Document:

FORM OF                         Exhibit 10.3
                               SECURITIES ACCOUNT
                                CONTROL AGREEMENT

     This Securities  Account  Control  Agreement  ("Agreement")  is dated as of
September   12,  2008,  by  and  among  HERRING  BANK,  a  Texas  state  banking
institution,  in its  capacity  as a  "securities  intermediary"  as  defined in
Section  8-102 of the UCC,  with its  principal  office  located  at 2201  Civic
Circle,  Amarillo,  Texas 79109  ("Securities  Intermediary"),  AMERICAN  CHURCH
MORTGAGE COMPANY, a Minnesota corporation,  with its principal office located at
10237 Yellow Circle Drive, Minneapolis,  Minnesota 55343 ("Pledgor"), and BEACON
BANK, a Minnesota banking corporation, as lender under the hereinafter described
Credit  Agreement,  with  its  principal  office  located  at 19765  Highway  7,
Shorewood, Minnesota 55331 ("Secured Party").

     Pledgor is the borrower  under that  certain  Loan and  Security  Agreement
dated as of September 12, 2008 (as the same may be amended,  extended,  renewed,
increased,  restated or replaced from time to time,  the "Credit  Agreement") by
and between Pledgor, as borrower, and Secured Party, as lender.

     This Agreement  refers and applies to the  securities  account number _____
_________  (the  "ICA  Account")  established  by and in the  name  of  Pledgor,
including,  without  limitation,  all  investment  property,  financial  assets,
securities and other property now or hereafter held therein (the  "Assets").  As
of the date of execution of this  Agreement,  the Assets  described on Exhibit A
are held in the ICA Account. This Agreement  supplements,  rather than replaces,
Securities  Intermediary's  account  agreement,  terms and  conditions and other
standard  documentation  in effect  from time to time  with  respect  to the ICA
Account  ("Account  Documentation"),  or related services provided by Securities
Intermediary  in connection  with the ICA Account  ("Account  Services"),  which
Account  Documentation  shall  continue  to  apply to the ICA  Account  and such
Account  Services,  to the extent not  conflicting  with the  provisions of this
Agreement;  in the event of any such  conflict,  or in the  event of a  conflict
among the provisions of any other agreement between Securities  Intermediary and
Pledgor and this  Agreement,  the  provisions of this  Agreement  shall control.
Terms used and not defined herein shall have the meaning set forth in the Credit
Agreement.

     Pledgor  has advised  Securities  Intermediary  that  Pledgor has granted a
security  interest in the ICA Account to Secured  Party.  Pledgor  desires  that
Securities Intermediary enter into this Agreement with Pledgor and Secured Party
to establish  "control" and perfect Secured Party's security interest in the ICA
Account.

     Therefore,  in  consideration of the provisions of this Agreement and other
valuable  consideration,  the  receipt  and  sufficiency  of  which  are  hereby
acknowledged, the parties hereby agree as follows:

<PAGE>

     1. Control.

     (a) Securities Intermediary shall comply with entitlement orders respecting
the ICA Account originated by Secured Party without further consent by Pledgor.

     (b)  Securities  Intermediary  shall make  trades of Assets held in the ICA
Account only at the  direction of Secured  Party (and not Pledgor) and shall not
comply with entitlement  orders or other  directions  concerning the ICA Account
originated by Pledgor.

     (c) Without limiting the foregoing, upon the instructions of Secured Party,
Securities  Intermediary  shall  disburse  any or all of the  Assets  in the ICA
Account to Secured  Party,  or sell some or all of the Assets in the ICA Account
and remit the sale proceeds (less Securities Intermediary's normal sales charge)
to Secured Party.

     (d)  Securities   Intermediary,   Pledgor  and  Secured  Party  agree  that
Securities  Intermediary  will comply with  instructions  originated  by Secured
Party  directing  disposition  of the funds in the ICA Account  without  further
consent  by  Pledgor.  Upon  receipt of a notice of  Secured  Party's  exclusive
control  of the  ICA  Account,  which  notice  states  that it is a  "Notice  of
Exclusive Control" and attached to which is a copy of this Agreement ("Notice of
Exclusive  Control"),  and following a reasonable  time period not to exceed two
(2) business days to allow Securities Intermediary to take appropriate action as
a result of receipt of the Notice of Exclusive Control,  Securities Intermediary
will comply with instructions  received from the Secured Party. Until Securities
Intermediary  receives a Notice of Exclusive Control,  Pledgor retains the right
to access the cash in the ICA Account or to direct the investment,  reinvestment
and liquidation of proceeds of the Bonds. Until Securities Intermediary receives
a Notice of Exclusive  Control,  Pledgor may remove Assets from the ICA Account,
but only with the written  consent of Secured Party. If Pledgor wishes to remove
Assets from the ICA  Account,  it shall give at least  fifteen  (15) days' prior
written notice to Secured Party (the "Bond Removal  Notice") in accordance  with
Section 4(b) of the Credit  Agreement.  If Pledgor is in compliance (both before
and after the release of the requested  Assets) with the Borrowing  Base and the
collateral  coverage covenant under Section 12(b) of the Credit Agreement and is
otherwise not in default thereunder, Secured Party shall within five (5) days of
receipt of the Bond  Removal  Notice  consent  in writing to the  release of the
requested  Assets and provide to Pledgor and the  Securities  Intermediary  such
documentation  as is required  to  terminate  any lien or  security  interest of
Secured Party in and to such Assets.

     (e) Securities  Intermediary is fully entitled to rely on instructions from
Secured  Party  and is under no  obligation  to  inquire  or  determine  whether
Pledgor's  obligations to Secured Party are in default or whether  Secured Party
is entitled,  under any separate agreement between Pledgor and Secured Party, to
give  any  instructions.   Securities  Intermediary  may  rely  on  notices  and
instructions  received hereunder which Securities  Intermediary believes in good
faith come from the appropriate party.

     (f) After  Securities  Intermediary's  receipt of the  Notice of  Exclusive
Control from Secured Party,  and without limiting Secured Party's control of the
ICA Account,  the parties  agree that  instructions  received from Secured Party
shall direct  reasonable  services and transactions as are offered by Securities
Intermediary  in the normal  course of its business in regard to  securities  or
deposit  accounts.  Securities  Intermediary  shall not be  required  to provide
extraordinary  services  or  documentation  regarding  the  ICA  Account  unless
Securities   Intermediary   confirms   that  such   extraordinary   services  or
documentation  are  available.  If  there  is  any  additional  cost  associated
therewith, Secured Party agrees to pay such additional cost.

     2. Name of Account.  Secured Party and Pledgor hereby  instruct  Securities
Intermediary,  and Securities  Intermediary hereby agrees, to change the name of
the ICA Account to "Beacon  Bank  Securities  Collateral  Account  for  American
Church Mortgage Company." Securities Intermediary hereby agrees that the name of
the ICA Account will not be changed thereafter without the prior written consent
of Secured Party.

     3. Financial Assets Election.  Securities  Intermediary  hereby agrees that
each  item of  property  (including,  without  limitation,  all  Assets  and any
investment  property,  financial asset (as defined in Section 8-102 of the UCC),
security,  instrument or cash) credited to the ICA Account shall be treated as a
"financial asset" within the meaning of Section 8-102 of the UCC.

     4. Securities  Intermediary's  Representations  and Warranties.  Securities
Intermediary hereby represents and warrants to Secured Party that:

     (a) The ICA Account is not a margin  account and does not include  checking
or credit card features;

     (b) Exhibit "A" attached hereto is a complete and accurate statement of the
Assets and credit balances credited to the ICA Account as of the dates set forth
in the statement;

     (c) Except for the claims and interest of Secured  Party and Pledgor in the
ICA Account and liens to secure normal fees and  commissions  owed to Securities
Intermediary by Pledgor with respect to the operation of the ICA Account and for
the purchase  price of Assets which will be held in the ICA Account  ("Permitted
Liens"),  Securities  Intermediary  does not know of any claim to or interest in
the ICA Account.  In the event that Securities  Intermediary has or subsequently
obtains by  agreement,  by operation of law or otherwise a security  interest in
the ICA  Account  or any  financial  assets,  cash or  other  property  credited
thereto, Securities Intermediary hereby agrees that such security interest shall
be subordinate to the security interest of the Secured Party;

     (d)  Securities  Intermediary  has not entered into any agreement  with any
third party pursuant to which Securities  Intermediary has agreed to comply with
entitlement orders from that third party with respect to the ICA Account.

     (e) The ICA Account is a  "securities  account" as defined in Section 8-501
of the UCC.

5. Securities Intermediary's Covenants.

     (a) Securities  Intermediary  waives and releases all liens,  encumbrances,
claims  and right of set off it may have  against  the ICA  Account,  except for
Permitted Liens.

     (b)  Securities  Intermediary  shall  send  copies  of all  statements  and
confirmations regarding the ICA Account simultaneously to Pledgor and to Secured
Party.

     (c) Securities Intermediary shall promptly notify Secured Party and Pledgor
if any person  asserts a lien,  encumbrance  or adverse  claim  against  the ICA
Account.

     (d) Securities Intermediary shall report all dividends, interest, gains and
other profits with respect to the ICA Account in the name of Pledgor.

     (e) The Securities Intermediary agrees that certificated securities held in
the  ICA  Account  will be  held  with  proper  endorsements  to the  Securities
Intermediary  or in blank  or  Securities  Intermediary  will  promptly  deliver
possession of such certificated securities to Secured Party.

     (f) Securities Intermediary shall not:

          i. Obtain a lien on the ICA Account for its own benefit,  except for a
     lien on the ICA Account to secure Permitted Liens;

          ii.  Agree with any third  party  that  Securities  Intermediary  will
     comply with entitlement orders from the third party with respect to the ICA
     Account;

          iii.  Permit  margin  activity in the ICA  Account or add  checking or
     credit card features to the ICA Account; or

          iv. Permit the Pledgor to terminate the ICA Account.

     6. Securities Intermediary's Liability.  Securities Intermediary shall have
no liability  to Pledgor or Secured  Party under this  Agreement  for any claim,
loss,  cost or  expense  except  to the  extent  directly  caused  by the  gross
negligence  or  willful  misconduct  of  Securities   Intermediary.   Securities
Intermediary  shall not be liable for any claim, loss, cost or expense resulting
from any computer malfunction,  interruption of communication facilities,  labor
difficulties, acts of God, war, terrorist attacks, or other causes, in each case
beyond  Securities   Intermediary's   reasonable  control.  In  no  event  shall
Securities  Intermediary have any responsibility  for  consequential,  indirect,
special  or  exemplary  damages,  whether  or not it has  notice  thereof.  This
Agreement  does not create any  obligation  or duty of  Securities  Intermediary
other than those expressly set forth herein.  Securities Intermediary shall have
no responsibility or liability to Pledgor for complying with entitlement  orders
concerning the ICA Account originated by Secured Party.  Securities Intermediary
shall  have no duty to  investigate  or make any  determination  as to whether a
default  exists under any  agreement  between  Pledgor or Secured Party prior to
complying with an entitlement order originated by Secured Party.

     7. Indemnification.  Pledgor indemnifies and holds Securities  Intermediary
harmless  for  any  losses,  claims,  liabilities,   and  expenses  incurred  by
Securities  Intermediary  arising  from this  Agreement  except for such losses,
claims, liabilities,  and expenses arising directly from the gross negligence or
willful   misconduct  of  the   Securities   Intermediary   and  Secured  Party,
respectively.

     8. Amendments.  This Agreement may be amended or modified from time to time
only in a writing executed by each of the parties hereto.

     9. Notices.  Any notice or request  hereunder shall be given (i) to Pledgor
and Securities

<PAGE>

Intermediary  at their  respective  addresses  as set  forth  above,  or (ii) to
Secured Party at the Atlanta address as set forth above, or in each case at such
other address as such party may hereafter  specify in a written  notice given to
the other parties,  except that the Notice of Exclusive  Control must be sent to
the following person,  department and address, or such other person,  department
and address as Securities Intermediary may hereafter specify in a written notice
given to the other parties:

                           Herring Bank, as Collateral Agent
                           1608 S. Polk Street
                           Amarillo, Texas 79102
                           Attention:  Catana Gray
                           Facsimile: (806) 378-6655

     10.  Governing  Law. This  Agreement  shall be governed by and construed in
accordance  with the laws of the State of Texas,  without  giving  effect to its
choice of law provisions, and applicable federal law and regulations.

     11. Statements.  At Secured Party's request,  Securities Intermediary shall
provide to Secured Party a copy of Pledgor's ICA Account  statements and Pledgor
consents to Securities  Intermediary's  provision of the statements.  Securities
Intermediary shall not be required to provide other information or documentation
regarding the ICA Account unless (a) Securities  Intermediary confirms that such
other  information or documentation is available,  (b) if there is an additional
cost associated therewith, Secured Party agrees to pay such additional cost, and
(c) Pledgor  consents in writing that Securities  Intermediary  may provide such
other information or documentation to Secured Party.

     12.  Termination.  This  Agreement  shall continue in full force and effect
until  terminated  by  Securities  Intermediary  upon not less than  sixty  (60)
calendar  days' written  notice to each of the other  parties,  by Secured Party
upon notice to the other parties,  or by Pledgor with the prior written  consent
of Secured Party. In the event of any termination,  all fees incurred under this
Agreement  shall  become  immediately  due and  payable.  This  Agreement  shall
automatically  terminate upon (a) Securities  Intermediary's  receipt of written
notice  from  Secured  Party of (i) the  irrevocable  payment  in full of all of
Pledgor's  obligations due and owing to Secured Party,  and (ii) the termination
or expiration of the obligations of Secured Party to make any loans or otherwise
extend credit to Pledgor under the Credit  Agreement,  or (b) the closure of the
ICA Account. Upon termination of this Agreement,  if Securities Intermediary has
not received a Notice of Exclusive Control,  Securities Intermediary shall remit
the funds in the ICA Account to Pledgor. If Securities Intermediary has received
a Notice of Exclusive Control,  Securities Intermediary shall remit the funds in
the ICA Account to Secured Party.

     13. Jury Trial Waiver. EACH PARTY WAIVES THE RIGHT TO ANY JURY TRIAL IN ANY
ACTION ARISING WITH RESPECT TO THIS AGREEMENT.

     14.  Counterparts.  This Agreement may be executed in any number of several
counterparts,  each of  which  shall  be  deemed  an  original  but all of which
together shall constitute one and the same instrument.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK -
                             SIGNATURE PAGES FOLLOW]

<PAGE>

IN WITNESS WHEREOF, this Securities Account Control Agreement has been signed by
the parties as of the date written above.

                                Securities Intermediary:

                                HERRING BANK, a Texas state banking institution

                                By:
                                      -----------------------------------------
                                Name:
                                      -----------------------------------------
                                Title:
                                      -----------------------------------------

                  [EXECUTION CONTINUED ON THE FOLLOWING PAGES]

<PAGE>

                                    Pledgor:

                                   AMERICAN CHURCH MORTGAGE COMPANY,
                                   a Minnesota corporation

                                        ---------------------------------------
                                 By:
                                        ---------------------------------------
                                 Title:
                                        ---------------------------------------

                   [EXECUTION CONTINUED ON THE FOLLOWING PAGE]

<PAGE>

                                        Secured Party:

                                        BEACON BANK,
                                        a Minnesota banking corporation

                                           -------------------------------------
                                  By:
                                           -------------------------------------
                                  Title:
                                           -------------------------------------

                               [END OF SIGNATURES]

10582-8
4025840v2
Larry/beacon/am/secagre
Sixth Draft 9/11/08

<PAGE>

                                    EXHIBIT A

                               STATEMENT OF ASSETS

                                 (see attached)EXHIBIT
10.1

     

    September
4, 2008

     

    

    Aventine
Renewable Energy, Inc.

    Aventine
Renewable Energy, Mt. Vernon, LLC

    Aventine
Renewable Energy - Aurora West, LLC

    P.O. Box
1800

    120 N.
Parkway

    Pekin,
Illinois  61555

    Attention:  Ajay
Sabherwal

    

    
      	
              Re:

            	
              Credit
      Agreement dated as of March 23, 2007 (as amended, the “Credit
      Agreement”), among Aventine Renewable Energy, Inc., a Delaware
      corporation, Aventine Renewable Energy, Mt. Vernon, LLC, a Delaware
      limited liability company, Aventine Renewable Energy - Aurora West, LLC, a
      Delaware limited liability company, JPMorgan Chase Bank, N.A., as
      Administrative Agent, and the financial institutions now or hereafter
      party thereto as lenders (the “Lenders”).  Unless
      otherwise indicated, all capitalized terms used herein, but not otherwise
      defined, shall have the same meanings herein as in the Credit
      Agreement.

            

    

     

    Dear
Ajay:

     

    The
undersigned parties hereby agree that the definition of “Non-Financed Capital
Expenditures” contained in Section 1.01 of the Credit Agreement shall be
amended and restated in its entirety to read as follows:

     

    “Non-Financed
Capital Expenditures” shall mean Capital Expenditures made by any Loan
Party which are not financed (in each case to be calculated without duplication)
pursuant to: (a) the incurrence of Indebtedness after the Effective Date (other
than Indebtedness incurred pursuant to this Agreement), (b) any equity
contribution made after the Effective Date, (c) any casualty insurance proceeds
or condemnation proceeds or (d) cash and Permitted Investments on the Holding’s
consolidated balance sheet as of March 31, 2007 in an amount equal to
$425,870,058, which cash and Permitted Investments shall be deemed applied to
any and all Capital Expenditures incurred from and after April 1, 2007 for the
construction of the Borrowers’ facilities in Mt. Vernon, Indiana and Aurora,
Nebraska.

     

    This letter agreement shall be a Loan Document under
and as defined in the Credit Agreement.

     

    If you are in agreement with the
foregoing, please execute this letter agreement in the space indicated below
and return an executed counterpart of this letter to Vinson &
Elkins L.L.P., counsel to the Administrative Agent, at 2001 Ross Ave.,
Suite 3700, Dallas, Texas 75201, attn: Erec R. Winandy (ph. 214-220-7756, and
fax 214-999-7756).  This letter agreement will constitute a valid and
binding agreement of the Borrowers and the Lenders when counterparts of this
letter agreement have been executed and
delivered by the Borrowers and the Required Lenders.  It is not
necessary that all signatures appear on the same
counterpart.  Facsimiles are effective as
originals.

     

    [Signature
Pages to Follow]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      Aventine
Renewable Energy, Inc.

      Aventine Renewable
Energy, Mt.
Vernon, LLC

      Aventine Renewable
Energy - Aurora West, LLC

      September
4, 2008

      Page
2

    

     

    
      
        	
                Very
      truly yours,

              
	 
	 
      	 
      	 
      
	
                JPMORGAN CHASE BANK,
      N.A., as Administrative Agent and as a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/ Timothy J. Whitefoot

              	 
      
	 
      	
                Timothy
      J. Whitefoot

              	 
      
	 
      	
                Vice
      President

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                BANK OF AMERICA, N.A.,
      as a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	/s/
      Mitchell J. Tarvid	 
      
	
                Name:

              	Mitchell
      J. Tarvid	 
      
	
                Title:

              	Vice
      President	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                UBS LOAN FINANCE LLC, as
      a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	 
      	 
      
	
                Name:

              	 
      	 
      
	
                Title:

              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                WELLS FARGO FOOTHILL, INC., as a
      Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/ Rina Shinoda

              	 
      
	
                Name:

              	
                Rina
      Shinoda

              	 
      
	
                Title:

              	
                Vice
      President

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                BMO CAPITAL MARKETS FINANCING,
      INC., as a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	 
      	 
      
	
                Name:

              	 
      	 
      
	
                Title:

              	 
      	 
      
	 
      	 
      	 
      

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        Aventine
Renewable Energy, Inc.

        Aventine
Renewable Energy, Mt. Vernon, LLC

        Aventine
Renewable Energy - Aurora West, LLC

        September
4, 2008

        Page
3 

      

       

      
        	
                SIEMENS FINANCIAL SERVICES,
      INC., as a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	 
      	 
      
	
                Name:

              	 
      	 
      
	
                Title:

              	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                WACHOVIA BANK, NATIONAL
      ASSOCIATION, as a Lender

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	/s/
      M. Galovic Jr.	 
      
	
                Name:

              	M.
      Galovic Jr.	 
      
	
                Title:

              	Director	 
      

      

    

     

    
 

    Accepted and agreed to as
of

    the date first written above
by:

     

    
      
        	
                AVENTINE RENEWABLE ENERGY,
      INC.

              
	
                AVENTINE RENEWABLE ENERGY, MT.
      VERNON, LLC

              
	
                AVENTINE RENEWABLE ENERGY – AURORA
      WEST, LLC

              
	 
      	 
      
	 
      	 
      
	
                By:

              	
                /s/
      Ajay Sabherwal

              
	 
      	
                Ajay
    Sabherwal

              
	 
      	
                Chief Financial
      Officer

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