Document:

Exhibit
4.6

    
      	
                

            

    

     

    BIOFUEL
ENERGY CORP.,

     

    MELLON
INVESTOR SERVICES LLC, as Depositary,

     

    and

     

    THE
HOLDERS FROM TIME TO TIME OF THE DEPOSITARY SHARES DESCRIBED HEREIN 

      
        

      

    

     

    Deposit
Agreement 

      

    

     

    Dated
as of [          ],
201[  ]

    

    
      	
                

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      DEPOSIT
AGREEMENT dated as of
[          ],
201[  ], among BIOFUEL ENERGY CORP., a corporation duly organized and
existing under the laws of the State of Delaware, MELLON INVESTOR SERVICES LLC
(operating with the service name BNY Mellon Shareowner Services), a limited
liability company existing under the laws of the State of New Jersey, and the
holders from time to time of the Depositary Shares (as hereinafter defined)
described herein.

       

      WHEREAS
it is desired to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit from time to time of shares of Series A Non-Voting Convertible
Preferred Stock, $0.01 par value, of BIOFUEL ENERGY CORP. with the Depositary
(as hereinafter defined) for the purposes set forth in this Deposit Agreement
and for the issuance hereunder of Receipts (as hereinafter defined) evidencing
Depositary Shares (as hereinafter defined) in respect of the Stock (as
hereinafter defined) so deposited;

       

      WHEREAS
the Receipts are to be substantially in the form of Exhibit A attached hereto,
with appropriate insertions, modifications and omissions, as hereinafter
provided in this Deposit Agreement; and

       

      WHEREAS,
the terms and conditions of the Conversion (as hereinafter defined) of the Stock
(as hereinafter defined) are set forth in the Certificate of Designations (as
hereinafter defined) attached hereto as Exhibit B;

       

      NOW,
THEREFORE, in consideration of the promises and mutual covenants set forth
herein, the parties hereto agree as follows:

       

      ARTICLE
I

       

      Definitions

       

      The
following definitions shall for all purposes, unless otherwise indicated, apply
to the respective terms used in this Deposit Agreement and the
Receipts:

       

      “Certificate of
Designations” shall mean the Certificate of Designations filed with the
Secretary of State of Delaware establishing the Stock as a series of preferred
stock of the Company substantially in the form of Exhibit A.

       

      “Certificate of
Incorporation” shall mean the Amended and Restated Certificate of
Incorporation, as amended from time to time, of the Company.

       

      “Common Stock” shall
mean the common stock, par value $0.01 per share, of the Company.

       

      “Company” shall mean
BioFuel Energy Corp., a Delaware corporation having its principal office at 1600
Broadway, Suite 2200, Denver, Colorado 80202, and its successors.

       

      
        
           

        

        
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      “Conversion” shall
mean the automatic conversion of the Stock into shares of Common Stock pursuant
to, and in accordance with, Section 5 of the Certificate of Designations on the
Conversion Date.

       

      “Conversion Date”
shall have the meaning set forth in the Certificate of
Designations.

       

      “Deposit Agreement”
shall mean this Deposit Agreement, as amended or supplemented from time to time
in accordance with the terms hereof.

       

      “Depositary” shall
mean Mellon Investor Services LLC, or any successor as Depositary
hereunder.

       

      “Depositary Shares”
shall mean depositary shares, each representing a
[          ] fractional
interest in one share of Stock and evidenced by a Receipt.

       

      “Depositary’s Agent”
shall mean an agent appointed by the Depositary pursuant to
Section 7.05.

       

      “Depositary’s Office”
shall mean the designated office of the Depositary which at any particular time
its depositary receipt business shall be administered.

       

      “DTC” shall mean The
Depository Trust Company.

       

      “DTC Receipt” shall
have the meaning set forth in Section 2.01.

       

      “Per Share Closing
Price” shall mean the closing sale price per share (or if no closing
price is reported, the average of the closing bid and ask prices or, if more
than one in either case, the average of the average closing bid and the average
closing ask prices) on such date as reported on The Nasdaq Global Market (or
such other principal national securities exchange on which the Common Stock is
then listed or authorized for quotation or, if not so listed or authorized for
quotation, the average of the midpoint of the last bid and ask prices for the
Common Stock on the relevant date from each of at least three nationally
recognized independent investment banking firms selected by the Company for this
purpose).

       

      “Receipt” shall mean
one of the depositary receipts issued hereunder to evidence one or more
Depositary Shares, whether in definitive or temporary form evidencing the
Depositary Shares substantially in the form of Exhibit B.

       

      “Record Holder” as
applied with respect to a Receipt shall mean the person in whose name a Receipt
is registered on the books of the Depositary maintained for such
purpose.

       

      “Registrar” shall mean
Mellon Investor Services LLC, or any successor as Registrar
hereunder.

       

      “Stock” shall mean
shares of the Company’s Series A Non-Voting Convertible Preferred Stock, $0.01
par value.

       

      
        
           

        

        
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      ARTICLE
II

       

      Form of Receipts, Deposit of
Stock, Execution and Delivery,

      Transfer, Surrender and
Redemption of Receipts

       

      SECTION
2.01.  Form
and Transfer of Receipts.  Except as provided herein, if
requested by any holder, definitive Receipts shall be printed and shall be
substantially in the form set forth in Exhibit A annexed to this Deposit
Agreement, in each case with appropriate insertions, modifications and
omissions, as hereinafter provided (but which do not affect the rights or duties
of the Depositary). Pending the preparation of definitive Receipts, the
Depositary, upon, and pursuant to, the written order of the Company delivered in
compliance with Section 2.02, shall be authorized and instructed to, and
shall, execute and deliver temporary Receipts which shall be substantially of
the tenor of the definitive Receipts in lieu of which they are issued and in
each case with such appropriate insertions, omissions, substitutions and other
variations as the persons executing such Receipts may determine (but which do
not affect the rights or duties of the Depositary), as evidenced by their
execution of such Receipts. If temporary Receipts are issued, the Company will
cause definitive Receipts to be prepared without unreasonable delay. After the
preparation of definitive Receipts, the temporary Receipts shall be exchangeable
for definitive Receipts upon surrender of the temporary Receipts at the
Depositary’s Office, or such other office as the Depositary may designate,
without charge to the holder. Upon surrender for cancellation of any one or more
temporary Receipts, the Depositary is hereby authorized and instructed to, and
shall, execute and deliver in exchange therefor definitive Receipts representing
the same number of Depositary Shares as are represented by the surrendered
temporary Receipt or Receipts. Such exchange shall be made at the Company’s
expense and without any charge therefor. Until so exchanged, the temporary
Receipts shall in all respects be entitled to the same benefits under this
Deposit Agreement, and with respect to the Stock, as definitive
Receipts.

       

      Receipts
shall be executed by the Depositary by the manual or facsimile signature of a
duly authorized signatory of the Depositary; provided, that if a Registrar for
the Receipts (other than the Depositary) shall have been appointed, by manual or
facsimile signature of a duly authorized signatory of such
Registrar.  No Receipt shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose unless it shall have
been executed, either manually or by facsimile, by a duly authorized signatory
of the Depositary or, if a Registrar for the Receipts (other than the
Depositary) shall have been appointed, by manual or facsimile signature of a
duly authorized officer of the Depositary and countersigned by a duly authorized
signatory of such Registrar. The Depositary shall record on its books each
Receipt executed as provided above and delivered as hereinafter
provided.

       

      Receipts
shall be in denominations of any number of whole Depositary Shares. All Receipts
shall be dated the date of their issuance.

       

      Receipts
may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit
Agreement as may be required by the Depositary and approved by the Company, or
which the Company has determined are required to comply with any applicable law
or regulation or with the rules and regulations of any securities exchange upon
which the Stock, the Depositary Shares or the Receipts may be listed for trading
or to conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Receipts are subject, in
each case as directed by the Company.

       

      
        
           

        

        
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      Title to
any Receipt (and to the Depositary Shares evidenced by such Receipt) that is
properly endorsed, or accompanied by a properly executed instrument of transfer,
or endorsement shall be transferable by delivery with the same effect as in the
case of a negotiable instrument; provided, however, that until transfer of a
Receipt shall be registered on the books of the Depositary as provided in
Section 2.03, the Depositary may, notwithstanding any notice to the
contrary, treat the Record Holder thereof at such time as the absolute owner
thereof for the purpose of determining the person entitled to distributions of
dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes.

       

      Notwithstanding
the foregoing, the Depositary and the Company will make application to DTC for
acceptance of all of the Receipts for its book-entry settlement system. The
Company hereby appoints the Depositary acting through any authorized officer
thereof as its attorney-in fact, with full power to delegate, for purposes of
executing any agreements, certifications or other instruments or documents
necessary or desirable in order to effect the acceptance of such Receipts for
DTC eligibility. So long as the Receipts are eligible for book-entry settlement
with DTC, unless otherwise required by law, all Depositary Shares shall be
traded with book-entry settlement through DTC and shall be represented by a
single receipt (the “DTC Receipt”), which
shall be deposited with DTC (or its custodian) evidencing all such Depositary
Shares and registered in the name of the nominee of DTC (initially expected to
be Cede & Co.). The DTC Receipt shall be in such form and shall bear such
legend or legends as may be appropriate or required by DTC in order for it to
accept the Depositary Shares for its book-entry settlement system. The Bank of
New York Mellon or such other entity as is agreed to by DTC will hold the DTC
Receipt as custodian for DTC. Ownership of beneficial interests in the DTC
Receipt shall be shown on, and the transfer of such ownership shall be effected
through, records maintained by (i) DTC or its nominee for such DTC Receipt or
(ii) institutions that have accounts with DTC.

       

      Interests
in the DTC Receipt shall be exchangeable for definitive Receipts only if (i) DTC
notifies the Company at any time that it is unwilling or unable to continue to
make its book-entry settlement system available for the Receipts and a successor
to DTC is not appointed by the Company within 90 days of the date the Company is
so informed in writing or (ii) DTC notifies the Company at any time that it has
ceased to be a clearing agency registered under applicable law and a successor
to DTC is not appointed by the Company within 90 days of the date the Company is
so informed in writing. The Company shall provide written notice to the
Depositary upon receipt of a notice described in clause (i) or (ii) of the
preceding sentence. Until such written notice is received by the Depositary, the
Depositary may presume conclusively for all purposes that the events described
in clause (i) and (ii) of the first sentence of this paragraph have not
occurred. If the beneficial owners of interests in Depositary Shares are
entitled to exchange such interests for definitive Receipts as the result of an
event described in clause (i), or (ii) of the first sentence of this paragraph,
then without unnecessary delay, the Depositary is hereby directed to and shall
provide written instructions to DTC to deliver to the Depositary for
cancellation the DTC Receipt, and the Company shall instruct the Depositary in
writing to execute and deliver to the beneficial owners of the Depositary Shares
previously evidenced by the DTC Receipt definitive Receipts in physical form
evidencing such Depositary Shares.

       

      
        
           

        

        
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      Notwithstanding
any other provision herein to the contrary (including Section 4.03), delivery of
shares of Common Stock and other property in connection with the Conversion and
subsequent distribution to the holders of the Depositary Shares will be made
through DTC and in accordance with its procedures, unless the holder of the
relevant Receipt otherwise requests and such request is reasonably acceptable to
the Depositary and the Company. Upon the Conversion, if requested by the holder
of the relevant Receipt, the Company shall take any action reasonably requested
by DTC in order for the securities issuable upon the Conversion to be eligible
for settlement in DTC’s book-entry system.

       

      SECTION
2.02.  Deposit of Stock; Execution
and Delivery of Receipts in Respect Thereof.  Subject to the
terms and conditions of this Deposit Agreement, the Company may from time to
time deposit shares of Stock under this Deposit Agreement by delivery to the
Depositary of a certificate or certificates for the Stock to be deposited,
properly endorsed or accompanied, if required by the Depositary, by a duly
executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required by the
Depositary in accordance with the provisions of this Deposit Agreement, and
together with a written order of the Company directing the Depositary to execute
and deliver to, or upon the written order of, the person or persons stated in
such order a Receipt or Receipts for the number of Depositary Shares
representing interests in such deposited Stock.  The Company hereby
appoints the Registrar as registrar for the Stock deposited hereunder and the
Registrar hereby accepts such appointment.

       

      The
deposited Stock shall be held by the Depositary at the Depositary’s Office or at
such other place or places as the Depositary shall determine.

       

      If
required by the Depositary, Stock presented for deposit by the Company at any
time shall also be accompanied by an agreement or assignment, or other
instrument reasonably satisfactory to the Depositary, that will provide for the
prompt transfer to the Depositary or its nominee of any dividend or right to
subscribe for additional Stock or to receive other property that any person in
whose name the Stock is or has been registered may thereafter receive upon or in
respect of such deposited Stock, or in lieu thereof such agreement of indemnity
or other agreement as shall be satisfactory to the Depositary.

       

      Upon
receipt by the Depositary of a certificate or certificates for Stock deposited
in accordance with the provisions of this Section, together with the other
documents required as above specified, and upon receipt of sufficient evidence
by the Depositary of the recordation of the Stock on the books of the Company
(or its duly approved transfer agent) in the name of the Depositary or its
nominee, the Depositary, subject to the terms and conditions of this Deposit
Agreement (including the DTC provisions set forth in Section 2.01 and the single
DTC Receipt contemplated therein), shall execute and deliver, to or upon the
order of the person or persons named in the written order delivered to the
Depositary, a Receipt or Receipts for the number of Depositary Shares
representing the Stock so deposited and registered in such name or names as may
be requested by such person or persons. The Depositary shall execute and deliver
such Receipt or Receipts at the Depositary’s Office or such other offices, if
any, as the Depositary may designate. Delivery at other offices shall be at the
risk and expense of the person requesting such delivery. However, in each case,
such delivery will be made only upon payment to the Depositary of all taxes and
charges and fees payable by the depositor, as provided in
Section 5.07.

       

      
        
           

        

        
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      The
Company shall deliver to the Depositary from time to time such quantities of
Receipts as the Depositary may request to enable the Depositary to perform its
obligations under this Deposit Agreement.

       

      SECTION
2.03.  Registration and Transfer of
Receipts.  Subject to the terms and conditions of this Deposit
Agreement (including the DTC provisions set forth in Section 2.01 and the single
DTC Receipt contemplated therein and the payment of the fees of the Depositary
as provided in Section 5.07), the Registrar shall register on its books from
time to time transfers of Receipts upon any surrender thereof by the holder in
person or by a duly authorized attorney, agent or representative properly
endorsed or accompanied by a properly executed instrument of transfer or
endorsement, together with evidence of payment by the applicable party of any
taxes or charges a may be required by law. Thereupon the Depositary shall
execute a new Receipt or Receipts evidencing the same aggregate number of
Depositary Shares as those evidenced by the Receipt or Receipts surrendered and
deliver such new Receipt or Receipts to or upon the order of the person entitled
thereto.

       

      Notwithstanding
anything contained in this Deposit Agreement to the contrary, neither the
Depositary nor the Registrar shall have any duty or obligation under any section
of this Deposit Agreement which requires the payment of taxes or charges unless
and until it is satisfied that all such taxes and/or charges have been
satisfied.

       

      SECTION
2.04.  Split-ups and Combinations
of Receipts and Surrender of Receipts.  Upon surrender of a
Receipt or Receipts at the Depositary’s Office or at such other offices as it
may designate for the purpose of effecting a split-up or combination of such
Receipt or Receipts, and the receipt by it of all necessary information and
documents, subject to the terms and conditions of this Deposit Agreement
(including the DTC provisions set forth in Section 2.01 and the single DTC
Receipt contemplated therein), upon receipt by the Depositary of any required
certification and a written order of the Company, the Depositary shall execute
and deliver a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the same aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered.

       

      Holders
of Receipts shall have no rights to withdraw the shares of Stock represented by
the Depositary Shares.

       

      SECTION
2.05.  Limitations on Execution and
Delivery, Transfer, Surrender and Exchange of Receipts.  As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any
of the Depositary’s Agents or the Company, subject to the terms and conditions
of this Deposit Agreement (including the DTC provisions set forth in Section
2.01 and the single DTC Receipt contemplated therein), may require any or all of
the following:  (i) payment to it of a sum sufficient for the
payment (or, in the event that the Depositary or the Company shall have made
such payment, the reimbursement to it) of any tax or other charges and stock
transfer or registration fee payable pursuant to Section 5.07 with respect
thereto (including any such tax or charge with respect to the Stock being
deposited or withdrawn); (ii) the production of proof satisfactory to it as to
the identity and genuineness of any signature (or the authority of any
signature); and (iii) compliance with such regulations, if any, as the
Depositary or the Company may establish consistent with the provisions of this
Deposit Agreement, applicable law and/or as may be required by any securities
exchange on which the Stock, Depositary Shares or the Receipts may be included
for quotation or listing.

       

      
        
           

        

        
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      The
deposit of Stock may be refused, the delivery of Receipts against Stock may be
suspended, the registration of transfer of Receipts may be refused and the
registration of transfer, surrender or exchange of outstanding Receipts may be
suspended (i) during any period when the register of stockholders of the
Company is closed or (ii) if any such action is deemed necessary or
advisable by the Depositary, any of the Depositary’s Agents or the Company at
any time or from time to time because of any requirement of law or of any
government or governmental body or commission or under any provision of this
Deposit Agreement.

       

      SECTION
2.06.  Lost
Receipts, etc.  Subject to the terms and conditions of this
Deposit Agreement (including the DTC provisions set forth in Section 2.01 and
the single DTC Receipt contemplated therein), in case any Receipt shall be
mutilated and surrendered to the Depositary or destroyed or lost or stolen, the
Depositary shall execute and deliver a Receipt of like form and tenor in
exchange and substitution for such mutilated Receipt or in lieu of and in
substitution for such destroyed, lost or stolen Receipt. Before the Depositary
shall execute and deliver a new Receipt in substitution for a destroyed, lost or
stolen Receipt, the holder thereof shall have (i) delivered to the Depositary
(a) a request for such execution and delivery prior to the Depositary having
received notice that the Receipt has been acquired by a bona fide purchaser, (b)
evidence satisfactory to the Depositary of such destruction, loss or theft of
such Receipt and of ownership thereof and (c) indemnification satisfactory to
the Depositary and (ii) satisfied any other reasonable requirements imposed by
the Depositary.

       

      ARTICLE
III

       

      Certain Obligations of the
Holders

      of Receipts and the
Company

       

      SECTION
3.01.  Filing Proofs, Certificates
and Other Information.  Any holder of a Receipt may be required
from time to time to file with the Depositary such proof of residence, guarantee
of signature or other matters or other information, to execute such certificates
and to make such representations and warranties as the Depositary may reasonably
deem necessary or proper or the Company may reasonably require by written
request to Depositary. The Depositary or the Company may withhold or delay the
delivery of any Receipt, or delay the registration of transfer or exchange, of
any Receipt or the distribution of any dividend or other distribution or the
sale of any property or rights or of the proceeds thereof until such proof or
other information is filed or such certificates are executed or such
representations and warranties are made.

       

      
        
           

        

        
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      SECTION
3.02.  Payment of Taxes or Other
Governmental Charges.  Holders of Receipts shall be obligated
to make payments to the Depositary of certain charges and expenses, as provided
in Section 5.07. Registration of transfer of any Receipt and all money or
other property, if any, represented by the Depositary Shares evidenced by such
Receipt may be refused until any such payment due is made, and any dividends,
interest payments or other distributions may be withheld or all or any part of
the Stock or other property represented by the Depositary Shares evidenced by
such Receipt and not theretofore sold may be sold for the account of the holder
thereof (after attempting by reasonable means to notify such holder prior to
such sale), and such dividends, interest payments or other distributions or the
proceeds of any such sale may be applied to any payment of such taxes or other
charges or expenses, the holder of such Receipt remaining liable for any
deficiency.

       

      SECTION
3.03.  Warranty as to
Stock.  The Company hereby represents and warrants that the
Stock, when issued, will be validly issued, fully paid and nonassessable. Such
representation and warranty shall survive the deposit of the Stock and the
issuance of Receipts.

       

      ARTICLE
IV

       

      The Deposited Securities;
Distributions; Conversions; Notices

       

      SECTION
4.01.  Cash
Distributions.  Whenever the Depositary shall receive any cash
dividend or other cash distribution on Stock (other than any cash distribution
in respect of declared but unpaid dividends on account of the Conversion), the
Depositary shall, on the date of receipt or as soon as practicable thereafter,
subject to Sections 3.01 and 3.02, distribute to Record Holders of Receipts on
the record date fixed pursuant to Section 4.05 such amounts of such
dividend or distribution as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such
holders; provided,
however, that in case the Company or the Depositary shall be required by
law to withhold and shall withhold from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes or as
otherwise required by law, regulation or court process, the amount made
available for distribution or distributed in respect of Depositary Shares shall
be reduced accordingly.  The Depositary shall distribute or make
available for distribution, as the case may be, only such amount, however, as
can be distributed without attributing to any holder of Depositary Shares a
fraction of one cent, and any balance not so distributable shall be held by the
Depositary (without liability for interest thereon) and shall be added to and be
treated as part of the next sum received by the Depositary for distribution to
Record Holders of Receipts then outstanding. Each holder of a Receipt shall
provide the Depositary with its certified tax identification number on a
properly completed Form W-8 or W-9, as may be applicable. Each holder of a
Receipt acknowledges that, in the event of non-compliance with the preceding
sentence, the Internal Revenue Code of 1986, as amended, may require withholding
by the Depositary of a portion of any of the distributions to be made
hereunder.

       

      
        
           

        

        
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      SECTION
4.02.  Distributions Other than
Cash.  Whenever the Depositary shall receive any distribution
other than cash on Stock (other than any distribution in connection with the
Conversion), the Depositary shall, on the date of receipt or as soon as
practicable thereafter, subject to Sections 3.01 and 3.02, distribute to
Record Holders of Receipts on the record date fixed pursuant to
Section 4.05 such amounts of the non-cash property received by it as are,
as nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by the Receipts held by such holders, in any manner that the
Depositary and the Company may deem equitable and practicable for accomplishing
such distribution. If the Depositary determines that such distribution is
subject to tax or other governmental charge that the Depositary is obligated by
law to withhold, the Depositary may dispose of all or any portion of such
property, at a public or private sale, as the Depositary deems necessary and
practicable to pay such tax or charge, and the Depositary will distribute the
net proceeds of such sale or the balance of any such property, after deduction
of such tax or charge, to holders of the Depositary Shares in proportion to the
number of outstanding Depositary Shares evidenced by Receipts that they
hold.  If the Depositary determines, however, that any such distribution to
certain holders (but not all holders) is subject to withholding tax, the
Depositary will use its commercially reasonable efforts to sell only the
non-cash property distributable to such holders.  If in the opinion of
the Depositary such distribution cannot be made proportionately among such
Record Holders, or if for any other reason (including any requirement that the
Company or the Depositary withhold an amount on account of taxes or governmental
charges) the Depositary deems, after consultation with the Company, such
distribution not to be feasible, the Depositary may, with the approval of the
Company, adopt such method as it deems equitable and practicable for the purpose
of effecting such distribution, including the sale (at public or private sale)
of the securities or property thus received, or any part thereof, at such place
or places and upon such terms as it may deem proper. The net proceeds of any
such sale shall, subject to Sections 3.01 and 3.02, be distributed or made
available for distribution, as the case may be, by the Depositary to Record
Holders of Receipts as provided by Section 4.01 in the case of a
distribution received in cash.

       

      SECTION
4.03.  Distribution upon
Conversion.   On the Conversion Date, or as soon as practicable
thereafter, (a) the Company shall cause to be furnished to the Depositary
pursuant to the Certificate of Designations (i) a certificate or
certificates evidencing such number of shares of Common Stock, or instruction to
issue such number of shares of Common Stock in book-entry form, into which the
Stock has been converted and (ii) an amount of cash, if any, equal to the
declared but unpaid dividends payable by the Company on such shares of Stock
pursuant to the Certificate of Designations upon the Conversion, and
(b) the Depositary upon receipt of such certificates and/or necessary cash
and instructions, in its capacity as Depositary and transfer agent for the
Common Stock, is hereby authorized and instructed to, and shall, deliver to the
holders of Depositary Shares, (i) a certificate or certificates, or
book-entry notations, evidencing the number of shares of Common Stock into which
the Stock has been converted, (ii) an amount of cash, if any, equal to the
amount of cash equal to the declared but unpaid dividends paid by the Company on
such shares of Stock pursuant to the Certificate of Designations upon the
Conversion and (iii) an amount in cash, rounded to the nearest cent, equal to
such holder’s proportionate interest in any fractional shares (as contemplated
by the following paragraph) based on the Per Share Closing Price of the Common
Stock at the close of business on the trading day next preceding the Conversion
Date.

       

      
        
           

        

        
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      No
fractional shares of Common Stock or any other security will be delivered to a
holder of the Depositary Shares in connection with the Conversion. The number of
full shares of Common Stock or other securities deliverable in connection with
the Conversion shall be computed on the basis of the aggregate number of
Depositary Shares entitled to such distribution. The Depositary shall (a)
receive all shares of Common Stock issuable upon the Conversion but not
delivered to holders of Depositary Shares pursuant to Section this 4.03 due to
the existence of fractional shares, (b) as soon as practicable after the
Conversion Date, sell such shares of Common Stock on the open market and (c)
distribute such proceeds to the holders of Depositary Shares entitled to receive
fractional interests in shares of Common Stock such that each such holder
receives, in lieu of a fractional share, an amount in cash, rounded to the
nearest cent, equal to such holder’s proportionate interest in the fractional
shares based on the Per Share Closing Price of the Common Stock at the close of
business on the trading day next preceding the Conversion Date. To the extent
that the proceeds of the sale of such Depositary Shares exceed the holders’
aggregate interest in the fractional shares, the Depositary shall furnish the
excess amount to the Company. To the extent that the holders’ aggregate interest
in the fractional shares exceeds the proceeds of the sale of such Depositary
Shares, the Company shall furnish the excess amount to the
Depositary.

       

      Subject
to the terms and conditions of this Deposit Agreement (including the DTC
provisions set forth in Section 2.01 and the single DTC Receipt contemplated
therein), delivery of shares of Common Stock pursuant to this Section 4.03
following the Conversion may be made by the delivery of such certificates,
documents of title and other instruments or book-entry notations as the
Depositary and the Company may deem appropriate, which, if required by the
Depositary, shall be properly endorsed or accompanied by proper instructions or
transfer. If such delivery is to be made otherwise than at the Depositary’s
Office, such delivery shall be made, as hereinafter provided, without
unreasonable delay, at the risk of any holder surrendering Receipts, and for the
account of the applicable holder of Depositary Shares, to such place designated
in writing by such holder.

       

      Following
the Conversion, all Receipts evidencing Depositary Shares shall be deemed
automatically canceled effective as of the Conversion Date, subject to the right
of holders of Receipts to receive the distributions in respect of the Conversion
contemplated by this Section 4.03.

       

      Notwithstanding
anything to the contrary set forth herein, the Common Stock issuable upon the
Conversion shall not be treated as new deposited property under this Deposit
Agreement.

       

      SECTION
4.04.  Subscription Rights,
Preferences or Privileges.  If the Company shall at any time
offer or cause to be offered to the persons in whose names deposited Stock is
registered on the books of the Company any rights, preferences or privileges to
subscribe for or to purchase any securities or any rights, preferences or
privileges of any other nature, such rights, preferences or privileges shall in
each such instance be made available by the Depositary to the Record Holders of
Receipts in such manner as the Company shall instruct (including by the issue to
such Record Holders of warrants representing such rights, preferences or
privileges); provided, however, that
(i) if at the time of issue or offer of any such rights, preferences or
privileges the Company determines or is advised by legal counsel that it is not
lawful or not feasible to make such rights, preferences or privileges available
to holders of Receipts by the issue of warrants or otherwise, or (ii) if
and to the extent so instructed by holders of Receipts who do not desire to
exercise such rights, preferences or privileges, the Depositary shall then, if
so directed by the Company and provided with an opinion of counsel that such
rights, preferences or privileges have been registered under the Securities Act
of 1933, as amended, or do not need to be registered and that if the Depositary
undertakes such actions it will not be deemed an “issuer” under the Securities
Act or an “investment company” under the Investment Company Act of 1940, as
amended, sell such rights, preferences or privileges at public or private sale,
at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sales shall be distributed by the Depositary to the Record
Holders of Receipts entitled thereto as provided by Section 4.01 in the
case of a distribution received in cash.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      If
registration under the Securities Act of 1933, as amended, of the securities to
which any rights, preferences or privileges relate is required in order for
holders of Receipts to be offered or sold the securities to which such rights,
preferences or privileges relate, the Company agrees that it will promptly
notify the Depositary of such requirement and will file reasonably promptly a
registration statement pursuant to such Act with respect to such rights,
preferences or privileges and securities and use its commercially reasonable
efforts and take all steps available to it to cause such registration statement
to become effective sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such holders to exercise such rights,
preferences or privileges. In no event shall the Depositary make available to
the holders of Receipts any right, preference or privilege to subscribe for or
to purchase any securities unless and until such a registration statement shall
have become effective, or unless the offering and sale of such securities to
such holders are exempt from registration under the provisions of the Securities
Act and the Company shall have provided to the Depositary an opinion of counsel
to such effect.

       

      If any
other action under the laws of any jurisdiction or any governmental or
administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to holders of Receipts,
the Company agrees that it will promptly notify the Depositary of such
requirements and that the Company will use its commercially reasonable efforts
to take such action or obtain such authorization, consent or permit sufficiently
in advance of the expiration of such rights, preferences or privileges to enable
such holders to exercise such rights, preferences or privileges.

       

      The
Depositary will not be deemed to have any knowledge of any item for which it is
supposed to receive notification by the Company under any Section of this
Deposit Agreement unless and until it has received such
notification.

       

      SECTION
4.05.  Notice of Dividends, etc.;
Fixing of Record Date for Holders of Receipts.  Whenever any
cash dividend or other cash distribution (other than any such dividend or
distribution in connection with the Conversion) shall become payable or any
distribution other than cash shall be made, or if rights, preferences or
privileges shall at any time be offered, with respect to Stock, or whenever the
Depositary shall receive notice of any meeting at which holders of Stock
are entitled to vote or of which holders of Stock are entitled to notice, the
Depositary shall in each such instance fix a record date (which shall be the
same date as the applicable record date fixed by the Company with respect to the
Stock) for the determination of the holders of Receipts who shall be entitled
hereunder to receive a distribution in respect of such dividend, distribution,
rights, preferences or privileges or the net proceeds of the sale thereof, or to
give instructions for the exercise of voting rights at any such meeting or to
receive notice of such meeting.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      SECTION
4.06.  Voting
Rights.  Upon receipt of notice of any meeting at which the
holders of Stock are entitled to vote, the Depositary shall, if requested in
writing and provided with all necessary information and documents, as soon as
practicable after receiving such notice, mail to the Record Holders of Receipts
a notice, which shall be provided by the Company and which shall contain
(i) such information as is contained in such notice of meeting, (ii) a
statement that the holders may, subject to any applicable restrictions, instruct
the Depositary as to the exercise of the voting rights pertaining to the amount
of Stock represented by their respective Depositary Shares (including an express
indication that instructions may be given to the Depositary to give a
discretionary proxy to a person designated by the Company) and (iii) a brief
statement as to the manner in which such instructions may be given. Upon the
written request of the holders of Receipts on the relevant record date, to the
extent practicable, the Depositary shall vote or cause to be voted, in
accordance with the voting instructions set forth in such requests, the maximum
number of whole shares of Stock represented by the Depositary Shares evidenced
by all Receipts as to which any particular voting instructions are received,
provided that the
Depositary receives such instructions sufficiently in advance (as contemplated
by the notice sent to the Record Holders of Receipts) of such voting to enable
it to so vote or cause such Stock to be voted.  If any holder of
Depositary Shares instructs the Depositary to vote a fractional interest of a
share of Stock, the Depositary will aggregate such interest with all other
fractional interests with the same voting instruction and will submit the number
of whole votes for whole shares of Stock resulting from such aggregation in
accordance with the instructions receive in such requests.  The
Company hereby agrees to take all reasonable actions that the Depositary
determines are necessary to enable the Depositary to vote as instructed. If the
Depositary does not receive specific voting instructions from the holders of any
Depositary Shares, it will not vote an amount of Stock represented by such
non-voting Depositary Shares.

       

      SECTION
4.07.  Changes Affecting Deposited
Securities and Reclassifications, Recapitalizations, etc.  Upon
any change in par or stated value, split-up, combination or any other
reclassification of the Stock, or upon any recapitalization, reorganization,
merger, amalgamation or consolidation or sale of all or substantially all the
Company’s assets affecting the Company or to which it is a party, the Depositary
may in its discretion with the approval of, and shall upon the instructions of,
the Company, and (in either case) in such manner as the Depositary may deem
equitable, (i) make such adjustments as are certified by the Company in the
fraction of an interest in one share of Stock represented by one Depositary
Share as may be necessary or appropriate to fully reflect the effects of such
change in par or stated value, split-up, combination or other reclassification
of Stock and (ii) treat any securities which shall be received by the
Depositary in exchange for or upon conversion (other than upon the Conversion)
of or in respect of the Stock as new deposited securities so received in
exchange for or upon conversion (other than upon the Conversion) or in respect
of such Stock. In any such case, the Depositary may, upon the receipt of a
written request of the Company, execute and deliver additional Receipts, or may
call for the surrender of all outstanding Receipts to be exchanged for new
Receipts specifically describing such new deposited securities.

       

      SECTION
4.08.  Inspection of
Reports.  The Depositary shall make available for inspection by
holders of Receipts at the Depositary’s Office, and at such other places as it
may from time to time deem advisable, during normal business hours, any reports
and communications received from the Company that are received by the Depositary
as the holder of Stock.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      SECTION
4.09.  List
of Receipt Holders.  Promptly upon request from time to time by
the Company, the Registrar shall furnish to it a list, as of a recent date
specified by the Company, of the names, addresses and holdings of Receipts of
all persons in whose names Receipts are registered on the books of the
Registrar.

       

      ARTICLE
V

       

      The Depositary, the
Depositary’s Agents,

      the Registrar and the
Company

       

      SECTION
5.01.  Maintenance of Offices,
Agencies and Transfer Books by the Depositary; Registrar.  Upon
execution of this Deposit Agreement, the Depositary shall maintain, at the
Depositary’s Office, facilities for the execution and delivery, registration and
registration of transfer, surrender and exchange of Receipts, and at the offices
of the Depositary’s Agents, if any, facilities for the delivery, registration or
transfer, surrender and exchange of Receipts, all in accordance with the
provisions of this Deposit Agreement.

       

      The
Registrar shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books at all reasonable times shall
be open for inspection by the Record Holders of Receipts; provided, that any
such holder requesting to exercise such right shall certify to the Registrar
that such inspection shall be for a proper purpose reasonably related to such
person’s interest as an owner of Depositary Shares evidenced by the
Receipts.

       

      The
Company may cause the Registrar to close such books, at any time or from time to
time, when deemed expedient by it in connection with the performance of its
duties hereunder.

       

      If the
Receipts, such Depositary Shares or such Stock are listed on one or more other
stock exchanges, the Registrar will, at the request and expense of the Company,
arrange such facilities for the delivery, transfer, surrender and exchange of
such Receipts, such Depositary Shares or such Stock as may be required by law or
applicable stock exchange regulations.

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      SECTION
5.02.  Prevention of or Delay in
Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Company.  Neither the Depositary nor any Depositary’s Agent nor
the Registrar nor the Company shall incur any liability to any holder of any
Receipt if by reason of any provision of any present or future law, or
regulation thereunder, of the United States of America or of any other
governmental authority or by reason of any provision, present or future, of the
Certificate of Incorporation (including the Certificate of Designations) or by
reason of any act of God or war or other circumstance beyond the control of the
relevant party, including terrorism, civil or military disorder, work stoppage,
accident, electrical outages, equipment or transmission failure, failure or
malfunction of any utilities, means of communication or computer services, the
unavailability of the Federal Reserve Bank or the Depositary, any of the
Depositary’s Agents, the Registrar or the Company shall be prevented or
forbidden from, delayed in, or subjected to any penalty on account of, doing or
performing any act or thing which the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any of the Depositary’s
Agents, the Registrar or the Company incur any liability to any holder of a
Receipt or to the Company (i) by reason of any nonperformance or delay,
caused as aforesaid, in the performance of any act or thing which the terms of
this Deposit Agreement provide shall or may be done or performed, or
(ii) by reason of any exercise of, or failure to exercise, any discretion
provided for in this Deposit Agreement except, in case of any such exercise or
failure to exercise discretion not caused as aforesaid, if caused by the gross
negligence or willful misconduct of the party charged with such exercise or
failure to exercise, provided, that in the
case of the Depositary, any of the Depositary’s Agents or the Registrar, such
gross negligence or willful misconduct must be determined by a final,
nonappealable order, judgment, decree or ruling of a court of competent
jurisdiction.

       

      SECTION
5.03.   Obligations of the
Depositary, the Depositary’s Agents, the Registrar and the Company.
Neither the Depositary nor any of the Depositary’s Agents nor the Registrar nor
the Company assumes any obligation or shall be subject to any liability under
this Deposit Agreement to holders of Receipts, the Company or any other person
or entity other than for its gross negligence or willful misconduct (which gross
negligence or willful misconduct must be determined by a final, nonappealable
order, judgment, decree or ruling of a court of competent jurisdiction).
Notwithstanding anything in this Deposit Agreement to the contrary, neither the
Depositary, nor any of the Depositary’s Agents nor any Registrar nor the Company
shall be liable in any event for special, punitive, incidental, indirect or
consequential losses or damages of any kind whatsoever (including but not
limited to lost profits), even if such person alleged to be liable has knowledge
of the possibility of such damages or been advised of the likelihood of such
loss or damage and regardless of the form of action. Any liability of the
Depositary, any of the Depositary’s Agents (except for such Depositary’s Agents
which are not employees of the Depositary) or the Registrar under this Deposit
Agreement shall be limited to one hundred and fifty percent (150%) of the amount
of annual fees paid by the Company to such person; provided, however, that in the
event that such liability arises as a result of misappropriation of funds by the
Depositary, any of the Depositary’s Agents (except for such Depositary’s Agents
which are not employees of the Depositary) or the Registrar through fraud or
willful misconduct on the part of such person (as determined by a final,
non-appealable judgment of a court of competent jurisdiction), such limit shall
not apply and such liability hereunder shall be instead limited to the amount of
such misappropriated funds.

       

      None of
the Depositary nor any of the Depositary’s Agents nor the Registrar nor the
Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding in respect of the Stock, the Depositary Shares
or the Receipts which in its opinion may involve it in expense or liability
unless indemnity satisfactory to it against all expense and liability be
furnished as often as may be required.

       

      The
Depositary, any of the Depositary’s Agents and the Registrar may consult counsel
satisfactory to it (who may be an employee of the Depositary or the
Registrar).  None of the Depositary nor any of the Depositary’s Agents
nor the Registrar nor the Company shall be liable for any action taken, suffered
or omitted to be taken by it in reliance upon the advice of legal counsel or
accountants, or information from any holder of a Receipt or any other person
believed by it to be competent to give such information. The Depositary, any of
the Depositary’s Agents, the Registrar and the Company may each rely and shall
each be protected in acting upon any written notice, request, direction,
certificate, instrument, opinion, letter, facsimile transmission or other
document reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties and shall have no responsibility for
determining the accuracy thereof.

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      In the
event the Depositary shall receive conflicting claims, requests or instructions
from any Record Holders of Receipts, on the one hand, and the Company, on the
other hand, the Depositary shall be entitled to act on such claims, requests or
instructions received from the Company, and shall incur no liability and shall
be entitled to the full indemnification set forth in Section 5.06 in connection
with any action so taken.

       

      The
Depositary shall not be responsible for any failure to carry out any instruction
to vote any of the shares of Stock or for the manner or effect of any such vote,
as long as any such action or nonaction is not in bad faith.  The
Depositary and the Registrar undertake to perform such duties and only such
duties as are specifically set forth in this Deposit Agreement, and no implied
covenants or obligations shall be read into this Deposit Agreement against the
Depositary or the Registrar.  The Depositary, its parents, affiliates
or subsidiaries, any of the Depositary’s Agents and the Registrar may own and
deal in any class of securities of the Company or its affiliates and in Receipts
or Depositary Shares or become pecuniarily interested in any transaction in
which the Company or its affiliates may be interested or contract with or lend
money to or otherwise act as fully or as freely as if it were not the
Depositary, Depositary’s Agent or Registrar hereunder.  The
Depositary, any of the Depositary’s Agents or the Registrar may also act as
transfer agent or registrar of any of the securities of the Company and its
affiliates or act in any other capacity for the Company or its
affiliates.

       

      The
Depositary shall not be obligated to segregate such monies from other monies
held by it, except as required by law.  The Depositary shall not be
responsible for advancing funds on behalf of the Company and shall have no duty
or obligation to make any payments if it has not timely received sufficient
funds to make timely payments.

       

      It is
intended that neither the Depositary nor any of the Depositary’s Agents shall be
deemed to be an “issuer” of the securities under the federal securities laws or
applicable state securities laws, it being expressly understood and agreed that
the Depositary and any of the Depositary’s Agents are acting only in a
ministerial capacity as Depositary for the deposited Stock; provided, however, that the
Depositary agrees to comply with all information reporting and withholding
requirements applicable to it under law or this Deposit Agreement in its
capacity as Depositary.

       

      Neither
the Depositary (or its officers, directors, employees, agents or affiliates) nor
any of the Depositary’s Agents makes any representation or has any
responsibility as to the validity of the registration statement pursuant to
which the Depositary Shares are registered under the Securities Act, the
deposited Stock, the Depositary Shares, the Receipts (except its
countersignature thereon) or any instruments referred to therein or herein, or
as to the correctness of any statement made therein or herein; provided, however, that the
Depositary is responsible for its representations in this Deposit
Agreement.

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      The
Company agrees that it has registered the deposited Stock and the Depositary
Shares in accordance with the applicable securities laws or no such registration
is required.

       

      The
Depositary, any of the Depositary’s Agents and the Registrar may rely on and
shall be authorized and protected in acting or omitting to act upon the written,
telephonic, electronic and oral instructions, with respect to any matter
relating to the Depositary’s or the Registrar’s actions as depositary, transfer
agent or registrar covered by this Deposit Agreement (or supplementing or
qualifying any such actions), of officers of the Company. In the event the
Depositary, any of the Depositary’s Agents or the Registrar believes any
ambiguity or uncertainty exists hereunder or in any notice, instruction,
direction, request or other communication, paper or document received by it
pursuant to this Deposit Agreement, such person shall promptly notify the
Company of the details of such alleged ambiguity or uncertainty, and the
Depositary may, in its sole discretion upon written notice to the Company,
refrain from taking any action and shall be fully protected and shall not be
liable in any way to the Company, any holders of Receipts or any other person or
entity for refraining from taking such action, unless such person receives
written instructions or a certificate signed by the Company which eliminates
such ambiguity or uncertainty to the satisfaction of such person or which proves
or establishes the applicable matter to the satisfaction of such
person.

       

      No
disclaimer of liability by the Company under the Securities Act is intended by
any provision of this Deposit Agreement.

       

      Whenever
in the performance of its duties under this Deposit Agreement, the Depositary or
any of the Depositary’s Agents or the Registrar shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior
to taking, suffering or omitting to take any action hereunder, such fact or
matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively provided and established by a
certificate signed by any one of the President, any Vice President, the
Treasurer, any Assistant Treasurer, the Secretary or Assistant Secretary of the
Company and delivered to the Depositary or any of the Depositary’s Agents or the
Registrar, and such certificate shall be full and complete authorization and
protection to the Depositary and any of the Depositary’s Agents and the
Registrar, the Depositary and any of the Depositary’s Agents and the Registrar
shall incur no liability for or in respect of any action taken, suffered or
omitted to be taken by it under the provisions of this Deposit Agreement in
reliance upon such certificate.  The Depositary and any of the
Depositary’s Agents and the Registrar, shall not be liable for or by reason of
any of the recitals or representations or warranties of the Company contained in
this Deposit Agreement or in the Receipts (except its countersignature thereof)
or be required to verify the same, but all such recitals or representations or
warranties are and shall be deemed to have been made by the Company
only.

       

      None of
the Depositary or any of the Depositary’s Agents or the Registrar will be under
any duty or responsibility to ensure compliance with any applicable federal or
state securities laws in connection with the issuance, transfer or exchange of
the Receipts, Stock or Depositary Shares.

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      Notwithstanding
anything herein to the contrary, no amendment to the Certificate of Designations
shall affect the rights, duties, obligations or immunities of the Depositary or
any of the Depositary’s Agents or the Registrar.

       

      The
Depositary and the Registrar hereunder:

       

      (i)       
    shall
have no duties or obligations other than those specifically set forth herein, or
as may subsequently be agreed to in writing by the parties;

       

      (ii)           shall have no obligation to make
payment hereunder unless the Company shall have provided the necessary federal
or other immediately available funds or securities or property, as the case may
be, to pay in full amounts due and payable with respect
thereto;

       

      (iii)           shall not be called upon at any time
to advise any person with respect to the Depositary Shares or
Receipts;

       

      (iv)           shall not be liable or responsible
for any recital or representation or warranty of the Company contained in any
documents relating hereto or the Depositary Shares or Receipts;
and

       

      (v)           shall not be liable in any respect
on account of the identity, authority or rights of the parties (other than with
respect to it’s own) executing or delivering or purporting to execute or deliver
this Deposit Agreement or any documents or papers deposited or called for under
this Deposit Agreement.

       

      The
obligations of the Company set forth in this Section 5.03 shall survive the
replacement, removal or resignation of any Depositary, any of the Depositary’s
Agents or the Registrar or the termination of this Deposit
Agreement.

       

      SECTION
5.04.  Resignation and Removal of
the Depositary; Appointment of Successor Depositary.  The
Depositary may resign at any time as Depositary hereunder by delivering notice
to the Company of its election to do so, such resignation to take effect upon
the appointment of a successor Depositary and its acceptance of such appointment
as hereinafter provided.

       

      The
Depositary may at any time be removed by the Company by notice of such removal
delivered to the Depositary, such removal to take effect upon the appointment of
a successor Depositary hereunder and its acceptance of such appointment as
hereinafter provided.

       

      In case
the Depositary acting hereunder shall at any time resign or be removed, the
Company shall, within 60 days after the delivery of the notice of resignation or
removal, as the case may be, appoint a successor Depositary, which shall be a
bank or trust company having its principal office in the United States of
America and having a combined capital and surplus of at least $50,000,000. If no
successor Depositary shall have been so appointed and have accepted appointment
within 60 days after delivery of such notice, the resigning or removed
Depositary may petition any court of competent jurisdiction for the appointment
of a successor Depositary. Every successor Depositary shall execute and deliver
to its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor Depositary, without any
further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of
all sums due it and upon the written request of the Company, shall execute and
deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys or property held hereunder to
such successor and shall deliver to such successor a list of the Record Holders
of all outstanding Receipts. Any successor Depositary shall promptly mail notice
of its appointment to the Record Holders of Receipts.

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      Any
corporation or entity into or with which the Depositary may be merged,
consolidated or converted, or any corporation or entity to which all or a
substantial part of the assets of the Depositary may be transferred, shall be
the successor of such Depositary without the execution or filing of any document
or any further act, and notice thereof shall not be required hereunder. Such
successor Depositary may execute the Receipts in the name of the predecessor
Depositary or in the name of the successor Depositary.

       

      SECTION
5.05.  Corporate Notices and
Reports.  The Company agrees that it will deliver to the
Depositary, and the Depositary, if requested in writing by the Company and
provided with necessary information and documents, agrees that it will, promptly
after receipt thereof, transmit to the Record Holders of Receipts, in each case
at the address recorded in the Depositary’s or Registrar’s books or through the
facilities of the DTC, copies of all notices and reports (including, without
limitation, financial statements) required by law, the rules of any national
securities exchange upon which the Stock, the Depositary Shares or the Receipts
are listed or by the Certificate of Incorporation (including the Certificate of
Designations) to be furnished by the Company to holders of Stock. Such
transmission will be at the Company’s expense, and the Company will provide the
Depositary with such number of copies of such documents as the Depositary may
reasonably request. In addition, the Depositary will transmit to the record
holders of Receipts (at the Company’s expense) such other documents as may be
requested by the Company.

       

      SECTION
5.06.  Indemnification by the
Company.  Notwithstanding anything in Section 5.03 to the
contrary, the Company shall indemnify the Depositary, any of the Depositary’s
Agents and the Registrar (including each of their officers, directors, agents
and employees) against, and hold each of them harmless from, any loss, damage,
cost, penalty, liability or expense (including the costs and expenses of
defending itself) which may arise out of (i) acts performed, suffered or
omitted to be taken in connection with this Deposit Agreement and the Receipts
by (a) the Depositary, the Registrar or any of their respective agents
(including any of the Depositary’s Agents), and any transactions or documents
contemplated hereby, except for any liability arising out of gross negligence or
willful misconduct (which gross negligence or willful misconduct must be
determined by a final, non-appealable order, judgment, decree or ruling of a
court of competent jurisdiction) on the respective parts of any such person or
persons or (b) the Company or any of its agents (other than the Depositary, the
Depositary’s Agents, the Registrar or any of their agents), or (ii) the offer,
sale, or registration of the Receipts or Stock pursuant to the provisions
hereof. The obligations of the Company set forth in this Section 5.06 shall
survive any succession, replacement, removal or resignation of any Depositary,
Registrar or Depositary’s Agent or termination of this Deposit
Agreement.

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      SECTION
5.07.  Charges and
Expenses.  The Company shall pay all transfer and other taxes
and charges arising solely from the existence of this Deposit Agreement. The
Company shall also pay all fees and expenses of the Depositary in connection
with the initial deposit of the Stock and the initial issuance of the Depositary
Shares, all withdrawals of shares of the Stock by owners of Receipts and the
registration of transfer of title to any Receipts. All other transfer and other
taxes and governmental charges shall be at the expense of holders of Receipts.
If, at the request of a holder of Receipts, the Depositary incurs charges or
expenses for which it or the Company is not otherwise liable hereunder, such
holder will be liable for such charges and expenses. All other charges, expenses
of the Depositary and any of the Depositary’s Agents hereunder and of the
Registrar (including, in each case, fees and expenses of counsel) incurred in
the preparation, negotiation, delivery, amendment, administration, modification,
waiver, performance, enforcement and execution of this Deposit Agreement and
incident to the performance of their respective obligations hereunder will be
paid by the Company upon consultation and agreement between the Depositary and
the Company as to the amount and nature of such charges, fees and expenses will
be paid. The Depositary (and if applicable, the Registrar) shall present its
statement for fees and expenses to the Company once every three months or at
such other intervals as the Company and the Depositary may agree.

       

      ARTICLE
VI

       

      Amendment and
Termination

       

      SECTION
6.01.  Amendment.  The
form of the Receipts and any provisions of this Deposit Agreement may at any
time and from time to time be amended by agreement between the Company and the
Depositary in any respect which they may deem necessary or desirable; provided, however, that no such
amendment which shall materially and adversely alter the rights of the holders
of Receipts shall be effective unless such amendment shall have been approved by
the holders of at least a majority of the Depositary Shares then outstanding.
Every holder of an outstanding Receipt at the time any such amendment becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by this Deposit Agreement as amended
thereby.

       

      SECTION
6.02.  Termination.  The
Depositary may terminate this Deposit Agreement by mailing notice of such
termination to the Company and the holders of all Receipts then outstanding if
at any time 90 days shall have expired after the Depositary shall have delivered
to the Company a written notice of its election to resign and a successor
Depositary shall not have been appointed and accepted its appointment as
provided in Section 5.04.  If the Record Holder of any Receipt or
Receipts shall not have surrendered such Receipt or Receipts in exchange for
whole shares of Stock on or prior to the effective date of termination of this
Deposit Agreement resulting from the failure to appoint a successor Depositary
in accordance with the first paragraph of this Section 6.02, such holder shall
for all purposes, including the payment of dividends, be deemed to be a holder
of the appropriate number of whole shares of Stock previously represented by
such Receipt or Receipts and shall thereafter surrender to the Company such
Receipt or Receipts in exchange for whole shares of Stock.

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      If any
Receipts shall remain outstanding after the date of termination resulting from
the failure to appoint a successor Depositary in accordance with the first
paragraph of this Section 6.02, the Depositary thereafter shall discontinue the
registration of transfers of Receipts, shall suspend the distribution of
dividends to the holders thereof, and shall not give any further notices or
perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions
pertaining to the Stock, shall sell rights as provided in this Deposit
Agreement, and shall continue to deliver such Stock, together with any dividends
or other distributions received with respect thereto and the net proceeds of the
sale of any rights or other property, in exchange for Receipts surrendered to
the Depositary (after deducting, in each case, the fee of the Depositary for the
surrender of a Receipt, any expenses for the account of the holder of such
Receipt in accordance with the terms and conditions of this Deposit Agreement,
and any applicable taxes or governmental charges). At any time after the
expiration of one year from the date of termination resulting from the failure
to appoint a successor Depositary in accordance with the first paragraph of this
Section 6.02, the Depositary may sell such Stock then held hereunder and may
thereafter hold uninvested the net proceeds of any such sale, together with any
other cash then held by it hereunder, without liability for interest, for the
pro rata benefit of the holders which have not theretofore surrendered their
Receipts. After making such sale, the Depositary shall be discharged from all
obligations under this Deposit Agreement, except to distribute such net proceeds
and other cash (after deducting, in each case, the fee of the Depositary for the
surrender of a Receipt, any expenses for the account of the holder of such
Receipt in accordance with the terms and conditions of this Deposit Agreement,
and any applicable taxes or governmental charges).

       

      This
Deposit Agreement will terminate if there has been a final distribution in
respect of the Stock, including in connection with the Conversion or with the
Company’s liquidation, dissolution or winding up, and the Conversion,
liquidation or distribution proceeds, as the case may be, have been distributed
to the holders of the Depositary Shares pursuant to Section 4.01, 4.02 or 4.03,
as applicable.

       

      Upon the
termination of this Deposit Agreement in accordance with this Section, each of
the parties hereto shall be discharged from all obligations under this Deposit
Agreement except for the obligations of the Depositary to the Company and of the
Company to the Depositary, any of the Depositary’s Agents and the Registrar,
under Sections 5.03, 5.06 and 5.07.

       

      ARTICLE
VII

       

      Miscellaneous

       

      SECTION
7.01.  Counterparts.  This
Deposit Agreement may be executed in any number of counterparts, and by each of
the parties hereto on separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed an original, but all such counterparts
taken together, shall constitute one and the same
instrument.  Delivery of an executed counterpart of a signature page
to this Deposit Agreement by facsimile or other electronic means shall be
effective as delivery of a manually executed counterpart of this Deposit
Agreement.

       

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      SECTION
7.02.  Exclusive Benefit of
Parties.  This Deposit Agreement is for the exclusive benefit
of the parties hereto, and their respective successors hereunder, and shall not
be deemed to give any legal or equitable right, remedy or claim to any other
person whatsoever.

       

      SECTION
7.03.  Invalidity of
Provisions.  In case any one or more of the provisions
contained in this Deposit Agreement or in the Receipts should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein or therein shall in
no way be affected, prejudiced or disturbed thereby; provided, however, that if
such provision materially affects any of the rights, duties, liabilities or
obligations of the Depositary or Registrar, such person shall be entitled to
resign in accordance with Section 5.04 of this Deposit Agreement.

       

      SECTION
7.04.  Notices.  Any
and all notices to be given to the Company hereunder or under the Receipts shall
be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail or facsimile confirmed by letter, addressed to the
Company at 1600 Broadway, Suite 2200, Denver, Colorado 80202, to the attention
of the Secretary, or at any other address of which the Company shall have
notified the Depositary in writing.

       

      Any and
all notices to be given to the Depositary or Registrar hereunder or under the
Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or by facsimile confirmed by letter,
addressed to the Depositary or Registrar at the Depositary’s Office,
at:

       

      BNY Mellon Shareowner
Services

      1775 Sherman St. Suite
2775

      Denver, CO
80203

      Attention:  Lucinda G. Bray,
Relationship Manager

      

      with a copy
to:

       

      Mellon Investor Services
LLC

      480 Washington Blvd,
29th Floor

      Jersey City,
NJ  07310

      Attention:  Legal
Department

      

      or such other address of
which the Depositary shall have notified to Company in
writing.

      

      Any
notices given to any Record Holder of a Receipt hereunder or under the Receipts
shall be in writing and shall be deemed to have been duly given if transmitted
through the facilities of DTC in accordance with DTC’s procedures or personally
delivered or sent by mail, recognized next-day courier service or facsimile
confirmed by letter, addressed to such Record Holder at the address of such
Record Holder as it appears on the books of the Depositary, provided that any
Record Holder may direct the Depositary to deliver notices to such Record Holder
at an alternate address or in a specific manner that is reasonably requested by
such Record Holder in a written request timely filed with the Depositary and
that is reasonably acceptable to the Depositary.

       

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      Delivery
of a notice sent by mail or by facsimile shall be deemed to be effected at the
time when a duly addressed letter containing the same (or a confirmation thereof
in the case of a facsimile) is deposited, postage prepaid, in a post office
letter box, or in the case of a next-day courier service, when deposited with
such courier, courier fees prepaid. The Depositary or the Company may, however,
without liability, act upon any facsimile received by it from the other or from
any holder of a Receipt, notwithstanding that such facsimile shall not
subsequently be confirmed by letter or as aforesaid.

       

      SECTION
7.05.  Depositary’s
Agents.  The Depositary may from time to time appoint
Depositary’s Agents to act in any respect for the Depositary for the purposes of
this Deposit Agreement and may at any time appoint additional Depositary’s
Agents and vary or terminate the appointment of such Depositary’s Agents. The
Depositary will notify the Company of any such action.

       

      SECTION
7.06.  Holders of Receipts Are
Parties.  The holders of Receipts from time to time shall be
deemed to be parties to this Deposit Agreement and shall be bound by all of the
terms and conditions hereof and of the Receipts by acceptance of delivery
thereof to the same extent as though such person executed this Deposit
Agreement.

       

      SECTION
7.07.  Governing
Law.  THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS
HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

       

      SECTION
7.08.  Inspection of Deposit
Agreement.  Copies of this Deposit Agreement shall be filed
with the Depositary and any of the Depositary’s Agents and shall be open to
inspection during business hours at the Depositary’s Office by any holder of any
Receipt.

       

      SECTION
7.09.  Headings. The
headings of articles and sections in this Deposit Agreement and in the form of
the Receipt set forth in Exhibit A hereto have been inserted for convenience
only and are not to be regarded as a part of this Deposit Agreement or the
Receipts or to have any bearing upon the meaning or interpretation of any
provision contained herein or in the Receipts.

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the undersigned have duly executed this Deposit Agreement, as
of the day and year first above set forth, and all holders by Receipts shall
become parties hereto by and upon acceptance of them of delivery of Receipts
issued in accordance with the terms hereof.

       

      
        
          
            
              	
                      BIOFUEL
      ENERGY CORP.

                    
	 
      	 
      
	
                      By:

                    	 
      	 
      
	 
      	 
      	
                      Name:

                    
	 
      	 
      	
                      Title:

                    
	 
      
	
                      MELLON
      INVESTOR SERVICES LLC, as

                      Depositary
      and Registrar

                    
	 
      	 
      
	
                      By:

                    	 
      	 
      
	 
      	 
      	
                      Authorized
      Signatory

                    

            

          

        

      

       

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      EXHIBIT
A

       

      FORM OF FACE OF
RECEIPT

      

      [THE SECURITIES REPRESENTED BY THIS
INSTRUMENT AND THE SHARES OF COMMON STOCK ISSUABLE UPON THE CONVERSION OF SUCH
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE
TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT
RELATING THERETO IS IN EFFECT UNDER THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OR SUCH LAWS.]

      

      [IF GLOBAL RECEIPT
IS ISSUED: UNLESS THIS
RECEIPT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE CORPORATION
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY RECEIPT
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO. HAS AN INTEREST HEREIN.

      

      TRANSFERS OF THIS GLOBAL RECEIPT
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR
TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL RECEIPT SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE CERTIFICATE OF DESIGNATIONS FILED
WITH THE SECRETARY OF STATE OF DELAWARE ESTABLISHING THE SERIES A NON-VOTING
CONVERTIBLE PREFERRED STOCK AS A SERIES OF PREFERRED STOCK OF BIOFUEL ENERGY
CORP.]

      

      IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR AND
TRANSFER AGENT MAY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE
RESTRICTIONS ON TRANSFER
AND OTHER PROVISIONS OF THE DEPOSIT AGREEMENT (THE “DEPOSIT AGREEMENT”) DATED
[          ] BETWEEN BIOFUEL
ENERGY CORP. AND THE DEPOSITARY. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE
WITH THE DEPOSIT AGREEMENT WILL BE VOID.

      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

       

      
        	
                Certificate
      Number_________

              	 
      	
                [Initial]
      Number of Depositary
Shares_________

              

      

      

      BIOFUEL
ENERGY CORP.

      

      RECEIPT
FOR DEPOSITARY SHARES

      Each
Representing [          ] of
one Share of

      Series
A Non-Voting Convertible Preferred Stock

      (par
value $0.01 per share)

      

      Mellon
Investor Services LLC, as Depositary (the “Depositary”), hereby certifies that
                                                                                
is the registered owner of [                                        ]
[the number shown on Schedule I hereto of] Depositary Shares (“Depositary
Shares”), each Depositary Share representing
[          ] of one share of
Series A Non-Voting Convertible Preferred Stock, $0.01 par value per share (the
“Stock”), of BioFuel Energy Corp., a Delaware corporation (the “Company”), on
deposit with the Depositary, subject to the terms and entitled to the benefits
of the Deposit Agreement dated
[          ], 2010 (the
“Deposit Agreement”), among the Company, the Depositary and the holders from
time to time of Receipts for Depositary Shares. By accepting this Receipt, the
holder hereof becomes a party to and agrees to be bound by all the terms and
conditions of the Deposit Agreement. This Receipt shall not be valid or
obligatory for any purpose or entitled to any benefits under the Deposit
Agreement unless it shall have been executed by the Depositary by the manual or
facsimile signature of a duly authorized officer or, if executed by facsimile by
the Depositary, countersigned by a Registrar in respect of the Depositary
Receipts by the manual or facsimile signature of a duly authorized officer of
the Registrar.

      

      
        
          
            
              	 
      	
                      Mellon
      Investor Services LLC, as Depositary

                    
	 
      	 
      
	 
      	
                      By:

                    	 
      	 
      
	 
      	 
      	 
      	
                      Authorized
      Signatory

                    

            

          

        

      

       

      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

      [FORM OF
REVERSE OF DEPOSITARY RECEIPT]

       

      The
following abbreviations when used in the instructions on the face of this
receipt shall be construed as though they were written out in full according to
applicable laws or regulations.

      

      
        
          
            
              
                	
                        TEN
      COM - as tenant in common

                      	 	
                        UNIF
      GIFT MIN ACT -___________

                      
	 
      	 	
                        Custodian___________

                      
	 
      	 	
                                      
             
             
             (Cust)         (Minor)

                      
	 
      	 	 
      
	
                        TEN
      ENT - as tenants by the entireties

                      	 	
                        Under
      Uniform Gifts to Minors Act

                      
	 
      	 	 
      
	
                        JT
      TEN - as joint tenants with right of survivorship and not as tenants in
      common

                      	 	
                        (State)

                      

              

            

          

        

      

      

      Additional
abbreviations may also be used though not in the above list.

      

      ASSIGNMENT

      

      For value
received,                                         
hereby sell(s), assign(s) and transfer(s) unto

      

      PLEASE
INSERT SOCIAL SECURITY OR

      OTHER
IDENTIFYING NUMBER OF ASSIGNEE, AS APPLICABLE

       

        
          

        

      

      
        
 

      PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS

      INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

       

      
        
  

                                                           
        Depositary Shares represented
by the within Receipt, and do hereby irrevocably constitute and
appoint

                                                                  
Attorney to transfer the said Depositary Shares on the books of the within named
Depositary with full power of substitution in the premises.

      

      
        
          
            	
                    Dated

                  	
                      

                  	 
      	
                      

                  
	 
      	 
      
	 
      	
                    NOTICE: The
      signature to the assignment must correspond with the name as written upon
      the face of this Receipt in every particular, without alteration or
      enlargement or any change
whatever.

                  

          

        

      

      

      SIGNATURE
GUARANTEED

      

      NOTICE:
The signature(s) must be guaranteed by a participant in a Medallion Signature
Guarantee Program at a guarantee level acceptable to the Registrar.

       

      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

      Schedule I1

      

      BioFuel
Energy Corp.

      

      Receipt
for Depositary Shares,

      Each
Representing a [          ]
Interest in one share of

      Series A
Non-Voting Convertible Preferred Stock

      

      Certificate
Number:

      

      The
number of Depositary Shares initially represented by this Global Depositary
Receipt shall be [          ].
Thereafter the Transfer Agent and Registrar shall note changes in the number of
Depositary Shares evidenced by this Global Depositary Receipt in the table set
forth below:

      

      
        
          
            	
                    Amount of

                    Decrease in

                    Number of

                    Depositary Shares

                    Evidenced by this

                    Global Depositary

                    Receipt

                  	 
      	
                    Amount of

                    Increase in

                    Number of

                    Depositary Shares

                    Evidenced by this

                    Global Depositary

                    Receipt

                  	 
      	
                    Number of

                    Depositary Shares

                    Represented by this

                    Global Depositary

                    Receipt following

                    Decrease or Increase

                  	 
      	
                    Signature of

                    Authorized Officer

                    of Transfer Agent

                    and Registrar

                  
	 
      	 
      	 
      	 
      	 
      	 
      	 
      

          

        

      

       

      
        
          

        

      

      
        1 Attach
Schedule I only to global Receipts.

      

      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

      EXHIBIT
B

       

      Certificate
of Designations

       

      [See
Exhibit 4.3]

      
        
           

        

        
          B-1Unassociated Document

    Exhibit
10.7

    

    AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

     

    This
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”)
dated as of __________, 20[__] is entered into by and among BioFuel Energy
Corp., a Delaware corporation (the “Company”),
and certain holders of securities of the Company party to this Agreement
(collectively, the “Investor
Parties”).

     

    A.        
  The persons, including the Investor Parties, listed on Schedule A
hereto (the “Existing
Investors”) are party, with the Company, to a Registration Rights
Agreement dated as of June 19, 2007 (the “Existing
Registration Rights Agreement”), pursuant to which the Company is
obligated to register, subject to the terms and conditions set forth therein,
shares of common stock of the Company, par value $0.01 per share (the “Common
Stock”), held by such Existing Investors and their respective permitted
assignees and transferees, including shares of Common Stock deliverable or
delivered in exchange for the Units (as defined below) (all such outstanding or
deliverable or delivered shares of Common Stock constituting “Registrable
Securities” under the Existing Registration Rights Agreement, the “Existing
Registrable Securities”);

     

    B.           The
Investor Parties hold at least fifty percent (50%) of the outstanding Existing
Registrable Securities;

     

    C.           The
Investor Parties and the Company wish to amend and restate the Existing
Registration Rights Agreement, pursuant to Section 3.9 of the Existing
Registration Rights Agreement, to read as set forth herein;

     

    D.           In
addition to the Existing Registrable Securities, certain of the Existing
Investors (including certain of the Investor Parties) are holders, or will
become holders, of (i) shares of Series A Non-Voting Convertible Preferred Stock
of the Company (the “Series A
Preferred Stock”) or depositary shares in respect thereof, which shall
automatically convert into shares of Common Stock as described in the
Certificate of Designation (as defined below) and (ii) warrants that, in the
event that the Company fails to repay the Loan (as defined in the Bridge Loan
Agreement (as defined below)) at maturity, will entitle the holders to a right
to purchase shares of Common Stock as described in the Loan Agreement (the
“Warrant”);
and

     

    E.           The
Company desires to provide the Existing Investors with registration rights with
respect to the Existing Registrable Securities and the shares of Common Stock
underlying the Series A Preferred Stock and the Warrant.

     

    AGREEMENT

     

    NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises
hereinafter set forth, the Existing Registration Rights Agreement is amended and
restated to read, and the parties hereto agree, as follows:

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ARTICLE
I

     

    CERTAIN
DEFINED TERMS

     

    Section
1.1    DEFINITIONS. For
purposes of this Agreement:

     

    (a)           “A&R
Rights Offering
Letter Agreement” means that certain Amendment and Restatement to the
Rights Offering Letter Agreement among Greenlight Capital, LP, Greenlight
Capital Qualified, LP, Greenlight Capital (Gold), LP, Greenlight Capital
Offshore Partners, Greenlight Capital Offshore Master (Gold), Ltd., Greenlight
Reinsurance, Ltd., Third Point Loan LLC, Third Point Advisors, LLC and BioFuel
Energy Corp. dated as of [__________________], 20[  ].

     

    (b)           “Affiliate”
means, with respect to any Person, (i) any other Person of which securities or
other ownership interests representing more than fifty percent (50%) of the
voting interests are, at the time such determination is being made, owned,
Controlled or held, directly or indirectly, by such Person or (ii) any other
Person which, at the time such determination is being made, is Controlling,
Controlled by or under common Control with, such Person. As used herein, “Control”,
whether used as a noun or verb, refers to 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 ownership of voting securities or
otherwise.

     

    (c)           “BFE LLC”
means BioFuel Energy, LLC, a Delaware limited liability company.

     

    (d)           “Bridge Loan
Agreement” means the Bridge Loan Agreement, dated September 24, 2010, by
and among the Company, Greenlight APE, L.L.C. as administrative agent and the
lender parties identified therein, as amended, modified, supplemented or
restated from time to time.

     

    (e)           “Certificate
of
Designation” means the Certificate of Designation of the Series A
Non-Voting Convertible Preferred Stock of BioFuel Energy Corp., duly executed as
of [___________], 20[  ].

     

    (f)            “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the SEC promulgated thereunder.

     

    (g)           “FINRA”
means the Financial Industry Regulatory Authority, Inc.

     

    (h)           
“Holder”
means a Person that (i) is a party to this Agreement (or a permitted transferee
under Section 2.11 hereof) or a party to the Existing Registration Rights
Agreement (or a permitted transferee under Section 2.11 thereof) and (ii) owns
Registrable Securities.

     

    (i)           “LLC
Agreement” means the BFE LLC Third Amended and Restated LLC Agreement,
dated [____________], 20[  ] among the Company and the members of BFE
LLC, as the same may be amended, modified, supplemented or restated from time to
time.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (j)           “Participating
Holders” means Holders participating, or electing to participate, in an
offering of Registrable Securities.

     

    (k)           “Person”
means any individual, firm, corporation, company, partnership, trust,
incorporated or unincorporated association, limited liability company, joint
venture, joint stock company, government (or an agency or political subdivision
thereof) or other entity of any kind, and shall include any successor (by merger
or otherwise) of any such entity.

     

    (l)           “Registrable
Securities” means shares of Common Stock held by Holders, including
shares of Common Stock deliverable or delivered (i) in exchange for Units
pursuant to the LLC Agreement and the organizational documents of the Company,
(ii) upon conversion of the Series A Preferred Stock (or depositary shares
in respect thereof) or (iii) upon exercise of the Warrant; provided,
however, that equity interests that are considered to be Registrable Securities
shall cease to be Registrable Securities (A) upon the sale thereof pursuant to
an effective registration statement, (B) upon the sale thereof pursuant to Rule
144 (or successor rule under the Securities Act), (C) when such securities cease
to be outstanding or (D) when such securities become eligible for sale under
Rule 144 (or successor rule under the Securities Act), without any volume
limitations under such Rule.

     

    (m)           “Registration
Expenses” mean all expenses (other than underwriting discounts and
commissions) arising from or incident to the performance of, or compliance with,
this Agreement, including, without limitation, (i) SEC, stock exchange, FINRA
and other registration and filing fees, (ii) all fees and expenses incurred in
connection with complying with any securities or blue sky laws (including fees,
charges and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities), (iii) all printing, messenger and delivery
expenses, (iv) the fees, charges and disbursements of counsel to the Company and
of its independent public accountants and any other accounting and legal fees,
charges and expenses incurred by the Company (including any expenses arising
from any special audits or “comfort letters” required in connection with or
incident to any registration), (v) the fees, charges and disbursements of any
special experts retained by the Company in connection with any registration
pursuant to the terms of this Agreement, (vi) all internal expenses of the
Company (including all salaries and expenses of its officers and employees
performing legal or accounting duties), (vii) the fees and expenses incurred in
connection with the listing of the Registrable Securities on any securities
exchange and (viii) Securities Act liability insurance (if the Company elects to
obtain such insurance), regardless of whether any Registration Statement filed
in connection with such registration is declared effective.

     

    (n)           “Registration
Expenses” shall also include fees, charges and disbursements of one (1)
firm of counsel to all of the Participating Holders participating in any
underwritten public offering pursuant to Article II hereof (which shall be
selected by a majority, based on the number of Registrable Securities to be
sold, of the Participating Holders).

     

    
      
         

      

      
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    (o)           “Registration
Statement” means any Registration Statement of the Company filed with the
SEC on the appropriate form pursuant to the Securities Act which covers any of
the Registrable Securities pursuant to the provisions of this Agreement and all
amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the prospectus contained
therein, all exhibits thereto and all materials incorporated by reference
therein.

     

    (p)           “Rights Offering
Letter Agreement” means the Rights Offering Letter Agreement, dated
September 24, 2010, by and among the Company and the lender parties identified
therein, as amended, modified, supplemented or restated from time to
time.

     

    (q)           “SEC” means
the United States Securities and Exchange Commission.

     

    (r)           “Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.

     

    (s)           “Selling
Expenses” means the underwriting fees, discounts, selling commissions and
stock transfer taxes applicable to all Registrable Securities registered by the
Participating Holders.

     

    (t)           “Units”
means (i) Common Units (as defined in the LLC Agreement) held by the Existing
Investors on the date of this Agreement together with (ii) Common Units issued
to the Existing Investors upon conversion of any Preferred Units (as defined in
the LLC Agreement) [or Class B Preferred Units (as defined in the LLC
Agreement)] held by the Existing Investors on the date of this Agreement, in the
case of (i) and (ii) after giving effect to the execution of the LLC
Agreement.

     

    ARTICLE
II

     

    REGISTRATION
RIGHTS

     

    Section
2.1       DEMAND
REGISTRATION

     

    (a)           Request by
Holders.  Upon receipt of a written request from Holders that
hold at least twenty percent (20%) of the Registrable Securities then
outstanding (the “Requesting
Holders”) that the Company register Registrable Securities held by
Requesting Holders (a “Demand
Request”), then the Company shall, within ten (10) days after receipt of
such Demand Request, give written notice of such request (“Request
Notice”) to all Holders.  Each Demand Request shall (x) specify
the number of Registrable Securities that the Requesting Holders intend to sell
or dispose of, (y) state the intended method or methods of sale or disposition
of the Registrable Securities and (z) specify the expected price range (net of
underwriting discounts and commissions) acceptable to the Requesting Holders to
be received for such Registrable Securities.  Following receipt of a
Demand Request, the Company shall:

     

    
      
         

      

      
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    (i)           cause
to be filed, as soon as practicable, but within ninety (90) days of the date of
delivery to the Company of the Demand Request, a Registration Statement covering
such Registrable Securities which the Company has been so requested to register
by the Requesting Holders and other Holders who request to the Company that
their Registrable Securities be registered within twenty (20) days of the
mailing of the Request Notice, providing for the registration under the
Securities Act of such Registrable Securities to the extent necessary to permit
the disposition of such Registrable Securities in accordance with the intended
method of distribution specified in such Demand Request;

     

    (ii)           use
its reasonable best efforts to have such Registration Statement declared
effective by the SEC as soon as practicable thereafter; and refrain from filing
any other Registration Statements, other than pursuant to a Registration
Statement on Form S-4 or S-8 (or similar or successor forms), with respect to
any other securities of the Company until such date which is ninety (90) days
following effectiveness of the Registration Statement filed in response to the
Demand Request.

     

    (b)           Effective Registration
Statement. A registration requested pursuant to this Section 2.1 shall
not be deemed to have been effected (i) unless a Registration Statement with
respect thereto has become effective and remained effective in compliance with
the provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by such Registration Statement until such time as
all of such Registrable Securities have been disposed of in accordance with the
intended methods of disposition by the Holders thereof set forth in such
Registration Statement; (ii) if, after it has become effective, such
registration is interfered with by any stop order, injunction or other order or
requirement of the SEC or other governmental agency or court and has not
thereafter become effective, or if the offering of Registrable Securities is not
consummated for any reason, including, without limitation, if the underwriters
of an underwritten public offering advise the Participating Holders that the
Registrable Securities cannot be sold at a net price per share equal to or above
the net price disclosed in the preliminary prospectus; (iii) if the conditions
to closing specified in the underwriting agreement, if any, entered into in
connection with such registration are not satisfied or waived; or (iv) if the
Requesting Holders are cut back to fewer than fifty percent (50%) of the
Registrable Securities requested to be registered.

     

    (c)           Selection of
Underwriters. In the event that the Company is required to file a
Registration Statement covering any Registrable Securities of any Requesting
Holders pursuant to Section 2.1(a) hereof and the proposed public offering is to
be an underwritten public offering, the managing underwriter shall be one or
more reputable nationally recognized investment banks selected by a majority in
interest of the Requesting Holders and reasonably acceptable to the Company,
which consent shall not be unreasonably withheld, delayed or
conditioned.

     

    
      
         

      

      
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    (d)           Priority for Demand
Registration. Notwithstanding any other provision of this Agreement, if
the managing underwriter of an underwritten public offering determines and
advises the Participating Holders and the Company in writing that the inclusion
of all securities proposed to be included by the Company and any other Holders
in the underwritten public offering would materially and adversely interfere
with the successful marketing of the Requesting Holders’ Registrable Securities,
then the Company and other Holders shall not be permitted to include any
securities in excess of the amount, if any, of securities which the managing
underwriter of such underwritten public offering shall reasonably and in good
faith agree in writing to include in such public offering in addition to the
amount of Registrable Securities to be registered for the Requesting Holders.
The Company will be obligated to include in such Registration Statement, as to
each Holder, only a portion of the Registrable Securities such Holder has
requested be registered equal to the ratio which such Holder’s requested
Registrable Securities bears to the total number of Registrable Securities
requested to be included in such Registration Statement by all Holders who have
requested that their Registrable Securities be included in such Registration
Statement.  It is acknowledged by the parties hereto that pursuant to
the foregoing provision, the securities to be included in a registration
requested by the Requesting Holders pursuant to this Section 2.1 shall be
allocated: (i) first, to the Participating Holders, and (ii) second, to the
Company and any other holders of equity interests of the Company requesting
registration of securities of the Company.

     

    (e)           Limitation on Demand
Registrations. The Company shall only be obligated to effect six (6)
Demand Requests pursuant to this Section 2.1.

     

    (f)           Cancellation of
Registration. A majority in interest of the Participating Holders shall
have the right to cancel a proposed registration of Registrable Securities
pursuant to this Section 2.1 when, (i) in their discretion, market conditions
are so unfavorable as to be seriously detrimental to an offering pursuant to
such registration or (ii) the request for cancellation is based upon material
adverse information relating to the Company that is different from the
information known to the Participating Holders at the time of the Demand
Request. Such cancellation of a registration shall not be counted as one of six
(6) Demand Requests and notwithstanding anything to the contrary in the
Agreement, the Company shall be responsible for the expenses of the
Participating Holders incurred in connection with the registration prior to the
time of cancellation.

     

    Section
2.2     PIGGYBACK
REGISTRATIONS.

     

    (a)           Right to Include Registrable
Securities. Subject to the limitations contained in the last sentence of
this Section 2.2, each time that the Company proposes for any reason to register
any of its equity interests under the Securities Act, either for its own account
or for the account of equity interest holders exercising demand registration
rights, other than a Demand Request pursuant to Section 2.1 hereof, a rights
offering (other than the rights offering contemplated by the A&R Rights
Offering Letter Agreement) or pursuant to a Registration Statement on Form S-4
or S-8 (or similar or successor forms) (a “Proposed
Registration”), the Company shall promptly give written notice of such
Proposed Registration to all of the Holders of Registrable Securities (which
notice shall be given not less than thirty (30) days prior to the expected
effective date of the Company’s Registration Statement) and shall offer such
Holders the right to request inclusion of any of such Holder’s Registrable
Securities in the Proposed Registration. No registration pursuant to this
Section 2.2 shall relieve the Company of its obligation to register Registrable
Securities pursuant to a Demand Request, as contemplated by Section 2.1 hereof.
The rights to piggyback registration may be exercised on an unlimited number of
occasions.

     

    
      
         

      

      
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    (b)           Piggyback Procedure.
Each Holder of Registrable Securities shall have twenty (20) days from the date
of receipt of the Company’s notice referred to in Section 2.2(a) above to
deliver to the Company a written request specifying the number of Registrable
Securities such Holder intends to sell and such Holder’s intended method of
disposition. Any Holder shall have the right to withdraw such Holder’s request
for inclusion of such Holder’s Registrable Securities in any Registration
Statement pursuant to this Section 2.2 by giving written notice to the Company
of such withdrawal; provided, however, that the Company may ignore a notice of
withdrawal made within twenty-four (24) hours of the time the Registration
Statement is to become effective. Subject to Section 2.2(d) below, the Company
shall use its commercially reasonable efforts to include in such Registration
Statement all such Registrable Securities so requested to be included therein;
provided, however, that the Company may at any time withdraw or cease proceeding
with any such Proposed Registration if it shall at the same time withdraw or
cease proceeding with the registration of all other Registrable Securities
originally proposed to be registered. In the event that the Proposed
Registration by the Company is, in whole or in part, an underwritten public
offering of securities of the Company, any request under this Section 2.2(b)
shall specify that the Registrable Securities be included in the underwriting on
the same terms and conditions as the securities, if any, otherwise being sold
through underwriters under such registration.

     

    (c)           Selection of
Underwriters. The managing underwriter for any Proposed Registration that
involves an underwritten public offering shall be one or more reputable
nationally recognized investment banks selected by the Company and reasonably
acceptable to a majority in interest of the Holders, which consent shall not be
unreasonably withheld, delayed or conditioned.

     

    (d)           Priority for Piggyback
Registration. Notwithstanding any other provision of this Agreement, if
the managing underwriter of an underwritten public offering determines and
advises the Company and the Holders in writing that the inclusion of all
Registrable Securities proposed to be included by the Holders of Registrable
Securities in the underwritten public offering would materially and adversely
interfere with the successful marketing of the Company’s securities, then the
Holders of Registrable Securities shall not be permitted to include, in the
aggregate, any Registrable Securities in excess of the amount, if any, of
Registrable Securities which the managing underwriter of such underwritten
public offering shall reasonably and in good faith agree in writing to include
in such public offering in addition to the amount of securities to be registered
for the Company (the “Maximum Offering
Amount”). The Company will be obligated to include in such Registration
Statement only a portion of the Registrable Securities such Holder has requested
be registered equal to the ratio which such Holder’s requested Registrable
Securities bears to the total number of Registrable Securities requested to be
included in such Registration Statement by all Holders who have requested that
their Registrable Securities be included in such Registration Statement. It is
acknowledged by the parties hereto that pursuant to the foregoing provision, the
securities to be included in a registration initiated by the Company shall be
allocated:

     

    
      
         

      

      
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    (i)           first,
to the Company;

     

    (ii)          second,
pari passu to the Holders; and

     

    (iii)         third,
to any others requesting registration of securities of the Company.

     

    If as a
result of the provisions of this Section 2.2(d), any Holder shall not be
entitled to include more than fifty percent (50%) of its Registrable Securities
in a registration that such Holder has requested to be so included, such Holder
may withdraw such Holder’s request to include Registrable Securities in such
Registration Statement.

     

    (e)           Underwritten
Offering. In the event that the Proposed Registration by the Company is,
in whole or in part, an underwritten public offering of securities of the
Company, any request under this Section 2.2 shall specify that the Registrable
Securities be included in the underwriting on the same terms and conditions as
the securities, if any, otherwise being sold through underwriters under such
registration.

     

    Section
2.3     FORM S-3
REGISTRATION. Any Holder or group of Holders holding at least ten percent
(10%) of the Registrable Securities (an “Initiating Form
S-3 Holder”) may request at any time following the date hereof that the
Company file a Registration Statement under the Securities Act on Form S-3 (or
similar or successor form) covering the sale or other distribution of all or any
portion of the Registrable Securities held by such Initiating Form S-3 Holder
pursuant to Rule 415 under the Securities Act (“Form S-3
Demand”) if the Company is a registrant qualified to use Form S-3 (or any
similar or successor form) to register such Registrable Securities. If such
condition is met, the Company shall use its reasonable best efforts to register
under the Securities Act on Form S-3 (or any similar or successor form) at the
earliest practicable date, for sale in accordance with the method of disposition
specified in the Form S-3 Demand, the number of Registrable Securities specified
in such Form S-3 Demand.  In connection with a Form S-3 Demand, the
Company agrees to include in the prospectus included in any Registration
Statement on Form S-3, such material describing the Company and intended to
facilitate the sale of securities being so registered as is reasonably requested
for inclusion therein by the Initiating Form S-3 Holders, whether or not the
rules applicable to preparation of Form S-3 require the inclusion of such
information. Form S-3 Demands will not be deemed to be Demand Requests as
described in Section 2.1 hereof and Holders shall have the right to request an
unlimited number of Form S-3 Demands. Notwithstanding the foregoing, the Company
shall not be obligated to file more than four (4) Registration Statements on
Form S-3 pursuant to this Section 2.3 in any given twelve (12) month
period.

     

    Section
2.4     LOCK-UP AGREEMENTS.
If any registration of Registrable Securities shall be effected in connection
with an underwritten public offering, no Holder shall effect any public sale or
distribution, including any sale pursuant to Rule 144, of any shares of Common
Stock or other security of the Company (except as part of such underwritten
public offering) during the period beginning fourteen (14) days prior to the
effective date of the applicable Registration Statement until the earlier of:
(i) such time as the Company and the managing underwriter shall agree and (ii)
one hundred and eighty (180) days.

     

    
      
         

      

      
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    Section
2.5     REGISTRATION
PROCEDURES.

     

    (a)           Obligations of the
Company. Whenever registration of Registrable Securities is required
pursuant to this Agreement, the Company shall use its reasonable best efforts to
effect the registration and sale of such Registrable Securities in accordance
with the intended method of distribution thereof as promptly as possible, and in
connection with any such request, the Company shall, as expeditiously as
possible:

     

    (i)           Preparation of Registration
Statement;
Effectiveness. Prepare and file with the SEC (in any event not later than
ninety (90) days after receipt of a Demand Request to file a Registration
Statement with respect to Registrable Securities), a Registration Statement on
any form on which the Company then qualifies, which counsel for the Company
shall deem appropriate and pursuant to which such offering may be made in
accordance with the intended method of distribution thereof (except that the
Registration Statement shall contain such information as may reasonably be
requested for marketing or other purposes by the managing underwriter), and use
its reasonable best efforts to cause any registration required hereunder to
become effective as soon as practicable after the initial filing thereof and
remain effective for a period of not less than one hundred and eighty (180) days
(or such shorter period in which all Registrable Securities have been sold in
accordance with the methods of distribution set forth in the Registration
Statement); provided, however, that, in the case of any registration of
Registrable Securities on Form S-3 which are intended to be offered on a
continuous or delayed basis, such one hundred and eighty (180) day period shall
be extended, if necessary, to keep the Registration Statement effective until
all such Registrable Securities are sold, provided that Rule 415, or any
successor rule under the Securities Act, permits an offering on a continuous or
delayed basis.  Notwithstanding the foregoing, the Company may (A)
defer the filing of a Registration Statement for a period of not more than 90
days (but not more than once in any twelve-month period) or (B) suspend the use
of a prospectus under a Registration Statement on Form S-3 for a period not to
exceed 30 days in any three-month period or an aggregate of 90 days in any
12-month period, in each case if the Board of Directors of the Company
determines in good faith that because of bona fide business reasons (not
including the avoidance of the Company’s obligations hereunder), including the
acquisition or divestiture of assets, pending corporate developments and similar
events, it is in the best interests of the Company to delay the filing of such
Registration Statement or to suspend the use of such prospectus, and prior to
delaying such filing or suspending such use, the Company provides the
Participating Holders with written notice of such delay or suspension, which
notice need not specify the nature of the event giving rise to such delay or
suspension;

     

    
      
         

      

      
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    (ii)           Participation in
Preparation. Provide any Participating Holder, any underwriter
participating in any disposition pursuant to a Registration Statement, and any
attorney, accountant or other agent retained by any Participating Holder or
underwriter (each, an “Inspector”
and, collectively, the “Inspectors”),
the opportunity to participate (including, but not limited to, reviewing,
commenting on and attending all meetings) in the preparation of such
Registration Statement, each prospectus included therein or filed with the SEC
and each amendment or supplement thereto;

     

    (iii)           Due Diligence. For a
reasonable period prior to the filing of any Registration Statement pursuant to
this Agreement, make available for inspection and copying by the Inspectors such
financial and other information and books and records, pertinent corporate
documents and properties of the Company and its subsidiaries and cause the
officers, directors, employees, counsel and independent certified public
accountants of the Company and its subsidiaries to respond to such inquiries and
to supply all information reasonably requested by any such Inspector in
connection with such Registration Statement, as shall be reasonably necessary,
in the judgment of the respective counsel referred to in Section 2.5(a)(ii), to
conduct a reasonable investigation within the meaning of the Securities
Act;

     

    (iv)           General
Notifications. Promptly notify in writing the Participating Holders, the
sales or placement agent, if any, therefor and the managing underwriter of the
securities being sold, (A) when such Registration Statement or the prospectus
included therein or any prospectus amendment or supplement or post-effective
amendment has been filed, and, with respect to any such Registration Statement
or any post-effective amendment, when the same has become effective, (B) when
the SEC notifies the Company whether there will be a “review” of such
Registration Statement, (C) of any comments (oral or written) by the SEC and by
the blue sky or securities commissioner or regulator of any state with respect
thereto and (D) of any request by the SEC for any amendments or supplements to
such Registration Statement or the prospectus or for additional
information;

     

    (v)           10b-5 Notification.
Promptly notify in writing the Participating Holders, the sales or placement
agent, if any, therefor and the managing underwriter of the securities being
sold pursuant to any Registration Statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act upon
discovery that, or upon the happening of any event as a result of which, any
prospectus included in such Registration Statement (or amendment or supplement
thereto) contains an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances under which they were made,
and the Company shall promptly prepare a supplement or amendment to such
prospectus and file it with the SEC (in any event no later than ten (10) days
following notice of the occurrence of such event to each Participating Holder,
the sales or placement agent and the managing underwriter) so that after
delivery of such prospectus, as so amended or supplemented, to the purchasers of
such Registrable Securities, such prospectus, as so amended or supplemented,
shall not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances under which they were
made;

     

    
      
         

      

      
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    (vi)           Notification of Stop Orders;
Suspensions of Qualifications and Exemptions. Promptly notify in writing
the Participating Holders, the sales or placement agent, if any, therefor and
the managing underwriter of the securities being sold of the issuance by the SEC
of (A) any stop order issued or threatened to be issued by the SEC or (B) any
notification with respect to the suspension of the qualification or exemption
from qualification of any of the Registrable Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose, and the Company agrees to use its reasonable best efforts to (x)
prevent the issuance of any such stop order, and in the event of such issuance,
to obtain the withdrawal of any such stop order and (y) obtain the withdrawal of
any order suspending or preventing the use of any related prospectus or
suspending the qualification of any Registrable Securities included in such
Registration Statement for sale in any jurisdiction at the earliest practicable
date;

     

    (vii)          Amendments and Supplements;
Acceleration. Prepare and file with the SEC such amendments, including
post-effective amendments to each Registration Statement as may be necessary to
keep such Registration Statement continuously effective for the applicable time
period required hereunder and, if applicable, file any Registration Statements
pursuant to Rule 462(b) under the Securities Act; cause the related prospectus
to be supplemented by any required prospectus supplement, and as so supplemented
to be filed pursuant to Rule 424 (or any similar provisions then in force)
promulgated under the Securities Act; and comply with the provisions of the
Securities Act and the Exchange Act with respect to the disposition of all
securities covered by such Registration Statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such Registration Statement as so amended or in such prospectus as so
supplemented. If a majority in interest of the Participating Holders so request,
request acceleration of effectiveness of the Registration Statement from the SEC
and any post-effective amendments thereto, if any are filed; provided that at
the time of such request, the Company does not in good faith believe that it is
necessary to amend further the Registration Statement in order to comply with
the provisions of this subparagraph. If the Company wishes to further amend the
Registration Statement prior to requesting acceleration, it shall have five (5)
days to so amend prior to requesting acceleration;

     

    (viii)         Copies. Furnish as
promptly as practicable to each Participating Holder and Inspector prior to
filing a Registration Statement or any supplement or amendment thereto, copies
of such Registration Statement, supplement or amendment as it is proposed to be
filed, and after such filing such number of copies of such Registration
Statement, each amendment and supplement thereto (in each case including all
exhibits thereto), the prospectus included in such Registration Statement
(including each preliminary prospectus) and such other documents as each such
Participating Holder or underwriter may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by such
Participating Holder;

     

    
      
         

      

      
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    (ix)           Blue Sky. Use its
reasonable best efforts to, prior to any public offering of the Registrable
Securities, register or qualify (or seek an exemption from registration or
qualifications) such Registrable Securities under such other securities or blue
sky laws of such jurisdictions as any Participating Holder or underwriter may
request, and to continue such qualification in effect in each such jurisdiction
for as long as is permissible pursuant to the laws of such jurisdiction, or for
as long as a Participating Holder or underwriter requests or until all of such
Registrable Securities are sold, whichever is shortest, and do any and all other
acts and things which may be reasonably necessary or advisable to enable any
Participating Holder to consummate the disposition in such jurisdictions of the
Registrable Securities;

     

    (x)           Other Approvals. Use
its reasonable best efforts to obtain all other approvals, consents, exemptions
or authorizations from such governmental agencies or authorities as may be
necessary to enable the Participating Holders and underwriters to consummate the
disposition of Registrable Securities;

     

    (xi)           Agreements. Enter
into customary agreements (including any underwriting agreements in customary
form), and take such other actions as may be reasonably required in order to
expedite or facilitate the disposition of Registrable Securities;

     

    (xii)           “Cold Comfort”
Letter. Obtain a “cold comfort” letter from the Company’s independent
public accountants in customary form and covering such matters of the type
customarily covered by “cold comfort” letters as the managing underwriter may
reasonably request, and reasonably satisfactory to a majority in interest of the
Participating Holders;

     

    (xiii)         Legal Opinion.
Furnish, at the request of any underwriter of Registrable Securities on the date
such securities are delivered to the underwriters for sale pursuant to such
registration, an opinion, dated such date, of counsel representing the Company
for the purposes of such registration, addressed to the Holders, and the
placement agent or sales agent, if any, thereof and the underwriters, if any,
thereof, covering such legal matters with respect to the registration in respect
of which such opinion is being given as such underwriter may reasonably request
and as are customarily included in such opinions, and reasonably satisfactory to
a majority in interest of the Participating Holders;

     

    (xiv)         SEC Compliance; Earnings
Statement. Use its reasonable best efforts to comply with all applicable
rules and regulations of the SEC and make available to its shareholders, as soon
as reasonably practicable, but no later than fifteen (15) months after the
effective date of any Registration Statement, an earnings statement covering a
period of twelve (12) months beginning after the effective date of such
Registration Statement, in a manner which satisfies the provisions of Section
11(a) of the Securities Act and Rule 158 thereunder;

     

    
      
         

      

      
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    (xv)           Certificates;
Closing. Provide officers’ certificates and other customary closing
documents;

     

    (xvi)         FINRA. Cooperate with
each Participating Holder and each underwriter participating in the disposition
of such Registrable Securities and underwriters’ counsel in connection with any
filings required to be made with FINRA;

     

    (xvii)        Road Show. Cause
appropriate officers as are requested by a managing underwriter to participate
in a “road show” or similar marketing effort being conducted by such underwriter
with respect to an underwritten public offering;

     

    (xviii)       Listing. Use its
reasonable best efforts to cause all such Registrable Securities to be listed on
each securities exchange on which similar securities issued by the Company are
then listed and if not so listed, to be listed on the NASDAQ automated quotation
system;

     

    (xix)          Transfer Agent, Registrar
and CUSIP. Provide a transfer agent and registrar for all Registrable
Securities registered pursuant hereto and a CUSIP number for all such
Registrable Securities, in each case, no later than the effective date of such
registration;

     

    (xx)           Private Sales. Use
its reasonable best efforts to assist a Holder in facilitating private sales of
Registrable Securities by, among other things, providing officers’ certificates
and other customary closing documents reasonably requested by a Holder;
and

     

    (xxi)          Reasonable Best
Efforts. Use its reasonable best efforts to take all other actions
necessary to effect the registration of the Registrable Securities contemplated
hereby.

     

    (b)           Seller Information.
The Company may require each Participating Holder as to which any registration
of such Holder’s Registrable Securities is being effected to furnish to the
Company such information regarding such Holder and such Holder’s method of
distribution of such Registrable Securities as the Company may from time to time
reasonably request in writing. If a Holder refuses to provide the Company with
any of such information on the grounds that it is not necessary to include such
information in the Registration Statement, the Company may exclude such
Participating Holder’s Registrable Securities from the Registration Statement if
the Company provides such Participating Holder with an opinion of counsel to the
effect that such information must be included in the Registration Statement and
such Participating Holder continues thereafter to withhold such information. The
exclusion of a Participating Holder’s Registrable Securities shall not affect
the registration of the other Registrable Securities to be included in the
Registration Statement.

     

    
      
         

      

      
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    (c)           Notice to
Discontinue. Each Participating Holder whose Registrable Securities are
covered by a Registration Statement filed pursuant to this Agreement agrees
that, upon receipt of written notice from the Company of the happening of any
event of the kind described in Section 2.5(a)(v), such Participating Holder
shall forthwith discontinue the disposition of Registrable Securities until such
Participating Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by Section 2.5(a)(v) or until it is advised in writing
by the Company that the use of the prospectus may be resumed and has received
copies of any additional or supplemental filings which are incorporated by
reference into the prospectus, and, if so directed by the Company in the case of
an event described in Section 2.5(a)(v), such Participating Holder shall deliver
to the Company (at the Company’s expense) all copies, other than permanent file
copies then in such Participating Holder’s possession, of the prospectus
covering such Registrable Securities which is current at the time of receipt of
such notice. If the Company shall give any such notice, the Company shall extend
the period during which such Registration Statement is to be maintained
effective by the number of days during the period from and including the date of
the giving of such notice pursuant to Section 2.5(a)(v) to and including the
date when the Participating Holder shall have received the copies of the
supplemented or amended prospectus contemplated by, and meeting the requirements
of, Section 2.5(a)(v).

     

    Section
2.6      REGISTRATION
EXPENSES. Except as otherwise provided herein, all Registration Expenses
shall be borne by the Company. All Selling Expenses relating to Registrable
Securities registered shall be borne by the Participating Holders of such
Registrable Securities pro rata on the basis of the number of Registrable
Securities so registered.

     

    Section
2.7       INDEMNIFICATION

     

    (a)           Indemnification by the
Company. The Company agrees, notwithstanding termination of this
Agreement, to indemnify and hold harmless to the fullest extent permitted by
law, each Holder, each of their directors, officers, employees, advisors, agents
and general or limited partners (and the directors, officers, employees,
advisors and agents thereof), their respective Affiliates and each Person who
controls (within the meaning of the Securities Act or the Exchange Act) any of
such Persons, and each underwriter and each Person who controls (within the
meaning of the Securities Act or the Exchange Act) any underwriter
(collectively, “Holder
Indemnified Parties”) from and against any and all losses, claims,
damages, expenses (including, without limitation, reasonable costs of
investigation and fees, disbursements and other charges of counsel, any amounts
paid in settlement effected with the Company’s consent, which consent shall not
be unreasonably withheld or delayed and any costs incurred in enforcing the
Company’s indemnification obligations hereunder) or other liabilities
(collectively, “Losses”)
to which any such Holder Indemnified Party may become subject under the
Securities Act, Exchange Act, any other federal law, any state or common law or
any rule or regulation promulgated thereunder or otherwise, insofar as such
Losses (or actions or proceedings, whether commenced or threatened, in respect
thereof) are resulting from or arising out of or based upon (i) any untrue, or
alleged untrue, statement of a material fact contained in any Registration
Statement, prospectus or preliminary prospectus (as amended or supplemented) or
any document incorporated by reference in any of the foregoing or resulting from
or arising out of or based upon any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in light of the circumstances
under which they were made), not misleading or (ii) any violation by the Company
of the Securities Act, Exchange Act, any other federal law, any state or common
law or any rule or regulation promulgated thereunder or otherwise incident to
any registration, qualification or compliance and in any such case, the Company
will promptly reimburse each such Holder Indemnified Party for any legal and any
other Losses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability, action or investigation or
proceeding (collectively, a “Claim”).
Such indemnity obligation shall remain in full force and effect regardless of
any investigation made by or on behalf of the Holder Indemnified Parties and
shall survive the transfer of Registrable Securities by such Holder Indemnified
Parties.

     

    
      
         

      

      
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    (b)           Indemnification by
Holders. In connection with any proposed registration in which a Holder
is participating pursuant to this Agreement, each such Holder shall furnish to
the Company in writing such information with respect to such Holder as the
Company may reasonably request or as may be required by law for use in
connection with any Registration Statement or prospectus or preliminary
prospectus to be used in connection with such registration and each Holder
agrees, severally and not jointly, to indemnify and hold harmless the Company,
any underwriter retained by the Company and their respective directors,
officers, partners, employees, advisors and agents, their respective Affiliates
and each Person who controls (within the meaning of the Securities Act or the
Exchange Act) any of such Persons to the same extent as the foregoing indemnity
from the Company to the Holder Indemnified Parties as set forth in Section
2.7(a) (subject to the exceptions set forth in the foregoing indemnity, the
proviso to this sentence and applicable law), but only with respect to any such
information furnished in writing by such Holder expressly for use therein;
provided, however, that the liability of any Holder under this Section 2.7(b)
shall be limited to the amount of the net proceeds received by such Holder in
the offering giving rise to such liability. Such indemnity obligation shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Holder Indemnified Parties (except as provided above) and shall
survive the transfer of Registrable Securities by such Holder.

     

    
      
         

      

      
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    (c)           Conduct of Indemnification
Proceedings. Any Person entitled to indemnification hereunder (the “Indemnified
Party”) agrees to give prompt written notice to the indemnifying party
(the “Indemnifying
Party”) after the receipt by the Indemnified Party of any written notice
of the commencement of any action, suit, proceeding or investigation or threat
thereof made in writing for which the Indemnified Party intends to claim
indemnification or contribution pursuant to this Agreement; provided, however,
that, the failure so to notify the Indemnifying Party shall not relieve the
Indemnifying Party of any liability that it may have to the Indemnified Party
hereunder unless and to the extent such Indemnifying Party is materially
prejudiced by such failure. If notice of commencement of any such action is
given to the Indemnifying Party as above provided, the Indemnifying Party shall
be entitled to participate in and, to the extent it may wish, jointly with any
other Indemnifying Party similarly notified, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory
to such Indemnified Party. The Indemnified Party shall have the right to employ
separate counsel in any such action and participate in the defense thereof, but
the fees and expenses of such counsel shall be paid by the Indemnified Party
unless (i) the Indemnifying Party agrees to pay the same, (ii) the Indemnifying
Party fails to assume the defense of such action with counsel satisfactory to
the Indemnified Party in its reasonable judgment or (iii) the named parties to
any such action (including, but not limited to, any impleaded parties)
reasonably believe that the representation of such Indemnified Party and the
Indemnifying Party by the same counsel would be inappropriate under applicable
standards of professional conduct. In the case of clause (ii) above and (iii)
above, the Indemnifying Party shall not have the right to assume the defense of
such action on behalf of such Indemnified Party. No Indemnifying Party shall be
liable for any settlement entered into without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without
the written consent of the Indemnified Party, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the Indemnified Party is an
actual or potential party to such action or claim) unless such settlement,
compromise or judgment (A) includes an unconditional release of the Indemnified
Party from all liability arising out of such action or claim and (B) does not
include a statement as to, or an admission of, fault, culpability or a failure
to act by or on behalf of any Indemnified Party. The rights afforded to any
Indemnified Party hereunder shall be in addition to any rights that such
Indemnified Party may have at common law, by separate agreement or
otherwise.

     

    (d)           Contribution. If the
indemnification provided for in this Section 2.7 from the Indemnifying Party is
unavailable or insufficient to hold harmless an Indemnified Party in respect of
any Losses referred to herein, then the Indemnifying Party, in lieu of
indemnifying the Indemnified Party, shall contribute to the amount paid or
payable by the Indemnified Party as a result of such Losses in such proportion
as is appropriate to reflect the relative fault of the Indemnifying Party and
the Indemnified Party, as well as any other relevant equitable considerations.
The relative faults of the Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, was made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
Indemnifying Party’s and Indemnified Party’s relative intent, knowledge, access
to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Holder under this Section 2.7(d) shall be
limited to the amount of the net proceeds received by such Holder in the
offering giving rise to such liability. The amount paid or payable by a party as
a result of the Losses or other liabilities referred to above shall be deemed to
include, subject to the limitations set forth in Sections 2.7(a), 2.7(b) and
2.7(c), any legal or other fees, charges or expenses reasonably incurred by such
party in connection with any investigation or proceeding.  The parties
hereto agree that it would not be just and equitable if contribution pursuant to
this Section 2.7(d) were determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations
referred to in the immediately preceding paragraph. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section
2.7(d).

     

    
      
         

      

      
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    Section
2.8      RULE 144 AND RULE 144A;
OTHER EXEMPTIONS. With a view to making available to the Holders the
benefits of Rule 144 and Rule 144A promulgated under the Securities Act and
other rules and regulations of the SEC that may at any time permit a Holder to
sell securities of the Company to the public without registration, the Company
covenants that it shall (i) file in a timely manner all reports and other
documents required to be filed by it under the Securities Act and the Exchange
Act and the rules and regulations adopted by the SEC thereunder and (ii) take
such further action as each Holder may reasonably request (including, but not
limited to, providing any information necessary to comply with Rule 144 and Rule
144A, if available with respect to resales of the Registrable Securities under
the Securities Act), at all times from and after the date hereof, all to the
extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by (x) Rule 144 and Rule 144A (if available with
respect to resales of the Registrable Securities) under the Securities Act, as
such rules may be amended from time to time or (y) any other rules or
regulations now existing or hereafter adopted by the SEC. Upon the written
request of a Holder, the Company shall deliver to the Holder a written statement
as to whether it has complied with such requirements.

     

    Section
2.9     CERTAIN LIMITATIONS ON
REGISTRATION RIGHTS. No Holder may participate in any Registration
Statement hereunder unless such Holder completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements, and
other documents reasonably required under the terms of such underwriting
arrangements, and agrees to sell such Holder’s Registrable Securities on the
basis provided in any underwriting agreement approved by the Holder or Holders
entitled hereunder to approve such arrangements; provided, however, that no such
Holder shall be required to make any representations or warranties to the
Company or the underwriters in connection with any such registration other than
representations and warranties as to (i) such Holder’s ownership of its
Registrable Securities to be sold or transferred, (ii) such Holder’s power and
authority to effect such transfer and (iii) such matters pertaining to
compliance with applicable securities laws as may be reasonably requested. Such
Holders of Registrable Securities to be sold by such underwriters may, at their
option, require that any or all of the representations and warranties by, and
the other agreements on the part of the Company to and for the benefit of such
underwriters, shall also be made to and for the benefit of such Holders and that
any or all of the conditions precedent to the obligations of the underwriters
under the underwriting agreement be conditions precedent to the obligations of
the Holders.

     

    Section
2.10   LIMITATIONS ON SUBSEQUENT
REGISTRATION RIGHTS. The Company represents and warrants that other than
pursuant to the Existing Registration Rights Agreement it has not granted
registration rights prior to the date hereof and agrees that from and after the
date hereof, it shall not, without the prior written consent of the Holders of
at least fifty percent (50%) of the Registrable Securities then outstanding,
enter into any agreement (or amendment or waiver of the provisions of any
agreement) with any holder or prospective holder of any securities of the
Company that would grant such holder registration rights that are more
favorable, pari passu or senior to those granted to the Investors
hereunder.

     

    
      
         

      

      
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    Section
2.11     TRANSFER OF REGISTRATION
RIGHTS. The rights of a Holder hereunder may be transferred or assigned
in connection with a transfer of Registrable Securities to (i) any Affiliate of
a Holder, (ii) any subsidiary, parent, partner, retired partner, limited
partner, shareholder or member of a Holder or (iii) any family member or trust
for the benefit of any Holder, or (iv) any transferee who, after such transfer,
holds at least one thousand (1,000) Registrable Securities (as adjusted for any
stock dividends, stock splits, combinations and reorganizations and similar
events). Notwithstanding the foregoing, such rights may only be transferred or
assigned provided that all of the following additional conditions are satisfied:
(a) such transfer or assignment is effected in accordance with applicable
securities laws; (b) such transferee or assignee agrees in writing to become
subject to the terms of this Agreement; and (c) the Company is given written
notice by such Holder of such transfer or assignment, stating  the
name and address of the transferee or assignee and identifying the Registrable
Securities with respect to which such rights are being transferred or
assigned.

     

    ARTICLE
III

     

    GENERAL
PROVISIONS

     

    Section
3.1       SURVIVAL OF
AGREEMENTS. All covenants, agreements, representations and warranties
made in the LLC Agreement or any certificate or instrument delivered to the
Investors pursuant to or in connection with the LLC Agreement shall survive the
execution and delivery of the LLC Agreement and all statements contained in any
certificate or other instrument delivered by the Company hereunder or thereunder
or in connection herewith or therewith shall be deemed to constitute
representations and warranties made by the Company.

     

    Section
3.2       ENTIRE AGREEMENT.
This Agreement and any certificates, documents, instruments and writings that
are delivered pursuant hereto, constitutes the entire agreement and
understanding of the parties in respect of the subject matter hereof and
supersedes all prior understandings, agreements or representations by or among
the parties, written or oral, to the extent they relate in any way to the
subject matter hereof.

     

    Section
3.3       ASSIGNMENT; BINDING
EFFECT. Except as otherwise provided in Section 2.11, no party may assign
either this Agreement or any of its rights, interests or obligations hereunder
without the prior written approval of the other parties; provided that without
the consent of any other party hereto the rights of the Investors hereunder are
assignable to an assignee or transferee who acquires all of the Units held by an
Investor, as the case may be. All of the terms, agreements, covenants,
representations, warranties and conditions of this Agreement are binding upon,
and inure to the benefit of and are enforceable by, the parties and their
respective successors and permitted assigns.

     

    
      
         

      

      
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    Section
3.4        NOTICES. All notices,
requests and other communications provided for or permitted to be given under
this Agreement must be in writing and shall be given by personal delivery, by
certified or registered United States mail (postage prepaid, return receipt
requested), by a nationally recognized overnight delivery service for next day
delivery, or by facsimile transmission, to the address listed for each party in
the LLC Agreement (or to such other address as any party may give in a notice
given in accordance with the provisions hereof). All notices, requests or other
communications will be effective and deemed given only as follows: (i) if given
by personal delivery, upon such personal delivery, (ii) if sent by certified or
registered mail, on the fifth business day after being deposited in the United
States mail, (iii) if sent for next day delivery by overnight delivery service,
on the date of delivery as confirmed by written confirmation of delivery, (iv)
if sent by facsimile, upon the transmitter’s confirmation of receipt of such
facsimile transmission, except that if such confirmation is received after 5:00
p.m. (in the recipient’s time zone) on a business day, or is received on a day
that is not a business day, then such notice, request or communication will not
be deemed effective or given until the next succeeding business day. Notices,
requests and other communications sent in any other manner, including by
electronic mail, will not be effective.

     

    Section
3.5       SPECIFIC PERFORMANCE;
REMEDIES. Each party acknowledges and agrees that the other parties would
be damaged irreparably if any provision of this Agreement were not performed in
accordance with its specific terms or were otherwise breached. Accordingly, the
parties will be entitled to an injunction or injunctions to prevent breaches of
the provisions of this Agreement and to enforce specifically this Agreement and
its provisions in any action or proceeding instituted in any state or federal
court sitting in New York City, New York having jurisdiction over the parties
and the matter, in addition to any other remedy to which they may be entitled,
at law or in equity. Except as expressly provided herein, the rights,
obligations and remedies created by this Agreement are cumulative and in
addition to any other rights, obligations or remedies otherwise available at law
or in equity. Except as expressly provided herein, nothing herein will be
considered an election of remedies.

     

    Section
3.6        SUBMISSION TO JURISDICTION;
WAIVER OF JURY TRIAL.

     

    (a)           Submission
to Jurisdiction. Any action, suit or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement
or the transactions contemplated hereby shall only be brought in any state or
federal court sitting in New York City, New York, and each party consents to the
exclusive jurisdiction and venue of such courts (and of the appropriate
appellate courts therefrom) in any such action, suit or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection that
it may now or hereafter have to the laying of the venue of any such, action,
suit or proceeding in any such court or that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum. Process in
any such action, suit or proceeding may be served on any party anywhere in the
world, whether within or without the jurisdiction of any such court. Without
limiting the foregoing, service of process on such party as provided in Section
3.4 shall be deemed effective service of process on such party.

     

    (b)           Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES THAT ANY DISPUTE THAT MAY ARISE OUT OF OR
RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE SUCH PARTY HEREBY EXPRESSLY WAIVES ITS RIGHT TO JURY TRIAL
OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER
AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE
TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO
ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE TO THE SUBJECT
MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.
EACH PARTY REPRESENTS THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT
IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING
WAIVER, (ii) SUCH PARTY UNDERSTANDS AND WITH THE ADVICE OF COUNSEL
HAS  CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY
MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
REPRESENTATIONS IN THIS SECTION 3.6(b).

     

    
      
         

      

      
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    Section
3.7        GOVERNING LAW. This
Agreement will be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to any choice of law
principles.

     

    Section
3.8        HEADINGS. The article
and section headings contained in this Agreement are inserted for convenience
only and will not affect in any way the meaning or interpretation of this
Agreement.

     

    Section
3.9        AMENDMENTS. This
Agreement may not be amended or modified without the written consent of the
Company and the Holders of at least fifty percent (50%) of the Registrable
Securities then outstanding; provided, however, that any amendment or
modification that adversely affects the rights of one or more Holders of
Registrable Securities under this Agreement, in their capacity as such, in a
manner that is materially different from the manner in which such amendment or
modification affects the rights of other Holders of Registrable Securities under
this Agreement, in their capacity as such, shall require the consent of each
such adversely affected Holder.

     

    Section
3.10      EXTENSIONS; WAIVERS.
Any party may, for itself only, (a) extend the time for the performance of any
of the obligations of any other party under this Agreement, (b) waive any
inaccuracies in the representations and warranties of any other party contained
herein or in any document delivered pursuant hereto and (c) waive compliance
with any of the agreements or conditions for the benefit of such party contained
herein. Any such extension or waiver will be valid only if set forth in a
writing signed by the party to be bound thereby. No waiver by any party of any
default, misrepresentation or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default,
misrepresentation or breach of warranty or covenant hereunder or affect in any
way any rights arising because of any prior or subsequent such occurrence.
Neither the failure nor any delay on the part of any party to exercise any right
or remedy under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any right or remedy preclude any other or further
exercise of the same or of any other right or remedy.

     

    
      
         

      

      
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    Section
3.11      SEVERABILITY. The
provisions of this Agreement will be deemed severable and the invalidity or
unenforceability of any provision will not affect the validity or enforceability
of the other provisions hereof; provided that if any provision of this
Agreement, as applied to any party or to any circumstance, is judicially
determined not to be enforceable in accordance with its terms, the parties agree
that the court judicially making such determination may modify the provision in
a manner consistent with its objectives such that it is enforceable, and/or to
delete specific words or phrases, and in its modified form, such provision will
then be enforceable and will be enforced.

     

    Section
3.12      COUNTERPARTS;
EFFECTIVENESS. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument. This Agreement will become
effective when one or more counterparts have been signed by each of the parties
and delivered to the other parties. For purposes of determining whether a party
has signed this Agreement or any document contemplated hereby or any amendment
or waiver hereof, only a handwritten original signature on a paper document or a
facsimile copy of such a handwritten original signature shall constitute a
signature, notwithstanding any law relating to or enabling the creation,
execution or delivery of any contract or signature by electronic
means.

     

    Section
3.13     CONSTRUCTION. This
Agreement has been freely and fairly negotiated among the parties. If an
ambiguity or question of intent or interpretation arises, this Agreement will be
construed as if drafted jointly by the parties and no presumption or burden of
proof will arise favoring or disfavoring any party because of the authorship of
any provision of this Agreement. Any reference to any law will be deemed to
refer to such law as in effect on the date hereof and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words
“include,” “includes,” and “including” will be deemed to be followed by “without
limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be
construed to include the plural and vice versa, unless the context otherwise
requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any
particular subdivision unless expressly so limited. The parties intend that each
representation, warranty, and covenant contained herein will have independent
significance. If any party has breached any covenant contained herein in any
respect, the fact that there exists another covenant relating to the same
subject matter (regardless of the relative levels of specificity) which the
party has not breached will not detract from or mitigate the fact that the party
is in breach of the first covenant. Time is of the essence in the performance of
this Agreement.

     

    Section
3.14      ATTORNEYS’ FEES. If
any dispute among any parties arises in connection with this Agreement, the
prevailing party in the resolution of such dispute in any action or proceeding
will be entitled to an order awarding full recovery of reasonable attorneys’
fees and expenses, costs and expenses (including experts’ fees and expenses and
the costs of enforcing this Section 3.14) incurred in connection therewith,
including court costs, from the non-prevailing party.

     

    
      
         

      

      
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    Section
3.15      ADJUSTMENTS FOR STOCK
SPLITS, ETC. Wherever in this Agreement there is a reference to a
specific number of shares of the Company’s capital stock of any class or series,
then, upon the occurrence of any subdivision, combination or stock dividend of
such class or series of stock, the specific number of shares so referenced in
this Agreement will automatically be proportionally adjusted to reflect the
effect of such subdivision, combination or stock dividend on the outstanding
shares of such class or series of stock.

     

    [SIGNATURE
PAGES FOLLOW]

    
      
         

      

      
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    IN
WITNESS WHEREOF, the parties hereto have executed this Registration Rights
Agreement as of the date first above written.

     

    
      
        
          
            
              
                
                  
                    	 
      	
                            BIOFUEL
      ENERGY CORP.

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	 
      
	 
      	
                            Name:

                          	 
      
	 
      	
                            Title:

                          	 
      
	 
      	 
      	 
      
	 
      	
                            GREENLIGHT
      CAPITAL, LP

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	
                            Greenlight
      Capital, LLC, its general

                            partner

                          
	 
      	 
      	 
      
	 
      	 
      	
                            By:

                          	 
      
	 
      	 
      	 
      	
                            Daniel
      Roitman

                          
	 
      	 
      	 
      	
                            Chief
      Operating Officer

                          
	 
      	 
      	 
      
	 
      	
                            GREENLIGHT
      CAPITAL QUALIFIED,
L.P.

                          
	 
      	 
      	 
      
	 
      	
                            By:

                          	
                            Greenlight
      Capital, LLC, its general 

                          
	 
      	partner
	 
      	 
      	
                            By:

                          	 
      
	 
      	 
      	 
      	
                            Daniel
      Roitman

                          
	 
      	 
      	 
      	
                            Chief
      Operating
Officer

                          

                  

                

              

            

          

        

      

    

     

    Signature
Pages to Amended and Restated Registration Rights Agreement

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  	 
      	
                          GREENLIGHT
      REINSURANCE, LTD.

                        
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	
                          DME
      Advisors, L.P., its investment
manager

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	
                          Daniel
      Roitman

                        
	 
      	 
      	 
      	
                          Chief
      Operating Officer

                        
	 
      	 
      	 
      	 
      
	 
      	
                          GREENLIGHT
      CAPITAL OFFSHORE

                          PARTNERS

                        
	 
      	 
      
	 
      	
                          By:

                        	
                          Greenlight
      Capital, Inc., its

                        
	 
      	 
      	
                          investment
      manager

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	
                          Daniel
      Roitman

                        
	 
      	 
      	 
      	
                          Chief
      Operating Officer

                        
	 
      	 
      	 
      	 
      
	 
      	
                          GREENLIGHT
      CAPITAL (GOLD), LP

                        
	 
      	 
      
	 
      	
                          By:

                        	
                          DME
      Management GP, LLC, its

                          general
      partner

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	
                          Daniel
      Roitman

                        
	 
      	 
      	 
      	
                          Chief
      Operating Officer

                        
	 
      	 
      	 
      	 
      
	 
      	
                          GREENLIGHT
      CAPITAL OFFSHORE

                          MASTER
      (GOLD), LTD.

                        
	 
      	 
      
	 
      	
                          By:

                        	
                          DME
      Capital Management, LP, its

                          investment
      manager

                        
	 
      	 
      	 
      	 
      
	 
      	 
      	
                          By:

                        	 
      
	 
      	 
      	 
      	
                          Daniel
      Roitman

                        
	 
      	 
      	 
      	
                          Chief Operating
      Officer

                        

                

              

            

          

        

      

    

    

    Signature
Pages to Amended and Restated Registration Rights Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        	 
      	
                                THIRD
      POINT PARTNERS LP

                              
	 
      	 
      
	 
      	
                                By:

                              	
                                Third
      Point Advisors, L.L.C., its

                                general
      partner

                              
	 
      	 
      	 
      
	 
      	 
      	
                                By:

                              	 
      
	 
      	 
      	 
      	
                                Justin
      Nadler

                              
	 
      	 
      	 
      	
                                Authorized
      Person

                              
	 
      	 
      	 
      
	 
      	
                                THIRD
      POINT PARTNERS

                                QUALIFIED,
      L.P.

                              
	 
      	 
      
	 
      	
                                By:

                              	
                                Third
      Point Advisors, L.L.C., its

                                general
      partner

                              
	 
      	 
      	 
      
	 
      	 
      	
                                By:

                              	 
      
	 
      	 
      	 
      	
                                Justin
      Nadler

                              
	 
      	 
      	 
      	
                                Authorized
      Person

                              
	 
      	 
      	 
      
	 
      	
                                THIRD
      POINT LOAN LLC

                              
	 
      	 
      	 
      
	 
      	
                                By:

                              	 
      
	 
      	
                                Name:

                              	 
      
	 
      	
                                Title:

                              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                                Daniel
      S. Loeb

                              
	 
      	 
      
	 
      	 
      
	 
      	
                                Lawrence
      J.
Bernstein

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    Signature
Pages to Amended and Restated Registration Rights Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Schedule
A

     

    [Parties
to Existing Registration Rights Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]