Document:

Exhibit 10.20
	 

	 
		EXECUTION COPY
	 

	 
		 
	 

	 
		Confidential treatment has been requested
		for portions of this exhibit. The copy filed herewith omits the information
		subject to the confidentiality request. Omissions are designated as [*]. A
		complete version of this exhibit has been filed separately with the Securities
		and Exchange Commission.
	 

	 
		CARGILL DIRECT
	 

	 
		FUTURES ADVISORY AGREEMENT
	 

	 
		This Agreement is made and entered into as
		of the 25th day of September, 2006, by and between Cargill Commodity Services
		Inc., a Delaware corporation, doing business as Cargill Direct (the
		“Advisor” or “CARGILL DIRECT”), and Pioneer Trail Energy,
		LLC, a Delaware limited liability company (the “Client” and together
		with the Advisor the “Parties” and individually a
		“Party”).
	 

	 
		WITNESSETH:
	 

	 
		WHEREAS, CARGILL DIRECT is a commodity trading advisor
		registered with the Commodity Futures Trading Commission (“CFTC”) and
		a member of National Futures Association;
	 

	 
		WHEREAS, pursuant to Regulation 4.31 of the CFTC under the
		Commodity Exchange Act, as amended, CARGILL DIRECT has heretofore delivered to
		Client a Disclosure Document dated January 12, 2006 (the “Disclosure Document”);
	 

	 
		WHEREAS, Client has reviewed and understands the Disclosure
		Document and is, by execution and delivery of this Agreement, delivering to
		CARGILL DIRECT acknowledgment of Client’s receipt thereof, in accordance
		with Regulation 4.31(b) of the CFTC;
	 

	 
		WHEREAS, Client intends
		to construct, own and operate a commercial facility at Wood River, Nebraska
		that will produce denatured fuel-grade ethanol (as such plant may be expanded
		or upgraded according to the terms of Corn Supply Agreement, the “Ethanol
		Facility”), which Ethanol Facility is anticipated to produce approximately
		110 million gallons per year; and
	 

	 
		WHEREAS, Client desires to obtain the benefit of CARGILL
		DIRECT’s knowledge and experience by retaining the Advisor to provide
		advisory services as described herein in connection with corn feed stock
		procurement by Client for operation of the Ethanol Facility (the “Advisory
		Program”);
	 

	 
		WHEREAS, CARGILL DIRECT desires to provide such advisory
		services, upon the terms and conditions set forth in the Disclosure Document
		and herein, it being understood and agreed that the terms on which any futures
		brokerage services are performed in connection with such advice, through a
		managed account or otherwise, shall be established by the customer
		agreement between Client and the futures commission merchant
		(“Broker”) selected by Client;
	 

	 
		NOW, THEREFORE, in consideration of the premises and the mutual
		covenants contained herein and other good and valuable consideration, the
		receipt and sufficiency of which are hereby acknowledged, the Parties hereto
		agree as follows:
	 

	 
		1. Master Agreement. The Parties
		have executed a Master Agreement of even date herewith (as amended from time to
		time, the “Master Agreement”). The terms and conditions of 
	 

	 
		 
	 

	 
		 
	 

	 
 

	 
		the Master Agreement are hereby incorporated
		herein by reference. To the extent any provision of the Master Agreement
		conflicts with any provision contained herein, the provision contained herein
		will control. Terms capitalized but not defined in this Agreement shall have
		the meanings ascribed to them by the Master Agreement.
	 

	 
		2. Advisory Services. Client hereby
		retains CARGILL DIRECT to provide futures advisory services. These services
		will include: 
	 

	 
		(a) Hedging
		Strategy and Budget.
		CARGILL DIRECT, together with the
		Client, has developed a customized corn procurement and hedging strategy and
		budget for the Client which includes risk management tools such as futures
		transactions, swaps, futures options, futures and future option derivatives,
		also known as over-the-counter transactions (“OTC Transactions”)
		and/or combinations thereof (“Risk Management Transactions”), and
		which covers an annual operational period as specified therein. The hedging
		strategy and budget will be reviewed and updated by Client, in consultation
		with CARGILL DIRECT, at least sixty (60) days prior to the expected Provisional
		Acceptance Date for the Ethanol Facility, and thereafter on an annual basis, or
		more frequently as requested by Client or CARGILL DIRECT, at the times
		specified therein. The approved strategy and budget, as so updated, is referred
		to in this Agreement as the “Risk Management Plan”. Included in the
		Risk Management Plan, the Client will establish a risk management committee
		(the “Risk Management Committee”) that will establish and maintain
		specific position limits as it relates to corn futures and all other Risk
		Management Transactions. CARGILL DIRECT will not exceed the position limits
		established by the Risk Management Committee in the Risk Management Plan from
		time to time. CARGILL DIRECT will use its market knowledge and trading
		expertise with the goal of achieving as low a price as possible for the
		Client’s corn feed stock while adhering to the limitations described in
		this Agreement and in the Risk Management Plan in effect.
	 

	 
		(b) Deliverables. CARGILL DIRECT
		will: 
	 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Implement the customized hedging
				  strategy according to the agreed budget and the Risk Management Plan in effect
				  from time to time
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Provide weekly market consultation
				  by telephone on US/World corn markets
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Assist in developing FY budgets for
				  CBOT futures values
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Provide monthly financial statements
				  in a form and content mutually agreed upon by the Parties
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Provide fundamental and technical
				  analysis of market conditions as requested by the Client 
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Meet with the Client quarterly to
				  evaluate performance
				

			 

 

	 
		 
	 

	  

	 
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				  •
				

			 	
				
				  Attend Risk Management Committee
				  meetings as requested by the Client 
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Deliver to Client upon request any
				  and all calculations and determinations made by CARGILL DIRECT pursuant to this
				  Agreement in reasonable detail.
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  Meet with the Client annually and at
				  such other times as requested by Client or CARGILL DIRECT to evaluate
				  performance and establish the following year’s budget and to agree on
				  appropriate updates for the Risk Management Plan
				

			 

 

	 
		(c) Risk Management Advisory Services. CARGILL DIRECT
		will manage Client’s Advisory Program by designing and executing on risk
		management strategies on Client’s behalf intended to reduce Client’s
		exposure to volatility in corn prices. Specifically, CARGILL DIRECT will place
		futures and futures options trades and all other Risk Management Transactions
		for Client’s account (without Client consultation, except to the extent
		such consultation is required by the Risk Management Plan) within the
		parameters specified in the Risk Management Plan and in a manner consistent
		with the principles established in the Risk Management Plan, as contemplated
		and authorized by this Agreement and the Power of Attorney document of even
		date herewith, attached and hereby incorporated into this Agreement by this
		reference as Exhibit A.
	 

	 
		(d) Mechanics for Exiting Futures Positions.
		CARGILL DIRECT will work with the
		Client to either exit any open futures positions prior to the business day
		prior to the first business day of the delivery month of the applicable futures
		contract, move the futures position to a forward futures month or exchange the
		open futures position with Cargill AgHorizons to price forward cash contracts.
		
	 

	 
		3. Term of Agreement; Early
		Termination. 
	 

	 
		(a) The term of this Agreement shall be an
		initial period of ten (10) years commencing on the Provisional Acceptance Date
		for the Ethanol Facility ( the “Initial Term”), subject however to
		early termination pursuant to Section 3(b), Section 3(c), or Section 11 hereof.
		At the request of either Party, during the six-month period prior to the end of
		the fifth (5th) year of the Initial Term, the Parties shall meet and
		review the terms and conditions of this Agreement and the compensation paid to
		CARGILL DIRECT hereunder, and, if necessary or appropriate in the opinion of
		either Party, enter into good faith discussions regarding potential
		modifications as necessary or appropriate to ensure that this Agreement is fair
		and equitable to both Parties. It is understood and agreed, however, that even
		if the Parties are unable to agree on any modifications, this Agreement will
		nevertheless remain in effect for the remainder of the Initial Term. 
	 

	 
		(b) Client will have the right to terminate
		this Agreement at any time after the end of the second anniversary of the
		Provisional Acceptance Date, and prior to the end of the Initial Term, if the
		“Cargill Hedge Price” (as defined in Section 4(c)) for each month in
		any twelve (12) consecutive calendar month period during the Initial Term
		exceeds by more than ten percent (10%) the average of the “Target Corn
		Price” (as defined in 
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 4(c)) calculated for each of those
		calendar months. In the event Client desires to terminate this Agreement
		pursuant to this paragraph, Client shall provide written notice of termination
		to CARGILL DIRECT within sixty (60) days after the end of the 12-month period
		giving rise to the termination right, and the written notice of termination
		shall specify a termination date no earlier than fifteen (15) days after the
		date of the termination notice. As promptly as practicable after any such
		termination, all outstanding risk management transactions between the Parties
		shall be financially settled as of the termination date pursuant to the terms
		of the agreements governing those transactions, and such termination shall not
		relieve Client of its obligation to pay to CARGILL DIRECT any amounts due under
		this Agreement. 
	 

	 
		(c) CARGILL DIRECT may terminate this
		Agreement prior to the end of the Initial Term under the circumstances and in
		the manner provided in Section 3 of the Master Agreement.
	 

	 
		4. Compensation. As
		compensation for the advisory services to be performed by CARGILL DIRECT,
		Client agrees to pay CARGILL DIRECT:
	 

	 
		(a) Flat Fee.
		A base monthly fee of $[*] per bushel
		per calendar month based on the projected number of bushels of corn hedged, as
		set forth in the Risk Management Plan in effect for the month, which shall be
		due and payable within five (5) days of the end of each calendar month
		(“Flat Fee”). 
	 

	 
		(b) Performance Incentive. The Parties
		shall use commercially reasonable efforts to agree on a market-based
		performance incentive (“Performance Incentive”) prior to the
		commercial operation of the Ethanol Facility. As a guide to establishing the
		Performance Incentive, the Parties agree to negotiate in good faith. 
	 

	 
		(c) Definitions:
	 

	 
		i. Cargill Hedge Price is the final futures
		buying price achieved by CARGILL DIRECT for corn to be delivered during the
		applicable Shipment Period taking into account all gains and losses from
		hedging the same during the Pricing Period through its hedging for
		Client’s account. 
	 

	 
		The Client will maintain trading accounts
		for the purpose of determining the Cargill Hedge Prices and will provide
		discretionary authority to CARGILL DIRECT to enter trades on the Client’s
		behalf, subject to the parameters contained in this Agreement and in the Risk
		Management Plan in effect from time to time. CARGILL DIRECT will assume that
		Client’s corn usage (“Projected Corn Usage”) is 3.46 million
		bushels per calendar month when hedging, except as otherwise provided in the
		Risk Management Plan in effect from time to time. In the event that
		Client’s actual corn usage is significantly different (greater than 10%),
		the Client will communicate changes within 5 business days of first notice or
		knowledge of such difference. In such event, CARGILL DIRECT will make every
		reasonable effort to minimize the economic impact on the Client’s
		position. The Parties agree that trades made to accommodate Client’s
		adjustment to the 
	 

	 
		         

	 

	 
		* Certain confidential information on
		this page has been omitted and filed separately with the Securities and
		Exchange Commission.
	 

	 
		 
	 

	 
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		Projected Corn Usage will not be taken into
		account in the calculation of the Performance Incentive for the Shipment
		Periods for which Cargill already has taken a hedge position.
	 

	 
		ii. Target Corn Price for any Shipment
		Period shall be an amount negotiated by the Parties in good faith prior
		to such Shipment Period.
	 

	 
		iii. Pricing Period is the period during
		which the Projected Corn Usage for the applicable Shipment Period will be
		hedged in Client’s account and shall run from the effective date of this
		Agreement through the CBOT close on the last trading day of the calendar month
		preceding the first day of the applicable Shipment Period. 
	 

	 
		(d) Payment. 
		All Compensation due shall be payable to CARGILL DIRECT at: 
	 

	 
		CARGILL DIRECT
	 

	 
		c/o Cargill, Inc. – Attn: Clayton
		Weiby
	 

	 
		15407 McGinty Road West, MS #20
	 

	 
		Wayzata, MN 55391-2399
	 

	 
		(e) Brokerage Fees. CARGILL DIRECT
		will receive no compensation for brokerage fees. All trades shall be executed
		through an introducing broker other than CARGILL DIRECT. 
	 

	 
		5. Standard of Liability; Risk of
		Loss. Client represents and warrants that it understands the
		risks involved with the Advisory Program, including, without limitation, the
		risks set forth on the Risk Disclosure Statement, attached hereto as
		Exhibit B; the possibility that an entire investment may be lost
		and that liability could exceed the assets in Client’s brokerage account;
		the fact that such brokerage account will be subject to brokerage commissions
		regardless of whether profits are earned; that even if best efforts are used to
		close out all positions in the account at a particular time, there is no
		assurance that any such open positions will be closed out without incurring
		additional losses; and that fees for CARGILL DIRECT advisory services will be
		charged regardless of whether the Advisory Program as a whole is successful.
		The Advisor makes no guarantee that its Advisory Program will result in a
		profit or will not result in a loss for Client. CARGILL DIRECT, its principals,
		officers, employees, agents and affiliates shall not be liable, responsible or
		accountable in damages or otherwise to Client, its successors or assigns,
		except for willful misconduct, fraud or bad faith on the part of CARGILL
		DIRECT, or any breach by CARGILL DIRECT of its obligation to effect
		transactions only within the parameters specified in the Risk Management Plan
		as specified in Section 2(c), or a breach of CARGILL DIRECT’s obligations
		specified in this Agreement. Other than in such circumstances, all advice
		provided to Client pursuant to the Advisory Program, is at Client’s risk,
		and Client shall be solely liable therefore. Client is willing and financially
		able to sustain such losses should they occur. CARGILL DIRECT shall not be
		liable to Client for the loss of any margin deposits or other Client funds or
		property that is the direct or indirect result of the bankruptcy, insolvency,
		liquidation, receivership, custodianship or assignment for the benefit of
		creditors of any bank, clearing or other broker, exchange, clearing
		organization or similar entity, or of any grain elevator or other storage
		facility.
	 

	 
		 
	 

	 
		 
	 

	 
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		6. Advisory Services to Various Clients.
		Client understands that CARGILL
		DIRECT may advise a variety of clients with differing degrees of risk
		tolerance. It is understood that such variation may result in substantial
		differences between the results achieved by Client and the results achieved by
		other clients advised by CARGILL DIRECT. CARGILL DIRECT hereby agrees that
		under no circumstances will it knowingly recommend or use strategies for Client
		that are inferior to strategies recommended or used for any other similarly
		situated client advised by CARGILL DIRECT, nor will it knowingly or
		deliberately favor any client advised by CARGILL DIRECT over Client in any way
		or manner.
	 

	 
		7. Confidentiality. CARGILL DIRECT agrees to respect and protect the
		confidentiality of information pertaining to the Client. Client agrees to
		respect and protect the confidentiality of CARGILL DIRECT’s strategies to
		the fullest extent practicable. Client shall (1) limit access to and knowledge
		of CARGILL DIRECT’s advice, positions, trades and trading methods to those
		with a reasonable need to know, (2) prevent others under its control from
		knowingly duplicating in other accounts the positions and trades recommended to
		Client, and (3) shall not duplicate, reprint or resell any of the advice or the
		printed material provided to Client by CARGILL DIRECT. Notwithstanding the
		foregoing, Client and CARGILL DIRECT acknowledge and agree that (a) Client may
		provide such information to any wholly-owned Affiliate which owns or operates
		an ethanol production facility, for which Cargill and the Affiliate have
		entered into agreements similar in nature to the Goods and Services Agreements,
		provided that such Affiliate agrees to be bound by the terms hereof or
		otherwise agree to maintain the confidential nature of such information, and
		provided further that Client may no longer provide such information to the
		owner of such ethanol production facility after the owner is no longer
		wholly-owned by the Client, (b) Client may provide such information to the
		Financing Parties and any existing or potential parties to Risk Management
		Transactions and guarantors, to rating agencies, to Persons to which offering
		statements or other disclosure documents associated with the private or public
		offering of debt securities by or on behalf of Client are provided, to
		financial institutions and other Persons providing or expressing interest in
		providing debt financing or refinancing, lease financing and/or credit support
		in connection with the construction and operation of the Ethanol Facility, and
		to Persons that are potential equity participants or transferees or purchasers
		of the Ethanol Facility, provided that such Person executes a confidentiality
		agreement in substantially the form of Exhibit C hereto
		in which such Person agrees (i) to be bound by the terms hereof or otherwise
		agree to maintain the confidential nature of such information, and (ii) to use
		such information only for purposes of evaluating their investment or other
		involvement in the Ethanol Facility, and (c) each Party may provide such
		information to its board members and equity owners consistent with its internal
		governance practices. Notwithstanding the foregoing, Client may disclose such
		information if requested by any governmental authority, if subject to a
		subpoena, or in connection with any litigation, arbitration or dispute.
	 

	 
		8. Notices. All
		notices, demands and other communications made hereunder shall be in writing
		and shall be deemed to have been duly given if hand delivered or mailed by
		registered mail to the address stated herein, or to such other address as the
		Parties may hereafter direct in writing:
	 

	 
		 
	 

	 
		 
	 

	 
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		If to CARGILL DIRECT
	 

	 
		c/o Cargill, Incorporated
	 

	 
		15407 McGinty Road West, MS #20 
	 

	 
		Wayzata, MN 55391-2399
	 

	 
		Attn: Clayton Weiby
	 

	 
		If to Client:
	 

	 
		Pioneer Trail Energy, LLC
	 

	 
		1625 Broadway, Suite 2400
	 

	 
		Denver, CO 80202
	 

	 
		Attn: Scott Pearce
	 

	 
		9. Governing Law. This Agreement shall be construed and governed by the
		laws of the State of New York without regard to principles of conflicts of
		laws, except for Sections 5-1401 and 5-1402 of the New York General Obligations
		Law and except as otherwise provided in Exhibit E with
		respect to arbitration. If any one or more of the provisions of this Agreement
		should be held to be invalid, illegal or unenforceable in any respect, the
		validity, legality or enforceability of the remaining provisions shall not in
		any way be affected or impaired.
	 

	 
		10. Successors and Assigns. This Agreement shall be binding upon and inure to the
		benefit of the Parties and their permitted successors and assigns. Neither
		Party may assign this Agreement except as permitted by the Master Agreement.
		Client may assign this Agreement to the Financing Parties as security for
		financing the Ethanol Facility. The Financing Parties may further assign this
		Agreement upon foreclosure or assignment in lieu of foreclosure to any Person
		which has acquired the Ethanol Facility; provided, however, that lenders shall
		not assign this Agreement to any entity (or its successors or any assignee of
		substantially all of its ethanol business) that directly competes with Cargill,
		Incorporated or CARGILL DIRECT and that is identified on Exhibit D
		hereto. All other assignments by Client require the consent of CARGILL DIRECT,
		not to be unreasonably withheld. 
	 

	 
		11. Events of Default and Termination Upon Event of
		Default.
	 

	 
		(a) Events of Default. The occurrence
		at any time with respect to a Party of any of the following events constitutes
		an event of default (an “Event of Default”) with respect to such
		Party:
	 

	 
		i. Failure to Pay.
		Failure by the Party to make when due, any payment, including any undisputed
		portion of an invoice, under this Agreement if such failure is not remedied on
		or before the fifth business day after notice of such failure is given to the
		Party; provided, however, that it shall not constitute an Event of Default
		under this Agreement for the Party to fail to make a payment while such
		Party’s obligation to make such payment is being contested in good faith
		by such Party provided that any undisputed portion of such payment has been
		made;
	 

	 
		ii. Breach of Risk Management Plan. Failure by CARGILL DIRECT in any material respect to
		comply strictly with the Risk Management Plan;
	 

	 
		 
	 

	 
		 
	 

	 
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		iii. Breach of Agreement. Failure by the Party to comply in any material respect
		with any provision of or perform any material obligation (other than an
		obligation to make any payment under this Agreement) to be complied with or
		performed by the Party in accordance with this Agreement if such failure is not
		remedied on or before the second day after notice of such failure is given to
		the Party; 
	 

	 
		iv. Bankruptcy. The
		Party files a petition in bankruptcy, has filed against it an involuntary
		petition in bankruptcy and fails to controvert such petition in an appropriate
		manner within 60 days of the filing thereof, makes an assignment for the
		benefit of creditors, has a trustee or receiver appointed for any or all of its
		assets, is insolvent or fails or is unable to pay its debts when due. 
	 

	 
		(b) Right to Terminate Following Event of
		Default. If at any time an Event of Default with respect to a
		Party (the “Defaulting Party”) has occurred and is then continuing,
		the other Party (the “Non-Defaulting Party) may terminate this Agreement,
		by providing the Defaulting Party with at least 3 days’ notice; provided,
		however, that Client may terminate this Agreement immediately upon notice to
		CARGILL DIRECT upon any breach of the Risk Management Plan. No termination of
		this Agreement shall, however, relieve either Party of the obligation to pay
		the other Party any sums due the other Party under this Agreement.
	 

	 
		(c) No Limit On Default Remedies. This Section
		11 is not intended to and shall not be construed as limiting any rights or
		remedies either Party may otherwise have at law or in equity or pursuant to the
		provisions of this Agreement or the Master Agreement in connection with any
		breach or default by the other Party under this Agreement.
	 

	 
		12. Standard. Each Party shall perform its obligations under this
		Agreement in good faith and in a commercially reasonable manner.
	 

	 
		13. Counterparts. This Agreement
		may be executed in counterparts, each of which shall be deemed to be an
		original and both of which shall constitute one and the same instrument.

	 

	 
		14. Arbitration. All disputes and controversies arising out of this
		Agreement shall be subject to the dispute resolution procedures specified in
		Section 6(a) and Section 6(f) of the Master Agreement and, if unsuccessful,
		shall be settled in accordance with the arbitration agreement attached hereto
		and incorporated herein as Exhibit E.
		
	 

	 
		15. Integration. This Agreement and its Exhibits (and to the extent
		incorporated herein, the Master Agreement) sets forth the complete Agreement
		between the Parties with respect to the subject matter hereof. Other than the
		Master Agreement and the other Goods and Services Agreement described therein,
		there are no collateral agreements or representatives of either Party which
		affect this Agreement.
	 

	 
		[signature page follows]
	 

	 
		 
	 

	 
		 
	 

	 
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		IN WITNESS WHEREOF, this Agreement has been executed on behalf of Client
		and CARGILL DIRECT by their duly authorized representatives or officers as of
		the date first set forth
		above.
	 

	 
		 
	 

	 
			
				
				  PIONEER TRAIL ENERGY,
				  LLC
				

			 	
				
				   
				

			 	
				
				  CARGILL COMMODITY SERVICES INC.,
				  DBA CARGILL DIRECT
				

			 
	
				
				  
 By: 
				

			 	
				
				  /s/ Scott H. Pearce
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Dennis Inman
				

			 
	
				
				  Name:
				

			 	
				
				  Scott H. Pearce
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Dennis Inman
				

			 
	
				
				  Title:
				

			 	
				
				  Authorized Representative
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  President – Cargill Commodity
				  Services, Inc.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		EXHIBIT A
	 

	 
		POWER OF ATTORNEY FOR FUTURES AND OPTIONS
		ON FUTURES TRANSACTIONS
	 

	 
		Client hereby irrevocably constitutes and
		appoints CARGILL DIRECT as Client’s agent and true and lawful
		attorney-in-fact, in its name, place and stead, to (i) enter into OTC
		Transactions (as defined in their Futures Advisory Agreement) for the account
		and risk of Client through the Managed Account and (ii) order withdrawal of
		funds from the Managed Account to pay the brokerage commissions owed to Broker,
		subject in the case of both clause (i) and (ii) to the limits set forth in the
		Risk Management Plan in effect between Client and CARGILL DIRECT pursuant to
		their Futures Advisory Agreement. Client hereby agrees to indemnify and hold
		CARGILL DIRECT, its principals and affiliates, harmless from, and pay CARGILL
		DIRECT promptly upon demand, any and all loss, cost, indebtedness and
		liabilities arising therefrom; provided,
		however, that Client shall not be required to indemnify CARGILL
		DIRECT with respect to any such losses, costs, indebtedness or liabilities
		arising from a transaction for which CARGILL DIRECT is responsible as specified
		in Section 5 of the Future Advisory Agreement. Client hereby ratifies and
		confirms any and all transactions made by CARGILL DIRECT on behalf of or for
		the account of Client within the parameters set forth in the Risk Management
		Plan, and acknowledges that Client shall have no right of prior consultation
		with CARGILL DIRECT or of approval of particular trades, except to the extent
		such consultation is required by the Risk Management Plan. As attorney-in-fact,
		CARGILL DIRECT shall be, in all matters necessary or incidental to the conduct
		of the Managed Account authorized to act for Client in the same manner and with
		the same force and effect as Client might or could do. The foregoing power of
		attorney and commodity trading authority shall be deemed to be continuing and
		shall remain in full force and effect until such time as the Futures Advisory
		Agreement shall have been terminated pursuant to its terms. Such power of
		attorney may not be modified or limited orally or by any course of dealing
		between CARGILL DIRECT and Client; any such modification or limitation being
		required to be in writing to be of any force or effect.
	 

	 
		 
	 

	 
			
				
				  PIONEER TRAIL ENERGY,
				  LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				  Cargill Commodity Services Inc.,
				  dba CARGILL DIRECT
				

			 
	
				
				  
 By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
 

	 
		EXHIBIT B
	 

	 
		RISK DISCLOSURE
		STATEMENT
	 

	 
		THE RISK OF LOSS IN TRADING COMMODITIES
		CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH
		TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. IN
		CONSIDERING WHETHER TO TRADE OR TO AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU
		SHOULD BE AWARE OF THE FOLLOWING:
	 

	 
		IF YOU PURCHASE A COMMODITY OPTION YOU
		MAY SUSTAIN A TOTAL LOSS OF THE PREMIUM AND OF ALL TRANSACTION
		COSTS.
	 

	 
		IF YOU PURCHASE OR SELL A COMMODITY
		FUTURE OR SELL A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THE INITIAL
		MARGIN FUNDS AND ANY ADDITIONAL FUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO
		ESTABLISH OR MAINTAIN YOUR POSITION. IF THE MARKET MOVES AGAINST YOUR POSITION,
		YOU MAY BE CALLED UPON BY YOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF
		ADDITIONAL MARGIN FUNDS, ON SHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION.
		IF YOU DO NOT PROVIDE THE REQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR
		POSITION MAY BE LIQUIDATED AT A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING
		DEFICIT IN YOUR ACCOUNT.
	 

	 
		UNDER CERTAIN MARKET CONDITIONS, YOU MAY
		FIND IT DIFFICULT OR IMPOSSIBLE TO LIQUIDATE A POSITION. THIS CAN OCCUR, FOR
		EXAMPLE, WHEN THE MARKET MAKES A “LIMIT MOVE.”
	 

	 
		THE PLACEMENT OF CONTINGENT ORDERS BY YOU
		OR YOUR TRADING ADVISOR, SUCH AS A “STOP-LOSS” OR
		“STOP-LIMIT” ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THE
		INTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTE
		SUCH ORDERS.
	 

	 
		A “SPREAD” POSITION MAY NOT BE
		LESS RISKY THAN A SIMPLE “LONG” OR “SHORT”
		POSITION.
	 

	 
		THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN
		OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE
		USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS.
	 

	 
		IN SOME CASES, MANAGED COMMODITY ACCOUNTS
		ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE
		NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE
		SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS.
		THIS AGREEMENT CONTAINS A 
	 

	 
		 
	 

	 
		 
	 

	 
		B-1
	 

	 
		 
	 

	 
 

	 
		COMPLETE DESCRIPTION OF EACH FEE TO BE
		CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR.
	 

	 
		THIS BRIEF STATEMENT CANNOT DISCLOSE ALL
		THE RISKS AND OTHER SIGNIFICANT ASPECTS OF THE COMMODITY MARKETS. YOU SHOULD
		THEREFORE CAREFULLY STUDY THIS DISCLOSURE DOCUMENT AND COMMODITY TRADING BEFORE
		YOU TRADE.
	 

	 
		THIS COMMODITY TRADING ADVISOR IS
		PROHIBITED BY LAW FROM ACCEPTING FUNDS IN THE TRADING ADVISOR’S NAME FROM
		A CLIENT FOR TRADING COMMODITY INTERESTS. YOU MUST PLACE ALL FUNDS FOR TRADING
		IN THIS TRADING PROGRAM DIRECTLY WITH A FUTURES COMMISSION MERCHANT.

	 

	 
		 
	 

	 
		 
	 

	 
		B-2
	 

	 
		 
	 

	 
 

	 
		EXHIBIT C
	 

	 
		CONFIDENTIALITY AGREEMENT
	 

	 
		This Confidentiality Agreement
		(“Agreement”), is made effective this _____ day of __________,
		20__ (the “Effective
		Date”) by and among CARGILL
		COMMODITY SERVICES INC. a Delaware corporation, doing business as CARGILL
		DIRECT (“CARGILL
		DIRECT”), PIONEER TRAIL ENERGY,
		LLC, a Delaware limited liability company (“Pioneer Trail”), and Cargill, Incorporated , a Delaware
		corporation (“Cargill”)
		collectively referred to hereinafter as “Parties” or
		individually as a “Party.”
	 

	 
		1. Purpose of this Agreement.
	 

	 
		The purpose of this Agreement is for the
		Parties to discuss matters relating to or in connection with the Futures
		Advisory Agreement, including the Goods and Services Agreements referred to
		therein (the “Futures Advisory
		Agreement”) entered into by the
		Parties dated _________, 2006 and the respective obligations of the Parties
		thereunder (“Purpose”),
		and to protect the confidential nature of such discussions. In order to
		facilitate discussions contemplated hereunder, Pioneer Trail may receive from,
		and provide to, CARGILL DIRECT and/or Cargill certain Confidential Information,
		as defined below. Each Party’s information is proprietary, secret, and
		confidential, and will be disclosed by one Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) on the following terms and conditions.
	 

	 
		2. Definition of Confidential
		Information.
	 

	 
		“Confidential Information” shall
		mean any and all business, technical, and financial information related to the
		Purpose set forth above and disclosed by one Party to the other Party, either
		directly or indirectly. Confidential Information may include, by way of
		example, but without limitation, products, specifications, formulae, equipment,
		business strategies, customer lists, know-how, drawings, pricing information,
		inventions, ideas, and other information, or its potential use, that is owned
		by or in possession of CARGILL DIRECT or Cargill on the one hand, or Pioneer
		Trail on the other hand. 
	 

	 
		Confidential Information shall not include
		that which: (a) is in the public domain prior to disclosure by Disclosing
		Party; (b) becomes part of the public domain, by publication or otherwise,
		through no unauthorized act or omission on the part of the Receiving Party; (c)
		is lawfully in the Receiving Party’s possession prior to disclosure by the
		Disclosing Party; or (d) is independently developed by an employee(s) of the
		Receiving Party with no access to the disclosed Confidential
		Information.
	 

	 
		If Confidential Information is legally
		disclosed in confidence to the Receiving Party by a third party, then: (a) the
		Receiving Party shall have the right to use that portion of the above-mentioned
		Confidential Information so disclosed by the third party in connection with
		work done for that third party; and (b) such disclosure by that third party
		shall not place that portion of the above-mentioned Confidential Information in
		the public domain, and shall not relieve the Receiving Party of its obligations
		under this Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		C-1
	 

	 
		 
	 

	 
 

	 
		3. Obligations of Protection.
	 

	 
		Proper and appropriate steps shall be taken
		and maintained by the Receiving Party, at all times, to protect the
		Confidential Information received. Dissemination of Confidential Information
		shall be limited to employees or agents that are directly involved with
		discussions contemplated by this Agreement, and even then only to such extent
		as is necessary and essential. The Parties shall inform their employees and
		agents of the confidential nature of the information disclosed hereunder and
		cause all such employees and agents to abide by the terms of this Agreement.
		
	 

	 
		In addition, each Party may disclose
		Confidential Information regarding the Ethanol Facility and the performance of
		the Master Agreement, including the material terms thereof, to the Financing
		Parties as defined in the Master Agreement and to financial institutions and
		other Persons providing or expressing interest in providing debt financing or
		refinancing, lease financing and/or other credit support to Pioneer Trail in
		connection with the construction and operation of the Ethanol Facility, and to
		the agent or trustee of any of them, to existing or potential parties to Risk
		Management Transactions, as such term is defined in the Futures Advisory
		Agreement, and guarantors, to rating agencies, to Persons to which offering
		statements or other disclosure documents associated with the private or public
		offering of debt securities by or on behalf of Pioneer Trail are provided and
		to Persons that are potential equity transferees or purchasers of the Ethanol
		Facility; provided,
		however, that such Persons agree to bound by the terms hereof
		or otherwise agree to maintain the confidential nature of the information
		hereof in a manner reasonably acceptable to the Parties. Notwithstanding the
		foregoing, (i) each Party may publish information regarding the Master
		Agreement or the Ethanol Facility with the express written consent of the other
		Party, which consent shall not be unreasonably withheld, and (ii) each Party
		may provide information with respect to the Futures Advisory Agreement and the
		Ethanol Facility to its board members and equity owners consistent with its
		internal governance practices. Notwithstanding the foregoing, Pioneer Trail may
		disclose such information if requested by any governmental authority, if
		subject to a subpoena, or in connection with any litigation, arbitration or
		dispute.
	 

	 
		4. Obligations of Non-disclosure.
	 

	 
		The Receiving Party shall not disclose the
		Disclosing Party’s Confidential Information to any unauthorized party
		without prior express written consent of the Disclosing Party or unless
		required by law or court order. If a Party is required by law or court order to
		disclose Confidential Information of the other Party, they shall give the
		Disclosing Party prompt notice of such requirement so that an appropriate
		protective order or other relief may be sought.
	 

	 
		5. Authorized Use and Ownership of Confidential
		Information.
	 

	 
		Confidential Information will be used only
		in connection with discussions contemplated by this Agreement; no other use
		will be made of it by the Receiving Party, it being recognized that both
		Parties have reserved all rights to their respective Confidential Information
		not expressly granted herein.
	 

	 
		 
	 

	 
		 
	 

	 
		C-2
	 

	 
		 
	 

	 
 

	 
		All documents containing Confidential
		Information and provided by the Disclosing Party shall remain the property of
		the Disclosing Party, and all such documents, and copies thereof, shall be
		returned or destroyed upon the request of the Disclosing Party. Documents
		prepared by the Receiving Party using Confidential Information of the
		Disclosing Party, or derived therefrom, shall be destroyed upon request of the
		Disclosing Party, confirmation of which shall be provided in writing. The
		Receiving Party, however, may keep one copy of any document requested to be
		returned or destroyed in the files of its legal department or outside counsel
		for record purposes only.
	 

	 
		6. Term of Disclosure and Duration of
		Confidentiality.
	 

	 
		The period for disclosure of Confidential
		Information between the Parties under this Agreement shall be coterminous with
		the term of the Master Agreement. The obligations imposed by this Agreement,
		including but not limited to non-disclosure and non-use, however, shall endure
		for one (1) year from the expiration or earlier termination of the Master
		Agreement. 
	 

	 
		7. Ownership of Intellectual Property.
	 

	 
		This Agreement is not, and is not intended
		to be, for the development of or the conception of inventions. Should the
		Parties hereto choose to pursue such activities, the Parties hereby agree to
		draft a subsequent written agreement for such activities. 
	 

	 
		Except as expressly provided herein, no
		license or right is granted hereby to the Receiving Party, by implication or
		otherwise, with respect to or under any patent application, patent, claims of
		patent or proprietary rights of the Disclosing Party. 
	 

	 
		8. General Provisions.
	 

	 
		This Agreement shall be governed by and
		construed in accordance with the laws of the State of New York, USA
		(notwithstanding its principles of conflict of laws except for Sections 5-1401
		and 5-1402 of the New York General Obligations Law).
	 

	 
		This Agreement shall not be assigned by
		either Party without the prior written consent of the other Party, which
		consent shall not be unreasonably withheld. This Agreement shall be binding
		upon and shall inure to the benefit of the Parties and their permitted
		successors and assigns.
	 

	 
		Failure to enforce any provisions of this
		Agreement shall not constitute a waiver of any of the terms and conditions
		hereof.
	 

	 
		No amendment, modification, or waiver of the
		terms of this Agreement shall be binding unless placed in writing and duly
		executed by the Parties’ authorized representatives.
	 

	 
		[Signature page follows.]
	 

	 
		 
	 

	 
		 
	 

	 
		C-3
	 

	 
		 
	 

	 
 

	 
		The Parties, through their authorized
		representatives, hereby agree to the terms and conditions of this
		Confidentiality Agreement.
	 

	 
		 
	 

	 
			
				
				  CARGILL COMMODITY SERVICES INC.
				  d/b/a
 CARGILL DIRECT
				

			 	
				
				   
				

			 	
				
				  PIONEER TRAIL ENERGY,
				  LLC
				

			 
	
				
				  
 By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 
	
				
				  Date:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Date:
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  CARGILL, INCORPORATED
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 By: 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Date:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		C-4Exhibit 10.21
	 

	 
		Execution Copy
	 

	 
		LOAN AGREEMENT
	 

	 
		by and among
	 

	 
		BIOFUEL ENERGY, LLC
	 

	 
		and
	 

	 
		THE LENDERS PARTY HERETO
	 

	 
		and
	 

	 
		GREENLIGHT APE, LLC
	 

	 
		as Administrative Agent
	 

	 
		September 25, 2006
	 

	 
		 
	 

	 
 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  1. CERTAIN DEFINITIONS
				  
				

			 	
				
				  1
				

			 
	
				
				  1.1     Certain Definitions
				

			 	
				
				  1
				

			 
	
				
				  1.2     Construction
				

			 	
				
				  17
				

			 
	
				
				  1.2.1     Number; Inclusion
				

			 	
				
				  17
				

			 
	
				
				  1.2.2     Determination
				

			 	
				
				  17
				

			 
	
				
				  1.2.3     Agent’s Discretion and Consent
				

			 	
				
				  17
				

			 
	
				
				  1.2.4     Documents Taken as a Whole
				

			 	
				
				  17
				

			 
	
				
				  1.2.5     Headings
				

			 	
				
				  17
				

			 
	
				
				  1.2.6     Implied References to this Agreement
				

			 	
				
				  17
				

			 
	
				
				  1.2.7     Persons
				

			 	
				
				  17
				

			 
	
				
				  1.2.8     Modifications to Documents
				

			 	
				
				  17
				

			 
	
				
				  1.2.9     From, To and Through
				

			 	
				
				  18
				

			 
	
				
				  1.2.10   Shall; Will
				

			 	
				
				  18
				

			 
	
				
				  1.3     Accounting Principles
				

			 	
				
				  18
				

			 
	
				
				  1.4     Concerning Corporate Terms
				

			 	
				
				  18
				

			 
	
				
				  2. TERM FACILITY
				

			 	
				
				  18
				

			 
	
				
				  2.1     Term Loan Commitments
				

			 	
				
				  18
				

			 
	
				
				  2.1.1     Generally
				

			 	
				
				  18
				

			 
	
				
				  2.1.2     Aggregate Commitments on Closing Date
				

			 	
				
				  18
				

			 
	
				
				  2.2     Nature of Lenders’ Obligations with Respect to the
				  Term Loans
				

			 	
				
				  19
				

			 
	
				
				  2.3     Takedown Fees
				

			 	
				
				  19
				

			 
	
				
				  2.4     Term Loan Requests
				

			 	
				
				  19
				

			 
	
				
				  2.5     Making Term Loans
				

			 	
				
				  20
				

			 
	
				
				  2.6     Notes
				

			 	
				
				  20
				

			 
	
				
				  3. INTEREST RATES
				

			 	
				
				  20
				

			 
	
				
				  3.1     Interest Rate
				

			 	
				
				  20
				

			 
	
				
				  3.2     Interest After Default
				

			 	
				
				  20
				

			 
	
				
				  3.2.1     Acknowledgment
				

			 	
				
				  20
				

			 
	
				
				  3.3     Interest Rate Limitation
				

			 	
				
				  20
				

			 
	
				
				  4. PAYMENTS
				

			 	
				
				  21
				

			 
	
				
				  4.1     Payments
				

			 	
				
				  21
				

			 
	
				
				  4.2     Pro Rata Treatment of Lenders
				

			 	
				
				  21
				

			 
	
				
				  4.3     Payment Dates
				

			 	
				
				  21
				

			 
	
				
				  4.3.1     Interest Payment Dates
				

			 	
				
				  21
				

			 
	
				
				  4.3.2     Principal Payment Dates
				

			 	
				
				  22
				

			 
	
				
				  4.4     Voluntary Prepayments
				

			 	
				
				  22
				

			 
	
				
				  4.4.1     Right to Prepay
				

			 	
				
				  22
				

			 
	
				
				  4.5     Mandatory Prepayments
				

			 	
				
				  22
				

			 
	
				
				  4.5.1     Sale of Assets
				

			 	
				
				  22
				

			 
	
				
				  4.5.2     Excess Cash
				

			 	
				
				  22
				

			 
	
				
				  4.6     Additional Compensation in Certain
				  Circumstances
				

			 	
				
				  23
				

			 

 

	 
		 
	 

	 
		i
	 

	 
		  
	 

	 
 

	 	
			 
				4.6.1     Increased Costs or Reduced Return Resulting from Taxes,
				Expenses, Etc.
			 

		  	
			 
				23
			 

		  
	
			 
				4.6.2     Losses Caused by Borrower Affiliate Parties
			 

		  	
			 
				23
			 

		  
	
			 
				4.6.3     Mitigation Obligation
			 

		  	
			 
				24
			 

		  
	
			 
				4.7     INDEMNIFICATION BY BORROWER
			 

		  	
			 
				24
			 

		  
	
			 
				5. REPRESENTATIONS AND
				WARRANTIES
			 

		  	
			 
				25
			 

		  
	
			 
				5.1     Representations and Warranties
			 

		  	
			 
				25
			 

		  
	
			 
				5.1.1     Organization and Qualification
			 

		  	
			 
				25
			 

		  
	
			 
				5.1.2     Capitalization and Ownership
			 

		  	
			 
				25
			 

		  
	
			 
				5.1.3     Subsidiaries
			 

		  	
			 
				25
			 

		  
	
			 
				5.1.4     Power and Authority
			 

		  	
			 
				26
			 

		  
	
			 
				5.1.5     Validity and Binding Effect
			 

		  	
			 
				26
			 

		  
	
			 
				5.1.6     No Conflict
			 

		  	
			 
				26
			 

		  
	
			 
				5.1.7     Litigation
			 

		  	
			 
				26
			 

		  
	
			 
				5.1.8     Use of Proceeds
			 

		  	
			 
				27
			 

		  
	
			 
				5.1.9     Full Disclosure
			 

		  	
			 
				27
			 

		  
	
			 
				5.1.10   Taxes
			 

		  	
			 
				27
			 

		  
	
			 
				5.1.11   Consents and Approvals
			 

		  	
			 
				27
			 

		  
	
			 
				5.1.12   No Event of Default; Compliance with
				Instruments
			 

		  	
			 
				27
			 

		  
	
			 
				5.1.13   Security Interests
			 

		  	
			 
				27
			 

		  
	
			 
				5.1.14   Real Property
			 

		  	
			 
				28
			 

		  
	
			 
				5.1.15   Status of the Collateral
			 

		  	
			 
				28
			 

		  
	
			 
				5.1.16   Insurance
			 

		  	
			 
				28
			 

		  
	
			 
				5.1.17   Compliance with Laws
			 

		  	
			 
				29
			 

		  
	
			 
				5.1.18   Material Contracts; Burdensome Restrictions
			 

		  	
			 
				29
			 

		  
	
			 
				5.1.19   Investment Companies; Regulated Entities
			 

		  	
			 
				29
			 

		  
	
			 
				5.1.20   Environmental Matters
			 

		  	
			 
				29
			 

		  
	
			 
				5.1.21   [Reserved]
			 

		  	
			 
				30
			 

		  
	
			 
				5.1.22   Solvency, Etc.
			 

		  	
			 
				30
			 

		  
	
			 
				5.1.23   Financial Statements
			 

		  	
			 
				31
			 

		  
	
			 
				5.1.24   Governmental Approvals
			 

		  	
			 
				31
			 

		  
	
			 
				5.1.25   ERISA
			 

		  	
			 
				32
			 

		  
	
			 
				5.1.26   Project Documents
			 

		  	
			 
				32
			 

		  
	
			 
				5.1.27   Immunity
			 

		  	
			 
				33
			 

		  
	
			 
				5.1.28   Utilities, Etc.
			 

		  	
			 
				33
			 

		  
	
			 
				6. CONDITIONS OF LENDING

			 

		  	
			 
				33
			 

		  
	
			 
				6.1     First Loans
			 

		  	
			 
				33
			 

		  
	
			 
				6.1.1     Officer’s Certificate
			 

		  	
			 
				33
			 

		  
	
			 
				6.1.2     Secretary’s Certificate
			 

		  	
			 
				34
			 

		  
	
			 
				6.1.3     Delivery of Loan Documents
			 

		  	
			 
				34
			 

		  
	
			 
				6.1.4     Opinion of Counsel
			 

		  	
			 
				34
			 

		  
	
			 
				6.1.5     Legal Details
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.6     Payment of Fees
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.7     Due Diligence
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.8     Consents
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.9     No Violation of Laws
			 

		  	
			 
				35
			 

		  

	 
		 
	 

	 
		ii
	 

	 
		  
	 

	 
 

	 	
			 
				6.1.10 No Actions
				or Proceedings
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.11 Proceeds of
				Senior Debt and Equity Sale
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.12 Utilities
			 

		  	
			 
				35
			 

		  
	
			 
				6.1.13 Environmental Matters
			 

		  	
			 
				36
			 

		  
	
			 
				6.1.14 Governmental
				Approvals
			 

		  	
			 
				36
			 

		  
	
			 
				6.1.15 Material
				Adverse Change or Effect
			 

		  	
			 
				36
			 

		  
	
			 
				6.1.16 Financial
				Information, etc.
			 

		  	
			 
				36
			 

		  
	
			 
				6.2      Each Additional Loan
			 

		  	
			 
				37
			 

		  
	
			 
				7. COVENANTS
			 

		  	
			 
				37
			 

		  
	
			 
				7.1      Affirmative Covenants
			 

		  	
			 
				37
			 

		  
	
			 
				7.1.1   Preservation of Existence, Etc.
			 

		  	
			 
				37
			 

		  
	
			 
				7.1.2   Payment of Liabilities, Including Taxes, Etc.

			 

		  	
			 
				38
			 

		  
	
			 
				7.1.3   Maintenance of Insurance
			 

		  	
			 
				38
			 

		  
	
			 
				7.1.4   Visitation Rights
			 

		  	
			 
				38
			 

		  
	
			 
				7.1.5   Keeping of Records and Books of Account
			 

		  	
			 
				38
			 

		  
	
			 
				7.1.6   Compliance with Laws.
			 

		  	
			 
				38
			 

		  
	
			 
				7.1.7   Use of Proceeds
			 

		  	
			 
				39
			 

		  
	
			 
				7.1.8   Further Assurances
			 

		  	
			 
				39
			 

		  
	
			 
				7.1.9   Accounting and Financial Management.
			 

		  	
			 
				39
			 

		  
	
			 
				7.1.10 Governmental Approvals
			 

		  	
			 
				39
			 

		  
	
			 
				7.1.11 Project
				Construction; Maintenance
			 

		  	
			 
				40
			 

		  
	
			 
				7.1.12 Performance
				of Project Documents
			 

		  	
			 
				40
			 

		  
	
			 
				7.1.13 Maximize
				Mandatory Payments
			 

		  	
			 
				40
			 

		  
	
			 
				7.1.14 Environmental Compliance
			 

		  	
			 
				40
			 

		  
	
			 
				7.1.15 Construction Requisitions
			 

		  	
			 
				41
			 

		  
	
			 
				7.2      Negative Covenants
			 

		  	
			 
				42
			 

		  
	
			 
				7.2.1   Indebtedness
			 

		  	
			 
				42
			 

		  
	
			 
				7.2.2   Liens
			 

		  	
			 
				42
			 

		  
	
			 
				7.2.3   Guaranties
			 

		  	
			 
				43
			 

		  
	
			 
				7.2.4   Loans and Investments
			 

		  	
			 
				43
			 

		  
	
			 
				7.2.5   Dividends and Related Distributions
			 

		  	
			 
				43
			 

		  
	
			 
				7.2.6   Liquidations, Mergers, Consolidations,
				Acquisitions
			 

		  	
			 
				43
			 

		  
	
			 
				7.2.7   Dispositions of Assets or Subsidiaries
			 

		  	
			 
				43
			 

		  
	
			 
				7.2.8   Affiliate Transactions
			 

		  	
			 
				44
			 

		  
	
			 
				7.2.9   Subsidiaries, Partnerships and Joint Ventures

			 

		  	
			 
				45
			 

		  
	
			 
				7.2.10 Continuation of or Change in Business
			 

		  	
			 
				45
			 

		  
	
			 
				7.2.11 Fiscal
				Year
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.12 Issuance of
				Stock
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.13 Changes in
				Documents
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.14 Inconsistent Agreements
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.15 Cancellation of Indebtedness
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.16 [Reserved]
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.17 Tax Shelter
				Regulations
			 

		  	
			 
				46
			 

		  
	
			 
				7.2.18 Amendment
				of Additional Project Documents
			 

		  	
			 
				47
			 

		  
	
			 
				7.2.19 ERISA
			 

		  	
			 
				47
			 

		  
	
			 
				7.2.20 Certain
				Agreements
			 

		  	
			 
				47
			 

		  

	 
		 
	 

	 
		iii
	 

	 
		  
	 

	 
 

	 	
			 
				7.3      Reporting Requirements
			 

		  	
			 
				47
			 

		  
	
			 
				7.3.1   Quarterly Financial Statements
			 

		  	
			 
				47
			 

		  
	
			 
				7.3.2   Annual Financial Statements
			 

		  	
			 
				48
			 

		  
	
			 
				7.3.3   Certificate of the Borrower
			 

		  	
			 
				48
			 

		  
	
			 
				7.3.4   Notice of Default
			 

		  	
			 
				48
			 

		  
	
			 
				7.3.5   Certain Events
			 

		  	
			 
				48
			 

		  
	
			 
				7.3.6   Other Information
			 

		  	
			 
				50
			 

		  
	
			 
				7.3.7   Environmental Reports
			 

		  	
			 
				50
			 

		  
	
			 
				7.3.8 Operating Plan and
				Budget
			 

		  	
			 
				50
			 

		  
	
			 
				8. DEFAULT
			 

		  	
			 
				51
			 

		  
	
			 
				8.1   Events of
				Default
			 

		  	
			 
				51
			 

		  
	
			 
				8.1.1 Payments Under Loan
				Documents
			 

		  	
			 
				51
			 

		  
	
			 
				8.1.2 Breach of Warranty

			 

		  	
			 
				51
			 

		  
	
			 
				8.1.3 Breach of Certain
				Covenants.
			 

		  	
			 
				51
			 

		  
	
			 
				8.1.4 Breach of Other
				Covenants.
			 

		  	
			 
				52
			 

		  
	
			 
				8.1.5 Defaults in Other Agreements
				or Indebtedness.
			 

		  	
			 
				52
			 

		  
	
			 
				8.1.6 Final Judgments or
				Orders
			 

		  	
			 
				52
			 

		  
	
			 
				8.1.7 Loan Document
				Unenforceable
			 

		  	
			 
				52
			 

		  
	
			 
				8.1.8 Uninsured Losses; Proceedings
				Against Assets
			 

		  	
			 
				53
			 

		  
	
			 
				8.1.9 [Reserved]
			 

		  	
			 
				53
			 

		  
	
			 
				8.1.10 Insolvency
			 

		  	
			 
				53
			 

		  
	
			 
				8.1.11 Cessation of
				Business
			 

		  	
			 
				53
			 

		  
	
			 
				8.1.12 Change of
				Control.
			 

		  	
			 
				53
			 

		  
	
			 
				8.1.13 Involuntary
				Proceedings
			 

		  	
			 
				53
			 

		  
	
			 
				8.1.14 Voluntary
				Proceedings
			 

		  	
			 
				54
			 

		  
	
			 
				8.2   Consequences
				of Event of Default
			 

		  	
			 
				54
			 

		  
	
			 
				8.2.1 Events of Default Other Than
				Bankruptcy, Insolvency or Reorganization Proceedings
			 

		  	
			 
				54
			 

		  
	
			 
				8.2.2 Bankruptcy, Insolvency or
				Reorganization Proceedings
			 

		  	
			 
				54
			 

		  
	
			 
				8.2.3 Suits, Actions,
				Proceedings
			 

		  	
			 
				54
			 

		  
	
			 
				8.2.4 Application of
				Proceeds
			 

		  	
			 
				54
			 

		  
	
			 
				8.2.5 Other Rights and
				Remedies
			 

		  	
			 
				55
			 

		  
	
			 
				9. THE AGENT
			 

		  	
			 
				55
			 

		  
	
			 
				9.1
				  Appointment
			 

		  	
			 
				55
			 

		  
	
			 
				9.2   Duties; Delegation
				of Duties
			 

		  	
			 
				55
			 

		  
	
			 
				9.2.1 Collateral Matters

			 

		  	
			 
				56
			 

		  
	
			 
				9.2.2 Agent May File Proofs of
				Claim
			 

		  	
			 
				56
			 

		  
	
			 
				9.3   Nature of
				Duties; Independent Credit Investigation
			 

		  	
			 
				57
			 

		  
	
			 
				9.4   Actions in
				Discretion of Agent; Instructions From the Lenders
			 

		  	
			 
				57
			 

		  
	
			 
				9.5   Exculpatory
				Provisions; Limitation of Liability
			 

		  	
			 
				57
			 

		  
	
			 
				9.6   Reimbursement
				and Indemnification of Agent by Lenders
			 

		  	
			 
				58
			 

		  
	
			 
				9.7   Reliance by
				Agent
			 

		  	
			 
				59
			 

		  
	
			 
				9.8   Notice of
				Default
			 

		  	
			 
				59
			 

		  
	
			 
				9.9   Notices
			 

		  	
			 
				59
			 

		  
	
			 
				9.10 Lenders in Their
				Individual Capacities; Agent in its Individual Capacity
			 

		  	
			 
				59
			 

		  

	 
		 
	 

	 
		iv
	 

	 
		  
	 

	 
 

	 	
			 
				9.11    Holders of
				Notes
			 

		  	
			 
				60
			 

		  
	
			 
				9.12    Equalization
				of Lenders
			 

		  	
			 
				60
			 

		  
	
			 
				9.13    Successor
				Agent
			 

		  	
			 
				60
			 

		  
	
			 
				9.14    Availability
				of Funds
			 

		  	
			 
				60
			 

		  
	
			 
				9.15   
				Calculations
			 

		  	
			 
				61
			 

		  
	
			 
				9.16   
				Beneficiaries
			 

		  	
			 
				61
			 

		  
	
			 
				10. MISCELLANEOUS
			 

		  	
			 
				61
			 

		  
	
			 
				10.1   
				Modifications, Amendments or Waivers
			 

		  	
			 
				61
			 

		  
	
			 
				10.1.1    Increase
				of Commitment; Extension of Expiration Date
			 

		  	
			 
				61
			 

		  
	
			 
				10.1.2    Extension
				of Payment; Reduction of Principal, Interest or Fees; Modification of Terms of
				Payment
			 

		  	
			 
				61
			 

		  
	
			 
				10.1.3    Release of
				Collateral
			 

		  	
			 
				62
			 

		  
	
			 
				10.1.4   
				Miscellaneous
			 

		  	
			 
				62
			 

		  
	
			 
				10.2    No Implied
				Waivers; Cumulative Remedies; Writing Required
			 

		  	
			 
				62
			 

		  
	
			 
				10.3   
				Reimbursement and Indemnification of Lenders by the Borrower; Taxes
			 

		  	
			 
				62
			 

		  
	
			 
				10.4   
				Holidays
			 

		  	
			 
				63
			 

		  
	
			 
				10.5   
				Notices
			 

		  	
			 
				63
			 

		  
	
			 
				10.6   
				Severability
			 

		  	
			 
				64
			 

		  
	
			 
				10.7    Governing
				Law
			 

		  	
			 
				64
			 

		  
	
			 
				10.8    Prior
				Understanding
			 

		  	
			 
				64
			 

		  
	
			 
				10.9    Duration;
				Survival
			 

		  	
			 
				64
			 

		  
	
			 
				10.10 Successors and
				Assigns
			 

		  	
			 
				64
			 

		  
	
			 
				10.11 Confidentiality
			 

		  	
			 
				65
			 

		  
	
			 
				10.11.1   General
			 

		  	
			 
				65
			 

		  
	
			 
				10.11.2   Sharing
				Information With Affiliates of the Lenders
			 

		  	
			 
				65
			 

		  
	
			 
				10.11.3   Nonliability of
				Lenders
			 

		  	
			 
				66
			 

		  
	
			 
				10.12 Counterparts
			 

		  	
			 
				66
			 

		  
	
			 
				10.13 Agent’s or Lender’s
				Consent
			 

		  	
			 
				67
			 

		  
	
			 
				10.14 Exceptions
			 

		  	
			 
				67
			 

		  
	
			 
				10.15 CONSENT TO FORUM; WAIVER OF
				JURY TRIAL
			 

		  	
			 
				67
			 

		  
	
			 
				10.16 Tax Withholding
				Clause
			 

		  	
			 
				67
			 

		  
	
			 
				10.17 [Reserved]
			 

		  	
			 
				68
			 

		  
	
			 
				10.18 Limitation of
				Recourse
			 

		  	
			 
				68
			 

		  
	
			 
				10.19 No Reliance on Agent’s
				Customer Identification Program
			 

		  	
			 
				69
			 

		  

	 
		 
	 

	 
		v
	 

	 
 

	 
		LIST OF SCHEDULES AND EXHIBITS

	 

	 
		 
	 

	 
			
				
				  SCHEDULES
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SCHEDULE 1.1(A)
				

			 	
				
				  -
				

			 	
				
				  COMMITMENTS OF LENDERS
				

			 
	
				
				  SCHEDULE 5.1.1
				

			 	
				
				  -
				

			 	
				
				  QUALIFICATIONS TO DO BUSINESS

				

			 
	
				
				  SCHEDULE 5.1.2
				

			 	
				
				  -
				

			 	
				
				  CAPITALIZATION
				

			 
	
				
				  SCHEDULE 5.1.14
				

			 	
				
				  -
				

			 	
				
				  REAL PROPERTY
				

			 
	
				
				  SCHEDULE 5.1.15
				

			 	
				
				  -
				

			 	
				
				  LLC AGREEMENTS
				

			 
	
				
				  SCHEDULE 5.1.16
				

			 	
				
				  -
				

			 	
				
				  INSURANCE POLICIES
				

			 
	
				
				  SCHEDULE 5.1.18
				

			 	
				
				  -
				

			 	
				
				  MATERIAL CONTRACTS
				

			 
	
				
				  SCHEDULE 5.1.20
				

			 	
				
				  -
				

			 	
				
				  ENVIRONMENTAL DISCLOSURES
				

			 
	
				
				  SCHEDULE 5.1.24
				

			 	
				
				  -
				

			 	
				
				  GOVERNMENT APPROVALS
				

			 
	
				
				  SCHEDULE 7.2.8
				

			 	
				
				  -
				

			 	
				
				  TRANSACTIONS WITH AFFILIATES
				

			 
	
				
				  EXHIBITS
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  EXHIBIT 1.1(P)
				

			 	
				
				  -
				

			 	
				
				  PLEDGE AGREEMENT
				

			 
	
				
				  EXHIBIT 1.1(R)
				

			 	
				
				  -
				

			 	
				
				  NOTE
				

			 
	
				
				  EXHIBIT 1.1(S)
				

			 	
				
				  -
				

			 	
				
				  GUARANTY
				

			 
	
				
				  EXHIBIT 1.1(U)
				

			 	
				
				  -
				

			 	
				
				  SUBORDINATION AGREEMENT
				

			 
	
				
				  EXHIBIT 2.4
				

			 	
				
				  -
				

			 	
				
				  LOAN REQUEST
				

			 

 

	 
		  
	 

  
	 
		vi
	 

	 
		  
	 

	 
 

	 
		LOAN AGREEMENT
	 

	 
		THIS LOAN AGREEMENT dated September ___,
		2006, (this “Agreement”) is entered into by and among BioFuel
		Energy, LLC, a Delaware limited liability company
		(“Borrower”), the lenders listed as lenders on
		Schedule 1.1A attached hereto (the “Lenders”), and Greenlight APE, LLC, in its capacity as
		administrative agent for the Lenders under this Agreement (hereinafter referred
		to in such capacity as the “Agent”).
	 

	 
		WITNESSETH:
	 

	 
		WHEREAS, the Borrower wholly-owns BFE
		Holdings, LLC, a Delaware limited liability company (“BFE Holdings”), which, in turn, wholly-owns BFE Operating
		Company, LLC, a Delaware limited liability company (“BFE Operating”), which, in turn, wholly-owns both of Buffalo
		Lake Energy, LLC, a Delaware limited liability company
		(“Buffalo
		Lake”) and Pioneer Trail
		Energy LLC, a Delaware limited liability company (“Pioneer Trail,” together with BFE Holdings, BFE Operating, and
		Buffalo Lake, the “Subsidiary
		Companies”);
	 

	 
		WHEREAS Buffalo Lake and Pioneer Trail have
		been organized to undertake the construction, completion, ownership and
		operation of two (2) one hundred fifteen million (115,000,000) gallons-per-year
		fuel grade, denatured ethanol production plants to be located in Wood River,
		Nebraska and Fairmont, Minnesota, all as more fully described in the Project
		Documents;
	 

	 
		WHEREAS in order to finance the acquisition,
		construction and initial operation of the Project and certain other costs and
		expenditures associated with the development of the Project and the financing
		contemplated herein, the Borrower desires to borrow $50,000,000 from the
		Lenders;
	 

	 
		WHEREAS, the Lenders are willing to provide
		such credit upon the terms and conditions hereinafter set forth.
	 

	 
		NOW, THEREFORE, the parties hereto, in
		consideration of their mutual covenants and agreements hereinafter set forth
		and intending to be legally bound hereby, covenant and agree as follows:

	 

	 
		1. CERTAIN
		DEFINITIONS
	 

	 
		1.1 Certain
		Definitions.
	 

	 
		In addition to words and terms defined
		elsewhere in this Agreement, the following words and terms shall have the
		following meanings, respectively:
	 

	 
		“Additional Project Document” shall mean any contract or agreement (including a
		sub-contract) relating to the development, construction, testing, operation,
		maintenance, repair, financing or use of the Project entered into by any
		Borrower Affiliate Party or a sub-contractor with any other Person subsequent
		to the date of this Agreement (including any contract(s) or agreement(s)
		entered into in substitution for any Project Document that has been terminated
		in accordance with its terms or otherwise).
	 

	 
		 
	 

	 
		 
	 

	 
 

	 
		“Affiliate” as to any Person shall mean any other Person (i)
		which directly or indirectly controls, is controlled by, or is under common
		control with such Person, (ii) which beneficially owns or holds 10% or more of
		any class of the voting or other equity interests of such Person, (iii) 10% or
		more of any class of voting interests or other equity interests of which is
		beneficially owned or held, directly or indirectly, by such Person; or (iv)
		with respect to any Lender, any entity administered or managed by such Lender
		or an Affiliate or investment advisor thereof. Control, as used in this
		definition, shall mean 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, by contract or otherwise,
		including the power to elect a majority of the directors or trustees of a
		corporation or trust, as the case may be.
	 

	 
		“Agent”
		shall mean Greenlight APE, LLC, a Delaware limited liability company, as
		administrative agent, and its successors and assigns.
	 

	 
		“Agreement” shall mean this Loan Agreement, as the same may
		be supplemented or amended from time to time, including all schedules and
		exhibits.
	 

	 
		“Anti-Terrorism Law” shall mean the Laws referred to, directly or
		indirectly, in 10.19 [No Reliance on Agent’s Customer Identification
		Program] and Executive Order 13224.
	 

	 
		“Authorized Officer” shall mean as to the Borrower, its Chairman,
		President, Chief Executive Officer, Vice President--Finance and those
		individuals, designated by written notice to the Agent from the Borrower,
		authorized to execute notices, reports and other documents on behalf of
		Borrower required hereunder. The Borrower may amend such list of individuals
		from time to time by giving written notice of such amendment to the
		Agent.
	 

	 
		“BFE Holdings” shall mean BFE Holdings, LLC, a Delaware limited
		liability company.
	 

	 
		“BFE Operating” shall mean BFE Operating Company, LLC, a Delaware
		limited liability company.
	 

	 
		“Borrower” shall mean BioFuel Energy, LLC, a Delaware
		limited liability company.
	 

	 
		“Borrower Affiliate Parties” shall mean the Borrower and the Guarantors and
		Borrower Affiliate
		Party shall mean any of
		them.
	 

	 
		“Borrower LLC Agreement” shall mean the Limited Liability Company
		Agreement of the Borrower, dated as of January 25, 2006.
	 

	 
		“Borrowing Date” shall mean, with respect to any Loan, the date
		for the making thereof, which shall be a Business Day.
	 

	 
		“Buffalo Lake” shall mean Buffalo Lake Energy, LLC, a limited
		liability company organized and existing under the laws of the State of
		Delaware.
	 

	 
		 
	 

	 
		2
	 

	 
		  
	 

	 
 

	 
		“Buffalo Lake Commercial Operation
		Date” shall mean the date of
		the first crush of corn at the Buffalo Lake Plant.
	 

	 
		“Buffalo Lake Grain Facility Lease” shall have the meaning set forth in the Senior
		Credit Agreement.
	 

	 
		“Buffalo Lake Land” shall mean the site upon which the Buffalo Lake
		Plant will be installed, together with any fixtures and civil works constructed
		thereon and any other easements, licenses and other real property rights and
		interests required for the installation and operation of such Plant, including
		the land referred to in the Buffalo Lake Grain Facility Lease.
	 

	 
		“Buffalo Lake Plant” shall mean the fuel grade, denatured ethanol
		production facility located near Fairmont, Minnesota, with a nameplate capacity
		of one hundred fifteen million (115,000,000)
		gallons-per-year, including the Buffalo Lake Land on which such facility is
		located, and all buildings, structures, improvements, easements and other
		property related thereto (including all associated electrical, gas, steam, and
		water interconnection, storage and treatment facilities, to the extent owned by
		any Borrower Affiliate Party).
	 

	 
		“Buffalo
		Lake Project Documents” shall
		mean the following documents all defined in the Senior Credit Agreement: (i)
		the Buffalo Lake Access Agreement, the Buffalo Lake EPC Contract, the Buffalo
		Lake O&M Agreement (when executed and delivered), the Buffalo Lake Corn
		Supply Agreement, the Buffalo Lake Corn Future Advisory Agreement, the Buffalo
		Lake Risk Management Agreement, the Buffalo Lake Distillers Grains Marketing
		Agreement, the Buffalo Lake Ethanol Marketing Agreement, the Buffalo Lake
		Master Agreement, the Buffalo Lake Gas Supply Agreement(s), the Buffalo Lake
		Gas Transportation Services Agreement, the Buffalo Lake NAESB Agreement, the
		Buffalo Lake Gas Supply Representation and Management Agreement, the Buffalo
		Lake Gas Pipeline Construction and Management Agreement, the Buffalo Lake Grain
		Facility Lease, the Buffalo Lake Land Purchase Agreements, the Buffalo Lake
		Delta-T License Agreement, the Buffalo Lake Limited Liability Company
		Agreement, the Buffalo Lake Management Services Agreement (when executed and
		delivered), the Buffalo Lake Rail Car Exchange Agreement, the Buffalo Lake
		Railroad Car Lease Agreement, the TIC Indemnity Confirmation (Buffalo Lake),
		the Buffalo Lake Payment and Performance Bonds, the Buffalo Lake Escrow
		Agreement, UP Consent (Buffalo Lake), UP Industry Track Contract (Buffalo Lake)
		and, at all times after the execution and delivery thereof, each Material
		Additional Project Document; (ii) a Consent Agreement (as defined in the Senior
		Credit Agreement) relating to each of the following Project Documents: the
		Buffalo Lake Access Agreement, the Buffalo Lake EPC Contract, the Buffalo Lake
		O&M Agreement, the Buffalo Lake Corn Supply Agreement, the Buffalo Lake
		Corn Future Advisory Agreement, the Buffalo Lake Risk Management Agreement, the
		Buffalo Lake Distillers Grains Marketing Agreement, the Buffalo Lake Ethanol
		Marketing Agreement, the Buffalo Lake Master Agreement, the Buffalo Lake Gas
		Supply Agreement, the Buffalo Lake Gas Supply Representation and Management
		Agreement, the Buffalo Lake Gas Transportation Services Agreement, the Buffalo
		Lake NAESB Agreement, the Buffalo Lake Gas Pipeline Construction and Management
		Agreement, the Buffalo Lake Grain Facility Lease, the Buffalo Lake Delta-T
		License Agreement, the Buffalo Lake Rail Car Exchange Agreement, the Buffalo
		Lake Rail Car Lease Agreement and the Buffalo Lake Management Services
		Agreement and (iii) at all times
	 

	 
		 
	 

	 
		3
	 

	 
		  
	 

	 
 

	 
		after the execution and delivery of any
		Material Additional Project Document, a Consent Agreement with respect
		thereto.
	 

	 
		“Business Day” shall mean any day other than a Saturday or
		Sunday or a legal holiday on which commercial banks are authorized or required
		to be closed for business in New York, New York.
	 

	 
		“Capital Expenditures” shall mean all expenditures (by the expenditure
		of cash or the incurrence of Indebtedness) during any measuring period for any
		fixed assets or improvements or for replacements, substitutions, or additions
		thereto, that have a useful life of more than one year and that are required to
		be capitalized under GAAP.
	 

	 
		“Cargill” shall mean Cargill, Incorporated, a corporation
		organized and existing under the laws of the State of Delaware.
	 

	 
		“Center Point Energy” shall mean Center Point Energy, Inc., a
		corporation organized and existing under the laws of the State of Texas.

	 

	 
		“Closing Date” shall mean the date hereof. The closing shall
		take place at 11:00 a.m. in the New York offices of Akin Gump Strauss Hauer
		& Feld, LLP, or at such other time and place as the parties agree.
	 

	 
		“Collateral” shall mean all the issued and outstanding
		membership interest of BFE Holdings.
	 

	 
		“Commercial Operation Date” shall mean, the Buffalo Lake Commercial Operation
		Date and the Pioneer Trail Commercial Operation Date, as the case may
		be.
	 

	 
		“Commitment” shall mean, as to any Lender at any time, the
		amount initially set forth opposite its name on Schedule 1.1(A)
		(as it may be amended in accordance with Section 2.1.2) in the column labeled “Amount of Commitment for
		Term Loans,” and “Commitments” shall mean the aggregate Commitments of all of
		the Lenders, all as may be reduced from time to time hereunder.
	 

	 
		“Cornerstone” shall mean Cornerstone Energy, Inc., a
		corporation organized and existing under the laws of the State of
		Nebraska.
	 

	 
		“Delta-T” shall mean Delta-T Corp., a corporation organized
		and existing under the laws of Virginia.
	 

	 
		“Dollar, Dollars, U.S. Dollars” and the symbol $ shall mean lawful money of the
		United States of America.
	 

	 
		“Drawdown Fee” shall have the meaning assigned to that term in
		Section 2.3(b) [Takedown Fees].
	 

	 
		“Drawdown Fee Payment Date” shall have the meaning assigned to that term in
		Section 2.3(b) [Takedown Fees].
	 

	 
		 
	 

	 
		4
	 

	 
		  
	 

	 
 

	 
		“Environmental Claim” shall mean, with respect to any Person, (i) any
		notice, claim, administrative, regulatory or judicial or equitable action,
		suit, Lien, judgment or demand by any other Person or (ii) any other written
		communication by any Official Body, in either case alleging or asserting such
		Person’s liability for investigatory costs, cleanup costs,
		consultants’ fees, governmental response costs, damages to natural
		resources (including, without limitation, wetlands, wildlife, aquatic and
		terrestrial species and vegetation) or other Property, property damages or
		personal injuries, or seeking injunctive relief, fines or penalties arising out
		of, based on or resulting from (x) the presence, or Release into the
		environment, of any Hazardous Material at any location, whether or not owned by
		such Person or (y) circumstances forming the basis of any violation, or alleged
		violation, of any Environmental Law or Governmental Approval issued under any
		Environmental Law.
	 

	 
		“Environmental Law” shall mean any and all laws relating to
		protection of the environment or to emissions, discharges, releases or
		threatened releases of pollutants, contaminants, petrochemicals or petroleum,
		chemicals or industrial, toxic or hazardous substances or wastes into the
		environment including ambient air, surface water, ground water or land or
		otherwise relating to the manufacture, processing, distribution, use,
		treatment, storage, disposal, transport or handling of pollutants,
		contaminants, chemicals or industrial, toxic or hazardous substances or
		wastes.
	 

	 
		“Environmental Site Assessment Report” shall mean, with respect to each Plant and the
		real property that is the subject of either the Buffalo Lake Grain Facility
		Lease or the Pioneer Trail Grain Facility Lease, a Phase I environmental site
		assessment report delivered to and accepted by the Senior Lenders and a Phase
		II environmental site assessment report addressing any recognized environmental
		conditions or other areas of concern identified in the relevant Phase I report
		if required by the Senior Lenders.
	 

	 
		“EPC Contracts” shall mean (i) the Agreement for Engineering,
		Procurement and Construction, dated as of June 9, 2006, between Buffalo Lake
		and the EPC Contractor, relating to the construction of the Buffalo Lake Plant
		and (ii) the Agreement for Engineering, Procurement and Construction, dated as
		of April 28, 2006, between Pioneer Trail and the EPC Contractor, relating to
		the construction of the Pioneer Trail Plant.
	 

	 
		“EPC Contractor” shall mean TIC – The Industrial Company
		Wyoming, Inc., a corporation organized and existing under the laws of
		Wyoming.
	 

	 
		“ERISA”
		shall mean the Employee Retirement Income Securities Act of 1974, as amended,
		and the rules and regulations promulgated thereunder.
	 

	 
		“ERISA
		Affiliate” shall mean any entity with which an entity is
		considered a single employer under Section 414(b), (c) or (m) of the Internal
		Revenue Code.
	 

	 
		“Event of Default” shall mean any of the events described in
		Section 8.1 [Events of Default] and referred to therein as an
		“Event of Default.”
	 

	 
		“Expiration Date” shall mean, with respect to the Commitments, June
		30, 2007, which is the day all Commitments hereunder shall terminate.
	 

	 
		 
	 

	 
		5
	 

	 
		  
	 

	 
 

	 
		“Expropriation Event” shall mean (a) any condemnation, nationalization,
		seizure or expropriation by an Official Body of all or a substantial portion of
		the Project or the Property or the assets of any Borrower Affiliate Party or of
		its share capital, (b) any assumption by an Official Body of control of the
		Property, assets or business operations of any Borrower Affiliate Party or of
		its share capital, (c) any taking of any action by an Official Body for the
		dissolution or disestablishment of any Borrower Affiliate Party or (d) any
		taking of any action by an Official Body that would prevent any Borrower
		Affiliate Party from carrying on its business or operations or a substantial
		part thereof.
	 

	 
		“GAAP”
		shall mean generally accepted accounting principles in the United States of
		America as are in effect from time to time, subject to the provisions of
		Section 1.3 [Accounting Principles], and applied on a consistent
		basis both as to classification of items and amounts.
	 

	 
		“Good Industry Practices” means the professional practices, methods,
		equipment, specifications and safety and output standards and industry codes of
		the United States ethanol industry for projects of a similar type and capacity
		as the Project, with respect to the design, installation, operation,
		maintenance and use of equipment and similar or better machinery, all of the
		above in compliance with applicable standards of safety, output, dependability,
		efficiency and economy, including recommended practice, of a good, safe,
		prudent and workman-like character and in compliance with all applicable Laws.
		Good Industry Practices are not intended to be limited to the optimum or
		minimum practice or method to the exclusion of all others, but rather to be a
		spectrum of reasonable and prudent practices and methods as practiced in the
		industry.
	 

	 
		“Governmental Approval” shall mean any authorization, consent, approval,
		license, ruling, permit, tariff, rate, certification, exemption, filing,
		variance, claim, order, judgment, decree, publication, notice to, declaration
		of or with, or registration by or with, any Official Body.
	 

	 
		“Guarantors” shall mean the guarantors under the Guaranty
		Agreements, including all of the Borrower’s Subsidiaries. As of the
		Closing Date, the Guarantors are BFE Holdings, BFE Operating, Buffalo Lake and
		Pioneer Trail.
	 

	 
		“Guaranty” of any Person shall mean any obligation of such
		Person guaranteeing or in effect guaranteeing any liability or obligation of
		any other Person in any manner, whether directly or indirectly, including any
		agreement to indemnify or hold harmless any other Person, any performance bond
		or other suretyship arrangement and any other form of assurance against loss,
		except endorsement of negotiable or other instruments for deposit or collection
		in the ordinary course of business and except obligations in the nature of
		subrogation or guarantees for the benefit of Persons providing performance
		bonds for actions by Borrower specifically incident to the issuance of such
		performance bonds.
	 

	 
		“Guaranty Agreements” shall mean each of the Guaranty Agreements in the
		form of Exhibit 1.1.(S) dated the date hereof executed and delivered by each of
		the Guarantors to the Agent for the benefit of the Lenders, as amended,
		modified or supplemented.
	 

	 
		 
	 

	 
		6
	 

	 
		  
	 

	 
 

	 
		“Hazardous Material” shall mean any substance that is regulated or
		could lead to liability under any Environmental Law, including, but not limited
		to, any petroleum or petroleum product, asbestos in any form that is or could
		become friable, transformers or other equipment that contain dielectric fluid
		containing levels of polychlorinated biphenyls (PCB’s), hazardous waste,
		hazardous material, hazardous substance, toxic substance, contaminant or
		pollutant, as defined or regulated as such under, any applicable Environmental
		Law.
	 

	 
		“Indebtedness” shall mean, as to any Person at any time, any and
		all indebtedness, obligations or liabilities (whether matured or unmatured,
		liquidated or unliquidated, direct or indirect, absolute or contingent, or
		joint or several) of such Person for or in respect of: (i) borrowed money, (ii)
		amounts raised under or liabilities in respect of any note purchase or
		acceptance credit facility, (iii) reimbursement obligations (contingent or
		otherwise) under any letter of credit, currency swap agreement, interest rate
		swap, cap, collar or floor agreement or other interest rate management device,
		(iv) any other transaction (including forward sale or purchase agreements,
		capitalized leases and conditional sales agreements but excluding operating
		leases) having the commercial effect of a borrowing of money entered into by
		such Person to finance its operations or capital requirements (but not
		including trade payables and accrued expenses incurred in the ordinary course
		of business which are not represented by a promissory note or other evidence of
		indebtedness and which are not more than ninety (90) days past due), and (v)
		any Guaranty of Indebtedness for borrowed money.
	 

	 
		“Independent Engineer” shall mean Luminate, LLC or any other Person from
		time to time appointed by the Senior Lenders for purposes of the Senior Credit
		Agreement.
	 

	 
		“Initial Fee” shall have the meaning assigned to such term in
		Section 2.3(a) [Takedown Fees].
	 

	 
		“Initial Fee Payment Date” has the meaning set forth in Section 2.3
		[Takedown Fees].
	 

	 
		“Initial Funding Date” has the meaning assigned to such term in
		Section 6 [Conditions of Lending]
	 

	 
		“Insolvency Proceeding” shall mean, with respect to any Person, (a) a
		case, action or proceeding with respect to such Person (i) before any court or
		any other Official Body under any bankruptcy, insolvency, reorganization or
		other similar Law now or hereafter in effect, or (ii) for the appointment of a
		receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator
		(or similar official) of any Borrower Affiliate Party or otherwise relating to
		the liquidation, dissolution, winding-up or relief of such Person, or (b) any
		general assignment for the benefit of creditors, composition, marshaling of
		assets for creditors, or other, similar arrangement in respect of such
		Person’s creditors generally or any substantial portion of its creditors;
		undertaken under any Law.
	 

	 
		“Interest Payment Date” has the meaning set forth in Section 4.3.1
		[Interest Payment Dates].
	 

	 
		“Interest Rate” shall mean a rate per annum of 15%.
	 

	 
		 
	 

	 
		7
	 

	 
		  
	 

	 
 

	 
		“Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as
		the same may be amended or supplemented from time to time, and any successor
		statute of similar import, and the rules and regulations thereunder, as from
		time to time in effect.
	 

	 
		“Investment” in any Person shall mean, without duplication:
		(a) the acquisition (whether for cash, securities, other Property, services or
		otherwise) or holding of capital stock, bonds, notes, debentures, partnership
		or other ownership interests or other securities of such Person, or any
		agreement to make any such acquisition or to make any capital contribution to
		such Person; or (b) the making of any deposit with, or advance, loan or other
		extension of credit to, such Person. 
	 

	 
		“Labor Contracts” shall mean all employment agreements, employment
		contracts, collective bargaining agreements and other agreements among
		Borrower, any Subsidiary of Borrower and their employees.
	 

	 
		“Land”
		shall mean, collectively, the Buffalo Lake Land and the Pioneer Trail
		Land.
	 

	 
		“Law”
		shall mean any law (including common law), constitution, statute, treaty,
		regulation, rule, ordinance, ruling, order, injunction, writ, decree, judgment,
		authorization or approval, award of or settlement agreement with or issued by
		any Official Body.
	 

	 
		“Lenders” shall mean the institutions listed as lenders
		named on Schedule 1.1(A) and their respective successors and assigns as
		permitted hereunder, each of which is referred to herein as a Lender.
	 

	 
		“Lien”
		shall mean any mortgage, deed of trust, pledge, lien, security interest, charge
		or other encumbrance or security arrangement of any nature whatsoever, whether
		voluntarily or involuntarily given, including any conditional sale or title
		retention arrangement, and any assignment, deposit arrangement or lease
		intended as, or having the effect of, security and any filed financing
		statement (other than precautionary financing statement filed in respect of
		operating leases) or other notice of any of the foregoing (whether or not a
		lien or other encumbrance is created or exists at the time of the
		filing).
	 

	 
		“LLC Interests” shall mean in respect of any limited liability
		company, its outstanding limited liability company interests or units and the
		voting rights associated therewith.
	 

	 
		“Loan Documents” shall mean this Agreement, the Agent’s
		Letter, the Guaranty Agreements, the Notes, the Pledge Agreement, the
		Subordination Agreement, and any other instruments, certificates or documents
		delivered or contemplated to be delivered hereunder or thereunder or in
		connection herewith or therewith, as the same may be supplemented or amended
		from time to time in accordance herewith or therewith, and Loan Document
		shall mean any of the Loan Documents.
	 

	 
		“Loan Request” shall have the meaning given to such term in
		Section 2.4 [Term Loan Request].
	 

	 
		 
	 

	 
		8
	 

	 
		  
	 

	 
 

	 
		“Loans”
		or “Term
		Loans” shall mean collectively
		and Loan or Term
		Loan shall mean separately all Term
		Loans or any Term Loan made by the Lenders or one of the Lenders to the
		Borrower pursuant to Section
		2.1 [Term Loan Commitments].
	 

	 
		“Maintenance Capital Expenses” shall mean all expenses incurred by any Borrower
		Affiliate Party (including for labor) for regularly scheduled (or reasonably
		anticipated) major maintenance of the Project (including, without limitation,
		teardowns, overhauls, capital improvements and replacements of major components
		of either Plant) in accordance with Good Industry Practices and vendor and
		supplier recommendations.
	 

	 
		“Material Additional Project Document” shall mean any Additional Project Document if
		(i) the aggregate cost or value of goods and services to be acquired by
		any Borrower pursuant thereto could reasonably be expected to exceed Two
		Million Dollars ($2,000,000) or the equivalent in any calendar year, (ii) the
		aggregate amount of termination fees, liquidated damages or aggregate liability
		which could be incurred by any Borrower in respect of such Additional Project
		Document in any single calendar year could reasonably be expected to exceed Two
		Million Dollars ($2,000,000) or the equivalent, (iii) such Additional
		Project Document provides for the sale of any service, output or other product
		by any Borrower, other than a Buffalo Lake Permitted Long-Term Sales Agreement
		(as defined in the Senior Credit Agreement) or a Pioneer Trail Permitted
		Long-Term Sales Agreement (as defined in the Senior Credit Agreement), (iv)
		such Additional Project Document provides for the purchase of gas by any
		Borrower other than pursuant to and in accordance with the Risk Management
		Policy (as defined in the Senior Credit Agreement), or as otherwise permitted
		under clauses (i) or (ii) above, or (v) such Additional Project Document
		provides for the purchase of denaturants by any Borrower other than a Buffalo
		Lake Permitted Denaturant Agreement (as defined in the Senior Credit
		Agreement), a Pioneer Trail Permitted Denaturant Agreement (as defined in the
		Senior Credit Agreement), or as otherwise permitted under clauses (i) or (ii)
		above. 
	 

	 
		“Material Adverse Change” or “Material Adverse Effect” shall mean any set of circumstances or events
		which (a) has or could reasonably be expected to have any material adverse
		effect upon the validity or enforceability of this Agreement or any other Loan
		Document, (b) is or could reasonably be expected to be material and adverse to
		the business, properties, assets, financial condition or results of operations
		of the Borrower Affiliate Parties taken as a whole, (c) impairs or could
		reasonably be expected to impair the ability of the Borrower Affiliate Parties
		to duly and punctually pay or perform their Indebtedness, or (d) impairs
		materially or could reasonably be expected to impair materially the ability of
		the Agent or any of the Lenders, to the extent permitted, to enforce their
		legal remedies pursuant to this Agreement or any other Loan Document.
	 

	 
		“Maturity Date” shall mean March __, 2015. 
	 

	 
		“Maximum Rate” shall have the meaning giving to it in
		Section 3.3 [Interest Rate Limitation].
	 

	 
		“Multiemployer Plan” shall mean any multiemployer plan as defined in
		Section 4001(a)(3) of ERISA.
	 

	 
		 
	 

	 
		9
	 

	 
		  
	 

	 
 

	 
		“NRC”
		shall mean Nebraska Resources Company, LLC, a limited liability company
		organized and existing under the laws of Oklahoma and a subsidiary of
		Seminole.
	 

	 
		“Necessary Governmental Approval” shall have the meaning provided in
		Section 5.1.24 [Governmental Approvals].
	 

	 
		“Notes”
		or “Term
		Notes” shall mean collectively
		and Note or Term
		Note shall mean separately all the
		Notes or Term Notes, as the case may be, of the Borrower in the form of
		Exhibit 1.1(R) evidencing the Term Loans, together with all
		amendments, extensions, renewals, replacements, refinancings or refundings
		thereof in whole or in part.
	 

	 
		“Notices” or “Notice”
		shall have the meaning assigned to that term in Section 10.5 [Notices].
	 

	 
		“Obligation” shall mean any obligation or liability of any
		Borrower Affiliate Party to the Agent or any of the Lenders, howsoever created,
		arising or evidenced, whether direct or indirect, absolute or contingent, now
		or hereafter existing, or due or to become due, under or in connection with
		this Agreement, the Notes, the Agent’s Letter or any other Loan Document.
		Obligations arising solely in connection with Permitted Senior Debt are not
		“Obligations” hereunder.
	 

	 
		“Official Body” shall mean any national, federal, state, local or
		other government or political subdivision or any agency, authority, board,
		bureau, central bank, commission, department or instrumentality thereof or any
		court, tribunal, grand jury or arbitrator, in each case whether foreign or
		domestic.
	 

	 
		“Operating Year” shall mean each year (or portion thereof)
		occurring after the first Commercial Operation Date shall have occurred and
		thereafter each calendar year.
	 

	 
		“Operation and Maintenance Expenses” shall mean (with respect to each Plant that has
		achieved its Commercial Operation Date), for any period on or after the
		Commercial Operation Date for each such Plant, collectively, without
		duplication, all reasonable (i) expenses of administering and operating the
		Project and of maintaining it in accordance with Good Industry Practices
		(including expenses which may be capitalized) incurred by any Borrower
		Affiliate Party, (ii) grain and fuel procurement and transportation costs
		payable by any Borrower Affiliate Party, (iii) direct operating and maintenance
		costs of the Plants payable by any Borrower Affiliate Party, (iv) insurance
		premiums payable by any Borrower Affiliate Party, (v) property, sales,
		value-added and excise taxes payable by any Borrower Affiliate Party (other
		than taxes imposed on or measured by income or receipts), (vi) costs and fees
		incurred by any Borrower Affiliate Party in connection with obtaining and
		maintaining in effect the Governmental Approvals required in connection with
		the Project, (vii) legal, accounting and other professional fees incurred in
		the ordinary course of business in connection with the Project payable by any
		Borrower Affiliate Party and (viii) payments payable by any Borrower under and
		pursuant to any Management Services Agreements (as defined in the Senior Credit
		Agreement); provided, that “Operation and Maintenance Expenses”
		shall not include (a) Project costs or (b) payments due under the Permitted
		Senior Debt.
	 

	 
		 
	 

	 
		10
	 

	 
		  
	 

	 
 

	 
		“Operator” shall mean an operator of the Plants (i) during
		any time when the Indebtedness evidenced by the Senior Loan Documents is
		outstanding, acceptable to the Senior Lenders and (ii) thereafter, acceptable
		to the Agent and the Required Lenders.
	 

	 
		“Patriot Act” shall mean United States Public Law 107-56,
		Uniting and Strengthening America by Providing Appropriate Tools Required to
		Intercept and Obstruct Terrorism (USA PATRIOT ACT) of 2001, and the rules and
		regulations promulgated thereunder.
	 

	 
		“Penalty
		Rate” shall mean a rate per annum of 17%.
	 

	 
		“Performance Bond” shall have the meaning set forth in the Senior
		Credit Agreement.
	 

	 
		“Permitted Investments” shall mean:
	 

	 
		(i) direct obligations of the United States
		of America or any agency or instrumentality thereof or obligations backed by
		the full faith and credit of the United States of America maturing in twelve
		(12) months or less from the date of acquisition;
	 

	 
		(ii) commercial paper maturing in 180 days
		or less rated not lower than A-1, by Standard & Poor’s or P-1 by
		Moody’s Investors Service, Inc. on the date of acquisition;
	 

	 
		(iii) demand deposits, time deposits or
		certificates of deposit maturing within one year in commercial banks whose
		obligations are rated A-1, A or the equivalent or better by Standard &
		Poor’s on the date of acquisition;
	 

	 
		(iv) money market funds rated at least
		“AA” by Standard & Poors or “Aa” by Moody’s
		Investor Services, Inc.;
	 

	 
		(v) Investments consisting of promissory
		notes or other non-cash consideration received as proceeds of asset
		dispositions permitted by Section 7.2.7
		[Disposition of Assets or
		Subsidiaries];
	 

	 
		(vi) Investments by the Borrower Affiliate
		Parties not otherwise permitted hereunder,  provided that
		the aggregate amount of all such outstanding Investments does not to exceed
		$300,000 at any time; and
	 

	 
		(vii) Investments consisting of equity
		interests in, and capital contributions to, Subsidiaries of the Borrower which
		are also Guarantors hereunder.
	 

	 
		“Permitted Liens” shall mean:
	 

	 
		(i) Liens created under the Senior Loan
		Documents;
	 

	 
		(ii) Liens for taxes, assessments, or
		similar charges to the extent not required to be paid under Section 7.1.2
		[Payment of Liabilities, Including Taxes, Etc.];
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
 

	 
		(iii) Pledges or deposits made in the
		ordinary course of business to secure payment of worker’s compensation, or
		to participate in any fund in connection with worker’s compensation,
		unemployment insurance, old-age pensions or other social security
		programs;
	 

	 
		(iv) Liens of mechanics, materialmen,
		warehousemen, carriers, or other like Liens, securing obligations incurred in
		the ordinary course of business and which are (A) not overdue by more than 60
		days or liens on property to secure claims for labor, materials or supplies
		relating to such property and pertaining to obligations not yet overdue by more
		than 60 days or (B) for amounts being contested in good faith and by
		appropriate proceedings, so long as (x) such contest does not involve any risk
		of the sale, forfeiture or loss of any of the Collateral, (y) enforcement of
		the contested item shall be effectively stayed and (z) a bond or other security
		instrument has been posted or other adequate provision for payment thereof has
		been provided in such manner and amount as to reasonably assure the Agent that
		any amounts determined to be due will be promptly paid in full when such
		contest is resolved and Liens of landlords securing obligations to pay lease
		payments that are not yet due and payable or in default;
	 

	 
		(v) Good-faith pledges or deposits made in
		the ordinary course of business to secure performance of bids, tenders,
		contracts (other than for the repayment of borrowed money) or leases, not in
		excess of the aggregate amount due thereunder, or to secure statutory
		obligations, appeal bonds or surety, indemnity, performance or other similar
		bonds required in the ordinary course of business;
	 

	 
		(vi) Encumbrances consisting of zoning
		restrictions, easements or other restrictions on the use of real property, none
		of which impairs the use of such property or the value thereof, and none of
		which is violated in any material respect by existing or proposed structures or
		land use;
	 

	 
		(vii) Liens, security interests and
		mortgages in favor of the Agent for the benefit of the Lenders;
	 

	 
		(viii) Liens arising out of a judgment or
		award that (i) does not constitute an Event of Default under Section 8.1.6 and
		(ii) is subject to a good faith contest by the Borrower Affiliate
		Parties;
	 

	 
		(ix) Liens arising out of any asset leased
		in accordance with the Buffalo Lake Grain Facility Lease, Pioneer Trail Grain
		Facility Lease, Buffalo Lake Rail Car Lease Agreement (as defined in the Senior
		Credit Agreement) or Pioneer Trail Rail Car Lease Agreement (as defined in the
		Senior Credit Agreement); and
	 

	 
		(x) the netting and set-off rights permitted
		under any Hedging Agreement (as defined in the Senior Credit Agreement) entered
		into in accordance with the Risk Management Policy (as defined in the Senior
		Credit Agreement) and the provisions of Section 5.31 of the Senior Credit
		Agreement.
	 

	 
		“Permitted Senior Debt” shall mean the secured senior debt provided to
		BFE Operating, Buffalo Lake and Pioneer Trail by Senior Lenders, pursuant to
		the Senior Credit Agreement dated on or about the Closing Date.
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
 

	 
		“Person”
		shall mean any individual, corporation, partnership, limited liability company,
		association, joint-stock company, trust, unincorporated organization, joint
		venture, government or political subdivision or agency thereof, or any other
		entity.
	 

	 
		“Pioneer Trail” shall mean Pioneer Trail Energy, LLC, a Delaware
		limited liability company.
	 

	 
		“Pioneer Trail Commercial Operation
		Date” shall mean the date of
		the first crush of corn at the Pioneer Trail Plant.
	 

	 
		“Pioneer Trail Project Documents” shall mean the following contracts as defined in
		the Senior Credit Agreement: (i) the Pioneer Trail Access Agreement, the
		Pioneer Trail EPC Contract, the Pioneer Trail O&M Agreement (when executed
		and delivered), the Pioneer Trail Corn Supply Agreement, the Pioneer Trail Corn
		Future Advisory Agreement, the Pioneer Trail Risk Management Agreement, the
		Pioneer Trail Distillers Grains Marketing Agreement, the Pioneer Trail Ethanol
		Marketing Agreement, the Pioneer Trail Master Agreement, the Pioneer Trail Gas
		Supply Agreement(s), the Pioneer Trail Gas Transportation Services Agreement,
		the Pioneer Trail NAESB Agreement, the Pioneer Trail Gas Supply Representation
		and Management Agreement, the Pioneer Trail Gas Pipeline Construction and
		Management Agreement, the Pioneer Trail Grain Facility Lease, the Pioneer Trail
		Land Purchase Agreements, the Pioneer Trail Delta-T License Agreement, the
		Pioneer Trail Limited Liability Company Agreement, the Pioneer Trail Management
		Services Agreement (when executed and delivered), the Pioneer Trail Rail Car
		Exchange Agreement, the Pioneer Trail Railroad Car Lease Agreement, TIC
		Indemnity Confirmation (Pioneer Trail), the Pioneer Trail Payment and
		Performance Bond, the Pioneer Trail Escrow Agreement, Pioneer Trail
		Redevelopment Contract, Pioneer Trail Water Rights Deed, UP Consent (Pioneer
		Trail), UP Consent (Pioneer Trail), UP Industry Track Contract (Pioneer Trail),
		UP Ground Leases, Pioneer Trail Redevelopment Contract and, at all times after
		the execution and delivery thereof, each Material Additional Project Document;
		(ii) a Consent Agreement (as defined in the Senior Credit Agreement) relating
		to each of the following Project Documents: the Pioneer Trail Access Agreement,
		Pioneer Trail Corn Supply Start-up Agreement, the Pioneer Trail EPC Contract,
		the Pioneer Trail O&M Agreement, the Pioneer Trail Corn Supply Agreement,
		the Pioneer Trail Corn Future Advisory Agreement, the Pioneer Trail Risk
		Management Agreement, the Pioneer Trail Distillers Grains Marketing Agreement,
		the Pioneer Trail Ethanol Marketing Agreement, the Pioneer Trail Master
		Agreement, the Pioneer Trail Gas Supply Agreement, the Pioneer Trail Gas Supply
		Representation and Management Agreement, the Pioneer Trail Gas Transportation
		Services Agreement, the Pioneer Trail NAESB Agreement, the Pioneer Trail Gas
		Pipeline Construction and Management Agreement, the Pioneer Trail Grain
		Facility Lease, the Pioneer Trail Delta-T License Agreement, the Pioneer Trail
		Railroad Land Lease Agreement, the Pioneer Trail Rail Car Exchange Agreement,
		the Pioneer Trail Rail Car Lease Agreement and the Pioneer Trail Management
		Services Agreement and (iii) at all times after the execution and delivery of
		any Material Additional Project Document, a Consent Agreement with respect
		thereto.
	 

	 
		“Pioneer Trail Grain Facility Lease” shall have the meaning set forth in the Senior
		Credit Agreement.
	 

	 
		 
	 

	 
		13
	 

	 
		  
	 

	 
 

	 
		“Pioneer Trail Land” shall mean the site upon which the Pioneer Trail
		Plant will be installed, together with any fixtures and civil works constructed
		thereon and any other easements, licenses and other real property rights and
		interests required for the installation and operation of such Plant, including
		the land referred to in the Pioneer Trail Grain Facility Lease.
	 

	 
		“Pioneer Trail Plant” shall mean the fuel grade, denatured ethanol
		production facility located near Wood River, Nebraska, with a nameplate
		capacity of 115 million gallons-per-year, including the Pioneer Trail Land on
		which such facility is located, and all buildings, structures, improvements,
		easements and other property related thereto (including all associated
		electrical, gas, steam, and water interconnection, storage and treatment
		facilities, to the extent owned by any Borrower Affiliate Party).
	 

	 
		“Plan”
		shall mean any pension plan as defined in Section 3(2) of ERISA other than a
		Multiemployer Plan.
	 

	 
		“Plants”
		shall mean, collectively, the Buffalo Lake Plant and the Pioneer Trail
		Plant.
	 

	 
		“Pledge Agreement” shall mean the Pledge Agreement in the form of
		Exhibit 1.1(P), dated on the date hereof executed and delivered by
		Borrower in respect of all of their owned equity interest, including any LLC
		Interests.
	 

	 
		“Potential Default” shall mean any event or condition which with
		notice, passage of time or a determination by the Agent or the Required
		Lenders, or any combination of the foregoing, would constitute an Event of
		Default.
	 

	 
		“Principal Office” shall mean the main office of the Agent in New
		York, New York.
	 

	 
		“Prior Security Interest” shall mean a valid and enforceable perfected
		first-priority security interest under the Uniform Commercial Code in the
		Collateral.
	 

	 
		“Project” shall mean, collectively, the Plants, the Land,
		and all easements, leasehold interests, licenses, permits, contract rights and
		other real and personal property interests now owned or hereafter acquired by
		any Guarantor or in which any Guarantor has any rights.
	 

	 
		“Project Documents” shall mean, collectively, Buffalo Lake Project
		Documents and the Pioneer Trail Project Documents.
	 

	 
		“Project Participants” shall mean the Borrower, each of the Guarantors,
		Cargill, Center Point Energy, Cornerstone, NRC, the EPC Contractor (only until
		the expiration or final settlement of liquidated damages and warranty claims
		under each EPC Contract and Payment and Performance Bond), Delta-T (only until
		the expiration or final settlement of liquidated damages and warranty claims
		under each EPC Contract and Performance Bond), the Operator, Trinity Industries
		Leasing Company, each manager under the Management Services Agreement (as
		defined in the Senior Credit Agreement), each gas supplier under the relevant
		Gas Supply Agreement (as defined in the Senior Credit Agreement), each gas
		pipeline construction and
	 

	 
		 
	 

	 
		14
	 

	 
		  
	 

	 
 

	 
		management counterparty under each Gas
		Pipeline Construction and Management Agreement (as defined in the Senior Credit
		Agreement), each gas transportation counterparty under each Gas Transportation
		Services Agreement and, each party (other than any Borrower) to a Material
		Additional Project Document, and each Replacement Project Participant.
	 

	 
		“Property” shall mean all real property owned or leased by
		any Borrower Affiliate Party or Subsidiary of any Borrower Affiliate Party;
		which is described on Schedule 5.1.14.
	 

	 
		“Provisional Acceptance” shall have the meaning provided in any EPC
		Contract.
	 

	 
		“Public Offering” shall mean a public offering of securities of
		BioFuel Energy Corp. pursuant to an effective registration statement under the
		Securities Act of 1933, as amended.
	 

	 
		“Railroad” shall mean Union Pacific Railroad Company.

	 

	 
		“Ratable Share” shall mean the proportion that a Lender’s
		Commitment bears to the Commitments of all of the Lenders.
	 

	 
		“Regulation U” shall mean Regulation U, T or X as promulgated by
		the Board of Governors of the Federal Reserve System, as amended from time to
		time.
	 

	 
		“Release” shall mean any spilling, leaking, pumping,
		pouring, emitting, emptying, discharging, injecting, escaping, leaching,
		dumping, or disposing into the environment (including the abandonment or
		discarding of barrels, containers, and other closed receptacles containing any
		Hazardous Material, but excluding (i) emissions from the engine exhaust of a
		motor vehicle and (ii) the normal application of fertilizer).
	 

	 
		“Required Lenders” shall mean (i) if there are no Loans outstanding,
		(a) Lenders whose Commitments aggregate at least 67% of the Commitments of all
		of the Lenders, or (b) if there are two (2) or fewer Lenders, all such
		Lenders, (ii) if there are Loans, outstanding, (a) if there are more than two
		(2) Lenders, any Lender or group of Lenders if the sum of the Loans of such
		Lenders then outstanding aggregates at least 67% of the total principal amount
		of all of the Loans then outstanding or (b) if there are two (2) or fewer
		Lenders, all such Lenders. For purposes of this definition only, all Lenders
		that are Affiliates shall constitute one Lender.
	 

	 
		“Replacement Project Participant” shall mean, with respect to any Project
		Participant (other than any Borrower Affiliate Party), any Person satisfactory
		to the Required Lenders and having credit, or acceptable credit support, equal
		to or greater than that of the replaced Project Participant on the date that
		the applicable Project Document was entered into who, pursuant to a definitive
		agreement reasonably satisfactory to the Required Lenders, assumes the
		obligations of the replaced Project Participant on terms and conditions no less
		favorable to the relevant Borrower Affiliate Party than those applicable to the
		replaced Project Participant pursuant to the applicable Project
		Document.
	 

	 
		“Seminole” shall Seminole Energy Services, LLC, a limited
		liability company organized and existing under the laws of Oklahoma.
	 

	 
		 
	 

	 
		15
	 

	 
		  
	 

	 
 

	 
		“Senior Credit Agreement” shall mean the Credit Agreement, dated as of the
		date hereof, among BFE Operating, Buffalo Lake, Pioneer Trail, the Senior
		Lenders, Deutsche Bank Trust Company Americas in such capacity as collateral
		agent and BNP Paribus in such capacity as the administrative agent and the
		arranger, as the same may be amended or supplemented from time to time.
	 

	 
		“Senior Lenders” shall mean the parties who are lenders under the
		Senior Credit Agreement.
	 

	 
		“Senior Loan Documents” shall mean the documents described in the Senior
		Credit Agreement as “Financing Documents”.
	 

	 
		“Subordination Agreement” shall mean the Subordination Agreement in the
		form of Exhibit 1.1(U) dated the
		Closing Date between Senior Lenders and the Agent in respect of the Permitted
		Senior Debt.
	 

	 
		“Subsidiary” of any Person at any time shall mean (i) any
		corporation or trust of which 50% or more (by number of shares or number of
		votes) of the outstanding capital stock or shares of beneficial interest
		normally entitled to vote for the election of one or more directors or trustees
		(regardless of any contingency which does or may suspend or dilute the voting
		rights) is at such time owned directly or indirectly by such Person or one or
		more of such Person’s Subsidiaries, (ii) any partnership of which such
		Person is a general partner or of which 50% or more of the partnership
		interests is at the time directly or indirectly owned by such Person or one or
		more of such Person’s Subsidiaries, (iii) any limited liability company of
		which such Person is a member or of which 50% or more of the LLC Interests is
		at the time directly or indirectly owned by such Person or one or more of such
		Person’s Subsidiaries or (iv) any corporation, trust, partnership, limited
		liability company or other entity which is controlled by such Person or one or
		more of such Person’s Subsidiaries.
	 

	 
		“Subsidiary Shares” shall have the meaning assigned to that term in
		Section 5.1.2 [Capitalization
		and Ownership].
	 

	 
		“Takedown Fees” shall have the meaning assigned to such term in
		Section 2.3(b) [Takedown
		Fees].
	 

	 
		“Taking”
		shall mean any circumstance or event, or series of circumstances or events
		(including an Expropriation Event), in consequence of which the Project or any
		portion thereof shall be condemned, nationalized, seized, compulsorily acquired
		or otherwise expropriated by any Official Body under power of eminent domain or
		otherwise.
	 

	 
		“TIF Indebtedness” shall have the meaning provided in
		Section 7.2.1(c) [Indebtedness] of this Agreement.
	 

	 
		“Unfinanced Capital Expenditures” shall mean Capital Expenditures which are made
		with operating funds of a Borrower Affiliate Party and not through lease or
		debt or similar arrangements with third parties and shall, in all events
		exclude Capital Expenditures made with equity contributions to the Borrower or
		proceeds of unsecured subordinated debt acceptable to Required Lenders made
		contemporaneously therewith.
	 

	 
		 
	 

	 
		16
	 

	 
		  
	 

	 
 

	 
		“Uniform Commercial Code” shall have the meaning assigned to that term in
		Section 5.1.13 [Security Interests].
	 

	 
		“Work”
		shall have the meaning provided in any EPC Contract.
	 

	 
		1.2 Construction. Unless the
		context of this Agreement otherwise clearly requires, the following rules of
		construction shall apply to this Agreement and each of the other Loan
		Documents:
	 

	 
		1.2.1 Number; Inclusion. References to the plural include the singular, the
		plural, the part and the whole; “or” has the inclusive meaning
		represented by the phrase “and/or,” and “including” has the
		meaning represented by the phrase “including without
		limitation”;
	 

	 
		1.2.2 Determination. References
		to “determination” of or by the Agent or the Lenders shall mean
		good-faith estimates by the Agent or the Lenders (in the case of quantitative
		determinations) and good-faith beliefs by the Agent or the Lenders (in the case
		of qualitative determinations) and such determination shall be conclusive
		absent manifest error;
	 

	 
		1.2.3 Agent’s Discretion and
		Consent. Whenever the Agent or the Lenders are granted the right
		herein to act in its or their sole discretion or to grant or withhold consent
		such right shall be exercised in good faith;
	 

	 
		1.2.4 Documents Taken as a Whole. The words
		“hereof,” “herein,” “hereunder,”
		“hereto” and similar terms in this Agreement or any other Loan
		Document refer to this Agreement or such other Loan Document as a whole and not
		to any particular provision of this Agreement or such other Loan
		Document;
	 

	 
		1.2.5 Headings. The
		section and other headings contained in this Agreement or such other Loan
		Document and the Table of Contents, preceding this Agreement or such other Loan
		Document are for reference purposes only and shall not control or affect the
		construction of this Agreement or such other Loan Document or the
		interpretation thereof in any respect;
	 

	 
		1.2.6 Implied References to this
		Agreement. Article, section, subsection, clause, schedule and
		exhibit references are to this Agreement or other Loan Document, as the case
		may be, unless otherwise specified;
	 

	 
		1.2.7 Persons. Reference
		to any Person includes such Person’s successors and assigns but, if
		applicable, only if such successors and assigns are permitted by this Agreement
		or such other Loan Document, as the case may be, and reference to a Person in a
		particular capacity excludes such Person in any other capacity;
	 

	 
		1.2.8 Modifications to Documents. Reference
		to any agreement (including this Agreement and any other Loan Document together
		with the schedules and exhibits hereto or thereto), document or instrument
		means such agreement, document or instrument as amended, modified, replaced,
		substituted for, superseded or restated;
	 

	 
		 
	 

	 
		17
	 

	 
		  
	 

	 
 

	 
		1.2.9 From, To and Through. Relative
		to the determination of any period of time, “from” means “from
		and including,” “to” means “to but excluding,” and
		“through” means “through and including”; and
	 

	 
		1.2.10 Shall; Will.
		References to “shall” and “will” are intended to have the
		same meaning.
	 

	 
		1.3 Accounting Principles. Except as
		otherwise provided in this Agreement, all computations and determinations as to
		accounting or financial matters and all financial statements to be delivered
		pursuant to this Agreement shall be made and prepared in accordance with GAAP
		(including principles of consolidation where appropriate), and all accounting
		or financial terms shall have the meanings ascribed to such terms by GAAP;
		provided, however, that all accounting terms used in
		Section 7.2 [Negative Covenants] (and all defined terms used in the
		definition of any accounting term used in Section 7.2
		[Negative Covenants]) shall have the
		meaning given to such terms (and defined terms) under GAAP as in effect on the
		date hereof applied on a basis consistent with those used in preparing the
		financial statements except that interim financial statements will not have
		footnote disclosures. In the event of any change after the date hereof in GAAP,
		and if such change would result in the inability to determine compliance with
		the financial covenants set forth in Section 7.2 [Negative
		Covenants] based upon the Borrower’s regularly prepared financial
		statements by reason of the preceding sentence, then the parties hereto agree
		to endeavor, in good faith, to agree upon an amendment to this Agreement that
		would adjust such financial covenants in a manner that would not affect the
		substance thereof, but would allow compliance therewith to be determined in
		accordance with the Borrower’s financial statements at that time.
	 

	 
		1.4 Concerning Corporate Terms. When terms
		such as “stock,” “shares,” “shareholders,”
		“corporate,” “company” and similar terms generally
		associated with corporations are used herein or in the Loan Documents, they
		shall be deemed as well to refer to limited liability member interests, owners
		of those interests and a limited liability company or similar entity, as the
		context may require, and references to corporate governance documents and
		procedures shall have their appropriate and correlative meanings with respect
		to limited liability companies, as the context may require, and vice
		versa.
	 

	 
		2. TERM
		FACILITY
	 

	 
		2.1 Term Loan Commitments.
	 

	 
		2.1.1 Generally.
		Subject to the terms and conditions hereof, and relying upon the
		representations and warranties herein set forth, each Lender severally but not
		jointly agrees to make Term Loans to the Borrower at any time or from time to
		time on or after the date hereof to the Expiration Date, provided that after giving effect to such Term Loans the aggregate
		amount of the Term Loans of such Lender shall not exceed such Lender’s
		Commitment. Notwithstanding anything in this Agreement to the contrary, amounts
		borrowed hereunder and repaid may not be re-borrowed.
	 

	 
		2.1.2 Aggregate Commitments on Closing Date. In the event that any Lender fails to advance funds
		according to such Lender’s Commitments, Borrower may request at any

	 

	 
		 
	 

	 
		18
	 

	 
		  
	 

	 
 

	 
		time after the Initial Funding Date, subject
		to the requirements of Section 6.2
		[Each Additional Loan], that an
		existing Lender increase its Commitment. (Any existing Lender may decline to
		increase its Commitment in its sole discretion.) In connection with any such
		increase, Schedule 1.1(A)
		shall be amended and restated to
		reflect such increase. The Commitments as increased in accordance herewith
		shall not exceed $50,000,000.
	 

	 
		2.2 Nature of Lenders’ Obligations with Respect to the
		Term Loans. Each Lender shall be obligated to participate in each
		request for Terms Loans pursuant to Section 2.4 [Term Loan
		Requests] in accordance with its Ratable Share. The aggregate of each
		Lender’s Term Loans hereunder to the Borrower at any time shall never
		exceed such Lender’s Commitment. The obligations of each Lender hereunder
		are several. The failure of any Lender to perform its obligations hereunder
		shall not affect the Obligations of the Borrower to any other party nor shall
		any other party be liable for the failure of such non-performing Lender to
		perform its obligations hereunder. Notwithstanding any other provision of this
		Agreement, no Lender shall have an obligation to make any Loan, if an Event of
		Default or Potential Default exists, or after the Expiration Date.
	 

	 
		2.3 Takedown Fees. (a) The Borrower hereby agrees to pay to the
		Agent on the date hereof (the “Initial Fee Payment
		Date”) for the ratable account of each Lender, as consideration
		for such Lender’s Commitment hereunder, a nonrefundable initial fee (the
		“Initial Fee”) equal to TWO MILLION FIVE HUNDRED THOUSAND
		DOLLARS ($2,500,000).
	 

	 
		(b) The Borrower hereby agrees to pay to the
		Agent for the ratable account of each Lender, as consideration for such
		Lender’s Commitment hereunder a drawdown fee (the “Drawdown
		Fee,” together with the Initial Fee, the
		“Takedown Fees”) equal to five percent (5%) of the
		principal amount of each borrowing made hereunder. Each Drawdown Fee is payable
		on the Borrowing Date of such advance (the “Drawdown Fee Payment Date”).
	 

	 
		(c) Any Takedown Fees may, at the election
		of the Agent, be offset against the principal amount of any borrowing made
		hereunder. Notwithstanding anything in this Agreement to the contrary, no
		manager, director (other than directors or managers designated or nominated by
		the Lenders) or officer of any Borrower Affiliate Party shall receive any
		distributions of funds at any time when unpaid Takedown Fees are
		outstanding.
	 

	 
		2.4 Term Loan Requests. Except as otherwise provided herein and subject
		to the limitations of Section 2.5 [Making Term Loans] hereof, the Borrower may
		from time to time prior to the Expiration Date request the Lenders to make Term
		Loans (until such time as when a respective Lender has made Term Loans in an
		aggregate amount equal to such Lender’s respective Commitment), by
		delivering to the Agent, not later than 10:00 a.m., New York City time, at
		least two Business Days prior to the proposed Borrowing Date with respect to
		the making of a Term Loan, a request therefor substantially in the form
		of  Exhibit 2.4 or a request by telephone immediately confirmed in
		writing by letter or facsimile in such form (each, a “Loan Request”), it being understood that the Agent may rely on
		the authority of any individual making such a telephonic request without the
		necessity of receipt of such written confirmation. Each Loan Request shall be
		irrevocable and shall specify (i) the proposed Borrowing Date; and
		(ii) the aggregate dollar amount of the proposed advance comprising the
		borrowing, which shall (i) not
	 

	 
		 
	 

	 
		19
	 

	 
		  
	 

	 
 

	 
		be more than the Commitments minus amount
		previously borrowed hereunder, and (ii) be not less than $1,000,000 and (iii)
		in integral multiples of $500,000.
	 

	 
		2.5 Making Term Loans. The Agent shall, promptly after receipt by it
		of a Loan Request pursuant to  Section 2.4 [Term Loan Requests], notify the Lenders of its receipt
		of such Loan Request specifying: (i) the proposed Borrowing Date and the
		time and method of disbursement of the Term Loans requested thereby;
		(ii) the amount of each such Term Loan; and (iii) the apportionment
		among the Lenders of such Term Loans as determined by the Agent in accordance
		with Section 2.2 [Nature of Lenders’ Obligations With Respect to
		Term Loans]. If no Default or Potential Default exists, each Lender shall remit
		the principal amount of each Term Loan to the Agent such that the Agent is able
		to, and the Agent shall, to the extent the Lenders have made funds available to
		it for such purpose and subject to 
		Section 6.2 [Each Additional Loan],
		fund such Term Loans to the Borrower in U.S. Dollars and immediately available
		funds prior to 12:00 p.m., New York City time, on the applicable Borrowing
		Date; provided that notwithstanding anything in this Agreement to the
		contrary, no Lender shall be required to make Term Loans in the aggregate
		amount of Term Loans made by such Lender that would exceed such Lender’s
		respective Commitment.
	 

	 
		2.6 Notes. The
		obligation of the Borrower to repay the aggregate unpaid principal amount of
		the Term Loans made to it by each Lender, together with interest thereon, shall
		be evidenced by a Term Note dated the Closing Date payable to the order of such
		Lender in a face amount equal to the Commitment of such Lender.
	 

	 
		3. INTEREST RATES
	 

	 
		3.1 Interest Rate. Borrower agrees to pay interest in respect of
		the outstanding Obligations
		hereunder, in arrears on the last day
		of each calendar quarter, from the date the proceeds thereof are made available
		to Borrower (i.e., the date of funding) until paid, at a rate per annum equal
		to the Interest Rate. The quarterly interest due on the principal balance of
		the Loans outstanding shall be computed for the actual number of days elapsed
		during the quarter in question on the basis of a year consisting of three
		hundred sixty (360) days and shall be calculated by determining the average
		daily principal balance outstanding for each day of the quarter in question.
		The daily rate shall be equal to 1/360th times the Interest Rate.
	 

	 
		3.2 Interest After Default. To the extent permitted by Law, upon the
		occurrence of an Event of Default and until such time such Event of Default
		shall have been cured or waived, unless the Required Lenders otherwise consent,
		the interest rate applicable to each Loan shall be the Penalty Rate.
	 

	 
		3.2.1 Acknowledgment.
		The Borrower acknowledges that the increase in rates referred to in
		this Section 3.2 reflects, among other things, the fact that such Loans
		or other amounts have become a substantially greater risk given their default
		status and that the Lenders are entitled to additional compensation for such
		risk, and all such interest shall be payable by the Borrower upon demand by
		Agent.
	 

	 
		3.3 Interest Rate Limitation. Notwithstanding anything to the contrary
		contained in any Loan Document, the interest paid or agreed to be paid under
		the Loan Documents shall not
	 

	 
		 
	 

	 
		20
	 

	 
		  
	 

	 
 

	 
		exceed the maximum rate of non-usurious
		interest permitted by applicable Law (the “Maximum Rate”). If the Agent or any Lender shall receive
		interest in an amount that exceeds the Maximum Rate, the excess interest shall
		be applied to the principal of the Loans or, if it exceeds such unpaid
		principal, refunded to the Borrower. In determining whether the interest
		contracted for, charged, or received by the Agent or a Lender exceeds the
		Maximum Rate, such Person may, to the extent permitted by applicable Law,
		(a) characterize any payment that is not principal as an expense, fee, or
		premium rather than interest, (b) exclude voluntary prepayments and the
		effects thereof, and (c) amortize, prorate, allocate, and spread in equal
		or unequal parts the total amount of interest throughout the contemplated term
		of the Obligations hereunder.
	 

	 
		4. PAYMENTS
	 

	 
		4.1 Payments. All payments and prepayments to be made in
		respect of principal, interest, Takedown Fees, Agent’s Fee or other fees
		or amounts due from the Borrower hereunder shall be payable prior to 11:00
		a.m., New York City time, on the date when due without presentment, demand,
		protest or notice of any kind, all of which are hereby expressly waived by the
		Borrower, and without set-off, counterclaim or other deduction of any nature,
		and an action therefor shall immediately accrue. Such payments shall be made to
		the Agent at the Principal Office for the ratable accounts of the Lenders with
		respect to the Loans in U.S. Dollars and in immediately available funds, and
		the Agent shall promptly distribute such amounts to the Lenders in immediately
		available funds. The Agent’s and each Lender’s statement of account,
		ledger or other relevant record shall, in the absence of manifest error, be
		conclusive as the statement of the amount of principal of and interest on the
		Loans and other amounts owing under this Agreement.”
	 

	 
		4.2 Pro Rata Treatment of Lenders. Each borrowing shall be allocated to each
		Lender according to its Ratable Share, and each payment or prepayment by the
		Borrower with respect to principal, interest, Takedown Fees or other fees
		(except for the Agent’s Fee) or amounts due from the Borrower hereunder to
		the Lenders with respect to the Loans, shall except as in the case of an event
		specified in Section 4.6 [Additional Compensation in Certain Circumstances]) be
		made in proportion to the applicable Loans outstanding from each Lender and, if
		no such Loans are then outstanding, in proportion to the Ratable Share of each
		Lender.
	 

	 
		4.3 Payment
		Dates.
	 

	 
		4.3.1 Interest Payment
		Dates.
	 

	 
		(a) Interest on Loans shall be due and
		payable in arrears on the last calendar day of each calendar quarter after the
		date hereof (each an “Interest
		Payment Date”), on the
		Maturity Date and upon acceleration of the Notes or Obligations. Interest on
		mandatory prepayments of principal under Section 4.5
		[Mandatory Prepayments] shall be due on the date such mandatory prepayment is
		due. All Interest which is due and payable on any date other than the Maturity
		Date and which is not paid by the Borrower on the date when due, shall be
		capitalized by adding such Interest to the Loan. 
	 

	 
		(b) Notwithstanding the provisions of
		Section 4.3.1(a), during the period prior to the Conversion Date (as defined in
		the Senior Credit Agreement as in existence as
	 

	 
		 
	 

	 
		21
	 

	 
		  
	 

	 
 

	 
		of the date hereof and without giving effect
		to any amendments thereto or waivers of any provisions thereof), the aggregate
		amount of Interest payable in cash by the Borrower to the Lender shall not
		exceed $10,000,000 in the aggregate, provided however that any Interest not
		paid in cash due to the limitation contained in this Section 4.3.1(b) shall
		continue to accrue pursuant to this Agreement and the other Loan Documents,
		shall be capitalized by adding such Interest to the Loan and shall be due on
		the next Interest Payment Date. For purposes of clarity, the nonpayment of any
		interest pursuant to this Section
		4.3.1(b), to the extent that such
		nonpayment is allowed by this Section
		4.3.1(b), shall not constitute an Event
		of Default.
	 

	 
		4.3.2 Principal Payment Dates. The entire principal
		balance plus all accrued and unpaid interest, and all unpaid fees and costs, if
		any, shall be due and payable on the Maturity Date. 
	 

	 
		4.4 Voluntary
		Prepayments.
	 

	 
		4.4.1 Right to Prepay. The Borrower shall have the right at its option at any
		time and from time to time to prepay the Loans in whole or part without premium
		or penalty except as provided in Section
		4.6 [Additional Compensation in Certain
		Circumstances]. Whenever the Borrower desires to prepay any part of the Loans,
		it shall provide a prepayment notice to the Agent by 11:00 a.m. New York City
		time on the date of prepayment of Loans setting forth the following
		information:
	 

	 
		(a) the date, which shall be a Business Day,
		on which the proposed prepayment is to be made; and
	 

	 
		(b) the total principal amount of such
		prepayment, which shall not be less than $1,000,000.
	 

	 
		All prepayment notices shall be irrevocable.
		The principal amount of the Loans for which a prepayment notice is given,
		together with interest on such principal amount, shall be due and payable on
		the date specified in such prepayment notice as the date on which the proposed
		prepayment is to be made. Any prepayment hereunder shall be subject to the
		Borrower’s obligations to indemnify the Lenders under Section 4.6.2
		[Losses Caused by Borrower Affiliate Parties].
	 

	 
		4.5 Mandatory Prepayments. 
	 

	 
		4.5.1 Sale of Assets. Except to the extent otherwise provided in this
		Agreement, within five (5) Business Days of any sale of assets authorized by
		Section 7.2.7 [Disposition of Assets or Subsidiaries], which is (a)
		in excess of $1,000,000 in any one transaction or $2,000,000 in any fiscal
		year, or (b) made when there exists an Event of Default or Potential Default,
		the Borrower shall make a mandatory prepayment of principal on the Loans in an
		amount equal to the after-tax proceeds of such sale (as estimated in good faith
		by the Borrower); provided
		that no payment shall be required to be
		made under this Section 4.5.1 at any time when principal amounts are
		outstanding under the Senior Credit Agreement unless such payment could be made
		in accordance with the provisions of the Account Agreement (as defined in the
		Senior Credit Agreement). 
	 

	 
		4.5.2 Excess Cash. On the last calendar day of each quarter after the date
		hereof, all funds swept into the Distribution Account established pursuant to
		the Account
	 

	 
		 
	 

	 
		22
	 

	 
		  
	 

	 
 

	 
		Agreement (as defined in the Senior Credit
		Agreement) and available to be distributed pursuant to the terms and conditions
		of the Account Agreement (as defined in the Senior Credit Agreement), together
		with any other funds available for distribution, shall be distributed at such
		time, directly or indirectly, to the Borrower and all such sums shall be used
		at such time to repay the Obligations outstanding under this Agreement. 

	 

	 
		4.6 Additional
		Compensation in Certain Circumstances.
	 

	 
		4.6.1 Increased Costs
		or Reduced Return Resulting from Taxes, Expenses, Etc. If any Law, guideline or interpretation or any
		change in any Law, guideline or interpretation or application thereof by any
		Official Body charged with the interpretation or administration thereof or
		compliance with any request or directive (whether or not having the force of
		Law) of any Official Body:
	 

	 
		(a) subjects any Lender to any tax or
		changes the basis of taxation with respect to this Agreement, the Notes, the
		Loans or payments by the Borrower of principal, interest, Takedown Fees, or
		other amounts due from the Borrower hereunder or under the Notes (except for
		taxes on the overall net income of such Lender), or
	 

	 
		(b) imposes, modifies or deems applicable
		any reserve, special deposit or similar requirement against credits or
		commitments to extend credit extended by, or assets (funded or contingent) of,
		deposits with or for the account of, or other acquisitions of funds by, any
		Lender; and
	 

	 
		(c) the result of (a) or (b) is to increase
		the cost to, reduce the income receivable by, or impose any expense upon any
		Lender with respect to this Agreement, the Notes or the making, maintenance or
		funding of any part of the Loans by an amount which such Lender in its sole
		discretion deems to be material, such Lender shall from time to time notify the
		Borrower and the Agent of the amount determined in good faith (using any
		averaging and attribution methods employed in good faith) by such Lender to be
		necessary to compensate such Lender for such increase in cost, reduction of
		income, additional expense or reduced rate of return. Such notice shall set
		forth in reasonable detail the basis for such determination. Such amount shall
		be due and payable by the Borrower to such Lender ten (10) Business Days after
		such notice is given.
	 

	 
		4.6.2 Losses Caused by Borrower Affiliate
		Parties. In addition to the
		compensation required by Section
		4.6.1 [Increased Costs or Reduced
		Return Resulting from Taxes, Expenses, Etc.], the Borrower shall reimburse each
		Lender against all liabilities, losses or expenses (including loss of margin,
		any loss or expense incurred in liquidating or employing deposits from third
		parties) which such Lender sustains or incurs as a consequence of any of the
		following:
	 

	 
		(a) attempt by the Borrower to revoke
		(expressly, by later inconsistent notices or otherwise) in whole or part any
		Loan Requests under Section
		2.4 [Term Loan Requests] or notice
		relating to prepayments under Section
		4.4 [Voluntary Prepayments], or
	 

	 
		(b) default by the Borrower in the
		performance or observance of any covenant or condition contained in this
		Agreement or any other Loan Document, including any
	 

	 
		 
	 

	 
		23
	 

	 
		  
	 

	 
 

	 
		failure of the Borrower to pay when due (by
		acceleration or otherwise) any principal, interest, Takedown Fee or any other
		amount due hereunder (without duplication of any payments required, under
		Section 4.7 [Indemnification by Borrower] or Section 10.3
		[Reimbursement and Indemnification of Lenders by the Borrower; Taxes] in
		connection with any such default).
	 

	 
		If any Lender sustains or incurs any such
		loss or expense, it shall from time to time notify the Borrower of the amount
		determined in good faith by such Lender (which determination may include such
		assumptions, allocations of costs and expenses and averaging or attribution
		methods as such Lender shall deem reasonable) to be necessary to indemnify such
		Lender for such loss or expense. Such notice shall set forth in reasonable
		detail the basis for such determination. Such amount shall be due and payable
		by the Borrower to such Lender ten (10) Business Days after such notice is
		given. For purposes of clarity, notwithstanding any provision of this
		Section 4.6.2 to the contrary, no reimbursement shall be required to
		be made for loss or margin that is attributable to a prepayment made in
		accordance with Section
		4.4 [Voluntary Prepayments].
	 

	 
		4.6.3 Mitigation
		Obligation. If any Lender requests
		compensation under Section 4.6.1 [Increased Costs or
		Reduced Return Resulting from Taxes, Expenses, Etc.] or the Borrower is required to pay any additional amount
		to any Lender for the account of any Lender pursuant to
		Section 4.6.2 [Losses Caused by Borrower Affiliate Parties], then
		such Lender shall use reasonable efforts to designate a different lending
		office for funding or booking its Term Loan hereunder or to assist its rights
		and obligations hereunder to another of its offices, branches or affiliates,
		if, in the judgment of such Lender, such designation or assignment
		(i) would eliminate or reduce amounts payable pursuant to
		Section 4.6.1 [Increased Costs
		or Reduced Return Resulting from Taxes, Expenses, Etc.] or 4.6.2 [Losses
		Caused by Borrower Affiliate Parties] as the case may be, and (ii) in each
		case, would not subject such Lender to any unreimbursed cost or expense and
		would not otherwise be disadvantageous to such Lender. The Borrower hereby
		agrees to pay all reasonable costs and expenses incurred by any Lender in
		connection with any such designation or assignment. 
	 

	 
		4.7 INDEMNIFICATION BY BORROWER. IN CONSIDERATION OF THE EXECUTION AND DELIVERY
		OF THIS AGREEMENT BY THE AGENT AND THE LENDERS AND THE AGREEMENT TO EXTEND THE
		COMMITMENTS PROVIDED HEREUNDER, THE BORROWER HEREBY AGREES TO INDEMNIFY,
		EXONERATE AND HOLD THE AGENT, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS,
		EMPLOYEES, AFFILIATES AND AGENTS OF THE AGENT (EACH AN “INDEMNIFIED PARTY”) FREE AND HARMLESS FROM AND AGAINST ANY AND ALL
		ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES,
		INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE INDEMNIFIED PARTIES OR ANY OF
		THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) ANY ACTIVITY
		FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR
		INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, (B) THE USE, HANDLING,
		RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF
		ANY HAZARDOUS MATERIAL AT ANY PROPERTY OWNED OR LEASED BY ANY BORROWER
		AFFILIATE PARTY, (C) ANY VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO
		CONDITIONS AT ANY PROPERTY 
	 

	 
		 
	 

	 
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		OWNED OR LEASED BY ANY BORROWER AFFILIATE
		PARTY OR THE OPERATIONS CONDUCTED THEREON, (D) THE INVESTIGATION, CLEANUP OR
		REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY BORROWER AFFILIATE PARTY OR THEIR
		RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF
		HAZARDOUS MATERIALS OR (E) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT
		OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE INDEMNIFIED PARTIES
		AND ANY ACTION TAKEN OR OMITTED BY A LENDER HEREUNDER, EXCEPT FOR ANY SUCH
		INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE INDEMNIFIED
		PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL,
		NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE
		EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON,
		BORROWER HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND
		SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER
		APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 4.7
		SHALL SURVIVE REPAYMENT OF THE LOANS, CANCELLATION OF THE NOTES, ANY
		FORECLOSURE UNDER, OR ANY MODIFICATION, RELEASE OR DISCHARGE OF, ANY OR ALL OF
		THE LOAN DOCUMENTS AND TERMINATION OF THE COMMITMENTS HEREUNDER OR TERMINATION
		AGREEMENT.
	 

	 
		5. REPRESENTATIONS AND WARRANTIES
	 

	 
		5.1 Representations
		and Warranties. The Borrower
		represents and warrants subject to the provisions of Section 1.4
		[Concerning Corporate Terms], to the Agent and each of the Lenders as
		follows:
	 

	 
		5.1.1 Organization and
		Qualification. The Borrower is a
		limited liability company duly organized, validly existing and in good standing
		under the laws of the State of Delaware. Each Guarantor is a limited liability
		company duly organized, validly existing and in good standing under the laws of
		its respective state of formation. Each Borrower Affiliate Party has the lawful
		power to own or lease its properties and to engage in the business it presently
		conducts or proposes to conduct. Each Borrower Affiliate Party is duly licensed
		or qualified and in good standing in each jurisdiction listed opposite its name
		on Schedule 5.1.1 and in all other jurisdictions where the property owned
		or leased by it or the nature of the business transacted by it or both makes
		such licensing or qualification necessary if the failure to be so licensed or
		qualified would cause or constitute a Material Adverse Change.
	 

	 
		5.1.2 Capitalization and
		Ownership. The authorized LLC Interests
		of Borrower and LLC Interest of each Guarantor are owned as indicated on
		Schedule 5.1.2, as of the Closing Date. All of the LLC Interests and
		any other equity interests of each Borrower Affiliate Party (collectively,
		“Subsidiary
		Shares”) have been validly
		issued and are fully paid and nonassessable. There are no options, warrants or
		other rights outstanding to purchase any such LLC Interests except as indicated
		on Schedule 5.1.2.
	 

	 
		5.1.3 Subsidiaries. Each Borrower Affiliate Party has good title to
		all of the Subsidiary Shares, it purports to own, free and clear in each case
		of any Lien other than Liens in
	 

	 
		 
	 

	 
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		favor of the Agent under the Pledge
		Agreement or in favor of the collateral agent of the Senior Lenders under the
		Senior Loan Documents. All Subsidiary Shares have been validly issued, and all
		Subsidiary Shares are fully paid and nonassessable. All capital contributions
		and other consideration required to be made or paid in connection with the
		issuance of all Subsidiary Shares have been made or paid, as the case may be.
		There are no options, warrants or other rights outstanding to purchase any such
		Subsidiary Shares.
	 

	 
		5.1.4 Power and
		Authority. Each Borrower
		Affiliate Party has full power to enter into, execute, deliver and carry out
		each Loan Document to which it is a party, to incur the Indebtedness
		contemplated by the Loan Documents to which it is a party and to perform its
		Obligations under the Loan Documents to which it is a party, and all such
		actions have been duly authorized by all necessary proceedings on its
		part.
	 

	 
		5.1.5 Validity and Binding
		Effect. This Agreement has been
		duly and validly executed and delivered by the Borrower, and each other Loan
		Document which any Borrower Affiliate Parties are required to execute and
		deliver on or after the date hereof will have been duly executed and delivered
		by the Borrower Affiliate Parties on the required date of delivery of such Loan
		Document. This Agreement and each of the other Loan Documents constitutes, or
		will constitute, legal, valid and binding obligations of such Borrower
		Affiliate Party on and after its date of delivery thereof, enforceable against
		such Borrower Affiliate Party in accordance with its terms, except to the
		extent that enforceability of any of such Loan Document may be limited by
		bankruptcy, insolvency, reorganization, moratorium or other similar Laws
		affecting the enforceability of creditors’ rights generally or limiting
		the right of specific performance.
	 

	 
		5.1.6 No
		Conflict. Neither the execution
		and delivery of this Agreement or the other Loan Documents by any Borrower
		Affiliate Party nor the consummation of the transactions herein or therein
		contemplated or compliance with the terms and provisions hereof or thereof by
		any of them will conflict with, constitute a default under or result in any
		breach of (i) the terms and conditions of the certificate of formation, limited
		liability company agreement or other organizational documents of any Borrower
		Affiliate Party or (ii) any Law or any agreement or instrument or order, writ,
		judgment, injunction or decree to which any Borrower Affiliate Party is a party
		or by which it or any of its Subsidiaries is bound or to which it is subject,
		or result in the creation or enforcement of any Lien, charge or encumbrance
		whatsoever upon any property (now or hereafter acquired) of any Borrower
		Affiliate Party or any of its Subsidiaries (other than Liens granted under the
		Loan Documents) except with respect to clause (ii), to the extent such
		conflict, default or breach which would not cause or constitute an Event of
		Default.
	 

	 
		5.1.7 Litigation. There are no actions, suits, proceedings or
		investigations pending or, to the knowledge of any Borrower Affiliate Party,
		threatened against any Borrower Affiliate Party at law or equity before any
		Official Body which individually or in the aggregate would cause or constitute
		a Material Adverse Change. No Borrower Affiliate Party is in violation of any
		order, writ, injunction or any decree of any Official Body which would cause or
		constitute a Material Adverse Change. There are no ongoing, or, to the best
		knowledge of the Borrower, currently threatened, strikes, collective slowdowns
		or work stoppages by (i) the employees of the EPC Contractor that either relate
		to the Project, any of this Agreement, the Guaranty Agreements, the Note or the
		Pledge Agreement or any of the transactions contemplated
	 

	 
		 
	 

	 
		26
	 

	 
		  
	 

	 
 

	 
		thereby, or has or would reasonably be
		expected to have a Material Adverse Effect or (ii) the employees of any
		Borrower Affiliate Party or the Operator.
	 

	 
		5.1.8 Use of
		Proceeds. The Borrower Affiliate
		Parties shall use the proceeds of the Loans in accordance with Section 7.1.7
		[Use of Proceeds].
	 

	 
		5.1.9 Full
		Disclosure. Neither this
		Agreement nor any other Loan Document, nor any certificate, statement,
		agreement or other documents furnished to the Agent or any Lender in connection
		herewith or therewith, contains, when taken as a whole, any untrue statement of
		a material fact or omits to state a material fact necessary in order to make
		the statements contained herein and therein, in light of the circumstances
		under which they were made, not misleading. There is no fact known to the
		Borrower (other than general economic conditions) which materially adversely
		affects the business, property, assets, financial condition, results of
		operations or prospects of any Borrower Affiliate Party which has not been set
		forth in this Agreement or in the certificates, statements, agreements or other
		documents furnished in writing to the Agent and the Lenders prior to or at the
		date hereof in connection with the transactions contemplated hereby.
	 

	 
		5.1.10 Taxes. All
		federal, state, local and other tax returns required to have been filed with
		respect to the Borrower Affiliate Parties have been filed, and payment or
		adequate provision has been made for the payment of all taxes, fees,
		assessments and other governmental charges which have or may become due
		pursuant to said returns or to assessments received, except to the extent that
		such taxes, fees, assessments and other charges are being contested in good
		faith by appropriate proceedings diligently conducted and for which such
		reserves or other appropriate provisions, if any, as shall be required by GAAP
		shall have been made. As of the Closing Date, there are no agreements or
		waivers extending the statutory period of limitations applicable to any federal
		income tax return of the Borrower Affiliate Parties for any period.
	 

	 
		5.1.11 Consents and
		Approvals. Except for the filing of
		financing statements in the state and county filing offices in respect of the
		Collateral, no consent, approval, exemption, order or authorization of, or a
		registration or filing with, any Official Body or any other Person is required
		by any Law or any agreement in connection with the execution, delivery and
		carrying out of this Agreement and the other Loan Documents by any Borrower
		Affiliate Party, other than those obtained or made on or prior to the Closing
		Date.
	 

	 
		5.1.12 No Event of
		Default; Compliance with Instruments. No event has occurred and is continuing and no
		condition exists or will exist after giving effect to the borrowings or other
		extensions of credit to be made on the Closing Date under or pursuant to the
		Loan Documents which constitutes an Event of Default or Potential Default. None
		of the Borrower Affiliate Parties is in violation of (i) any term of its
		certificate of formation, limited liability company agreement or other
		organizational documents or (ii) any material agreement or instrument to which
		it is a party or by which it or any of its properties may be subject or bound
		where such violation would constitute a Material Adverse Change.
	 

	 
		5.1.13 Security
		Interests. The Liens and
		security interests granted to the Agent for the benefit of the Lenders pursuant
		to the Pledge Agreement in the Collateral constitute Prior Security Interests
		under the Uniform Commercial Code as in effect from time to time in each

	 

	 
		 
	 

	 
		27
	 

	 
		  
	 

	 
 

	 
		applicable jurisdiction (the
		“Uniform Commercial
		Code”) or other applicable Law
		entitled to all the rights, benefits and priorities provided by the Uniform
		Commercial Code or such Law. Upon the filing of financing statements relating
		to said security interests in each office and in each jurisdiction where
		required in order to perfect the security interests described above, and taking
		possession of any stock certificates, certificated membership interests or
		other certificates evidencing the Collateral, all such action as is necessary
		or advisable to establish such rights of the Agent will have been taken, and
		there will be upon execution and delivery of the Pledge Agreement, such filings
		and such taking of possession, no necessity for any further action in order to
		preserve, protect and continue such rights, except the filing of continuation
		statements with respect to such financing statements within six months prior to
		each five-year anniversary of the filing of such financing statements. All
		filing fees and other expenses in connection with each such action have been or
		will be paid by the Borrower.
	 

	 
		5.1.14 Real
		Property. No Borrower Affiliate Party
		owns real property except for ownership of a portion of the Buffalo Lake Land
		and a portion of the Pioneer Trail Land. The Borrower Affiliate Parties occupy
		the locations described on Schedule
		5.1.14 (which sets forth the street
		address, state, owner, lessor and lessee). The Borrower Affiliate Parties have
		valid leasehold interest in all properties, assets and other rights which they
		purport to lease or which are reflected as leased on their books and records,
		free and clear of all Liens and encumbrances except Permitted Liens, and
		subject to the terms and conditions of the applicable leases. All leases of
		property are in full force and effect without the necessity for any consent
		which has not previously been obtained upon consummation of the transactions
		contemplated hereby except to the extent failure to do so would not cause a
		Material Adverse Change.
	 

	 
		5.1.15 Status of the
		Collateral. All the LLC
		Interests included in the Collateral to be pledged pursuant to the Pledge
		Agreement are or will be upon issuance validly issued and nonassessable and
		owned beneficially and of record by the pledgor free and clear of any Lien or
		restriction on transfer, except as otherwise provided by the Pledge Agreement
		and except as the right of the Lenders to dispose of the LLC Interests may be
		limited by the Securities Act of 1933, as amended, and the regulations
		promulgated by the Securities and Exchange Commission thereunder and by
		applicable state securities laws. There are no limited liability company or
		other agreements or understandings with respect to the LLC Interests included
		in the Collateral except for the limited liability company agreements described
		on Schedule 5.1.15. The Borrower has delivered true and correct copies of
		such limited liability company agreements to the Agent. On the Closing Date,
		100% of the LLC Interests of BFE Holdings shall be pledged pursuant to the
		Pledge Agreement.
	 

	 
		5.1.16 Insurance. Schedule 5.1.16 lists as of the Closing Date all insurance policies and
		other bonds to which any Borrower Affiliate Party is a party, all of which are
		as of the Closing Date valid and in full force and effect. No notice has been
		given or claim made and no grounds exist to cancel or avoid any of such
		policies or bonds or to reduce the coverage provided thereby except to the
		extent replaced by coverage under other policies. Such policies and bonds
		provide adequate coverage from reputable and financially sound insurers in
		amounts sufficient to insure the assets and risks of the each Borrower
		Affiliate Party in accordance with prudent business practice in the industry of
		the Borrower Affiliate Parties. Without limiting the foregoing, Schedule 5.1.16 describes the errors and omissions insurance coverage
		as of the
	 

	 
		 
	 

	 
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		Closing Date, each Borrower Affiliate
		Party’s existing insurance policies and any key man life insurance
		policy.
	 

	 
		5.1.17 Compliance with
		Laws. The Borrower Affiliate
		Parties are in material compliance in all respects with all applicable Laws in
		all jurisdictions in which the Borrower Affiliate Parties are presently or will
		be doing business except where the failure to do so would not constitute a
		Material Adverse Change.
	 

	 
		5.1.18 Material
		Contracts; Burdensome Restrictions. Schedule 5.1.18 lists as of the Closing Date all material contracts
		relating to the business operations of the Borrower Affiliate Parties,
		including all employee benefit plans and Labor Contracts, other than Loan
		Documents and Project Documents. All such material contracts are valid, binding
		and enforceable upon the Borrower Affiliate Parties and each of the other
		parties thereto in accordance with their respective terms except to the extent
		any lack of such validity, binding effect or enforceability would not cause a
		Material Adverse Change, and there is no default thereunder, to the
		Borrower’s knowledge, with respect to parties other than the Borrower
		Affiliate Parties except for defaults of the Borrower Affiliate Parties which
		would not cause a Material Adverse Change. No Borrower Affiliate Party is nor
		is any Subsidiary bound by any contractual obligation, or subject to any
		restriction in any organization document, or any requirement of Law which could
		result in a Material Adverse Change. For purposes of this Section
		5.1.18, a “material contract”
		means a contract that obligates a Borrower Affiliate Party to pay money in an
		amount, or provide services valued, in excess of $150,000 during any 12-month
		period. The amounts that a Borrower Affiliate Party is obligated to pay under
		contracts not listed on Schedule 5.1.18 do not exceed $800,000 on an annual
		basis.
	 

	 
		5.1.19 Investment
		Companies; Regulated Entities.
		None of the Borrower Affiliate Parties is an “investment company”
		registered or required to be registered under the Investment Company Act of
		1940 or under the “control” of an “investment company” as
		such terms are defined in the Investment Company Act of 1940 and shall not
		become such an “investment company” or under such
		“control.” Neither the making of any Loans, nor the application of
		the proceeds or repayment thereof by the Borrower, nor the consummation of the
		other transactions contemplated hereby will violate any provisions of the
		Investment Company Act of 1940 or any rule, regulation or order of the U.S.
		Securities and Exchange Commission thereunder.
	 

	 
		5.1.20 Environmental
		Matters. Except as set forth on
		Schedule 5.1.20, as of the Closing Date, there are no violations, or
		allegations thereof in writing, of any Environmental Law applicable to any
		Property and, to the knowledge of the Borrower, to any property of any
		predecessor of the Borrower Affiliate Parties. 
	 

	 
		(a) Each Borrower Affiliate Party has
		complied and is now complying in all material respects with (i) all
		Environmental Laws applicable to the Project and (ii) the requirements of any
		Governmental Approvals issued under such Environmental Laws with respect to the
		Project.
	 

	 
		(b) There are no facts, circumstances,
		conditions or occurrences regarding the Project that (i) to the knowledge of
		the Borrower (after due inquiry), could
	 

	 
		 
	 

	 
		29
	 

	 
		  
	 

	 
 

	 
		reasonably be anticipated to form the basis
		of an Environmental Claim against the Project, any Borrower Affiliate Party,
		the EPC Contractor or the Operator or, to the best knowledge of the Borrower,
		any other Person occupying or conducting operations on or about the Land which
		if adversely determined could reasonably be expected to have a Material Adverse
		Change, (ii) could reasonably be anticipated to cause the Land to be subject to
		any restrictions on its ownership, occupancy, use or transferability under any
		Environmental Law or (iii) to the knowledge of the Borrower (after due inquiry)
		could be reasonably anticipated to require the filing or recording of any
		notice or disclosure document under any Environmental Law (other than those
		described in Schedule
		5.1.24 [Governmental Approvals]
		hereto).
	 

	 
		(c) There are no past, pending, or, to the
		best knowledge of the Borrower, threatened, Environmental Claims against (i)
		any Borrower Affiliate Party or the Project, or (ii) to the best knowledge of
		the Borrower, the EPC Contractor or the Operator or any other Person occupying,
		using, or conducting operations on or about the Land, which, individually or in
		the aggregate, could reasonably be expected to have a Material Adverse
		Change.
	 

	 
		(d) Except as set forth on Schedule 5.1.20
		and except as could not reasonably be expected to have a Material Adverse
		Effect, Hazardous Materials have not at any
		time been generated, used, treated, recycled, stored on, or transported to or
		from, or Released, deposited or disposed of on all or any portion of the Land
		other than in compliance at all times with all applicable Environmental
		Laws.
	 

	 
		(e) Except as set forth on Schedule 5.1.20,
		there are not now and, to the knowledge of the Borrower, never have been any
		underground storage tanks located on the Land, there is no asbestos contained
		in, forming part of, or contaminating any part of the Project and no
		polychlorinated biphenyls (PCBs) are used, stored, located at or contaminate
		any part of the Project.
	 

	 
		(f) The Borrower is not aware of any
		evidence of groundwater contamination on the Land.
	 

	 
		(g) Copies of all environmental studies
		regarding the Project and/or the Land of which any Borrower Affiliate Party is
		aware have been delivered to the Agent.
	 

	 
		5.1.21 [Reserved]
	 

	 
		5.1.22 Solvency, Etc. On the Closing Date, and immediately prior to
		and after giving effect to each borrowing hereunder and the use of the proceeds
		thereof, with respect to each Borrower Affiliate Party, individually, (i) the
		fair value of its assets (including, without limitation, any rights of
		contribution of a Borrower Affiliate Party against another Borrower Affiliate
		Party that is a Guarantor) is greater than the amount of its liabilities as
		such value is established and liabilities evaluated, (ii) the present fair
		saleable value of its assets is not less than the amount that will be required
		to pay the probable liability on its debts as they become absolute and matured,
		(iii) it is able to realize upon its assets and pay its debts and other
		liabilities as they mature in the normal course of business, (iv) it does not
		intend to, and does not believe that it will, incur debts or liabilities beyond
		its ability to pay as such debts and liabilities
	 

	 
		 
	 

	 
		 
	 

	 
		30
	 

	 
		  
	 

	 
 

	 
		mature and (v) it is not engaged in business
		or a transaction, and is not about to engage in business or a transaction, for
		which its property would constitute unreasonably small capital.
	 

	 
		5.1.23 Financial Statements.
	 

	 
		(a) The Borrower has delivered to the Agent
		the following financial statements, each of which has been certified by the
		principal financial officer of the Borrower the audited (if available) or
		otherwise unaudited consolidated financial statements of the Borrower and its
		Subsidiaries as at and for the period ended on June 30, 2006 prepared in
		accordance with GAAP. Such financial statements fairly present the financial
		condition of the Borrower and its Subsidiaries as at such dates and the results
		of its operations for the periods ended on such dates, subject, in the case of
		interim statements, to normal year-end audit adjustments.
	 

	 
		(b) No Borrower Affiliate Party has any
		material outstanding obligations or liabilities, fixed or contingent, except as
		disclosed in the financial statements described in (a) above. Since the date of
		the last financial statements described in (a) above, no event, condition or
		circumstance exists or has occurred which has resulted in or could reasonably
		be expected to result in a Material Adverse Change in the financial condition,
		operations, business, profits or prospects of the Borrower Affiliate Parties
		from that set forth in such financial statements, and no event or condition has
		occurred which could reasonably be expected to have a Material Adverse
		Change.
	 

	 
		5.1.24 Governmental Approvals.
	 

	 
		(a) All Governmental Approvals necessary in
		connection with (i) the due execution and delivery of, and performance by any
		Borrower Affiliate Party and, to the best knowledge of the Borrower (after due
		inquiry) each Project Participant of their respective obligations and the
		exercise of their respective rights under, the Loan Documents to which they are
		a party and the Project Documents to which they are party, (ii) the legality,
		validity and binding effect or enforceability thereof and (iii) in the case of
		Governmental Approvals to be obtained by on or behalf of Borrower, and, to
		Borrower’s knowledge (after due inquiry), any other Project Participant,
		the acquisition, ownership, construction, installation, operation and
		maintenance of the Project as contemplated by the Project Documents and in
		order to conduct its business generally and maintain its existence
		(collectively, the “Necessary
		Governmental Approvals”), are
		set forth in Schedule 5.1.24 hereto and, except for those set forth in Part B of
		Schedule 5.1.24 hereto, have been duly obtained or made, were validly
		issued, are in full force and effect, are final and not subject to any pending
		modification by any Governmental Authority or appeal, are held in the name of
		the appropriate Borrower Affiliate Party (except as specifically indicated in
		such Schedule) and are free from conditions or requirements the compliance with
		which would reasonably be expected to have a Material Adverse Effect or which
		the appropriate Borrower Affiliate Party does not reasonably expect to be able
		to satisfy. No event has occurred that would reasonably be expected to (A)
		result in the revocation, termination or adverse modification of any such
		Necessary Governmental Approval or (B) adversely affect any rights of any
		Borrower Affiliate Party (or, as applicable, any Project Participant) under any
		such Governmental Approval.
	 

	 
		 
	 

	 
		31
	 

	 
		  
	 

	 
 

	 
		(b) The Necessary Governmental Approvals set
		forth in Part B of Schedule
		5.1.24 hereto are not required for the
		current stage of installation and construction or operation of the Project and
		are not customarily obtained until a later stage of installation and
		construction or after operation of the relevant Plant has commenced. The
		Borrower has no reason to believe that any Necessary Governmental Approvals
		which are not required to have been obtained by the Borrower Affiliate Parties
		as of the date of this Agreement, but which will be required in the future
		(including those set forth in Part B of Schedule 5.1.24
		hereto), will not be granted in due course prior to the time when needed free
		from conditions or requirements which the appropriate Borrower Affiliate Party
		does not reasonably expect to be able to satisfy or compliance with which would
		reasonably be expected to have a Material Adverse Effect.
	 

	 
		(c) The information set forth in each
		application submitted by or on behalf of any Borrower Affiliate Party in
		connection with each Necessary Governmental Approval and in all correspondence
		sent by or on behalf of the appropriate Borrower Affiliate Party in respect of
		each such application is accurate and complete in all material respects.

	 

	 
		(d) The Plants, if installed, constructed,
		owned and operated in accordance with the Project Documents, will conform to
		and comply in all material respects with all covenants, conditions,
		restrictions and requirements in all Necessary Governmental Approvals, in the
		Project Documents applicable thereto and under all zoning, environmental, land
		use and other Laws applicable thereto.
	 

	 
		5.1.25 ERISA. Neither any Borrower Affiliate Party nor any
		ERISA Affiliate of any Borrower Affiliate Party has or has ever maintained or
		contributed to (or has or has ever had an obligation to contribute to) any Plan
		or Multiemployer Plan.
	 

	 
		5.1.26 Project Documents. (a) Except for services, materials or rights
		that can reasonably be expected to be available on commercially reasonable
		terms at the time required, the Project Documents constitute all contracts,
		agreements, side letters, leases, powers of attorney or other instruments or
		documents that are necessary for (i) the construction, completion, operation
		and ownership of the Project, or (ii) the conduct of the business of the
		Borrower Affiliate Parties as contemplated by the Project Documents. Each
		Project Document has been duly authorized, executed and delivered by the
		Borrower Affiliate Party to which it is a party, is in full force and effect
		and is binding upon and enforceable against such Borrower Affiliate Party in
		accordance with its terms, subject, as to enforcement, to Title 11 of the
		United States Code, as amended. Any Borrower Affiliate Party, and to the best
		of the Borrower’s knowledge, each Project Participant, is in compliance in
		all material respects with the terms and conditions of the Project Documents to
		which it is a party. No event has occurred that would reasonably be expected to
		(1) result in an Event of Default under, or a material breach of, any Project
		Document, by any Borrower Affiliate Party, (2) result in the revocation,
		termination or adverse modification of any Project Document by a Project
		Participant or (3) adversely affect the rights of any Borrower Affiliate Party
		under any Project Document to which it is a party as a result of any act or
		omission of any Borrower Affiliate Party. To the best knowledge of the
		Borrower, no event has occurred that would reasonably be expected to (1) result
		in the revocation, termination or adverse modification of any Project Document
		by any Borrower Affiliate Party or (2) adversely affect the rights of any
		Borrower Affiliate Party under any Project Document to which it is a party as a
		result of any act or omission of a Project Participant.
	 

	 
		 
	 

	 
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		(b) All representations and warranties of
		the Borrower Affiliate Parties and, to the Borrower’s knowledge, the other
		parties thereto, contained in the Project Documents are true and correct in all
		material respects (except to the extent that any such representation or
		warranty is expressed to be made only as of an earlier date, in which case such
		representation or warranty was true and correct in all material respects on and
		as of such earlier date).
	 

	 
		(c) All conditions precedent to the
		obligations of the respective parties under the Project Documents have been
		satisfied, except for such conditions precedent which by their terms cannot be
		(and are not required to be) met until a later stage in the construction or
		operation of the Project, and the Borrower has no reason to believe that any
		such conditions precedent cannot be satisfied prior to the time when such
		conditions are required to be met pursuant to the applicable Project
		Documents.
	 

	 
		5.1.27 Immunity. Each Borrower Affiliate Party is subject to
		civil and commercial law with respect to its Obligations under the Loan
		Documents, and the execution, delivery and performance of the Loan Documents by
		the Borrower Affiliate Parties constitute private and commercial acts rather
		than public or governmental acts. Neither the Borrower Affiliate Parties nor
		any of their Properties has any immunity from suit, court jurisdiction,
		attachment prior to judgment, attachment in aid of execution of a judgment,
		set-off, execution of a judgment or from any other legal process with respect
		to the Obligations of the Borrower Affiliate Parties under the Loan
		Documents.
	 

	 
		5.1.28 Utilities, Etc. All utility services, means of transportation,
		facilities and other materials necessary for the construction, installation and
		operation of the Plants (including, without limitation, gas, electrical,
		potable and raw water supply, storm, telephone and sewage services and
		facilities, as necessary) are or will be available to the Project when
		necessary for construction, operations testing and start-up of the Plants and,
		to the extent necessary or desirable, arrangements have been made on
		commercially reasonable terms for such services, means of transportation,
		facilities and other materials.
	 

	 
		6. CONDITIONS OF LENDING.
	 

	 
		The obligation of each Lender to make Loans
		hereunder is subject to the performance by each of the Borrower Affiliate
		Parties of their Obligations to be performed hereunder at or prior to the
		making of any such Loans and to the satisfaction of the following further
		conditions (the first date on which any such Loans are made, being the
		“Initial Funding
		Date”):
	 

	 
		6.1 First Loans. On the Initial
		Funding Date:
	 

	 
		6.1.1 Officer’s
		Certificate. There shall be
		delivered to the Agent for the benefit of each Lender a certificate dated the
		Initial Funding Date and signed by an Authorized Officer of the Borrower
		certifying to each of the following:
	 

	 
		(a) the representations and warranties of
		the Borrower contained in Article 5
		and in each of the other Loan Documents executed on the Closing Date shall be
		true and accurate in all material respects on and as of the Initial Funding
		Date with the same effect as though such representations and warranties had
		been made on and as of such date (except 
	 

	 
		 
	 

	 
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		representations and warranties which relate
		solely to an earlier date or time, which representations and warranties shall
		be true and correct on and as of the specific dates or times referred to
		therein; provided that representations and warranties made as of the Closing
		Date shall also be deemed to be made as of the Initial Funding Date);
	 

	 
		(b) each of the Borrower Affiliate Parties
		shall have performed and complied with all material covenants and conditions in
		the Loan Documents to which it is a party;
	 

	 
		(c) no Event of Default or Potential Default
		shall have occurred and be continuing or shall exist; and
	 

	 
		(d) no Event of Default or Potential Default
		shall have occurred and be continuing or shall exist under the Senior Loan
		Documents.
	 

	 
		6.1.2 Secretary’s
		Certificate. There shall be
		delivered to the Agent for the benefit of each Lender a certificate dated the
		Initial Funding Date and signed by the Secretary or an Assistant Secretary of
		each of the Borrower Affiliate Parties, certifying as appropriate as to:

	 

	 
		(a) all action taken by such Borrower
		Affiliate Party in connection with this Agreement and the other Loan
		Documents;
	 

	 
		(b) the names of the officer or officers
		authorized to sign this Agreement and the other Loan Documents and the true
		signatures of such officer or officers and specifying the Authorized Officers
		permitted to act on behalf of such Borrower Affiliate Party for purposes of
		this Agreement and the true signatures of such officers, on which the Agent and
		each Lender may conclusively rely; and
	 

	 
		(c) copies of its organizational documents,
		including its certificate of formation and limited liability company agreement
		as in effect on the Initial Funding Date certified by the appropriate state
		official where such documents are filed in a state office together with
		certificates from the appropriate state officials as to the continued existence
		and good standing of each Borrower Affiliate Party in each state where
		organized or qualified to do business.
	 

	 
		6.1.3 Delivery of Loan
		Documents. The Notes, the Guaranty
		Agreements, the Pledge Agreement, and the Subordination Agreement, together
		with UCC-1 financing statements in respect of the Pledge Agreement for all
		appropriate locations, shall have been duly executed and delivered to the Agent
		for the benefit of the Lenders, together with all appropriate financing
		statements and appropriate stock powers and certificates evidencing the pledged
		LLC Interests. Borrower authorizes the Agent to cause to be filed any such
		UCC-1 financing statements in such locations as the Agent may deem
		appropriate.
	 

	 
		6.1.4 Opinion of
		Counsel. There shall be delivered to the Agent for the benefit of
		each Lender a written opinion of Chadbourne & Parke LLP (who may rely on
		the opinions of such other counsel as may be acceptable to the Agent), relating
		to the Loan Documents, dated the Initial Funding Date, each in form and
		substance satisfactory to the Agent and its counsel.
	 

	 
		 
	 

	 
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		6.1.5 Legal Details. All legal
		details and proceedings in connection with the transactions contemplated by
		this Agreement and the other Loan Documents shall be in form and substance
		satisfactory to the Agent and counsel for the Agent, and the Agent shall have
		received all such other counterpart originals or certified or other copies of
		such documents and proceedings in connection with such transactions, in form
		and substance satisfactory to the Agent and said counsel, as the Agent or said
		counsel may reasonably request.
	 

	 
		6.1.6 Payment of Fees. The Borrower
		shall have paid or caused to be paid to the Agent for itself and for the
		account of the Lenders, the Lenders’ closing fees and all other fees
		accrued through the Initial Funding Date and the costs and expenses for which
		the Agent and the Lenders are entitled to be reimbursed, including, but not
		limited to, the reasonable fees and expenses of counsel to the Agent and the
		Lenders and any other expenses payable by the Borrower under Section 7.1.16
		[Expenses].
	 

	 
		6.1.7 Due Diligence. The Borrower
		Affiliate Parties shall have delivered to the Agent on or before the Initial
		Funding Date lien searches in respect of the Borrower Affiliate Parties (i)
		listing all effective financing statements which name Borrower and any other
		Borrower Affiliate Party as debtors; and (ii) demonstrating the absence of
		Liens on any of such Borrower Affiliate Parties’ properties and assets
		other than Permitted Liens or Liens satisfied as of the Initial Funding Date to
		the satisfaction of the Agent, together with (a) copies of such UCC-3
		termination statements, (b) payoff letters evidencing repayment in full of any
		debt to be repaid, and (c) the termination of all agreements relating thereto
		and (d) the release of all Liens granted in connection therewith. 
	 

	 
		6.1.8 Consents. All consents
		required to effectuate the transactions contemplated hereby shall have been
		obtained.
	 

	 
		6.1.9 No Violation of
		Laws. The making of the Loans shall not contravene any Law
		applicable to the Borrower Affiliate Parties or any of the Lenders. In
		addition, each of the Lenders and the Agent shall have received at least five
		Business Days prior to the Initial Funding Date, all documentation and other
		information required by regulatory authorities under the Patriot Act.
	 

	 
		6.1.10 No Actions or
		Proceedings. No action, proceeding, investigation, regulation or
		legislation shall have been instituted, threatened or proposed in writing
		before any court, governmental agency or legislative body to enjoin, restrain
		or prohibit, or to obtain damages in respect of, this Agreement, the other Loan
		Documents or the consummation of the transactions contemplated hereby or
		thereby or which, in the Agent’s sole discretion, would make it
		inadvisable to consummate the transactions contemplated by this Agreement or
		any of the other Loan Documents.
	 

	 
		6.1.11 Proceeds of Senior Debt and
		Equity Sale. The Borrower shall have (i) entered into the Senior
		Credit Agreement and (ii) received at least $93,325,000 in aggregate equity
		proceeds from its members in accordance with the Borrower LLC Agreement.

	 

	 
		6.1.12 Utilities. Each Lender
		shall have received an original counterpart of a certificate of an Authorized
		Officer of the Borrower, dated the Initial Funding Date, to the effect
	 

	 
		 
	 

	 
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		that all utility services necessary for the
		construction and operation of the Project (including, without limitation, gas,
		potable and raw water supply, storm, electric, telephone and sewage services
		and facilities) have been committed to the Project (with a true copy of binding
		agreements (if any) which evidence the same) by appropriate utilities,
		authorities or other Persons, or are otherwise available to the Borrower in the
		ordinary course of business.
	 

	 
		6.1.13 Environmental
		Matters. (i) Each Lender shall have received an environmental
		report with respect to the Project, which shall be dated as of a date which is
		no more than 30 days prior to the Initial Funding Date, prepared by the
		Independent Engineer, with such scope as the Agent shall have requested (ii)
		the Project and the Project’s design and operation shall be in compliance
		with all applicable Environmental Laws; (iii) each Lender shall have received
		an Environmental Site Assessment Report with respect to each Plant, accompanied
		by a corresponding “bring down” and reliance letter, which shall be
		dated as of a date which is no more than 30 days prior to the Initial Funding
		Date; and (iv) each Lender shall have received an Environmental Site Assessment
		Report with respect to the real property which is the subject of the Buffalo
		Lake Grain Facility Lease and the Pioneer Lake Grain Facility Lease,
		accompanied by a corresponding “bring down” and reliance letter,
		which shall be dated as of a date which is no more than 30 days prior to the
		Initial Funding Date.
	 

	 
		6.1.14 Governmental
		Approvals. Each Lender shall have received originals (or copies
		certified by an Authorized Officer of the Borrower to be true and complete
		copies) of all Necessary Governmental Approvals and, if requested, certified
		copies of all applications made for such Governmental Approvals and all
		material correspondence received or sent in respect of such applications;
		provided that with respect to Governmental Approvals which cannot be
		obtained on or prior to the Initial Funding Date in the exercise of reasonable
		diligence (but which are routinely obtainable and can be obtained at a later
		stage of construction, after completion of certain operations testing or after
		a period of operations), the Lenders shall have received satisfactory
		assurances that such Governmental Approvals will be obtained by the time when
		needed in connection with the construction or operation of the Project.
	 

	 
		6.1.15 Material Adverse Change or
		Effect. No event,
		occurrence or condition that has had, or would reasonably be expected to have,
		a Material Adverse Effect shall have occurred and be continuing.
	 

	 
		6.1.16 Financial Information, etc.
		Each Lender shall have received copies of the most recent consolidated
		financial statements from the Borrower and its Subsidiaries, together with a
		certificate from the chief financial officer or other Authorized Officer of the
		Borrower, dated the Initial Funding Date, to the effect that, to the best of
		such officer’s knowledge, (A) such financial statements are true, complete
		and correct in all material respects and (B) there has been no Material Adverse
		Change in the financial condition, operations, properties, business or
		prospects of the Borrower since the date of such financial statements. To the
		extent that such other financial, business and other information regarding the
		Project Participants is obtainable by any Borrower Affiliate Party upon the
		exercise of its reasonable efforts, each Lender shall have received such other
		financial, business and other information regarding the Project Participants as
		such Lender shall have reasonably requested.
	 

	 
		 
	 

	 
		36
	 

	 
		  
	 

	 
 

	 
		6.2 Each Additional Loan. At the time of
		making any Loans other than Loans made on the Initial Funding Date, and after
		giving effect to the proposed extensions of credit: (i) the representations and
		warranties of the Borrower contained in Article 5
		and in the other Loan Documents shall be true on and as of the date of such
		additional Loan in all material respects with the same effect as though such
		representations and warranties had been made on and as of such date (except
		representations and warranties which expressly relate solely to an earlier date
		or time, which representations and warranties shall be true and correct in all
		material respects on and as of the specific dates or times referred to
		therein); (ii) the Borrower shall have performed and complied with all
		covenants and conditions hereof; (iii) no Event of Default or Potential Default
		shall have occurred and be continuing or shall exist; (iv) no event of default
		shall have occurred and be continuing or shall exist under the Senior Loan
		Documents or the Project Documents; (v) the making of the Loans shall not
		contravene any Law applicable to the Borrower Affiliate Parties or any of the
		Lenders; (vi) there shall have been no change in any applicable Law, and no
		issuance of any order, writ, injunction or decree of any Official Body or
		arbitral tribunal, which, in either such case, could reasonably be expected to
		have a Material Adverse Effect; (vii) there shall have been no proposed change
		in or modification of any applicable Law which could reasonably be expected to
		be enacted and which if enacted could reasonably be expected to have a Material
		Adverse Effect; (viii) no action, proceeding, investigation, regulation or
		legislation shall have been instituted, threatened or proposed in writing
		before any court, governmental agency or legislative body to enjoin, restrain
		or prohibit, or to obtain damages in respect of, this Agreement, the other Loan
		Documents, the Project Documents or the consummation of the transactions
		contemplated hereby or thereby or which, in the Agent’s sole discretion,
		would make it inadvisable to consummate the transactions contemplated by this
		Agreement or any of the other Loan Documents; (ix) the Borrower shall have paid
		or caused to be paid to the Agent for itself and for the account of the Lenders
		to the extent not previously paid any fees due under Section 2.3
		[Takedown Fees], and all other fees accrued through the additional funding date
		and the costs and expenses for which the Agent and the Lenders are entitled to
		be reimbursed; and (x) the Borrower shall have delivered to the Agent a duly
		executed and completed Loan Request and any other documents as the Agent may
		reasonably request. 
	 

	 
		7. COVENANTS
	 

	 
		7.1 Affirmative Covenants. The Borrower covenants and agrees that until
		payment in full of the Loans, and interest thereon, satisfaction of all of the
		Borrower Affiliate Parties’ other Obligations under the Loan Documents
		(other than contingent indemnification obligations to the extent no claims
		giving rise thereto have been asserted) and termination of the Commitments, the
		Borrower shall comply and shall cause its Subsidiaries to comply at all times
		with the following affirmative covenants:
	 

	 
		7.1.1 Preservation of Existence,
		Etc. The Borrower shall maintain
		and shall cause each of its Subsidiaries to maintain its legal existence as a
		corporation, limited partnership or limited liability company and its license
		or qualification and good standing in each jurisdiction in which its ownership
		or lease of property or the nature of its business makes such license or
		qualification necessary, except as otherwise expressly permitted in
		Section 7.2.6 [Liquidations, Mergers, Etc.] and except where failure
		to do so would not cause or constitute a Material Adverse Change.
	 

	 
		 
	 

	 
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		7.1.2 Payment of Liabilities, Including
		Taxes, Etc. The Borrower shall,
		and shall cause each of its Subsidiaries to, duly pay and discharge all
		liabilities to which it is subject or which are asserted against it, promptly
		as and when the same shall become due and payable, including all taxes,
		assessments and governmental charges upon it or any of its properties, assets,
		income or profits, prior to the date on which penalties attach thereto, except
		to the extent that such liabilities, including taxes, assessments or charges,
		are being contested in good faith and by appropriate and lawful proceedings
		diligently conducted and for which such reserve or other appropriate
		provisions, if any, as shall be required by GAAP shall have been made, but only
		to the extent that failure to discharge any such liabilities would not
		constitute a Material Adverse Change; provided that
		the Borrower will pay and cause each of its Subsidiaries to pay all such
		liabilities forthwith upon the commencement of proceedings to foreclose any
		Lien which may have attached as security therefor.
	 

	 
		7.1.3 Maintenance of
		Insurance. The Borrower shall,
		and shall cause each of its Subsidiaries to, insure its properties and assets
		against loss or damage by fire and such other insurable hazards as such assets
		are commonly insured (including fire, extended coverage, property damage,
		workers’ compensation, public liability and business interruption
		insurance) and against other risks (including errors and omissions) in such
		amounts as similar properties and assets are insured by prudent companies in
		similar circumstances carrying on similar businesses, and with reputable and
		financially sound insurers, including self-insurance to the extent
		customary.
	 

	 
		7.1.4 Visitation Rights. The Borrower shall, and shall cause each of its
		Subsidiaries to, permit any of the officers or authorized employees or
		representatives of the Agent or any of the Lenders to visit and inspect any of
		its properties and to examine and make excerpts from its books and records and
		discuss its business affairs, finances and accounts with its officers, all in
		such detail and at such times and as often as any of the Lenders may reasonably
		request with reasonable advance notice, during normal business hours and at
		such intervals as such Lenders shall desire. At any time when the Lenders,
		collectively, do not possess the power, directly or indirectly (including under
		any stockholders’ or limited liability company agreement), to elect a
		majority of the directors of the Borrower or at any time when there exists an
		Event of Default, the Agent may (i) conduct up to three times annually at the
		Borrower’s expense field audits of the Borrower Affiliate Parties’
		businesses, properties and locations and (ii) may also at the Borrower’s
		expense do so at any time (and from time to time) that there exists an Event of
		Default.
	 

	 
		7.1.5 Keeping of Records and Books of
		Account. The Borrower shall
		maintain and keep proper books of record and account which enable the Borrower
		and its Subsidiaries to issue financial statements in accordance with GAAP and
		as otherwise required by applicable Laws of any Official Body having
		jurisdiction over the Borrower and in which full, true and correct entries
		shall be made in all material respects of all their dealings and business and
		financial affairs.
	 

	 
		7.1.6 Compliance with
		Laws. The Borrower shall, and
		shall cause each of its Subsidiaries to, comply with all applicable Laws in all
		material respects, provided
		that it shall not be deemed to be a
		violation of this Section 7.1.6 if any failure to comply with any Law would not result
		in fines, penalties, remediation costs, other similar liabilities or injunctive
		relief 
	 

	 
		 
	 

	 
		38
	 

	 
		  
	 

	 
 

	 
		which in the aggregate would constitute a
		Material Adverse Change. Without limiting the generality of the foregoing, or
		limiting any other subsection of this Section 7.1, the Borrower shall pay, and cause its Subsidiaries to
		pay, prior to delinquency, all taxes and other governmental charges against it
		or any collateral, as well as claims of any kind which, if unpaid, could become
		a Lien on any of its property; provided
		that the foregoing shall not require
		any Borrower Affiliate Party to pay any such tax or charge so long as it shall
		contest the validity thereof in good faith by appropriate proceedings and shall
		set aside on its books adequate reserves with respect thereto in accordance
		with GAAP and, in the case of a claim which could become a Lien on any
		collateral, such contest proceedings shall stay the foreclosure of such Lien or
		the sale of any portion of the collateral to satisfy such claim or such contest
		does not involve any risk of the sale, forfeiture or loss of any of any assets
		with an aggregate value of Two Hundred and Fifty Thousand Dollars
		($250,000).
	 

	 
		7.1.7 Use of Proceeds. The Borrower will, and shall cause each of its
		Subsidiaries to use the proceeds of the Loans only (i) for general corporate
		purposes and for working capital and (ii) pay Project Costs contemplated by the
		Construction Budget (as such terms are defined in the Senior Credit Agreement).
		The Borrower shall not use and shall cause each of its Subsidiaries to not use
		the proceeds of the Loans for any purposes which contravene any applicable Law
		or any provision hereof. 
	 

	 
		7.1.8 Further Assurances. From time to time, at its expense, the Borrower
		shall, and shall cause each of its Subsidiaries to, faithfully preserve and
		protect the Agent’s Lien on and Prior Security Interest in the Collateral
		as a continuing first priority perfected Lien, and shall do such other acts and
		things as the Agent may reasonably deem necessary or advisable from time to
		time in order to preserve, perfect and protect the Liens granted under the Loan
		Documents.
	 

	 
		7.1.9 Accounting and Financial
		Management. The Borrower shall,
		and shall cause its Subsidiaries to (a) maintain adequate management
		information and cost control systems, (b) maintain a system of accounting in
		which full and correct entries shall be made of all financial transactions and
		the assets and business of such Borrower in accordance with GAAP and (c)
		promptly deliver to the Agent a copy of any “management letter” or
		other similar communication received by Borrower from Borrower’s
		accountants relating to Borrower’s financial, accounting and other
		systems, management or accounts. In the event that Borrower or any of its
		Subsidiaries replace their existing auditors for any reason, the Borrower shall
		appoint and maintain as auditors another firm of independent public
		accountants, which firm shall be nationally recognized and approved by the
		Lenders.
	 

	 
		7.1.10 Governmental
		Approvals. The Borrower shall,
		and shall cause its Subsidiaries to, (i) from time to time obtain and maintain,
		and comply in all material respects with, all Necessary Governmental Approvals
		as shall now or hereafter be required under applicable Laws, (ii) cause the
		Plants and the Project to be duly constructed, completed and operated in all
		material respects in accordance with all applicable Laws and (iii) intervene in
		and contest any proceeding which seeks or may reasonably be expected, to
		rescind, terminate, adversely modify or suspend any Necessary Governmental
		Approval and, if reasonably requested by the Required Lenders, appeal any such
		rescission, termination, modification or suspension in the manner and to the
		full extent permitted by applicable Law (provided that
		the obligations of 
	 

	 
		
	 

	 
		39
	 

	 
		  
	 

 

	 
		the Borrower Affiliate Parties under this
		Section 7.1.10 shall not in any way limit or impair the rights or
		remedies of the Lenders under any Loan Document, directly or indirectly,
		arising as a result of any such rescission, termination, modification or
		suspension).
	 

	 
		7.1.11 Project Construction;
		Maintenance. The Borrower shall,
		and shall cause its Subsidiaries to, maintain and preserve the Project and all
		of their other Properties necessary or useful in the proper conduct of its
		business in good working order and in such condition that the Plants will have
		the capacity and functional ability to perform, on a continuing basis (ordinary
		wear and tear excepted), in normal commercial operation, the functions for
		which it was specifically designed in accordance with the applicable EPC
		Contract(s) at substantially the levels contemplated thereby. The Borrower
		shall, and shall cause its Subsidiaries to, cause the Project to be operated,
		serviced, maintained and repaired so that the condition and operating
		efficiency thereof will be maintained and preserved (ordinary wear and tear
		excepted) in all material respects in accordance and compliance with
		(i) such operating standards as shall be required to enforce any material
		warranty claims against dealers, manufacturers, vendors, contractors, and
		sub-contractors, (ii) the terms and conditions of all insurance policies
		maintained with respect to the Project at any time, (iii) all requirements of
		Law and all Governmental Approvals applicable to the Project, and (iv) the
		terms of the Project Documents.
	 

	 
		7.1.12 Performance of Project
		Documents. The Borrower shall,
		and shall cause its Subsidiaries to perform and observe in all material
		respects all of its covenants and agreements contained in any of the Project
		Documents to which it is or becomes a party, shall take and shall cause its
		Subsidiaries to take all necessary action to prevent the early termination of
		any such Project Documents in accordance with the terms thereof or otherwise,
		and shall take and shall cause its Subsidiaries to take any and all action as
		may be reasonably necessary promptly to enforce its rights and to collect any
		and all sums due to it under the Project Documents.
	 

	 
		7.1.13 Maximize Mandatory
		Payments. The Borrower agrees to
		and shall cause its Subsidiaries to take all actions under the Account
		Agreement (as defined in the Senior Credit Agreement) that are reasonably
		requested by the Agent to maximize, under the Account Agreement, the amount of
		sums in the Distribution Account (as defined in the Account Agreement). In
		furtherance of, and not in limitation of, the foregoing, the Borrower agrees
		to, and agrees to cause its Subsidiaries, to take all discretionary actions
		under the Senior Loan Documents, that may be necessary to maximize the amounts
		that can be distributed, directly or indirectly, to the Borrower and/or used to
		repay Obligations outstanding under this Agreement. To facilitate the
		foregoing, the Borrower shall, and shall cause each of its Subsidiaries to,
		immediately inform the Agent of any actions taken by a Borrower Affiliate Party
		under the Account Agreement.
	 

	 
		7.1.14 Environmental
		Compliance. The Borrower shall,
		and shall cause its Subsidiaries to:
	 

	 
		(a) comply in all material respects and
		cause all other Persons constructing, occupying or conducting operations at the
		Project to comply in all material respect with all Environmental Laws now or
		hereafter applicable to the Project;
	 

	 
		
	 

	 
		40
	 

	 
		  
	 

	 
 

	 
		(b) obtain, at or prior to the time required
		by applicable Environmental Laws, all Governmental Approvals required pursuant
		to applicable Environmental Law for the construction, operation and maintenance
		of the Project, and maintain such Governmental Approvals in full force and
		effect;
	 

	 
		(c) not generate, use, treat, recycle,
		store, Release or dispose of, or permit the generation, use, treatment,
		recycling, storage, Release or disposal of Hazardous Materials on the Land, or
		transport or permit the transportation of Hazardous Materials to or from the
		Project other than in compliance in all material respects with all applicable
		Environmental Laws;
	 

	 
		(d) conduct and complete any investigation,
		study, sampling and testing and undertake any cleanup, removal, remedial or
		other action necessary to remove and clean up all Hazardous Materials Released
		at, on, in, under or emanating from the Project, in accordance with the
		requirements of all applicable Environmental Laws and promptly notify the Agent
		of any such action in which costs are reasonably expected to exceed $100,000 or
		which is reasonably likely to give rise to a claim for injunctive relief
		against a Borrower Affiliate Party;
	 

	 
		(e) provide the Agent with written notice of
		(i) any fact, circumstance, condition, occurrence or Release at, on, under or
		from the Project that results in any material noncompliance with any
		Environmental Law applicable to the Project or that has resulted or may result
		in personal injury or material property damage or an Environmental Claim or
		otherwise that could reasonably be expected to have a Material Adverse Effect,
		such notice to be given promptly after the condition is discovered or such
		Release or occurrence takes place and (ii) any pending or threatened
		Environmental Claim against any Borrower or any other Persons occupying or
		conducting operations at the Project that, if adversely determined, could
		reasonably be expected to have a Material Adverse Effect, such notice to be
		given promptly after such Environmental Claim is commenced or threatened; all
		such notices shall describe in reasonable detail the nature of the claim,
		investigation, condition, incident, or occurrence and the proposed response
		thereto;
	 

	 
		(f) provide the Agent with copies of all
		material communications with any Governmental Authority relating to any
		Environmental Law or any Environmental Claim promptly after the giving or
		receiving of any such communications; and
	 

	 
		(g) provide such information concerning any
		Environmental Claim relating to the Project as may be reasonably requested by
		the Agent.
	 

	 
		7.1.15 Construction
		Requisitions.
	 

	 
		The Borrower shall cause its Subsidiaries to
		provide an executed Construction Requisition (as defined in the Senior Credit
		Agreement ) that includes any amounts due and owing to the Lender to the
		Administrative Agent under the Senior Credit Agreement not less than three (3)
		days prior to each Interest Payment Date. The Borrower shall, and shall cause
		each of its Subsidiaries to, provide the Lender a copy of such executed
		Construction Requisition.
	 

	 
		7.1.16 Expenses.
	 

	 
		 
	 

	 
		41
	 

	 
		  
	 

	 
 

	 
		The Borrower shall at the Closing pay to the
		Agent for itself and for the account of the Lenders, the Lenders’ closing
		fees and all other fees accrued through the Initial Funding Date and the costs
		and expenses incurred by the Agent and the Lenders, including, but not limited
		to, travel, due diligence expenses and reasonable legal costs and miscellaneous
		expenses.
	 

	 
		7.2 Negative Covenants. The Borrower covenants and agrees that until
		payment in full of the Loans, and interest thereon, satisfaction of all of the
		Borrower Affiliate Parties’ other Obligations under the Loan Documents
		(other than contingent indemnification obligations to the extent no claims
		giving rise thereto have been asserted) and termination of the Commitments, the
		Borrower shall, and shall cause its Subsidiaries to comply with the following
		negative covenants: 
	 

	 
		7.2.1 Indebtedness. The Borrower shall not, and shall cause each of
		its Subsidiaries to not at any time create, incur, assume or suffer to exist
		any Indebtedness, except:
	 

	 
		(a) Indebtedness under the Loan
		Documents;
	 

	 
		(b) Indebtedness under the Senior Loan
		Documents; 
	 

	 
		(c) unsecured Indebtedness of Pioneer Trails
		up to a maximum outstanding principal amount at all times equal to $7,000,000
		incurred prior to the Initial Funding Date as described in, and incurred under,
		Article IV of the Pioneer Trail Redevelopment Contract (as defined in the
		Senior Credit Agreement) (the “TIF Indebtedness”), provided, that
		(i) such Indebtedness is issued on terms and conditions and pursuant to
		documentation satisfactory to the Agent, which conditions shall include a
		requirement that no lender of, or participant in, the TIF Indebtedness shall
		have any recourse to any Borrower Affiliate Party or its Property other than to
		the real estate taxes that Pioneer Trails would have otherwise been obligated
		to pay but for the incurrence of the TIF Indebtedness and (ii) the Borrower
		Affiliate Parties shall have furnished, or caused to be furnished, to the Agent
		an opinion of legal counsel opinion acceptable to the Agent stating that, in
		the opinion of such counsel, the conditions and requirements set forth in
		clause (i) above shall have been satisfied; 
	 

	 
		(d) Indebtedness (other than Indebtedness
		for borrowed money) secured by a Permitted Lien; 
	 

	 
		(e) Indebtedness incurred under the Railroad
		Car Lease Agreements (as defined in the Senior Credit Agreement);
	 

	 
		(f) Hedging Agreements (as defined in the
		Senior Credit Agreement) that comply with the Risk Management Policy (as
		defined in the Senior Credit Agreement); and
	 

	 
		(g) Indebtedness incurred to the City of
		Fairmont, Minnesota in principal amount not to exceed $162,000.
	 

	 
		7.2.2 Liens.
		The Borrower shall not, and shall cause each of its Subsidiaries to not at any
		time create, incur, assume or suffer to exist any Lien on any of its property
		or assets, tangible or intangible, now owned or hereafter acquired, or agree or
		become liable to do so, except Permitted Liens.
	 

	 
		 
	 

	 
		42
	 

	 
		  
	 

	 
 

	 
		7.2.3 Guaranties. The Borrower shall not, and shall cause each of its
		Subsidiaries to not at any time, directly or indirectly, become or be liable in
		respect of any Guaranty, or assume, guarantee, become surety for, endorse or
		otherwise agree, become or remain directly or contingently liable upon or with
		respect to any obligation or liability of any other Person, except for
		Guaranties of Indebtedness of the Borrower Affiliate Parties or other
		obligations permitted hereunder, the Project Documents and the Senior Loan
		Documents.
	 

	 
		7.2.4 Loans and
		Investments. The Borrower shall
		not, and shall cause each of its Subsidiaries to not at any time make or suffer
		to remain outstanding any loan or advance to, or purchase, acquire or own any
		stock, bonds, notes or securities of, or any partnership interest (whether
		general or limited) or limited liability company interest in, or any other
		investment or interest in, or make any capital contribution to, any other
		Person, or agree, become or remain liable to do any of the foregoing, except as
		permitted under the Senior Credit Agreement and the Account Agreement and
		except for:
	 

	 
		(a) trade credit extended on usual and
		customary terms in the ordinary course of business; and
	 

	 
		(b) advances to employees to meet expenses
		incurred by such employees in the ordinary course of business.
	 

	 
		7.2.5 Dividends and Related
		Distributions. The Borrower
		shall not, and shall cause each of its Subsidiaries to not make or pay, or
		agree to become or remain liable to make or pay, any dividend or other
		distribution of any nature (whether in cash, property, securities or otherwise)
		on account of or in respect of its shares of capital stock, partnership
		interests or LLC Interests on account of the purchase, redemption, retirement
		or acquisition of its shares of capital stock (or warrants, options or rights
		therefor), partnership interests or LLC Interests, except distributions by any
		Subsidiary of the Borrower to the Borrower or to another Subsidiary of the
		Borrower.
	 

	 
		7.2.6 Liquidations, Mergers,
		Consolidations, Acquisitions. The Borrower shall not, and shall cause each of
		its Subsidiaries to not dissolve, liquidate or wind-up its affairs, or become a
		party to any merger or consolidation, or acquire by purchase, lease or
		otherwise all or substantially all of the assets or capital stock of any other
		Person; provided that, the restrictions of this Section 7.2.6
		shall be inapplicable to a Corporate Conversion (as defined in the Borrower LLC
		Agreement) consummated in accordance with the terms of the Borrower LLC
		Agreement.
	 

	 
		7.2.7 Dispositions of Assets or
		Subsidiaries. The Borrower shall
		not, and shall cause each of its Subsidiaries to not sell, convey, assign,
		lease, abandon or otherwise transfer or dispose of, voluntarily or
		involuntarily, any of its properties or assets, tangible or intangible
		(including sale, assignment, discount or other disposition of accounts,
		contract rights, chattel paper, equipment or general intangibles with or
		without recourse or of capital stock, shares of beneficial interest,
		partnership interests or LLC Interests of a Subsidiary of a Borrower Affiliate
		Party), except:
	 

	 
		 
	 

	 
		43
	 

	 
		  
	 

	 
 

	 
		(a) transactions involving the sale of
		inventory in the ordinary course of business;
	 

	 
		(b) any sale, transfer or lease of assets in
		the ordinary course of business which are no longer necessary or required in
		the conduct of a Borrower Affiliate Party’s business;
	 

	 
		(c) any sale, transfer or lease of assets in
		the ordinary course of business which are replaced by substitute assets
		acquired;
	 

	 
		(d) the sale of other assets so long as the
		aggregate amount of after-tax proceeds from sales pursuant to this clause (iv)
		does not exceed $250,000 in any one fiscal year;
	 

	 
		(e) any sale, transfer or lease of assets,
		other than those specifically excepted pursuant to clauses (a) through (d)
		above, which is approved by the Required Lenders so long as the after-tax
		proceeds (as demonstrated by the Borrower Affiliate Parties) are applied in
		accordance with the provisions of Section 4.5.1
		[Sale of Assets] above; 
	 

	 
		(f) sales of Permitted Investments (other
		than Investments in Subsidiaries of the Borrower) prior to the maturity
		thereof; 
	 

	 
		(g) transfers of assets between Buffalo Lake
		and Pioneer Trail; and
	 

	 
		(h) dividends, distributions, return of
		capital or other payments to equity owners in respect of LLC Interests,
		redemptions of LLC Interests, withdrawals of capital by a member in a Borrower
		Affiliate Party; provided
		that, this clause (h) shall cease to
		apply to any Borrower Affiliate Parties that cease to be wholly-owned, directly
		or indirectly, by the Borrower.
	 

	 
		provided that, the restrictions of this Section 7.2.7
		shall be inapplicable to any contributions of LLC Interests in the Borrower to
		a Corporate Successor (as defined in the Borrower LLC Agreement) that occur
		after the occurrence of a Corporate Conversion (a “Corporate Conversion Contribution”), in accordance with the terms of the Borrower
		LLC Agreement.
	 

	 
		7.2.8 Affiliate
		Transactions. The Borrower shall
		not, and shall cause its Subsidiaries to not enter into or carry out any
		transaction with any Affiliate of any Borrower Affiliate Party (including
		purchasing property or services from or selling property or services) except
		for:
	 

	 
		(a) transactions not otherwise prohibited by
		this Agreement and entered into in the ordinary course of business upon fair
		and reasonable arm’s-length terms and conditions and in accordance with
		all applicable Law;
	 

	 
		(b) transactions with Affiliates entered
		into on or prior to the Closing Date and described on Schedule 7.2.8
		hereto;
	 

	 
		(c) Affiliate Indebtedness permitted by
		Section 7.2.1 [Indebtedness];
	 

	 
		 
	 

	 
		44
	 

	 
		  
	 

	 
 

	 
		(d) Affiliate Liens permitted by
		Section 7.2.2 [Liens];
	 

	 
		(e) Investments in Affiliates permitted by
		Section 7.2.4 [Loans and Investments];
	 

	 
		(f) dividends and distributions which are
		permitted by Section 7.2.5 [Dividends and Related Distributions] and the
		agreements pursuant to which such dividends and distributions are required to
		be made,
	 

	 
		(g) loans to employees permitted by
		Section 7.2.4 [Loans and Investments];
	 

	 
		(h) reimbursement of employee travel and
		lodging costs incurred in the ordinary course of business;
	 

	 
		(i) payment of customary director’s
		fees to one or more independent directors of the Borrower Affiliate
		Parties;
	 

	 
		(j) employment agreements, equity incentive
		agreements and other employee and management arrangements in the ordinary
		course of business which are fully disclosed to the Agent; and
	 

	 
		(k) a Corporate Conversion consummated in
		accordance with the terms of the Borrower LLC Agreement.
	 

	 
		7.2.9 Subsidiaries, Partnerships and
		Joint Ventures. The Borrower
		shall cause each of its Subsidiaries to not establish, create or acquire
		directly or indirectly any Subsidiaries; provided that if
		the Borrower establishes, creates or acquires directly or indirectly any
		Subsidiaries, the Borrower must pledge its interest in such new Subsidiary as
		collateral for the Loan and cause such new Subsidiary to execute a Guaranty
		substantially in the form of Exhibit
		1.1(S). Each Borrower Affiliate Party
		shall not become or agree to (i) become a general or limited partner in any
		general or limited partnership, (ii) become a member or manager of, or hold a
		limited liability company interest in, a limited liability company which is not
		a Borrower Affiliate Party, or (iii) become a joint venturer or hold a joint
		venture interest in any joint venture. All of the LLC Interests and any other
		ownership interests in any Subsidiary of the Borrower owned by Borrower (so
		long as such ownership interest is not pledged under the Senior Loan Documents)
		shall be pledged pursuant to the terms of the Pledge Agreement.
	 

	 
		7.2.10 Continuation of or Change in
		Business. The Borrower shall
		not, and shall cause each of its Subsidiaries to not engage in any business
		other than the business of constructing, owning, operating and maintaining the
		Project and performing its obligations pursuant to the Project Documents,
		Senior Loan Documents, Article IV of the Pioneer Trail Redevelopment Contract
		(as defined in the Senior Credit Agreement) and Loan Documents to which it is a
		party (and related businesses as conducted and operated by the Borrower
		Affiliate Parties) as conducted and operated by the Borrower Affiliate Parties,
		and the Borrower Affiliate Parties shall not permit any material change in such
		business. The Borrower and BFE Holdings shall conduct no business other than
		ownership of the LLC Interests of the other Borrower Affiliate Parties.
	 

	 
		 
	 

	 
		45
	 

	 
		  
	 

	 
 

	 
		7.2.11 Fiscal Year. The Borrower shall not, and shall cause each of
		its Subsidiaries to not change its fiscal year from the twelve-month period
		ending December 31.
	 

	 
		7.2.12 Issuance of Stock. The Borrower shall cause each of its
		Subsidiaries to not issue any additional shares of their capital stock or LLC
		Interests or any options, warrants or other rights in respect thereof, except
		in connection with (i) offerings by a Successor Corporation made pursuant to an
		offering of securities registered under the Securities Act of 1933, as amended,
		and (ii) a Corporate Conversion Contribution.
	 

	 
		7.2.13 Changes in
		Documents. The Borrower shall
		not, and shall cause each of its Subsidiaries to not amend in (i) any material
		respect their certificate of formation, limited liability company agreement or
		other organizational documents, and (ii) any respect the Senior Loan Documents;
		without providing at least three (3) Business Days’ prior written notice
		to the Agent and the Lenders and, in the event such change would be adverse to
		the Lenders as determined by the Agent in its sole discretion, without
		obtaining the prior written consent of the Required Lenders; provided that no
		consent shall be required for any such amendments reasonably required in
		connection with effectuating a Corporate Conversion.
	 

	 
		7.2.14 Inconsistent
		Agreements. The Borrower shall
		not, and shall cause each of its Subsidiaries to not, and not permit any other
		Borrower Affiliate Party to, enter into any agreement (except agreements
		relating to the Permitted Senior Debt) containing any provision which would (a)
		be violated or breached by any borrowing by the Borrower hereunder or by the
		performance by any Borrower Affiliate Party of any of its Obligations hereunder
		or under any other Loan Document, (b) prohibit the Borrower from granting to
		the Agent and the Lenders, a Lien on any of its assets or (c) create or permit
		to exist or become effective any encumbrance or restriction on the ability of
		any Subsidiary of Borrower to (i) pay dividends or make other distributions to
		the Borrower or any other Subsidiary of Borrower, or pay any Indebtedness owed
		to the Borrower or any other Subsidiary, (ii) make loans or advances to any
		Borrower Affiliate Party or (iii) transfer any of its assets or properties to
		any Borrower Affiliate Party, other than (a) customary restrictions and
		conditions contained in agreements relating to the sale of all or a substantial
		part of the assets of any Subsidiary pending such sale, provided that
		such restrictions and conditions apply only to the Subsidiary to be sold and
		such sale is permitted hereunder, (b) restrictions or conditions imposed by any
		agreement relating to purchase money Indebtedness, capital leases and other
		secured Indebtedness permitted by this Agreement if such restrictions or
		conditions apply only to the property or assets securing such Indebtedness and
		(c) customary provisions in leases and other contracts restricting the
		assignment thereof.
	 

	 
		7.2.15 Cancellation of
		Indebtedness. The Borrower shall
		not, and shall cause each of its Subsidiaries to not, and not permit any other
		Borrower Affiliate Party to, cancel any claim or debt owing to it, except for
		reasonable consideration or in the ordinary course of business.
	 

	 
		7.2.16 [Reserved]
	 

	 
		7.2.17 Tax Shelter
		Regulations. The Borrower does
		not intend to treat the Loans and related transactions as being a
		“reportable transaction” (within the meaning of Treasury Regulation
		Section 1.6011-4). In the event any of the Borrower Affiliate Parties
	 

	 
		 
	 

	 
		46
	 

	 
		  
	 

	 
 

	 
		determines to take any action inconsistent
		with such intention, the Borrower will promptly (1) notify the Agent thereof,
		and (2) deliver to the Agent a duly completed copy of IRS Form 8886 or any
		successor form. If the Borrower so notifies the Agent, the Borrower
		acknowledges that one or more of the Lenders may treat its Loans as part of a
		transaction that is subject to Treasury Regulation Section 301.6112-1, and such
		Lender or Lenders, as applicable, will maintain the lists and other records
		required by such Treasury Regulation.
	 

	 
		7.2.18 Amendment of Additional Project
		Documents. The Borrower shall
		not, and shall cause each of its Subsidiaries to not (i) agree to or permit the
		cancellation, suspension or termination of any Project Document or any Senior
		Loan Document; (ii) sell, assign or otherwise dispose of (by operation of law
		or otherwise) any part of its interest in any Project Document; (iii) waive any
		material default under or material breach of any Project Document or waive,
		fail to enforce, forgive or release any right, interest or entitlement,
		howsoever arising, under or in respect of any Project Document; (iv) petition,
		request or take any other legal or administrative action that seeks, or may be
		expected, to rescind, terminate or suspend any Project Document or amend or
		modify all or any part thereof; (v) exercise any right to initiate an
		arbitration proceeding under any Project Document or take any action with
		respect to any arbitration proceeding involving any other party to a Project
		Document; (vi) agree to or permit the assignment of any rights or the
		delegation of any obligations of any Project Participant under any Project
		Document except as permitted without the consent of the Borrower Affiliate
		Parties by the terms of such Project Document; and (vii) amend, supplement,
		modify or give any consent in any material respect under any Project Document
		or exercise any material option thereunder without the prior written consent of
		the Agent, not to be unreasonably withheld.
	 

	 
		7.2.19 ERISA.
		No Borrower nor any ERISA Affiliate of
		any Borrower shall at any time establish, maintain, contribute to or be
		required or permitted to contribute to any Plan or Multiemployer Plan.
	 

	 
		7.2.20 Certain Agreements. The Borrower shall not and shall cause each of
		its Subsidiaries to not enter into any agreement or undertaking (except for the
		Senior Loan Documents and except pursuant to any agreement approved by the
		Required Lenders for the refinancing of any of the Loans) restricting, or
		purporting to restrict, the ability of such entity to (a) amend this Agreement
		or any other Loan Document, (b) sell any of its assets, (c) create Liens, (d)
		create or incur Indebtedness or (e) make any distribution.
	 

	 
		7.3 Reporting Requirements. The Borrower covenants and agrees that until
		payment in full of the Obligations, and interest thereon, and termination of
		the Commitments, the Borrower shall, and shall cause each of its Subsidiaries
		(as applicable) to furnish or cause to be furnished to the Agent, and, upon the
		reasonable request of any Lender, to such Lender:
	 

	 
		7.3.1 Quarterly Financial
		Statements. As soon as available
		and in any event within forty-five (45) days after the end of each
		quarterly fiscal period of the Borrower, a copy of the complete unaudited,
		consolidated statements of income, retained earnings and cash flow of 
	 

	 
		 
	 

	 
		47
	 

	 
		  
	 

	 
 

	 
		the Borrower, and the related unaudited,
		consolidated balance sheet of each of the Borrower as at the end of such
		period, setting forth in each case in comparative form the corresponding
		figures for the corresponding period in the preceding fiscal year, if any,
		accompanied by a certificate of an Authorized Officer of the Borrower, which
		certificate shall state that said financial statements fairly present the
		financial condition and results of operations of the relevant Borrower in
		accordance with GAAP, consistently applied, as at the end of, and for, such
		periods (subject to normal year-end audit adjustments);
	 

	 
		7.3.2 Annual Financial
		Statements. As soon as available
		and in any event within one hundred and twenty (120) days after the end of
		each fiscal year of the Borrower a copy of the complete audited, consolidated
		statements of income, retained earnings and cash flow of the Borrower, and the
		related audited, consolidated balance sheet of the Borrower as at the end of
		such year and any related audit letter, setting forth in each case in
		comparative form the corresponding figures for the preceding fiscal year, and
		accompanied by an unqualified opinion thereon of Deloitte & Touche USA LLP,
		which opinion shall state that said financial statements fairly present the
		financial condition and results of operations of the Borrower, as at the end
		of, and for, such fiscal year in accordance with GAAP, and a certificate of
		accountants to the Borrower stating that, in making the examination necessary
		for their opinion, they obtained no knowledge, except as specifically stated,
		of any Event of Default;
	 

	 
		7.3.3 Certificate of the
		Borrower. At the time the
		Borrower furnishes each set of financial statements pursuant to Section 7.3.1
		[Quarterly Financial Statements] or Section 7.3.2
		[Annual Financial Statements], an officer’s certificate executed by an
		Authorized Officer to the effect that no Potential Default or Event of Default
		has occurred and is continuing (or, if any Potential Default or Event of
		Default has occurred and is continuing, describing the same in reasonable
		detail and describing what action the Borrower has taken and proposes to take
		with respect thereto);
	 

	 
		7.3.4 Notice of Default. Promptly after any officer or director of any
		Borrower Affiliate Party knows or has a reasonable basis to believe that any
		Potential Default or Event of Default or any default by any Project Participant
		under any Project Document has occurred, a written notice of such event
		describing the same in detail satisfactory to the Agent and, together with such
		notice, a description of what action such Borrower Affiliate Party or such
		Project Participant has taken and proposes to take with respect thereto.

	 

	 
		7.3.5 Certain Events. The Borrower shall, and shall cause each of its
		Subsidiaries to, promptly, but in any event no later than ten Business Days
		after any officer or director obtains knowledge thereof (except if expressly
		stated differently below), give to the Agent written notice of:
	 

	 
		(a) at least thirty (30) calendar days prior
		thereto, with respect to any proposed sale or transfer of assets pursuant to
		Section 7.2.7 [Dispositions of Assets or Subsidiaries];
	 

	 
		(b) at least thirty (30) calendar days prior
		thereto, with respect to any change in any Borrower Affiliate Parties’
		locations;
	 

	 
		 
	 

	 
		48
	 

	 
		  
	 

	 
 

	 
		(c) any pending or threatened application or
		proceeding by or before any Official Body for the purpose of revoking,
		terminating, withdrawing, suspending, modifying or withholding any Necessary
		Governmental Approval;
	 

	 
		(d) any litigation or proceeding affecting
		any Borrower Affiliate Party, any Plant or the Project in which the amount
		involved is $250,000 or more or in which injunctive, declaratory or similar
		relief is requested;
	 

	 
		(e) any litigation, investigation or
		proceeding affecting any Project Participant which if adversely determined
		would reasonably be expected to have a Material Adverse Effect;
	 

	 
		(f) the discovery of any Hazardous Materials
		on the Land or any other condition that could give rise to a material violation
		of or liability under any Environmental Law or of any Environmental Claim
		against or affecting any Borrower Affiliate Party, any Plant or the
		Project;
	 

	 
		(g) any request by a Project Participant for
		an arbitration proceeding under any Project Document in which the amount
		involved is $250,000 or more or in which injunctive, declaratory or similar
		relief is requested;
	 

	 
		(h) any (a) Taking, or (b) other casualty,
		damage or loss to any Property of any Borrower Affiliate Party, whether or not
		insured, through fire, theft, other hazard or event, in excess of $250,000 for
		any one casualty or loss or $1,000,000 in the aggregate in any calendar
		year;
	 

	 
		(i) any delay for more than seven (7)
		consecutive days for any reason in the construction of any Plant or the Project
		and any unscheduled shutdown or reduction in operation of any Plant, or any
		substantial labor dispute which would lead to such a shutdown or
		reduction;
	 

	 
		(j) any actual, proposed or threatened
		cessation or suspension of the Work for any reason by the EPC Contractor for a
		period in excess of 48 hours;
	 

	 
		(k) any event constituting force majeure
		under any of the Project Documents or any claim by any Project Participant
		alleging that a force majeure event thereunder has occurred;
	 

	 
		(l) any event that would reasonably be
		expected to result in a reduction in the water allocation of any Borrower
		Affiliate Party for the operation of the Project;
	 

	 
		(m) any other event, circumstance,
		development or condition which could reasonably be expected to have a Material
		Adverse Effect; and
	 

	 
		Each notice pursuant to this Section 7.3.5 shall be accompanied by a statement signed by an
		Authorized Officer of the Borrower setting forth a description in reasonable
		detail of the occurrence referred to therein and stating what action the
		Borrowers propose to take with respect thereto.
	 

	 
		 
	 

	 
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		7.3.6 Other
		Information. The Borrower
		shall deliver from time to time, such other information regarding the financial
		condition, operations, business or prospects of any Borrower, any Plant or the
		Project or, to the extent obtainable by any Borrower Affiliate Party upon the
		exercise of its reasonable efforts, any Project Participant, as may be
		reasonably requested by the Agent.
	 

	 
		7.3.7 Environmental
		Reports. The Borrower shall deliver
		within sixty (60) days after the end of each year, a report summarizing the
		environmental performance of each Plant over the preceding year, which report
		shall include narrative summaries of (i) the results of any environmental
		monitoring or sampling activity, (ii) accidents having an impact on the
		environment or resulting in the loss of life, (iii) environmental deficiencies
		identified by any Official Body and (iv) any non-compliance with Environmental
		Laws and any remedial actions taken with respect thereto.
	 

	 
		7.3.8 Operating Plan and
		Budget.
	 

	 
		(a) No less than forty-five (45) days prior
		to the target date for the occurrence of the initial Commercial Operation Date,
		the Borrower shall adopt and cause its Subsidiaries to adopt an operating plan
		and a budget of Project Revenues (as defined in the Senior Credit Agreement)
		and Operation and Maintenance Expenses for the period from such date to the end
		of the first Operating Year, and, no less than forty-five (45) days in advance
		of the beginning of each Operating Year thereafter, it will similarly adopt and
		cause its Subsidiaries to adopt an operating plan and a budget of Operation and
		Maintenance Expenses for the ensuing Operating Year. Such operating plan and
		budget for an Operating Year is herein called an “Operating Budget”. Copies of the proposed Operating Budget for each
		period shall be submitted at least forty-five (45) days before final adoption
		thereof to the Agent, and no Operating Budget shall be adopted without the
		prior written approval of the Agent (in consultation with the Independent
		Engineer). The Agent shall indicate in writing its approval, disapproval or
		modifications to the Operating Budget within twenty (20) days upon receipt of
		such Operating Budget. In the event that the prior written approval of the
		Agent for a proposed Operating Budget is not obtained prior to the first day of
		the Operating Year to which such proposed Operating Budget relates, the
		Borrowers may continue to operate the Project in accordance with the Operating
		Budget then in effect with the budgeted cost of each budget item being
		increased to the lesser of (i) the amount therefor in the proposed Operating
		Budget or (ii) one hundred and two and one-half percent (102.5%) of the amount
		of the budgeted cost of such budget item in the current Operating Budget.
		Copies of the final Operating Budget so adopted shall be furnished to the Agent
		promptly upon the adoption thereof; provided that if
		the initial Operating Budget for any Plant or the Project is not approved by
		the administrative agent under the Senior Credit Agreement, the Borrower shall
		cause its Subsidiaries to operate such Plant or the Project in accordance with
		the Base Case Projections (as defined in the Senior Credit Agreement) as of the
		Closing Date (or any update thereof that has been approved by the
		administrative agent under the Senior Credit Agreement) with the budgeted cost
		of each budget item being no greater than one hundred and two and one-half
		percent (102.5%) of the amount of the budgeted cost of such budget item in such
		Base Case Projections until an initial Operating Budget is approved.
	 

	 
		 
	 

	 
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		(b) Each Operating Budget shall be prepared
		on a cash basis and shall specify, for each month during the Operating Year (i)
		the Project revenues anticipated to be received, and (ii) the Operation and
		Maintenance Expenses (by category), together with a comparative presentation of
		Operation and Maintenance Expenses for each month in the prior Operating Year,
		and shall describe in reasonable detail (A) the maintenance schedule,
		anticipated staffing plans, mobilization schedules, capital expenditure
		requirements (including the Maintenance Capital Expenses), equipment
		acquisitions and spare parts and consumable inventories (including a breakdown
		of capital items and expense items), and administrative activities and (B) any
		other material underlying assumptions in connection with the proposed Operating
		Budget.
	 

	 
		(c) The Borrower Affiliate Parties may at
		any time propose an amended annual budget for the remainder of the then current
		Operating Year and, when and if so adopted pursuant to this Section 7.3.8,
		it shall be deemed to be and shall be effective as the annual Operating Budget.
		Copies of any such amended Operating Budget which is proposed shall be
		furnished at least 10 days before final adoption thereof to the Agent, and no
		such amended Operating Budget shall be adopted without the prior written
		approval of the Agent. Copies of the final amended Operating Budget shall be
		furnished to the Agent promptly after adoption thereof.
	 

	 
		8. DEFAULT
	 

	 
		8.1  Events of
		Default. An “Event of Default” shall
		mean the occurrence or existence of any one or more of the following events or
		conditions (whatever the reason therefor and whether voluntary, involuntary or
		effected by operation of Law):
	 

	 
		8.1.1 Payments Under Loan Documents.
		The Borrower shall fail to pay (i) any principal of or interest on any Loan
		(including scheduled installments, mandatory prepayments or the payment due at
		maturity), when such principal becomes due and in the case of interest, within
		three Business Days after the same becomes due or (ii) shall fail to pay any
		other amount owing hereunder or under the other Loan Documents on or before
		five (5) days after such other amount becomes due in accordance with the terms
		hereof or thereof;
	 

	 
		8.1.2 Breach of Warranty. Any
		representation, warranty or certification made (or deemed made) at any time by
		the Borrower Affiliate Parties herein or by the Borrower Affiliate Parties in
		any other Loan Document, or in any certificate, other instrument or statement
		furnished pursuant to the provisions hereof or thereof, shall prove to have
		been false or misleading in any material respect when made or deemed made if
		such representation, warranty or certification continues to be false or
		misleading in any material respect as of the date in question, and if the
		circumstances that rendered such representation, warranty or certification
		false or misleading shall be continuing for more than 30 days after any
		Authorized Officer of the Borrower has knowledge thereof or receives notice
		thereof from any Lender;
	 

	 
		8.1.3 Breach of Certain Covenants.
		The Borrower shall default in the observance or performance of any covenant
		contained in Section 7.1.1 [Preservation of Existence, Etc.],
		Section 7.1.3 [Maintenance of Insurance], Section 7.1.12
		[Performance of Project Documents] Section 7.2.1
		[Indebtedness], Section
		7.2.2 [Liens], Section 7.2.4
		[Loans and 
	 

	 
		 
	 

	 
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		Investments], Section 7.2.5
		[Dividends and Related Distributions], Section 7.2.6
		[Liquidations, Mergers, Consolidations, Acquisitions], Section 7.2.7
		[Dispositions of Assets or Subsidiaries], Section 7.2.10
		[Continuation of or Change in Business], Section 7.2.13
		[Changes in Documents], or Section
		7.2.18 [Amendment of Additional Project
		Documents];
	 

	 
		8.1.4 Breach of Other Covenants. Any
		of the Borrower Affiliate Parties shall default in the observance or
		performance of any other covenant, condition or provision hereof or of any
		other Loan Document, and any of the foregoing defaults shall continue
		unremedied for a period of thirty (30) calendar days after any officer of any
		Borrower Affiliate Party becomes aware of the occurrence thereof;
		provided that, if (i) such failure cannot be cured within such 30-day
		period, (ii) such failure is susceptible of cure, (iii) the Borrower and any
		other applicable Borrower Affiliate Party is proceeding with diligence and in
		good faith to cure such failure, (iv) the existence of such failure does not
		impair the Liens on the Collateral, (v) the existence of such failure has not
		had and cannot, after considering the nature of the proposed cure, be
		reasonably expected to have a Material Adverse Effect, and (vi) the Agent shall
		have received an officer’s certificate executed by an Authorized Officer
		to the effect of clauses (i), (ii), (iii), (iv) and (v) above and stating what
		actions such Borrower and any applicable Borrower Affiliate Party is taking to
		cure such failure, then the time within which such failure may be cured shall
		be extended to such date, not to exceed a total of 60 days after the end of
		such 30-day period, as shall be necessary for such Borrower and any applicable
		Borrower Affiliate Party diligently to cure such failure;
	 

	 
		8.1.5 Defaults in Other Agreements or
		Indebtedness. (A) A default or event of default shall occur at any time
		under the terms of any (i) master lease agreement for any Borrower Affiliate
		Party’s commercial vehicles or real property lease which involves the
		payment of aggregate amounts in excess of $100,000 and which entitles the
		lessor thereunder to terminate or accelerate such lease (after giving effect to
		any applicable cure periods under such lease), (ii) any Senior Loan Document,
		(iii) any other agreement involving borrowed money or the extension of credit
		or any other Indebtedness under which any Borrower Affiliate Party may be
		obligated as a borrower or guarantor in an aggregate amount in excess of
		$100,000 or (B) failure to pay any indebtedness (after giving effect to any
		applicable cure periods under such indebtedness) in an aggregate amount in
		excess of $100,000 when due occurs (whether at stated maturity, by acceleration
		or otherwise) or if such breach or default permits or causes the acceleration
		of any indebtedness (whether or not such right shall have been waived) or the
		termination of any commitment to lend;
	 

	 
		8.1.6 Final Judgments or Orders.
		  Any final judgments or orders for the payment of money in excess of
		$2,000,000 in the aggregate (exclusive of amounts covered by insurance) shall
		be entered against any Borrower Affiliate Party by a court having jurisdiction
		in the premises, which judgment is not discharged, vacated, bonded or stayed
		pending appeal within a period of thirty (30) days from the date of
		entry;
	 

	 
		8.1.7 Loan Document Unenforceable. 
		Any of the Loan Documents shall cease to be legal, valid and binding agreements
		enforceable against the party executing the same or such party’s
		successors and assigns (as permitted under the Loan Documents) in accordance
		with the respective terms thereof or shall in any way be terminated (except in
		accordance with its terms) or become or be declared ineffective or inoperative
		or shall in any way be challenged or 
	 

	 
		 
	 

	 
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		contested or cease to give or provide the
		respective Liens, security interests, rights, titles, interests, remedies,
		powers or privileges intended to be created thereby and except to the extent
		that the enforceability of such document or Lien may be limited by bankruptcy,
		insolvency, reorganization, or other similar laws affecting the enforcement of
		creditors’ rights generally;
	 

	 
		8.1.8 Uninsured Losses; Proceedings
		Against Assets. A material part of the Project shall be destroyed or suffer
		an actual or constructive loss and, as a result thereof, any Plant shall be
		unable to operate for three (3) Business Days in excess of the period during
		which all Operation and Maintenance Expenses and Debt Service (as defined in
		the Senior Credit Agreement) shall be fully covered by delayed start up or
		business interruption insurance (except for the period corresponding to the
		deductible thereunder);
	 

	 
		8.1.9 [Reserved]. 
	 

	 
		8.1.10 Insolvency. Any Borrower
		Affiliate Party ceases to be solvent or admits in writing its inability to pay
		its debts as they mature;
	 

	 
		8.1.11 Cessation of Business. Any
		Borrower Affiliate Party ceases to conduct its business as contemplated, except
		as expressly permitted under Section 7.2.6 [Liquidations, Mergers,
		Consolidations, Acquisitions] or 7.2.7 [Dispositions of Assets or
		Subsidiaries], or any Borrower Affiliate Party is enjoined, restrained or in
		any way prevented by court order from conducting all or any material part of
		its business and such injunction, restraint or other preventive order is not
		dismissed within thirty (30) days after the entry thereof;
	 

	 
		8.1.12 Change of Control.
	 

	 
		(a) Borrower shall cease to own, directly or
		indirectly, 100% of the LLC Interests of any Guarantor; 
	 

	 
		(b) The Lenders, collectively, shall at any
		time prior to a Public Offering (or actions taken in connection with a
		commencement of a Public Offering), cease to have the power, directly or
		indirectly (including under any stockholders’ or limited liability company
		agreement), to elect a majority of the directors of the Borrower;
	 

	 
		(c) The Lenders and BioFuel Energy Corp.,
		collectively, shall cease to beneficially own at least 50% of the outstanding
		LLC Interests issued by the Borrower; or
	 

	 
		(d) Any point in time occurs when (A) the
		Lenders, collectively, do not beneficially own at least 20% of the outstanding
		voting securities of BioFuel Energy Corp. and (B) another Person beneficially
		owns more than 25% of the outstanding voting securities of BioFuel Energy
		Corp;
	 

	 
		8.1.13 Involuntary Proceedings. A
		proceeding shall have been instituted in a court having jurisdiction in the
		premises seeking a decree or order for relief in respect of any Borrower
		Affiliate Party an involuntary case under any applicable bankruptcy,
		insolvency, reorganization or other similar law now or hereafter in effect, or
		for the appointment of a receiver, liquidator, assignee, custodian, trustee,
		sequestrator, conservator (or similar official) of any Borrower Affiliate Party
		for any substantial part of its property, or for the winding-up or 
	 

	 
		 
	 

	 
		 
	 

	 
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		liquidation of its affairs, and such
		proceeding shall remain undismissed or unstayed and in effect for a period of
		sixty (60) consecutive days or such court shall enter a decree or order
		granting any of the relief sought in such proceeding; or
	 

	 
		8.1.14 Voluntary Proceedings. Any
		Borrower Affiliate Party shall commence a voluntary case under any applicable
		bankruptcy, insolvency, reorganization or other similar law now or hereafter in
		effect, shall consent to the entry of an order for relief in an involuntary
		case under any such law, or shall consent to the appointment or taking
		possession by a receiver, liquidator, assignee, custodian, trustee,
		sequestrator, conservator (or other similar official) of itself or for any
		substantial part of its property or shall make a general assignment for the
		benefit of creditors, or shall fail generally to pay its debts as they become
		due, or shall take any action in furtherance of any of the foregoing.
	 

	 
		8.2 Consequences of Event of Default.
	 

	 
		8.2.1 Events of Default Other Than
		Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of
		Default specified under Sections 8.1.1 [Payments under Loan
		Documents] through 8.1.12 [Change of Control] shall occur and be
		continuing, the Lenders and the Agent shall be under no further obligation to
		make Loans, and the Agent may, and upon the request of the Required Lenders,
		shall by written notice to the Borrower, declare the unpaid principal amount of
		the Notes and Obligations then outstanding and all interest accrued thereon,
		any unpaid fees and all other Indebtedness of the Borrower to the Lenders
		hereunder and thereunder to be forthwith due and payable, and the same shall
		thereupon become and be immediately due and payable to the Agent for the
		benefit of each Lender without presentment, demand, protest or any other notice
		of any kind, all of which are hereby expressly waived.
	 

	 
		8.2.2 Bankruptcy, Insolvency or
		Reorganization Proceedings. If an Event of Default specified under
		Section 8.1.13 [Involuntary Proceedings] or 8.1.14 [Voluntary Proceedings]
		shall occur, the Lenders shall be under no further obligations to make Loans
		hereunder and the unpaid principal amount of the Loans then outstanding and all
		interest accrued thereon, any unpaid fees and all other Indebtedness of the
		Borrower to the Lenders hereunder and thereunder shall be immediately due and
		payable, without presentment, demand, protest or notice of any kind, all of
		which are hereby expressly waived;
	 

	 
		8.2.3 Suits, Actions, Proceedings. If
		an Event of Default shall occur and be continuing, and whether or not the Agent
		shall have accelerated the maturity of Loans pursuant to any of the foregoing
		provisions of this Section 8.2 [Consequences of Events of Default], the
		Agent or any Lender, if owed any amount with respect to the Loans, may proceed
		to protect and enforce its rights by suit in equity, action at law and/or other
		appropriate proceeding, whether for the specific performance of any covenant or
		agreement contained in this Agreement or the other Loan Documents and, if such
		amount shall have become due, by declaration or otherwise, proceed to enforce
		the payment thereof or any other legal or equitable right of the Agent or such
		Lender;
	 

	 
		8.2.4 Application of Proceeds. From
		and after the date on which the Agent has taken any action pursuant to this
		Section 8.2 [Consequences of Events of Default] and until all 
	 

	 
		 
	 

	 
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		Obligations of the Borrower Affiliate
		Parties have been paid in full (other than contingent indemnification
		obligations to the extent no claims giving rise thereto have been asserted),
		any and all proceeds received by the Agent or any Lender from any sale or other
		disposition of the Collateral, or any part thereof, or the exercise of any
		other remedy by the Agent, shall be applied as follows:
	 

	 
		(a) first, to reimburse the Agent and the
		Lenders for out-of-pocket costs, expenses and disbursements, including
		reasonable attorneys’ fees and legal expenses, incurred by the Agent or
		the Lenders in connection with realizing on the Collateral or collection of any
		Obligations of the Borrower Affiliate Parties under any of the Loan Documents,
		including advances made by the Lenders or any one of them or the Agent for the
		maintenance, preservation, protection or enforcement of, or realization upon,
		the Collateral, including advances for taxes, insurance, repairs and the like
		and expenses incurred to sell or otherwise realize on, or prepare for sale or
		other realization on, any of the Collateral;
	 

	 
		(b) second, to the repayment of all
		Indebtedness then due and unpaid of the Borrower Affiliate Parties to the
		Lenders incurred under this Agreement or any of the other Loan Documents,
		whether of principal, interest, fees, expenses or otherwise, in such manner as
		the Agent may determine in its discretion; and
	 

	 
		(c) the balance, if any, to the Loan Parties
		or as otherwise as required by Law.
	 

	 
		8.2.5 Other Rights and Remedies. In
		addition to all of the rights and remedies contained in this Agreement or in
		any of the other Loan Documents, the Agent shall have all of the rights and
		remedies of a secured party under the Uniform Commercial Code or other
		applicable Law, all of which rights and remedies shall be cumulative and
		non-exclusive, to the extent permitted by Law. The Agent may, and upon the
		request of the Required Lenders shall, exercise all post-default rights granted
		to the Agent and the Lenders under the Loan Documents or applicable Law.

	 

	 
		9. THE AGENT
	 

	 
		9.1 Appointment. Each Lender
		hereby irrevocably designates, appoints and authorizes Greenlight APE, LLC, a
		Delaware limited liability company to act as Agent for such Lender under this
		Agreement and to execute and deliver or accept on behalf of each of the Lenders
		the other Loan Documents. Each Lender hereby irrevocably authorizes, and each
		holder of any Note by the acceptance of a Note shall be deemed irrevocably to
		authorize, the Agent to take such action on its behalf under the provisions of
		this Agreement and the other Loan Documents and any other instruments and
		agreements referred to herein, and to exercise such powers and to perform such
		duties hereunder as are specifically delegated to or required of the Agent by
		the terms hereof, together with such powers as are reasonably incidental
		thereto. Greenlight APE, LLC agrees to act as the Agent on behalf of the
		Lenders to the extent provided in this Agreement.
	 

	 
		9.2 Duties; Delegation of
		Duties. The Agent may perform any of its duties hereunder by or through
		agents or employees (provided such delegation does not constitute a 
	 

	 
		 
	 

	 
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		relinquishment of its duties as Agent) and,
		subject to Sections 9.5 [Exculpatory Provisions; Limitations of Liability.]
		and 9.6 [Reimbursement and Indemnification of Agent by Lenders], shall be
		entitled to engage and pay for the advice or services of any attorneys,
		accountants or other experts concerning all matters pertaining to its duties
		hereunder and to rely upon any advice so obtained.
	 

	 
		9.2.1 Collateral Matters. Without
		limiting the foregoing, the Lenders irrevocably authorize the Agent, at its
		option and in its discretion, (a) to release any Lien granted to or held by the
		Agent under any Loan Document (i) upon termination of the Commitments and
		payment in full of all Loans and all other obligations of the Borrower
		Affiliate Parties hereunder; (ii) constituting property sold or to be sold or
		disposed of as part of or in connection with any disposition permitted
		hereunder; or (iii) subject to Section 10.1.3 [Release of Collateral], if
		approved, authorized or ratified in writing by the Required Lenders; or (b)
		with the prior written consent of Required Lenders, to subordinate its interest
		in any collateral to any holder of a Lien on such collateral which is permitted
		by Section 7.2.2 [Liens], it being understood that the Agent may
		conclusively rely on a certificate from the Borrower Affiliate Parties in
		determining whether the Indebtedness secured by any such Lien is permitted by
		Section 7.2.1 [Indebtedness]. Upon request by the Agent at any time, the
		Lenders will confirm in writing the Agent’s authority to release, or
		subordinate its interest in, particular types or items of collateral pursuant
		to this Section 9.2.1. 
	 

	 
		9.2.2 Agent May File Proofs of Claim.
		Without limiting the foregoing, in case of the pendency of any receivership,
		insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
		composition or other judicial proceeding relative to any Borrower Affiliate
		Party, the Agent (irrespective of whether the principal of any Loan shall then
		be due and payable as herein expressed or by declaration or otherwise and
		irrespective of whether the Agent shall have made any demand on the Company)
		shall be entitled and empowered, by intervention in such proceeding or
		otherwise:
	 

	 
		(a) to file and prove a claim for the whole
		amount of the principal and interest owing and unpaid in respect of the Loans,
		and all other Obligations that are owing and unpaid and to file such other
		documents as may be necessary or advisable in order to have the claims of the
		Lenders and the Agent (including any claim for the reasonable compensation,
		expenses, disbursements and advances of the Lenders and the Agent and their
		respective agents and counsel and all other amounts due the Lenders and the
		Agent under this Agreement) allowed in such judicial proceedings; and
	 

	 
		(b) to collect and receive any monies or
		other property payable or deliverable on any such claims and to distribute the
		same;
	 

	 
		(c) and any custodian, receiver, assignee,
		trustee, liquidator, sequestrator or other similar official in any such
		judicial proceeding is hereby authorized by each Lender to make such payments
		to the Agent and, in the event that the Agent shall consent to the making of
		such payments directly to the Lenders, to pay to the Agent any amount due for
		the reasonable compensation, expenses, disbursements and advances of the Agent
		and its agents and counsel, and any other amounts due the Agent under this
		Agreement.
	 

	 
		 
	 

	 
		56
	 

	 
		  
	 

	 
 

	 
		(d) Nothing contained herein shall be deemed
		to authorize the Agent to authorize or consent to or accept or adopt on behalf
		of any Lender any plan of reorganization, arrangement, adjustment or
		composition affecting the Obligations or the rights of any Lender or to
		authorize the Agent to vote in respect of the claim of any Lender in any such
		proceeding.
	 

	 
		9.3 Nature of Duties; Independent
		Credit Investigation. The Agent shall have no duties or
		responsibilities except those expressly set forth in this Agreement and no
		implied covenants, functions, responsibilities, duties, obligations, or
		liabilities shall be read into this Agreement or otherwise exist except as
		otherwise provided for under applicable Law. The duties of the Agent shall be
		mechanical and administrative in nature; the Agent shall not have by reason of
		this Agreement a fiduciary or trust relationship in respect of any Lender; and
		nothing in this Agreement, expressed or implied, is intended to or shall be so
		construed as to impose upon the Agent any obligations in respect of this
		Agreement except as expressly set forth herein. Without limiting the generality
		of the foregoing, the use of the term “agent” in this Agreement with
		reference to the Agent is not intended to connote any fiduciary or other
		implied (or express) obligations arising under agency doctrine of any
		applicable Law. Instead, such term is used merely as a matter of market custom,
		and is intended to create or reflect only an administrative relationship
		between independent contracting parties. Each Lender expressly acknowledges (i)
		that the Agent has not made any representations or warranties to it and that no
		act by the Agent hereafter taken, including any review of the affairs of the
		Borrower Affiliate Parties, shall be deemed to constitute any representation or
		warranty by the Agent to any Lender; (ii) that it has made and will continue to
		make, without reliance upon the Agent, its own independent investigation of the
		financial condition and affairs and its own appraisal of the creditworthiness
		of the Borrower Affiliate Parties in connection with this Agreement and the
		making and continuance of the Loans hereunder; and (iii) except as expressly
		provided herein, that the Agent shall have no duty or responsibility, either
		initially or on a continuing basis, to provide any Lender with any credit or
		other information with respect thereto, whether coming into its possession
		before the making of any Loan or at any time or times thereafter.
	 

	 
		9.4 Actions in Discretion of Agent;
		Instructions From the Lenders. The Agent agrees, upon the written
		request of the Required Lenders, to take or refrain from taking any action of
		the type specified as being within the Agent’s rights, powers or
		discretion herein, provided
		that the Agent shall not be required to
		take any action which exposes the Agent to personal liability or which is
		contrary to this Agreement or any other Loan Document or applicable Law. In the
		absence of a request by the Required Lenders, the Agent shall have authority,
		in its sole discretion, to take or not to take any such action, unless this
		Agreement specifically requires the consent of the Required Lenders or all of
		the Lenders. Any action taken or failure to act pursuant to such instructions
		or discretion shall be binding on the Lenders, subject to Section 9.5
		[Exculpatory Provisions, Limitations of Liability]. Subject to the provisions
		of Section 9.5 [Exculpatory Provisions, Limitation of Liability], no Lender
		shall have any right of action whatsoever against the Agent as a result of the
		Agent acting or refraining from acting hereunder in accordance with the
		instructions of the Required Lenders, or in the absence of such instructions,
		in the absolute discretion of the Agent.
	 

	 
		9.5 Exculpatory Provisions; Limitation
		of Liability. Neither the Agent nor any of its directors, officers,
		employees, agents, attorneys or Affiliates shall (i) be liable to any Lender
		for any action taken or omitted to be taken by it or them hereunder, or in
		connection herewith 
	 

	 
		 
	 

	 
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		including pursuant to any Loan Document,
		unless caused by its or their own gross negligence or willful misconduct, (ii)
		be responsible in any manner to any of the Lenders for the effectiveness,
		enforceability, genuineness, validity or the due execution of this Agreement or
		any other Loan Documents or for any recital, representation, warranty,
		document, certificate, report or statement herein or made or furnished under or
		in connection with this Agreement or any other Loan Documents, or (c) be under
		any obligation to any of the Lenders to ascertain or to inquire as to the
		performance or observance of any of the terms, covenants or conditions hereof
		or thereof on the part of the Borrower Affiliate Parties, or the financial
		condition of the Borrower Affiliate Parties, or the existence or possible
		existence of any Event of Default or Potential Default. No claim may be made by
		any Borrower Affiliate Party, any Lender, the Agent or any of their respective
		Subsidiaries against the Agent, any Lender or any of their respective
		directors, officers, employees, agents, attorneys or Affiliates, or any of
		them, for any special, indirect or consequential damages or, to the fullest
		extent permitted by Law, for any punitive damages in respect of any claim or
		cause of action (whether based on contract, tort, statutory liability, or any
		other ground) based on, arising out of or related to any Loan Document or the
		transactions contemplated hereby or any act, omission or event occurring in
		connection therewith, including the negotiation, documentation, administration
		or collection of the Loans, and the Borrower Affiliate Parties, the Agent and
		each Lender hereby waive, release and agree never to sue upon any claim for any
		such damages, whether such claim now exists or hereafter arises and whether or
		not it is now known or suspected to exist in its favor. Each Lender agrees
		that, except for notices, reports and other documents expressly required to be
		furnished to the Lenders by the Agent hereunder or given to the Agent for the
		account of or with copies for the Lenders, the Agent and each of its directors,
		officers, employees, agents, attorneys or Affiliates shall not have any duty or
		responsibility to provide any Lender with any credit or other information
		concerning the business, operations, property, condition (financial or
		otherwise), prospects or creditworthiness of the Borrower Affiliate Parties
		which may come into the possession of the Agent or any of its directors,
		officers, employees, agents, attorneys or Affiliates.
	 

	 
		9.6 Reimbursement and Indemnification
		of Agent by Lenders. Whether or not the transactions contemplated
		hereby are consummated, each Lender agrees to reimburse and indemnify the Agent
		(to the extent not reimbursed by the Borrower and without limiting the
		Obligation of the Borrower to do so) in proportion to its Ratable Share from
		and against all liabilities, obligations, losses, damages, penalties, actions,
		judgments, suits, costs, expenses or disbursements, including attorneys’
		fees and disbursements (including the allocated costs of staff counsel), and
		costs of appraisers and environmental consultants, of any kind or nature
		whatsoever which may be imposed on, incurred by or asserted against the Agent,
		in its capacity as such, in any way relating to or arising out of this
		Agreement or any other Loan Document or any action taken or omitted by the
		Agent hereunder or thereunder, provided
		that no Lender shall be liable for any
		portion of such liabilities, obligations, losses, damages, penalties, actions,
		judgments, suits, costs, expenses or disbursements if the same results from the
		Agent’s gross negligence or willful misconduct. In addition, each Lender
		agrees promptly upon demand to reimburse the Agent (to the extent not
		reimbursed by the Borrower and without limiting the Obligation of Borrower to
		do so) in proportion to its Ratable Share for all amounts due and payable by
		the Borrower to the Agent in connection with the Agent’s periodic audit of
		the Borrower Affiliate Parties’ books, records and business properties. No
		action taken in accordance with the directions of the Required Lenders shall be
		deemed to constitute gross negligence or willful misconduct for purposes of
		this Section. Without limitation the foregoing, 
	 

	 
		 
	 

	 
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		each Lender shall reimburse the Agent upon
		demand for its Ratable Share of any costs or out of pocket expenses (including
		attorney costs and taxes) incurred by the Agent in connection with the
		preparation, execution, delivery, administration, modification, amendment or
		enforcement (whether through negotiations, legal proceedings or otherwise) of,
		or legal advice in respect of rights or responsibilities under, this Agreement,
		any other Loan Document, or any document contemplated by or referred to herein,
		to the extent that the Agent is not reimbursed for such expenses by or on
		behalf of the Company. The undertaking in this Section 9.6 shall survive
		repayment of the Loans, cancellation of the Notes, termination of the
		Commitments hereunder, any foreclosure under, or modification, release or
		discharge of, any or all of the Loan Documents, termination of this Agreement
		and the resignation or replacement of the Agent.
	 

	 
		9.7 Reliance by Agent. The
		Agent shall be entitled to rely upon any writing, telegram or teletype message,
		resolution, notice, consent, certificate, letter, cablegram, statement, order
		or other document or conversation by telephone or otherwise believed by it to
		be genuine and correct and to have been signed, sent or made by the proper
		Person or Persons, and upon the advice and opinions of counsel and other
		professional advisers selected by the Agent. The Agent shall be fully justified
		in failing or refusing to take any action hereunder unless it shall first be
		indemnified to its satisfaction by the Lenders against any and all liability
		and expense which may be incurred by it by reason of taking or continuing to
		take any such action.
	 

	 
		9.8 Notice of Default. The
		Agent shall not be deemed to have knowledge or notice of the occurrence of any
		Potential Default or Event of Default unless the Agent has received written
		notice from a Lender or the Borrower referring to this Agreement, describing
		such Potential Default or Event of Default and stating that such notice is a
		“notice of default.”
	 

	 
		9.9 Notices. The Agent shall
		promptly send to each Lender a copy of all notices received from the Borrower
		pursuant to the provisions of this Agreement or the other Loan Documents
		promptly upon receipt thereof.
	 

	 
		9.10 Lenders in Their Individual
		Capacities; Agent in its Individual Capacity. With respect to any
		Commitment of one of its Affiliates, the Term Loans, and any other rights and
		powers given to an Affiliate of the Agent as a Lender hereunder or under any of
		the other Loan Documents, any such Affilialte shall have the same rights and
		powers hereunder as any other Lender and may exercise the same as though it
		were not an Affiliate of the Agent. Greenlight APE, LLC and its Affiliates and
		each of the Lenders and their respective Affiliates may, without liability to
		account, except as prohibited herein, make loans to, acquire equity interests
		in, discount drafts for, act as trustee under indentures of, and generally
		engage in any kind of lending trust, financial advisory, underwriting or other
		business with, the Borrower Affiliate Parties and their Affiliates, in the case
		of the Agent, as though it were not acting as Agent hereunder and in the case
		of each Lender, as though such Lender were not a Lender hereunder, in each case
		without notice to or consent of the other Lenders. The Lenders acknowledge
		that, pursuant to such activities, the Agent or its Affiliates may (i) receive
		information regarding the Borrower Affiliate Parties or any of its Subsidiaries
		or Affiliates (including information that may be subject to confidentiality
		obligations in favor of the Borrower Affiliate Parties or such Subsidiary or
		Affiliate) and acknowledge that the Agent shall be under no obligation to
		provide such information to them, and (ii) accept fees and other consideration
		
	 

	 
		 
	 

	 
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		from the Borrower Affiliate Parties for
		services in connection with this Agreement and otherwise without having to
		account for the same to the Lenders.
	 

	 
		9.11 Holders of Notes. The
		Agent may deem and treat any payee of any Note as the owner thereof for all
		purposes hereof unless and until written notice of the assignment or transfer
		thereof shall have been filed with the Agent. Any request, authority or consent
		of any Person who at the time of making such request or giving such authority
		or consent is the holder of any Note shall be conclusive and binding on any
		subsequent holder, transferee or assignee of such Note or of any Note or Notes
		issued in exchange therefor.
	 

	 
		9.12 Equalization of Lenders.
		The Lenders and the holders of any participations in any Notes agree among
		themselves that, with respect to all amounts received by any Lender or any such
		holder for application on any Obligation hereunder or under any Note or under
		any such participation, whether received by voluntary payment, by realization
		upon security, by the exercise of the right of set-off, by counterclaim or by
		any other non-pro rata source, equitable adjustment will be made in the manner
		stated in the following sentence so that, in effect, all such excess amounts
		will be shared ratably among the Lenders and such holders in proportion to
		their interests in payments under the Notes, except as otherwise provided in
		Section 4.6 [Additional Compensation in Certain Circumstances]. The Lenders or
		any such holder receiving any such amount shall return any proceeds to the
		Agent, and the Agent shall distribute said proceeds based on each Lender’s
		Ratable Share.
	 

	 
		9.13 Successor Agent. The
		Agent may resign as Agent by giving not less than thirty (30) days’ prior
		written notice to the Lenders and the Borrower. If the Agent shall resign under
		this Agreement, then either (i) the Required Lenders shall appoint from among
		the Lenders a successor agent for the Lenders, subject to the consent of the
		Borrower, such consent not to be unreasonably withheld, or (ii) if a successor
		agent shall not be so appointed and approved within the thirty (30) day period
		following the Agent’s notice to the Lenders of its resignation, then the
		Agent shall appoint, with the consent of the Borrower, such consent not to be
		unreasonably withheld, a successor agent who shall serve as Agent until such
		time as the Required Lenders, appoint and the Borrower consents to the
		appointment of, a successor agent. Upon its appointment pursuant to either
		clause (i) or (ii) above, such successor agent shall succeed to the rights,
		powers and duties of the Agent, and the term “Agent” shall mean such
		successor agent, effective upon its appointment, and the former Agent’s
		rights, powers and duties as Agent shall be terminated without any other or
		further act or deed on the part of such former Agent or any of the parties to
		this Agreement. After the resignation of any Agent hereunder, the provisions of
		this Article 9 [the Agent] shall inure to the benefit of such former Agent and
		such former Agent shall not by reason of such resignation be deemed to be
		released from liability for any actions taken or not taken by it while it was
		an Agent under this Agreement.
	 

	 
		9.14 Availability of Funds.
		The Agent may assume that each Lender has made or will make the proceeds of a
		Loan available to the Agent unless the Agent shall have been notified by such
		Lender on or before the close of Business on the Business Day preceding the
		Borrowing Date with respect to such Loan. The Agent may, in reliance upon such
		assumption (but shall not be required to), make available to the Borrower a
		corresponding amount. If such corresponding amount is not in fact made
		available to the Agent by such Lender, the Agent shall be entitled to recover
		such amount on demand from such Lender (or, if such Lender fails to pay such
		amount 
	 

	 
		 
	 

	 
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		forthwith upon such demand from the
		Borrower) together with interest thereon, in respect of each day during the
		period commencing on the date such amount was made available to the Borrower
		and ending on the date the Agent recovers such amount, at a rate per annum
		equal to the Interest Rate.
	 

	 
		9.15 Calculations. In the absence
		of gross negligence or willful misconduct, the Agent shall not be liable for
		any error in computing the amount payable to any Lender whether in respect of
		the Loans, fees or any other amounts due to the Lenders under this Agreement.
		In the event an error in computing any amount payable to any Lender is made,
		the Agent, the Borrower and each affected Lender shall, forthwith upon
		discovery of such error, make such adjustments as shall be required to correct
		such error, and any compensation therefor will be calculated at the Interest
		Rate.
	 

	 
		9.16 Beneficiaries. Except as
		expressly provided herein or as required by applicable law, the provisions of
		this Article 9 [the Agent] are solely for the benefit of the Agent and
		the Lenders, and the Borrower Affiliate Parties shall not have any rights to
		rely on or enforce any of the provisions hereof. In performing its functions
		and duties under this Agreement, the Agent shall act solely as agent of the
		Lenders and does not assume and shall not be deemed to have assumed any
		obligation toward or relationship of agency or trust with or for any of the
		Borrower Affiliate Parties.
	 

	 
		10. MISCELLANEOUS
	 

	 
		10.1 Modifications, Amendments or
		Waivers. With the written consent of the Required Lenders, the
		Agent, acting on its own behalf and on behalf of all the Lenders, and the
		Borrower Affiliate Parties, may from time to time enter into written agreements
		amending or changing any provision of this Agreement or any other Loan Document
		or the rights of the Lenders or the Borrower Affiliate Parties hereunder or
		thereunder, or may grant written waivers or consents to a departure from the
		due performance of the Obligations of the Borrower Affiliate Parties hereunder
		or thereunder. Any such agreement, waiver or consent made with such written
		consent shall be effective to bind all the Lenders and the Borrower Affiliate
		Parties; provided, that, without the written consent of all the Lenders,
		no such agreement, waiver or consent may be made which will:
	 

	 
		10.1.1 Increase of Commitment; Extension
		of Expiration Date. Increase the amount
		of the Commitment of any Lender hereunder or extend the Expiration Date;

	 

	 
		10.1.2 Extension of Payment; Reduction of
		Principal, Interest or Fees; Modification of Terms of Payment. Whether or not any Loans are outstanding, extend the
		time for payment of principal or interest of any Loan, the Takedown Fees or any
		other fee payable to any Lender, or reduce the principal amount of or the rate
		of interest borne by any Loan or reduce the Takedown Fees or any other fee
		payable to any Lender, or otherwise affect the terms of payment of the
		principal of or interest of any Loan, the Takedown Fees or any other fee
		payable to any Lender (it being understood that a waiver of the application of
		the Penalty Rate of interest pursuant to Section 3.2
		[Interest After Default] shall require only the approval of the Required
		Lenders);
	 

	 
		 
	 

	 
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		10.1.3 Release of
		Collateral. Except for sales of
		assets permitted by Section 7.2.7 [Dispositions of Assets or Subsidiaries], or as a
		result of any merger or consolidation permitted by Section 7.2.6
		[Liquidations, Mergers, Consolidations, Acquisitions], release any Collateral
		consisting of capital stock or other ownership interests of the BFE Holdings or
		substantially all of the assets of any Borrower Affiliate Party, or any other
		security for any of the Borrower Affiliate Parties’ Obligations; or

	 

	 
		10.1.4 Miscellaneous. Amend Sections
		4.2 [Pro Rata Treatment of Lenders],
		7.2.7 [Dispositions of Assets or Subsidiaries],
		9.5 [Exculpatory Provisions; Limitation of Liability] or
		9.12
		[Equalization of Lenders] or this Section 10.1, alter any provision regarding the pro rata treatment
		of the Lenders, change the definition of Required Lenders, or change any
		requirement providing for the Lenders or the Required Lenders to authorize the
		taking of any action hereunder; provided,
		further, that no agreement, waiver or consent which would
		modify the interests, rights or obligations of the Agent in its capacity as
		Agent shall be effective without the written consent of the Agent.
	 

	 
		10.2 No Implied Waivers; Cumulative Remedies; Writing
		Required. No course of dealing and no delay or failure of the
		Agent or any Lender in exercising any right, power, remedy or privilege under
		this Agreement or any other Loan Document shall affect any other or future
		exercise thereof or operate as a waiver thereof, nor shall any single or
		partial exercise thereof or any abandonment or discontinuance of steps to
		enforce such a right, power, remedy or privilege preclude any further exercise
		thereof or of any other right, power, remedy or privilege. The rights and
		remedies of the Agent and the Lenders under this Agreement and any other Loan
		Documents are cumulative and not exclusive of any rights or remedies which they
		would otherwise have. Any waiver, permit, consent or approval of any kind or
		character on the part of any Lender of any breach or default under this
		Agreement or any such waiver of any provision or condition of this Agreement
		must be in writing and shall be effective only to the extent specifically set
		forth in such writing.
	 

	 
		10.3 Reimbursement and Indemnification of Lenders by the
		Borrower; Taxes. Whether or not the transactions contemplated hereby
		shall be consummated, the Borrower agrees to pay promptly (i) all reasonable
		out of pocket costs and expenses of negotiation, preparation and execution of
		the Loan Documents and any consents, amendments, waivers or other modifications
		thereto; (ii) all costs and expenses of furnishing all opinions by counsel for
		Borrower (including any opinions requested by Agent or Lenders as to any legal
		matters arising hereunder) and of Borrower’s performance of and compliance
		with all agreements and conditions on its part to be performed or complied with
		under this Agreement and the other Loan Documents including with respect to
		confirming compliance with environmental, insurance and solvency requirements;
		(iii) all reasonable fees, expenses and disbursements of counsel to the Agent
		in connection with the negotiation, preparation, execution and administration
		of the Loan Documents and any consents, amendments, waivers or other
		modifications thereto and any other documents or matters requested by the
		Borrower or any other Borrower Affiliate Party; (iv) all reasonable fees,
		expenses and disbursements of counsel to any Lender in connection with the
		negotiation, preparation, execution and administration of the Loan Documents
		and any consents, amendments, waivers or other modifications thereto and any
		other documents or matters requested by the Borrower or any other Borrower
		Affiliate Party, (v) all costs and expenses of creating and perfecting Liens in
		favor of the Agent on behalf of Lenders, including filing and 
	 

	 
		 
	 

	 
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		recording fees, expenses and taxes, stamp or
		documentary taxes, search fees, title insurance premiums, if applicable, and
		reasonable fees, expenses and disbursements of counsel to the Agent and of
		counsel providing any opinions that the Agent or Required Lenders may request
		in respect of the Collateral or the Liens created pursuant thereto; (vi) all
		costs and expenses incurred by the Agent in connection with the custody or
		preservation of any of the Collateral; (vii) all other costs and expenses
		incurred on or before the Initial Funding Date by the Agent in connection with
		the syndication of the Commitments; (viii) all costs and expenses, including
		reasonable attorneys’ fees and fees, costs and expenses of accountants,
		advisors and consultants, incurred by the Agent or any Lender and their counsel
		relating to efforts to (a) evaluate or assess any Borrower Affiliate Party, its
		business or financial condition and (b) protect, evaluate, assess or dispose of
		any of the Collateral; and (ix) all costs and expenses, including reasonable
		attorneys’ fees, fees, costs and expenses of accountants, advisors and
		consultants and costs of settlement, incurred by the Agent and Lenders in
		enforcing any Obligations of or in collecting any payments due from any
		Borrower Affiliate Party hereunder or under the other Loan Documents (including
		in connection with the sale of, collection from, or other realization upon any
		of the Collateral or the enforcement of the Loan Documents) or in connection
		with any refinancing or restructuring of the credit arrangements provided under
		this Agreement in the nature of a “work-out” or pursuant to any
		insolvency or bankruptcy proceedings. The Borrower agrees unconditionally to
		save the Agent and the Lenders harmless from and against any and all present or
		future claims, liabilities or losses with respect to or resulting from any
		omission to pay or delay in paying any such taxes, fees or impositions. 

	 

	 
		10.4 Holidays.
		Whenever payment of a Loan to be made or taken hereunder shall be due on a day
		which is not a Business Day such payment shall be due on the next Business Day
		and such extension of time shall be included in computing interest and fees,
		except that the Loans shall be due on the Business Day preceding the Expiration
		Date if the Expiration Date is not a Business Day. Whenever any payment or
		action to be made or taken hereunder (other than payment of the Loans) shall be
		stated to be due on a day which is not a Business Day, such payment or action
		shall be made or taken on the next following Business Day, and such extension
		of time shall be included in computing interest or fees, if any, in connection
		with such payment or action.
	 

	 
		10.5 Notices. All
		notices, requests, demands, directions and other communications (as used in
		this Section 10.5, collectively referred to as “notices”) given
		to or made upon any party hereto under the provisions of this Agreement shall
		be by telephone or in writing (including facsimile communication) unless
		otherwise expressly permitted hereunder and shall be delivered or sent by
		facsimile or via nationally-recognized overnight courier, by hand or U.S. mail
		to the respective parties at the addresses and numbers set forth under their
		respective names on Schedule
		1.1(A) hereof or in accordance with any
		subsequent unrevoked written direction from any party to the others. All
		notices shall, except as otherwise expressly herein provided, be effective (a)
		in the case of facsimile, when received, (b) in the case of hand-delivered
		notice, when hand-delivered, (c) in the case of telephone, when telephoned,
		provided, however, that in
		order to be effective, telephonic notices must be confirmed in writing no later
		than the next Business Day by letter or facsimile, (d) if given by mail, four
		(4) days after such communication is deposited in the mail with first-class
		postage prepaid, return receipt requested, and (e) if given by any other means
		(including by air courier), when delivered; provided, that
		notices to the Agent shall not be effective until received. Any Lender giving
		any notice to any Borrower 
	 

	 
		 
	 

	 
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		Affiliate Party shall simultaneously send a
		copy thereof to the Agent, and the Agent shall promptly notify the other
		Lenders of the receipt by it of any such notice.
	 

	 
		10.6 Severability. The provisions
		of this Agreement are intended to be severable. If any provision of this
		Agreement shall be held invalid or unenforceable in whole or in part in any
		jurisdiction, such provision shall, as to such jurisdiction, be ineffective to
		the extent of such invalidity or unenforceability without in any manner
		affecting the validity or enforceability thereof in any other jurisdiction or
		the remaining provisions hereof in any jurisdiction.
	 

	 
		10.7 Governing Law. This Agreement
		shall be deemed to be a contract under the Laws of the State of New York and
		for all purposes shall be governed by and construed and enforced in accordance
		with the internal laws of the State of New York without regard to its conflict
		of laws principles (other than Section 5-1401 of the New York General
		Obligations Laws).
	 

	 
		10.8 Prior Understanding. This Agreement
		and the other Loan Documents supersede all prior understandings and agreements,
		whether written or oral, between the parties hereto and thereto relating to the
		transactions provided for herein and therein, including any prior
		confidentiality agreements and commitments.
	 

	 
		10.9 Duration; Survival. All
		representations and warranties of the Borrower Affiliate Parties contained
		herein or made in connection herewith shall survive the making of Loans and
		shall not be waived by the execution and delivery of this Agreement, any
		investigation by the Agent or the Lenders, the making of Loans, or payment in
		full of the Loans. All covenants and agreements of the Borrower Affiliate
		Parties contained in Sections
		7.1 [Affirmative Covenants],
		7.2 [Negative Covenants] and 7.3 [Reporting
		Requirements] herein shall continue in full force and effect from and after the
		date hereof so long as the Borrower may borrow hereunder and until termination
		of the Commitments and payment in full of the Loans. All covenants and
		agreements of the Borrower contained herein relating to the payment of
		additional compensation or expenses and indemnification, including those set
		forth in the Notes, Article
		4 [Payments] and Sections 9.6
		[Reimbursement of Agent by Lenders, Etc.] and 10.3
		[Reimbursement of Lenders by the Borrower; Etc.], shall survive payment in full
		of the Loans and termination of the Commitments.
	 

	 
		10.10 Successors and Assigns. This Agreement
		shall be binding upon and shall inure to the benefit of the Lenders, the Agent,
		the Borrower Affiliate Parties and their respective successors and assigns,
		except that the Borrower Affiliate Parties may not assign or transfer any of
		their rights and Obligations hereunder or any interest herein. Each Lender may
		at any time make assignments (including pledges and grants of security
		interests) of all or any part of its Commitments and the Loans made by it to
		one or more Lenders or any Affiliate thereof. Each Lender may make assignments
		(including pledges and grants of security interests) of all or any part of its
		Commitments and the Loans made by it to any Person if (i) there exists an Event
		of Default or (ii) such Lender obtains the consent of the Borrower (which
		consent shall not be unreasonably withheld or delayed). In the case of an
		assignment, upon receipt by the Agent of any Assignment and Assumption
		Agreement, the assignee shall have, to the extent of such assignment (unless
		otherwise provided therein), the same rights, benefits and obligations as it
		would have if it had been a signatory Lender hereunder and the Commitments
		shall be adjusted 
	 

	 
		 
	 

	 
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		accordingly. In order to effect any
		assignment of all or any part of a Lender’s Commitments and Loans, such
		Lender shall surrender any Note subject to such assignment, and the Borrower
		shall execute and deliver a new Note to the assignee in an amount equal to the
		amount of the Commitment assumed by it and a new Note to the assigning Lender
		in an amount equal to the Commitment retained by it hereunder. In addition, the
		Borrower shall maintain a book entry system identifying the Commitments and
		Loans of each Lender.
	 

	 
		(i) Any assignee which is not incorporated
		under the Laws of the United States of America or a state thereof shall deliver
		to the Borrower and the Agent the form of certificate described in
		Section 10.16 [Tax Withholding Clause] relating to federal income tax
		withholding. Each Lender may furnish any publicly available information
		concerning any Borrower Affiliate Party and any other information concerning
		any Borrower Affiliate Party in the possession of such Lender from time to time
		to assignees (including prospective assignees), provided that
		such assignees agree to be bound by the provisions of Section 10.11
		[Confidentiality].
	 

	 
		10.11 Confidentiality
	 

	 
		10.11.1 General. The Agent and the Lenders each agree to keep
		confidential all information obtained from the Borrower Affiliate Parties or
		its Subsidiaries which is nonpublic and confidential or proprietary in nature
		(including any information the Borrower specifically designates as
		confidential), except as provided below, and to use such information only in
		connection with their respective capacities under this Agreement and for the
		purposes contemplated hereby. The Agent and the Lenders shall be permitted to
		disclose such information (i) to outside legal counsel, accountants and other
		professional advisors who need to know such information in connection with the
		administration and enforcement of this Agreement, subject to agreement of such
		Persons to maintain the confidentiality, (ii) to assignees and participants as
		contemplated by Section
		10.10 [Successor and Assigns], and
		prospective assignees who accept confidentiality obligations in writing as well
		as any Persons to which any Lender pledges or grants a security interest in any
		portion of its rights under this Agreement, or its Notes or the other Loan
		Documents who accept confidentiality obligations in writing, (iii) as otherwise
		required by applicable Law or by any subpoena or similar legal process, or in
		connection with any investigation, regulatory inquiries or proceeding,
		(iv) if it becomes publicly available other than as a result of a breach
		of this Agreement or becomes available from a source not known to be subject to
		confidentiality restrictions or (v) if the Borrower shall have consented to
		such disclosure.
	 

	 
		10.11.2 Sharing Information With
		Affiliates of the Lenders. The
		Borrower Affiliate Parties acknowledge that from time to time financial
		advisory, investment banking and other services may be offered or provided to
		the Borrower or one or more of their Affiliates (in connection with this
		Agreement or otherwise) by any Lender or by one or more Subsidiaries or
		Affiliates of such Lender and, effective upon any such Person’s engagement
		for such service, each Borrower Affiliate Party hereby authorizes each Lender
		to share any information delivered to such Lender by the Borrower Affiliate
		Parties pursuant to this Agreement, or in connection with the decision of such
		Lender to enter into this Agreement, to any such Subsidiary or Affiliate of
		such Lender, it being understood that any such Subsidiary or Affiliate of any
		Lender receiving such information shall be bound by the provisions of
		Section 10.11.1 [General] as if it were a Lender hereunder. 
	 

	 
		 
	 

	 
		65
	 

	 
		  
	 

	 
 

	 
		10.11.3 Nonliability of
		Lenders. The relationship between
		Borrower on the one hand and the Lenders and the Agent on the other hand shall
		be solely that of borrower and lender. Neither the Agent nor any Lender has any
		fiduciary relationship with or duty to any Borrower Affiliate Party arising out
		of or in connection with this Agreement or any of the other Loan Documents, and
		the relationship between the Borrower Affiliate Parties, on the one hand, and
		the Agent and the Lenders, on the other hand, in connection herewith or
		therewith is solely that of debtor and creditor. Neither the Agent nor any
		Lender undertakes any responsibility to any Borrower Affiliate Party to review
		or inform any Borrower Affiliate Party of any matter in connection with any
		phase of any Borrower Affiliate Party’s business or operations. Borrower
		agrees, on behalf of itself and each other Borrower Affiliate Party, that
		neither the Agent nor any Lender shall have liability to any Borrower Affiliate
		Party (whether sounding in tort, contract or otherwise) for losses suffered by
		any Borrower Affiliate Party in connection with, arising out of, or in any way
		related to the transactions contemplated and the relationship established by
		the Loan Documents, or any act, omission or event occurring in connection
		therewith, unless it is determined in a final non-appealable judgment by a
		court of competent jurisdiction that such losses resulted from the gross
		negligence or willful misconduct of the party from which recovery is sought. NO
		LENDER PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY OTHERS OF
		ANY INFORMATION OR OTHER MATERIALS OBTAINED IN CONNECTION WITH THIS AGREEMENT,
		OTHER THAN RESULTING FROM SUCH LENDER’S GROSS NEGLIGENCE OR WILLFUL
		MISCONDUCT, NOR SHALL ANY LENDER HAVE ANY LIABILITY WITH RESPECT TO, AND
		BORROWER ON BEHALF OF ITSELF AND EACH OTHER BORROWER AFFILIATE PARTY, HEREBY
		WAIVES, RELEASES AND AGREES NOT TO SUE FOR ANY SPECIAL, PUNITIVE, EXEMPLARY,
		INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
		DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION HEREWITH OR THEREWITH
		(WHETHER BEFORE OR AFTER THE CLOSING DATE). Borrower acknowledges that it has
		been advised by counsel in the negotiation, execution and delivery of this
		Agreement and the other Loan Documents to which it is a party. No joint venture
		is created hereby or by the other Loan Documents or otherwise exists by virtue
		of the transactions contemplated hereby among the Lenders or among the Borrower
		Affiliate Parties and the Lenders. Notwithstanding anything herein to the
		contrary, the information subject to this Section 10.11
		shall not include, and the Agent and each Lender may disclose without
		limitation of any kind, any information with respect to the “tax
		treatment” and “tax structure” (in each case, within the meaning
		of Treasury Regulation Section 1.6011-4) of the transactions contemplated
		hereby and all materials of any kind (including opinions or other tax analyses)
		that are provided to the Agent or such Lender relating to such tax treatment
		and tax structure; provided
		that with respect to any document or
		similar item that in either case contains information concerning the tax
		treatment or tax structure of the transaction as well as other information,
		this sentence shall only apply to such portions of the document or similar item
		that relate to the tax treatment or tax structure of the Loans and transactions
		contemplated hereby.
	 

	 
		10.12 Counterparts. This Agreement
		may be executed by different parties hereto on any number of separate
		counterparts, each of which, when so executed and delivered, shall be an
		original, and all such counterparts shall together constitute one and the same
		instrument.
	 

	 
		 
	 

	 
		66
	 

	 
		  
	 

	 
 

	 
		10.13 Agent’s or Lender’s
		Consent. Whenever the Agent’s or any Lender’s consent
		is required to be obtained under this Agreement or any of the other Loan
		Documents as a condition to any action, inaction, condition or event, the Agent
		and each Lender shall be authorized to give or withhold such consent in its
		sole and absolute discretion and to condition its consent upon the giving of
		additional collateral, the payment of money or any other matter.
	 

	 
		10.14 Exceptions. The representations, warranties and covenants
		contained herein shall be independent of each other, and no exception to any
		representation, warranty or covenant shall be deemed to be an exception to any
		other representation, warranty or covenant contained herein unless expressly
		provided, nor shall any such exceptions be deemed to permit any action or
		omission that would be in contravention of applicable Law.
	 

	 
		10.15 CONSENT TO FORUM; WAIVER OF JURY
		TRIAL. EACH OF THE BORROWER,
		THE AGENT AND EACH LENDER HEREBY IRREVOCABLY CONSENT TO THE NONEXCLUSIVE
		JURISDICTION OF THE NEW YORK SUPREME COURT SITTING IN NEW YORK COUNTY, NEW YORK
		AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND
		WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL
		SUCH SERVICE OF PROCESS BE MADE BY CERTIFIED OR REGISTERED MAIL DIRECTED TO
		SUCH PERSONS AT THE ADDRESSES PROVIDED FOR IN SECTION 10.5
		[NOTICES] AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON ACTUAL
		RECEIPT THEREOF. EACH OF THE BORROWER, THE AGENT AND EACH LENDER WAIVES ANY
		OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED AGAINST IT AS
		PROVIDED HEREIN AND AGREES NOT TO ASSERT ANY DEFENSE BASED ON LACK OF
		JURISDICTION OR VENUE. EACH OF THE BORROWER, THE AGENT AND EACH LENDER HEREBY
		WAIVE TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND
		ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
		COLLATERAL TO THE FULL EXTENT PERMITTED BY LAW.
	 

	 
		10.16 Tax Withholding Clause. Each Lender or assignee of a Lender that is not
		incorporated under the Laws of the United States of America or a state thereof
		(and, upon the written request of the Agent, each other Lender or assignee of a
		Lender) agrees that it will deliver to each of the Borrower and the Agent two
		(2) duly completed appropriate valid Withholding Certificates (as defined under
		§1.1441-1(c)(16) of the Income Tax Regulations (“Regulations”)) certifying its status (i.e., U.S. or foreign
		person) and, if appropriate, making a claim of reduced, or exemption from, U.S.
		withholding tax on the basis of an income tax treaty or an exemption provided
		by the Internal Revenue Code. Such delivery may be made by electronic
		transmission as described in §1.1441-1(e)(4)(iv) of the Regulations if the
		Agent establishes an electronic delivery system. The term “Withholding
		Certificate” means a Form W-9; a Form W-8BEN; a Form W-8ECI; a Form W-8IMY
		and the related statements and certifications as required under
		§1.1441-1(e)(3) of the Regulations; a statement described in
		§1.871-14(c)(2)(v) of the Regulations; or any other certificates under the
		Code or Regulations that certify or establish the status of a payee or
		beneficial owner as a U.S. or foreign person. Each Lender, assignee or
		participant required to deliver to the Borrower and the Agent a valid
		Withholding Certificate pursuant to the preceding sentence shall deliver such
		valid Withholding Certificate as follows: (A) each Lender which is a party
		hereto on the Closing Date shall deliver such valid Withholding 
	 

	 
		 
	 

	 
		67
	 

	 
		  
	 

	 
 
	 
		Certificate at least five (5) Business Days
		prior to the first date on which any interest or fees are payable by the
		Borrower hereunder for the account of such Lender; (B) each assignee or
		participant shall deliver such valid Withholding Certificate at least five (5)
		Business Days before the effective date of such assignment or participation
		(unless the Agent in its sole discretion shall permit such assignee to deliver
		such Withholding Certificate less than five (5) Business Days before such date
		in which case it shall be due on the date specified by the Agent). Each Lender
		of assignee which so delivers a valid Withholding Certificate further
		undertakes to deliver to each of the Borrower and the Agent two (2) additional
		copies of such Withholding Certificate (or a successor form) on or before the
		date that such Withholding Certificate expires or becomes obsolete or after the
		occurrence of any event requiring a change in the most recent Withholding
		Certificate so delivered by it, and such amendments thereto or extensions or
		renewals thereof as may be reasonably requested by the Borrower or the Agent.
		Notwithstanding the submission of a Withholding Certificate claiming a reduced
		rate of, or exemption from, United States withholding tax, the Agent shall be
		entitled to withhold United States federal income taxes at the full 30%
		withholding rate if in its reasonable judgment it is required to do so under
		the due diligence requirements imposed upon a withholding agent under
		§1.1441-7(b) of the Regulations. Further, the Agent is indemnified under
		§1.1461-1(e) of the Regulations against any claims and demands of any
		Lender or assignee or participant of a Lender for the amount of any tax it
		deducts and withholds in accordance with regulations under §1441 of the
		Internal Revenue Code. EACH LENDER AGREES TO INDEMNIFY THE AGENT AND HOLD THE
		AGENT HARMLESS FOR THE FULL AMOUNT OF ANY AND ALL PRESENT OR FUTURE TAXES AND
		RELATED LIABILITIES (INCLUDING PENALTIES, INTEREST, ADDITIONS TO TAX AND
		EXPENSES, AND ANY TAXES IMPOSED BY ANY JURISDICTION ON AMOUNTS PAYABLE TO THE
		AGENT UNDER THIS SECTION
		10.16 WHICH ARE IMPOSED ON OR WITH
		RESPECT TO PRINCIPAL, INTEREST OR FEES PAYABLE TO SUCH LENDER HEREUNDER AND
		WHICH ARE NOT PAID BY THE BORROWER WHETHER OR NOT SUCH TAXES OR RELATED
		LIABILITIES WERE CORRECTLY OR LEGALLY ASSERTED. THIS INDEMNIFICATION SHALL BE
		MADE WITHIN 30 DAYS FROM THE DATE THE AGENT MAKES WRITTEN DEMAND
		THEREFOR.
	 

	 
		10.17 [Reserved]
	 

	 
		10.18 Limitation of Recourse 
	 

	 
		(a) There shall be full recourse to the
		Borrower and the Guarantors (to the extent provided for in the applicable
		Guaranties) and to all of such Borrower Affiliate Party’s assets for the
		liabilities of the Borrower under this Agreement and the other Loan Documents
		and other Obligations of any Borrower, but in no event shall any officer,
		director or holder of any equity interest in the Borrower be personally liable
		or obligated for such liabilities and Obligations of the Borrower. Nothing
		contained herein shall affect or diminish any rights of any Person against any
		other Person for such other Person’s fraud, willful misrepresentation,
		gross negligence or willful misconduct.
	 

	 
		(b) Each of the Lenders for itself and its
		successors and assigns acknowledges and agrees that Cargill is not a party to
		this Agreement and is a legal entity separate from the Borrower and the
		Borrower Affiliate Parties, and that Cargill has not, and does not, assume any
		of their obligations and has no obligation to contribute capital, or otherwise
		provide financial support, to the Borrower and the Borrower Affiliate Parties
		or to any other entity in respect of the Project or the Plants (except for the
		equity contributions to be made by Cargill Biofuels Investments, LLC as set
		forth in the Borrower LLC Agreement). Accordingly, each of the Lenders is
		electing to enter into this Agreement without reliance upon the 
	 

	 
		 
	 

	 
		68
	 

	 
		  
	 

	 
 

	 
		creditworthiness of Cargill for repayment of
		the Loans or the Term Loans and without reliance upon any undertakings by
		Cargill in respect of the Project or the Plants. Cargill is a third party
		beneficiary of this Section
		10.8(b) and is entitled to rely on and
		enforce this Section
		10.18(b) against the parties to this
		Agreement. For purposes of this Section
		10.18(b), Cargill means and includes
		Cargill and its Affiliates, including without limitation, Cargill Biofuels
		Investments, LLC and Cargill Commodities Services, Inc.
	 

	 
		10.19 No Reliance on Agent’s Customer Identification
		Program. Each Lender acknowledges and agrees that neither such
		Lender, nor any of its Affiliates, or assignees, may rely on the Agent to carry
		out such Lender’s, Affiliate’s, or assignee’s customer
		identification program, or other obligations required or imposed under or
		pursuant to the USA Patriot Act or the regulations thereunder, including the
		regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the
		“CIP
		Regulations”), or any other
		Anti-Terrorism Law, including any programs involving any of the following items
		relating to or in connection with any of the Borrower Affiliate Parties, their
		Affiliates or their agents, the Loan Documents or the transactions hereunder or
		contemplated hereby: (1) any identity verification procedures, (2) any
		recordkeeping, (3) comparisons with government lists, (4) customer notices
		or (5) other procedures required under the CIP Regulations or such other
		Anti-Terrorism Laws.
	 

	 
		[signature pages follow]
	 

	 
		 
	 

	 
		69
	 

	 
		  
	 

	 
 

	 
		IN WITNESS WHEREOF, the parties hereto, by
		their officers thereunto duly authorized, have executed this Agreement as of
		the day and year first above written.
	 

	 
		 
	 

	 
			
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  BIOFUEL ENERGY
				  LLC,
 as Borrower				
			 
	 	 	 	 	 	 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  By: 				
			 	
				
				  /s/ Scott H. Pearce				
			 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  Name: 				
			 	
				
				  Scott H. Pearce				
			 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  Title: 				
			 	
				
				  President & CEO				
			 
	 	 	 	 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  GREENLIGHT APE,
				  LLC
 as Agent				
			 
	 	 	 	 	 	 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  By: 				
			 	
				
				  /s/ David Einhorn				
			 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  David Einhorn				
			 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  Manager 				
			 
	 	 	 	 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  GREENLIGHT CAPITAL OFFSHORE,
				  LTD.
 as a
				  Lender				
			 
	 	 	 	 	 	 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  By: 				
			 	
				
				  /s/ David Einhorn				
			 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  David Einhorn				
			 
	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				   				
			 	
				
				  President and Secretary				
			 

	 

	  

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  GREENLIGHT CAPITAL,
				  LP, as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  
 Greenlight Capital, LLC, its
				  general partner
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ David Einhorn
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  David Einhorn
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Senior Managing Member
				

			 

 

	 
		 
	 

	 
		BioFuel Energy, LLC, and the Lenders Party
		Hereto and Greenlight APE, LLC Loan Agreement Signature Page
	 

	 
		  
	 

	 
 

	 
			
				
				   
				

			 	
				
				  GREENLIGHT CAPITAL QUALIFIED,
				  L.P., as a Lender
				

			 
	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 Greenlight Capital, LLC, its
				  general partner
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ David Einhorn
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  David Einhorn

				  Senior Managing Member
				

			 
	
				
				   
				

			 	
				
				  GREENLIGHT REINSURANCE,
				  LTD. as a Lender
				

			 
	 	 
	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ David Einhorn
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  David Einhorn

				  President and Secretary
				

			 
	
				
				   
				

			 	
				
				  THIRD POINT PARTNERS
				  LP, as a Lender
				

			 
	
				
				   
				

			 	
				
				  By: 
				

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

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Justin Nadler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:  
				

			 	
				
				  Justin Nadler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Authorized Person
				

			 
	
				
				   
				

			 	
				
				  THIRD POINT PARTNERS QUALIFIED,
				  L.P., as a Lender
				

			 
	
				
				   
				

			 	
				
				  By: 
				

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

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Justin Nadler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:  
				

			 	
				
				  Justin Nadler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Authorized Person
				

			 

 

	 
		 
	 

	 
		BioFuel Energy, LLC, and the Lenders Party
		Hereto and Greenlight APE, LLC Loan Agreement Signature Page
	 

	 
		  
	 

	 
 

	 
			
				
				   
				

			 	
				
				  /s/ Daniel S. Loeb
				

			 
	
				
				   
				

			 	
				
				  Daniel S. Loeb, as a Lender
				

			 
	
				
				   
				

			 	
				
				  /s/ Lawrence J. Bernstein
				

			 
	
				
				   
				

			 	
				
				  Lawrence J. Bernstein, as a
				  Lender
				

			 
	
				
				   
				

			 	
				
				  /s/ Todd Q. Swanson
				

			 
	
				
				   
				

			 	
				
				  Todd Q. Swanson, as a Lender
				

			 

 

	 
		 
	 

	 
		BioFuel Energy, LLC, and the Lenders Party
		Hereto and Greenlight APE, LLC Loan Agreement Signature Page
	 

	 
		  
	 

	 
 

	 
		SCHEDULE 1.1(A)
	 

	 
		COMMITMENTS OF LENDERS AND ADDRESSES FOR
		NOTICES
	 

	 
		Page 1 of  2
	 

	 
		Part 1 - Commitments of Lenders and
		Addresses for Notices to Lenders
	 

	 
		 
	 

	 
			
				
				  Lender
				

			 	
				
				   
				

			 	
				
				  Amount of 
 Commitment for 
 Term Loans ($)
				

			 	
				
				   
				

			 	
				
				  Ratable Share (%)
				

			 
	
				
				  *Greenlight Capital,
				  L.P.
				

			 	
				
				   
				

			 	
				
				  3,398,251
				

			 	
				
				   
				

			 	
				
				  6.80%
				

			 
	
				
				  c/o Greenlight Capital, LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  140 East 45th Street,
				  24th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10017
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Attn: Chief Operating Officer

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  *Greenlight Capital Qualified,
				  L.P.
				

			 	
				
				   
				

			 	
				
				  11,966,391
				

			 	
				
				   
				

			 	
				
				  23.93%
				

			 
	
				
				  c/o Greenlight Capital, LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  140 East 45th Street,
				  24th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10017
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Attn: Chief Operating Officer

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  *Greenlight Capital Offshore,
				  Ltd.
				

			 	
				
				   
				

			 	
				
				  15,805,309
				

			 	
				
				   
				

			 	
				
				  31.61%
				

			 
	
				
				  c/o Greenlight Capital, LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  140 East 45th Street,
				  24th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10017
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Attn: Chief Operating Officer

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  *Greenlight Reinsurance,
				  Ltd.
				

			 	
				
				   
				

			 	
				
				  2,163,380
				

			 	
				
				   
				

			 	
				
				  4.33%
				

			 
	
				
				  c/o Greenlight Capital, LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  140 East 45th Street,
				  24th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10017
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Attn: Chief Operating Officer

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  **Third Point Partners
				  LP
				

			 	
				
				   
				

			 	
				
				  8,846,538
				

			 	
				
				   
				

			 	
				
				  17.69%
				

			 
	
				
				  c/o Third Point LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  390 Park Avenue
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  18th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10002
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  **Third Point Partners Qualified,
				  L.P.
				

			 	
				
				   
				

			 	
				
				  6,580,131
				

			 	
				
				   
				

			 	
				
				  13.16%
				

			 
	
				
				  c/o Third Point LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  390 Park Avenue
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  18th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		Schedules
	 

	 
		  
	 

	 
 

	 
			
				
				  New York, New York 10002
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Daniel S. Loeb
				

			 	
				
				   
				

			 	
				
				  800,000
				

			 	
				
				   
				

			 	
				
				  1.60%
				

			 
	
				
				  c/o Third Point LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  390 Park Avenue
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  18th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10002
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Lawrence J. Bernstein
				

			 	
				
				   
				

			 	
				
				  400,000
				

			 	
				
				   
				

			 	
				
				  0.80%
				

			 
	
				
				  c/o Third Point LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  390 Park Avenue
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  18th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10002
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Todd Q. Swanson
				

			 	
				
				   
				

			 	
				
				  40,000
				

			 	
				
				   
				

			 	
				
				  0.08%
				

			 
	
				
				  c/o Third Point LLC
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  390 Park Avenue
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  18th Floor
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  New York, New York 10002
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		* With copies to (which shall not constitute
		notice):
	 

	 
		Akin Gump Strauss Hauer & Feld,
		LLP
	 

	 
		1700 Pacific Avenue, Suite 4100
	 

	 
		Dallas, Texas 75001
	 

	 
		Attn: Eliot D. Raffkind
	 

	 
		Tel: (214) 969-4667
	 

	 
		** With copies to (which shall not
		constitute notice):
	 

	 
		Wilkie Farr & Gallagher LLP
	 

	 
		787 Seventh Avenue
	 

	 
		New York, New York 10019
	 

	 
		Attn: Holly K. Youngwood
	 

	 
		Tel: (212) 728-8512
	 

	 
		 
	 

	 
		Schedules
	 

	 
		  
	 

	 
 

	 
		SCHEDULE 1.1(A)
	 

	 
		COMMITMENTS OF LENDERS AND ADDRESSES FOR
		NOTICES
	 

	 
		Page 2 of  2
	 

	 
		Part 2 - Addresses for Notices to the
		Agent and the Borrower:
	 

	 
		AGENT:
	 

	 
		Greenlight APE, LLC
	 

	 
		c/o Greenlight Capital, LLC
	 

	 
		140 East 45th Street,
		24th Floor
	 

	 
		New York, New York 10017
	 

	 
		Attn: Chief Operating Officer
	 

	 
		BORROWER:
	 

	 
		BioFuel Energy, LLC
	 

	 
		1625 Broadway, Suite 2400
	 

	 
		Denver Colorado, 80202 
	 

	 
		Attn: President
	 

	 
		 
	 

	 
		Schedules

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