Document:

EXECUTION
VERSION

EXHIBIT
10.16

THIRD
AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”) is made and entered into as of March 30, 2007, by and among
GTSI CORP., a Delaware corporation (the
“Borrower”), the Lenders (as defined below) signatory hereto, the other
Borrower Parties (as defined below) signatory hereto, and CRYSTAL
CAPITAL FUND, L.P., in its capacity as Administrative Agent for the
Lenders (the “Administrative Agent”).

W
I  T  N  E  S  S  E  T  H:

WHEREAS,
the Borrower, certain Subsidiaries of the Borrower signatory thereto as
Guarantors (together with the Borrower, collectively, the “Borrower Parties”),
the lenders signatory thereto from time to time (the “Lenders”) and the
Administrative Agent are parties to a certain Credit Agreement, dated as of
June 2, 2006, as amended by that certain First Amendment to Credit Agreement
dated as of July 12, 2006 and as further amended by that certain Second
Amendment to Credit Agreement dated as of November 30, 2006 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”;
capitalized terms used herein and not otherwise defined shall have the meanings
assigned to such terms in the Credit Agreement), pursuant to which the Lenders
have made certain financial accommodations available to the Borrower; and

WHEREAS,
the Borrower has requested that the Lenders and the Administrative Agent amend
certain provisions of the Credit Agreement, and subject to the terms and
conditions hereof, the Lenders and the Administrative Agent are willing to do
so;

NOW,
THEREFORE, for good and valuable consideration, the sufficiency and receipt of
all of which are acknowledged, the Borrower, the Lenders and the Administrative
Agent agree as follows:

1.             Amendments
to Section 1.1.  Section 1.1
of the Credit Agreement, “Definitions”, is hereby amended and modified by
adding the following new definition of “Third Amendment Effective Date” in the
appropriate alphabetical order:

“Third Amendment
Effective Date” shall mean March 30, 2007.

2.             Amendment
to Section 2.4(b).  Section 2.4(b)
of the Credit Agreement, “Early Termination Fee”, is hereby amended and
modified by deleting such section in its entirety and by substituting the
following in lieu thereof:

“(b)         Early Termination Fee.  In the event of any repayment or prepayment
of the Term Loan (or any portion thereof) prior to the date which is
twenty-four (24) months after the Third Amendment Effective Date for any
reason, including, without limitation, (i) the acceleration of the Obligations
after the occurrence of an Event of Default, (ii) the sale of, or casualty or
condemnation of, any Collateral or the foreclosure and sale of 

Collateral, (iii) sale of the Collateral in any
bankruptcy or insolvency proceeding, or (iv) the restructure, reorganization or
compromise of the Obligations by the confirmation of a plan of reorganization,
or any other plan of compromise, restructure, or arrangement in any bankruptcy
or insolvency proceeding, then, in view of the impracticability and extreme
difficulty of ascertaining the actual amount of damages to the Lenders or
profits lost by the Lenders as a result of such early termination, and by
mutual agreement of the parties as to a reasonable estimation and calculation
of the lost profits or damages of the Lenders, and as compensation for the cost
of making the Term Loan available to the Borrower, and not as a penalty, the
Borrower shall pay to the Administrative Agent, for the benefit of the Lenders,
an early termination fee (the “Early Termination Fee”) equal to the
greater of (A) the result (not less than $0) of (y) all interest on the Term
Loan that would be payable from the Third Amendment Effective Date through the
date which is twelve (12) months after the Third Amendment Effective Date, minus
(z) amounts actually paid by the Borrower in respect of all such interest
(other than interest at the Default Rate) through the date of prepayment and
(B) one percent (1.00%) of the amount repaid or prepaid.  The Early Termination Fee shall be allocated
among the Lenders in accordance with the amount of each Lender’s Term Loan
Ratio.”

3.             Amendment
to Section 8.9.  Section 8.9
of the Credit Agreement, “Minimum EBITDA”, is hereby amended and modified by
deleting such section in its entirety and by substituting the following in lieu
thereof:

“Section 8.9           Minimum EBITDA.  Commencing with the fiscal quarter ending
June 30, 2007 and continuing until the FCCR Election Date, the Borrower Parties
shall not permit the EBITDA of the Borrower Parties to be less than the amounts
set forth in the table below for the applicable periods set forth in such
table:

	
  Period

  	
   

  	
   

  	
   

  	
  Minimum EBITDA

  	
   

  
	
  Two fiscal
  quarter period ending June 30, 2007

  	
   

  	
  $

  	
  (10,421,000

  	
  )

  
	
  Three fiscal
  quarter period ending September 30, 2007

  	
   

  	
  $

  	
  (5,531,000

  	
  )

  
	
  Four fiscal
  quarter period ending December 31, 2007

  	
   

  	
  $

  	
  4,477,000

  	
   

  
	
  Four fiscal
  quarter period ending March 31, 2008

  	
   

  	
  $

  	
  6,000,000

  	
   

  
	
  Four fiscal quarter
  period ending June 30, 2008

  	
   

  	
  $

  	
  8,000,000

  	
   

  

 

4.             Conditions
to Effectiveness of this Amendment.  Notwithstanding
any other provision of this Amendment, it is understood and agreed that this
Amendment shall not become effective, and the parties shall have no rights
under this Amendment, until the Administrative Agent shall have received:

 

 2
 

                (a)           executed counterparts to this Amendment from the Borrower,
each of the other Borrower Parties and the Majority Lenders;

(b)           a fully executed amendment containing
corresponding amendments to those contained herein (where applicable) under the
Senior Credit Facility Documents, which shall be in form and substance
satisfactory to the Administrative Agent; and

(c)           payment of an amendment fee to each
Lender executing this Amendment in an amount equal to 0.30% of the outstanding
principal amount of such Lender’s Term Loan, which shall be fully earned when
due and non-refundable when paid.

5.             Representations
and Warranties.  To induce the
Lenders and the Administrative Agent to enter into this Amendment, each
Borrower Party hereby represents and warrants to the Lenders and the
Administrative Agent that:

(a)           The execution, delivery and
performance by such Borrower Party of this Amendment (i) are within such
Borrower Party’s power and authority; (ii) have been duly authorized by
all necessary corporate and shareholder action; (iii) are not in
contravention of any provision of such Borrower Party’s certificate of
incorporation or bylaws or other organizational documents; (iv) do not
violate any law or regulation, or any order or decree of any Governmental
Authority; (v) do not conflict with or result in the breach or termination
of, constitute a default under or accelerate any performance required by, any
Material Contract to which such Borrower Party is a party; (vi) do not result
in the creation or imposition of any Lien upon any of the property of such
Borrower Party or any of its Subsidiaries; and (vii) do not require the
consent or approval of any Governmental Authority or any other Person;

(b)           This Amendment has been duly executed
and delivered for the benefit of or on behalf of each Borrower Party and
constitutes a legal, valid and binding obligation of each Borrower Party,
enforceable against such Borrower Party in accordance with its terms except as
the enforceability hereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditor’s rights generally or by general principles of equity (regardless of
whether such enforcement is considered in a proceeding in equity or at law);
and

(c)           The representations and warranties
contained in the Credit Agreement and the other Loan Documents are true and
correct in all material respects, and no Default or Event of Default has
occurred and is continuing as of the date hereof.

6.             Reaffirmations
and Acknowledgments.

(a)           Reaffirmation of Guaranty.  Each Guarantor consents to the execution and
delivery by the Borrower of this Amendment and jointly and severally ratify and
confirm the terms of the Guaranty contained in Article 3 of the Credit
Agreement with respect to the indebtedness now or hereafter outstanding under
the Credit Agreement as amended hereby and all promissory notes issued
thereunder.

 3
 

(b)           Acknowledgment of Security
Interests. Each Borrower Party hereby acknowledges that, as of the date
hereof, the security interests and liens granted to the Administrative Agent
and the Lenders under the Credit Agreement and the other Loan Documents are in
full force and effect and are enforceable in accordance with the terms of the
Credit Agreement and the other Loan Documents.

7.             Effect of Amendment.  Except as set forth expressly herein,
all terms of the Credit Agreement, as amended hereby, and the other Loan
Documents shall be and remain in full force and effect.  The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
the Lenders under the Credit Agreement, nor constitute a waiver of any
provision of the Credit Agreement.  This
Amendment shall constitute a Loan Document for all purposes of the Credit
Agreement.

8.             Governing
Law.  This Amendment shall be
governed by, and construed in accordance with, the internal laws of the
Commonwealth of Massachusetts and all applicable federal laws of the United
States of America.

9.             No
Novation. 
This Amendment is not intended by the parties to be, and shall not be
construed to be, a novation of the Credit Agreement or an accord and
satisfaction in regard thereto.

10.           Costs and Expenses. 
The Borrower agrees to pay, in accordance with the terms and conditions
contained in the Credit Agreement, all costs and expenses of the Administrative
Agent in connection with the preparation, execution and delivery of this
Amendment, including, without limitation, the reasonable fees and out-of-pocket
expenses of outside counsel for the Administrative Agent with respect thereto.

11.           Counterparts.  This Amendment may be executed by one or more
of the parties hereto in any number of separate counterparts, each of which shall
be deemed an original and all of which, taken together, shall be deemed to
constitute one and the same instrument. 
Delivery of an executed counterpart of this Amendment by facsimile
transmission or by electronic mail in pdf form shall be as effective as
delivery of a manually executed counterpart hereof.

12.           Binding
Nature.  This Amendment shall be
binding upon and inure to the benefit of the parties hereto, their respective
successors, successors-in-titles, and assigns.

13.           Entire
Understanding.  This Amendment sets
forth the entire understanding of the parties with respect to the matters set
forth herein, and shall supersede any prior negotia­tions or agreements,
whether written or oral, with respect thereto.

14.           Release.  In consideration for the accommodations
provided pursuant to this Amendment, and acknowledging that the Administrative
Agent and Lenders will be specifically relying on the following provisions as a
material inducement in entering into this Amendment, 

 4
 

and
for other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, each Borrower Party hereby releases, remises and
forever discharges the Administrative Agent and the Lenders and their
respective agents, servants, employees, directors, officers, attorneys,
accountants, consultants, affiliates, representatives, receivers, trustees,
subsidiaries, predecessors, successors and assigns (collectively, the “Released
Parties”) from any and all claims, damages, losses, demands, liabilities,
obligations, actions and causes of action whatsoever (whether arising in
contract or in tort, and whether at law or in equity), whether known or
unknown, matured or contingent, liquidated or unliquidated, in any way arising
from, in connection with, or in any way concerning or relating to the Credit
Agreement, the other Loan Documents, and/or any dealings with any of the
Released Parties in connection with the transactions contemplated by such
documents or this Amendment prior to date hereof.  This release shall be and remain in full
force and effect notwithstanding the discovery by the Borrower Parties after
the date hereof (a) of any new or additional claim against any Released Party,
(b) of any new or additional facts in any way relating to the subject matter of
this release, (c) that any fact relied upon by it was incorrect or (d) that any
representation made by any Released Party was untrue or that any Released Party
concealed any fact, circumstance or claim relevant to the Borrower Parties’
execution of this release; provided, however, this release shall
not extend to any claims arising after the execution of this Amendment.

[Signature Pages To Follow]

 5
 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed under seal by their respective authorized officers as of the day and
year first above written.

	
  BORROWER:

  	
   

  	
  GTSI CORP.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GUARANTORS:

  	
   

  	
  GTSI FINANCIAL SERVICES, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TECHNOLOGY LOGISTICS, INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 6
 

 

	
  ADMINISTRATIVE AGENT AND

  	
   

  	
   

  
	
  LENDERS:

  	
   

  	
  CRYSTAL CAPITAL FUND, L.P., as
  the Administrative Agent and a Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  	
  Crystal Capital GP, LLC, its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 7
 

 

	
  

  	
   

  	
   

  	
   

  	
  CRYSTAL CAPITAL FUND, LTD, as
  a Lender

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  

 

 8EXECUTION
COPY

Exhibit
4.1

 

AVENTINE RENEWABLE ENERGY
HOLDINGS, INC.,

as Issuer,

AVENTINE RENEWABLE ENERGY, LLC,

as Guarantor,

AVENTINE RENEWABLE ENERGY, INC.

as Guarantor,

AVENTINE POWER, LLC

as Guarantor,

AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC

as Guarantor,

AVENTINE RENEWABLE ENERGY-MT. VERNON, LLC

as Guarantor,

and

WELLS FARGO BANK, N.A.,

as Trustee

————————————

INDENTURE

————————————

Dated as of March 27, 2007

10% Senior Notes due 2017

 

CROSS-REFERENCE TABLE

 

	
  TIA Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
        (a)(2)

  	
   

  	
  7.10

  
	
        (a)(3)

  	
   

  	
  N.A.

  
	
        (a)(4)

  	
   

  	
  N.A.

  
	
        (a)(5)

  	
   

  	
  7.8; 7.10

  
	
        (b)

  	
   

  	
  7.8; 7.10; 11.2

  
	
        (c)

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
  7.11

  
	
        (b)

  	
   

  	
  7.11

  
	
        (c)

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
  2.5

  
	
        (b)

  	
   

  	
  11.3

  
	
        (c)

  	
   

  	
  11.3

  
	
  313(a)

  	
   

  	
  7.6

  
	
        (b)(1)

  	
   

  	
  7.6

  
	
        (b)(2)

  	
   

  	
  7.6

  
	
        (c)

  	
   

  	
  7.6; 11.2

  
	
        (d)

  	
   

  	
  7.6

  
	
  314(a)

  	
   

  	
  4.8; 4.10; 11.2

  
	
        (b)

  	
   

  	
  N.A.

  
	
        (c)(1)

  	
   

  	
  7.2; 11.4; 11.5

  
	
        (c)(2)

  	
   

  	
  7.2; 11.4; 11.5

  
	
        (c)(3)

  	
   

  	
  N.A.

  
	
        (d)

  	
   

  	
  N.A.

  
	
        (e)

  	
   

  	
  11.5

  
	
        (f)

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
  7.1(b)

  
	
        (b)

  	
   

  	
  7.5

  
	
        (c)

  	
   

  	
  7.1

  
	
        (d)

  	
   

  	
  6.5; 7.1(c)

  
	
        (e)

  	
   

  	
  6.11

  
	
  316(a)(last
  sentence)

  	
   

  	
  2.9

  
	
        (a)(1)(A)

  	
   

  	
  6.5

  
	
        (a)(1)(B)

  	
   

  	
  6.4

  
	
        (a)(2)

  	
   

  	
  N.A.

  
	
        (b)

  	
   

  	
  6.7

  
	
        (c)

  	
   

  	
  9.4

  
	
  317(a)(1)

  	
   

  	
  6.8

  
	
        (a)(2)

  	
   

  	
  6.9

  
	
        (b)

  	
   

  	
  2.4

  
	
  318(a)

  	
   

  	
  11.1

  
	
        (c)

  	
   

  	
  11.1

  

N.A. means Not
Applicable.

Note:      This Cross-Reference Table shall not, for
any purpose, be deemed to be a part of this Indenture.

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I DEFINITIONS AND INCORPORATION BY
  REFERENCE

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.1

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  1.2

  	
   

  	
  Incorporation by Reference of TIA

  	
   

  	
  25

  
	
  1.3

  	
   

  	
  Rules of Construction

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II THE SECURITIES

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Form and Dating

  	
   

  	
  26

  
	
  2.2

  	
   

  	
  Execution and Authentication

  	
   

  	
  27

  
	
  2.3

  	
   

  	
  Registrar and Paying Agent

  	
   

  	
  27

  
	
  2.4

  	
   

  	
  Paying Agent to Hold Assets in Trust

  	
   

  	
  28

  
	
  2.5

  	
   

  	
  Holder Lists

  	
   

  	
  28

  
	
  2.6

  	
   

  	
  Transfer and Exchange

  	
   

  	
  28

  
	
  2.7

  	
   

  	
  Replacement Securities

  	
   

  	
  30

  
	
  2.8

  	
   

  	
  Outstanding Securities

  	
   

  	
  30

  
	
  2.9

  	
   

  	
  Treasury Securities

  	
   

  	
  30

  
	
  2.10

  	
   

  	
  Temporary Securities

  	
   

  	
  30

  
	
  2.11

  	
   

  	
  Cancellation

  	
   

  	
  31

  
	
  2.12

  	
   

  	
  Defaulted Interest

  	
   

  	
  31

  
	
  2.13

  	
   

  	
  CUSIP and ISIN Numbers

  	
   

  	
  31

  
	
  2.14

  	
   

  	
  Restrictive Legends

  	
   

  	
  31

  
	
  2.15

  	
   

  	
  Book-Entry Provisions for Global Security

  	
   

  	
  33

  
	
  2.16

  	
   

  	
  Special Transfer Provisions

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III REDEMPTION; OFFER TO PURCHASE

  	
   

  	
  37

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1

  	
   

  	
  Notices to Trustee

  	
   

  	
  37

  
	
  3.2

  	
   

  	
  Selection of Securities to Be Redeemed

  	
   

  	
  37

  
	
  3.3

  	
   

  	
  Notice of Redemption

  	
   

  	
  37

  
	
  3.4

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  38

  
	
  3.5

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  38

  
	
  3.6

  	
   

  	
  Securities Redeemed in Part

  	
   

  	
  39

  
	
  3.7

  	
   

  	
  Offer to Purchase

  	
   

  	
  39

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
   

  	
  40

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1

  	
   

  	
  Payment of Securities

  	
   

  	
  40

  
	
  4.2

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  40

  
	
  4.3

  	
   

  	
  Limitation on Restricted Payments

  	
   

  	
  41

  
	
  4.4

  	
   

  	
  Limitation on Indebtedness and Issuance of Preferred
  Stock

  	
   

  	
  44

  
	
  4.5

  	
   

  	
  Corporate Existence

  	
   

  	
  47

  
	
  4.6

  	
   

  	
  Payment of Taxes and Other Claims

  	
   

  	
  47

  
	
  4.7

  	
   

  	
  Maintenance of Properties and Insurance

  	
   

  	
  47

  
	
  4.8

  	
   

  	
  Compliance Certificate; Notice of Default

  	
   

  	
  47

  
	
  4.9

  	
   

  	
  Compliance with Laws

  	
   

  	
  48

  
	
  4.10

  	
   

  	
  Commission Reports and Reports to Holders

  	
   

  	
  48

  
	
  4.11

  	
   

  	
  Waiver of Stay, Extension or Usury Laws

  	
   

  	
  48

  

 

 

	
  4.12

  	
   

  	
  Limitations on Transactions with Shareholders and
  Affiliates

  	
   

  	
  49

  
	
  4.13

  	
   

  	
  Limitation on Dividend and Other Payment
  Restrictions Affecting Subsidiaries

  	
   

  	
  50

  
	
  4.14

  	
   

  	
  Limitation on the Issuance and Sale of Capital Stock
  of Restricted Subsidiaries

  	
   

  	
  52

  
	
  4.15

  	
   

  	
  Issuances of Guarantees by Restricted Subsidiaries

  	
   

  	
  52

  
	
  4.16

  	
   

  	
  Limitation on Liens

  	
   

  	
  53

  
	
  4.17

  	
   

  	
  Change of Control

  	
   

  	
  54

  
	
  4.18

  	
   

  	
  Limitation on Asset Sales

  	
   

  	
  54

  
	
  4.19

  	
   

  	
  Limitation on Sale and Leaseback Transactions

  	
   

  	
  55

  
	
  4.20

  	
   

  	
  Limitation on Business Activities

  	
   

  	
  56

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V SUCCESSOR CORPORATION

  	
   

  	
  56

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.1

  	
   

  	
  Merger, Consolidation and Sale of Assets

  	
   

  	
  56

  
	
  5.2

  	
   

  	
  Successor Corporation Substituted

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI DEFAULT AND REMEDIES

  	
   

  	
  58

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.1

  	
   

  	
  Events of Default

  	
   

  	
  58

  
	
  6.2

  	
   

  	
  Acceleration

  	
   

  	
  60

  
	
  6.3

  	
   

  	
  Other Remedies

  	
   

  	
  60

  
	
  6.4

  	
   

  	
  Waiver of Past Defaults; Rescission of Acceleration

  	
   

  	
  60

  
	
  6.5

  	
   

  	
  Control by Majority

  	
   

  	
  60

  
	
  6.6

  	
   

  	
  Limitation on Suits

  	
   

  	
  61

  
	
  6.7

  	
   

  	
  Rights of Holders to Receive Payment

  	
   

  	
  61

  
	
  6.8

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  61

  
	
  6.9

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  61

  
	
  6.10

  	
   

  	
  Priorities

  	
   

  	
  62

  
	
  6.11

  	
   

  	
  Undertaking for Costs

  	
   

  	
  62

  
	
  6.12

  	
   

  	
  Restoration of Rights and Remedies

  	
   

  	
  62

  
	
  6.13

  	
   

  	
  Rights and Remedies Cumulative

  	
   

  	
  63

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ARTICLE VII TRUSTEE

  	
   

  	
  63

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  7.1

  	
   

  	
  Duties of Trustee

  	
   

  	
  63

  
	
  7.2

  	
   

  	
  Rights of Trustee

  	
   

  	
  64

  
	
  7.3

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  65

  
	
  7.4

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  66

  
	
  7.5

  	
   

  	
  Notice of Default

  	
   

  	
  66

  
	
  7.6

  	
   

  	
  Reports by Trustee to Holders

  	
   

  	
  66

  
	
  7.7

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  66

  
	
  7.8

  	
   

  	
  Replacement of Trustee

  	
   

  	
  67

  
	
  7.9

  	
   

  	
  Successor Trustee by Merger, Etc.

  	
   

  	
  68

  
	
  7.10

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  68

  
	
  7.11

  	
   

  	
  Preferential Collection of Claims Against the Issuer

  	
   

  	
  69

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII DISCHARGE OF INDENTURE; DEFEASANCE

  	
   

  	
  69

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8.1

  	
   

  	
  Termination of the Issuer’s Obligations.

  	
   

  	
  69

  
	
  8.2

  	
   

  	
  Legal Defeasance and Covenant Defeasance

  	
   

  	
  70

  

 

 

	
  8.3

  	
   

  	
  Conditions to Legal Defeasance or Covenant
  Defeasance

  	
   

  	
  71

  
	
  8.4

  	
   

  	
  Application of Trust Money

  	
   

  	
  72

  
	
  8.5

  	
   

  	
  Repayment to the Issuer

  	
   

  	
  73

  
	
  8.6

  	
   

  	
  Reinstatement

  	
   

  	
  73

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX AMENDMENTS, SUPPLEMENTS AND WAIVERS

  	
   

  	
  73

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9.1

  	
   

  	
  Without Consent of Holders

  	
   

  	
  73

  
	
  9.2

  	
   

  	
  With Consent of Holders

  	
   

  	
  74

  
	
  9.3

  	
   

  	
  Compliance with TIA

  	
   

  	
  75

  
	
  9.4

  	
   

  	
  Revocation and Effect of Consents

  	
   

  	
  75

  
	
  9.5

  	
   

  	
  Notation on or Exchange of Securities

  	
   

  	
  76

  
	
  9.6

  	
   

  	
  Trustee to Sign Amendments, Etc.

  	
   

  	
  76

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X GUARANTEE OF SECURITIES

  	
   

  	
  76

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  10.1

  	
   

  	
  Unconditional Subsidiary Guarantee

  	
   

  	
  76

  
	
  10.2

  	
   

  	
  Limitations on Subsidiary Guarantees

  	
   

  	
  77

  
	
  10.3

  	
   

  	
  Execution and Delivery of Subsidiary Guarantee

  	
   

  	
  78

  
	
  10.4

  	
   

  	
  Release of a Subsidiary Guarantor

  	
   

  	
  78

  
	
  10.5

  	
   

  	
  Waiver of Subrogation

  	
   

  	
  79

  
	
  10.6

  	
   

  	
  Immediate Payment

  	
   

  	
  79

  
	
  10.7

  	
   

  	
  No Set-Off

  	
   

  	
  79

  
	
  10.8

  	
   

  	
  Obligations Absolute

  	
   

  	
  79

  
	
  10.9

  	
   

  	
  Obligations Continuing

  	
   

  	
  79

  
	
  10.10

  	
   

  	
  Obligations Not Discharged

  	
   

  	
  80

  
	
  10.11

  	
   

  	
  Obligations Reinstated

  	
   

  	
  80

  
	
  10.12

  	
   

  	
  Obligations Not Affected

  	
   

  	
  80

  
	
  10.13

  	
   

  	
  Waiver

  	
   

  	
  81

  
	
  10.14

  	
   

  	
  No Obligation to Take Action Against the Issuer

  	
   

  	
  81

  
	
  10.15

  	
   

  	
  Dealing with the Issuer and Others

  	
   

  	
  82

  
	
  10.16

  	
   

  	
  Default and Enforcement

  	
   

  	
  82

  
	
  10.17

  	
   

  	
  Acknowledgment

  	
   

  	
  82

  
	
  10.18

  	
   

  	
  Costs and Expenses

  	
   

  	
  82

  
	
  10.19

  	
   

  	
  No Merger or Waiver; Cumulative Remedies

  	
   

  	
  82

  
	
  10.20

  	
   

  	
  Survival of Obligations

  	
   

  	
  83

  
	
  10.21

  	
   

  	
  Subsidiary Guarantee in Addition to Other
  Obligations

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE XI MISCELLANEOUS

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.1

  	
   

  	
  TIA Controls

  	
   

  	
  83

  
	
  11.2

  	
   

  	
  Notices

  	
   

  	
  83

  
	
  11.3

  	
   

  	
  Communications by Holders with Other Holders

  	
   

  	
  84

  
	
  11.4

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  84

  
	
  11.5

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  85

  
	
  11.6

  	
   

  	
  Rules by Trustee, Paying Agent, Registrar

  	
   

  	
  86

  
	
  11.7

  	
   

  	
  Legal Holidays

  	
   

  	
  86

  
	
  11.8

  	
   

  	
  Governing Law

  	
   

  	
  86

  
	
  11.9

  	
   

  	
  No Adverse Interpretation of Other Agreements

  	
   

  	
  86

  
	
  11.10

  	
   

  	
  No Recourse Against Others

  	
   

  	
  86

  

 

 

	
  11.11

  	
   

  	
  Successors

  	
   

  	
  86

  
	
  11.12

  	
   

  	
  Duplicate Originals

  	
   

  	
  86

  
	
  11.13

  	
   

  	
  Severability

  	
   

  	
  86

  
	
  Signatures

  	
   

  	
  S-1

  

 

	
  Exhibit A

  	
  —

  	
   

  	
  Form of Initial Note

  
	
  Exhibit B

  	
  —

  	
   

  	
  Form of Exchange Note

  
	
  Exhibit C

  	
  —

  	
   

  	
  Form of Certificate to be Delivered in Connection
  with Transfers to Non-QIB

  
	
   

  	
   

  	
   

  	
  Accredited Investors

  
	
  Exhibit D

  	
   

  	
   

  	
  Form of Certificate for Transfers Pursuant to
  Regulation S

  
	
  Exhibit E

  	
  —

  	
   

  	
  Form of Guarantee

  
	
   

  	
   

  	
   

  	
   

  
	
  Note:

  	
  This Table of Contents shall not, for any purpose,
  be deemed to be part of this Indenture

  

 

 

INDENTURE dated
as of March 27, 2007 among AVENTINE RENEWABLE ENERGY
HOLDINGS, INC., a Delaware
corporation (the “Issuer”), AVENTINE
RENEWABLE ENERGY, LLC, a Delaware limited liability company, as a
Subsidiary Guarantor, AVENTINE RENEWABLE
ENERGY, INC., a Delaware corporation, as a Subsidiary Guarantor, AVENTINE POWER, LLC, a Delaware limited liability company, as a Subsidiary Guarantor, AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC,
a Delaware limited liability company, as a Subsidiary Guarantor, AVENTINE RENEWABLE ENERGY-MT. VERNON, LLC,
a Delaware limited liability company, as a Subsidiary Guarantor, and WELLS FARGO BANK, N.A., as Trustee (the “Trustee”).

The Issuer has duly authorized the creation of an
issue of 10% Senior Notes due 2017 and, when and if issued as provided in the
Registration Rights Agreement in an Exchange Offer, 10% Senior Notes due 2017,
and, to provide therefor, the Issuer has duly authorized the execution and
delivery of this Indenture.  All things
necessary to make the Securities (as defined below), when duly issued and
executed by the Issuer and authenticated and delivered hereunder, the valid and
binding obligations of the Issuer and to make this Indenture a valid and
binding agreement of the Issuer have been done.

This Indenture is subject to, and shall be governed
by, the mandatory provisions of the Trust Indenture Act of 1939, as amended,
that are required to be a part of and to govern indentures qualified under the
Trust Indenture Act of 1939, as amended.

Each party hereto agrees as follows for the benefit of
each other party and for the equal and ratable benefit of the Holders of the
Securities:

ARTICLE I

DEFINITIONS
AND INCORPORATION BY REFERENCE

1.1                               Definitions

“Accredited Investor” has the meaning set forth
in Section 2.16(a).

“Acquired Indebtedness” means (i) Indebtedness
of a Person existing at the time such Person becomes a Restricted Subsidiary or
Indebtedness of a Restricted Subsidiary assumed in connection with an Asset
Acquisition by such Restricted Subsidiary or (ii) Indebtedness secured by a
Lien encumbering an asset acquired by a Person at the time of such acquisition.

“Actual Knowledge” means the actual fact or
statement of knowing, without any duty to make any investigation with regard
thereto.

“Adjusted Consolidated Net Income” means, for
any period, the aggregate net income (or loss) of the Issuer and its Restricted
Subsidiaries for such period determined in conformity with GAAP; provided
that the following items shall be excluded in computing Adjusted Consolidated
Net Income (without duplication):

(1)                                  the
net income (or loss) of any Person that is not a Restricted Subsidiary (except
to the extent of the amount of dividends or distributions paid in cash to the
Issuer or any of its Restricted Subsidiaries);

(2)                                  the
net income (or loss) of any Person accrued prior to the date it becomes a
Restricted Subsidiary or is merged into or consolidated with the Issuer or any
of its Restricted Subsidiaries or all or substantially all of the property and
assets of such Person are acquired by the Issuer or any of its Restricted
Subsidiaries;

(3)                                  the
net income of any Restricted Subsidiary (other than NELLC or any Subsidiary of
NELLC) to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of such net income is not at the
time permitted by the operation of the terms of its charter or any agreement,
instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to such Restricted Subsidiary (other than any restriction permitted
by clause (vi), (vii) or (viii) of Section 4.13) except to the
extent that cash was distributed by such Restricted Subsidiary to the Issuer or
another Restricted Subsidiary during such period;

(4)                                  any
gains or losses (on an after-tax basis) attributable to sales of assets outside
the ordinary course of business of the Issuer and its Restricted Subsidiaries;

(5)                                  solely
for purposes of calculating the amount of Restricted Payments that may be made
pursuant to clause (c) of the first paragraph of Section 4.3, any amount
paid or accrued as dividends on preferred stock of the Issuer owned by Persons
other than the Issuer and any of its Restricted Subsidiaries;

(6)                                  all
extraordinary gains or losses;

(7)                                  income
or loss attributable to discontinued operations (including, without limitation,
operations disposed of during such period whether or not such operations were
classified as discontinued);

(8)                                  any
non-cash compensation expense realized from grants of stock appreciation or
similar rights, stock options or other rights to officers, directors or
employees of the Issuer or any of its Restricted Subsidiaries;

(9)                                  any
net after-tax income or loss from discontinued operations;

(10)                            the
cumulative effect of a change in accounting principles;

(11)                            any
expense with respect to which, and to the extent that, the Issuer is
indemnified by a third party (but only if and to the extent that the related
indemnification payment from such third party is not included in the
calculation of the net income of the Issuer);

 2
 

(12)                            any
non-cash asset impairment charges resulting from application of Statement of
Financial Accounting Standards No. 142 and No. 144 and the amortization of
intangibles pursuant to Statement of Financial Accounting Standards No. 141;

(13)                            any
increase in amortization or depreciation or any one-time non-cash charges
resulting from purchase accounting in connection with acquisitions; and

(14)                            any
non-cash gain or loss attributable to any Commodity Agreement until such
time as it is settled, at which time the net gain or loss shall be included.

“Affiliate” means, as
applied to any Person, any other Person directly or indirectly controlling,
controlled by, or under direct or indirect common control with, such Person.
For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control
with”), as applied to any Person, means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or
otherwise.

“Agent” means any Registrar, Paying Agent or
co-Registrar.

“Agent Members” has the meaning set forth in
Section 2.15(a).

“Asset Acquisition” means
(1) an investment by the Issuer or any of its Restricted Subsidiaries in
any other Person pursuant to which such Person shall become a Restricted
Subsidiary or shall be merged into or consolidated with the Issuer or any of
its Restricted Subsidiaries or (2) an acquisition by the Issuer or any of
its Restricted Subsidiaries of the property and assets of any Person other than
the Issuer or any of its Restricted Subsidiaries that constitute substantially
all of a division or line of business of such Person.

“Asset Disposition” means
the sale or other disposition by the Issuer or any of its Restricted
Subsidiaries of (1) all or substantially all of the Capital Stock of any
Restricted Subsidiary or (2) all or substantially all of the assets that
constitute a division or line of business of the Issuer or any of its
Restricted Subsidiaries.

“Asset Sale” means any sale, transfer or other
disposition (including by way of merger or consolidation) in one transaction or
a series of related transactions by the Issuer or any of its Restricted
Subsidiaries to any Person other than the Issuer or any of its Restricted
Subsidiaries of:

(1)                                  all
or any of the Capital Stock of any Restricted Subsidiary,

(2)                                  all
or substantially all of the property and assets of an operating unit or
business of the Issuer or any of its Restricted Subsidiaries, or

(3)                                  any
other property and assets (other than the Capital Stock or other Investment in
an Unrestricted Subsidiary) of the Issuer or any of its Restricted Subsidiaries
outside the ordinary course of business of the Issuer or such Restricted
Subsidiary,

 3
 

in each case, that is not
governed by Article V; provided that “Asset Sale” shall not include:

(a)                                  sales
or other dispositions of inventory, receivables and other current assets,

(b)                                 sales,
transfers or other dispositions of assets constituting a Permitted Investment
or Restricted Payment permitted to be made under Section 4.3,

(c)                                  sales,
transfers or other dispositions of assets with a fair market value not in
excess of $10.0 million in any transaction or series of related
transactions,

(d)                                 any
sale, transfer, assignment or other disposition of any property or equipment
that has become damaged, worn out, obsolete or otherwise unsuitable for use in
connection with the business of the Issuer or its Restricted Subsidiaries,

(e)                                  sales
or grants of licenses to use the Issuer’s or any Restricted Subsidiary’s
patents, trade secrets, know-how and technology to the extent that such license
does not prohibit the licensor from using the patent, trade secret, know-how or
technology, or

(f)                                    foreclosures
on assets.

“Attributable Debt” in
respect of a Sale and Leaseback Transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental
payments during the remaining term of the lease included in such Sale and
Leaseback Transaction, including any period for which such lease has been
extended or may, at the option of the lessor, be extended. Such present value
shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP.

“Aventine Renewable Energy”
means Aventine Renewable Energy, LLC (a direct subsidiary of the Issuer) and
its successors.

“Average Life” means, at
any date of determination with respect to any debt security, the quotient
obtained by dividing (1) the sum of the products of (a) the number of
years from such date of determination to the dates of each successive scheduled
principal payment of such debt security and (b) the amount of such
principal payment by (2) the sum of all such principal payments.

“Bankruptcy Law” means Title 11, U.S. Code, or
any similar federal, state or foreign law for the relief of debtors.

“Board of Directors”
means, with respect to any Person, the Board of Directors of such Person or any
duly authorized committee of such Board of Directors.  Unless otherwise indicated, the “Board of
Directors” refers to the Board of Directors of the Issuer.

“Board Resolution” means, with respect to any
Person, a copy of a resolution certified by the Secretary or an Assistant
Secretary of such Person to have been duly adopted by the Board of Directors of
such Person and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

 4
 

“Borrowing Base” means, as of any date, an
amount equal to the sum of:

(1)                                  85%
of the book value of all accounts receivable owned by the Issuer and its
Restricted Subsidiaries as of such date, plus

(2)                                  85%
of the book value of all inventory,

all calculated on a consolidated basis and in
accordance with GAAP. In the event that information with respect to any element
of the Borrowing Base is not available as of any date then the most recently
available information will be utilized.

“Business Day” means any day other than a
Saturday, Sunday or any other day on which banking institutions in New York,
New York, Minneapolis, Minnesota or Houston, Texas are required or authorized
by law or other governmental action to be closed.

“Capital Stock” means,
with respect to any Person, any and all shares, interests, participations or
other equivalents (however designated, whether voting or non-voting) in equity
of such Person, whether outstanding on the Issue Date or issued thereafter,
including, without limitation, all common stock and preferred stock.

“Capitalized Lease” means, as applied to any
Person, any lease of any property (whether real, personal or mixed) of which
the discounted present value of the rental obligations of such Person, as
Lessee, in conformity with GAAP, is required to be capitalized on the balance
sheet of such Person.

“Capitalized Lease Obligations”
means the discounted present value of the rental obligations under a
Capitalized Lease.

“Change of Control” means such time as:

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

(2)                                  the
adoption of a plan relating to the liquidation or dissolution of the Issuer;

(3)                                  a
“person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the
Exchange Act) becomes the ultimate “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act) of more than 50% of the total voting
power of the Voting Stock of the Issuer on a fully diluted basis, and such
ownership represents a greater percentage of the total voting power of the
Voting Stock of the Issuer, on a fully diluted basis, than is held by the
Permitted Holders on such date;

(4)                                  individuals
who on the Issue Date constituted the Board of Directors (together with any new
directors whose election by the Board of Directors or whose nomination by the
Board of Directors for election by the Issuer’s stockholders

 5
 

was approved by a vote of
at least two-thirds of the members of the Board of Directors then in office who
 either were members of the Board of Directors
on the Issue Date or whose election or nomination for election was previously
so approved) cease for any reason to constitute a majority of the members of
the Board of Directors then in office; or

(5)                                  the
Issuer consolidates with, or merges with or into, any Person, or any Person
consolidates with, or merges with or into, the Issuer, in any such event
pursuant to a transaction in which any of the outstanding Voting Stock of the
Issuer or such other Person is converted into or exchanged for cash, securities
or other property, other than any such transaction where the Voting Stock of
the Issuer outstanding immediately prior to such transaction is converted into
or exchanged for (or continues as) Voting Stock (other than Disqualified Stock)
of the surviving or transferee Person constituting a majority of the
outstanding shares of Voting Stock of such surviving or transferee Person
(immediately after giving effect to such issuance).

“Commission” means the
Securities and Exchange Commission, as from time to time constituted, created
under the Exchange Act or, with respect to the Commission’s duties under the
TIA, if at any time after the execution of this instrument such Commission is
not existing and performing the duties now assigned to it under the TIA, then
the body performing such duties at such time.

“Commodity Agreement”
means any forward contract, commodity swap agreement, commodity option
agreement or other similar agreement or arrangement.

“Consolidated EBITDA” means, for any period,
Adjusted Consolidated Net Income for such period plus, to the extent
such amount was deducted in calculating such Adjusted Consolidated Net Income:

(1)                                  Fixed
Charges,

(2)                                  income
taxes,

(3)                                  depreciation
expense,

(4)                                  amortization
expense,

(5)                                  all
other non-cash items (including non-cash asset impairment charges and
amortization of pre-paid cash expenses that were paid in a prior period)
reducing Adjusted Consolidated Net Income (other than items that shall require
cash payment within twelve months of the Transaction Date and for which an
accrual or reserve is, or is required by GAAP to be, made (except for
restructuring charges, in which case, Consolidated EBITDA shall be increased by
an amount equal to the portion of such charges which do not reflect a cash
expense during the period), provided that any such cash payment (except
for any cash payment related to restructuring charges) made after such twelve-month
period shall be deducted from net income in the calculation of Consolidated
EBITDA for the 

 6
 

Four Quarter Period in which
such payment occurs), less all non-cash items increasing Adjusted
Consolidated Net Income (other than items which represent the reversal of an
accrual or reserve for anticipated cash charges in any prior period), all as
determined on a consolidated basis for the Issuer and its Restricted
Subsidiaries in conformity with GAAP;

(6)                                  any
non-capitalized transaction costs incurred in connection with actual, proposed
or abandoned financings, acquisitions or divestitures, including, but not
limited to, any earn-out or similar expense in connection with acquisitions or
dispositions and financing and refinancing fees and costs incurred in
connection with the offering of the Securities 
and related transactions;

(7)                                  periodic
pension and other post-retirement benefits net of any pension contributions
during such period; and

(8)                                  any
payments made pursuant to any Financial Advisory Agreement.

provided that, if any Restricted
Subsidiary is not a Wholly Owned Restricted Subsidiary, Consolidated EBITDA
shall be reduced (to the extent not otherwise reduced in accordance with GAAP)
by an amount equal to (A) the amount of the Adjusted Consolidated Net
Income attributable to such Restricted Subsidiary multiplied by (B) the
percentage ownership interest in the income of such Restricted Subsidiary not
owned on the last day of such period by the Issuer or any of its Restricted
Subsidiaries.

“Consolidated Interest Expense” means, for any
period, the aggregate amount of interest in respect of Indebtedness (including,
without limitation, amortization of original issue discount on any Indebtedness
and the interest portion of any deferred payment obligation, calculated in
accordance with the effective interest method of accounting; all commissions,
discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing; the net costs (gains) associated with Interest
Rate Agreements; and Indebtedness that is Guaranteed or secured by the Issuer
or any of its Restricted Subsidiaries); imputed interest with respect to
Attributable Debt; and all but the principal component of rentals in respect of
Capitalized Lease Obligations paid, in each case, accrued or scheduled to be
paid or to be accrued by the Issuer and its Restricted Subsidiaries during such
period, less interest income for such period; excluding, however, (1) any amount of
such interest of any Restricted Subsidiary if the net income of such Restricted
Subsidiary is excluded in the calculation of Adjusted Consolidated Net Income
pursuant to clause (3) of the definition thereof (but only in the same
proportion as the net income of such Restricted Subsidiary is excluded from the
calculation of Adjusted Consolidated Net Income pursuant to clause (3) of
the definition thereof) and (2) any premiums, fees and expenses (and any
amortization thereof) payable in connection with the offering of the
Securities, all as determined on a consolidated basis (without taking into
account Unrestricted Subsidiaries) in conformity with GAAP.

“Corporate Trust Office” means the office of
the Trustee at which the corporate trust business of the Trustee shall, at any
particular time, be principally administered, which office is, at the date of
this Indenture, located at Wells Fargo Bank, N.A., Corporate Trust Services, Sixth
Street & Marquette Avenue, Minneapolis, MN 
55479; Attn:  Aventine
Administrator.

 7
 

“Covenant Defeasance” has the meaning set forth
in Section 8.2(c).

“Credit Facilities” means, with respect to the
Issuer and its Restricted Subsidiaries, one or more debt facilities, commercial
paper facilities, or indentures providing for revolving credit loans, term
loans, notes, or other financing or letters of credit, or other credit
facilities, in each case, as amended, modified, renewed, refunded, replaced or
refinanced from time to time.

“Currency Agreement” means
any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement.

“Custodian” means any receiver, trustee,
assignee, liquidator, sequestrator or similar official under any Bankruptcy
Law.

“Default” means any event
that is, or after notice or passage of time or both would be, an Event of
Default.

“Depository” shall mean The Depository Trust
Company, New York, New York, or a successor thereto registered under the
Exchange Act or other applicable statute or regulation.

“Disqualified Stock” means any class or series
of Capital Stock of any Person that by its terms or otherwise is
(1) required to be redeemed prior to the Stated Maturity of the
Securities, (2) redeemable at the option of the holder of such class or
series of Capital Stock at any time prior to the Stated Maturity of the
Securities or (3) convertible into or exchangeable for (except solely at
the option of the issuer thereof) Capital Stock referred to in clause (1)
or (2) above or Indebtedness having a scheduled maturity prior to the
Stated Maturity of the Securities; provided that any Capital Stock that
would not constitute Disqualified Stock but for provisions thereof giving
holders thereof the right to require such Person to repurchase or redeem such
Capital Stock upon the occurrence of an “asset sale” or “change of control”
occurring prior to the Stated Maturity of the Securities shall not constitute
Disqualified Stock if the “asset sale” or “change of control” provisions
applicable to such Capital Stock are no more favorable to the holders of such
Capital Stock than the provisions contained in Sections 4.17 and 4.18 and such
Capital Stock specifically provides that such Person shall not repurchase or
redeem any such stock pursuant to such provision prior to the  repurchase of such Securities as are required
to be repurchased pursuant to Sections 4.17 and 4.18.

“Domestic Subsidiary”
means any Subsidiary of the Issuer that is not a Foreign Subsidiary.

“Event of Default” has the meaning set forth in
Section 6.1.

“Exchange Act” means the Securities Exchange
Act of 1934, as amended, or any successor statute or statutes thereto.

“Exchange Notes” means the 10% Senior Notes due
2017 (the terms of which are identical to the Initial Notes except that the
Exchange Notes shall be registered under the Securities Act, and shall not
contain the restrictive legend on the face of the Initial Notes), to be issued
in exchange for the Initial Notes pursuant to the registered Exchange Offer.

 8
 

“Exchange Offer” means the offer by the Issuer
to each Holder of the Initial Notes to exchange the aggregate principal amount
of Initial Notes held by such Holder for an equal aggregate principal amount of
Exchange Notes, all in accordance with the terms and conditions of the
Registration Rights Agreement.

“fair market value” means
the price that would be paid in an arm’s-length transaction between an
informed and willing seller under no compulsion to sell and an informed and
willing buyer under no compulsion to buy, as determined in good faith by the
Board of Directors, whose determination shall be conclusive if evidenced by a
resolution of the Board of Directors.

“Financial Advisory Agreement”
means any financial advisory agreement with Metalmark Capital LLC, MSCP Funds
or any Affiliate of the Issuer of the foregoing.

“Fixed Charge Coverage Ratio” means, for any
Person on any Transaction Date, the ratio of (a) the aggregate amount of
Consolidated EBITDA for the then most recent four fiscal quarters prior to such
Transaction Date for which reports have been filed with the Commission or
provided to the Trustee (the “Four Quarter Period”) to (b) the
aggregate Fixed Charges during such Four Quarter Period. In making the
foregoing calculation:

(1)                                  pro
forma effect shall be given to any Indebtedness Incurred or repaid during the
period (the “Reference Period”) commencing on the first day of the Four
Quarter Period and ending on the Transaction Date (other than Indebtedness
Incurred or repaid under a revolving credit agreement or similar arrangement)
in each case as if such Indebtedness had been Incurred or repaid on the first
day of such Reference Period;

(2)                                  Consolidated
Interest Expense attributable to interest on any Indebtedness (whether existing
or being Incurred) computed on a pro forma basis and bearing a floating
interest rate shall be computed as if the rate in effect on the Transaction
Date (taking into account any Interest Rate Agreement applicable to such
Indebtedness if such Interest Rate Agreement has a remaining term in excess of
12 months or, if shorter, at least equal to the remaining term of such
Indebtedness) had been the applicable rate for the entire period;

(3)                                  pro
forma effect shall be given to Asset Dispositions and Asset Acquisitions
(including giving pro forma effect to the application of proceeds of any Asset
Disposition) that occur during such Reference Period as if they had occurred
and such proceeds had been applied on the first day of such Reference Period,
including giving effect to cost savings reasonably expected to be realized in
connection with that acquisition, as determined in the good faith and
reasonable judgment of the chief financial officer of the Issuer (regardless of
whether those cost savings could then be reflected in pro forma financial
statements under GAAP, Regulation S-X promulgated by the Commission or any
other regulation or policy of the Commission); and

 9
 

(4)                                  pro
forma effect shall be given to asset dispositions and asset acquisitions
(including giving pro forma effect to the application of proceeds of any asset
disposition) that have been made by any Person that has become a Restricted
Subsidiary or has been merged with or into the Issuer or any Restricted
Subsidiary during such Reference Period and that would have constituted Asset
Dispositions or Asset Acquisitions had such transactions occurred when such
Person was a Restricted Subsidiary as if such asset dispositions or asset
acquisitions were Asset Dispositions or Asset Acquisitions that occurred on the
first day of such Reference Period, including giving effect to cost savings
reasonably expected to be realized in connection with that acquisition, as
determined in the good faith and reasonable judgment of the chief financial
officer of the Issuer (regardless of whether those cost savings could then be
reflected in pro forma financial statements under GAAP, Regulation S-X
promulgated by the Commission or any other regulation or policy of the
Commission); provided  that
to the extent that clause (3) or (4) of this sentence requires that pro
forma effect be given to an Asset Acquisition or Asset Disposition, such pro
forma calculation shall be based upon the four full fiscal quarters immediately
preceding the Transaction Date of the Person, or division or line of business
of the Person, that is acquired or disposed for which financial information is
available; provided  further that if the entity or division or
line of business acquired commenced commercial operations during such four
fiscal quarters then such pro forma calculation shall be based on the
annualized results of operations of such entity or division or line of business
since the date it began commercial operations.

“Fixed Charges” means, with respect to any
Person for any period, the sum, without duplication, of:

(1)                                  Consolidated
Interest Expense plus

(2)                                  the
product of (x) the amount of all dividend payments on any series preferred
stock of such Person or any of its Restricted Subsidiaries (other than
dividends payable solely in Capital Stock of such Person or such Restricted
Subsidiary (other than Disqualified Stock) or to such Person or a Restricted
Subsidiary of such Person) paid, accrued or scheduled to be paid or accrued
during such period times (y) a fraction, the numerator of which is one and
the denominator of which is one minus the then current effective consolidated
federal, state and local income tax rate of such Person, expressed as a
decimal, as determined on a consolidated basis in accordance with GAAP.

“Foreign Subsidiary” means any Subsidiary of
the Issuer that is an entity which is a controlled foreign corporation under
Section 957 of the Internal Revenue Code.

“GAAP” means generally accepted accounting
principles in the United States of America as in effect at the time of any
determination as determined by the Public Company Accounting Oversight Board.
All ratios and computations contained or referred to in this Indenture shall be
computed in conformity with GAAP applied on a consistent basis, except that
calculations made for purposes of determining compliance with the terms of the
covenants and with other provisions of this Indenture shall be made without
giving effect to (1) the amortization of any expenses incurred in
connection with the offering of the Securities and (2) except as otherwise
provided, the amortization of any amounts required or permitted by Accounting
Principles Board Opinion Nos. 16 and 17.

 10
 

“Global Security” has the meaning set forth in
Section 2.1.

“Guarantee” means any obligation, contingent or
otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person and, without limiting the generality of the foregoing, any
obligation, direct or indirect, contingent or otherwise, of such Person
(1) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness of such other Person (whether arising by virtue
of partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services (unless such purchase arrangements are on arm’s-length
terms and are entered into in the ordinary course of business), to take-or-pay,
or to maintain financial statement conditions or otherwise) or (2) entered
into for purposes of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in
respect thereof (in whole or in part); provided that the term “Guarantee”
shall not include endorsements for collection or deposit in the ordinary course
of business. The term “Guarantee” used as a verb has a corresponding meaning.

“Holder” means a holder of any Securities.

“Incur” means, with respect to any
Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become
liable for or with respect to, or become responsible for, the payment of,
contingently or otherwise, such Indebtedness; provided that (1) any
Indebtedness of a Person existing at the time such Person becomes a Restricted
Subsidiary shall be deemed to be incurred by such Restricted Subsidiary at the
time it becomes a Restricted Subsidiary and (2) neither the accrual of
interest nor the accretion of original issue discount nor the payment of
interest in the form of additional Indebtedness (to the extent provided for
when the Indebtedness on which such interest is paid was originally issued)
shall be considered an Incurrence of Indebtedness.

“Indebtedness” means, with respect to any
Person at any date of determination (without duplication):

(1)                                  all
indebtedness of such Person for borrowed money;

(2)                                  all
obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments;

(3)                                  all
obligations of such Person in respect of letters of credit or other similar
instruments (including reimbursement obligations with respect thereto, but
excluding obligations with respect to letters of credit (including trade
letters of credit) securing obligations (other than obligations described in
clause (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary
course of business of such Person to the extent such letters of credit are not
drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later
than the third Business Day following receipt by such Person of a demand for
reimbursement);

 11

(4)                                  all
obligations of such Person to pay the deferred and unpaid purchase price of any
property or services, which purchase price is due more than six months after
the date of placing such property in service or taking delivery and title
thereto or the completion of such services, except Trade Payables;

(5)                                  all
Capitalized Lease Obligations and Attributable Debt;

(6)                                  all
Indebtedness of other Persons secured by a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person; provided
that the amount of such Indebtedness shall be the lesser of (A) the fair
market value of such asset at such date of determination and (B) the
amount of such Indebtedness;

(7)                                  all
Indebtedness of other Persons Guaranteed by such Person to the extent such
Indebtedness is Guaranteed by such Person;

(8)                                  to
the extent not otherwise included in this definition, obligations under
Commodity Agreements, Currency Agreements and Interest Rate Agreements (other
than Commodity Agreements, Currency Agreements and Interest Rate Agreements
designed solely to protect the Issuer or its Restricted Subsidiaries against
fluctuations in commodity prices, foreign currency exchange rates or interest
rates and that do not increase the Indebtedness of the obligor outstanding at
any time other than as a result of fluctuations in commodity prices, foreign
currency exchange rates or interest rates or by reason of fees, indemnities and
compensation payable thereunder); and

(9)                                  all
Disqualified Stock issued by such Person with the amount of Indebtedness
represented by such Disqualified Stock being equal to the greater of its
voluntary or involuntary liquidation preference and its maximum fixed
repurchase price, but excluding accrued dividends, if any.

The amount of Indebtedness of any Person at any date
shall be the outstanding balance at such date of all unconditional obligations
as described above and, with respect to contingent obligations, the maximum
liability upon the occurrence of the contingency giving rise to the obligation,
provided that:

(A)                              the
amount outstanding at any time of any Indebtedness issued with original issue
discount is the face amount of such Indebtedness less the remaining unamortized
portion of the original issue discount of such Indebtedness at such time as
determined in conformity with GAAP;

(B)                                money
borrowed and set aside at the time of the Incurrence of any Indebtedness in
order to prefund the payment of the interest on such Indebtedness shall not be
deemed to be “Indebtedness” so long as such money is held to secure the payment
of such interest; and

(C)                                Indebtedness
shall not include:

(x)                                   any
liability for federal, state, local or other taxes;

 12
 

(y)                                 performance,
surety or appeal bonds provided in the ordinary course of business; or

(z)                                   agreements
providing for indemnification, adjustment of purchase price or similar
obligations, or Guarantees or letters of credit, surety bonds or performance
bonds securing any obligations of the Issuer or any of its Restricted
Subsidiaries pursuant to such agreements, in any case, Incurred in connection
with the disposition of any business, assets or a Subsidiary (other than
Guarantees of Indebtedness Incurred by any Person acquiring all or any portion
of such business, assets or Restricted Subsidiary for the purpose of financing
such acquisition), so long as the principal amount does not exceed the gross
proceeds actually received by the Issuer or any Restricted Subsidiary in
connection with such disposition.

“Indenture” means this Indenture, as amended or
supplemented from time to time in accordance with the terms hereof.

“Initial Notes” means the 10% Senior Notes due
2017 of the Issuer issued on the Issue Date and authenticated and delivered
under this Indenture pursuant to Section 2.2 and any other notes (other than
Exchange Notes) issued after the Issue Date in accordance with clause (iii) of
the fourth paragraph of Section 2.2.

“Initial Subsidiary Guarantors” means each
Restricted Subsidiary of the Issuer (other than NELLC and its subsidiaries) on
the Issue Date.

“Institutional Accredited Investor” has the
meaning set forth in Section 2.16(a).

“Interest Payment Date” means each April 1 and
October 1, beginning October 1, 2007.

“Interest Rate Agreement” means any interest rate protection agreement,
interest rate future agreement, interest rate option agreement, interest rate
swap agreement, interest rate cap agreement, interest rate collar agreement,
interest rate hedge agreement, option or future contract or other similar
agreement or arrangement.

“Investment” in any Person means any direct or
indirect advance, loan or other extension of credit (including, without
limitation, by way of Guarantee or similar arrangement; but excluding advances
to customers or suppliers in the ordinary course of business that are, in conformity
with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the
balance sheet of the Issuer or its Restricted Subsidiaries and endorsements for
collection or deposit arising in the ordinary course of business) or capital
contribution to (by means of any transfer of cash or other property to others
or any payment for property or services for the account or use of others), or
any purchase or acquisition of Capital Stock, bonds, notes, debentures or other
similar instruments issued by, such Person and shall include (1) the
designation of a Restricted Subsidiary as an Unrestricted Subsidiary and
(2) the retention of the Capital Stock (or any other Investment) by the
Issuer or any of its Restricted Subsidiaries of (or in) any Person that has ceased
to be a Restricted Subsidiary, including without limitation, by reason of any
transaction permitted by clause (c) or (d) of Section 4.14.  For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.14, (a) the amount of or a reduction in an 

 13
 

Investment shall be equal to the fair market value
thereof at the time such Investment is made or reduced and (b) in the
event the Issuer or a Restricted Subsidiary makes an Investment by transferring
assets to any Person and as part of such transaction receives Net Cash
Proceeds, the amount of such Investment shall be the fair market value of the
assets less the amount of Net Cash Proceeds so received, provided the
Net Cash Proceeds are applied in accordance with clause (b)(i) or (b)(ii)
of Section 4.18.

“Issuer” means the party named as such in this
Indenture until a successor replaces it pursuant to this Indenture and
thereafter shall mean such successor Person.

“Issue Date” means March 27, 2007, the date of
original issuance of the Initial Notes.

“Legal Defeasance” has the meaning set forth in
Section 8.2(b).

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

“Maturity Date” means April 1, 2017.

“Moody’s” means Moody’s
Investors Service, Inc. and its successors.

“MSCP Funds” means Morgan
Stanley Dean Witter Capital Partners IV, L.P., MSDW IV 892 Investors,
L.P., Morgan Stanley Dean Witter Capital Investors IV, L.P., MSDW Capital
Partners IV, LLC and MSDW Capital Partners IV, Inc. and their
Affiliates, and any successors of the foregoing.

“NELLC” means Nebraska
Energy, LLC and its successors.

“Net Cash Proceeds” means:

(a)                                  with
respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash
or cash equivalents, including payments in respect of deferred payment
obligations (to the extent corresponding to the principal, but not interest,
component thereof) when received in the form of cash or cash equivalents and
proceeds from the conversion of other property received when converted to cash
or cash equivalents, net of

(1)                                  brokerage
commissions and other fees and expenses (including fees and expenses of counsel
and investment bankers) related to such Asset Sale;

(2)                                  provisions
for all taxes (whether or not such taxes will actually be paid or are payable)
as a result of such Asset Sale without regard to the consolidated results of
operations of the Issuer and its Restricted Subsidiaries, taken as a whole;

(3)                                  payments
made to repay Indebtedness or any other obligation outstanding at the time of
such Asset Sale that either (x) is secured by a Lien on the property or
assets sold or (y) is required to be paid as a result of such sale; and

 14
 

(4)                                  appropriate
amounts to be provided by the Issuer or any Restricted Subsidiary as a reserve
against any liabilities associated with such Asset Sale, including, without
limitation, pension and other post-employment benefit liabilities, liabilities
related to environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale, all as determined in conformity
with GAAP; and

(b)                                 with
respect to any issuance or sale of Capital Stock, the proceeds of such issuance
or sale in the form of cash or cash equivalents, including payments in respect
of deferred payment obligations (to the extent corresponding to the principal,
but not interest, component thereof) when received in the form of cash or cash
equivalents and proceeds from the conversion of other property received when
converted to cash or cash equivalents, net of attorney’s fees, accountants’
fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage,
consultant and other fees incurred in connection with such issuance or sale and
net of taxes paid or payable as a result thereof.

“Non-Recourse Debt” means Indebtedness:

(1)                                  as
to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides
credit support of any kind (including any undertaking, agreement or instrument
that would constitute Indebtedness), (b) is directly or indirectly liable
as a guarantor or otherwise, or (c) constitutes the lender;

(2)                                  no
default with respect to which (including any rights that the holders of the
Indebtedness may have to take enforcement action against the relevant
Unrestricted Subsidiary) would permit upon notice, lapse of time or both any
holder of any other Indebtedness of the Issuer or any of its Restricted
Subsidiaries to declare a default on such other Indebtedness or cause the
payment of the Indebtedness to be accelerated or payable prior to its Stated
Maturity; and

(3)                                  as
to which the lenders have been notified in writing that they shall not have any
recourse to the stock or assets of the Issuer or any of its Restricted
Subsidiaries.

“Non-U.S. Person” means a Person that is not a “U.S.
Person” (as defined in Regulation S).

“Note Guarantee” means any
Guarantee of the obligations of the Issuer under this Indenture and the
Securities by any Subsidiary Guarantor.

“Obligations” means all obligations for
principal, premium, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

“Obligors” means the Issuer and each Subsidiary
Guarantor.

 15
 

“Offer to Purchase” has the meaning set forth
in Section 3.7.

“Offering Memorandum” means the Offering
Memorandum dated March 21, 2007 relating to the offering of the Initial Notes
issued on the Issue Date.

“Officer” means, with respect to any Person,
the Chairman of the Board, the Chief Executive Officer, the President, any Vice
President, the Chief Financial Officer, the Controller, the Treasurer or the
Secretary of such Person.

“Officers’ Certificate” means, with respect to
any Person, a certificate signed by two Officers of such Person.

“Offshore Global Securities” has the meaning
provided in Section 2.1.

“Offshore Physical Securities” has the meaning
provided in Section 2.1.

“Opinion of Counsel” means a written opinion
from legal counsel, which opinion and counsel are reasonably acceptable to the
Trustee.

“Paying Agent” has the meaning set forth in
Section 2.3.

“Permitted Business” means
the business of the Issuer and its Subsidiaries engaged in on the Issue Date
and any other activities that are related, ancillary or complementary to such
business.

“Permitted Debt” has the
meaning set forth in Section 4.4(a).

“Permitted Holder” means,
at any time, (i) Aventine Renewable Energy Holdings, LLC, (ii)  any direct
or indirect parent company of the Issuer, (iii) Metalmark Capital LLC and
its Affiliates and (iv) the MSCP Funds and its Affiliates.  In addition, any person or group whose
acquisition of beneficial ownership constitutes a Change of Control in respect
of which an Offer to Purchase is made in accordance with the requirements of
this Indenture shall thereafter, together with its Affiliates, constitute an
additional Permitted Holder.

“Permitted Investment” means:

(1)                                  an
Investment in the Issuer or a Restricted Subsidiary or a Person which will,
upon the making of such Investment, become a Restricted Subsidiary or be merged
or consolidated with or into, or transfer or convey all or substantially all
its assets to, the Issuer or a Restricted Subsidiary;

(2)                                  Temporary
Cash Investments;

(3)                                  payroll,
travel and similar advances to cover matters that are expected at the time of
such advances ultimately to be treated as expenses in accordance with GAAP;

(4)                                  stock,
obligations or securities received in satisfaction of judgments;

 16
 

(5)                                  an
Investment in an Unrestricted Subsidiary consisting solely of an Investment in
another Unrestricted Subsidiary;

(6)                                  Commodity
Agreements, Interest Rate Agreements and Currency Agreements designed solely to
protect the Issuer or its Restricted Subsidiaries against fluctuations in
commodity prices, interest rates or foreign currency exchange rates;

(7)                                  loans
and advances to employees and officers of the Issuer and its Restricted
Subsidiaries made in the ordinary course of business for bona fide business
purposes not to exceed $1.0 million in the aggregate at any one time
outstanding;

(8)                                  Investments
in securities of trade creditors or customers received

(a)                                  pursuant
to any plan of reorganization or similar arrangement upon the bankruptcy or
insolvency of such trade creditors or customers or

(b)                                 in
settlement of delinquent obligations of, and other disputes with, customers,
suppliers and others, in each case arising in the ordinary course of business
or otherwise in satisfaction of a judgment;

(9)                                  Investments

(a)                                  made
by the Issuer or its Restricted Subsidiaries consisting of consideration
received in connection with an Asset Sale made in compliance with Section 4.18;
or

(b)                                 consisting
of consideration received by the Issuer or any of its Restricted Subsidiaries
in connection with a transaction that would be an Asset Sale if it consisted of
aggregate consideration received by the Issuer or any of its Restricted
Subsidiaries of $10.0 million or more;

(10)                            Investments
of a Person or any of its Subsidiaries existing at the time such Person becomes
a Restricted Subsidiary of the Issuer or at the time such Person merges or
consolidates with the Issuer or any of its Restricted Subsidiaries, in either
case, in compliance with this Indenture; provided that such Investments
were not made by such Person in connection with, or in anticipation or
contemplation of, such Person becoming a Restricted Subsidiary of the Issuer or
such merger or consolidation;

(11)                            repurchases
of the Securities;

(12)                            any
Investment in a Person engaged in a Permitted Business (other than an
Investment in a Subsidiary of the Issuer) having an aggregate fair market
value, taken together with all other Investments made pursuant to this
clause (12) that are at that time outstanding, not to exceed 15% of Total
Assets at the time of that Investment (with the fair market value of each
Investment being measured at the time made and without giving effect to
subsequent changes in value); provided  

 17
 

that such Person shall
not use the proceeds of such Investment to purchase, redeem, retire or
otherwise acquire for value any shares of the Capital Stock of the Issuer;

(13)                            any
Investment in a Person from whom the Issuer or any Restricted Subsidiary
purchases ethanol or for whom the Issuer or any Restricted Subsidiary markets
ethanol, in each case, not to exceed $3.0 million in any single Person; provided
that such Person shall not use the proceeds of such Investment to purchase,
redeem, retire or otherwise acquire for value any shares of the Capital Stock
of the Issuer; and

(14)                            additional
Investments (including Investments in joint ventures and Unrestricted
Subsidiaries) not to exceed $1.0 million at any one time outstanding; provided
that, in the event of an Investment in any Person that is not a Restricted
Subsidiary, such Person shall not use the proceeds of such Investment to
purchase, redeem, retire or otherwise acquire for value any shares of the
Capital Stock of the Issuer.

“Permitted Liens”
means:

(1)                                  Liens
for taxes, assessments, governmental charges or claims that are being contested
in good faith by appropriate legal proceedings promptly instituted and
diligently conducted and for which a reserve or other appropriate provision, if
any, as shall be required in conformity with GAAP shall have been made;

(2)                                  statutory
and common law Liens of landlords and carriers, warehousemen, mechanics,
suppliers, materialmen, repairmen or other similar Liens arising in the
ordinary course of business and with respect to amounts not yet delinquent or
being contested in good faith by appropriate legal proceedings promptly
instituted and diligently conducted and for which a reserve or other
appropriate provision, if any, as shall be required in conformity with GAAP
shall have been made;

(3)                                  Liens
incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social
security;

(4)                                  Liens
incurred or deposits made to secure the performance of tenders, bids, leases,
statutory or regulatory obligations, bankers’ acceptances, surety and appeal
bonds, government contracts, performance and return-of-money bonds and other
obligations of a similar nature incurred in the ordinary course of business
(exclusive of obligations for the payment of borrowed money);

(5)                                  easements,
rights-of-way, municipal and zoning ordinances and similar charges,
encumbrances, title defects or other irregularities that do not materially
interfere with the ordinary course of business of the Issuer or any of its
Restricted Subsidiaries;

 18
 

(6)                                  leases
or subleases granted to others that do not materially interfere with the
ordinary course of business of the Issuer and its Restricted Subsidiaries,
taken as a whole;

(7)                                  Liens
encumbering property or assets under construction arising from progress or
partial payments by a customer of the Issuer or its Restricted Subsidiaries
relating to such property or assets;

(8)                                  any
interest or title of a lessor in the property subject to any Capitalized Lease
or operating lease;

(9)                                  Liens
arising from filing Uniform Commercial Code financing statements regarding
leases;

(10)                            Liens
on property of, or on shares of Capital Stock or Indebtedness of, any Person
existing at the time such Person becomes, or becomes a part of, any Restricted
Subsidiary; provided that such Liens do not extend to or cover any
property or assets of the Issuer or any Restricted Subsidiary other than the
property or assets acquired;

(11)                            Liens
in favor of the Issuer or any Restricted Subsidiary;

(12)                            Liens
arising from the rendering of a final judgment or order against the Issuer or
any Restricted Subsidiary that does not give rise to an Event of Default;

(13)                            Liens
securing reimbursement obligations with respect to letters of credit that
encumber documents and other property relating to such letters of credit and
the products and proceeds thereof;

(14)                            Liens
in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of goods;

(15)                            Liens
encumbering customary initial deposits and margin deposits, and other Liens
that are within the general parameters customary in the industry and incurred
in the ordinary course of business, in each case, securing Indebtedness under
Interest Rate Agreements, Currency Agreements or Commodity Agreements designed
solely to protect the Issuer or any of its Restricted Subsidiaries from
fluctuations in interest rates, currencies or the price of commodities;

(16)                            Liens
arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Issuer or any of its
Restricted Subsidiaries in the ordinary course of business in accordance with
the past practices of the Issuer and its Restricted Subsidiaries prior to the
Issue Date;

(17)                            Liens
on or sales of receivables (other than Liens on receivables of the Issuer or
any Subsidiary Guarantor);

 19
 

(18)                            Liens
in the ordinary course of business securing Indebtedness not exceeding
$25.0 million at any one time outstanding that (a) are not incurred
in connection with borrowing of money and (b) do not materially detract
from the value of the property or materially impair its use;

(19)                            Liens
securing insurance premium financing arrangements, provided that such
Lien is limited to the applicable insurance contracts;

(20)                            Liens
securing additional Indebtedness of the Issuer and its Restricted Subsidiaries
in an aggregate principal amount not to exceed $25.0 million at any one
time outstanding; and

(21)                            Liens
securing Indebtedness permitted under clause (4) of the second paragraph
of clause (a) of Section 4.4, provided that, in the event such
Indebtedness is Incurred for the purpose of defeasing the Securities, such Lien
does not cover any of the cash or cash equivalents that are deposited with the
Trustee or otherwise to defease the Securities.

“Person” means an individual, partnership,
corporation, limited liability company, unincorporated organization, trust or
joint venture, or a governmental agency or political subdivision thereof or any
other entity.

“Physical Securities” has the meaning provided
in Section 2.1.

“QIB” means any “qualified institutional
buyer” (as defined under the Securities Act).

“Qualified Proceeds” means any of the following
or any combination of the following:

(1)                                  Net
Cash Proceeds;

(2)                                  the
fair market value of any assets (other than Investments) that are used or
useful in a Permitted Business; and

(3)                                  the
fair market value of any Capital Stock of any Person engaged in a Permitted
Business if

(a)                                  that
Person is or in connection with the receipt by the Issuer or any Restricted
Subsidiary of that Capital Stock becomes a Restricted Subsidiary of the Issuer;
or

(b)                                 that
Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all of its assets to, or is liquidated into, the Issuer
or any Restricted Subsidiary of the Issuer.

“Record Date” means the applicable record date
specified in the Securities.

“Redemption Date,” when used with respect to any
Security to be redeemed, means the date fixed for such redemption pursuant to
this Indenture and the Securities.

 20
 

“Redemption Price,” when used with respect to
any Security to be redeemed, means the price fixed for such redemption, payable
in immediately available funds, pursuant to this Indenture and the Securities.

“Registrar” has the meaning set forth in
Section 2.3.

“Registration Rights Agreement” means the
Registration Rights Agreement, dated the Issue Date among the Issuer, the
Initial Subsidiary Guarantors and J.P. Morgan Securities Inc., Goldman, Sachs
& Co., UBS Securities LLC, Banc of America Securities LLC, Wachovia Capital
Markets, LLC and Friedman, Billings, Ramsey & Co., Inc.

“Regulation S” means Regulation S under the
Securities Act.

“Replacement Assets” means, on any date,
property or assets of a nature or type or that are used in a Permitted Business
(or an Investment in a Permitted Business).

“Responsible Officer” means, when used with
respect to the Trustee, any managing director, director, vice president,
assistant vice president, assistant treasurer, assistant secretary, associate
or any other officer within the corporate trust department of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also shall mean, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject.

“Restricted Payment” has the meaning set forth
in Section 4.3.

“Restricted Security” has the meaning assigned
to such term in Rule 144(a)(3) under the Securities Act; provided that
the Trustee shall be entitled to request and conclusively rely on an Opinion of
Counsel with respect to whether any Security constitutes a Restricted Security.

“Restricted Subsidiary” means any Subsidiary of
the Issuer other than an Unrestricted Subsidiary.

“Rule 144A” means Rule 144A under the
Securities Act.

“S&P” means
Standard & Poor’s Ratings Group, a division of The McGraw-Hill
Companies, and its successors.

“Sale and Leaseback
Transaction” means a transaction whereby a Person sells or otherwise
transfers assets or properties and then or thereafter leases such assets or
properties or any part thereof or any other assets or properties which such
Person intends to use for substantially the same purpose or purposes as the
assets or properties sold or otherwise transferred.

“Securities” means the Initial Notes, the
Exchange Notes and any other notes issued on or after the Issue Date in
accordance with clause (iii) of the fourth paragraph of Section 2.2 treated as
a single class of securities, as amended or supplemented from time to time in
accordance with the terms hereof, that are issued pursuant to this Indenture.

 21

“Securities Act” means the Securities Act of
1933, as amended, or any successor statute or statutes thereto.

“Significant Subsidiary”
means, at any date of determination, any Restricted Subsidiary that, together
with its Subsidiaries, (1) for the most recent fiscal year of the Issuer,
accounted for more than 10% of the consolidated revenues of the Issuer and its
Restricted Subsidiaries or (2) as of the end of such fiscal year, was the
owner of more than 10% of the consolidated assets of the Issuer and its Restricted
Subsidiaries, all as set forth on the most recently available consolidated
financial statements of the Issuer for such fiscal year.

“Stated Maturity” means
(1) with respect to any debt security, the date specified in such debt
security as the fixed date on which the final installment of principal of such
debt security is due and payable and (2) with respect to any scheduled
installment of principal of or interest on any debt security, the date
specified in such debt security as the fixed date on which such installment is
due and payable.

“Subsidiary” means, with
respect to any Person, any corporation, association or other business entity of
which more than 50% of the voting power of the outstanding Voting Stock is
owned, directly or indirectly, by such Person and one or more other
Subsidiaries of such Person.

“Subsidiary Guarantee” has the meaning set
forth in Section 10.1.

“Subsidiary Guarantor” or “Guarantor”
means any Initial Subsidiary Guarantor and any other Restricted Subsidiary of
the Issuer which provides a Note Guarantee of the Issuer’s obligations under
this Indenture and the Securities pursuant to Section 4.15.

“TIA” or “Trust Indenture Act” means the
Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended, as in
effect on the date of the execution of this Indenture until such time as this
Indenture is qualified under the TIA, and thereafter the TIA as then in effect,
as amended from time to time.

“Temporary Cash Investment” means any of the
following:

(1)                                  direct
obligations of the United States of America or any agency thereof or
obligations fully and unconditionally guaranteed by the United States of
America or any agency thereof, in each case, maturing within one year unless
such obligations are deposited by the Issuer (x) to defease any
Indebtedness or (y) in a collateral or escrow account or similar
arrangement to prefund the payment of interest on any indebtedness;

(2)                                  time
deposit accounts, certificates of deposit and money market deposits maturing
within one year of the date of acquisition thereof issued by a bank or trust
company which is organized under the laws of the United States of America, any
state thereof or any foreign country recognized by the United States of
America, and which bank or trust company has capital, surplus and undivided
profits aggregating in excess of $100.0 million (or the foreign currency
equivalent thereof) and has outstanding debt which is rated “A” (or such
similar equivalent rating) or higher by at least one nationally recognized
statistical rating organization (as defined in Rule 436 under the
Securities Act) or any money market fund sponsored by a registered broker
dealer or mutual fund distributor;

 22
 

(3)                                  repurchase
obligations with a term of not more than 30 days for underlying securities
of the types described in clause (1) above entered into with a bank or
trust company meeting the qualifications described in clause (2) above;

(4)                                  commercial
paper, maturing not more than one year after the date of acquisition, issued by
a corporation (other than an Affiliate of the Issuer) organized and in
existence under the laws of the United States of America, any state thereof or
any foreign country recognized by the United States of America with a rating at
the time as of which any investment therein is made of “P-1” (or higher)
according to Moody’s or “A-1” (or higher) according to S&P;

(5)                                  securities
with maturities of six months or less from the date of acquisition issued or
fully and unconditionally guaranteed by any state, commonwealth or territory of
the United States of America, or by any political subdivision or taxing
authority thereof, and rated at least “A” by S&P or Moody’s;

(6)                                  any
mutual fund that has at least 95% of its assets continuously invested in
investments of the types described in clauses (1) through (5) above;
and

(7)                                  overnight
deposits and demand deposit accounts (in the respective local currencies)
maintained in the ordinary course of business.

“Total Assets” means the
total consolidated assets of the Issuer and its Restricted Subsidiaries as
shown on the Issuer’s most recent consolidated balance sheet.

“Trade Payables” means,
with respect to any Person, any accounts payable or any other indebtedness or
monetary obligation to trade creditors created, assumed or Guaranteed by such Person
or any of its Subsidiaries arising in the ordinary course of business in
connection with the acquisition of goods or services.

“Transaction Date” means,
with respect to the Incurrence of any Indebtedness, the date such Indebtedness
is to be Incurred and, with respect to any Restricted Payment, the date such
Restricted Payment is to be made.

“Trustee” means the party named as such in this
Indenture until a successor replaces it in accordance with the provisions of
this Indenture and thereafter means such successor.

“Unrestricted Subsidiary” means (1) any
Subsidiary of the Issuer that at the time of determination shall be designated
an Unrestricted Subsidiary by the Board of Directors in the manner provided
below; and (2) any Subsidiary of an Unrestricted Subsidiary.  The Board of Directors may designate any
Restricted Subsidiary (including any newly acquired or newly formed Subsidiary
of the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary owns any
Capital Stock of, or owns or holds any Lien on any property of, the Issuer or
any Restricted Subsidiary; provided that (A) any Guarantee by the
Issuer or any Restricted Subsidiary of any Indebtedness of the Subsidiary being
so designated shall be deemed an “Incurrence” of such 

 23
 

Indebtedness and an “Investment” by the Issuer or such
Restricted Subsidiary (or both, if applicable) at the time of such designation;
(B) either (I) the Subsidiary to be so designated has total assets of
$1,000 or less or (II) if such Subsidiary has assets greater than $1,000,
such designation would be permitted under Section 4.3 and (C) if
applicable, the Incurrence of Indebtedness and the Investment referred to in
clause (A) of this proviso would be permitted under Sections 4.4 and 4.3,
respectively.  The Board of Directors may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided
that (a) no Default or Event of Default shall have occurred and be
continuing at the time of or after giving effect to such designation and
(b) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding
immediately after such designation would, if Incurred at such time, have been
permitted to be Incurred (and shall be deemed to have been Incurred) for all
purposes of this Indenture.  Any such
designation by the Board of Directors shall be evidenced to the Trustee by
promptly filing with the Trustee a copy of the Board Resolution giving effect
to such designation and an Officers’ Certificate certifying that such
designation complied with the foregoing provisions.

“U.S. Global Securities” has the meaning
provided in Section 2.1.

“U.S. Government Obligations” means securities
that are (1) direct obligations of the United States of America for the
payment of which its full faith and credit is pledged or (2) obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or redeemable at the
option of the Issuer thereof at any time prior to the Stated Maturity of the
Securities, and shall also include a depository receipt issued by a bank or
trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government
Obligation held by such custodian for the account of the holder of a depository
receipt; provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the
U.S. Government Obligation or the specific payment of interest on or principal
of the U.S. Government Obligation evidenced by such depository receipt.

“U.S. Legal Tender” means such coin or currency
of the United States of America as at the time of payment shall be legal tender
for the payment of public and private debts.

“U.S. Physical Securities” has the meaning set
forth in Section 2.1.

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

“Wholly Owned” means, with
respect to any Subsidiary of any Person, the ownership of all of the
outstanding Capital Stock of such Subsidiary (other than any director’s
qualifying shares or Investments by foreign nationals mandated by applicable
law) by such Person or one or more Wholly Owned Subsidiaries of such Person.

 24
 

1.2          Incorporation by Reference
of TIA Whenever this Indenture refers to a provision of the TIA,
such provision is incorporated by reference in, and made a part of, this
Indenture.  The following TIA terms used
in this Indenture have the following meanings:

“indenture securities” means the Securities.

“indenture security holder” means a Holder or a Securityholder.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee” means the
Trustee.

“obligor” on this Indenture securities means the Issuer, any
Subsidiary Guarantor or any other obligor on the Securities.

All other TIA terms used in this Indenture that are
defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule and not otherwise defined herein have the meanings assigned to
them therein.

1.3          Rules of Construction
Unless the context otherwise requires:

(1)           a term has the
meaning assigned to it;

(2)           an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP;

(3)           “or” is not
exclusive;

(4)           “including”
means including without limitation;

(5)           words in the
singular include the plural, and words in the plural include the singular;

(6)           provisions apply to
successive events and transactions; and

(7)           “herein,” “hereof”
and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.

(8)           all ratios and
computations based on GAAP contained in this Indenture shall be computed in
accordance with the definition of GAAP set forth in Section 1.1.

(9)           all references to
Sections or Articles refer to Sections or Articles in this Indenture unless
otherwise indicated.

 25
 

ARTICLE I

THE SECURITIES

2.1          Form and Dating The Initial Notes
and the Trustee’s related certificate of authentication shall be substantially
in the form of Exhibit A and the Exchange Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit
B.  The Securities may have
notations, legends or endorsements required by law, stock exchange rule or
usage.  The Issuer and the Trustee shall
approve the form of the Securities and any notation, legend or endorsement on
them.  Each Security shall be dated the
date of its authentication.

The terms and provisions contained in the Securities,
annexed hereto as Exhibits A and B,
and the Subsidiary Guarantees annexed hereto as Exhibit E, shall
constitute, and are hereby expressly made, a part of this Indenture and, to the
extent applicable, the Issuer, the Guarantors, if any, and the Trustee, by
their execution and delivery of this Indenture, expressly agree to such terms
and provisions and to be bound thereby.

Securities offered and sold in reliance on
Rule 144A shall be issued initially in the form of one or more permanent
global Securities in registered form, substantially in the form set forth in Exhibit
A (the “U.S. Global Securities”), registered in the name of the
nominee of Depository, deposited with the Trustee, as custodian for the
Depository, duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided, and shall bear the legends set forth in
Section 2.14.  The aggregate principal
amount of the U.S. Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for
the Depository, as hereinafter provided.

Securities issued in exchange for interests in the
U.S. Global Securities pursuant to Section 2.15 or 2.16 may be issued in the
form of Physical Securities (“U.S. Physical Securities”) and shall bear
the first legend set forth in Section 2.14.

Securities offered and sold in offshore transactions
in reliance on Regulation S shall be issued initially in the form of one or
more global Securities in registered form, substantially in the form set forth
in Exhibit A (the “Offshore Global Securities”), registered in the name
of the nominee of the Depository, deposited with the Trustee, as custodian for
the Depository, duly executed by the Issuer and authenticated by the Trustee as
hereinafter provided, and shall bear the legends set forth in Section 2.14. The
aggregate principal amount of the Offshore Global Securities may from time to
time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depository, as hereinafter provided.

Securities issued in exchange for interests in the
Offshore Global Securities pursuant to Section 2.15 may be issued in the form
of Physical Securities in registered form (the “Offshore Physical Securities”).

The Offshore Physical Securities and the U.S. Physical
Securities are sometimes collectively herein referred to as the “Physical
Securities.”  The U.S. Global
Securities and the Offshore Global Securities are sometimes referred to herein
as the “Global Securities.”

 26
 

2.2          Execution and Authentication Two
Officers, or an Officer and an Assistant Secretary, of the Issuer shall sign,
or one Officer shall sign and one Officer or an Assistant Secretary of the
Issuer (each of whom shall, in each case, have been duly authorized by all
requisite corporate actions) shall attest to, the Securities for the Issuer by
manual or facsimile signature.

If an Officer whose signature is on a Security was an
Officer at the time of such execution but no longer holds that office at the
time the Trustee authenticates the Security, the Security shall nevertheless be
valid.

A Security shall not be valid until an authorized
signatory of the Trustee signs the certificate of authentication on the
Security by manual signature.  The
signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

The Trustee shall authenticate (i) Initial Notes
for original issue on the Issue Date in the aggregate principal amount not to
exceed $300.0 million, (ii) Exchange Notes and (iii) subject to
compliance with Sections 4.4, one or more series of Securities for original
issue after the Issue Date (such Securities to be substantially in the form of Exhibit
A) in an unlimited amount, in each case, upon written orders of the Issuer
in the form of an Officers’ Certificate, which Officers’ Certificate shall, in
the case of any issuance pursuant to clause (iii) above, certify that such
issuance is in compliance with Section 4.4. 
In addition, each such Officers’ Certificate shall specify the amount of
Securities to be authenticated, the date on which the Securities are to be
authenticated, whether the Securities are to be Initial Notes issued under
clause (i) of the preceding sentence, Exchange Notes or Initial Notes issued
under clause (iii) of the preceding sentence and the aggregate principal
amount of Securities outstanding on the date of authentication, and shall
further specify the amount of such Securities to be issued as a Global Security
or Physical Securities.  Such Securities
shall initially be in the form of one or more Global Securities, which
(i) shall represent, and shall be denominated in an amount equal to the
aggregate principal amount of, the Securities to be issued, (ii) shall be
registered in the name of the Depository for such Global Security or Securities
or its nominee and (iii) shall be held by the Trustee as custodian for the
Depository or pursuant to the Depository’s instruction.  All Securities issued under this Indenture
shall vote and consent together on all matters as one class and no series of
Securities shall have the right to vote or consent as a separate class on any
matter.

The Trustee may appoint an authenticating agent reasonably
acceptable to the Issuer to authenticate the Securities.  Unless otherwise provided in the appointment,
an authenticating agent may authenticate Securities whenever the Trustee may do
so.  Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent.  An authenticating agent has the same rights
as an Agent to deal with the Issuer and Affiliates of the Issuer.

The Securities shall be issuable only in registered
form without coupons in the principal amount of at least $2,000 and integral
multiples of $1,000 thereafter.

2.3          Registrar and Paying Agent The
Securities may be exchanged or transferred at the office or agency of the
Issuer.  Initially the corporate trust
office of the Trustee at MAC N9303-120, Sixth Street & Marquette Avenue,
Minneapolis Minnesota, 55479, will serve as such office 

 27
 

where (a) Securities may be presented or
surrendered for registration of transfer or for exchange (“Registrar”),
(b) Securities may be presented or surrendered for payment (“Paying
Agent”) and (c) notices and demands to or upon the Issuer in respect
of the Securities and this Indenture may be served.  The Issuer may also from time to time
designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all such purposes and may from time to time
rescind such designations.  The Issuer
may act as its own Registrar or Paying Agent except that for the purposes of
Articles III and VIII and Sections 4.17 and 4.18, neither the Issuer nor any
Affiliate of the Issuer shall act as Paying Agent.  The Registrar shall keep a register of the
Securities and of their transfer and exchange. 
The Issuer, upon notice to the Trustee, may have one or more
co-Registrars and one or more additional paying agents reasonably acceptable to
the Trustee.  The term “Paying Agent”
includes any additional paying agent. 
The Issuer hereby initially appoints the Trustee as Registrar and Paying
Agent until such time as the Trustee has resigned or a successor has been appointed.

The Issuer shall enter into an appropriate agency
agreement with any Agent not a party to this Indenture, which agreement shall
implement the provisions of this Indenture that relate to such Agent.  The Issuer shall notify the Trustee, in
advance, of the name and address of any such Agent.  If the Issuer fails to maintain a Registrar
or Paying Agent, the Trustee shall act as such.

2.4          Paying Agent to Hold Assets in Trust The
Issuer shall require each Paying Agent other than the Trustee to agree in
writing that, each Paying Agent shall hold in trust for the benefit of Holders
or the Trustee all assets held by the Paying Agent for the payment of principal
of, premium, if any, or interest on, the Securities (whether such assets have
been distributed to it by the Issuer or any other obligor on the Securities),
and shall notify the Trustee of any Default or Event of Default by the Issuer
(or any other obligor on the Securities) in making any such payment.  If the Issuer or a Subsidiary acts as Paying
Agent, it shall segregate such assets and hold them as a separate trust
fund.  The Issuer at any time may require
a Paying Agent to distribute all assets held by it to the Trustee and account
for any assets disbursed and the Trustee may at any time during the continuance
of any payment Default or payment Event of Default, upon written request to a
Paying Agent, require such Paying Agent to distribute all assets held by it to
the Trustee and to account for any assets distributed.  Upon distribution to the Trustee of all
assets that shall have been delivered by the Issuer to the Paying Agent, the
Paying Agent shall have no further liability for such assets.

2.5          Holder Lists The
Trustee shall preserve in as current a form as is reasonably practicable the
most recent list available to it of the names and addresses of Holders.  If the Trustee is not the Registrar, the
Issuer shall furnish to the Trustee at least five Business Days before each
Interest Payment Date and at such other times as the Trustee may request in
writing a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders, which list may be conclusively
relied upon by the Trustee.

2.6          Transfer
and Exchange Subject to the provisions of Sections 2.15 and
2.16, when Securities are presented to the Registrar or a co-Registrar with a
request to register the transfer of such Securities or to exchange such
Securities for an equal principal amount of Securities of other authorized
denominations, the Registrar or co-Registrar shall register the transfer or
make the exchange as requested if its requirements for such transaction are
met; provided, however, that the Securities surrendered for
registration of transfer or exchange shall be duly endorsed or 

 28
 

accompanied by
a written instrument of transfer in form satisfactory to the Issuer and the
Registrar or co-Registrar, duly executed by the Holder thereof or his attorney
duly authorized in writing.  To permit
registrations of transfers and exchanges, the Issuer shall execute and the
Trustee shall authenticate Securities at the Registrar’s or co-Registrar’s
request.  No service charge shall be made
for any registration of transfer or exchange, but the Issuer or Trustee may
require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such
transfer taxes or similar governmental charge payable upon exchanges or
transfers pursuant to Section 2.2, 2.10, 3.6, 3.7, 4.17, 4.18 or 9.6).  The Registrar or co-Registrar shall not be
required to register the transfer of or exchange of any Security
(i) during a period beginning at the opening of business 15 days before
the mailing of a notice of redemption of Securities and ending at the close of
business on the day of such mailing, (ii) selected for redemption in whole
or in part pursuant to Article III, except the unredeemed portion of any
Security being redeemed in part, and (iii) during an Offer to Purchase made
pursuant to Section 4.17 or 4.18 if such Security is tendered pursuant to such
Offer to Purchase and not withdrawn.  A
Global Security may be transferred, in whole but not in part, in the manner
provided in this Section 2.6(a), only to a nominee of the Depository for such
Global Security, or to the Depository, or a successor Depository for such
Global Security selected or approved by the Issuer, or to a nominee of such
successor Depository.

(b)           If at any time the
Depository for the Global Security or Securities notifies the Issuer that it is
unwilling or unable to continue as Depository for such Global Security or
Securities or the Issuer become aware that the Depository has ceased to be a
clearing agency registered under the Exchange Act, the Issuer shall appoint a
successor Depository with respect to such Global Security or Securities.  If a successor Depository for such Global
Security or Securities has not been appointed within 90 days after the Issuer
receives such notice or becomes aware of such ineligibility, the Issuer shall
execute, and the Trustee, upon receipt of an Officers’ Certificate for the
authentication and delivery of Physical Securities, shall authenticate and
deliver, Physical Securities, in an aggregate principal amount at maturity
equal to the principal amount at maturity of the Global Security representing
such Securities, in exchange for such Global Security.  The Issuer shall reimburse the Registrar, the
Depository and the Trustee for expenses they incur in documenting such exchanges
and issuances of Securities.

The Issuer may at any
time and in their sole discretion determine that the Securities shall no longer
be represented by such Global Security or Securities.  In such event the Issuer shall execute, and
the Trustee, upon receipt of a written order for the authentication and
delivery of Physical Securities in exchange in whole or in part for such Global
Security or Securities accompanied by an Officers’ Certificate, shall
authenticate and deliver Physical Securities in an aggregate principal amount
equal to the principal amount of such Global Security or Securities in exchange
for such Global Security or Securities.

In any exchange provided
for in any of the preceding two paragraphs, the Issuer shall execute and the
Trustee shall authenticate and deliver Physical Securities in authorized
denominations.  Upon the exchange of a
Global Security for Physical Securities, such Global Security shall be
cancelled by the Trustee.  Physical
Securities issued in exchange for a Global Security pursuant to this Section
2.6(b) shall be registered in such names and in such authorized denominations
as the Depository for such Global Security, pursuant to instructions from its
direct 

 29
 

or indirect participants
or otherwise, shall instruct the Trustee. 
The Trustee shall deliver such Securities to the Persons in whose names
such Securities are so registered.

None of the Issuer, the
Trustee, any Paying Agent or the Registrar shall have any responsibility or
liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests in a Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

2.7          Replacement Securities
If a mutilated Security is surrendered to the Trustee or if the Holder of a
Security claims that the Security has been lost, destroyed or wrongfully taken,
the Issuer shall issue and the Trustee shall authenticate a replacement
Security if the Trustee’s requirements are met. 
If required by the Trustee or the Issuer, such Holder must provide an
indemnity bond or other indemnity, sufficient in the judgment of both the
Issuer and the Trustee, to protect the Issuer, the Trustee or any Agent from
any loss which any of them may suffer if a Security is replaced.  The Issuer or Trustee may charge such Holder
for its reasonable out-of-pocket expenses in replacing a Security pursuant to
this Section 2.7, including reasonable fees and expenses of counsel.

Every replacement
Security is an additional obligation of the Issuer.

2.8          Outstanding Securities
Securities outstanding at any time are all the Securities that have been
authenticated by the Trustee except those cancelled by it, those delivered to
it for cancellation and those described in this Section as not outstanding.  A Security does not cease to be outstanding
because either of the Issuer, any Guarantor or any of their respective
Subsidiaries or Affiliates holds the Security.

If a Security is replaced
pursuant to Section 2.7 (other than a mutilated Security surrendered for
replacement), it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona  fide
purchaser or a protected purchaser.  A
mutilated Security ceases to be outstanding upon surrender of such Security and
replacement thereof pursuant to Section 2.7. 
If the principal amount of any Security is considered paid under
Section 4.1, it ceases to be outstanding and interest ceases to accrue.

If on a Redemption Date
or the Maturity Date the Paying Agent (other than either of the Issuer or a
Subsidiary) holds U.S. Legal Tender sufficient to pay all of the principal,
premium, if any, and interest due on the Securities payable on that date, then
on and after that date such Securities cease to be outstanding and interest on
them ceases to accrue.

2.9          Treasury Securities
In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, Securities owned
by the Issuer, any of its Subsidiaries or any of their respective Affiliates
shall be disregarded, except that, for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, waiver or consent,
only Securities that a Responsible Officer of the Trustee has Actual Knowledge
are so owned shall be disregarded.

2.10        Temporary Securities
Until definitive Securities are ready for delivery, the Issuer may prepare and
the Trustee shall authenticate temporary Securities.  Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that the Issuer
considers 

 30
 

appropriate for temporary
Securities, as evidenced by execution of such temporary Securities by the
Issuer.  Without unreasonable delay, the
Issuer shall prepare and the Trustee shall authenticate definitive Securities
in exchange for temporary Securities. 
Until such exchange, temporary Securities shall be entitled to the same
rights, benefits and privileges as definitive Securities.  Notwithstanding the foregoing, so long as the
Securities are represented by a Global Security, such Global Security may be in
typewritten form.

2.11        Cancellation The
Issuer at any time may deliver Securities to the Trustee for cancellation.  The Registrar and the Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment.  The
Trustee, or at the direction of the Trustee, the Registrar or the Paying Agent
(other than either of the Issuer or a Subsidiary), and no one else, shall
cancel and shall dispose of all Securities surrendered for registration of
transfer, exchange, payment or cancellation. 
Subject to Section 2.7, the Issuer may not issue new Securities to
replace Securities that they have paid or delivered to the Trustee for
cancellation.  If the Issuer or any
Guarantor shall acquire any of the Securities, such acquisition shall not
operate as a redemption or satisfaction of the Indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for cancellation
pursuant to this Section 2.11.

2.12        Defaulted Interest
If the Issuer defaults in a payment of interest on the Securities, it shall,
unless the Trustee fixes another record date pursuant to Section 6.10, pay the
defaulted interest, plus (to the extent lawful) any interest payable on the
defaulted interest, in any lawful manner. 
The Issuer may pay the defaulted interest to the Persons who are Holders
on a subsequent special record date, which date shall be the fifteenth day next
preceding the date fixed by the Issuer for the payment of defaulted interest or
the next succeeding Business Day if such date is not a Business Day.  At least 15 days before any such subsequent
special record date, the Issuer shall mail to each Holder, with a copy to the
Trustee, a notice that states the subsequent special record date, the payment
date and the amount of defaulted interest, and interest payable on such
defaulted interest, if any, to be paid.

2.13        CUSIP and ISIN Numbers
The Issuer in issuing the Securities may use “CUSIP” and “ISIN”
numbers, and if so, the Trustee shall use the CUSIP numbers in notices of
redemption or exchange as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the
correctness or accuracy of the CUSIP and ISIN numbers printed in the notice or
on the Securities, and that reliance may be placed only on the other
identification numbers printed on the Securities and that any such redemption
or exchange shall not be affected by any defect or omission of such CUSIP and
ISIN numbers.  The Issuer shall promptly
notify the Trustee of any change in CUSIP or ISIN number.

2.14        Restrictive Legends
Unless and until a Security is exchanged for an Exchange Note or sold in
connection with an effective registration statement under the Securities Act
pursuant to the Registration Rights Agreement, the U.S. Global Securities, U.S.
Physical Securities and Offshore Global Securities shall bear the following
legend set forth below (the “Private Placement Legend”) on the face
thereof:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. 

 31
 

NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.
THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE ‘‘RESALE
RESTRICTION TERMINATION DATE’’) THAT IS [IN
THE CASE OF RULE 144A NOTES: TWO YEARS] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY
AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO
LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A ‘‘QUALIFIED
INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
INSTITUTIONAL ‘‘ACCREDITED INVESTOR’’ WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED
INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH
AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A
VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION
OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND
THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.

 32

Each Global Security
shall also bear the following legend on the face thereof:

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY ANY SUCH NOMINEE OF THE
DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE OF SUCH SUCCESSOR DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.  UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR THEIR AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN SECTION 2.16 OF THE INDENTURE GOVERNING THIS SECURITY.

2.15        Book-Entry Provisions for Global
Security Each Global Security initially shall (i)
be registered in the name of the Depository or the nominee of such Depository,
(ii) be delivered to the Trustee as custodian for such Depository and (iii)
bear legends as set forth in Section 2.14.

Members of, or participants in, the Depository (“Agent
Members”) shall have no rights under this Indenture with respect to any
Global Security held on their behalf by the Depository, or the Trustee as its
custodian, or under any Global Security, and the Depository may be treated by
the Issuer, the Trustee and any agent of the Issuer or the Trustee as the
absolute owner of each Global Security for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein
shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee
from giving effect to any written certification, proxy or other authorization
furnished by the Depository or impair, as between the Depository and its Agent
Members, the operation of customary practices governing the exercise of the
rights of a Holder of any Security. 

(b)           Transfers
of Global Securities shall be limited to transfers in whole, but not in part,
to the Depository, its successors or their respective nominees.  Interests of beneficial owners in any Global
Security may be transferred or, subject to Section 2.1, exchanged for

 33
 

Physical Securities in accordance with the rules and
procedures of the Depository and the provisions of Section 2.16.  In addition, U.S. Physical Securities and
Offshore Physical Securities shall be transferred to all beneficial owners in
exchange for their beneficial interests in U.S. Global Securities or Offshore
Global Securities, as the case may be, (i) in accordance with Section 2.6
or (ii) if an Event of Default has occurred and is continuing and the
Registrar has received a written request from the Depository or the Trustee to
issue Physical Securities.

(c)           In connection with
any transfer or exchange of a portion of the beneficial interest in any Global
Security to beneficial owners pursuant to paragraph (b), the Registrar shall
(if one or more Physical Securities are to be issued) reflect on its books and
records the date and a decrease in the principal amount of such Global Security
in an amount equal to the principal amount of the beneficial interest in such
Global Security to be transferred, and the Issuer shall execute, and the
Trustee shall authenticate and deliver, one or more U.S. Physical Securities or
Offshore Physical Securities, as the case may be, of like tenor and amount.

(d)           In connection with the
transfer of U.S. Global Securities or Offshore Global Securities, in whole, to
beneficial owners pursuant to paragraph (b), the U.S. Global Securities or the
Offshore Global Securities, as the case may be, shall be deemed to be
surrendered to the Trustee for cancellation, and the Issuer shall execute, and
the Trustee shall authenticate and deliver, to each beneficial owner identified
by the Depository in exchange for its beneficial interest in such U.S. Global
Securities or Offshore Global Securities, as the case may be, an equal
aggregate principal amount of U.S. Physical Securities or Offshore Physical
Securities, as the case may be, of authorized denominations.

(e)           Any Physical
Security constituting a Restricted Security delivered in exchange for an interest
in a Global Security pursuant to paragraph (b) or (c) shall bear the legend
regarding transfer restrictions applicable to the Physical Securities set forth
in Section 2.14.

(f)            The Holder of a
Global Security may grant proxies and otherwise authorize any person, including
Agent Members and persons that may hold interests through Agent Members, to
take any action which a Holder is entitled to take under this Indenture or the
Securities.

2.16        Special Transfer Provisions
(a)       Transfers to Non-QIB Institutional
Accredited Investors.  The following
provisions shall apply with respect to the registration of any proposed
transfer of a Security constituting a Restricted Security to any institutional
accredited investor (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) (an “Accredited Investor” or an “ Institutional Accredited
Investor”) which is not a QIB (excluding Non-U.S. Persons):

(i)            The Registrar shall register the
transfer in an aggregate principal amount of at least $250,000 of any Security
constituting a Restricted Security, whether or not such Security bears the
Private Placement Legend, if the proposed transferee has delivered to the
Registrar a certificate substantially in the form Exhibit C hereto, and
the proposed transferee has delivered to the Registrar and the Issuer an
opinion of counsel acceptable to the Issuer that such transfer is in compliance
with the Securities Act and such other certifications, legal opinions or other
information that the Trustee may reasonably request in order to confirm that
such transaction is being made pursuant to an exemption form or in a
transaction not subject to the registration requirements of the Securities Act;
and

 34
 

(ii)           If the proposed transferor is an
Agent Member holding a beneficial interest in a U.S. Global Security, whether
or not such Security bears a Private Placement Legend, upon receipt by the
Registrar of (x) the certificate and opinion, if any, required by paragraph (i)
above and (y) instructions given in accordance with the Depository’s and the
Registrar’s procedures, whereupon (a) the Registrar shall reflect on its books
and records the date and a decrease in the principal amount of the applicable
U.S. Global Security in an amount equal to the principal amount of the beneficial
interest in such U.S. Global Security to be transferred, and an increase in the
applicable Global Security to which the beneficial interest is to be
transferred or shall authenticate and deliver one or more U.S. Physical
Securities of like tenor and amount.

(b)           Transfers to QIBs.  The following provisions shall apply with
respect to the registration of any proposed transfer of a Security to a QIB
(excluding transfers to Non-U.S. Persons, which shall be governed by
clause (c)):

(i)            if the Security to be transferred
consists of (x) either Offshore Physical Securities prior to the removal of the
Private Placement Legend or U.S. Physical Securities, the Registrar shall
register the transfer if such transfer is being made by a proposed transferor
who has checked the box provided for on the form of Security stating, or has
otherwise advised the Issuer and the Registrar in writing, that the sale has
been made in compliance with the provisions of Rule 144A to a transferee who
has signed the certification provided for on the form of Security stating, or
has otherwise advised the Issuer and the Registrar in writing that it is
purchasing the Security for its own account or an account with respect to which
it exercises sole investment discretion and that it and any such account is a
QIB within the meaning of Rule 144A, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as it has requested pursuant to Rule 144A or
has determined not to request such information and that it is aware that the
transferor is relying upon its foregoing representations in order to claim the
exemption from registration provided by Rule 144A or (y) an interest in the
U.S. Global Securities, the transfer of such interest may be effected only
through the book entry system maintained by the Depositary; and

(ii)           if the proposed transferee is an
Agent Member, and the Securities to be transferred consist of U.S. Physical
Securities which after transfer are to be evidenced by an interest in a U.S.
Global Security, upon receipt by the Registrar of instructions given in
accordance with the Depository’s and the Registrar’s procedures, the Registrar
shall reflect on its books and records the date and an increase in the
principal amount of the applicable U.S. Global Security in an amount equal to
the principal amount of the U.S. Physical Securities to be transferred, and the
Trustee shall cancel the U.S. Physical Securities so transferred.

(c)           Transfers to
Non-U.S. Persons at Any Time.  The
following provisions shall apply with respect to any transfer of a Security to
a Non-U.S. Person:

 35
 

(i)            prior to the 41st day after the date
on which such Security is originally issued, the Registrar shall register any
proposed transfer of a Security to a Non-U.S. Person upon receipt of a
certificate substantially in the form of Exhibit D hereto from the
proposed transferor and the Registrar shall register any proposed transfer to
any Non-U.S. Person if the Security to be transferred is a U.S. Physical
Security or an interest in U.S. Global Securities, upon receipt of a
certificate substantially in the form of Exhibit D hereto from the
proposed transferor; and

(ii)           on or after the 41st day after the
date on which such Security is originally issued, the Registrar shall register
any proposed transfer of any Offshore Physical Security or Offshore Global
Security without requiring any certification.

(iii)          (a) if the proposed transferor is an
Agent Member holding a beneficial interest in the U.S. Global Securities, upon
receipt by the Registrar of (x) the documents, if any, required by paragraph
(i) or (ii) and (y) instructions in accordance with the Depositary’s and the
Registrar’s procedures, the Registrar shall reflect on its books and records
the date and a decrease in the principal amount of the U.S. Global Securities
in an amount equal to the principal amount of the beneficial interest in the
U.S. Global Securities to be transferred, and (b) if the proposed transferee is
an Agent Member, upon receipt by the Registrar of instructions given in
accordance with the Depository’s and the Registrar’s procedures, the Registrar
shall reflect on its books and records the date and an increase in the
principal amount of the Offshore Global Securities in an amount equal to the
principal amount of the U.S. Physical Securities or the U.S. Global Securities,
as the case may be, to be transferred, and the Trustee shall cancel the U.S.
Physical Security, if any, so transferred or decrease the amount of the U.S.
Global Security.  

(d)           Private Placement
Legend.  Upon the registration of
transfer, exchange or replacement of Securities not bearing the Private
Placement Legend, the Registrar shall deliver Securities that do not bear the
Private Placement Legend.  Upon the
registration of transfer, exchange or replacement of Securities bearing the
Private Placement Legend, the Registrar shall deliver only Securities that bear
the Private Placement Legend unless (i) the transferee certifies that it
is not an Affiliate of the Issuer and the requested transfer is after the
second anniversary of the later of (a) the date on which such Securities are
originally issued and (b) the last date on which the Issuer or an Affiliate of
the Issuer was the owner of such Securities (or any predecessor Securities) or
such shorter period of time as permitted by Rule 144(k) under the Securities
Act or any successor provision thereunder or (ii) the circumstance contemplated
by paragraph (b)(ii) of this Section 2.16 exists or (iii) there is delivered to
the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and
the Trustee to the effect that neither such legend nor the related restrictions
on transfer are required in order to maintain compliance with the provisions of
the Securities Act.

(e)           General.  By its acceptance of any Security bearing the
Private Placement Legend, each Holder of such Security acknowledges the
restrictions on transfer of such Security set forth in this Indenture and in
the Private Placement Legend and agrees that it shall transfer such Security
only as provided in this Indenture.

 36
 

The Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section 2.15 or this Section 2.16
in accordance with its customary procedures. 
The Issuer shall have the right to inspect and make copies of all such
letters, notices or other written communications at any reasonable time upon
the giving of reasonable written notice to the Registrar.

ARTICLE
III

REDEMPTION;
OFFER TO PURCHASE

3.1          Notices to Trustee
If the Issuer elects to redeem Securities pursuant to Paragraph 5 or 6 of the
Securities, it shall notify the Trustee in writing of the Redemption Date, the
Redemption Price and the principal amount of the applicable Securities to be
redeemed.  The Issuer shall give such
notice of redemption to the Paying Agent and Trustee at least 30 days but not
more than 60 days before the Redemption Date (unless a shorter notice shall be
agreed to by the Trustee in writing), together with an Officers’ Certificate
stating that such redemption shall comply with the conditions contained herein
and provide the information specified in Section 3.3.

3.2          Selection of Securities to Be
Redeemed In the event that less than all of the
Securities are to be redeemed at any time, selection of such Securities for
redemption shall be made by the Trustee in compliance with the requirements of
the principal national securities exchange, if any, on which such Securities
are listed or, if such Securities are not then listed on a national securities
exchange, by lot or by such method as the Trustee shall deem fair and
appropriate; provided, however, that no Securities of a principal
amount of $2,000 or less shall be redeemed in part; and provided  further
that, if a partial redemption is made, selection of the Securities or portions
thereof for redemption shall be made by the Trustee only by lot or by such
method as the Trustee shall deem fair and appropriate (subject to the
procedures of the Depository).

3.3          Notice of Redemption
At least 30 days but not more than 60 days before a Redemption Date, the Issuer
shall mail a notice of redemption by first class mail, postage prepaid, to each
Holder whose Securities are to be redeemed at its registered address.  At the Issuer’s request at least 45 days
before a Redemption Date (unless a shorter period shall be acceptable to the
Trustee), the Trustee shall give the notice of redemption in the Issuer’s name
and at the Issuer’s expense.  Each notice
of redemption shall identify the Securities to be redeemed and shall state:

(a)   the Redemption Date;

(b)   the Redemption Price and the amount of
accrued interest, if any, to be paid;

(c)   the name and address of the Paying Agent;

(d)   that Securities called for redemption must be
surrendered to the Paying Agent to collect the Redemption Price plus accrued
interest, if any;

(e)   that, unless the Issuer defaults in making
the redemption payment, interest on Securities called for redemption ceases to
accrue on and after the Redemption Date, and the only remaining right of the
Holders of such Securities is to receive payment of the Redemption Price and
accrued interest, if any, upon surrender to the Paying Agent of the Securities
redeemed;

 37
 

(f)    if any Security is being redeemed in part,
the portion of the principal amount of such Security to be redeemed and that,
after the Redemption Date, and upon surrender of such Security, a new Security
or Securities in aggregate principal amount equal to the unredeemed portion
thereof shall be issued;

(g)   if fewer than all the Securities are to be
redeemed, the identification of the particular Securities (or portion thereof)
to be redeemed, as well as the aggregate principal amount of Securities to be
redeemed and the aggregate principal amount of Securities to be outstanding
after such partial redemption;

(h)   the paragraph of the Securities pursuant to
which the Securities are to be redeemed; and

(i)    the CUSIP or ISIN number, if any, printed on
the Securities being redeemed and a statement that no representation is made as
to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in
such notice or printed on the Securities.

The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder
receives such notice.  In any case,
failure to give such notice by mail or any defect in the notice to the Holder
of any Security designated for redemption in whole or in part shall not affect
the validity of the proceedings for the redemption of any other Security.

3.4          Effect of Notice of Redemption
Once notice of redemption is mailed in accordance with Section 3.3,
Securities called for redemption become due and payable on the Redemption Date
and at the Redemption Price plus accrued interest, if any.  Upon surrender to the Trustee or Paying
Agent, such Securities called for redemption shall be paid at the Redemption
Price (which shall include accrued interest thereon to the Redemption Date),
but installments of interest, the maturity of which is on or prior to the
Redemption Date, shall be payable to Holders of record at the close of business
on the relevant Record Dates.

3.5          Deposit of Redemption Price
On or before 11:00 a.m. New York time on the Redemption Date, the Issuer shall
deposit with the Paying Agent U.S. Legal Tender in immediately available funds
sufficient to pay the Redemption Price plus accrued interest, if any, of all
Securities to be redeemed on that date.

If the Issuer complies
with the preceding paragraph, then, unless the Issuer defaults in the payment
of such Redemption Price plus accrued interest, if any, interest on the
Securities to be redeemed shall cease to accrue on and after the applicable
Redemption Date, whether or not such Securities are presented for payment.

 38
 

3.6          Securities Redeemed in Part
Upon surrender of a Security that is to be redeemed in part only, the Trustee
shall upon written instruction from the Issuer authenticate for the Holder a
new Security or Securities in a principal amount equal to the unredeemed
portion of the Security surrendered.

3.7          Offer to Purchase In the event
that, pursuant to Section 4.17 or 4.18, the Issuer shall be required to
commence an offer to purchase Securities from the Holders in accordance with
the procedures specified in the following provisions of this Section 3.7 (an “Offer
to Purchase”).  The Issuer shall
commence an Offer to Purchase by mailing a notice to the Trustee and each
Holder stating:

(1)                                  the
provision of this Indenture pursuant to which the offer is being made and that
all Securities validly tendered shall be accepted for payment on a pro rata
basis;

(2)                                  the
purchase price and the date of purchase, which shall be a Business Day no
earlier than 30 days nor later than 60 days from the date such notice
is mailed (the “Payment Date”);

(3)                                  that
any Security not tendered shall continue to accrue interest pursuant to its
terms;

(4)                                  that,
unless the Issuer defaults in the payment of the purchase price, any Security
accepted for payment pursuant to the Offer to Purchase shall cease to accrue
interest on and after the Payment Date;

(5)                                  that
Holders electing to have a Security purchased pursuant to the Offer to Purchase
shall be required to surrender the Security, together with the form entitled “Option
of the Holder to Elect Purchase” on the reverse side of the Security completed,
to the Paying Agent at the address specified in the notice prior to the close
of business on the Business Day immediately preceding the Payment Date;

(6)                                  that
Holders shall be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the third Business Day
immediately preceding the Payment Date, a telegram, facsimile transmission or
letter setting forth the name of such Holder, the principal amount of Securities
delivered for purchase and a statement that such Holder is withdrawing his
election to have such Securities purchased; and

(7)                                  that
Holders whose Securities are being purchased only in part shall be issued new
Securities equal in principal amount to the unpurchased portion of the
Securities surrendered; provided that each Security purchased and each
new Security issued shall be in a principal amount of at least $2,000 and
integral multiples of $1,000 thereafter.

On the Payment Date, the Issuer shall (a) accept
for payment on a pro rata basis Securities or portions thereof tendered
pursuant to an Offer to Purchase; (b) deposit, or cause to be deposited,
with the Paying Agent money sufficient to pay the purchase price of all
Securities or portions 

 39
 

thereof so accepted; and (c) deliver, or cause to
be delivered, to the Trustee all Securities or portions thereof so accepted
together with an Officers’ Certificate specifying the Securities or portions
thereof accepted for payment by the Issuer. 
The Paying Agent shall promptly mail to the Holders of Securities so
accepted payment in an amount equal to the purchase price, and the Trustee
shall promptly authenticate and mail to such Holders a new Security equal in
principal amount to any unpurchased portion of the Security surrendered; provided
that each Security purchased and each new Security issued shall be in a
principal amount of at least $2,000 with integral multiples of $1,000
thereafter.  The Issuer shall publicly
announce the results of an Offer to Purchase as soon as practicable after the
Payment Date.  The Trustee may act as the
Paying Agent for an Offer to Purchase. 
The Issuer shall comply with Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder, to the extent such laws
and regulations are applicable, in the event that the Issuer is required to
repurchase Securities pursuant to an Offer to Purchase.  To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Indenture
relating to an Offer to Purchase, the Issuer shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under such provisions of this Indenture by virtue of such conflict.

ARTICLE
IV

COVENANTS

4.1          Payment of Securities
The Issuer shall pay the principal of, premium, if any, and interest on the
Securities in the manner provided in the Securities.  An installment of principal of, premium, if
any, or interest on the Securities shall be considered paid on the date it is
due if the Trustee or Paying Agent holds on that date U.S. Legal Tender in
immediately available funds designated for and sufficient to pay the
installment.  If the Issuer or any
Subsidiary acts as Paying Agent, an installment of principal, premium, if any,
or interest shall be considered paid on the date it is due if the entity acting
as Paying Agent complies with the second sentence of Section 2.4.  Upon any bankruptcy or reorganization
procedure relative to the Issuer, the Trustee shall serve as Paying Agent, if
any, for the Securities.

4.2          Maintenance of Office or Agency
The Issuer shall maintain in the Borough of Manhattan, The City of New York,
the office or agency required under Section 2.3.  The Issuer shall give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency.  If at any time the Issuer
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the address of the Trustee set
forth in Section 11.2.

The Issuer may also from
time to time designate one or more other offices or agencies where the
Securities may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations. 
The Issuer shall give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

 40

The Issuer hereby
initially designate the Trustee at its Corporate Trust Office, as such office
of the Issuer in accordance with Section 2.3.

4.3          Limitation on Restricted Payments
The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly
or indirectly, (1) declare or pay any dividend or make any distribution on or
with respect to its Capital Stock (other than (x) dividends or distributions
payable solely in shares of its Capital Stock (other than Disqualified Stock)
or in options, warrants or other rights to acquire shares of such Capital Stock
and (y) pro rata dividends or distributions on common stock of Restricted
Subsidiaries held by minority stockholders) held by Persons other than the
Issuer or any of its Restricted Subsidiaries, (2) purchase, call for redemption
or redeem, retire or otherwise acquire for value any shares of Capital Stock of
(A) the Issuer (including options, warrants or other rights to acquire such
shares of Capital Stock) held by any Person or (B) a Restricted Subsidiary
(including options, warrants or other rights to acquire such shares of Capital
Stock) held by any Affiliate of the Issuer (other than a Wholly Owned
Restricted Subsidiary) or any holder (or any Affiliate of such holder) of 10%
or more of the Capital Stock of the Issuer, (3) make any voluntary or optional
principal payment, or voluntary or optional redemption, repurchase, defeasance,
or other acquisition or retirement for value, of Indebtedness of the Issuer
that is subordinated in right of payment to the Securities or any Indebtedness
of a Subsidiary Guarantor that is subordinated in right of payment to a Note
Guarantee or (4) make any Investment, other than a Permitted Investment, in any
Person (such payments or any other actions described in clauses (1) through (4)
above being collectively “Restricted Payments”) if, at the time of, and
after giving effect to, the proposed Restricted Payment:

(a)   a Default or an Event of Default shall have
occurred and be continuing; or

(b)   the Issuer is not able to incur at least
$1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in the first paragraph of part (a) of Section 4.4; or

(c)   the aggregate amount of all Restricted
Payments made after the Issue Date shall exceed the sum of:

(i)            50% of the aggregate amount of the
Adjusted Consolidated Net Income (or, if the Adjusted Consolidated Net Income
is a loss, minus 100% of the amount of such loss) accrued on a cumulative basis
during the period (taken as one accounting period) beginning on the first day
of the fiscal quarter during which the Issue Date occurs and ending on the last
day of the last fiscal quarter preceding the Transaction Date for which reports
have been filed with the Commission or provided to the Trustee plus

(ii)           the aggregate Qualified Proceeds
received by the Issuer after the Issue Date as a capital contribution or from
the issuance and sale of its Capital Stock (other than Disqualified Stock) to a
Person which is not a Subsidiary of the Issuer, including an issuance or sale
permitted by this Indenture of Indebtedness of the Issuer for cash subsequent
to the Issue Date upon the conversion of such Indebtedness into Capital Stock
(other than Disqualified Stock) of the Issuer, or

 41
 

from the issuance to a Person which is not a
Subsidiary of the Issuer of any options, warrants or other rights to acquire
Capital Stock of the Issuer (in each case, exclusive of any Disqualified Stock
or any options, warrants or other rights that are redeemable at the option of
the holder, or are required to be redeemed, prior to the Stated Maturity of the
Securities) plus

(iii)          an amount equal to the net reduction
in Investments (other than reductions in Permitted Investments) in any Person
resulting from payments of interest on Indebtedness, dividends, repayments of
loans or advances, or other transfers of assets, in each case, to the Issuer or
any Restricted Subsidiary or from the Qualified Proceeds from the sale of any
such Investment (except, in each case, to the extent any such payment or
proceeds are included in the calculation of Adjusted Consolidated Net Income),
from the release of any Guarantee or from redesignations of Unrestricted
Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the
definition of “Investments”), not to exceed, in each case, the amount of
Investments previously made by the Issuer or any Restricted Subsidiary in such
Person or Unrestricted Subsidiary.

The foregoing shall not be violated by reason of:

(1)           the payment of any dividend or
redemption of any Capital Stock within 60 days after the related date of
declaration or call for redemption if, at said date of declaration or call for
redemption, such payment or redemption would comply with the preceding
paragraph;

(2)           the making of any principal payment
or the repurchase, redemption, retirement, defeasance or other acquisition or
retirement for value of Indebtedness that is subordinated in right of payment
to the Securities or any Note Guarantee including premium, if any, and accrued interest,
with the proceeds of, or in exchange for, Indebtedness Incurred under clause
(3) of the second paragraph of Section 4.4(a);

(3)           the repurchase, redemption or other
acquisition of Capital Stock of the Issuer or a Subsidiary Guarantor (or
options, warrants or other rights to acquire such Capital Stock) in exchange
for, or out of the proceeds of a capital contribution or a substantially
concurrent offering of, shares of Capital Stock (other than Disqualified Stock)
of the Issuer (or options, warrants or other rights to acquire such Capital
Stock); provided that such options, warrants or other rights are not
redeemable at the option of the holder, or required to be redeemed, prior to
the Stated Maturity of the Securities;

(4)           the making of any principal payment
or the repurchase, redemption, retirement, defeasance or other acquisition or
retirement for value of Indebtedness (including premium, if any, and accrued
interest) which is subordinated in right of payment to the Securities or any
Note Guarantee in exchange for, or out of the proceeds of a capital
contribution or a substantially concurrent offering of, shares of the Capital
Stock (other than Disqualified Stock) of the Issuer (or options, warrants or
other rights to acquire such Capital Stock); provided that such options,
warrants or other rights are not redeemable at the option of the holder, or
required to be redeemed, prior to the Stated Maturity of the Securities;

 42
 

(5)           payments or distributions, to
dissenting stockholders pursuant to applicable law, pursuant to or in
connection with a consolidation, merger or transfer of assets of the Issuer
that complies with the provisions of Article V;

(6)           Investments acquired as a capital
contribution to, or in exchange for, or out of the proceeds of a substantially
concurrent offering of, Capital Stock (other than Disqualified Stock) of the
Issuer;

(7)           the repurchase of Capital Stock
deemed to occur upon the exercise of options or warrants if such Capital Stock
represents all or a portion of the exercise price thereof;

(8)           the declaration or payment of
dividends on Capital Stock (other than Disqualified Stock or preferred stock)
of the Issuer in an aggregate annual amount not to exceed 6% of the Net Cash
Proceeds received by the Issuer after the Issue Date from the sale of such
Capital Stock;

(9)           the payment by the Issuer to any
Affiliate of the Issuer of management fees of not more than $500,000, in the
aggregate in any calendar year, as invoiced by such Affiliate;

(10)         the repurchase or other acquisition of
Capital Stock of the Issuer or any of its Subsidiaries from employees, former
employees, directors or former directors of the Issuer or any of its
Subsidiaries (or permitted transferees of such employees, former employees,
directors or former directors), pursuant to the terms of the agreements
(including employment agreements) or plans (or amendments thereto) approved by
the Board of Directors under which such individuals purchase or sell, or are
granted the option to purchase or sell, such Capital Stock; provided, however,
that the aggregate amount of such repurchases and other acquisitions shall not
exceed $1.0 million in any calendar year;

(11)         dividends paid in respect of
Disqualified Stock or preferred stock of the Issuer or any Restricted
Subsidiary of the Issuer which is permitted to be issued pursuant to Section
4.4; provided, however, that the aggregate amount of dividends
paid in respect of preferred stock of the Issuer (other than Disqualified Stock
of the Issuer) pursuant to this clause (11) shall not exceed the amount of Net
Cash Proceeds from the issuance of such preferred stock;

(12)         the pledge by the Issuer or any
Restricted Subsidiary of the Capital Stock of an Unrestricted Subsidiary to
secure Non-Recourse Debt of that Unrestricted Subsidiary; and

(13)         Restricted Payments in an amount which,
when taken together with all Restricted Payments made pursuant to this clause
(13), does not exceed $20.0 million;

 43
 

provided that, except in the case of clauses
(1) and (3), no Default or Event of Default shall have occurred and be
continuing or occur as a consequence of the actions or payments set forth
therein.

Each Restricted Payment permitted pursuant to the
preceding paragraph (other than the Restricted Payment referred to in clause
(2), (7) through (9), and (11) through (12) thereof or an exchange of Capital
Stock for Capital Stock or Indebtedness referred to in clause (3) or (4)
thereof and an Investment acquired as a capital contribution or in exchange for
Capital Stock referred to in clause (6) thereof) shall be included in
calculating whether the conditions of clause (c) of this Section 4.3 have been
met with respect to any subsequent Restricted Payments, and the Net Cash
Proceeds from any issuance of Capital Stock to the extent used to make Restricted
Payments referred to in clause (3), (4) or (6) shall not be included in such
calculation.

For purposes of determining compliance with this
Section 4.3, (x) the amount, if other than in cash, of any Restricted Payment
shall be determined in good faith by the Board of Directors, whose
determination shall be conclusive and evidenced by a Board Resolution and (y)
in the event that a Restricted Payment meets the criteria of more than one of
the types of Restricted Payments described in the above clauses, including the
first paragraph of this Section 4.3, the Issuer, in its sole discretion, may
order and classify, and from time to time may reclassify, such Restricted
Payment if it would have been permitted at the time such Restricted Payment was
made and at the time of such reclassification.

Not later than the date of making any Restricted
Payment, the Issuer shall deliver to the Trustee an Officers’ Certificate
stating that such Restricted Payment complies with this Indenture and setting
forth in reasonable detail the basis upon which the required calculations were
computed, which calculations may be based upon the Issuer’s latest available
internal quarterly financial statements.

4.4          Limitation on Indebtedness and
Issuance of Preferred Stock  The Issuer shall not, and shall not permit
any of its Restricted Subsidiaries to, Incur any Indebtedness (other than the
Securities, the Note Guarantees and other Indebtedness existing on the Issue
Date) and the Issuer shall not permit any of its Restricted Subsidiaries to issue
any preferred stock; provided, however, that the Issuer may Incur
Indebtedness (including, without limitation, Acquired Indebtedness) and any
Restricted Subsidiary may Incur Indebtedness (including, without limitation,
Acquired Indebtedness) or issue preferred stock if, after giving effect to the
Incurrence of such Indebtedness or issuance of preferred stock and the receipt
and application of the proceeds therefrom, the Fixed Charge Coverage Ratio of
the Issuer would be greater than 2.0:1.0.

Notwithstanding the
foregoing, the Issuer and any Restricted Subsidiary (except as specified below)
may Incur each and all of the following (clauses (1) through (11) comprising
the “Permitted Debt” of the Issuer and any Restricted Subsidiary): 

(1)           the incurrence by the Issuer and any
Restricted Subsidiary of additional Indebtedness and letters of credit under
Credit Facilities in an aggregate principal amount at any one time outstanding
under this clause (1) (with letters of credit being deemed to have a principal
amount equal to the maximum potential liability of the Issuer and its 

 44
 

Restricted
Subsidiaries thereunder) not to exceed a maximum of the greater of (a) $250.0
million less any amount of such Indebtedness permanently repaid as provided
under Section 4.18 and (b) the Borrowing Base; 

(2)           Indebtedness owed (A) to the Issuer
or any Subsidiary Guarantor evidenced by an unsubordinated promissory note or
(B) to any other Restricted Subsidiary; provided that (x) any event which
results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary
or any subsequent transfer of such Indebtedness (other than to the Issuer or
another Restricted Subsidiary) shall be deemed, in each case, to constitute an
Incurrence of such Indebtedness not permitted by this clause (2) and (y) if the
Issuer or any Subsidiary Guarantor is the obligor on such Indebtedness, such
Indebtedness must be expressly subordinated in right of payment to the
Securities, in the case of the Issuer, or the Note Guarantee, in the case of a
Subsidiary Guarantor; 

(3)           Indebtedness issued in exchange for,
or the net proceeds of which are used to refinance or refund, then outstanding
Indebtedness (other than Indebtedness outstanding under clause (2) or (11)) in
an amount not to exceed the amount so refinanced or refunded (plus premiums,
accrued interest, fees and expenses); provided that (a) Indebtedness the
proceeds of which are used to refinance or refund the Securities or
Indebtedness that is pari passu with, or subordinated in right of payment to,
the Securities or a Note Guarantee shall only be permitted under this clause
(3) if (x) in case the Securities are refinanced in part or the Indebtedness to
be refinanced is pari passu with the Securities or a Note Guarantee, such new
Indebtedness, by its terms or by the terms of any agreement or instrument
pursuant to which such new Indebtedness is outstanding, is expressly made pari
passu with, or subordinate in right of payment to, the remaining Securities or
the Note Guarantee, or (y) in case the Indebtedness to be refinanced is
subordinated in right of payment to the Securities or a Note Guarantee, such
new Indebtedness, by its terms or by the terms of any agreement or instrument
pursuant to which such new Indebtedness is issued or remains outstanding, is
expressly made subordinate in right of payment to the Securities or the Note
Guarantee at least to the extent that the Indebtedness to be refinanced is
subordinated to the Securities or the Note Guarantee, (b) such new
Indebtedness, determined as of the date of Incurrence of such new Indebtedness,
does not mature prior to the Stated Maturity of the Indebtedness to be
refinanced or refunded, and the Average Life of such new Indebtedness is at
least equal to the remaining Average Life of the Indebtedness to be refinanced
or refunded and (c) such new Indebtedness is Incurred by the Issuer or a
Subsidiary Guarantor or by the Restricted Subsidiary who is the obligor on the
Indebtedness to be refinanced or refunded; 

(4)           Indebtedness of the Issuer, to the
extent the net proceeds thereof are promptly (A) used to purchase Securities
tendered in an Offer to Purchase made as a result of a Change in Control or (B)
deposited to defease the Securities pursuant to Article VIII;

(5)           Guarantees of the Securities and Guarantees
of Indebtedness of the Issuer or any Restricted Subsidiary by the Issuer or any
Restricted Subsidiary; provided the Guarantee of such Indebtedness is
permitted by and made in accordance with Section 4.15;

 45
 

(6)           Indebtedness arising from the
honoring by a bank or other financial institution of a check, draft or similar
instrument inadvertently (except in the case of daylight overdrafts) drawn
against insufficient funds in the ordinary course of business; provided,
however, that such Indebtedness is extinguished within two Business Days of
incurrence;

(7)           Indebtedness in respect of
performance bonds, bankers’ acceptances, workers’ compensation claims, surety
or appeal bonds, payment obligations in connection with self-insurance or
similar obligations, and bank overdrafts (and letters of credit in respect
thereof);

(8)           Indebtedness Incurred or preferred
stock issued to finance the cost (including the cost of improvement or
construction) to acquire real or personal property (including acquisitions by
way of Capitalized Lease Obligations and acquisitions of the Capital Stock of a
Person that becomes a Restricted Subsidiary, to the extent of the fair market
value of the real or personal property so acquired, plus goodwill associated
therewith) by the Issuer or a Restricted Subsidiary after the Issue Date; provided,
however, that the aggregate principal amount of such Indebtedness and/or
the liquidation preference of such preferred stock outstanding at any time may
not exceed $25.0 million;

(9)           the incurrence by the Issuer or any
of its Restricted Subsidiaries of Acquired Indebtedness; provided that the Fixed Charge Coverage Ratio immediately after
giving pro forma effect to such incurrence would be greater than the Fixed
Charge Coverage Ratio immediately prior to such incurrence;

(10)         Indebtedness consisting of (x) the
financing of insurance premiums in the ordinary course of business or (y)
take-or-pay obligations contained in supply arrangements entered into in the
ordinary course of business; and

(11)         additional Indebtedness of the Issuer
or Indebtedness of or preferred stock issued by any Restricted Subsidiary (in
addition to Indebtedness permitted under clauses (1) through (10) above) in an
aggregate principal amount and/or liquidation preference of such preferred
stock outstanding at any time not to exceed $25.0 million, less any amount of
such Indebtedness permanently repaid as provided under Section 4.18.

(b)           Notwithstanding any
other provision of this Section 4.4, the maximum amount of Indebtedness that may
be Incurred pursuant to this Section 4.4 shall not be deemed to be exceeded,
with respect to any outstanding Indebtedness due solely to the result of
fluctuations in the exchange rates of currencies.

(c)           For purposes of
determining any particular amount of Indebtedness under this Section 4.4,
Guarantees, Liens or obligations with respect to letters of credit supporting
Indebtedness otherwise included in the determination of such particular amount
shall not be included.  For purposes of
determining compliance with this Section 4.4, in the event that an item of
Indebtedness meets the criteria of more than one of the types of Indebtedness
described in clause (a) of this Section 4.4 (including the first paragraph of
such clause (a)), the Issuer, in its sole discretion, may classify, and from
time to time may reclassify, such item of Indebtedness.

(d)           The Obligors shall
not Incur any Indebtedness if such Indebtedness is subordinate in right of
payment to any other Indebtedness unless such Indebtedness is also subordinate
in right of payment to the Securities (in the case of the Issuer) or the Note
Guarantees (in the case of any Subsidiary Guarantor), in each case, to the same
extent.

 46
 

4.5          Corporate Existence
Except as otherwise permitted by Article V, the Issuer shall do or cause to be
done all things necessary to preserve and keep in full force and effect its
corporate existence and the corporate, partnership or other existence of each
of its Restricted Subsidiaries in accordance with the respective organizational
documents of each such Restricted Subsidiary and the rights (charter and
statutory) and material franchises of the Issuer and each of its Restricted
Subsidiaries; provided, however, that neither the Issuer nor any
Restricted Subsidiary shall be required to preserve any such right or franchise
or in the case of any Restricted Subsidiary, its existence, if (in each case)
the Board of Directors of the Issuer shall determine that the loss thereof is
not, and shall not be, adverse in any material respect to the Holders.

4.6          Payment of Taxes and Other Claims
The Issuer shall pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (a) all material taxes, assessments and
governmental charges levied or imposed upon it or any of its Restricted
Subsidiaries or upon the income, profits or property of it or any of its
Restricted Subsidiaries and (b) all lawful claims for labor, materials and
supplies which, in each case, if unpaid, might by law become a material
liability or Lien upon the property of it or any of its Restricted
Subsidiaries; provided, however, that the Issuer shall not be
required to pay or discharge or cause to be paid or discharged any such tax,
assessment, charge or claim whose amount, (i) the applicability or validity is
being contested in good faith by appropriate proceedings and for which
appropriate provision has been made or (ii) where the failure to effect such
payment or discharge is not adverse in any material respect to the Holders.

4.7          Maintenance of Properties and
Insurance The Issuer shall cause all material
properties owned or leased by it or any of its Restricted Subsidiaries used or
useful to the conduct of its business or the business of any of its Restricted
Subsidiaries, taken as a whole, to be maintained and kept in normal condition,
repair and working order and supplied with all necessary equipment and shall
cause to be made all repairs, renewals, replacements, and betterments thereof,
all as in its judgment may be necessary, so that the business carried on in
connection therewith may be properly and advantageously conducted at all times;
provided, however, that, nothing in this Section 4.7 shall
prevent the Issuer or any of its Restricted Subsidiaries from discontinuing the
use, operation or maintenance of any of such properties, or disposing of any of
them, if such discontinuance or disposal is, in the judgment of the Board of
Directors of the Issuer or any such Restricted Subsidiary desirable in the
conduct of the business of the Issuer or any such Restricted Subsidiary, and if
such discontinuance or disposal is not adverse in any material respect to the
Holders; provided  further that nothing in this Section 4.7 shall
prevent the Issuer or any of its Restricted Subsidiaries from discontinuing or
disposing of any properties to the extent otherwise permitted by this
Indenture.

(b)           The Issuer shall
maintain, and shall cause its Restricted Subsidiaries to maintain, insurance
with responsible carriers against such risks and in such amounts, and with such
deductibles, retentions, self-insured amounts and co-insurance provisions, as
are, in the  reasonable judgment,
customarily carried by similar businesses of similar size, including property
and casualty loss, workers’ compensation and interruption of business
insurance.

4.8          Compliance Certificate; Notice of
Default The Issuer shall deliver to the Trustee,
within 90 days after the close of each fiscal year of the Issuer, an Officers’
Certificate stating that a review of the activities of the Issuer and its Restricted
Subsidiaries has been made under the 

 47
 

supervision of
the signing Officers with a view to determining whether they have kept,
observed, performed and fulfilled their obligations under this Indenture and
further stating, as to each such Officer signing such certificate, that to the
best of his or her knowledge, the Issuer and it’s Restricted Subsidiaries
during such preceding fiscal year have kept, observed, performed and fulfilled
each and every such covenant and no Default or Event of Default occurred during
such year and at the date of such certificate there is no Default or Event of
Default that has occurred and is continuing or, if such signers do know of such
Default or Event of Default, the certificate shall describe its status with
particularity.  The applicable Officers’
Certificate shall also notify the Trustee should the Issuer or any of its
Restricted Subsidiaries elect to change the manner in which it fixes its fiscal
year end.

(b)           The Issuer shall
deliver to the Trustee, in the event that any Officer becomes aware of any
Default or Event of Default in the performance of any covenant, agreement or
condition contained in this Indenture, an Officers’ Certificate specifying the
Default or Event of Default and describing its status with particularity.

4.9          Compliance with Laws
The Issuer shall comply, and shall cause each of its Subsidiaries to comply,
with all applicable statutes, rules, regulations, orders and restrictions of
the United States, all states and municipalities thereof, and of any
governmental department, commission, board, regulatory authority, bureau,
agency and instrumentality of the foregoing, in respect of the conduct of their
respective businesses and the ownership of their respective properties, except
for such noncompliances as would not in the aggregate have a material adverse
effect on the financial condition or results of operations of the Issuer and
its Subsidiaries taken as a whole.

4.10        Commission Reports and Reports to Holders
At all times that the Securities remain outstanding, whether or not the Issuer
is then required to file reports with the Commission, the Issuer shall file
with the Commission, unless the Commission shall not accept such filing (x) all
quarterly and annual financial information that would be required to be
contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuer
were required to file such forms, including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and, with respect to
the annual information only, a report on the annual financial statements by the
Issuer’s certified independent accountants and (y) all current reports that
would be required to be filed with the Commission on Form 8-K if the Issuer
were required to file such reports.  The
Issuer shall supply to the Trustee and to each Holder or shall supply to the
Trustee for forwarding to each such Holder who so requests, without cost to
such Holder, copies of such reports and other information.  In addition, the Obligors have agreed that,
at any times prior to any registration of the Securities, if the Issuer is not
subject to Section 13 or 15(d) of the Exchange Act, upon the request of any
Holder of Securities or any prospective purchaser of the Securities designated
by a Holder of Securities, the Obligors shall supply to such Holder or such
prospective purchaser the information required under Rule 144A under the
Securities Act.

4.11        Waiver of Stay, Extension or Usury
Laws The Issuer and each Subsidiary Guarantor covenants
(to the extent enforceable by law) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law or any usury law or other law that would prohibit or
forgive such Issuer or such Subsidiary Guarantor from paying all or any portion
of the principal of, premium, if any, and/or interest on the Securities or the
Subsidiary Guarantee of any such Subsidiary Guarantor as contemplated 

 48
 

herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the
performance of this Indenture, and (to the extent enforceable by law) each
hereby expressly waives all benefit or advantage of any such law, and covenants
to the extent enforceable by law that it shall not hinder, delay or impede the
execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law had been
enacted.

4.12        Limitations on Transactions with
Shareholders and Affiliates The Issuer shall not,
and shall not permit any Restricted Subsidiary to, directly or indirectly,
enter into, renew or extend any transaction (including, without limitation, the
purchase, sale, lease or exchange of property or assets, or the rendering of
any service) with any holder (or any Affiliate of such holder) of 10% or more
of any class of Capital Stock of the Issuer or with any Affiliate of the
Issuer, except upon fair and reasonable terms no less favorable to the Issuer
or such Restricted Subsidiary than could be obtained, at the time of such
transaction or, if such transaction is pursuant to a written agreement, at the
time of the execution of the agreement providing therefor, in a comparable arm’s
length transaction with a Person that is not such a holder or an Affiliate.

(b)           The foregoing
limitation (in clause (a)) does not limit and shall not apply to:

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

(ii)           any transaction solely between the
Issuer and any of its Restricted Subsidiaries or solely among Restricted
Subsidiaries;

(iii)          the payment of reasonable and
customary regular fees to directors of the Issuer who are not employees of the
Issuer and customary indemnification arrangements entered into by the Issuer;

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

(v)           any sale of shares of Capital Stock
(other than Disqualified Stock) of the Issuer;

(vi)          any Permitted Investments or any
Restricted Payments not prohibited by Section 4.3;

(vii)         any agreement as in effect or entered
into as of the Issue Date (as disclosed in the Offering Memorandum) or any
amendment thereto or any transaction contemplated thereby (including pursuant
to any amendment thereto) in any replacement agreement thereto so long as any
such amendment or replacement agreement is not more disadvantageous to the
Holders in any material respect than the original agreement as in effect on the
Issue Date;

 49

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

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

(x)            the payment by the Issuer to any
Affiliate of the Issuer of management fees of not more than $500,000, in the
aggregate in any calendar year, as invoiced by such Affiliate;

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

(xii)          payments of customary and reasonable
fees by the Issuer or any of its Restricted Subsidiaries to the Permitted
Holders made for any financial advisory, financing, underwriting or placement
services (whether structured as a fee or as an underwriting discount) or in
respect of other commercial or investment banking activities, including,
without limitation, in connection with acquisitions or divestitures, provided
that each such payment shall be approved by a majority of the disinterested
members of the Board of Directors; or

(xiii)         payments and transactions in connection
with any Credit Facilities (including commitment, syndication and arrangement
fees payable thereunder) and this offering, including underwriting discounts
and commissions in connection therewith, and the application of the proceeds of
each, and the payment of fees and expenses with respect thereto.

Notwithstanding the foregoing, any transaction or
series of related transactions covered by clause (a) of this Section 4.12 and
not covered by clauses (ii) through (xiii) of this clause (b), (x) the
aggregate amount of which exceeds $5.0 million in value, must be approved or
determined to be fair in the manner provided for in clause (b)(i)(A) or (B)
above and (y) the aggregate amount of which exceeds $10.0 million in value must
be determined to be fair in the manner provided for in clause (b)(i)(B) above.

4.13        Limitation on Dividend and Other
Payment Restrictions Affecting Subsidiaries The Issuer
shall not, and shall not permit any Restricted Subsidiary to, create or
otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction of any kind on the ability of any Restricted
Subsidiary to (1) pay dividends or make any other distributions permitted by
applicable law on any Capital Stock of such Restricted Subsidiary owned by the 

 50
 

Issuer or any other
Restricted Subsidiary, (2) pay any Indebtedness owed to the Issuer or any other
Restricted Subsidiary, (3) make loans or advances to the Issuer or any other
Restricted Subsidiary or (4) transfer any of its property or assets to the
Issuer or any other Restricted Subsidiary.

The foregoing provisions
shall not restrict any encumbrances or restrictions:

(i)            existing on the Issue Date, and any
extensions, refinancings, renewals or replacements thereof; provided that the encumbrances and
restrictions in any such extensions, refinancings, renewals or replacements
taken as a whole are, in the good faith judgment of the Board of Directors, no less
favorable in any material respect to the Holders than those encumbrances or
restrictions that are then in effect and that are being extended, refinanced,
renewed or replaced;

(ii)           existing under or by reason of
applicable law;

(iii)          existing with respect to any Person or
the property or assets of such Person acquired by the Issuer or any Restricted
Subsidiary, existing at the time of such acquisition and not incurred in
contemplation thereof, which encumbrances or restrictions are not applicable to
any Person or the property or assets of any Person other than such Person or
the property or assets of such Person so acquired and any extensions,
refinancings, renewals or replacements thereof; provided
that the encumbrances and restrictions in any such extensions,
refinancings, renewals or replacements taken as a whole are, in the good faith
judgment of the  Board of Directors, no
less favorable in any material respect to the Holders than those encumbrances
or restrictions that are then in effect and that are being extended,
refinanced, renewed or replaced;

(iv)          in the case of clause (4) of the first
paragraph of this Section 4.13:

(A)          that
restrict in a customary manner the subletting, assignment or transfer of any
property or asset that is a lease, license, conveyance or contract or similar
property or asset,

(B)           existing
by virtue of any transfer of, agreement to transfer, option or right with
respect to, or Lien on, any property or assets of the Issuer or any Restricted
Subsidiary not otherwise prohibited by this Indenture,

(C)           arising
or agreed to in the ordinary course of business, not relating to any
Indebtedness, and that do not, individually or in the aggregate, detract from
the value of property or assets of the Issuer or any Restricted Subsidiary in any
manner material to the Issuer or any Restricted Subsidiary, or

(D)          arising
under purchase money obligations for property acquired in the ordinary course
of business or Capitalized Lease Obligations;

(v)           with respect to a Restricted
Subsidiary and imposed pursuant to an agreement that has been entered into for
the sale or disposition of all or substantially all of the Capital Stock of, or
property and assets of, such Restricted Subsidiary;

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(vi)          arising from customary provisions in
joint venture agreements and other similar agreements entered into in the
ordinary course of business;

(vii)         on cash or other deposits or net worth
imposed by customers under contracts entered into in the ordinary course of
business; and

(viii)        arising in connection with any Indebtedness,
Disqualified Stock or preferred stock of the Issuer or any Restricted
Subsidiary of the Issuer permitted to be incurred subsequent to the date of the
Issue Date pursuant to the provisions of Section 4.4.

Nothing contained in this Section
4.13 shall prevent the Issuer or any Restricted Subsidiary from
(1) creating, incurring, assuming or suffering to exist any Liens
otherwise permitted under Section 4.16 or (2) restricting the sale or
other disposition of property or assets of the Issuer or any of its Restricted
Subsidiaries that secure Indebtedness of the Issuer or any of its Restricted
Subsidiaries.

4.14        Limitation on the Issuance and Sale of Capital Stock of
Restricted Subsidiaries The Issuer shall not sell, and
shall not permit any Restricted Subsidiary, directly or indirectly, to issue or
sell, any shares of Capital Stock of a Restricted Subsidiary (including
options, warrants or other rights to purchase shares of such Capital Stock)
except:

(a)   to the Issuer or a Wholly Owned Restricted
Subsidiary;

(b)   issuances of director’s qualifying shares or
sales to foreign nationals of shares of Capital Stock of foreign Restricted
Subsidiaries, to the extent required by applicable law;

(c)   if, immediately after giving effect to such
issuance or sale, such Restricted Subsidiary would no longer constitute a
Restricted Subsidiary and any Investment in such Person remaining after giving
effect to such issuance or sale would have been permitted to be made under
Section 4.3 if made on the date of such issuance or sale; or

(d)   sales of common stock (including options,
warrants or other rights to purchase shares of such common stock) of a
Restricted Subsidiary by the Issuer or a Restricted Subsidiary, provided that
the Issuer or such Restricted Subsidiary applies the Net Cash Proceeds of any
such sale in accordance with clause (b)(i) or (b)(ii) of Section 4.18.

4.15        Issuances of Guarantees by Restricted Subsidiaries  The
Issuer shall cause each Restricted Subsidiary that Guarantees any Indebtedness
of the Issuer or any Subsidiary Guarantor (other than any revolving credit or
other similar agreement the aggregate principal amount outstanding under which
does not exceed the Borrowing Base) to execute and deliver a supplemental
indenture to this Indenture providing for a Subsidiary Guarantee of payment of
the Securities by such Restricted Subsidiary.

Notwithstanding the foregoing, any Subsidiary
Guarantee by a Restricted Subsidiary (including NELLC, if it shall be a
Subsidiary Guarantor) may provide by its terms that it shall be automatically
and unconditionally released and discharged upon (1) any sale, exchange or

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transfer to any Person of (a)  all of the Capital
Stock of such Subsidiary Guarantor owned directly or indirectly by the Issuer
(which sale, exchange or transfer is not prohibited by this Indenture) after
which such Subsidiary Guarantor is no longer a Restricted Subsidiary or (b) all
or substantially all of the assets of such Subsidiary Guarantor, which sale,
exchange or transfer is made in compliance with the conditions of the
Indenture, (2) the designation of such Subsidiary Guarantor as an Unrestricted
Subsidiary in accordance with the terms of this Indenture or (3) any defeasance
or discharge of the Securities pursuant to the provisions of Article VIII of this
Indenture.

4.16        Limitation on Liens
The Issuer shall not, and shall not permit any Restricted Subsidiary to,
create, incur, assume or suffer to exist any Lien on any of its assets or
properties of any character (including any shares of Capital Stock or
Indebtedness of any Restricted Subsidiary). 
The foregoing limitation does not apply to:

(i)            Liens existing on the Issue Date;

(ii)           Liens granted on or after the Issue
Date on any assets or Capital Stock of the Issuer or its Restricted
Subsidiaries created in favor of the Holders;

(iii)          Liens securing Indebtedness not to
exceed the greater of (x) the Borrowing Base determined at the time of
Incurrence of such Indebtedness plus 1.0 times EBITDA for the most recently
ended four fiscal quarters for which internal financial statements are
available at the time of Incurrence of such Indebtedness and (y) $250 million,
provided that any Liens securing Indebtedness outstanding under the Credit
Facilities on the Issue Date shall be deemed to have been Incurred under this
clause;

(iv)          Liens securing Indebtedness which is
Incurred to refinance secured Indebtedness which is permitted to be Incurred
under clause (3) of the second paragraph of part (a) of Section 4.4; provided
that such Liens do not extend to or cover any property or assets of the Issuer
or any Restricted Subsidiary other than the property or assets securing the
Indebtedness being refinanced;

(v)           Liens (including extensions and
renewals thereof) upon real or personal property acquired after the Issue Date;
provided that (a) such Lien is created
solely for the purpose of securing Indebtedness Incurred, in accordance with
Section 4.4, to finance the cost (including the cost of improvement or
construction) of the item of property or assets subject thereto and such Lien
is created prior to, at the time of or within six months after the later of the
acquisition, the completion of construction or the commencement of full
operation of such property, (b) the principal amount of the Indebtedness
secured by such Lien does not exceed 100% of such cost, and (c) any such Lien
shall not extend to or cover any property or assets other than such item of
property or assets and any improvements on such item;

(vi)          Liens on cash set aside at the time of
the Incurrence of any Indebtedness, or government securities purchased with
such cash, in either case, to the extent that such cash or government
securities pre-fund the payment of interest on such Indebtedness and are held
in a collateral or escrow account or similar arrangement to be applied for such
purpose;

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(vii)         Liens on assets, property or Capital
Stock of any Restricted Subsidiary that is not a Subsidiary Guarantor securing
Indebtedness permitted under this Indenture; or

(viii)        Permitted Liens.

4.17        Change of Control
The Issuer shall commence, within 30 days of the occurrence of a Change of
Control, and consummate an Offer to Purchase for all Securities then
outstanding, at a purchase price equal to 101% of their principal amount, plus
accrued interest (if any) to the Payment Date. 
There can be no assurance that the Issuer will have sufficient funds
available at the time of any Change of Control to make any debt payment
(including repurchases of the Securities) required by this Section 4.17(a) (as
well as may be contained in other securities of the Issuer which might be
outstanding at the time).

(b)           The above covenant
in clause (a) of Section 4.17 requiring the Issuer to repurchase the
Securities, will unless consents are obtained, require the Issuer to repay all
indebtedness then outstanding which by its terms would prohibit such Security
repurchase, either prior to or concurrently with such Note repurchase.

(c)           Notwithstanding the
provisions of clause (a) of this Section 4.17, the Issuer shall not be required
to make an Offer to Purchase upon the occurrence of a Change of Control if a
third party makes an offer to purchase the Securities in the manner, at the
times and price and otherwise in compliance with the requirements of this
Indenture applicable to an Offer to Purchase for a Change of Control and
purchases all Securities validly tendered and not withdrawn in such Offer to
Purchase.

4.18        Limitation on Asset Sales
The Issuer shall not, and shall not permit any Restricted Subsidiary to,
consummate any Asset Sale, unless (1) the consideration received by the Issuer
or such Restricted Subsidiary is at least equal to the fair market value of the
assets sold or disposed of and (2) at least 75% of the consideration received
consists of (a) cash or Temporary Cash Investments, (b) the assumption of
unsubordinated Indebtedness of the Issuer or any Subsidiary Guarantor or
Indebtedness of any other Restricted Subsidiary (in each case, other than
Indebtedness owed to the Issuer or any Affiliate of the Issuer), provided
that the Issuer, such Subsidiary Guarantor or such other Restricted Subsidiary
is irrevocably and unconditionally released from all liability under such
Indebtedness, or (c) Replacement Assets.

For the purposes of this provision, any securities,
notes or other obligations received by the Issuer or any of its Restricted
Subsidiaries from the transferee that are converted by the Issuer or any of its
Restricted Subsidiaries into cash or Temporary Cash Investments within 180 days
of their receipt by the Issuer or any of its Restricted Subsidiaries shall be
deemed to be cash, but only to the extent of the cash or Temporary Cash
Investments received.

(b)           The Issuer may, or
may cause the relevant Restricted Subsidiary to, within twelve months after the
date of receipt of any Net Cash Proceeds from an Asset Sale, apply all or a
portion of such Net Cash Proceeds,

 54
 

(i)            to permanently repay or reduce
outstanding (a) Indebtedness of the Issuer that is pari passu in right of
payment with the Securities, (b) Indebtedness of any Subsidiary Guarantor that
is pari passu in right of payment with the relevant Subsidiary Guarantee or (c)
Indebtedness of any other Restricted Subsidiary, or

(ii)           to invest (or enter into a definitive
agreement committing to so invest within 12 months after the date of such
agreement) in Replacement Assets.

The amount of such excess Net Cash Proceeds not
applied by the end of such periods shall constitute “Excess Proceeds.”

(c)           If, as of the first
day of any calendar month, the aggregate amount of Excess Proceeds not
theretofore subject to an Offer to Purchase pursuant to this Section 4.18
totals at least $25.0 million, the Issuer shall commence, not later than the
fifteenth Business Day of such month, and consummate an Offer to Purchase from
the Holders (and, if required by the terms of any Indebtedness that is pari
passu in right of payment with the Securities (“Pari Passu Indebtedness”),
from the holders of such Pari Passu Indebtedness) on a pro rata basis an
aggregate principal amount of Securities (and Pari Passu Indebtedness) equal to
the Excess Proceeds on such date, at a purchase price equal to 100% of their
principal amount, plus, in each case, accrued interest (if any) to the Payment
Date. To the extent that any Excess Proceeds remain after consummation of an
Offer to Purchase pursuant to this Section 4.18, the Issuer may use those
Excess Proceeds for any purpose not otherwise prohibited by this Indenture and
the amount of Excess Proceeds shall be reset to zero.

4.19        Limitation on Sale and Leaseback Transactions
The Issuer shall not, and shall not permit any Restricted Subsidiary to, enter
into any Sale and Leaseback Transaction involving any of its assets or
properties whether now owned or hereafter acquired; provided, however,
that the Issuer or any Restricted Subsidiary may enter into a Sale and
Leaseback Transaction if:

(a)   the
consideration received in such Sale and Leaseback Transaction is at least equal
to the fair market value of the property so sold or otherwise transferred, as
determined by a resolution of the Board of Directors;

(b)   the
Issuer or such Restricted Subsidiary, as applicable, would be permitted to
grant a Lien to secure Indebtedness under Section 4.16 in the amount of the
Attributable Debt in respect of such Sale and Leaseback Transaction;

(c)   prior
to and after giving effect to the Attributable Debt in respect of such Sale and
Leaseback Transaction, the Issuer and such Restricted Subsidiary comply with
Section 4.4; and

(d)   the
Issuer or such Restricted Subsidiary applies an amount not less than the net
proceeds received from such sale in accordance with Section 4.18.

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4.20        Limitation
on Business Activities The Issuer shall not, and shall
not permit any of its Restricted Subsidiaries to, engage in any business other
than a Permitted Business, except to such extent as would not be material to
the Issuer and its Restricted Subsidiaries taken as a whole.

ARTICLE V

SUCCESSOR
CORPORATION

5.1          Merger,
Consolidation and Sale of Assets The Issuer shall not
consolidate with, merge with or into, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all of its property and assets (as an
entirety or substantially an entirety in one transaction or a series of related
transactions) to, any Person or permit any Person to merge with or into it
unless:

(i)            it shall be the continuing Person,
or the Person (if other than it) formed by such consolidation or into which it
is merged or that acquired or leased such property and assets (the “Surviving
Person”) shall be organized and validly existing under the laws of the
United States of America or any jurisdiction thereof and shall expressly
assume, by a supplemental indenture, executed and delivered to the Trustee, all
of the  obligations under this Indenture,
the Securities, and the Registration Rights Agreement;

(ii)           each of the conditions specified in
paragraph (c) below is satisfied; and

(iii)          each Subsidiary Guarantor, unless such
Subsidiary Guarantor is the Person with which the Issuer has entered into a
transaction under this Section 5.1, shall have by amendment to its Note
Guarantee confirmed that its Note Guarantee shall apply to the obligations of
the Issuer or the Surviving Person in accordance with the Securities and this
Indenture.

(b)           No Subsidiary
Guarantor shall consolidate with or merge with or into any Person or permit any
Person to merge with or into it, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its property and assets (as an entirety
or substantially as an entirety in one transaction or a series of related
transactions) to any Person, unless:

(i)            it shall be the continuing Person,
or the Person (if other than it) formed by such consolidation or into which it
is merged or that acquired or leased such property and assets (the “Subsidiary
Guarantor Surviving Person”) shall expressly assume, by a supplemental
indenture, executed and delivered to the Trustee, all of such Subsidiary
Guarantor obligations under its Note Guarantee, and the Registration Rights
Agreement;

(ii)           each of the conditions specified in
paragraph (c) below is satisfied.

The foregoing requirements of this paragraph (b)
shall not apply to (x) a consolidation or merger of any Subsidiary
Guarantor with and into the Issuer or any other Subsidiary Guarantor, so long
as the Issuer or such Subsidiary Guarantor survives such consolidation or
merger or (y) a sale or other disposition of all of the assets of a
Subsidiary Guarantor, by way of merger, consolidation or otherwise, if (x) the
Issuer or a Restricted Subsidiary applies the Net Cash Proceeds of that sale or
other disposition in accordance with Section 4.18 or (y) to the Issuer or
a Subsidiary Guarantor.

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(c)           The following
additional conditions shall apply to each transaction described in
paragraph (a) or (b) above, except that clause (ii) below shall
not apply to a transaction described in paragraph (b):

(i)            immediately after giving effect to
such transaction, no Default or Event of Default shall have occurred and be
continuing;

(ii)           immediately after giving effect to
such transaction on a pro  forma basis the Issuer (or the
Surviving Person, if applicable) (x) could Incur at least $1.00 of
Indebtedness under the first paragraph of part (a) of Section 4.4 covenant
or (y) would, together with its Restricted Subsidiaries, have a greater
Fixed Charge Coverage Ratio immediately after that transaction (after giving
pro forma effect thereto as if that transaction had occurred at the beginning
of the applicable four-quarter period) than the Fixed Charge Coverage Ratio of
the Issuer and its Restricted Subsidiaries immediately prior to that
transaction; provided that this clause (ii) shall not apply to a
consolidation, merger or sale of all (but not less than all) of the assets of
the Issuer if all Liens and Indebtedness of the Issuer (or the Surviving
Person) together with the Restricted Subsidiaries of such Person, outstanding
immediately after such transaction would have been permitted (and all such
Liens and Indebtedness, other than Liens and Indebtedness of such Person and
its Restricted Subsidiaries outstanding immediately prior to the transaction,
shall be deemed to have been Incurred) for all purposes of this Indenture; and

(iii)          the Issuer shall have delivered to the
Trustee an Officers’ Certificate (attaching the arithmetic computations to
demonstrate compliance with clause (ii) of this paragraph (c) unless
compliance therewith is not required) and an opinion of counsel, each stating
that such transaction and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture complies with the
applicable provisions of this Indenture, that all conditions precedent in this
Indenture relating to such transaction have been satisfied and that such
supplemental indenture is enforceable;

provided, however, that clause (ii) above does not apply
if, in the good faith determination of the Board of Directors, whose
determination shall be evidenced by a Board Resolution, the principal purpose
of such transaction is to change the state of incorporation of the Issuer and
any such transaction shall not have as one of its purposes the evasion of the
foregoing limitations.

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5.2          Successor
Corporation Substituted Upon any consolidation,
combination or merger or any transfer of all or substantially all of the assets
of the Issuer or any Subsidiary Guarantor in accordance with Section 5.1 in
which the Issuer or such Subsidiary Guarantor, as applicable, is not the
continuing corporation, the successor Person formed by such consolidation or
into which the Issuer or such Guarantor is merged or to which such conveyance,
lease or transfer is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer or such Subsidiary Guarantor
under this Indenture and the Securities or any Subsidiary Guarantee, as
applicable, with the same effect as if such Surviving Entity had been named as
such.

ARTICLE
VI

DEFAULT
AND REMEDIES

6.1          Events of Default The following
events shall be defined as “Event of Default” in this Indenture:

(i)            default in the payment of principal
of (or premium, if any, on) any Security when the same becomes due and payable
at maturity, upon acceleration, redemption or otherwise;

(ii)           default in the payment of interest on
any Security when the same becomes due and payable, and such default continues
for a period of 30 days;

(iii)          default in the performance or breach
of the provisions of Article V or the failure by the Issuer to make or
consummate an Offer to Purchase in accordance with Section 4.17 and 4.18 and
such default or breach continues for a period of 30 consecutive days after
written notice by the Trustee or the Holders of 25% or more in aggregate
principal amount of the Securities;

(iv)          the Issuer or any Subsidiary Guarantor
defaults in the performance of or breaches any other covenant or agreement in
this Indenture or under the Securities (other than a default specified in
clause (i), (ii) or (iii) above) and such default or breach continues for a
period of 60 consecutive days after written notice by the Trustee or the Holders
of 25% or more in aggregate principal amount of the Securities;

(v)           there occurs with respect to any
issue or issues of Indebtedness of the Issuer, any Subsidiary Guarantor or any
Significant Subsidiary having an outstanding principal amount of $20.0 million
or more in the aggregate for all such issues of all such Persons, whether such
Indebtedness now exists or shall hereafter be created, (A) an event of default
that has caused the holder thereof to declare such Indebtedness to be due and
payable prior to its Stated Maturity and such Indebtedness has not been
discharged in full or such acceleration has not been rescinded or annulled
within 30 days of such acceleration and/or (B) the failure to make a principal
payment at the final (but not any interim) fixed maturity (after giving effect
to any applicable grace period provided in such Indebtedness) and such
defaulted payment shall not have been made, waived or extended within 30 days
of such payment default;

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(vi)          any final judgment or order (not
covered by insurance or a third party indemnity pursuant to an executed written
agreement) for the payment of money in excess of $20.0 million in the aggregate
for all such final judgments or orders against all such Persons (treating any
deductibles, self-insurance or retention as not so covered) shall be rendered
against the Issuer, any Subsidiary Guarantor or any Significant Subsidiary and
shall not be paid or discharged, and there shall be any period of 30
consecutive days following entry of the final judgment or order that causes the
aggregate amount for all such final judgments or orders outstanding and not
paid or discharged against all such Persons to exceed $20.0 million during
which a stay of enforcement of such final judgment or order, by reason of a pending
appeal or otherwise, shall not be in effect;

(vii)         a court having jurisdiction in the
premises enters a decree or order for (A) relief in respect of the Issuer, any
Subsidiary Guarantor or any Significant Subsidiary in an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, (B) appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuer, any Subsidiary
Guarantor or any Significant Subsidiary or for all or substantially all of the
property and assets of the Issuer, any Subsidiary Guarantor or any Significant
Subsidiary or (C) the winding up or liquidation of the affairs of the Issuer,
any Subsidiary Guarantor or any Significant Subsidiary and, in each case, such
decree or order shall remain unstayed and in effect for a period of 30
consecutive days;

(viii)        the Issuer, any Subsidiary Guarantor or
any Significant Subsidiary (A) commences a voluntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or
consents to the entry of an order for relief in an involuntary case under any
such law, (B) consents to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuer, any Subsidiary Guarantor or any Significant Subsidiary
or for all or substantially all of the property and assets of the Issuer, any
Subsidiary Guarantor or any Significant Subsidiary or (C) effects any general assignment
for the benefit of creditors; or

(ix)           the Issuer or any Subsidiary
Guarantor repudiates its obligations under its Note Guarantee or, except as
permitted by this Indenture, any Note Guarantee is determined to be
unenforceable or invalid or shall for any reason cease to be in full force and
effect.

 59

6.2          Acceleration If
an Event of Default (other than an Event of Default specified in
clause (vii) or (viii) of Section 6.1 above that occurs with respect to
the Issuer) occurs and is continuing under this Indenture, the Trustee or the
Holders of at least 25% in aggregate principal amount of Securities, then
outstanding, by written notice to the Issuer (and to the Trustee if such notice
is given by the Holders), may and the Trustee at the request of the Holders
shall, declare the principal of, premium, if any, and accrued interest on the
Securities to be due and payable.  Upon a
declaration of acceleration, such principal of, premium, if any, and accrued
interest shall be immediately due and payable. 
Upon a declaration of acceleration, such principal of, premium, if any,
and accrued interest shall be immediately due and payable.

In the event of a
declaration of acceleration because an Event of Default set forth in clause (v)
of Section 6.1 above has occurred and is continuing, such declaration of
acceleration shall be automatically rescinded and annulled if the event of
default triggering such Event of Default pursuant to clause (v) of Section 6.1
shall be remedied or cured by the Issuer, the relevant Subsidiary Guarantor or
the relevant Significant Subsidiary or waived by the holders of the relevant
Indebtedness within 60 days after the declaration of acceleration with respect
thereto.  If an Event of Default
specified in clause (vii) or (viii) of Section 6.1 occurs with respect to the
Issuer, the principal of, premium, if any, and accrued interest on the
Securities then outstanding shall automatically become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holder.

6.3          Other Remedies
If an Event of Default occurs and is continuing, the Trustee may pursue any
available remedy by proceeding at law or in equity to collect the payment of
principal of, premium, if any, or interest on the Securities or to enforce the
performance of any provision of the Securities or this Indenture.

The Trustee may maintain
a proceeding even if it does not possess any of the Securities or does not
produce any of them in the proceeding.  A
delay or omission by the Trustee or any Securityholder in exercising any right
or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other
remedy.  All available remedies are
cumulative to the extent permitted by law.

6.4          Waiver of Past Defaults; Rescission
of Acceleration Subject to Sections 2.9, 6.2, 6.7 and
9.2, the Holders of at least a majority in principal amount of the outstanding
Securities by written notice to the Issuer and to the Trustee, may waive all
past defaults and rescind and annul a declaration of acceleration and its
consequences if (x) all existing Events of Default, other than the nonpayment
of the principal of, premium, if any, and accrued interest on the Securities
that have become due solely by such declaration of acceleration, have been
cured or waived and (y) the rescission would not conflict with any judgment or
decree of a court of competent jurisdiction.

6.5          Control by Majority
The Holders of not less than a majority in principal amount of the outstanding
Securities may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee or exercising any trust or power
conferred on it.  Subject to
Section 7.1, however, the Trustee may refuse to follow any direction that
conflicts with any law or this Indenture, that the Trustee determines in good
faith may be unduly prejudicial to the

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rights of another
Securityholder not joining in the giving of such direction or that may involve
the Trustee in personal liability and may take any other action it deems proper
that is not inconsistent with any such direction received from the
Securityholders.

6.6          Limitation on Suits
A Securityholder may not pursue any remedy with respect to this Indenture or
the Securities unless:

(i)            the Holder gives to the Trustee
written notice of a continuing Event of Default;

(ii)           the Holder or Holders of at least 25%
in aggregate principal amount of the outstanding Securities make a written
request to the Trustee to pursue the remedy;

(iii)          such Holder or Holders offer the
Trustee indemnity satisfactory to the Trustee against any costs, liability or
expense;

(iv)          the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of indemnity;
and

(v)           during such 60-day period the Holder
or Holders of a majority in aggregate principal amount of the outstanding
Securities do not give the Trustee a direction that is inconsistent with the
request.

A Securityholder may not use this Indenture to
prejudice the rights of another Securityholder or to obtain a preference or
priority over such other Securityholder.

6.7          Rights of Holders to Receive
Payment Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal or premium,
if any, or interest on a Security, or to bring suit for the enforcement of any
such payment, on or after the due date expressed in the Securities, which right
shall not be impaired or affected without the consent of the Holder.

6.8          Collection Suit by Trustee
If an Event of Default in payment of principal, premium, if any, or interest
specified in clause (i) or (ii) of Section 6.1 occurs and is continuing,
the Trustee may recover judgment in its own name and as trustee of an express
trust against the Issuer or any other obligor on the Securities for the whole
amount of principal, premium, if any, and accrued interest and fees remaining
unpaid, together with interest on overdue principal and premium, if any, and,
to the extent that payment of such interest is lawful, interest on overdue
installments of interest, in each case at the rate per  annum
borne by the Securities and such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due to the Trustee under Section 7.7.

6.9          Trustee May File Proofs of Claim
The Trustee may file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due to the
Trustee under Section 7.7) and the Securityholders allowed in any judicial
proceedings relating to the Issuer, their creditors 

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or their property and
shall be entitled and empowered to participate as a member, voting or
otherwise, of any official committee appointed for such matter, to collect and
receive any monies or other securities or property payable or deliverable upon
the conversion or exchange of the Securities or upon any such claims and to
distribute the same, and any Custodian in any such judicial proceedings is
hereby authorized by each Securityholder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments
directly to the Securityholders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agent and counsel, and any other amounts due the Trustee under
Section 7.7.  Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights
of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Securityholder in any such proceeding.

6.10        Priorities If
the Trustee collects any money or property pursuant to this Article VI, it
shall pay out the money or property in the following order:

First:  to the Trustee for amounts due under
Section 7.7;

Second:  to Holders for interest accrued on the Securities,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Securities for interest;

Third:  to Holders for principal amounts and premium,
if any, due and unpaid on the Securities, ratably, without preference or
priority of any kind, according to the amounts due and payable on the
Securities for principal; and

Fourth:  to the Issuer or, if applicable, the
Subsidiary Guarantors as their respective interests may appear.

The Trustee, upon prior notice to the Issuer, may fix
a record date and payment date for any payment to Securityholders pursuant to
this Section 6.10.

6.11        Undertaking for Costs
In any suit for the enforcement of any right or remedy under this Indenture or
in any suit against the Trustee for any action taken or omitted by it as
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits
and good faith of the claims or defenses made by the party litigant.  This Section 6.11 does not apply to a suit by
the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by a
Holder or Holders of more than 10% in principal amount of the outstanding
Securities.

6.12        Restoration of Rights and Remedies If
the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then, and in every such case, subject to any determination in such
proceeding, the Issuer, the Trustee and the Holders shall be restored severally
and respectively to their former

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positions hereunder and thereafter all rights and
remedies of the Issuer, Trustee and the Holders shall continue as though no
such proceeding had been instituted.

6.13        Rights and Remedies Cumulative Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or wrongfully taken Securities in Section 2.7, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise.  The
assertion or employment of any right or remedy hereunder, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

ARTICLE
VII

TRUSTEE

7.1          Duties of Trustee
If an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture and use
the same degree of care and skill in their exercise as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

(b)           Except during the
continuance of an Event of Default:

(i)            the Trustee need perform only those
duties as are specifically set forth herein or in the TIA and no duties,
covenants, responsibilities or obligations shall be implied in this Indenture
against the Trustee; and

(ii)           in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates (including
Officers’ Certificates) or opinions (including Opinions of Counsel) furnished
to the Trustee and conforming to the requirements of this Indenture.  However, the Trustee shall examine the
certificates and opinions to determine whether or not they conform to the
requirements of this Indenture, but need not verify the contents thereof.

(c)           Notwithstanding
anything to the contrary herein, the Trustee may not be relieved from liability
for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that:

(i)            this paragraph does not limit the
effect of paragraph (b) of this Section 7.1;

(ii)           the Trustee shall not be liable for
any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and

(iii)          the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.5.

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(d)           No provision of this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder or to take or omit to take any action under this Indenture or take
any action at the request or direction of Holders if it shall have reasonable
grounds for believing that repayment of such funds is not assured to it.

(e)           Every provision of
this Indenture that in any way relates to the Trustee is subject to this
Section 7.1.

(f)            The Trustee shall
not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Issuer. 
Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

(g)           In the absence of
bad faith, negligence or willful misconduct on the part of the Trustee, the
Trustee shall not be responsible for the application of any money by any Paying
Agent other than the Trustee.

(h)           If
the Trustee shall receive conflicting or inconsistent requests from two or more
groups of Holders, each representing less than a majority of the aggregate
principal amount of Securities then outstanding, the Trustee in its sole
discretion may determine what action, if any, shall be taken, notwithstanding
any other provision of this Indenture.

7.2          Rights of Trustee
Subject to Section 7.1:

(a)   The Trustee may rely on any document believed
by it to be genuine and to have been signed or presented by the proper
Person.  The Trustee need not investigate
any fact or matter stated in the document.

(b)   Before the Trustee acts or refrains from
acting, it may require an Officers’ Certificate and an Opinion of Counsel,
which shall conform to the provisions of Section 11.5.  The Trustee shall not be liable for any
action it takes or omits to take in good faith in reliance on such certificate
or opinion.

(c)   The Trustee may act through its attorneys and
agents and shall not be responsible for the misconduct or negligence of any
agent (other than an agent who is an employee of the Trustee) appointed with
due care.

(d)   The Trustee shall not be liable for any
action it takes or omits to take in good faith which it reasonably believes to
be authorized or within its rights or powers.

(e)   The Trustee may consult with counsel and the
advice or opinion of such counsel as to matters of law shall be full and
complete authorization and protection from liability in respect of any action
taken, omitted or suffered by it hereunder in good faith and in accordance with
the advice or opinion of such counsel.

(f)    The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Holders pursuant to the provisions of
this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity reasonably satisfactory to it against the costs, expenses and
liabilities which may be incurred therein or thereby.

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(g)   The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate
(including any Officers’ Certificate), statement, instrument, opinion
(including any Opinion of Counsel), notice, request, direction, consent, order,
bond, debenture, or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled, upon reasonable notice
to the Issuer, to examine the books, records, and premises of the Issuer,
personally or by agent or attorney.

(h)   The Trustee shall not be required to give any
bond or surety in respect of the performance of its powers and duties
hereunder.

(i)    The permissive rights of the Trustee to do
things enumerated in this Indenture shall not be construed as duties.

(j)    The Trustee shall not be charged with
knowledge of any Default or Event of Default, of the identity of any Restricted
Subsidiary or the existence of any Change of Control or Asset Sale unless
either (i) a Responsible Officer shall have Actual Knowledge thereof or (ii)
the Trustee shall have received written notice thereof from either of the
Issuer or any Holder.

(k)   Delivery of reports, information and
documents to the Trustee under Section 4.10 is for informational purposes only
and the Trustee’s receipt of the foregoing shall not constitute constructive
notice of any information contained therein or determinable from information
contained therein, including the Issuer’s compliance with any of the covenants
hereunder.

(l)    Except as set forth in paragraph 1 of the
Securities, the Trustee shall not be responsible for the computation of any
interest payments or redemption amounts payable with respect to the Securities.

(m)  The Trustee shall not be responsible for the
filing of original or continuation financing statements or the recordation,
amendment, or other filing of any security interests, liens, financing
statements, or other similar documents, nor of the contents thereof.

(n)   In no event shall the Trustee be liable for
any failure or delay in the performance of its obligations hereunder because of
circumstances beyond the Trustee’s control, including, but not limited to, acts
of God, flood, war (whether declared or undeclared), terrorism, fire, riot,
embargo, government action, including any laws, ordinances, regulations,
governmental action or the like which delay, restrict or prohibit the providing
of the services contemplated by this Indenture.

7.3          Individual Rights of Trustee
The Trustee in its individual or any other capacity may become the owner or
pledgee of Securities and may otherwise deal with the Issuer, its 

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Subsidiaries (including
any Guarantors) or their respective Affiliates with the same rights it would
have if it were not Trustee.  Any Agent may
do the same with like rights.  However,
the Trustee shall comply with Sections 7.10 and 7.11.

7.4          Trustee’s Disclaimer
The Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, any Subsidiary Guarantee, or the
Securities, it shall not be accountable for the Issuer’s use of the proceeds
from the Securities, and it shall not be responsible for any statement of the
Issuer in this Indenture or any document issued in connection with the sale of
Securities or any statement in the Securities other than the Trustee’s
certificate of authentication.  The
Trustee makes no representations with respect to the effectiveness or adequacy
of this Indenture.

7.5          Notice of Default
If a Default or an Event of Default occurs and is continuing and the Trustee
has Actual Knowledge thereof based on receipt of actual notice of such Default
or Event of Default, the Trustee shall mail to each Securityholder notice of
the uncured Default or Event of Default within 90 days after such Default or
Event of Default occurs.  Except in the
case of a Default or an Event of Default in payment of principal of, premium,
if any, or interest on, any Security including an accelerated payment and the
failure to make payment on the relevant Payment Date pursuant to an Offer to
Purchase resulting from a Change of Control, the Trustee may withhold the
notice if and so long as the Board of Directors, the executive committee, or a
trust committee of directors and/or Responsible Officers, of the Trustee in
good faith determines that withholding the notice is in the interest of the
Securityholders.

7.6          Reports by Trustee to Holders
Within 60 days after each January 1, beginning with January 1, 2008, the
Trustee shall, to the extent that any of the events described in TIA
§ 313(a) occurred within the previous twelve months, but not otherwise,
mail to each Securityholder a brief report dated as of such date that complies
with TIA § 313(a).  The Trustee also
shall comply with TIA §§ 313(b), 313(c) and 313(d).

A copy of each report at
the time of its mailing to Securityholders shall be mailed to the Issuer and
filed with the Commission and each securities exchange, if any, on which the
Securities are listed.

The Issuer shall notify
the Trustee if the Securities become listed on any securities exchange or of
any delisting thereof and the Trustee shall comply with TIA § 313(d).

7.7          Compensation and Indemnity
The Issuer shall pay to the Trustee, from time to time, reasonable compensation
for its services hereunder.  The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust.  The Issuer shall
reimburse the Trustee upon request for all reasonable disbursements, expenses
and advances (including reasonable fees and expenses of counsel) incurred or
made by it in addition to the compensation for its services, except any such
disbursements, expenses and advances as may be attributable to the Trustee’s
negligence, bad faith or willful misconduct. 
Such expenses shall include the reasonable fees and expenses of the
Trustee’s agents and counsel.

The Issuer and each of
the Subsidiary Guarantors shall indemnify the Trustee and its agents,
employees, officers, stockholders and directors for, and hold them harmless
against, any 

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loss, liability or
expense (including reasonable attorneys’ fees and expenses) incurred by them
except for such actions to the extent caused by any negligence, bad faith or
willful misconduct on their part, arising out of or in connection with the acceptance
or administration of this trust including the cost and expense of enforcing
this Indenture and the Securities against the Issuer or the Holders (including
this Section 7.7) including the reasonable costs and expenses of defending
themselves against or investigating any claim or liability in connection with
the exercise or performance of any of the Trustee’s rights, powers or duties
hereunder.  The Trustee shall notify the
Issuer and the Subsidiary Guarantors promptly of any claim asserted against the
Trustee or any of its agents, employees, officers, stockholders and directors
for which it may seek indemnity, provided that any failure to so notify the
Issuer or any of the Subsidiary Guarantors shall not relieve the Issuer of its
indemnity obligations hereunder.  The
Issuer and the Subsidiary Guarantors may, subject to the approval of the
Trustee, defend the claim and the Trustee shall cooperate in the defense.  The Trustee and its agents, employees,
officers, stockholders and directors subject to the claim may have separate
counsel and the Issuer and the Subsidiary Guarantors shall pay the reasonable
fees and expenses of such counsel; provided, however, that
neither the Issuer nor any the Subsidiary Guarantors shall be required to pay
such fees and expenses if, subject to the approval of the Trustee, they assume
the Trustee’s defense and there is no conflict of interest between the Issuer,
the Subsidiary Guarantors and the Trustee and its agents, employees, officers,
stockholders and directors subject to the claim in connection with such defense
as reasonably determined by the Trustee. 
The Issuer and the Subsidiary Guarantors need not pay for any settlement
made without its written consent, which consent shall not be unreasonably
withheld, delayed or conditioned.  The
Issuer and the Subsidiary Guarantors need not reimburse any expense or
indemnify against any loss or liability to the extent incurred by the Trustee
through its negligence, bad faith or willful misconduct.

To secure the Issuer’s
and the Subsidiary Guarantors’ payment obligations in this Section 7.7, the
Trustee shall have a senior claim and Lien prior to the Securities against all
money or property held or collected by the Trustee, in its capacity as Trustee.

When the Trustee incurs
expenses or renders services after an Event of Default specified in clause
(vii) or (viii) of Section 6.1 occurs, such expenses and the compensation for
such services are intended to constitute expenses of administration under any
Bankruptcy Law and shall be paid to the extent allowed under any Bankruptcy
Law.

Notwithstanding any other
provision in this Indenture, the foregoing provisions of this Section 7.7 shall
survive the satisfaction and discharge of this Indenture or the appointment of
a successor Trustee.

7.8          Replacement of Trustee
The Trustee may resign at any time by so notifying the Issuer in writing.  The Holders of a majority in principal amount
of the outstanding Securities may remove the Trustee by so notifying the Issuer
and the Trustee and may appoint a successor Trustee.  The Issuer may remove the Trustee if:

(i)            the Trustee fails to comply with
Section 7.10;

(ii)           the Trustee is adjudged bankrupt or
insolvent;

 67

(iii)          a receiver or other public officer
takes charge of the Trustee or its property; or

(iv)          the Trustee becomes incapable of
acting.

If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Issuer shall notify each
Holder of such event and shall promptly appoint a successor Trustee.  Within one year after the successor Trustee
takes office, the Holders of a majority in principal amount of the Securities
may appoint a successor Trustee to replace the successor Trustee appointed by
the Issuer.

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Issuer.  Immediately after that, the retiring Trustee
shall transfer, after payment of all sums then owing to the Trustee pursuant to
Section 7.7, all property held by it as Trustee to the successor Trustee,
subject to the Lien provided in Section 7.7, the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.  A successor Trustee shall mail notice of its
succession to each Securityholder.

If a successor Trustee does not take office within 60
days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Issuer or the Holders of at least 10% in principal amount of the
outstanding Securities may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

If the Trustee fails to comply with Section 7.10,
any Securityholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

Notwithstanding replacement of the Trustee pursuant to
this Section 7.8, the Issuer’s obligations under Section 7.7 shall continue for
the benefit of the retiring Trustee.

7.9                               Successor
Trustee by Merger, Etc.

If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the resulting,
surviving or transferee corporation without any further act shall, if such
resulting, surviving or transferee corporation is otherwise eligible hereunder,
be the successor Trustee; provided that such corporation shall be
otherwise qualified and eligible under this Article VII.

7.10        Eligibility; Disqualification
This Indenture shall always have a Trustee who satisfies the requirement of TIA
§§ 310(a)(1), 310(a)(2) and 310(a)(5). 
The Trustee shall have a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.  In addition, if the Trustee is a corporation
included in a bank holding company system, the Trustee, independently of the
bank holding company, shall meet the capital requirements of TIA
§ 310(a)(2).  The Trustee shall
comply with TIA § 310(b); provided, however, that there
shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities, or certificates of interest or
participation in other securities, of the Issuer are outstanding, if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met.  The provisions of TIA § 310 shall apply
to the Issuer and any other obligor of the Securities.

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7.11        Preferential Collection of Claims
Against the Issuer The Trustee, in its capacity as
Trustee hereunder, shall comply with TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). 
A Trustee who has resigned or been removed shall be subject to TIA
§ 311(a) to the extent indicated.

ARTICLE
VIII

DISCHARGE
OF INDENTURE; DEFEASANCE

8.1          Termination of the Issuer’s
Obligations. The Issuer and each Subsidiary Guarantor may
terminate their obligations under the Securities and this Indenture, except
those obligations referred to in the penultimate paragraph of this Section 8.1,
if all Securities previously authenticated and delivered (other than destroyed,
lost or stolen Securities which have been replaced or paid or Securities for
whose payment U.S. Legal Tender in immediately available funds has theretofore
been deposited with the Trustee or the Paying Agent in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer, as provided in
Section 8.5) have been delivered to the Trustee for cancellation and the Issuer
have paid all sums payable by them hereunder, or if:

(i)            all Securities have become due and
payable hereunder or shall become due and payable hereunder within one year
pursuant to an optional redemption notice or otherwise;

(ii)           the Issuer shall have irrevocably
deposited or caused to be deposited with the Trustee or a trustee satisfactory
to the Trustee, under the terms of an irrevocable trust agreement in form and
substance satisfactory to the Trustee, as trust funds in trust solely for the
benefit of the Holders for that purpose, U.S. Legal Tender in immediately
available funds in such amount as is sufficient without consideration of
reinvestment of such interest, to pay principal of, premium, if any, and
interest on any Securities not previously delivered to the Trustee for
cancellation to maturity or redemption; provided that the Trustee shall
have been irrevocably instructed to apply such U.S. Legal Tender to the payment
of said principal, premium, if any, and interest with respect to the
Securities;

(iii)          the Issuer shall have paid all other
sums payable by it hereunder; and

(iv)          the Issuer shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent providing for or relating to the termination of the
Issuer’s obligations under the Securities and this Indenture have been complied
with and a certificate of the Issuer’s independent accountants (who shall be a
firm of established national reputation) stating that the amount deposited with
the Trustee is sufficient to pay principal of, premium, if any, and interest on
the outstanding Securities to maturity or redemption.

Subject to the next sentence and notwithstanding the
foregoing paragraph, the Issuer’s 
obligations in Sections 2.5, 2.6, 2.7, 2.8, 4.1, 4.2, 7.7, 8.5 and 8.6
shall survive until the

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Securities are no longer outstanding pursuant to the
last paragraph of Section 2.8.  After the
Securities are no longer outstanding, the Issuer’s obligations in Sections 7.7,
8.5 and 8.6 shall survive.

After such delivery or irrevocable deposit, the
Trustee upon request shall acknowledge in writing the discharge of the Issuer’s
obligations under the Securities and this Indenture except for those surviving
obligations specified above.

8.2          Legal Defeasance and Covenant
Defeasance The Issuer may, at its option by Board
Resolutions of the Boards of Directors of the Issuer, at any time, elect to
have either paragraph (b) or (c) below applied to all outstanding Securities
upon compliance with the conditions set forth in Section 8.3.

(b)           Upon the Issuer’s
exercise under paragraph (a) hereof of the option applicable to this paragraph
(b), the Issuer and each Subsidiary Guarantor shall, subject to the
satisfaction of the conditions set forth in Section 8.3 and the conditions set
forth in this Section 8.2, be deemed to have been discharged from their
respective obligations with respect to all outstanding Securities and the
corresponding Subsidiary Guarantees on the date that is 123 days after the date
of the deposit referred to in Section 8.3(i) (hereinafter, “Legal Defeasance”).  For this purpose, Legal Defeasance means that
the Issuer shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Securities, which shall thereafter be deemed to
be “outstanding” only for the purposes of Section 8.4 and the other
Sections of this Indenture referred to in (i) and (ii) below, and to have
satisfied all its other obligations under such Securities and this Indenture
(and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except for the following
provisions, which shall survive until otherwise terminated or discharged
hereunder:  (i) the rights of
Holders of outstanding Securities to receive solely from the trust fund
described in Section 8.4, and as more fully set forth in such Section, payments
in respect of the principal of, premium, if any, and interest on such
Securities when such payments are due, (ii) the  obligations with respect to such Securities
under Article II and Section 4.2, (iii) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the  obligations in connection therewith and
(iv) this Article VIII.  Subject to
compliance with this Article VIII, the Issuer may exercise their option under
this paragraph (b) notwithstanding the prior exercise of its option under
paragraph (c) hereof.

(c)           Upon the Issuer’s
exercise under paragraph (a) hereof of the option applicable to this paragraph
(c), the Issuer and each Subsidiary Guarantor shall, subject to the
satisfaction of the conditions set forth in Section 8.3 and the conditions set
forth in this Section 8.2, be released from their obligations, if any, under
the covenants contained in Sections 4.3 and 4.4 and Sections  4.12
through 4.18 and clause (ii) of Section 5.1(c) with respect to the outstanding
Securities and the corresponding Subsidiary Guarantee on and after the date the
conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”),
and the Securities shall thereafter be deemed not “outstanding” for the
purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but
shall continue to be deemed “outstanding” for all other purposes
hereunder (it being understood that such Securities shall not be deemed
outstanding for accounting purposes). 
For this purpose, such Covenant Defeasance means that, with respect to
the outstanding Securities, the Issuer may omit to comply with and shall have
no liability in respect of any term, condition or limitation set

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forth in any
such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
Section 6.1(iii) (to the extent pertaining to a default under or breach of the
provisions of clause (ii) of Section 5.1(c)), 6.1(iv), 6.1(v) or 6.1(vi), but,
except as specified above, the remainder of this Indenture and such Securities
shall be unaffected thereby.

8.3          Conditions to Legal Defeasance or
Covenant Defeasance The following shall be the conditions
to the application of either Section 8.2(b) or 8.2(c) to the outstanding
Securities:

In order to exercise
either Legal Defeasance or Covenant Defeasance:

(i)            the Issuer shall have deposited with
the Trustee, in trust, money and /or U.S. Government Obligations that through
the payment of interest and principal in accordance with their terms will
provide money in an amount sufficient to pay the principal of, premium, if any,
and accrued interest on the Securities on the Stated Maturity of such payments
or on a redemption date specified by Aventine, as the case may be, in
accordance with the terms of this Indenture and the Securities;

(ii)           in the case of an election under
Section 8.2(b), the Issuer shall have delivered to the Trustee:

(A)          either
(x) an Opinion of Counsel to the effect that Holders will not recognize income,
gain or loss for federal income tax purposes as a result of the Issuer’s
exercise of its option under Section 8.2(b) and will be subject to federal
income tax on the same amount and in the same manner and at the same times as
would have been the case if such deposit, defeasance and discharge had not
occurred, which Opinion of Counsel must be based upon (and accompanied by a
copy of) a ruling of the Internal Revenue Service to the same effect unless
there has been a change in applicable federal income tax law after the Issue
Date such that a ruling is no longer required or (y) a ruling directed to the
Trustee received from the Internal Revenue Service to the same effect as the
aforementioned Opinion of Counsel; and

(B)           an
Opinion of Counsel to the effect that, subject to customary assumptions and
exclusions, (x) the creation of the defeasance trust does not violate the
Investment Company Act of 1940 and after the passage of 123 days following the
deposit, the trust fund will not be subject to the effect of Section 547 of the
Bankruptcy Law or Section 15 of the New York Debtor and Creditor Law;

(iii)          in the case of an election under
Section 8.2(c), the Issuer shall have delivered to the Trustee (A) an Opinion
of Counsel to the effect that, subject to customary assumptions and exclusions,
(x) the creation of the defeasance trust does not violate the Investment
Company Act of 1940 and after the passage of 123 days following the 

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deposit, the
trust fund will not be subject to the effect of Section 547 of the Bankruptcy
Law or Section 15 of the New York Debtor and Creditor Law, and (B) an Opinion
of Counsel to the effect that, among other things, the Holders will not
recognize income, gain or loss for federal income tax purposes as a  result of the Issuer’s exercise of its option
under Section 8.2(c) and will be subject to federal income tax on the same
amount and in the same manner and at the same times as would have been the case
if such deposit and defeasance had not occurred;

(iv)          immediately after giving effect to
such deposit on a pro forma basis, no Event of Default, or event that after the
giving of notice or lapse of time or both would become an Event of Default,
shall have occurred and be continuing on the date of such deposit or during the
period ending on the 123rd day after the date of such deposit, and such deposit
shall not result in a breach or violation of, or constitute a default under,
any other agreement or instrument to which the Issuer or any of its
Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is
bound;

(v)           if at such time the Securities are
listed on a national securities exchange, the Issuer shall have delivered to
the Trustee an Opinion of Counsel to the effect that the Securities will not be
delisted as a result of such deposit, defeasance and discharge;

(vi)          the Issuer shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit was not made by the
Issuer with the intent of preferring the Holders over any other creditors of
the Issuer or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Issuer or others;

(vii)         the Issuer shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent hereunder provided for or relating to the Legal
Defeasance or the Covenant Defeasance have been complied with; and

Notwithstanding the foregoing, the Opinions of Counsel
required by clause (ii) above of this Section 8.3 need not be delivered if all
Securities not theretofore delivered to the Trustee for cancellation (i) have
become due and payable, (ii) will become due and payable on the Maturity Date
within one year or (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Issuer.

8.4          Application of Trust Money
The Trustee or Paying Agent shall hold in trust U.S. Legal Tender or U.S.
Government Obligations deposited with it pursuant to this Article VIII, and
shall apply the deposited U.S. Legal Tender and the money from U.S. Government
Obligations in accordance with this Indenture to the payment of principal of,
premium, if any, and interest on the Securities.

The Issuer shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the U.S. Legal Tender or U.S. Government Obligations deposited
pursuant to Section 8.3 hereof or the principal, premium, if any, and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Securities.

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Anything in this Article
VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the
Issuer from time to time upon the Issuer’s request any U.S. Legal Tender or
U.S. Government Obligations held by it as provided in Section 8.3 which, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance.

8.5          Repayment to the Issuer
The Trustee and the Paying Agent shall pay to the Issuer upon request any money
held by them for the payment of principal, premium, if any, or interest that
remains unclaimed for two years; provided that the Trustee or such
Paying Agent, before being required to make any payment, may at the expense of
the Issuer cause to be published once in a newspaper of general circulation in
The City of New York or mail to each Holder entitled to such money notice that
such money remains unclaimed and that after a date specified therein which
shall be at least 30 days from the date of such publication or mailing any
unclaimed balance of such money then remaining shall be repaid to the Issuer.  After payment to the Issuer, Holders entitled
to such money must look to the Issuer for payment as general creditors unless
an applicable law designates another Person.

8.6          Reinstatement
If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S.
Government Obligations in accordance with this Article VIII by reason of any
legal proceeding or by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to
this Article VIII until such time as the Trustee or Paying Agent is permitted
to apply all such U.S. Legal Tender or U.S. Government Obligations in
accordance with this Article VIII; provided that if the Issuer has made
any payment of interest on, premium, if any, or principal of any Securities
because of the reinstatement of its obligations, the Issuer shall be subrogated
to the rights of the Holders of such Securities to receive such payment from
the U.S. Legal Tender or U.S. Government Obligations held by the Trustee or
Paying Agent.

ARTICLE
IX

AMENDMENTS,
SUPPLEMENTS AND WAIVERS

9.1          Without Consent of Holders
The Issuer, the Subsidiary Guarantors and the Trustee, together, may amend or
supplement this Indenture, the Securities, or any Subsidiary Guarantee, without
notice to or consent of any Securityholder, to:

(i)            cure any ambiguity, defect or
inconsistency in this Indenture;

(ii)           comply with the provisions described
under Article V or Section 4.15;

(iii)          comply with any requirements of the
Commission in connection with the qualification of this Indenture under the
TIA;

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(iv)          evidence and provide for the
acceptance of appointment by a successor Trustee;

(v)           add a Subsidiary Guarantor;

(vi)          make any change that, in the good
faith opinion of the Board of Directors, does not materially and adversely
affect the rights of any Holder;

(vii)         provide for the issuance of Additional
Securities in accordance with the terms of Indenture; or

(viii)        conform this Indenture to the section
entitled  “Description of the Notes” in
the Offering Memorandum;

provided that the Issuer has
delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate,
each stating that such amendment or supplement complies with the provisions of
this Section 9.1.

9.2          With Consent of Holders Subject to
Section 6.7, modifications and amendments of this Indenture may be made by the
Issuer, the Subsidiary Guarantors or the Trustee with the consent of the
Holders of not less than a majority in aggregate principal amount of the
outstanding Securities; provided, however, that no such
modification or amendment may, without the consent of each Holder affected
thereby, to:

(i)            change
the Stated Maturity of the principal of, or any installment of interest on, any
Note;

(ii)           reduce
the principal amount of, or premium, if any, or interest on, any Note;

(iii)          change
the optional redemption dates or optional redemption prices of the Securities
from those stated in the Securities;

(iv)          change
the place or currency of payment of principal of, or premium, if any, or
interest on, any Note;

(v)           impair
the right to institute suit for the enforcement of any payment on or after the Stated
Maturity (or, in the case of a redemption, on or after the Redemption Date) of
any Note;

(vi)          waive
a default in the payment of principal of, premium, if any, or interest on the
Securities;

(vii)         release
any Subsidiary Guarantor from its Note Guarantee, except as provided in this
Indenture;

(viii)        amend
or modify any of the provisions of this Indenture in any manner which
subordinates the Securities issued thereunder in right of payment to any other
Indebtedness of the Issuer or which subordinates any Note Guarantee in right of
payment to any other Indebtedness of the guarantor issuing any such Note
Guarantee; or

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(ix)           reduce
the percentage or aggregate principal amount of outstanding Securities the
consent of whose Holders is necessary for waiver of compliance with certain
provisions of this Indenture or for waiver of certain defaults.

9.3          Compliance with TIA
From the date on which this Indenture is qualified under the TIA, every
amendment, waiver or supplement of this Indenture or the Securities or any
Subsidiary Guarantee shall comply with the TIA as then in effect.

9.4          Revocation and Effect of Consents
Until an amendment, waiver or supplement becomes effective, a consent to it by
a Holder is a continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security, even if notation of the consent is not made on
any Security.  However, any such Holder
or subsequent Holder may revoke the consent as to his Security or portion of
his Security by notice to the Trustee or the Issuer  received before the date on which the Trustee
receives an Officers’ Certificate certifying that the Holders of the requisite
principal amount of Securities have consented (and not theretofore revoked such
consent) to the amendment, supplement or waiver.

The Issuer may, but shall
not be obligated to, fix a record date for the purpose of determining the
Holders entitled to consent to any amendment, supplement or waiver.  If a record date is fixed, then
notwithstanding the last sentence of the immediately preceding paragraph, those
Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to revoke any consent
previously given, whether or not such Persons continue to be Holders after such
record date.  No such consent shall be
valid or effective for more than 90 days after such record date.

After an amendment,
supplement or waiver becomes effective, it shall bind every Securityholder,
unless it makes a change described in any of clauses (i) through (vii) of
Section 9.2, in which case, the amendment, supplement or waiver shall bind only
each Holder of a Security who has consented to it and every subsequent Holder
of a Security or portion of a Security that evidences the same debt as the
consenting Holder’s Security; provided that any such waiver shall not
impair or affect the right of any Holder to receive payment of principal of,
premium, if any, and interest on a Security, on or after the respective due
dates expressed in such Security, or to bring suit for the enforcement of any
such payment on or after such respective dates without the consent of such
Holder.

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9.5          Notation on or Exchange of
Securities If an amendment, supplement or waiver changes
the terms of a Security, the Issuer may require the Holder of the Security to
deliver it to the Trustee.  The Issuer
shall provide the Trustee with an appropriate notation on the Security about
the changed terms and cause the Trustee to return it to the Holder at the
Issuer’s expense.  Alternatively, if the
Issuer or the Trustee so determines, the Issuer in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms.  Failure to make the
appropriate notation or issue a new Security shall not affect the validity and
effect of such amendment, supplement or waiver.

9.6                               Trustee
to Sign Amendments, Etc.

The Trustee shall execute
any amendment, supplement or waiver authorized pursuant to this Article IX; provided
that the Trustee may, but shall not be obligated to, execute any such
amendment, supplement or waiver which affects the Trustee’s own rights, duties
or immunities under this Indenture.  The
Trustee shall be entitled to receive, and shall be fully protected in relying
upon, an Opinion of Counsel and an Officers’ Certificate each complying with
Sections 11.4 and 11.5 and stating that the execution of any amendment,
supplement or waiver authorized pursuant to this Article IX is authorized or
permitted by this Indenture and constitutes the legal, valid and binding
obligations of the Issuer and the Subsidiary Guarantors, if applicable,
enforceable in accordance with its terms. 
Such Opinion of Counsel shall be at the expense of the Issuer.

ARTICLE X

GUARANTEE
OF SECURITIES

10.1        Unconditional Subsidiary Guarantee Subject
to the provisions of this Article X, each of the Subsidiary Guarantors shall
hereby, jointly and severally, unconditionally and irrevocably guarantee, on an
unsubordinated basis (such guarantees to be referred to herein as the “Subsidiary
Guarantees”) to each Holder of a Security authenticated and delivered by
the Trustee and to the Trustee and its successors and assigns, irrespective of
the validity and enforceability of this Indenture, the Securities or the
obligations of the Issuer or any other Subsidiary Guarantors to the Holders or
the Trustee hereunder or thereunder, that: 
(a) the principal of, premium, if any, and interest on the Securities
shall be duly and punctually paid in full when due, whether at maturity, upon
redemption at the option of Holders pursuant to the provisions of the
Securities relating thereto, by acceleration or otherwise, and interest on the
overdue principal and (to the extent permitted by law) interest, if any, on the
Securities and all other obligations of the Issuer or the Subsidiary Guarantors
to the Holders or the Trustee hereunder or thereunder (including amounts due
the Trustee under Section 7.7 hereof) and all other obligations shall be
promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (b) in case of any extension of time of payment or renewal of any
Securities or any of such other obligations, the same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at maturity, by acceleration or otherwise.  Failing payment when due of any amount so
guaranteed, or failing performance of any other obligation of the Issuer to the
Holders under this Indenture or under the Securities, for whatever reason, each
Subsidiary Guarantor shall be obligated to pay, or to perform or cause the
performance of, the same immediately.  An
Event of Default under this Indenture or the Securities shall constitute an
event of default under the Subsidiary Guarantees, and shall entitle the Holders
of Securities to accelerate the obligations of the Guarantors hereunder in the
same manner and to the same extent as the obligations of the Issuer.

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Each of the Subsidiary Guarantors
shall hereby agree that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Securities or
this Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Securities with respect to any provisions hereof
or thereof, any release of any other Subsidiary Guarantor, the recovery of any
judgment against the Issuer, any action to enforce the same, whether or not a
Subsidiary Guarantee is affixed to any particular Security, or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of a Subsidiary Guarantor.  Each
of the Subsidiary Guarantors shall hereby waive the benefit of diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, protest, notice and all demands whatsoever and covenants
that, except as provided in this Indenture, the Securities or its Subsidiary
Guarantee, its Subsidiary Guarantee shall not be discharged except by complete
performance of the obligations contained in the Securities, this Indenture and
the Subsidiary Guarantees.  Each
Subsidiary Guarantee is a guarantee of payment and not of collection.  If any Holder or the Trustee is required by
any court or otherwise to return to the Issuer or to any Subsidiary Guarantor,
or any custodian, trustee, liquidator or other similar official acting in
relation to the Issuer or such Subsidiary Guarantor, any amount paid by the
Issuer or such Subsidiary Guarantor to the Trustee or such Holder, each
Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated
in full force and effect.  Each
Subsidiary Guarantor shall hereby further agree that, as between it, on the one
hand, and the Holders of Securities and the Trustee, on the other hand, (a)
subject to this Article X, the maturity of the obligations guaranteed hereby
may be accelerated as provided in Article VI hereof for the purposes of the
Subsidiary Guarantees, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (b) in the event of any acceleration of such obligations
as provided in Article VI hereof, such obligations (whether or not due and
payable) shall forthwith become due and payable by the Subsidiary Guarantors
for the purpose of the Subsidiary Guarantees.

No Affiliate, stockholder, officer, director, limited
liability company member or employee, past, present or future, of any
Subsidiary Guarantor, as such, shall have any personal liability under such
Subsidiary Guarantor’s Subsidiary Guarantee by reason of his, her or its status
as such Affiliate, stockholder, officer, director, limited liability company
member or employee.

10.2        Limitations on Subsidiary Guarantees
The obligations of any Subsidiary Guarantor under its Subsidiary Guarantee
shall be limited to the maximum amount which, after giving effect to all other
contingent and fixed liabilities of such Subsidiary Guarantor and after giving
effect to any collections from or payments made by or on behalf of any other
Subsidiary Guarantor in respect of the obligations of such other Subsidiary
Guarantor under its Subsidiary Guarantee or pursuant to its contribution
obligations under this Indenture, shall result in the obligations of such
Subsidiary Guarantor under the Subsidiary Guarantee not constituting a
fraudulent conveyance or fraudulent transfer under federal or state law.  Each Subsidiary Guarantor that makes a
payment or distribution under a Subsidiary Guarantee shall be entitled to a
contribution from each other Subsidiary Guarantor in an amount pro  rata,
based on the net assets of each Subsidiary Guarantor, determined in accordance
with GAAP.

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10.3        Execution and Delivery of Subsidiary Guarantee
To further evidence the Subsidiary Guarantees set forth in Section 10.1, each
Subsidiary Guarantor hereby agrees that a notation of its Subsidiary Guarantee,
substantially in the form of Exhibit E hereto, shall be endorsed on each
Security authenticated and delivered by the Trustee.  The Subsidiary Guarantee of any Subsidiary
Guarantor shall be executed on behalf of such Subsidiary Guarantor by either
manual or facsimile signature of two Officers of such Subsidiary Guarantor,
each of whom, in each case, shall have been duly authorized to so execute by
all requisite corporate action.  The
validity and enforceability of any Subsidiary Guarantee shall not be affected
by the fact that it is not affixed to any particular Security.

Each of the Subsidiary Guarantors hereby agrees that
its Subsidiary Guarantee set forth in Section 10.1 shall remain in full force
and effect notwithstanding any failure to endorse on each Security a notation
of such Subsidiary Guarantee.

If an Officer of a Subsidiary Guarantor whose
signature is on this Indenture or a Subsidiary Guarantee no longer holds that
office at the time the Trustee authenticates the Security on which such
Subsidiary Guarantee is endorsed or at any time thereafter, such Subsidiary
Guarantor’s Subsidiary Guarantee of such Security shall nevertheless be valid.

The delivery of any Security by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of any
Subsidiary Guarantee set forth in this Indenture on behalf of each Subsidiary
Guarantor.

10.4        Release of a Subsidiary Guarantor
Upon (i) the sale, exchange, transfer or other disposition of (x) all of
the Capital Stock of a Subsidiary Guarantor to any person other than the Issuer
or any Restricted Subsidiary of the Issuer or (y) all or substantially all of
the assets of such Subsidiary Guarantor which sale, exchange, transfer or other
disposition is made in compliance with the provisions of this Indenture to any
person other than the Issuer or a Restricted Subsidiary of the Issuer, (ii) the
designation of a Subsidiary Guarantor as an Unrestricted Subsidiary in
accordance with the terms of this Indenture or (iii) the defeasance or
discharge of the Securities in accordance with the terms of this Indenture,
such Subsidiary Guarantor’s (or, in the case of clause (iii), each Subsidiary
Guarantor’s) Subsidiary Guarantee shall be automatically discharged and such
Subsidiary Guarantor shall be released from all obligations under this Article
X without any further action required on the part of the Subsidiary Guarantor,
the Issuer, the Trustee or any Holder. 
Any Subsidiary Guarantor not so released or the entity surviving such
Subsidiary Guarantor, as applicable, shall remain or be liable under its
Subsidiary Guarantee as provided in this Article X.

(b)           The Trustee shall
deliver an appropriate instrument evidencing the release of a Subsidiary
Guarantor upon receipt of a request by the Issuer or such Subsidiary Guarantor
accompanied by an Officers’ Certificate and an Opinion of Counsel certifying as
to the compliance with this Section 10.4; provided, however, that
the legal counsel delivering such Opinion of Counsel may rely as to matters of
fact on one or more Officers’ Certificates of the Issuer.

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The Trustee shall execute any documents reasonably
requested by the Issuer or a Subsidiary Guarantor in order to evidence the
release of such Subsidiary Guarantor from its obligations under its Subsidiary
Guarantee endorsed on the Securities and under this Article X.

10.5        Waiver
of Subrogation   Until this
Indenture is discharged and all of the Securities are discharged and paid in
full, each Subsidiary Guarantor shall hereby irrevocably waive and agrees not
to exercise any claim or other rights which it may now or hereafter acquire
against the Issuer that arise from the existence, payment, performance or
enforcement of the  obligations under the
Securities or this Indenture and such Subsidiary Guarantor’s obligations under
its Subsidiary Guarantee and this Indenture, in any such instance, including,
without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, and any right to participate in any claim or
remedy of the Holders against the Issuer, whether or not such claim, remedy or
right arises in equity, or under contract, statute or common law, including,
without limitation, the right to take or receive from the Issuer, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights.  If any amount shall be paid to any Subsidiary
Guarantor in violation of the preceding sentence and any amounts owing to the
Trustee or the Holders of Securities under the Securities, this Indenture, or
any other document or instrument delivered under or in connection with such
agreements or instruments, shall not have been paid in full, such amount shall
have been deemed to have been paid to such Subsidiary Guarantor for the benefit
of, and held in trust for the benefit of, the Trustee or the Holders and shall
forthwith be paid to the Trustee for the benefit of itself or such Holders to
be credited and applied to the obligations in favor of the Trustee or the
Holders, as the case may be, whether matured or unmatured, in accordance with
the terms of this Indenture.  Each
Subsidiary Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and
that the waiver set forth in this Section 10.5 is knowingly made in contemplation
of such benefits.

10.6        Immediate
Payment   Each Subsidiary
Guarantor, upon the execution and delivery of a Subsidiary Guarantee pursuant
to Section 4.15, shall hereby agree to make immediate payment to the Trustee,
on behalf of the Holders or itself, of all Obligations due and owing or payable
to the respective Holders or the Trustee upon receipt of a demand for payment
therefor by the Trustee to such Subsidiary Guarantor in writing.

10.7        No
Set-Off   Each payment to be
made by a Subsidiary Guarantor hereunder in respect of the Obligations shall be
payable in the currency or currencies in which such Obligations are
denominated, and shall be made without set-off, counterclaim, reduction or
diminution of any kind or nature.

10.8        Obligations
Absolute   The obligations of
each Subsidiary Guarantor hereunder are and shall be absolute and unconditional
and any monies or amounts expressed to be owing or payable by each Subsidiary
Guarantor hereunder which may not be recoverable from such Subsidiary Guarantor
on the basis of a Subsidiary Guarantee shall be recoverable from such
Subsidiary Guarantor as a primary obligor and principal debtor in respect
thereof.

10.9        Obligations
Continuing   The obligations of each
Subsidiary Guarantor hereunder shall be continuing and shall remain in full
force and effect until either all the obligations have been discharged or
defeased pursuant to Article VIII or terminated pursuant to Section 10.4.  Each

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Subsidiary Guarantor
shall hereby agree with the Trustee that it shall from time to time deliver to
the Trustee suitable acknowledgments of its continued liability hereunder and
under any other instrument or instruments in such form as counsel to the Trustee
may advise and as shall prevent any action brought against it in respect of any
default hereunder being barred by any statute of limitations now or hereafter
in force and, in the event of the failure of a Subsidiary Guarantor so to do,
it hereby irrevocably appoints the Trustee the attorney and agent of such
Subsidiary Guarantor to make, execute and deliver such written acknowledgment
or acknowledgments or other instruments as may from time to time become
necessary or advisable, in the judgment of the Trustee on the advice of
counsel, to fully maintain and keep in force the liability of such Subsidiary
Guarantor hereunder and under its Subsidiary Guarantee.

10.10      Obligations
Not Discharged   Except as provided
herein, the obligations of each Subsidiary Guarantor hereunder shall not be
satisfied or discharged solely by the payment of such principal, premium, if
any, interest, fees and other monies or amounts as may at any time prior to
discharge of this Indenture pursuant to Article VIII be or become owing or
payable under or by virtue of or otherwise in connection with the Securities or
this Indenture.

10.11      Obligations
Reinstated   The obligations of
each Subsidiary Guarantor hereunder shall continue to be effective or shall be
reinstated, as the case may be, if at any time any payment which would
otherwise have reduced the obligations of any Subsidiary Guarantor hereunder
(whether such payment shall have been made by or on behalf of the Issuer or by
or on behalf of a Subsidiary Guarantor) is rescinded or reclaimed from any of
the Holders upon the insolvency, bankruptcy, liquidation or reorganization of
the Issuer or any Subsidiary Guarantor or otherwise, all as though such payment
had not been made.  If demand for, or
acceleration of the time for, payment by the Issuer is stayed upon the
insolvency, bankruptcy, liquidation or reorganization of the Issuer, all such
Indebtedness otherwise subject to demand for payment or acceleration shall
nonetheless be payable by each Subsidiary Guarantor as provided herein.

10.12      Obligations
Not Affected   The obligations of
each Subsidiary Guarantor hereunder shall, to the extent permitted by law, not
be affected, impaired or diminished in any way by any act, omission, matter or
thing whatsoever, occurring before, upon or after any demand for payment hereunder
(and whether or not known or consented to by any Subsidiary Guarantor or any of
the Holders) which, but for this provision, might constitute a whole or partial
defense to a claim against any Subsidiary Guarantor hereunder or might operate
to release or otherwise exonerate any Subsidiary Guarantor from any of its
obligations hereunder or otherwise affect such obligations, whether occasioned
by default of any of the Holders or otherwise, including, without limitation:

(i)            any limitation of status or power,
disability, incapacity or other circumstance relating to the Issuer or any
other Person, including any insolvency, bankruptcy, liquidation,
reorganization, readjustment, composition, dissolution, winding-up or other
proceeding involving or affecting the Issuer or any other Person;

(ii)           any irregularity, defect,
unenforceability or invalidity in respect of any indebtedness or other
obligation of the Issuer or any other Person under this Indenture, the
Securities or any other document or instrument;

 80
 

(iii)          any failure of the Issuer, whether or
not without fault on its part, to perform or comply with any of the provisions
of this Indenture or the Securities, or to give notice thereof to a Subsidiary
Guarantor;

(iv)          the taking or enforcing or exercising
or the refusal or neglect to take or enforce or exercise any right or remedy
from or against the Issuer or any other Person or their respective assets or
the release or discharge of any such right or remedy;

(v)           the granting of time, renewals,
extensions, compromises, concessions, waivers, releases, discharges and other
indulgences to the Issuer or any other Person;

(vi)          any change in the time, manner or
place of payment of, or in any other term of, any of the Securities, or any
other amendment, variation, supplement, replacement or waiver of, or any
consent to departure from, any of the Securities or this Indenture, including,
without limitation, any increase or decrease in the principal amount of or
premium, if any, or interest on any of the Securities;

(vii)         any change in the ownership, control,
name, objects, businesses, assets, capital structure or constitution of the
Issuer or a Subsidiary Guarantor;

(viii)        any merger or amalgamation of the Issuer
or a Subsidiary Guarantor with any Person or Persons;

(ix)           the occurrence of any change in the
laws, rules, regulations or ordinances of any jurisdiction by any present or
future action of any governmental authority or court amending, varying,
reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise
affect, any of the Obligations or the obligations of a Subsidiary Guarantor
under its Subsidiary Guarantee; and

(x)            any other circumstance, including
release of any other Subsidiary Guarantor pursuant to Section 10.4 (other than
by complete, irrevocable payment) that might otherwise constitute a legal or
equitable discharge or defense of the Issuer under this Indenture or the
Securities or of another Subsidiary Guarantor in respect of its Subsidiary
Guarantee hereunder;

provided that the provisions of this
Section 10.12 are not intended to affect in any way any release of a Subsidiary
Guarantor in accordance with the provisions of Section 10.4.

10.13      Waiver   Without in any way limiting the provisions of
Section 10.1, each Subsidiary Guarantor shall hereby waive notice of acceptance
hereof, notice of any liability of any Subsidiary Guarantor hereunder, notice
or proof of reliance by the Holders upon the obligations of any Subsidiary
Guarantor hereunder, and diligence, presentment, demand for payment on the
Issuer, protest, notice of dishonor or non-payment of any of the Obligations,
or other notice or formalities to the Issuer or any Subsidiary Guarantor of any
kind whatsoever.

10.14      No
Obligation to Take Action Against the Issuer   Neither the Trustee nor any other Person shall
have any obligation to enforce or exhaust any rights or remedies or to take any
other steps under any security for the Obligations or against the Issuer or any
other Person or any

 81
 

property of the Issuer or
any other Person before the Trustee is entitled to demand payment and
performance by any or all Subsidiary Guarantors of their liabilities and
obligations under their Subsidiary Guarantees or under this Indenture.

10.15      Dealing with the Issuer and Others   The Holders, without releasing, discharging,
limiting or otherwise affecting in whole or in part the obligations and
liabilities of any Subsidiary Guarantor and without the consent of or notice to
any Guarantor, may

(i)            grant time, renewals, extensions,
compromises, concessions, waivers, releases, discharges and other indulgences
to the Issuer or any other Person;

(ii)           take or abstain from taking security
or collateral from the Issuer or from perfecting security or collateral of the
Issuer;

(iii)          release, discharge, compromise,
realize, enforce or otherwise deal with or do any act or thing in respect of
(with or without consideration) any and all collateral, mortgages or other
security given by the Issuer or any third party with respect to the obligations
or matters contemplated by this Indenture or the Securities;

(iv)          accept compromises or arrangements
from the Issuer;

(v)           apply all monies at any time received
from the Issuer or from any security upon such part of the Obligations as the
Holders may see fit or change any such application in whole or in part from
time to time as the Holders may see fit; and

(vi)          otherwise deal with, or waive or
modify their right to deal with, the Issuer and all other Persons and any
security as the Holders or the Trustee may see fit.

10.16      Default and Enforcement   If any Subsidiary Guarantor fails to pay in
accordance with Section 10.6, the Trustee may proceed in its name as trustee
hereunder in the enforcement of the Subsidiary Guarantee of any such Subsidiary
Guarantor and such Subsidiary Guarantor’s obligations thereunder and hereunder
by any remedy provided by law, whether by legal proceedings or otherwise, and
to recover from such Guarantor the obligations.

10.17      Acknowledgment   Each Subsidiary Guarantor shall hereby
acknowledge communication of the terms of this Indenture and the Securities and
shall hereby consent to and approves of the same.

10.18      Costs and Expenses   Each Subsidiary Guarantor shall pay on demand
by the Trustee any and all costs, fees and expenses (including, without
limitation, legal fees on a solicitor and client basis) incurred by the
Trustee, its agents, advisors and counsel or any of the Holders in enforcing
any of their rights under any Subsidiary Guarantee.

10.19      No
Merger or Waiver; Cumulative Remedies   No
Subsidiary Guarantee shall operate by way of merger of any of the obligations
of a Subsidiary Guarantor under any other agreement, including, without
limitation, this Indenture.  No failure
to exercise and no delay in exercising, on the part of the Trustee or the
Holders, any right, remedy, power or privilege hereunder or under this
Indenture or the Securities, shall operate as a waiver thereof; nor shall any
single or

 82
 

partial exercise of any right, remedy, power or
privilege hereunder or under this Indenture or the Securities preclude any
other or further exercise thereof or the exercise of any other right, remedy,
power or privilege.  The rights,
remedies, powers and privileges in the Subsidiary Guarantee and under this
Indenture, the Securities and any other document or instrument between a
Subsidiary Guarantor and/or either Issuer and the Trustee are cumulative and
not exclusive of any rights, remedies, powers and privilege provided by law.

10.20      Survival
of Obligations   Without prejudice to
the survival of any of the other obligations of any Subsidiary Guarantor
hereunder, the obligations of each Subsidiary Guarantor under Section 10.1
shall survive the payment in full of the Obligations under the Securities, but
only if and to the extent such payment is avoided, and in such case shall be
enforceable against such Subsidiary Guarantor to the same extent as prior to
any such payment and without regard to and without giving effect to any
defense, right of offset or counterclaim available to or which may be asserted
by the Issuer or any Subsidiary Guarantor.

10-.21    Subsidiary
Guarantee in Addition to Other Obligations   The
Obligations of each Subsidiary Guarantor under its Subsidiary Guarantee and
this Indenture are in addition to and not in substitution for any other
Obligations to the Trustee or to any of the Holders in relation to this
Indenture or the Securities and any guarantees or security at any time held by
or for the benefit of any of them.

ARTICLE
XI

MISCELLANEOUS

11.1        TIA
Controls   If any provision of
this Indenture limits, qualifies, or conflicts with another provision which is
required to be included in this Indenture by the TIA, the required provision
shall control.

11.2        Notices   Any notices or other communications required
or permitted hereunder shall be in writing, and shall be sufficiently given if
made by hand delivery, by telex, by telecopier or registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

if to the Issuer or a Subsidiary Guarantor, if any:

Aventine Renewable Energy Holdings, Inc.

1300 South 2nd Street

Pekin, Illinois  61555

Attention:  Chief Financial Officer

Telecopy:              (309)
346-0742

with a copy to:

Davis Polk & Wardwell

450 Lexington Avenue

New York, New York  10017

Attention:  Richard Truesdell, Esq.

 83
 

Telephone:            (212)
450-4674

Telecopy:              (212) 450-3674

if to the Trustee:

Wells Fargo Bank, N.A.

Corporate Trust Services

MAC N9303-120

Sixth Street & Marquette Avenue

Minneapolis, Minnesota  55479

Attention: Aventine Administrator

The Issuer and the Trustee by written notice to each
other such Person may designate additional or different addresses for notices to
such Person.  Any notice or communication
to the Issuer and the Trustee, shall be deemed to have been given or made as of
the date so delivered if personally delivered; when answered back, if
telecopied; and five (5) calendar days after mailing if sent by registered or
certified mail, postage prepaid (except that a notice of change of address
shall not be deemed to have been given until actually received by the addressee),
except that, with respect to any mailing, notices to the Trustee shall be
deemed effective only upon receipt.

Any notice or communication mailed to a Securityholder
shall be mailed to him by first class mail or other equivalent means at his
address as it appears on the registration books of the Registrar and shall be
sufficiently given to him if so mailed within the time prescribed.

Failure to mail a notice or communication to a
Securityholder or any defect in it shall not affect its sufficiency with
respect to other Securityholders.  If a
notice or communication is mailed in the manner provided above, it is duly
given, whether or not the addressee receives it.

11.3        Communications
by Holders with Other Holders   Securityholders
may communicate pursuant to TIA § 312(b) with other Securityholders with
respect to their rights under this Indenture or the Securities.  The Issuer, the Trustee, the Registrar and
any other Person shall have the protection of TIA § 312(c).

11.4        Certificate
and Opinion as to Conditions Precedent   Upon
any request or application by the Issuer to the Trustee to take any action
under this Indenture, the Issuer shall furnish to the Trustee at the request of
the Trustee:

(i)            an Officers’ Certificate, in form
and substance satisfactory to the Trustee, stating that, in the opinion of the
signers, all conditions precedent to be performed or effected by the Issuer, if
any, provided for in this Indenture relating to the proposed action have been
complied with; and

(ii)           an Opinion of Counsel stating that,
in the opinion of such counsel, any and all such conditions precedent have been
complied with.

 84
 

11.5        Statements
Required in Certificate or Opinion   Each
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture, other than the Officers’ Certificate required
by Section 4.8, shall include:

(i)            a statement that the Person making
such certificate or opinion has read such covenant or condition;

(ii)           a brief statement as to the nature
and scope of the examination or investigation upon which the statements  or opinions contained in such certificate or
opinion are based;

(iii)          a statement that, in the opinion of
such Person, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and

(iv)          a statement as to whether or not, in
the opinion of each such Person, such condition or covenant has been complied
with; provided, however, that with respect to matters of fact an
Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials.

 85
 

11.6        Rules
by Trustee, Paying Agent, Registrar   The Trustee, Paying Agent or Registrar may
make reasonable rules for its functions.

11.7        Legal
Holidays   If a payment date
is not a Business Day, payment may be made on the next succeeding day that is a
Business Day and all interest payments will be calculated as if it had been
paid on the original payment date.

11.8        Governing
Law   THIS INDENTURE, THE
SECURITIES AND ANY SUBSIDIARY GUARANTEES WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.  Each of the parties hereto agrees to submit
to the jurisdiction of the courts of the State of New York in any action or
proceeding arising out of or relating to this Indenture, the Securities or any
Subsidiary Guarantees.

11.9        No
Adverse Interpretation of Other Agreements   This
Indenture may not be used to interpret another indenture, loan or debt
agreement of any of the Issuer or any of its Subsidiaries.  Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.

11.10      No
Recourse Against Others   No
recourse for the payment of the principal of, premium, if any, or interest on
any of the Securities or for any claim based thereon or otherwise in respect
thereof, and no recourse under or upon any obligation, covenant or agreement of
any Obligor in this Indenture, or in any of the Securities or Note Guarantees
or because of the creation of any Indebtedness represented thereby, shall be
had against any incorporator, stockholder, officer, director, employee or
controlling person of the Issuer or any Subsidiary Guarantor or of any
successor Person thereof.  Each Holder,
by accepting the Securities, waives and releases all such liability.  The waiver and release are part of the
consideration for the issuance of the Securities.  Such waiver may not be effective to waive
liabilities under the federal securities laws.

11.11      Successors   All
agreements of the Issuer and the Subsidiary Guarantors, if any, in this
Indenture and the Securities and the Subsidiary Guarantees shall bind their
respective successors.  All agreements of
the Trustee in this Indenture shall bind its successor.

11.12      Duplicate
Originals.

All parties may sign any number of copies of this
Indenture.  Each signed copy or
counterpart shall be an original, but all of them together shall represent the
same agreement.

11.13      Severability   In
case any one or more of the provisions in this Indenture, the Securities or the
Subsidiary Guarantees shall be held invalid, illegal or unenforceable, in any
respect for any reason, the validity, legality and enforceability of any such
provision in every other respect and of the remaining provisions shall not in
any way be affected or impaired thereby, it being intended that all of the
provisions hereof shall be enforceable to the full extent permitted by law.

 86

SIGNATURES

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed all as of the date first written above.

AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

By:  /s/ Ajay Sabherwal                                                              
         Name: Ajay Sabherwal
         Title: Chief Financial Officer

AVENTINE RENEWABLE ENERGY, LLC

By:  /s/ Ajay Sabherwal                                                              
         Name: Ajay Sabherwal
         Title: Chief Financial Officer

AVENTINE RENEWABLE ENERGY, INC.

By:  /s/ Ajay Sabherwal                                                              
         Name: Ajay Sabherwal
         Title: Chief Financial Officer

AVENTINE POWER, LLC

By:  /s/ Ajay Sabherwal                                                              
         Name: Ajay Sabherwal
         Title: Chief Financial Officer

AVENTINE RENEWABLE ENERGY-AURORA WEST, LLC

By:  /s/ Ajay Sabherwal                                                              
         Name: Ajay Sabherwal
         Title: Chief Financial Officer

 S-1
 

AVENTINE RENEWABLE ENERGY-MT. VERNON, LLC

By:  /s/ Ajay Sabherwal                                                              
         Name: Ajay Sabherwal
         Title: Chief Financial Officer

WELLS FARGO BANK, NA.
         as Trustee

By:  /s/ Jeffrey Rose                                                                    
         Name: Jeffrey Rose

 

 S-2

Exhibit A

[FORM OF INITIAL NOTE]*

[FACE OF SECURITY]

AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

10% Senior Note due 2017

CUSIP No.

ISIN No.

No.                                                                                                                                          Principal
Amount   $

AVENTINE RENEWABLE ENERGY HOLDINGS, INC., a Delaware
corporation (the “Issuer”), for value received promises to pay to CEDE
& CO. or registered assigns, the principal sum of               Dollars ($                               ) on March 27,
2017.

Interest Payment Dates: April 1 and October 1;
commencing October 1, 2007.

Record Dates: 
March 15 and September 15

Reference is made to the
further provisions of this Security contained herein, which shall for all
purposes have the same effect as if set forth at this place.

* Add
Private Placement Legend and, if appropriate, Global Security Legend.

 A-1
 

IN WITNESS WHEREOF, the Issuer has caused this Security to be signed
manually or by facsimile by its duly authorized officers.

Dated:

AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

By:                                                                                                  
         Name: 
         Title:

By:                                                                                                  
         Name: 
         Title:

 A-2
 

[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

This is one of the 10% Senior Notes due 2017 described
in the within-mentioned Indenture.

WELL FARGO BANK,
N.A.,  as Trustee

By:                                                                                                          
                 Authorized Signatory

 A-3
 

[REVERSE OF SECURITY]

AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

10% Senior Note due 2017

1.             Interest.

AVENTINE RENEWABLE ENERGY HOLDINGS, INC., a Delaware
corporation (the “Issuer”), promises to pay interest on the principal
amount of this Security at a rate per annum shown above.  Interest on the Securities shall be payable
semiannually in arrears on April 1 and October 1 of each year, commencing on
October 1, 2007.  The Issuer shall make
each interest payment to the holders of record on the immediately preceding
March 15 and September 15.  Interest on
the Securities shall accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from and including the Issue
Date.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

The Issuer shall pay interest (“defaulted interest”)
on overdue principal and premium, if any, and interest on overdue installments
of interest, to the extent lawful, at a rate per annum that is 2.0% in excess
of the rate otherwise payable.

2.             Method of Payment.

The Issuer shall pay interest on the Securities
(except defaulted interest) to the Persons who are the registered Holders at
the close of business on the Record Date immediately preceding the Interest
Payment Date even if the Securities are canceled on registration of transfer or
registration of exchange (including pursuant to an Exchange Offer (as defined
in the Indenture)) after such Record Date. 
Holders must surrender Securities to a Paying Agent to collect principal
payments.  The Issuer shall pay
principal, premium, if any and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts (“U.S.
Legal Tender”).  However, the Issuer
may pay principal, premium, if any, and interest by wire transfer of federal
funds, or interest by check payable in such U.S. Legal Tender.  The Issuer may deliver any such interest
payment to the Paying Agent or to a Holder at the Holder’s registered address.

3.             Paying Agent and Registrar.

Initially, Wells Fargo Bank, N.A. (the “Trustee”)
shall act as Paying Agent and Registrar. 
The Issuer may change any Paying Agent, Registrar or co-Registrar
without notice to the Holders.  The
Issuer or any of its Subsidiaries may, subject to certain exceptions, act as
Registrar or co-Registrar.

4.             Indenture.

The Issuer issued the Securities under an Indenture,
dated as of March 27, 2007 (the “Indenture”), among the Issuer, the
Subsidiary Guarantors and the Trustee. 
This Security is one of a duly authorized issue of Securities of the
Issuer designated as their 10% Senior Notes due 2017 (the “Initial Notes”).  Capitalized terms herein are used as defined
in the Indenture unless

 A-4
 

otherwise defined herein.  The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “TIA”),
as in effect on the date of the Indenture until such time as the Indenture is
qualified under the TIA, and thereafter the TIA as then in effect as amended
from time to time.  Notwithstanding
anything to the contrary herein, the Securities are subject to all such terms,
and Holders of Securities are referred to the Indenture and the TIA for a
statement of them.  The Securities are
general obligations of the Issuer unlimited in amount, of which an aggregate
principal amount of $300,000,000 are being issued on the Issue Date.

5.             Optional Redemption.

The Issuer may redeem the Securities, in whole or in
part, at any time, on and after April 1, 2012 upon not less than 30 nor more
than 60 days’ notice.  The redemption prices
(expressed as percentages of the principal amount thereof) will be as follows,
if redeemed during the twelve-month period commencing on April 1 of the years
set forth below, plus, in each case, accrued and unpaid interest thereon, if
any, to the date of redemption (subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest
payment date):

	
  Year

  	
   

  	
   

  	
   

  	
  Percentage

  	
   

  
	
  2012

  	
   

  	
  105.000

  	
  %

  
	
  2013

  	
   

  	
  103.333

  	
  %

  
	
  2014

  	
   

  	
  101.667

  	
  %

  
	
  2015 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

6.             Optional Redemption with the Proceeds of Certain
Equity Issuances.

At any time prior to April 1, 2010, the Issuer may
redeem up to 35% of the aggregate principal amount of the Securities from time
to time originally issued with the Net Cash Proceeds of one or more sales of
Capital Stock (other than Disqualified Stock) of the Issuer at a redemption
price of 110.00% of their principal amount, together with accrued and unpaid
interest to the redemption date; provided that at least 65% of the aggregate
principal amount of the Securities from time to time originally issued remains
outstanding immediately after each such redemption and notice of any such
redemption is mailed within 60 days of each such sale of Capital Stock.

7.             Notice of Redemption.

Notice of redemption shall be mailed by first-class
mail at least 30 days but not more than 60 days before the Redemption Date to
each Holder of Securities to be redeemed at such Holder’s registered
address.  If less than all of the
Securities are to be redeemed, selection of the Securities for redemption shall
be made by the Trustee (i) in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are listed, or
(ii) if the Securities are not listed on a national securities exchange, by lot
or by such other method as the Trustee in its sole discretion shall deem to be
fair and appropriate.  However, no
Securities of $2,000 in principal amount or less shall be redeemed in
part.  If any note is to be redeemed in
part only, the notice of redemption related to such Note shall state the
portion of the principal 

 A-5
 

amount to be redeemed. 
A new Security in principal amount equal to the unredeemed portion shall
be issued upon cancellation of the original Security.

8.             Change of Control Offer.

Upon the occurrence of a Change of Control, the Issuer
shall be required, as and to the extent set forth in the Indenture, to offer to
purchase all of the outstanding Securities at a purchase price equal to 101% of
the principal amount thereof, plus accrued and unpaid interest, if any, thereon
to the date of repurchase (subject to the right of Securityholders of record on
the relevant record date to receive interest due on the relevant interest
payment date).

9.             Limitation on Asset Sales.

The Issuer is, subject to certain conditions,
obligated to make an offer to purchase Securities at 100% of their principal
amount, plus accrued and unpaid interest, if any, thereon to the date of
repurchase with certain Net Cash Proceeds of certain sales or other
dispositions of assets in accordance with the Indenture.

10.           Registration Rights.

The Holders of the Initial Notes issued on the Issue
Date shall have the rights set forth in the Registration Rights Agreement dated
as of March 27, 2007 among the Issuer, the Subsidiary Guarantors and the
Initial Purchasers named therein.*

11.           Denominations; Transfer; Exchange.

The Securities are in registered form, without
coupons, in the principal amount of at least $2,000 and integral multiples of
$1,000 thereafter.  A Holder shall
register the transfer of or exchange Securities in accordance with the
Indenture.  The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay certain transfer taxes or similar governmental charges
payable in connection therewith as permitted by the Indenture.  The Registrar need not register the transfer
of or exchange any Securities or portions thereof selected for redemption,
except the unredeemed portion of any security being redeemed in part.

12.           Persons Deemed Owners.

The registered Holder of a Security shall be treated
as the owner of it for all purposes.

13.           Unclaimed Funds.

If funds for the payment
of principal, premium, if any, or interest remain unclaimed for two years, the
Trustee and the Paying Agent shall repay the funds to the Issuer at their
request.

 

* This
paragraph to be modified with respect to Securities issued after the Issue
Date.

 A-6
 

After that, all liability of the Trustee and such
Paying Agent with respect to such funds shall cease.

14.           Discharge Prior to Redemption or
Maturity.

The Issuer and the Subsidiary Guarantors may be
discharged from their obligations under the Indenture or the Securities and any
Subsidiary Guarantee except for certain provisions thereof, and may be
discharged from obligations to comply with certain covenants contained in the
Indenture and the Securities and any Subsidiary Guarantee, in each case upon
satisfaction of certain conditions specified in the Indenture.

15.           Amendment; Supplement; Waiver.

Subject to certain exceptions, the Indenture, the
Securities and any Subsidiary Guarantee may be amended or supplemented with the
written consent of the Holders of at least a majority in aggregate principal
amount of the Securities then outstanding, and any existing Default or Event of
Default or compliance with any provision may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Securities then
outstanding.  Without notice to or
consent of any Holder, the parties thereto may amend or supplement the
Indenture, the Securities, and the Subsidiary Guarantees to, among other
things, cure any ambiguity, defect or inconsistency, provide for uncertificated
Securities and any Subsidiary Guarantee in addition to or in place of Physical
Securities or comply with any requirements of the Commission in connection with
the qualification of the Indenture under the TIA, or make any other change that
does not materially and adversely affect the rights of any Holder of a
Security.

16.           Restrictive Covenants.

The Indenture contains certain covenants that, among
other things, limit the ability of the Issuer and its Restricted Subsidiaries
to make restricted payments, to incur indebtedness, to create liens, to sell
assets, to permit restrictions on dividends and other payments by Restricted
Subsidiaries of the Issuer to the Issuer, to consolidate, merge or sell all or
substantially all of its assets or to engage in transactions with
affiliates.  The limitations are subject
to a number of important qualifications and exceptions.  The Issuer must annually report to the
Trustee on compliance with such limitations.

17.           Defaults and Remedies.

If an Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of
Securities then outstanding may declare all the Securities to be due and
payable immediately in the manner and with the effect provided in the
Indenture.  Holders of Securities may not
enforce the Indenture, the Securities or any Subsidiary Guarantee except as
provided in the Indenture.  The Trustee
is not obligated to enforce the Indenture, the Securities or the Subsidiary
Guarantees, if any, unless it has received indemnity satisfactory to it.  The Indenture permits, subject to certain
limitations therein provided, Holders of a majority in aggregate principal
amount of the Securities then outstanding to direct the Trustee in its exercise
of any trust or power.  The Trustee may
withhold from Holders of Securities notice of certain continuing Defaults or
Events of Default if it determines that withholding notice is in their
interest.

 A-7
 

18.           Trustee Dealings with Issuers.

The Trustee under the Indenture, in its individual or
any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with the Issuer, their Subsidiaries or their respective
Affiliates as if it were not the Trustee.

19.           No Recourse Against Others.

No recourse for the payment of the principal of,
premium, if any, or interest on any of the Securities or for any claim based
thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of any Obligor in the Indenture, or in any of
the Securities or Subsidiary Guarantees or because of the creation of any
Indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer, director, employee or controlling person of the Issuer or
any Subsidiary Guarantor or of any successor Person thereof. Each Holder, by
accepting the Securities, waives and releases all such liability.  The waiver and release are part of the
consideration for the issuance of the Securities.  Such waiver may not be effective to waive
liabilities under the federal securities laws.

20.           Authentication.

This Security shall not be valid until the Trustee or
authenticating agent signs the certificate of authentication on this Security.

21.           Abbreviations and Defined Terms.

Customary abbreviations may be used in the name of a
Holder of a Security or an assignee, such as: 
TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

22.           Governing Law. 

This Security shall be governed by, and construed in
accordance with, the laws of the State of New York.

23.           CUSIP and ISIN Numbers.

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP and ISIN numbers to be printed on the Securities as a convenience to the
Holders of the Securities.  No
representation is made as to the accuracy of such numbers as printed on the
Securities and reliance may be placed only on the other identification numbers
printed hereon.

24.           Indenture.

Each Holder, by accepting a Security, agrees to be
bound by all of the terms and provisions of the Indenture, as may be amended
from time to time.

 A-8
 

The Issuer shall furnish to any Holder of a Security
upon written request and without charge a copy of the Indenture which has the
text of this Security in larger type.  Requests
may be made to:  Aventine Renewable
Energy Holdings, Inc., 1300 South 2nd Street, Pekin, Illinois  61555, Attn: 
President.

 A-9
 

ASSIGNMENT FORM

I or we assign and
transfer this Security to

_______________________________________________________________

_______________________________________________________________

(Print or type
name, address and zip code of assignee or

transferee)

_______________________________________________________________

(Insert Social
Security or other identifying number of assignee or transferee)

and irrevocably
appoint _______________________________________ agent to transfer this Security
on the books of the Issuer.  The agent
may substitute another to act for him.

	
  Dated: _________________

  	
  Signed:  _________________________
                               (Sign
  exactly as name
                               appears on
  the other
                               side of
  this Security)

  

 

	
  Signature Guarantee:

  	
  ______________________________________

  Participant in a recognized Signature Guarantee Medallion Program (or other
  signature guarantor program reasonably acceptable to the Trustee)

  

In connection with any
transfer of this Security occurring prior to the date which is the earlier of
(i) the date of the declaration by the Commission of the effectiveness of
a registration statement under the Securities Act of 1933, as amended (the “Securities
Act”), covering resales of this Security (which effectiveness shall not
have been suspended or terminated at the date of the transfer) and
(ii) the end of the period referred to in Rule 144(k) under the Securities
Act, the undersigned confirms that it has not utilized any general solicitation
or general advertising in connection with the transfer and that this Security
is being transferred:

 A-10
 

[Check One]

	
  (1)

  	
  __

  	
  to either of the Issuer
  or a subsidiary thereof; or

  
	
  (2)

  	
  __

  	
  pursuant to and in
  compliance with Rule 144A under the Securities Act; or

  
	
  (3)

  	
  __

  	
  To an institutional “accredited
  investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
  Securities Act) that has furnished to the Trustee a signed letter containing
  certain representations and agreements (the form of which letter can be
  obtained from the Trustee); or

  
	
  (4)

  	
  __

  	
  outside the United
  States to a Person that is not a U.S. Person in compliance with Rule 904 of
  Regulation S under the Securities Act; or

  
	
  (5)

  	
  __

  	
  pursuant to the
  exemption from registration provided by Rule 144 under the Securities Act; or

  
	
  (6)

  	
  __

  	
  pursuant to an
  effective registration statement under the Securities Act; or

  
	
  (7)

  	
  __

  	
  pursuant to another
  available exemption from the registration requirements of the Securities Act;

  

and unless the box
below is checked, the undersigned confirms that such Security is not being
transferred to an “affiliate” of the Issuer as defined in Rule 144
under the Securities Act of 1933, as amended (an “Affiliate”):

 ̈            The
transferee is an Affiliate of the Issuer.

Unless one of the items is checked, the Trustee shall
refuse to register any of the Securities evidenced by this certificate in the
name of any person other than the registered Holder thereof; provided
that if box (3), (4), (5) or (7) is checked, the Issuer or the Trustee may
require, prior to registering any such transfer of the Securities, in its sole
discretion, such legal opinions, certifications (including an investment letter
in the case of box (3) or (4)) and other information as the Trustee or the
Issuer have reasonably requested to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.

 A-11
 

If none of the
foregoing boxes is checked, the Trustee or Registrar shall not be obligated to
register this Security in the name of any person other than the Holder hereof
unless and until the conditions to any such transfer of registration set forth
herein and in Section 2.16 of the Indenture shall have been satisfied.

	
  Dated: _________________

  	
  Signed:  _________________________
                               (Sign
  exactly as name
                               appears on
  the other
                               side of
  this Security)

  

 

	
  Signature Guarantee:

  	
  ______________________________________

  

TO BE COMPLETED BY
PURCHASER IF (2) ABOVE IS CHECKED

The undersigned represents and warrants that it is
purchasing this Security for its own account or an account with respect to
which it exercises sole investment discretion and that it and any such account
is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information
regarding the Issuer as the undersigned has requested pursuant to Rule 144A or
has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order
to claim the exemption from registration provided by Rule 144A.

Dated: 
__________________________________________________

 A-12
 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Security purchased
by the Issuer pursuant to Section 4.17 or Section 4.18 of the Indenture, check
the appropriate box:

Section 4.17 [      ] Section 4.18
[       ]

If you want to elect to have only part of this
Security purchased by the Issuer pursuant to Section 4.17 or Section 4.18 of
the Indenture, state the amount: 
$___________

	
  Dated: _________________

  	
  Signed:  _________________________
                               (Sign
  exactly as name
                               appears on
  the other
                               side of
  this Security)

  

 

	
  Signature Guarantee:

  	
  ______________________________________

  Participant in a recognized Signature Guarantee Medallion Program (or other
  signature guarantor program reasonably acceptable to the Trustee)

  

 

 A-13

Exhibit B

[FORM OF EXCHANGE NOTE]*

[FACE OF SECURITY]

AVENTINE RENEWABLE
ENERGY HOLDINGS, INC.

10% Senior Note

due 2017

CUSIP No.

ISIN No.

No.                                                                                                                                                          $

AVENTINE RENEWABLE ENERGY
HOLDINGS, INC., a Delaware limited liability company (the “Issuer”), for
value received promise to pay to CEDE & CO. or registered assigns, the
principal sum of           
Dollars ($  ), on March 27, 2017.

Interest Payment Dates:  April 1 and October 1, commencing October 1,
2007.

Record Dates: 
March 15 and September 15

Reference is made to the further provisions of this
Security contained herein, which shall for all purposes have the same effect as
if set forth at this place.

IN WITNESS WHEREOF, the Issuer have caused this
Security to be signed manually or by facsimile by their duly authorized
officers.

* Add
Global Security Legend, if appropriate.

Dated:

	
  

  	
  AVENTINE RENEWABLE ENERGY HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

* Add Global
Security Legend, if appropriate.

 B-1
 

 

[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

This is one of the 10% Senior Notes due 2017 described
in the within-mentioned Indenture.

	
  

  	
  WELLS FARGO BANK, N.A. 

    as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 B-2
 

[REVERSE OF SECURITY]

AVENTINE RENEWABLE
ENERGY HOLDINGS, INC.

_____% Senior Note due 2017

1.     Interest.

AVENTINE RENEWABLE ENERGY HOLDINGS, INC., a Delaware
corporation (the “Issuer”), promises to pay interest on the principal
amount of this Security at a rate per annum shown above.  Interest on the Securities shall be payable
semiannually in arrears on April 1 and October 1 of each year, commencing on
October 1, 2007.  The Issuer shall make
each interest payment to the holders of record on the immediately preceding
March 15 and September 15.  Interest on
the Securities shall accrue from the most recent date to which interest has
been paid or, if no interest has been paid, from and including the Issue Date.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

The Issuer shall pay interest (“defaulted interest”)
on overdue principal and premium, if any, and interest on overdue installments
of interest, to the extent lawful, at a rate per annum that is 2.0% in excess
of the rate otherwise payable.

2.     Method
of Payment.

the Issuer shall pay interest on the Securities
(except defaulted interest) to the persons who are the registered Holders at
the close of business on the Record Date immediately preceding the Interest
Payment Date even if the Securities are canceled on registration of transfer or
registration of exchange after such Record Date.  Holders must surrender Securities to a Paying
Agent to collect principal payments.  The
Issuer shall pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts (“U.S. Legal Tender”). 
However, the Issuer may pay principal, premium, if any, and interest by
wire transfer of federal funds, or interest by check payable in such U.S. Legal
Tender.  The Issuer may deliver any such
interest payment to the Paying Agent or to a Holder at the Holder’s registered
address.

3.     Paying
Agent and Registrar.

Initially, Wells Fargo Bank, N.A. (the “Trustee”)
shall act as Paying Agent and Registrar. 
The Issuer may change any Paying Agent, Registrar or co-Registrar
without notice to the Holders.  The
Issuer or any of their Subsidiaries may, subject to certain exceptions, act as
Registrar or co-Registrar.

4.     Indenture.

The Issuer issued the Securities under an Indenture,
dated as of March 27, 2007 (the “Indenture”), among the Issuer, the
Subsidiary Guarantors and the Trustee. 
This Security is one of a duly authorized issue of Exchange Notes of the
Issuer designated as their 10% Senior Notes due 2017 (the “Exchange Notes”).  Capitalized terms herein are used as defined
in the Indenture unless otherwise defined herein.  The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. 

 B-3
 

§§ 77aaa-77bbbb) (the “TIA”), as in effect
on the date of the Indenture until such time as the Indenture is qualified
under the TIA, and thereafter the TIA as then in effect as amended from time to
time.  Notwithstanding anything to the
contrary herein, the Securities are subject to all such terms, and Holders of
Securities are referred to the Indenture and the TIA for a statement of
them.  The Securities are general obligations
of the Issuer unlimited in amount, of which an aggregate principal amount of
$300,000,000 were issued on the Issue Date.

5.             Optional
Redemption.

The Issuer may redeem the Securities, in whole or in
part, at any time, from time to time, on and after April 1, 2012, upon not less
than 30 nor more than 60 days notice. 
The redemption prices (expressed as percentages of the principal amount
thereof) will be as follows, if redeemed during the twelve-month period
commencing on April 1 of the years set forth below, plus, in each case, accrued
and unpaid interest thereon, if any, to the date of redemption (subject to the
right of Holders of record on the relevant record date to receive interest due
on the relevant interest payment date):

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2012

  	
   

  	
  105.000

  	
  %

  
	
  2013

  	
   

  	
  103.333

  	
  %

  
	
  2014

  	
   

  	
  101.667

  	
  %

  
	
  2015 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

6.             Optional
Redemption with the Proceeds of Certain Equity Issuances.

At any time prior to April 1, 2010, the Issuer may
redeem up to 35% of the aggregate principal amount of the Securities from time
to time originally issued with the Net Cash Proceeds of one or more sales of
Capital Stock (other than Disqualified Stock) of the Issuer at a redemption
price of 110.00 of their principal amount, together with accrued and unpaid
interest to the redemption date; provided that at least 65% of the aggregate
principal amount of the Securities from time to time originally issued remains
outstanding immediately after each such redemption and notice of any such
redemption is mailed within 60 days of each such sale of Capital Stock.

7.             Notice
of Redemption.

Notice of redemption shall be mailed by first-class
mail at least 30 days but not more than 60 days before the Redemption Date to
each Holder of Securities to be redeemed at such Holder’s registered
address.  If less than all of the
Securities are to be redeemed, selection of the Securities for redemption shall
be made by the Trustee (i) in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are listed, or
(ii) if the Securities are not listed on a national securities exchange, by lot
or by such other method as the Trustee in its sole discretion shall deem to be
fair and appropriate.  However, no Securities
of $2,000 in principal amount or less shall be redeemed in part.  If any note is to be redeemed in part only,
the notice of redemption related to such Security shall state the portion of
the principal 

 B-4
 

amount to be redeemed. 
A new Security in principal amount equal to the unredeemed portion shall
be issued upon cancellation of the original Security.

8.     Change
of Control Offer.

Upon the occurrence of a Change of Control, the Issuer
shall be required, as and to the extent set forth in the Indenture, to offer to
purchase all of the outstanding Securities at a purchase price equal to 101% of
the principal amount thereof, plus accrued and unpaid interest, if any, thereon
to the date of repurchase (subject to the right of Securityholders of record on
the relevant record date to receive interest due on the relevant interest
payment date).

9.     Limitation
on Asset Sales.

The Issuer is, subject to certain conditions,
obligated to make an offer to purchase Securities at 100% of their principal
amount, plus accrued and unpaid interest, if any, thereon to the date of
repurchase with certain net cash proceeds of certain sales or other
dispositions of assets in accordance with the Indenture.

10.   Denominations;
Transfer; Exchange.

The Securities are in registered form, without
coupons, in the principal amount of at least $2,000 and integral multiples of
$1,000 thereafter.  A Holder shall
register the transfer of or exchange Securities in accordance with the
Indenture.  The Registrar may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay certain transfer taxes or similar governmental charges
payable in connection therewith as permitted by the Indenture.  The Registrar need not register the transfer
of or exchange any Securities or portions thereof selected for redemption,
except the unredeemed portion of any security being redeemed in part.

11.   Persons
Deemed Owners.

The registered Holder of a Security shall be treated
as the owner of it for all purposes.

12.   Unclaimed
Funds.

If funds for the payment of principal, premium, if
any, or interest remain unclaimed for two years, the Trustee and the Paying
Agent shall repay the funds to the Issuer at their request.  After that, all liability of the Trustee and
such Paying Agent with respect to such funds shall cease.

13.   Discharge
Prior to Redemption or Maturity.

The Issuer and the Subsidiary Guarantors may be
discharged from their obligations under the Indenture or the Securities and any
Subsidiary Guarantee except for certain provisions thereof, and may be discharged
from obligations to comply with certain covenants contained in the Indenture
and the Securities and any Subsidiary Guarantee, in each case upon satisfaction
of certain conditions specified in the Indenture.

 B-5
 

14.   Amendment;
Supplement; Waiver.

Subject to certain exceptions, the Indenture, the
Securities and any Subsidiary Guarantee may be amended or supplemented with the
written consent of the Holders of at least a majority in aggregate principal
amount of the Securities then outstanding, and any existing Default or Event of
Default or compliance with any provision may be waived with the consent of the
Holders of a majority in aggregate principal amount of the Securities then
outstanding.  Without notice to or
consent of any Holder, the parties thereto may amend or supplement the
Indenture, the Securities and the Subsidiary Guarantees to, among other things,
cure any ambiguity, defect or inconsistency, provide for uncertificated
Securities in addition to or in place of Physical Securities or comply with any
requirements of the Commission in connection with the qualification of the
Indenture under the TIA, or make any other change that does not materially and
adversely affect the rights of any Holder of a Security.

15.   Restrictive
Covenants.

The Indenture contains certain covenants that, among
other things, limit the ability of the Issuer and its Restricted Subsidiaries
to make restricted payments, to incur indebtedness, to create liens, to sell
assets, to permit restrictions on dividends and other payments by Restricted
Subsidiaries of the Issuer to the Issuer, to consolidate, merge or sell all or
substantially all of its assets or to engage in transactions with
affiliates.  The limitations are subject
to a number of important qualifications and exceptions.  The Issuer must annually report to the
Trustee on compliance with such limitations.

16.   Defaults
and Remedies.

If an Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of
Securities then outstanding may declare all the Securities to be due and
payable immediately in the manner and with the effect provided in the
Indenture.  Holders of Securities may not
enforce the Indenture, the Securities or any Subsidiary Guarantee except as
provided in the Indenture.  The Trustee
is not obligated to enforce the Indenture, the Securities or the Subsidiary
Guarantees, if any, unless it has received indemnity satisfactory to it.  The Indenture permits, subject to certain
limitations therein provided, Holders of a majority in aggregate principal
amount of the Securities then outstanding to direct the Trustee in its exercise
of any trust or power.  The Trustee may
withhold from Holders of Securities notice of certain continuing Defaults or Events
of Default if it determines that withholding notice is in their interest.

17.   Trustee
Dealings with Issuers.

The Trustee under the Indenture, in its individual or
any other capacity, may become the owner or pledgee of Securities and may
otherwise deal with the Issuer, their Subsidiaries or their respective
Affiliates as if it were not the Trustee.

18.   No
Recourse Against Others.

No recourse for the payment of the principal of,
premium, if any, or interest on any of the Securities or for any claim based
thereon or otherwise in respect thereof, and no recourse under 

 B-6
 

or upon any obligation, covenant or agreement of any
Obligor in the Indenture, or in any of the Securities or Subsidiary Guarantees
or because of the creation of any Indebtedness represented thereby, shall be
had against any incorporator, stockholder, officer, director, employee or
controlling person of the Issuer or any Subsidiary Guarantor or of any
successor Person thereof. Each Holder, by accepting the Securities, waives and
releases all such liability.  The waiver
and release are part of the consideration for the issuance of the
Securities.  Such waiver may not be
effective to waive liabilities under the federal securities laws.

19.   Authentication.

This Security shall not be valid until the Trustee or authenticating
agent signs the certificate of authentication on this Security.

20.   Abbreviations
and Defined Terms.

Customary abbreviations may be used in the name of a
Holder of a Security or an assignee, such as: 
TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

21.   Governing
Law.

This Security shall be governed by, and construed in
accordance with, the laws of the State of New York.

22.   CUSIP
and ISIN Numbers.

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused
CUSIP and ISIN numbers to be printed on the Securities as a convenience to the
Holders of the Securities.  No
representation is made as to the accuracy of such numbers as printed on the
Securities and reliance may be placed only on the other identification numbers
printed hereon.

23.   Indenture.

Each Holder, by accepting a Security, agrees to be
bound by all of the terms and provisions of the Indenture, as may be amended
from time to time.

The Issuer shall furnish to any Holder of a Security
upon written request and without charge a copy of the Indenture which has the
text of this Security in larger type.  Requests
may be made to:  Aventine Renewable
Energy Holdings, Inc., 1300 South 2nd Street, Pekin, Illinois  61555, Attn: 
President.

 B-7
 

ASSIGNMENT FORM

I or we assign and
transfer this Security to

_______________________________________________________________

_______________________________________________________________

(Print or type
name, address and zip code of assignee or transferee)

_______________________________________________________________

(Insert Social
Security or other identifying number of assignee or transferee)

and irrevocably
appoint _______________________________________ agent to transfer this Security
on the books of the Issuer.  The agent
may substitute another to act for him.

	
  Dated:
  _________________

  	
   

  	
  Signed: ___________________________ 

  
	
   

  	
   

  	
   

  	
  (Sign exactly as name 

  appears on the other 

  side of this Security)

  

 

	
  Signature Guarantee:

  	
  ______________________________________________

  Participant in a recognized Signature Guarantee Medallion Program (or other
  signature guarantor program reasonably acceptable to the Trustee)

  

 

 B-8
 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Security purchased
by the Issuer pursuant to Section 4.17 or Section 4.18 of the Indenture, check
the appropriate box:

Section 4.17 [      ] Section 4.18
[       ]

If you want to elect to have only part of this
Security purchased by the Issuer pursuant to Section 4.17 or Section 4.18 of
the Indenture, state the amount: 
$___________

	
  Dated: _________________

  	
   

  	
  Signed: ___________________________ 

  
	
   

  	
   

  	
   

  	
  (Sign exactly as name 

  appears on the other 

  side of this Security)

  

 

	
  Signature Guarantee:

  	
  _________________________________________________

  Participant in a recognized Signature Guarantee Medallion 

  Program (or other signature guarantor program reasonably 

  acceptable to the Trustee)

  

 

 

 B-9

Exhibit C

Form of Certificate to be

Delivered in Connection with

Transfers to Non-QIB Accredited Investors

                                                                                                                                                                [Date]

Attention:  

Re:          Aventine Renewable Energy Holdings,
Inc.

10% Senior Notes due 2017 (the “ Securities”)

 

 

 

Ladies and
Gentlemen:

In connection with
our proposed purchase of the Securities of Aventine Renewable Energy Holdings,
Inc. (the “Issuer”), we confirm that:

1.             We
understand that any subsequent transfer of the Securities is subject to certain
restrictions and conditions set forth in the Indenture relating to the
Securities (as described in the Offering Memorandum) and the undersigned agrees
to be bound by, and not to resell, pledge or otherwise transfer the Securities
except in compliance with, such restrictions and conditions and the Securities
Act of 1933, as amended (the “Securities Act”).

2.             We
understand that the offer and sale of the Securities have not been registered
under the Securities Act, and that the Securities may not be offered or sold
except as permitted in the following sentence. 
We agree, on our own behalf and on behalf of any accounts for which we
are acting as hereinafter stated, that if we should sell or otherwise transfer
any Securities prior to the date which is two years after the original issuance
of the Securities, we will do so only (i) to the Issuer or any of their
subsidiaries, (ii) inside the United States in accordance with
Rule 144A under the Securities Act to a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act), (iii) inside the
United States to an institutional “accredited investor” (as defined
below) that, prior to such transfer, furnishes (or has furnished on its behalf
by a U.S. broker-dealer) to the Trustee (as defined in the Indenture
relating to the Securities), a signed letter containing certain representations
and agreements relating to the restrictions on transfer of the Securities and,
if such transfer is in respect of any aggregate principal amount of Securities
of less than $250,000, also furnishes an opinion of counsel acceptable to the
Issuer that such transfer complies with the Securities Act, (iv) outside
the United States in accordance with Rule 904 of Regulation S under
the Securities Act, (v) pursuant to the exemption from

 C-1
 

registration
provided by Rule 144 under the Securities Act (if available), or
(vi) pursuant to an effective registration statement under the Securities
Act, and we further agree to provide to any person purchasing any of the
Securities from us a notice advising such purchaser that resales of the
Securities are restricted as stated herein.

3.             We
understand that, on any proposed resale of any Securities, we will be required
to furnish to the Trustee and the Issuer such certification, legal opinions and
other information as the Trustee and the Issuer may reasonably require to
confirm that the proposed sale complies with the foregoing restrictions.  We further understand that the Securities
purchased by us shall bear a legend to the foregoing effect.

4.             We
are an institutional “accredited investor” (as defined in
Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities
Act) and have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of our investment in the
Securities, and we and any accounts for which we are acting are each able to
bear the economic risk of our or their investment, as the case may be.

5.             We
are acquiring the Securities purchased by us for our account or for one or more
accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion, and we are not acquiring
the Securities with a view to, or for offer or sale in connection with, any
distribution in violation of the Securities Act.

6.             The
principal amount of the Securities to which this Certificate relates is
$               .

You and the Issuer are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby.

Very truly yours, 

By:                                                                                                  

        Name: 
         Title:

 

 

 C-2

Exhibit D

Form of Certificate to Be

Delivered in Connection with 

Transfers Pursuant to Regulation S

Wells Fargo Bank, N.A.                                                                                                                      [Date]

[Address]

Attention:

 

Re:          Aventine Renewable Energy Holdings,
Inc.

10% Senior Notes due 2017

(the “
Securities”)                                                                                

 

In connection with
our proposed sale of
$                     
aggregate principal amount of the Securities, we confirm that such sale has
been effected pursuant to and in accordance with Regulation S under the U.S.
Securities Act of 1933, as amended (the “Securities Act”),
and, accordingly, we represent that:

(1)           the
offer of the Securities was not made to a person in the United States;

(2)           either
(a) at the time the buy offer was originated, the transferee was outside the
United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States, or (b) the transaction was
executed in, on or through the facilities of a designated off-shore
securities market and neither we nor any person acting on our behalf knows that
the transaction has been pre-arranged with a buyer in the United States;

(3)           no
directed selling efforts have been made in the United States in contravention
of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

(4)           the
transaction is not part of a plan or scheme to evade the registration requirements
of the Securities Act; and

(5)           we
have advised the transferee of the transfer restrictions applicable to the
Securities.

You and the Issuer are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal

 D-1
 

proceedings or official
inquiry with respect to the matters covered hereby.  Terms used in this certificate have the
meanings set forth in Regulation S.

Very truly yours,

[Name of Transferor] 

By:                                                                                        
               Authorized Signature

 

 D-2

Exhibit
E

GUARANTEE

For value received, the undersigned hereby
unconditionally guarantees, as principal obligor and not only as a surety, to
the Holder of this Security the cash payments in United States dollars of
principal of, premium, if any, and interest on this Security in the amounts and
at the times when due and interest on the overdue principal, premium, if any,
and interest, if any, of this Security, if lawful, and the payment or
performance of all other obligations of the Issuer under the Indenture (as
defined below) or the Securities, to the Holder of this Security and the
Trustee, all in accordance with and subject to the terms and limitations of
this Security, Article X of the Indenture and this Subsidiary Guarantee.  This Subsidiary Guarantee shall become
effective in accordance with Article X of the Indenture and its terms shall be
evidenced therein.  The validity and
enforceability of any Subsidiary Guarantee shall not be affected by the fact
that it is not affixed to any particular Security.

Capitalized terms used but not defined herein shall
have the meanings ascribed to them in the Indenture dated as of March 27, 2007,
among Aventine Renewable Energy
Holdings, Inc., a Delaware corporation (the “Issuer”), the Subsidiary Guarantors named therein, and
Wells Fargo Bank, N.A., as trustee (the “Trustee”).

The obligations of the undersigned to the Holders of
Securities and to the Trustee pursuant to this Subsidiary Guarantee and the
Indenture are expressly set forth in Article X of the Indenture and reference
is hereby made to the Indenture for the precise terms of the Subsidiary
Guarantee and all of the other provisions of the Indenture to which this
Subsidiary Guarantee relates.

THIS SUBSIDIARY GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  The undersigned Guarantor hereby agrees to
submit to the jurisdiction of the courts of the State of New York in any action
or proceeding arising out of or relating to this Subsidiary Guarantee.

This Subsidiary Guarantee is subject to release upon
the terms set forth in the Indenture.

 E-1
 

IN WITNESS WHEREOF, the undersigned has caused this
Subsidiary Guarantee to be duly executed.

SUBSIDIARY GUARANTOR

By:                                                                                                        
               Name: 
               Title:

By:                                                                                                        
               Name: 
               Title:

 

 E-2

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