO THE STOCKHOLDERS AGREEMENT, DATED AS OF SEPTEMBER 24, 2012, AMONG THE COMPANY AND THE OTHER PARTIES THERETO, A COPY
OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH AGREEMENT. THE HOLDER
OF THIS CERTIFICATE, BY ACCEPTANCE OF THIS CERTIFICATE, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH AGREEMENT, INCLUDING
THE TRANSFER RESTRICTIONS AND THE FORCED SALE PROVISIONS CONTAINED THEREIN.

 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND NO INTEREST HEREIN MAY BE SOLD, OFFERED, ASSIGNED, DISTRIBUTED, PLEDGED
OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING ANY SUCH TRANSACTION
OR (B) THE COMPANY AND ITS COUNSEL ARE OTHERWISE SATISFIED THAT SUCH TRANSACTION IS EXEMPT FROM SUCH REGISTRATION AND IN COMPLIANCE
WITH ALL STATE SECURITIES LAWS.”

 

    	25

    	 

    

The requirement imposed by this Section 11.1 to include the
second paragraph of the legend set forth above shall cease and terminate as to any particular Company Stock (a) when, in the
opinion of legal counsel reasonably satisfactory to the Company, such legend is no longer required in order to assure compliance
by the Company with the Securities Act or (b) when such Company Stock has been effectively registered under the Securities
Act or Transferred pursuant to Rule 144. Wherever (x) such requirement shall cease and terminate as to any Company Stock or (y)
such Company Stock shall be transferable under paragraph (b)(1) of Rule 144, the holder thereof shall be entitled to receive from
the Company, without expense, new certificates not bearing the second paragraph of the legend set forth in this Section 11.1 hereof
(so long as such Stockholder remains a non-affiliate of the Company within the meaning of Rule 144).

 

Section 11.2Stock Transfer Records.
The Company or its duly appointed transfer agent(s) shall maintain a register for the Company Stock, in which it shall register
the issuance and sale of all shares of Company Stock. The Company may issue stop transfer instructions to such agent(s) and make
appropriate notations in its stock transfer records of the restrictions on Transfer provided for in this Agreement. The Company
shall not record any Transfers of shares of Company Stock not made in strict compliance with the terms of this Agreement. Following
the execution and delivery of the Stockholder’s Assent by any Person, the Company shall amend Schedule A hereto to
reflect the admission of such Person as a Stockholder and the ownership of Company Stock by such Person.

 

Section 11.3Successors and Assigns.
Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether
so expressed or not. The rights and obligations of each Stockholder under this Agreement shall be freely assignable in connection
with any Transfer of the Company Stock owned by such Stockholder that is effected. In addition, and whether or not any express
assignment has been made, the provisions of this Agreement which are for each Stockholder’s benefit as a purchaser or holder
of Company Stock are also for the benefit of, and enforceable by, any subsequent holder of such Company Stock in accordance with
the provisions of this Agreement.

 

    	26

    	 

    

Section 11.4Entire Agreement. This
Agreement constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and supersedes
all prior oral and written, and all contemporaneous oral, agreements and understandings relating to the subject matter hereof.

 

Section 11.5Notices. All notices,
requests, demands and other communications which are required or may be given under this Agreement shall be in writing and shall
be deemed to have been duly given if transmitted by telecopier with receipt acknowledged by the recipient, or upon delivery, if
delivered personally or by recognized commercial courier with receipt acknowledged, or upon receipt if mailed by registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

 

 

	 	If to any of the Aventine Companies, at:
	 	 
	 	Aventine Renewable Energy Holdings, Inc.
	 	One Lincoln Centre
	 	5400 LBJ Freeway, Suite 450
	 	Dallas, Texas 75240
	 	Attention:  John Castle
	 	Telephone: (214) 451-6750
	 	Telecopier:  (214) 451-6799
	 	 
	 	with a copy to:
	 	 
	 	Akin Gump Strauss Hauer & Feld LLP
	 	One Bryant Park
	 	New York, New York 10036
	 	Attention:  Ackneil M. Muldrow, III
	 	Telephone:  (212) 872-1064
	 	Telecopier:  (212) 872-1992
	 	 
	 	If to any Investor, to the address set forth on Schedule A hereto
	 	 
	 	with a copy to:
	 	 
	 	Schulte Roth & Zabel LLP
	 	919 Third Avenue
	 	New York, NY 10022
	 	Attention:  Michael Littenberg, Esq.
	 	Attention:  Daniel Oshinsky, Esq.
	 	Telephone: (212) 756-2000
	 	Telecopier: (212) 593-5955
	 	 

or at such other address or addresses as such party may specify
by written notice given in accordance with this Section 11.5.

 

    	27

    	 

    

 

Section 11.6Construction and Interpretation.
The headings in this Agreement are for convenience of reference only, do not constitute a part of this Agreement and are not to
be considered in construing or interpreting this Agreement. All section, preamble, recital, exhibit, schedule, disclosure schedule,
annex, clause and party references contained in this Agreement are to this Agreement unless otherwise stated. Unless the context
of this Agreement clearly requires otherwise, the use of the words “include,” “includes” or “including”
is not limiting and shall be deemed to be followed by “without limitation” and the use of the word “or”
has the inclusive meaning represented by the phrase “and/or.” References in this Agreement to any agreement, other
document or law “as amended” or “as amended from time to time,” or amendments of any document or law, shall
include any amendments, supplements, restatements, replacements, renewals, refinancings or other modifications. Wherever required
by the context of this Agreement, the masculine, feminine and neuter gender shall each include the other. This Agreement has been
negotiated by, and entered into between or among, Persons that are sophisticated and knowledgeable in business matters. Accordingly,
any rule of law or legal decision that would require interpretation of this Agreement against the party that drafted it shall not
be applicable and is irrevocably and unconditionally waived. All provisions of this Agreement shall be construed in accordance
with their fair meaning, and not strictly for or against any party.

 

Section 11.7Severability. If any
provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future Applicable Laws during the
term thereof, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid,
or unenforceable provision had never comprised a part thereof, and the remaining provisions thereof shall remain in full force
and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance therefrom. Furthermore,
in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as a part of this Agreement, a
legal, valid, and enforceable provision as similar in terms to the illegal, invalid, or unenforceable provision as may be possible.

 

Section 11.8Counterparts. This
Agreement may be executed in multiple counterparts with the same effect as if all signing parties had signed the same document.
All counterparts shall be construed together and constitute the same instrument. This Agreement, to the extent signed and delivered
by means of a facsimile machine or electronic delivery (i.e., by email of a PDF signature page), shall be treated in all manner
and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were
the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument,
each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto
or to any such agreement or instrument shall raise the use of a facsimile machine or electronic delivery to deliver a signature
or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine
or by electronic delivery as a defense to the formation or enforceability of a contract and each such party forever waives any
such defense.

 

    	28

    	 

    

Section 11.9Waivers and Amendments.
Neither this Agreement nor any provision hereof may be changed, waived, discharged or terminated orally or by course of dealing,
but only by a statement in writing signed by each of the parties hereto, which change, waiver, discharge or termination shall bind
each such party.

 

Section 11.10Remedies.

 

(a)The Company and each Stockholder
shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any
default hereunder by the Company or any Stockholder. The parties acknowledge and agree that irreparable damage would occur if any
provision of this Agreement were not performed in accordance with the terms hereof and, in addition to any other remedies which
may be available, each of the parties hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement
or to enforce specifically the performance of the terms and provisions hereof and, in addition, to such other equitable remedies
(including preliminary or temporary relief) as may be appropriate in the circumstances.

 

(b)None of the rights, powers or remedies
conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition
to any other right, power or remedy whether conferred by this Agreement or now or hereafter available at law, in equity, by statute
or otherwise.

 

Section 11.11Stockholder Representations.

 

(a)Representations. Each Stockholder
hereby represents and warrants to the Company and the other Stockholders that:

 

(1)he, she or it has full legal capacity,
power and authority to execute and deliver this Agreement and to perform its obligations hereunder and this Agreement has been
duly authorized and delivered by such Stockholder and is the legal, valid and binding obligation of such Stockholder enforceable
against it in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, moratorium, arrangement,
fraudulent transfer or other similar law affecting creditors’ rights generally, and subject to principles of equity;

 

(2)this Agreement has been duly executed
and delivered by such Stockholder and constitutes the legal, valid and binding obligation of such Stockholder, enforceable against
such Stockholder in accordance with its terms;

 

(3)the execution and delivery of this
Agreement by such Stockholder, and the performance by such Stockholder of his or her obligations hereunder, does not and will not
breach or violate (x) such Stockholder’s Organizational Documents, (y) any agreement, instrument or other document to which
such Stockholder is a party or to which such Stockholder’s assets are bound, or (z) any Applicable Laws;

 

    	29

    	 

    

(4)such Stockholder (A) is the sole record
owner of the shares of Company Stock set forth opposite such Stockholder’s name on Schedule A hereto, (B) has good,
valid and marketable title to all such shares, and (C) there exist no Liens, claims, options, proxies, voting agreements, charges
or encumbrances of whatever nature which would restrict the voting of such shares as contemplated hereby; and

 

(5)such Stockholder has carefully read
this Agreement and has had sufficient time and opportunity to consider its terms and to obtain legal advice, if desired, and he
fully understands the final and binding effect of this Agreement.

 

(b)Spousal Consents. Each Stockholder
who is a natural person covenants and agrees that he or she will deliver, upon the execution of this Agreement, a Spousal Consent
to this Agreement, in substantially the form of Exhibit B hereto, duly executed by his or her spouse.

 

Section 11.12Governing Law. IN
ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT
STATE (WITHOUT REGARD TO THE CHOICE OF LAW OR CONFLICTS OF LAW PROVISIONS THEREOF OTHER THAN N.Y. GEN. OBLIG. LAW §5-1401),
EXCEPT TO THE EXTENT THAT THE CORPORATION LAW OF THE STATE OF INCORPORATION OF THE COMPANY MANDATORILY APPLIES.

 

Section 11.13Consent to Jurisdiction
and Venue. THE PARTIES HEREBY CONSENT AND AGREE THAT ALL ADVERSE PROCEEDINGS ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR ANY OTHER EQUITY DOCUMENT SHALL BE TRIED AND LITIGATED IN ANY FEDERAL COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR ANY STATE
COURT LOCATED IN NEW YORK COUNTY, STATE OF NEW YORK, WHICH COURTS SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY AND
ALL CLAIMS, CONTROVERSIES AND DISPUTES ARISING OUT OF THIS AGREEMENT OR ANY OTHER MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT.

 

THE PARTIES HEREBY (A) IRREVOCABLY SUBMIT
TO THE JURISDICTION OF ANY FEDERAL COURT OF THE SOUTHERN DISTRICT OF NEW YORK OR ANY STATE COURT LOCATED IN NEW YORK COUNTY, STATE
OF NEW YORK, AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ADVERSE PROCEEDING COMMENCED IN ANY SUCH COURT, (B) WAIVE ANY RIGHT
THEY MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR ANY OBJECTION THAT SUCH PERSON MAY HAVE BASED UPON LACK
OF PERSONAL JURISDICTION OR IMPROPER VENUE AND (C) CONSENT TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED
APPROPRIATE BY SUCH COURT. THE PARTIES HEREBY WAIVE PERSONAL SERVICE OF THE SUMMONS, COMPLAINT OR OTHER PROCESS ISSUED IN ANY SUCH
ADVERSE PROCEEDING AND AGREE THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
ADDRESSED TO SUCH PARTY AT THE ADDRESS SET FORTH IN Section 11.5 (NOTICES) AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON
THE EARLIER OF SUCH PERSON’S ACTUAL RECEIPT THEREOF OR FIVE (5) DAYS AFTER DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE
PREPAID.

 

    	30

    	 

    

TO THE EXTENT PERMITTED UNDER THE APPLICABLE
LAWS OF ANY SUCH JURISDICTION, THE PARTIES HEREBY EXPRESSLY WAIVE, IN RESPECT OF ANY SUCH ADVERSE PROCEEDING, THE JURISDICTION
OF ANY OTHER COURT OR COURTS THAT NOW OR HEREAFTER, BY REASON OF SUCH PERSON’S PRESENT OR FUTURE DOMICILE, OR OTHERWISE,
MAY BE AVAILABLE TO IT.

 

Section 11.14Termination. (a) The
rights granted to any Stockholder under this Agreement shall terminate as to such Stockholder at such time as such Stockholder
is no longer the beneficial owner of any Company Stock. If this Agreement so terminates, it shall become null and void and have
no further force or effect with respect to such Stockholder. (b) This Agreement shall automatically terminate upon the consummation
by the Company of an Initial Public Offering. If this Agreement so terminates, it shall become null and void and have no further
force or effect.

 

Section 11.15Arbitration.

 

(a)If the Board and the Stockholders
are unable to come to a mutually agreeable determination of “reasonably equivalent value” or “reasonably equivalent
security,” then the value of such shares shall be determined by an appraisal by a nationally recognized investment banking
firm appointed by the Board and approved by the Required Holders. In determining such “reasonably equivalent value”
or “reasonably equivalent security,” the value of shares of the Company shall not be diminished or enhanced because
of the fact that they are not registered for public trading or that they may represent a majority or minority interest, and the
Company shall be valued as an ongoing business. The Company shall instruct the investment banking firm to render its decision as
promptly as practicable (but in no event later than thirty (30) days of the engagement), and such decision shall be final and binding
on the Company and all Stockholders for all purposes under this Agreement. The fees and expenses of the investment banking firm
shall be paid one-half by the Company and one-half by such Stockholders.

 

(b)Except as set forth in Section 11.15(a),
if any dispute, claim or controversy shall arise among the parties hereto as to any issue arising under this Agreement or any instrument
issued in pursuance hereof that has not otherwise been resolved in accordance with the other terms of this Agreement, the same
shall be referred to and settled by the following “arbitration” procedure which may be requested upon the application
of any interested party: it is agreed the arbitration hearings, if any, shall be held in New York, New York, and any such dispute,
claim or controversy shall be referred to and settled by such arbitration before three neutral arbitrators in accordance with the
Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association then in effect (which Rules
are incorporated herein by reference as though set forth at length herein) and any decision, order or finding rendered by the arbitrators
appointed in accordance with such Rules shall be final and conclusive upon the parties hereto and judgment upon the award, finding
or decision rendered may be entered in the court of the forum, state or federal, having jurisdiction. It is expressly agreed between
the parties hereto that whether or not the Rules shall provide for a discovery procedure, such discovery procedure is hereby granted
and permitted in said arbitration proceedings and the parties may apply to the arbitrators for the enforcement of any form of discovery
which would be permitted by the laws of the State of Delaware and their award or decision in respect of such discovery shall be
final and binding.

 

    	31

    	 

    

Section 11.16Waiver of Jury Trial.
BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE COMPANY AND THE INVESTORS WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES),
THE PARTIES HERETO DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, AND UNDERSTANDING THEY ARE WAIVING A CONSTITUTIONAL RIGHT,
EACH PARTY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER IN CONTRACT,
TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

 

 

[REST OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

    	32

    	 

    

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed and delivered by their duly authorized representatives as of the date first written above.

 

 

 

	 	COMPANY
	 	 
	 	AVENTINE RENEWABLE ENERGY

                                                            HOLDINGS, INC., a Delaware corporation

	 	 
	 	By:     /s/ John Castle
	 	John Castle
	 	Chief Executive Officer

 

 

 

 

 

 

 

 

 

[Signature Page to Stockholders Agreement]

    	 

    	 

    

 

 

 

	 	
        EXISTING STOCKHOLDERS

         

         

	 	BRIGADE LEVERAGED CAPITAL

                                         STRUCTURES FUND LTD.

                                                           

                                                          By:  Brigade Capital Management, LLC, 

            its investment manager

                                                           

                                                              By:
                                         /s/ Raymond Luis

                                                          Name:  Raymond Luis

                                                          Title: CFO

	 	 
	 	SEI GLOBAL MASTER FUND
                                         PLC – THE SEI HIGH YIELD FIXED INCOME FUND

                                                           

                                                          By:  Brigade Capital Management, LLC,

                                                                      its portfolio manager

                                                           

                                                              By:
                                         /s/ Raymond Luis

                                                          Name:  Raymond Luis

                                                          Title:  CFO

	 	 
	 	SEI INSTITUTIONAL INVESTMENTS
                                         TRUST – HIGH YIELD BOND FUND

                                                           

                                                          By: Brigade Capital
Management, LLC,

                                                                      its sub-adviser

                                                           

                                                              By:
                                         /s/ Raymond Luis

                                                          Name:  Raymond Luis

                                                          Title:  CFO

	 	 
	 	SEI INSTITUTIONAL MANAGED
                                         TRUST – HIGH YIELD BOND FUND

                                                           

                                                          By:  Brigade Capital Management, LLC,

                                                                      its sub-adviser

                                                           

                                                              By:
                                         /s/ Raymond Luis

                                                          Name:  Raymond Luis

                                                          Title:  CFO

 

 

 

 

[Signature Page to
Stockholders Agreement]

  

    	 

    	 

    

 

	 	 
	 	DAVID KEMPNER PARTNERS

                                                           

                                                          By:  MHD Management Co., its general partner

                                                          By:  MHD Management Co. GP, L.L.C., its general

                                                                      partner

                                                              By:
                                         /s/ Avram Z. Friedman

                                                          Name:  Avram Z. Friedman

                                                          Title:  Managing Member

	 	 
	 	DAVIDSON KEMPNER INSTITUTIONAL
                                         PARTNERS, L.P.

                                                           

                                                          By:  Davidson Kempner Advisers, Inc.,

                                                                      its general partner

                                                           

                                                              By:
                                         /s/ Avram Z. Friedman

                                                          Name:  Avram Z. Friedman

                                                          Title:  Principal

	 	 
	 	M.H. DAVIDSON & CO.

                                                           

                                                          By:  M.H. Davidson &  Co., L.L.C.,

                                                                      its general partner

                                                           

                                                              By:
                                         /s/ Avram Z. Friedman

                                                          Name:  Avram Z. Friedman

                                                          Title:  Managing Member

	 	 
	 	DAVIDSON KEMPNER INTERNATIONAL,
                                         LTD.

                                                           

                                                          By:  Davidson Kempner International Advisors, L.L.C., its Investment Manager

                                                           

                                                              By:
                                         /s/ Avram Z. Friedman

                                                          Name:  Avram Z. Friedman

                                                          Title:  Managing Member

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	 	 
	 	DAVIDSON KEMPNER DISTRESSED
                                         OPPORTUNITIES FUND LP

                                                           

                                                          By:  DK Group LLC,

                                                                      its general partner

                                                           

                                                              By:
                                         /s/ Avram Z. Friedman

                                                          Name:  Avram Z. Friedman

                                                          Title:  Managing Member

	 	 
	 	DAVIDSON KEMPNER DISTRESSED
                                         OPPORTUNITIES INTERNATIONAL LTD.

                                                           

                                                          By:  DK Management Partners LP,

                                                                      its Investment Manager

                                                           

                                                              By:
                                         /s/ Avram Z. Friedman

                                                          Name:  Avram Z. Friedman

                                                          Title:  Limited Partner

	 	 

 

 

[Signature Page to
Stockholders Agreement]

 

    	 

    	 

    

 

	 	 
	 	DW INVESTMENT MANAGEMENT,
                                         LP

                                                           

                                                          By:  DW Investment Partners, LLC,

                                                                      its general partner

                                                           

                                                              By:
                                         /s/ David Warren

                                                          Name:  David Warren

                                                          Title:  Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	 	 
	 	SENATOR GLOBAL OPPORTUNITY
                                         MASTER FUND L.P.

                                                           

                                                          By:  Senator Master GP LLC,

                                                                      its general partner

                                                           

                                                              By:
                                         /s/ Evan Gartenlaub

                                                          Name:  Evan Gartenlaub

                                                          Title:  General Counsel

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	LJR CAPITAL L.P.
	 
	By:	
         

        /s/ Lawrence B. Gill

	 	
        Name: Lawrence B. Gill

        Title: Authorized Signatory

         

	 	 
	 	 
	ALJ CAPITAL I, L.P.
	 
	By:	
         

        /s/ Lawrence B. Gill

	 	
        Name: Lawrence B. Gill

        Title: Authorized Signatory

         

	 	 
	 	 
	ALJ CAPITAL II, L.P.
	 
	By:	
         

        /s/ Lawrence B. Gill

	 	
        Name: Lawrence B. Gill

        Title: Authorized Signatory

         

	 	 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

 

 

	ALLIANCEBERNSTEIN STRATEGIC OPPORTUNITIES FUND, L.P.
	 
	By:	
        AllianceBernstein, L.P.,

        as Investment Adviser

         

        /s/ Jack Kelley

	 	
        Name: Jack Kelley

        Title: SVP

         

 

 

 

	ALLIANCEBERNSTEIN EVENT DRIVEN OPPORTUNITIES FUND (DELAWARE), L.P.
	 
	By:	
        AllianceBernstein, L.P.,

        as Investment Adviser

         

        /s/ Jack Kelley

	 	
        Name: Jack Kelley

        Title: SVP

         

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	ALTAI CAPITAL MASTER FUND, LTD.
	 
	By:	
        Altai Capital Management, L.P.,

        as Investment Adviser

         

        /s/ Toby E. Symonds

	 	
        Name: Toby E. Symonds

        Title:    Managing Principal
        of the Investment Adviser to Altai Capital Master Fund, Ltd.

         

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	APOLLO INVESTMENT CORPORATION
	 
	By:	Apollo Investment Management, L.P., as Advisor
	By:	ACC Management, LLC, as its General Partner
	 	
         

        /s/ Ted J. Goldthorpe

	 	
        Name:  Ted
        J. Goldthorpe

        Title:    Chief
        Investment Officer

         

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	CREDIT SUISSE SECURITIES (USA) LLC
	 
	By:	
         

        /s/ Michael Wotanowski         

	 	
        Name: Michael Wotanowski

        Title: Authorized Signatory

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	MIDTOWN ACQUISITIONS L.P.
	
         

        By: Midtown Acquisitions GP LLC, its general partner

	
         

         
	
         

        /s/ Avram Z. Friedman           

	 	
        Name:  Avram
        Z. Friedman

        Title:    Manager

         

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	MACQUARIE CAPITAL (USA) INC.
	 
	By:	
         

        /s/ Robert M. Perdock         

	 	
        Name:  Robert
        M. Perdock

        Title:    Managing
        Director

         

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	REDWOOD MASTER FUND, LTD.
	 
	By:	
        REDWOOD CAPITAL MANAGEMENT, LLC,

        its Investment Advisor

         

        /s/ Jed Nussbaum

	 	
        Name: Jed Nussbaum

        Title: Authorized Signatory

         

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	ROCHDALE FIXED INCOME PORTFOLIOS
	 
	By:	
        Seix Investment Advisors LLC,

        in its capacity as Sub-Adviser

         

        /s/ George Goudelias

	 	
        Name: George Goudelias

        Title: Managing Director

         

	 
	RIDGEWORTH SEIX FLOATING RATE HIGH INCOME FUND
	 
	By:	
        Seix Investment Advisors LLC,

        in its capacity as Sub-Adviser

         

        /s/ George Goudelias

	 	
        Name: George Goudelias

        Title: Managing Director

         

	 
	RIDGEWORTH HIGH INCOME FUND
	 
	By:	
        Seix Investment Advisors LLC

        in its capacity as Sub-Adviser

         

        /s/ Brian Nold

	 	
        Name: Brian Nold

        Title: Managing Director

         

	 
	SEIX MULTI-SECTOR ABSOLUTE RETURN FUND LP
	 
	By:	
        Seix Investment Advisors LLC,

        in its capacity as Investment Manager

         

        /s/ Michael Kirkpatrick

	 	
        Name: Michael Kirkpatrick

        Title: Managing Director

         

	 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	UNIVERSITY OF ROCHESTER
	 
	By:	
        Seix Investment Advisors LLC,

        in its capacity as Investment Manager

         

        /s/ George Goudelias

	 	
        Name: George Goudelias

        Title: Managing Director

         

 

 

 

 

 

 

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

	TPG CREDIT OPPORTUNITIES INVESTORS, L.P.
	 
	By:	
        TPG Credit Opportunities Fund GP, L.P.

        Its General Partner

         

        /s/ Julie K. Braun

	 	
        Name: Julie K. Braun

        Title: Vice President

         

 

	TPG CREDIT STRATEGIES FUND, L.P.
	 
	By:	
        TPG Credit Strategies GP, L.P.

        Its General Partner

         

        /s/ Julie K. Braun

	 	
        Name: Julie K. Braun

        Title: Vice President

         

 

 

	TPG CREDIT STRATEGIES FUND II, L.P.
	 
	By:	
        TPG Credit Strategies II GP., L.P.

        Its General Partner

         

        /s/ Julie K. Braun

	 	
        Name: Julie K. Braun

        Title: Vice President

         

 

 

	TCS II OPPORTUNITIES, L.P.
	 
	By:	
        TPG Credit Strategies II GP, L.P.

        Its General Partner

         

        /s/ Julie K. Braun

	 	
        Name: Julie K. Braun

        Title: Vice President

         

 

 

	TPG CREDIT OPPORTUNITIES FUND L.P.
	 
	By:	
        TPG Credit Opportunities Fund GP, LP

        Its General Partner

         

        /s/ Julie K. Braun

	 	
        Name: Julie K. Braun

        Title: Vice President

         

 

 

 

 

[Signature Page to
Stockholders Agreement]

    	 

    	 

    

 

SCHEDULE A

 

EQUITY
OWNERSHIP

 

Existing Stockholders 

 

	 	Name	Address and 

Facsimile	Type of

 Company Stock	Number and 

Shares of

 Company Stock	Percentage of

 Company Stock

 (On a Fully-

Diluted Basis)
	DK Partners	65 East 55th Street, 19th Floor, New York, NY 10022	 	 	 
	 	Davidson Kempner Partners	 	Common Stock	796	0.0336779399%
	 	Davidson Kempner Institutional Partners, L.P.	 	Common Stock	1,777	0.0751830392%
	 	M.H. Davidson & Co.	 	Common Stock	117	0.0049501495%
	 	Davidson Kempner International, Ltd.	 	Common Stock	2,026	0.0857179726%
	 	Davidson Kempner Distressed Opportunities Fund LP	 	Common Stock	3,967	0.1678396829%
	 	Davidson Kempner Distressed Opportunities International Ltd.	 	Common Stock	6,889	0.2914664924%
	Brigade Capital Management	399 Park Avenue, 16th Floor, New York, New York 10022	 	 	 
	 	Brigade Leveraged Capital Structures Fund Ltd.	 	Common Stock	37,467	1.5851901682%
	 	SEI Global Master Fund PLC - The SEI High Yield Fixed Income Fund	 	Common Stock	371	0.0156966278%
	 	SEI Institutional Investments Trust - High Yield Bond Fund	 	Common Stock	1,334	0.0564401656%
	 	SEI Institutional Managed Trust - High Yield Bond Fund	 	Common Stock	1,411	0.0596979563%

 

    	Schedule A

    	 

    

 

	DW Investment Partners	55 Baker Street, London W1U 8EW	 	 	 
	 	Brevan Howard Master Fund Limited	 	Common Stock	15,142	0.6406424194%
	 	Brevan Howard Credit Catalysts Master Fund Limited	 	Common Stock	12,285	0.5197656929%
	Senator Investment Group	510 Madison Avenue, 28th Floor, New York, New York 10022	 	 	 
	 	Senator Global Opportunity Master Fund, L.P.	 	Common Stock	23,049	0.9751794429%

 

Investors 

	 	Name 	Address and 

Facsimile	Type of 

Company Stock	Number and 

Shares of

 Company Stock	Percentage of 

Company Stock 

(On a Fully-

Diluted Basis)
	ALJ Capital	
        6300 Wilshire Blvd., Suite 700, 

        Los Angeles, CA 90048
	 	 	 
	 	ALJ Capital I, L.P.	 	Common Stock	9,018	0.3815422889%
	 	ALJ Capital II, L.P.	 	Common Stock	49,133	2.0787666089%
	 	LJR Capital L.P.	 	Common Stock	47,195	1.9967718256%
	Alliance Capital	1345 Avenue of the Americas, New York, NY 10105	 	 	 
	 	AllianceBernstein Event Driven Opportunities Fund (Delaware), L.P.	 	Common Stock	10,468	0.4428902950%
	 	AllianceBernstein Strategic Opportunities Fund, L.P. 	 	Common Stock	26,007	1.1003293753%

 

    	Schedule A

    	 

    

 

	Altai Capital Management	152 West 57th Street, 10th Floor, New York, NY 10019	 	 	 
	 	Altai Capital Master Fund, Ltd.	 	Common Stock	72,636	3.0731543241%
	Apollo / Stone Tower	9 West 57TH Street, 37th Floor, New York, NY 10019	 	 	 
	 	Apollo Investment Corporation	 	Common Stock	262,036	11.0864731877%
	Credit Suisse	11 Madison Ave., New York, NY 10010	 	 	 
	 	Credit Suisse Securities (USA) LLC	 	Common Stock	10,377	0.4390401787%
	DK Partners	65 East 55th Street, 19th Floor, New York, NY 10022	 	 	 
	 	Midtown Acquisitions L.P. 	 	Common Stock	627,982	26.5692714184%
	Macquarie Group	125 West 55th Street, New York, NY 10019	 	 	 
	 	Macquarie Capital (USA) Inc.	 	Common Stock	150,786	6.3796003072%
	Redwood Capital Management	910 Sylvan Ave., Englewood Cliffs, NJ 07632	 	 	 
	 	Redwood Master Fund, Ltd. 	 	Common Stock	249,709	10.5649305181%

 

    	Schedule A

    	 

    

 

	Seix Advisors	
        10 Mountainview Road, Suite C-200, 

        Upper Saddle River, NJ 07458
	 	 	 
	 	Ridgeworth Seix Floating Rate High Income Fund	 	Common Stock	69,044	2.9211805049%
	 	Ridgeworth High Income Fund	 	Common Stock	52,979	2.2414869064%
	 	Rochdale Fixed Income Portfolios 	 	Common Stock	3,837	0.1623395168%
	 	Seix Multi-Sector Absolute Return Fund LP	 	Common Stock	4,857	0.2054946659%
	 	University of Rochester 	 	Common Stock	486	0.0205621593%
	Senator Investment Group	 	 	 	 
	 	Senator Global Opportunity Master Fund L.P.	 	Common Stock	83,013	3.5121945028%
	TPG	4600 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402	 	 	 
	 	TCS II Opportunities, L.P.	 	Common Stock	19,635	0.8307366203%
	 	TPG Credit Opportunities Fund L.P. 	 	Common Stock	46,467	1.9659708957%
	 	TPG Credit Opportunities Investors, L.P. 	 	Common Stock	51,883	2.1951162756%
	 	TPG Credit Strategies Fund II, L.P.	 	Common Stock	307,620	13.0150852632%
	 	TPG Credit Strategies Fund, L.P.	 	Common Stock	31,130	1.3170782272%

 

 

    	Schedule A

    	 

    

 

 

EXHIBIT
A

STOCKHOLDER’S ASSENT

The undersigned hereby assents to the Stockholders
Agreement, dated as of September 24, 2012 (the “Agreement”), by and among Aventine Renewable Energy Holdings,
Inc. a Delaware corporation, and certain other parties named therein, as such Agreement may be amended from time to time, and hereby
agrees to become a party to such Agreement and be bound by all of the applicable terms and provisions thereof as fully as if the
undersigned had been named as an original party in such Agreement.

	Executed as of 	 
	 	 	 
	 	 	[Transferee’s Signature]
	Print Name and Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Exhibit A

    	 

    	 

    

 

EXHIBIT
B

SPOUSAL
CONSENT

The undersigned is the spouse of __________________________,
one of the individuals who has executed, delivered and agreed to be bound by the Stockholders Agreement, dated as of September
24, 2012 (the “Agreement”), by and among Aventine Renewable Energy Holdings, Inc., a Delaware corporation, and
certain other parties named therein. The undersigned hereby acknowledges that he or she has read and understands the terms and
other provisions of the Agreement. Further, the undersigned hereby consents to, approves of and agrees to be bound by the terms
and other provisions of the Agreement for all purposes as if he or she were a party thereto, including in order to bind any community
property interest she has or may have in any Selling Stockholder Shares owned by him or her and his or her spouse that is the subject
of the Agreement.

 

 

	 	 
	 	[Name]

 

 

 

 

 

 

 

Exhibit B

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