Document:

Exhibit 10.51

Exhibit 10.51

FOURTH AMENDMENT AND JOINDER TO CREDIT AGREEMENT

This Fourth Amendment and Joinder to Credit Agreement (“Amendment”) is made as of this 21st
day of December, 2009, by and among Gemino Healthcare Finance, LLC (“Lender”) and Clarient, Inc.,
Clarient Diagnostic Services, Inc. and ChromaVision International, Inc. (collectively, the
“Existing Borrowers”) and Applied Genomics, Inc. (“Joining Borrower” and together with the Existing
Borrowers, the “Borrowers” and each individually referred to as a “Borrower”).

BACKGROUND

A. Existing Borrowers and Lender are parties to a certain Credit Agreement dated July 31, 2008
(as modified and amended from time to time, the “Credit Agreement”), pursuant to which Borrowers
established certain financing arrangements with Lender. The Credit Agreement and all instruments,
documents and agreements executed in connection therewith, or related thereto are referred to
herein collectively as the “Loan Documents.” All capitalized terms not otherwise defined herein
shall have the meanings ascribed thereto in the Credit Agreement.

B. Borrowers have informed Lender that on the date hereof Clarient has entered into the AG
Acquisition Documents, pursuant to which Clarient has consummated the AG Acquisition. Borrowers
have requested, pursuant to Section 7.01 of the Agreement, that Lender consent to the AG
Acquisition and Lender has agreed to provide such consent subject to the terms and conditions
hereof.

C. As a result of the AG Acquisition, Joining Borrower has become affiliated with Existing
Borrowers and, in recognition of the benefits and privileges thereunder, Joining Borrower and
Existing Borrowers have requested that Joining Borrower be permitted to join into the Loan
Documents as if an original signatory thereto and Lender has so consented subject to the terms and
conditions hereof

D. Existing Borrowers have requested and Lender has agreed to join the Joining Borrower as a
joint and several co-Borrower and to amend the terms and conditions of the Loan Documents pursuant
to the terms and conditions of this Amendment.

E. Borrowers and Lender desire to set forth their agreement in writing.

NOW THEREFORE, with the foregoing Background deemed incorporated by reference and for good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties
hereto, intending to be legally bound, covenant and agree as follows:

1. Consent. Upon the effectiveness of this Amendment and in reliance upon Borrowers’
representations, warranties and covenants contained herein and subject to the terms and conditions
of this Amendment, Lender hereby consents to the AG Acquisition. This consent shall not be deemed a
consent to the breach by the Borrowers of any covenants or agreements contained in the Credit
Agreement with respect to any other transaction or matter or a consent to any waiver or
modification of any other term or condition of the Credit Agreement. Borrowers agree that the
consent set forth in this Amendment shall not be deemed (a) to be a consent to any waiver or
modification of any other term or condition of the Credit Agreement, or (b) to prejudice any right
or remedy that Lender may now have or may in the future have under or in connection with the Credit
agreement other than with respect to the matter for which this consent has been provided. The
consent described herein shall not

 

 

 

alter, affect, release or prejudice in any way any of Borrowers’ obligations under the Credit
Agreement (including, without limitation, the Obligations), each of which are ratified and
confirmed This Amendment shall not obligate Lender to provide any further consent to any waiver or
modification of any other term or condition of the Credit Agreement or prejudice any right or
remedy that Lender may now or hereafter have under or in connection with the Credit Agreement. This
consent shall not be construed as a course of conduct on the part of Lender upon which Borrowers
may rely at any time in the future. Borrowers expressly waive any right to assert any claim to such
effect at any time.

2. Joinder.

(a) Upon the effectiveness of this Amendment, Joining Borrower joins in as, assumes the
obligations and liabilities of, adopts the obligations, liabilities and role of, and becomes, a
Borrower under the Loan Documents, the Amended and Restated Revolving Note and all other Loan
Documents. All references to Borrowers contained in the Loan Documents are hereby deemed for all
purposes to also refer to and include Joining Borrower as a Borrower and Joining Borrower hereby
agrees to comply with all of the terms and conditions of the Loan Documents as if Joining Borrower
were an original signatory thereto.

(b) Without limiting the generality of the provisions of subparagraph (a) above, Joining
Borrower hereby becomes liable, on a joint and several basis, along with all other Borrowers, for
all Obligations, including, without limitation, all existing and future Loans and other liabilities
and obligations incurred at any time by any one or more Borrowers under the Loan Documents, as
amended hereby or as may be hereafter amended, modified, supplemented or replaced.

3. Amendment. Upon the effectiveness of this Amendment, the Credit Agreement are
hereby respectively amended in the following manner

(a) Annex I to the Credit Agreement is hereby amended by inserting the following definitions:

“AG Acquisition” shall mean the acquisition by Clarient of Applied
Genomics, Inc. by means of the merger of Clarient Acquisition Corporation, a
Delaware corporation and wholly-owned subsidiary of Clarient, with and into Applied
Genomics, Inc., with Applied Genomics, Inc. surviving the merger as a wholly- owned
subsidiary of Clarient.

“AG Acquisition Documents” shall mean that certain Agreement and Plan
of Merger and Reorganization, dated as of December 21, 2009, by and among Clarient,
Clarient Acquisition Corporation, Applied Genomics, Inc, certain stockholders of
Applied Genomics, Inc. and Robert S. Seitz as representative of the stockholders of
Applied Genomics, Inc., and all other certificates, agreements, documents or other
instruments executed and delivered in connection therewith.

(b) The Schedules to the Credit Agreement (other than Schedule 1.01) are hereby amended and
restated by the Schedules attached hereto as Exhibit A (“Amended and Restated Schedules”).

 

 

 

4. Representations and Warranties. Each Borrower represents and warrants to Lender
that:

(a) Except as set forth on the Amended and Restated Schedules attached hereto, all warranties
and representations made to Lender under the Credit Agreement and the Loan Documents are true and
correct as of the date hereof (except as to such warranties and representations which are as of a
specific date, which warranties and representations are true and correct as of such date).

(b) The execution and delivery by such Borrower of this Amendment, the Amended and Restated
Revolving Note, the Commercial Depository Agreement and Governmental Depository Agreement, and the
performance by it of the transactions herein contemplated (i) are and will be within its powers,
(ii) have been authorized by all necessary organizational action, and (iii) are not and will not be
in contravention of any order of any court or other agency of government, of law or any other
indenture, agreement or undertaking to which any Borrower is a party or by which the property of
such Borrower is bound, or be in conflict with, result in a breach of, or constitute (with due
notice and/or lapse of time) a default under any such indenture, agreement or undertaking or result
in the imposition of any lien, charge or encumbrance of any nature on any of the properties of such
Borrower.

(c) This Amendment, the Amended and Restated Revolving Note, and any assignment, instrument,
document, or agreement executed and delivered in connection herewith, is valid, binding and
enforceable in accordance with its respective terms.

(d) No Event of Default or Unmatured Event of Default has occurred and is continuing under the
Credit Agreement or any of the other Loan Documents.

(e) Lender has received true, correct and complete copies of the AG Acquisition Documents
(including all exhibits, schedules and disclosure letters referred to therein or delivered pursuant
thereto, if any) and all amendments thereto, waivers relating thereto and other side letters or
agreements affecting the terms thereof. No such documents or agreements have been amended or
supplemented, nor have any of the provisions thereof been waived except pursuant to a written
agreement or instrument which has heretofore been delivered to Lender. The AG Acquisition has been
consummated in accordance with the AG Acquisition Documents and applicable law.

5. Effectiveness Conditions. This Amendment shall be effective upon completion of the
following conditions precedent (all documents and other items to be in form and substance
satisfactory to Lender and Lender’s counsel):

(a) Execution and delivery by Borrowers of this Amendment;

(b) Execution and delivery by Borrowers of the Amended and Restated Revolving Note;

(c) Execution and delivery by Borrowers and Lockbox Bank of the Governmental Depository
Agreement and Commercial Depository Agreements;

 

 

 

(d) Delivery by Borrowers of certified copies of resolutions of each Borrower’s board of
directors, general partners, members or managers, as applicable, authorizing the execution
of this Amendment, the Amended and Restated Revolving Note, and each document required to be
delivered by any Section hereof;

(e) Delivery by Borrowers of Joining Borrower’s state certified Certificate of Incorporation
and Bylaws, certified by the secretary of Joining Borrower;

(f) Delivery by Borrowers of incumbency certificates for Joining Borrower identifying all
Authorized Officers with specimen signatures;

(g) Receipt of Uniform Commercial Code financing statement, judgment and state and federal tax
lien searches against Joining Borrower showing no Liens on any of the Collateral (other than Liens
released contemporaneously with the effectiveness of this Amendment);

(h) Delivery by Borrowers of copies of the accreditations, licenses, certifications required
by Section 5.03 of the Credit Agreement with respect to Joining Borrower;

(i) Delivery by Borrowers of an opinion letter from Borrowers’ counsel regarding such matters
as Lender may require in its sole discretion;

(j) Delivery by Borrowers of an Officer’s Closing Certificate;

(k) Delivery by Borrowers of payoff letters and releases from all Persons having a security
interest or other interest in the Collateral (except for Permitted Liens), together with all UCC-3
termination or partial releases or mortgage satisfactions necessary to terminate each such Person’s
interests in the Collateral;

(l) Delivery by Borrowers of the Amended and Restated Schedules;

(m) Delivery by Borrowers for Joining Borrower of copies of insurance policies or certificates
of insurance on an Acord 27 form evidencing liability and casualty insurance meeting the
requirements set forth in the Loan Documents; including, without limitation, naming Lender as
lender’s loss payee (as to property and casualty coverage) and additional insured (as to liability
coverage);

(n) Delivery by Borrowers to Lender of true, correct and complete copies of the AG Acquisition
Documents;

(o) No Unmatured Event of Default or Event of Default shall have occurred and be continuing
under the Loan Documents;

(p) Payment by Borrowers of any and all costs, fees and expenses of Lender (including,
attorneys’ fees) in connection with this Amendment and the transaction contemplated hereby; and

(q) Execution and/or delivery by Borrowers of all agreements, instruments and documents
requested by Lender to effectuate and implement the terms hereof and the Loan Documents

 

 

 

6. Confirmation of Indebtedness. Borrowers hereby acknowledge and confirm that as of
the close of business on December 18, 2009, Borrowers are indebted to Lender, without defense,
setoff, claim or counterclaim, under the Loan Documents, in the aggregate principal amount of
$5,152,277.91 plus all fees, costs and expenses (including attorneys’ fees) incurred to date in
connection with the Loan Documents.

7. Ratification of Loan Documents. Except as expressly set forth herein, all of the
terms and conditions of the Credit Agreement and Loan Documents are hereby ratified and confirmed
and continue unchanged and in full force and effect. All references to the Credit Agreement shall
mean the Credit Agreement as modified by this Amendment. All references to the Revolving Note shall
mean the Amended and Restated Revolving Note.

8. Collateral. To secure the payment, promptly when due, and the punctual performance,
of all of the Obligations, and satisfaction by Borrowers of all covenants and undertakings
contained in the Credit Agreement and the Loan Documents, each Existing Borrower reconfirms the
prior grant of the security interest in and lien upon and to, all of its right, tide and interest
in and to the Collateral (including as set forth below), whether now owned or hereafter acquired,
created or arising and wherever located and Joining Borrower hereby assigns and grants to Lender a
security interest in, and a right of setoff against, any and all right, title and interest of such
Borrower in and to all of the following, whether now owned or existing or owned, acquired or
arising hereafter: (i) all accounts, Payment Intangibles, Instruments and other rights to receive
payments of Borrower (including without limitation the Accounts), whether now existing or hereafter
arising or acquired, (ii) all General Intangibles (including without limitation, contract rights
and Intellectual Property), Chattel Paper, Documents, Supporting Obligations, Letter of Credit
Rights, Commercial Tort Claims set forth on Schedule 2.13 to the Credit Agreement, remedies,
guarantees and collateral evidencing, securing or otherwise relating to or associated with the
property in subpart (i) above, including without limitation all rights of enforcement and
collection, (iii) all Commercial Lockboxes, all Government Lockboxes, all Collection Accounts and
other deposit accounts into which any of the Collections or Advances are deposited, all funds
received thereby or deposited therein, and any checks or instruments from time to time representing
or evidencing the same, (iv) all books and records of Borrowers evidencing or relating to or
associated with any of the foregoing, (v) all infounation and data compiled or derived by Borrowers
with respect to any of the foregoing (other than any such information and data subject to legal
restrictions of patient confidentiality), and (vi) all collections, Accessions, receipts and
Proceeds derived from any of the foregoing.

9. Governing Law. This Amendment, and all matters arising out of or relating to this
Amendment, shall be governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania, without giving effect to principles of conflicts of laws, and shall be construed
without the aid of any canon, custom or rule of law requiring construction against the draftsman.

10. CONSENT TO JURISDICTION. EACH BORROWER AND LENDER HEREBY IRREVOCABLY CONSENT TO
THE NONEXCLUSIVE JURISDICTION OF, AND VENUE IN, ANY STATE OR FEDERAL COURT LOCATED IN THE
COMMONWEALTH OF PENNSYLVANIA IN ANY AND ALL ACTIONS AND PROCEEDINGS WHETHER ARISING HEREUNDER OR
UNDER ANY OTHER AGREEMENT OR UNDERTAKING. BORROWERS WAIVE ANY OBJECTION TO IMPROPER VENUE AND FORUM
NON-CONVENIENS TO PROCEEDINGS IN ANY SUCH COURT OR COURTS AND ALL RIGHTS TO TRANSFER FOR ANY
REASON. EACH BORROWER IRREVOCABLY AGREES TO SERVICE OF PROCESS BY CERTIFIED MAIL, RETURN RECEIPT
REQUESTED TO THE ADDRESS OF THE APPROPRIATE PARTY SET FORTH HEREIN.

 

 

 

11. WAIVER OF JURY TRIAL. EACH BORROWER AND LENDER HEREBY WAIVE ANY AND ALL RIGHTS IT
MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION COMMENCED BY OR AGAINST LENDER WITH
RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS, WHETHER
SOUNDING IN TORT, CONTRACT OR OTHERWISE.

12. Certain Borrower Acknowledgments and Agreements.

(a) Each Borrower acknowledges that it will enjoy significant benefits from the business
conducted by the other Borrowers because of, inter alia, their combined ability to bargain with
other Persons including, without limitation, their ability to receive the Credit Facility on
favorable terms granted by the Credit Agreement and other Loan Documents which would not have been
available to an individual Borrower acting alone. Each Borrower has determined that it is in its
best interest to procure the Credit Facility which each Borrower may utilize directly and which
receive the credit support of the other Borrowers as contemplated by the Credit Agreement and the
other Loan Documents.

(b) Lender has advised Borrowers that it is unwilling to enter into this Amendment, the Credit
Agreement and the other Loan Documents and make available the Credit Facility extended hereby to
any Borrower unless each Borrower agrees, among other things, to be jointly and severally liable
for the due and proper payment of the Obligations of each Borrower under this Amendment, the Credit
Agreement and the other Loan Documents. Each Borrower has determined that it is in its best
interest and in pursuit of its purposes that it so induce Lender to extend credit pursuant to the
Credit Agreement and the other documents executed in connection therewith (i) because of the
desirability to each Borrower of the Credit Facility, the interest rates and the modes of borrowing
available hereunder, (ii) because each Borrower may engage in transactions jointly with other
Borrowers and (iii) because each Borrower may require, from time to time, access to funds under the
Credit Agreement for the purposes herein set forth.

(c) Each Borrower has determined that it has and, after giving effect to the transactions
contemplated by the Credit Agreement, this Amendment and the other Loan Documents (including,
without limitation, the inter-Borrower arrangement set forth in this Section 12) will have, assets
having a fair saleable value in excess of the amount required to pay its probable liability on its
existing debts as they fall due for payment and that the sum of its debts is not and will not then
be greater than all of its Property at a fair valuation, that such Borrower has, and will have,
access to adequate capital for the conduct of its business and the ability to pay its debts from
time to time incurred in connection therewith as such debts mature and that the value of the
benefits to be derived by such Borrower from the access to funds under this Agreement (including,
without limitation, the inter-Borrower arrangement set forth in this Section 12) is reasonably
equivalent to the obligations undertaken pursuant hereto.

(d) Borrower Representative (on behalf of each Borrower) shall maintain records specifying (i)
all Obligations incurred by each Borrower, (ii) the date of such incurrence, (iii) the date and
amount of any payments made in respect of such Obligations and (iv) all inter-Borrower obligations
pursuant to this Section 12. Borrower Representative shall make copies of such records available to
Lender, upon request.

 

 

 

13. Maximum Amount of Joint and Several Liability. Notwithstanding any provisions of
the Credit Agreement or this Amendment to the contrary, it is the intent of the parties hereto that
the primary and secondary nature of the liabilities of the Borrowers, and the security
interests granted by the Borrowers to secure the Obligations directly incurred by any Borrower not
constitute a fraudulent conveyance under Section 548 of Chapter 11 of Title 11 of the United States
Code (11 U.S.C. § 101, et seq.), as amended, or a fraudulent conveyance or fraudulent transfer
under the applicable provisions of any fraudulent conveyance, fraudulent transfer or similar law of
any state, nation or other governmental unit, as in effect from time to time or otherwise be
rendered invalid or unenforceable due to the nature of the joint and several liability.
Accordingly, Lender and Borrowers agree that if the Obligations of any Borrower, or any security
interests granted by such Borrower securing the Obligations would, but for the application of this
sentence, constitute a fraudulent conveyance or fraudulent transfer under Applicable Law, or would
otherwise render such Borrower’s Obligations or the security interests granted herein invalid or
unenforceable, the Obligations of such Borrower hereunder, as well as the security interests
securing such Obligations, shall be valid and enforceable only to the maximum extent that would not
cause such Obligations or security interests to constitute a fraudulent conveyance or fraudulent
transfer under Applicable Law or otherwise result in such invalidity or unenforceability; provided
however that each Borrower’s Obligations shall be presumptively valid and enforceable to their
fullest extent in accordance with the terms hereof or thereof, as if this Section 13 were not a
part of this Agreement.

14. Authorization of Borrower Representative by Borrowers.

(a) Each Borrower hereby irrevocably authorizes Borrower Representative to give notices, make
requests, make payments, receive payments and notices, give receipts and execute agreements, make
agreements or take any other action whatever on behalf of such Borrower under and with respect to
any Loan Document and each Borrower shall be bound thereby. This authorization is coupled with an
interest and shall be irrevocable, and Lender may rely on any notice, request, information supplied
by Borrower Representative, every document executed by Borrower Representative, every agreement
made by Borrower Representative or other action taken by Borrower Representative in respect of
Borrowers or any thereof as if the same were supplied, made or taken by any or all Borrowers.
Without limiting the generality of the foregoing, the failure of one or more Borrowers to join in
the execution of any writing in connection herewith shall not, unless the context clearly requires,
relieve any such Borrower from obligations in respect of such writing.

(b) Borrowers acknowledge that the credit provided under the Credit Agreement is on terms more
favorable than any Borrower acting alone would receive and that each Borrower benefits directly and
indirectly from all Advances thereunder. Each Borrower, shall be jointly and severally liable for
all Obligations, regardless of inter alia, which Borrower requested (or received the proceeds of) a
particular Advance.

15. Joint and Several Liability. The Revolving Loans made to the Borrowers shall be
deemed jointly funded to, and received by, all of the Borrowers. Each Borrower jointly and
severally agrees to pay, and shall be joint and severally liable for the payment and performance of
all Obligations directly incurred by any other Borrower, regardless of whether such Borrower
actually receives the proceeds of the indebtedness governed hereby or the benefit of any other
extensions of credit hereunder. Each Borrower acknowledges and agrees that the joint and several
liability of the Borrowers is provided as an inducement to Lender to provide loans and other
financial accommodations to the Borrowers, and that each such Revolving Loan or other financial
accommodation shall be deemed to have been done or extended by Lender in consideration of, and in
reliance upon, the joint and several liability of the Borrowers. The joint and several liability of
each Borrower hereunder is absolute, unconditional

 

 

 

and
continuing, regardless of the validity or enforceability of any of the Obligations, or the fact that a security interest or lien in any
Collateral may not be enforceable or subject to equities or defenses or prior claims in favor of
others, or may be invalid or defective in any way and for any reason. Each Borrower hereby waives:
(a) all notices to which such Borrower may be entitled as a co-obligor with respect to the
Obligations, including notice of (i) acceptance of this Amendment or the Credit Agreement, (ii) the
making of Revolving Loans or other financial accommodations under this Agreement, or the creation
or existence of the Obligations, and (iii) presentment, demand, protest, notice of protest and
notice of non-payment; and (b) all defenses based on (i) any modification (or series of
modifications) of the Credit Agreement, the other Loan Documents, that may create a substituted
contract, or that may fundamentally alter the risks imposed on-such-Borrower
hereunder,-(ii)-the-release- — of any other Borrower from its duties under the Credit Agreement and
the other Loan Documents, or the extension of the time of performance of any other Borrower’s
duties hereunder or thereunder, (iii) the taking, releasing, impairment or abandonment of any
Collateral, or the settlement, release or compromise of the Obligations or any other Borrower’s
liabilities with respect to all or any portion of the Obligations, or (iv) any other act (or any
failure to act) that fundamentally alters the risks imposed on such Borrower by virtue of its joint
and several liability hereunder. It is the intent of each Borrower by this paragraph to waive any
and all suretyship defenses available to such Borrower with respect to the Obligations, whether or
not specifically enumerated above. Borrowers acknowledge that the credit provided under the Credit
Agreement is on terms more favorable than any Borrower acting alone would receive and that each
Borrower benefits directly and indirectly from the Revolving Loans made hereunder. Each Borrower
shall be jointly and severally liable for all Obligations regardless of, inter alia, which Borrower
received proceeds of the Revolving Loans.

16. WARRANT OF ATTORNEY TO CONFESS JUDGMENT.

(a) Acknowledgment of Warrant of Attorney. THE FOLLOWING PARAGRAPH SETS FORTH A GRANT
OF AUTHORITY FOR ANY ATTORNEY TO CONFESS JUDGMENT AGAINST THE BORROWERS. IN GRANTING THIS WARRANT
OF ATTORNEY TO CONFESS JUDGMENT AGAINST THE BORROWERS, FOLLOWING CONSULTATION WITH (OR DECISION NOT
TO CONSULT) SEPARATE COUNSEL FOR THE BORROWERS AND WITH KNOWLEDGE OF THE LEGAL EFFECT HEREOF, THE
BORROWERS HEREBY KNOWINGLY, INTENTIONALLY, VOLUNTARILY, INTELLIGENTLY AND UNCONDITIONALLY WAIVE ANY
AND ALL RIGHTS ANY OF THEM HAS OR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY FOR HEARING UNDER THE
RESPECTIVE CONSTITUTIONS AND LAWS OF THE UNITED STATES OF AMERICA, COMMONWEALTH OF PENNSYLVANIA, OR
ELSEWHERE INCLUDING, WITHOUT LIMITATION, A HEARING PRIOR TO GARNISHMENT AND ATTACHMENT OF THE
BORROWERS’ BANK ACCOUNTS AND OTHER ASSETS. THE BORROWERS ACKNOWLEDGE AND UNDERSTAND THAT BY
ENTERING INTO THIS AMENDMENT CONTAINING A CONFESSION OF JUDGMENT CLAUSE THAT THE BORROWERS ARE EACH
VOLUNTARILY, INTELLIGENTLY AND KNOWINGLY GIVING UP ANY AND ALL RIGHTS, INCLUDING CONSTITUTIONAL
RIGHTS, THAT ANY BORROWER HAS OR MAY HAVE TO NOTICE AND A HEARING BEFORE JUDGMENT CAN BE ENTERED
AGAINST ANY BORROWER AND BEFORE THE BORROWERS’ ASSETS, INCLUDING, WITHOUT LIMITATION, THEIR BANK
ACCOUNTS, MAY BE GARNISHED, LEVIED, EXECUTED UPON AND/OR ATTACHED. THE BORROWERS UNDERSTAND THAT
ANY SUCH GARNISHMENT, LEVY, EXECUTION AND/OR ATTACHMENT SHALL RENDER THE PROPERTY GARNISHED,
LEVIED, EXECUTED UPON OR ATTACHED IMMEDIATELY UNAVAILABLE TO THE OBLIGORS. IT IS SPECIFICALLY
ACKNOWLEDGED BY THE
BORROWERS THAT THE LENDER HAS RELIED ON THIS WARRANT OF ATTORNEY AND THE RIGHTS WAIVED BY THE
OBLIGORS HEREIN IN CONSENTING TO THIS AMENDMENT AND AS AN INDUCEMENT TO GRANT THE ACCOMMODATIONS
OUTLINED HEREIN TO THE BORROWERS.

 

 

 

(b) WARRANT OF ATTORNEY TO CONFESS JUDGMENT — Money. THE BORROWERS, AND EACH OF THEM,
HEREBY AUTHORIZE AND EMPOWER, UPON AN EVENT OF DEFAULT HEREUNDER, AND/OR UNDER THE OTHER LOAN
DOCUMENTS, ANY ATTORNEY OF ANY COURT OF RECORD OR THE PROTHONOTARY OR CLERK OF ANY COUNTY IN THE
COMMONWEALTH- OF PENNSYLVANIA, OR- 1N ANY JURISDICTION WHERE PERMITTED BY LAW, OR THE CLERK OF ANY
UNITED STATES DISTRICT COURT, TO APPEAR FOR THE BORROWERS IN ANY AND ALL ACTIONS WHICH MAY BE
BROUGHT HEREUNDER, AND/OR UNDER THE OTHER LOAN DOCUMENTS, AND ENTER AND CONFESS JUDGMENT AGAINST
THE BORROWERS, JOINTLY AND SEVERALLY, IN FAVOR OF THE LENDER OR ITS ASSIGNEE FOR THE ENTIRE AMOUNT
OF THE INDEBTEDNESS THEN DUE AND OUTSTANDING UNDER THE TERMS OF THE CREDIT AGREEMENT, AND/OR UNDER
THE TERMS OF THE OTHER LOAN DOCUMENTS, TOGETHER WITH ATTORNEYS’ FEES EQUAL TO FIFTEEN PERCENT (15%)
OF THE FOREGOING SUMS THEN DUE AND OWING, BUT IN NO EVENT LESS THAN FIVE THOUSAND ($5,000.00)
DOLLARS, ALL WITH OR WITHOUT DECLARATION, WITHOUT PRIOR NOTICE, WITHOUT STAY OF EXECUTION AND WITH
RELEASE OF ALL PROCEDURAL ERRORS AND THE RIGHT TO ISSUE EXECUTIONS FORTHWITH. TO THE EXTENT
PERMITTED BY LAW, EACH OF THE BORROWERS WAIVES THE RIGHT OF INQUISITION ON ANY REAL ESTATE LEVIED
ON, VOLUNTARILY CONDEMNS THE SAME, AUTHORIZES THE PROTHONOTARY OR CLERK TO ENTER UPON THE WRIT OF
EXECUTION THIS VOLUNTARY CONDEMNATION AND AGREES THAT SUCH REAL ESTATE MAY BE SOLD ON A WRIT OF
EXECUTION; AND ALSO WAIVES ANY RELIEF FROM ANY APPRAISEMENT, STAY OR EXEMPTION LAW OF ANY STATE NOW
IN FORCE OR HEREAFTER ENACTED. IF COPIES OF THE CREDIT AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS
VERIFIED BY AFFIDAVIT OF ANY REPRESENTATIVE OF THE LENDER SHALL HAVE BEEN FILED IN SUCH ACTION, IT
SHALL NOT BE NECESSARY TO FILE THE ORIGINALS THEREOF AS A WARRANT OF ATTORNEY, ANY PRACTICE OR
USAGE TO THE CONTRARY NOTWITHSTANDING. THE AUTHORITY HEREIN GRANTED TO CONFESS JUDGMENT SHALL NOT
BE EXHAUSTED BY ANY SINGLE EXERCISE THEREOF, BUT SHALL CONTINUE AND MAY BE EXERCISED FROM TIME TO
TIME AS OFTEN AS THE LENDER SHALL FIND IT NECESSARY AND DESIRABLE AND AT ALL TIMES UNTIL FUT L
PAYMENT OF ALL AMOUNTS DUE HEREUNDER, AND/OR UNDER THE OTHER LOAN DOCUMENTS. THE LENDER MAY CONFESS
ONE OR MORE JUDGMENTS IN THE SAME OR DIFFERENT JURISDICTIONS FOR ALL OR ANY PART OF THE
INDEBTEDNESS OR OBLIGATIONS ARISING HEREUNDER, AND/OR UNDER THE OTHER LOAN DOCUMENTS, WITHOUT
REGARD TO WHETHER JUDGMENT HAS THERETOFORE BEEN CONFESSED ON MORE THAN ONE OCCASION FOR THE SAME
INDEBTEDNESS OR OBLIGATIONS. IN THE EVENT THAT ANY JUDGMENT CONFESSED AGAINST THE BORROWERS IS
STRICKEN OR OPENED UPON APPLICATION BY OR ON BEHALF OF ANY OF THE BORROWERS FOR ANY REASON, THE
LENDER IS HEREBY AUTHORIZED AND EMPOWERED TO AGAIN APPEAR FOR AND CONFESS JUDGMENT AGAINST THE
OBLIGORS FOR ANY PART OR ALL OF THE INDEBTEDNESS DUE AND OWING TO THE LENDER HEREUNDER, AND/OR
UNDER THE OTHER LOAN DOCUMENTS.

 

 

 

(c) WARRANT OF ATTORNEY TO CONFESS JUDGMENT — General Provisions. IN ANY ACTION OR
PROCEEDING DESCRIBED IN SECTION 16 HEREIN OR IN CONNECTION THEREWITH, IF COPIES OF THE CREDIT
AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS ARE THEREIN VERIFIED BY THE LENDER OR SOMEONE ACTING FOR
THE LENDER TO BE TRUE AND CORRECT COPIES OF THE CREDIT AGREEMENT AND/OR THE OTHER LOAN DOCUMENTS
(AND SUCH COPIES SHALL BE CONCLUSIVELY PRESUMED TO BE TRUE AND CORRECT BY VIRTUE OF SUCH
VERIFICATION), THEN IT SHALL NOT BE NECESSARY TO FIT ,E THE ORIGINAL OF THE CREDIT AGREEMENT AND/OR
THE OTHER LOAN DOCUMENTS, ANY STATUTE, RULE OF COURT OF LAW, CUSTOM OR PRACTICE TO THE CONTRARY
NOTWITHSTANDING. THE BORROWERS HEREBY RELEASE TO THE LENDER, ANYONE ACTING FOR THE LENDER AND ALL
ATTORNEYS WHO MAY APPEAR FOR THE BORROWERS, ALL ERRORS IN PROCEDURE REGARDING THE ENTRY OF JUDGMENT
OR JUDGMENTS BY CONFESSION OR OTHERWISE BY VIRTUE OF THE WARRANTS OF ATTORNEY CONTAINED IN THIS
AMENDMENT AND/OR THE OTHER LOAN DOCUMENTS, AND ALL LIABILITY THEREFOR. THE RIGHT TO ENTER JUDGMENT
OR JUDGMENTS BY CONFESSION OR OTHERWISE BY VIRTUE OF THE WARRANTS OF ATTORNEY CONTAINED IN THIS
AMENDMENT AND/OR THE OTHER LOAN DOCUMENTS, AND TO ENFORCE ALL OF THE OTHER PROVISIONS OF THE
AFORESAID DOCUMENTS MAY BE EXERCISED BY ANY ASSIGNEE OF THE LENDER’S RIGHT, TITLE AND INTEREST IN
THIS AMENDMENT AND/OR THE OTHER LOAN DOCUMENTS IN SUCH ASSIGNEE’S OWN NAME, ANY STATUTE, RULE OF
COURT OR LAW, CUSTOM OR PRACTICE TO THE CONTRARY NOTWITHSTANDING.

17. Release. As further consideration for Lender’s agreement to grant the
accommodations set forth herein, each Borrower hereby waives and releases and forever discharges
Lender and its officers, directors, attorneys, agents and employees from any liability, damage,
claim, loss or expense of any kind that Borrowers, or any of them, may have against Lender arising
out of or relating to the Obligations, this Amendment or the Loan Documents.

18. Counterparts. This Amendment may be executed in any number of counterparts, each
of which when so executed shall be deemed to be an original, and such counterparts together shall
constitute one and the same respective agreement. Signature by facsimile or PDF shall bind the
parties hereto.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

 

 

IN WITNESS WHEREOF, the parties have executed this Amendment the day and year first above
written.

	 	 	 	 	 
	EXISTING BORROWERS:	 CLARIENT, INC.

 
	 	By  	/s/ Michael R. Rodriguez
 	 
	 	 	Name:  	Michael R. Rodriguez 	 
	 	 	Title:  	Senior Vice President and Chief Financial

Officer 	 
	 
	 	CLARIENT DIAGNOSTIC SERVICES, INC.

 	 
	 	By  	/s/ Michael R. Rodriguez
 	 
	 	 	Name:  	Michael R. Rodriguez 	 
	 	 	Title:  	Senior Vice President and Chief Financial

Officer 	 
	 
	 	CHROMAVISION INTERNATIONAL, INC.

 	 
	 	By  	/s/ Michael R. Rodriguez
 	 
	 	 	Name:  	Michael R. Rodriguez 	 
	 	 	Title:  	Senior Vice President and Chief Financial

Officer 	 
	 

	 	 	 	 	 
	JOINING BORROWER:	APPLIED GENOMICS, INC.

 
	 	By  	/s/ Michael R. Rodriguez
 	 
	 	 	Name:  	Michael R. Rodriguez 	 
	 	 	Title:  	Senior Vice President and Chief Financial

Officer 	 
	 

	 	 	 	 	 
	LENDER:	GEMINO HEALTHCARE FINANCE, LLC

 	 
	 	By:  	/s/ Miriam P. Gallagher
 	 
	 	 	Name:  	Miriam P. Gallagher 	 
	 	 	Title:  	Senior Portfolio Manager 	 
	 

[SIGNATURE PAGE TO FOURTH AMENDMENT AND JOINDER TO CREDIT AGREEMENT]Exhibit 10.1

Exhibit 10.1

*** Portions omitted pursuant to a request for confidential treatment and filed separately with the
Securities and 
Exchange Commission.***

ETHANOL MARKETING AGREEMENT

THIS AGREEMENT is entered into by and among Eco-Energy, Inc. (hereinafter “Eco”) a Tennessee
Corporation with its main office located at 725 Cool Springs Blvd, Suite 500, Franklin, Tennessee
37067, and Granite Falls Energy, LLC (hereinafter “GFE”) a Minnesota Limited Liability Corporation
with its main office located at 15045 Highway 23 SE, Granite Falls, Minnesota 56241.

RECITALS:

	A.	 	GFE, who is currently operating an ethanol facility producing up to 50.89 million gallons per
year of ethanol located in Granite Falls, Minnesota, desires to establish an output-marketing
Agreement (hereinafter “Agreement”).

	B.	 	Eco is a reseller of ethanol and is experienced in the marketing and transportation of such
ethanol, and is willing to agree to purchase the entire ethanol output of the plant and any
future increases in production.

NOW, THEREFORE, IT IS AGREED AS FOLLOWS BETWEEN THE PARTIES:

	1.	 	Eco Services. Eco shall, during the term hereof, purchase the entire output of
ethanol and to provide certain transportation services to GFE (the “Eco Program”). The Eco
services to be provided are set forth in Sections 2 and 3 and the exhibits attached hereto
which are referred to therein.

	2.	 	Eco Take or Pay Ethanol Purchases. GFE agrees to sell to Eco, and Eco agrees to
purchase from GFE, 100% of the production of ethanol during the term of the Agreement,
including any production in excess of current production of 50.89 million gallons per year.
This shall include any production resulting from an expansion or any modification to existing
technology. Each potential Eco purchase will be presented to the GFE representative by Eco
for verbal approval. Upon such verbal approval and purchase, a confirmation of the purchase
contract will be submitted to GFE by Eco, encompassing the details of each purchase. If GFE
shuts down its facility, GFE’s liability to Eco shall be limited to any gallons of production
forward sold by Eco prior to notice of shutdown. Eco shall provide notice to and obtain
approval of GFE before pre-selling any GFE production.

	3.	 	Eco Transportation Services. Eco agrees to provide the transportation services set
forth in Exhibit B.

	4.	 	Fees. [*]

	5.	 	GFE Representative. GFE shall designate one or more persons who shall be authorized
and directed to receive services hereunder and to make all merchandising, purchasing and sales
decisions for GFE (hereinafter “Designated Representative”). All directions, transactions and
authorizations given by such representative to Eco shall be binding upon GFE. Eco shall be
entitled to rely on the authorization of such persons until it receives written notification
from GFE that such authorization has been revoked. The terms of such purchase orders shall be
consistent with the provisions of Exhibit A and may include, but shall not necessarily be
limited to, price, volume, delivery schedule, and shipping instructions.

	 	 	 
	*	 	Portion omitted pursuant to a request for confidential treatment and filed separately with the
Securities and Exchange Commission.

	 	 	 	 	 	 	 
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	6.	 	Eco Limitations.

	 	(a)	 	Eco assumes no responsibility for the completion or performance
of any contracts between GFE and GFE’s customers and suppliers, and GFE agrees
they shall not bring any action or make any claim against Eco based on any act,
omission or claim of any of GFE’s customers or suppliers.

	 	(b)	 	GFE is responsible to cover all non-deliveries of any product
that is contracted between Eco and GFE in a timely manner in order to stay
within the time parameters of the contract. Eco will assist in procuring
product from other suppliers to cover these non-deliveries.

	 	(c)	 	Throughout the term of this Agreement, if GFE shall fail to
deliver ethanol, or delay shipments that it has agreed to deliver to Eco and
which Eco has agreed to sell to a third-party, Eco shall be responsible for
obtaining replacement ethanol from other ethanol suppliers at market prices.
GFE shall pay Eco all costs and expenses incurred by Eco in fulfilling its
obligations pursuant to the immediately preceding sentence.

	 	(d)	 	If any party terminates this Agreement for any reason, both
parties will be responsible to complete any existing contracts.

	7.	 	Separability and Non-liability. The services, contracts and relationships between
GFE and Eco are independent and separable.

	8.	 	Confidentiality Agreement. The parties agree, to the extent permitted by law, to
preserve and protect the confidentiality of this Agreement. Both parties recognize that
federal or state law may require the filing of the Agreement with, or the furnishing of
information to, governmental authorities or regulatory agencies. Both parties further
recognize the need, from time to time, for the submission of the Agreement to affiliates,
consultants, or contractors performing work on, or related to, the subject matter of the
Agreement. Buyer and Seller agree to allow the submission of the Agreement to affiliates,
consultants, or contractors if such affiliates, consultants, or contractors agree to protect
the confidentiality of the Agreement and shall make all available efforts to protect the
material information if required to submit any portion of this Agreement to an outside party
(including, but not limited to, a Request For Confidential Treatment under the Freedom of
Information Act or any similar legislation). In the event either party is of the opinion that
applicable law requires it to file the Agreement with, or to disclose information related to
the Agreement (other than information required by laws and regulations in effect as of the
date hereof to be furnished in periodic reports to governmental authorities) to, any judicial
body, governmental authority or regulatory agency, that party shall so notify the other party
in writing prior to the disclosure or filing of the Agreement to give the other party the
opportunity to protect the material terms of the Agreement from disclosure.

	9.	 	Public Disclosure. Any public announcements concerning the transaction contemplated
by this letter shall be approved in advance by Eco and GFE, except for disclosures required
by law, in which case the disclosing party shall provide a copy of the disclosure to the other
party prior to its public release, keeping with the terms of Section 8 of this Agreement.

	10.	 	Solicitation. GFE agrees not to contact or interfere with, solicit, disrupt or
attempt to disrupt relationships, contractual or otherwise, between Eco and any of its
customers, employees or vendors.

	 	 	 	 	 	 	 
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2

 

	11.	 	Terms and Termination.

	 	(a)	 	[*]

	 
	 	(b)	 	[*]

	 
	 	(c)	 	This Agreement may be terminated by GFE as to Eco in the event
of material breach of any of the material terms hereof by such other party, by
written notice specifying the breach, which notice shall be effective fifteen
(15) days after it is given unless the receiving party cures the breach within
such time. This Agreement may be terminated by Eco as to GFE in the event of
material breach of any of the material terms hereof by GFE, by written notice
specifying the breach, which notice shall be effective fifteen (15) days after
it is given unless the receiving party cures the breach within such time. Any
material breach by GFE as to Eco or by Eco as to GFE that cannot be resolved
within fifteen (15) days, both parties may mutually agree in writing to the
length of time needed to resolve the material breach.

	 
	 	(d)	 	This Agreement may also be terminated by the mutual consent of
both parties on such terms as the parties may agree.

	 
	 	(e)	 	In addition to any other method of terminating this Agreement,
Eco may unilaterally terminate this Agreement at any time if such termination
shall be required by any regulatory authority, and such termination shall be
effective on the 30th day following the giving of notice of intent
to terminate.

	12.	 	Licenses, Bonds, and Insurance. Each party represents that it now has and will
maintain in full force and effect during the term of this Agreement, at its sole cost, all
necessary state and federal licenses, bonds and insurance in accordance with applicable state
or federal laws and regulations.

	13.	 	Limitation of Liability. EACH PARTY UNDERSTANDS THAT NO OTHER PARTY MAKES ANY
GUARANTEE, EXPRESS OR IMPLIED, TO ANY OTHER OF PROFIT, OR OF ANY PARTICULAR ECONOMIC RESULTS
FROM TRANSACTIONS HEREUNDER. IN NO EVENT SHALL ANY PARTY BE LIABLE FOR SPECIAL, COLLATERAL,
INCIDENTAL, OR CONSEQUENTIAL DAMAGES FOR ANY ACT OR OMISSION COMING WITHIN THE SCOPE OF THIS
AGREEMENT, OR FOR BREACH OF ANY OF THE PROVISIONS OF THIS AGREEMENT, EVEN IF IT HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SUCH EXCLUDED DAMAGES INCLUDE, BUT ARE NOT LIMITED
TO, LOSS OF GOOD WILL, LOSS OF PROFITS, LOSS OF USE AND INTERRUPTION OF BUSINESS.

	14.	 	Disclaimer. GFE understands and agrees that Eco makes no warranty respecting legal or
regulatory requirements and risks. GFE shall obtain such legal and regulatory advice from
third parties as it may deem necessary respecting the applicability of legal and regulatory
requirements applicable to GFE’s business.

	 	 	 
	*	 	Portion omitted pursuant to a request for confidential treatment and filed separately with the
Securities and Exchange Commission.

	 	 	 	 	 	 	 
	Initials

	 	TLO
	 	JD	 	 
	 	 	 

 

3

 

	15.	 	Indemnity. The parties agree that they shall absolve, release and refrain from
seeking remedies against each other and their officers, agents, employees, subcontractors and
insurers for any and all losses, claims, damages, costs, suits and liabilities for damage,
deterioration of quality, shrinkage in quantity, loss of grade or loss of Ethanol resulting
from the inherent nature of transfer operations and the inherent nature of Ethanol provided
that this in no way shall relieve the parties for their own negligence, willful misconduct or
theft. Each party to this Agreement shall indemnify, defend and hold the other harmless from
claims, demands and causes of action asserted against the other by any person (including
without limitation employees of either party) for personal injury or death, or for loss of or
damage to property resulting from the willful or negligent acts or omissions of the
indemnifying party. Where personal injury, death or loss of or damage to property is the
result of the joint negligence or misconduct or the parties hereto, the parties expressly
agree to indemnify each other in proportion to their respective share of such joint negligence
or misconduct.

	16.	 	Nature of Relationship. Eco is an independent contractor providing services to GFE.
No employment relationship, partnership or joint venture is intended, nor shall any such
relationship be deemed created hereby. Each party shall be solely and exclusively responsible
for its own expenses and costs of performance.

	17.	 	Notices. Any notices permitted or required hereunder shall be in writing, signed by
an officer duly authorized of the party giving such notice, and shall either be hand delivered
or mailed. If mailed, notice shall be sent by certified, first class, return receipt
requested, mail to the address shown above, or any other address subsequently specified by
notice from one party to the other.

	18.	 	Compliance with Governmental Controls. To the extent applicable, the parties agree
to comply with all laws, ordinances, rules, codes, regulations and lawful orders of any
federal, state or local government authority applicable to the performance of the Agreement,
including, without limitation, those pertaining to the environment, safety, health, social
security, old age pension, wage hour laws, unemployment compensation, non-discrimination on
the basis of race, religion, color, sex or national origin and affirmative action.

	19.	 	New Or Changed Regulations. The parties enter the Agreement in reliance upon the
laws, rules, regulations, interpretations, decrees, Agreements, and concessions of, and
arrangements (hereafter called “Regulations”) with governments or governmental
instrumentalities in effect on the date of the Agreement with respect to or directly or
indirectly affecting the ethanol to be delivered, including without limitation, production,
gathering, manufacturing, transportation, sale and delivery thereof insofar as said
Regulations affect both parties and their customers. In the event that at any time
subsequent to the date of the Agreement, any of said Regulations are changed or new
Regulations are promulgated whether by law, decree, interpretation or regulation, or by
response to the insistence or request of any governmental authority or person purporting to
act therefore, and the effect of such changed or new Regulation (a) is or will not be covered
by any other provisions of the Agreement, or (b) has or will have an adverse economic effect
upon the parties to this Agreement or the suppliers or customers of said parties, the parties
shall have the option to request renegotiation of the prices and other pertinent terms
provided for in the Agreement and their respective effective dates. Said option may be
exercised by both parties at any time after such changed or new Regulation is promulgated by
giving notice of the exercise of its option to renegotiate prior to the time of delivery of
ethanol or any part thereof. Such notice shall contain the new prices and terms desired by
Agreement of Eco and GFE. If the parties do not agree upon new prices and terms satisfactory
to both parties within ten (10) days after such notice is given, both parties shall have the
right to terminate the Agreement at the end of said ten (10) day period.

	 	 	 	 	 	 	 
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	20.	 	General.

	 	(a)	 	This Agreement is the entire understanding of the parties
concerning the subject matter hereof, and it may be modified only in writing
signed by the parties.

	 
	 	(b)	 	If any provision or provisions of this Agreement shall be held
to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

	 
	 	(c)	 	No party shall be liable for any failure to perform any or all
of the provisions of this Agreement if and to the extent that performance has
been delayed or prevented by reason of any cause beyond the reasonable control
of such party. The expression “cause beyond the reasonable control” shall be
deemed to include, but not be limited to: acts, regulations, laws, or
restraints imposed by any governmental body; wars, hostilities, sabotage,
riots, or commotions; acts of God; or fires, frost, storms, or lightning.

	 
	 	(d)	 	This Agreement is not intended to, and does not, create or give
rise to any fiduciary duty on the part of any party to any other.

	 
	 	(e)	 	This Agreement is governed by and shall be construed under the
laws of the State of Minnesota. Venue for any action arising from or in
relation to this Agreement shall be in Minneapolis, MN.

	 
	 	(f)	 	Either Party shall have the option to terminate this
Agreement for convenience upon sixty (60) days written notice to the other
party from and after the occurrence of any transfer, assignment, sale or other
disposition of (i) all or substantially all of the assets comprising the
Facility, or (ii) more than 50% of the stock of GFE or Eco or their respective
parent companies to any Person which is not an Affiliate. Any termination
pursuant to this Section shall be effective sixty (60) days after written
notice is provided by the terminating party to the other party; provided,
however that any such termination shall not relieve either party of its
obligations incurred under this Agreement prior to the termination date.

	 
	 	(g)	 	This Agreement shall be binding upon GFE and this above
referenced plant in the event that the name is later changed to any name in the
alternative. A change in name does not void, nor make this Agreement voidable.

DATED AND EXECUTED AS OF THIS  24th  DAY OF  December, 2008

	 	 	 	 	 	 	 
	Granite Falls Energy, LLC	 	 	 	 
	 
	 	 	 	 	 	 
	BY:

	 	/s/ Tracey L. Olson	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Eco-Energy, Inc.	 	 	 	 
	 
	 	 	 	 	 	 
	BY:

	 	/s/ Jaime Dachelet	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 	 
	Initials

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	 	JD	 	 
	 	 	 

 

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EXHIBIT A

Ethanol Services

Eco shall purchase 100% of the production of ethanol of GFE’s plant in accordance with Section 2 of
this Agreement and on the following terms:

	1.	 	[*]

	 
	2.	 	GFE is responsible for any and all of their local, state and federal tax liabilities.

	 
	3.	 	Eco shall provide scheduling and marketing for ethanol produced.

	 
	4.	 	Eco shall be responsible for receivables risk on ethanol.

	 
	5.	 	Eco reserves the right to refuse business to anyone due to credit and market risk.

	 
	6.	 	GFE shall meet or exceed all specifications for E-grade denatured fuel ethanol in accordance
with ASTM specifications, as well as, any changes in fuel ethanol industry standards that
might occur after the execution of this Agreement. This includes, but is not limited to, the
Magellan specifications for E Grade Denatured Fuel Ethanol. (as listed in EXHIBIT C)
Denaturant level in the product shall be between 1.96% and 2%, however, both parties recognize
that the IRS has not defined what 2% actually encompasses, therefore until further guidance
from the IRS, Eco will accept product that is within the range of 1.96% to 2.49% according to
the technical interpretation which permits rounding.

	 
	7.	 	GFE shall keep Eco informed on production forecasts, as well as daily plant inventory
balances.

	 
	8.	 	On all truck and rail shipments, title and risk of loss of the ethanol will pass at the
loading flange between the plant and the truck or railcar. Unless otherwise specified, Eco is
purchasing all ethanol on a FOB plant basis.

	 
	9.	 	GFE shall provide a minimum of ten (10) days storage on the GFE site.

	 
	10.	 	GFE must have meters that measure both gross and net 60 degrees Fahrenheit temperature
corrected gallons.

	 
	11.	 	Eco shall deduct all unavoidable costs such as government tariffs or assessment fees, sales
taxes, import/export handling fees, assessments, inspection fees, or any other that has been
approved by GFE.

	 
	12.	 	All Renewable Identification Numbers (RINs) shall be generated, in accordance with Eco’s RIN
Generation Program.  GFE shall transfer to ECO, 1.0 RINs for Corn Ethanol; 1.5 RINs for
Biodiesel and 2.5 RINs for Cellulosic Ethanol for each respective gallon purchased by Eco. On
a quarterly basis, Eco shall provide a transaction summary to GFE for reconciliation purposes,
however, GFE, as the designated Producer, shall retain responsibility for accurate reporting
to the EPA.

 	 	 	 
	*	 	Portion omitted pursuant to a request for confidential treatment and filed separately with the
Securities and Exchange Commission.

	 	 	 	 	 	 	 
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	 	JD	 	 
	 	 	 

 

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EXHIBIT B

Eco Transportation Services

	1.	 	Eco will purchase all truck and railcar gallons on an FOB plant basis.

	 
	2.	 	Eco will supply trucks to transport Ethanol.

	 
	3.	 	Eco and GFE, if needed, will mutually agree as to the number of railcars needed to use
as a fleet. GFE will be responsible for securing all rail cars and equipment pertaining to
rail.

	 
	4.	 	Eco will negotiate rail rates on behalf of GFE.

	 
	5.	 	If needed, all rail contracts will be in the name of GFE, or any name later chosen in
the alternative.

	 
	6.	 	GFE will invoice Eco for rail freight along with a copy of the actual railroad invoice.
The rail freight will be paid by Eco per the railroad invoice schedule.

	 	 	 	 	 	 	 
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EXHIBIT C

Product Specification

Ethanol Specification Standards

	 	 	 	 	 
	 	 	 	 	Specification Limit
	Apparent Proof, 60F
	 	Hydrometer	 	min. 200
	 
	 	 	 	max. 203
	Fuel Ethanol Content, volume %
	 	ASTM D5501	 	min. 95
	 
	 	 	 	max. 98 excluding water
	Ethanol, volume %
	 	ASTM D5501	 	min. 93.5%
	Methanol, volume %
	 	ASTM D5501	 	max. 0.5
	Denaturant Content, volume %
	 	 	 	min. 1.96 %
	 
	 	 	 	max. 2.49 %
	Water, mass%
	 	ASTM E-203 or E-1064	 	max. 0.82*
	Solvent Washed Gum, mg/100mI
	 	ASTM D381	 	max 5
	Inorganic Chloride, mg/L
	 	ASTM D512-81 Proc. C	 	max. 32
	Copper Content, mg/kg
	 	ASTM D1688 Method A	 	max. 0.08
	Acidity, mass% mg/L
	 	ASTM D1613	 	max. 0.007
	pHe
	 	ASTM D6423	 	min. 6.5
	 
	 	 	 	max. 9.0
	Appearance
	 	 	 	Visibly free of suspended and/or
	 
	 	 	 	settled contaminants. (Clear & Bright)
	Sulfur, ppm max
	 	ASTM D5453-93	 	10
	Sulfate, ppm max
	 	ASTM D7319	 	4.00
	 
	 	ASTM D7318	 	 
	 
	 	ASTM D7328	 	 
	Benzene, vol% max
	 	ASTM D5580-00 - Test results of a sample	 	0.06
	 
	 	of the denaturant multiplied by 0.0249	 	 
	Olefins, vol% max
	 	ASTM D6550-00 - Test results of a sample	 	0.5
	 
	 	of the denaturant multiplied by 0.0249	 	 
	Aromatics, vol% max
	 	ASTM D5580-00 - Test results of a sample	 	1.7
	 
	 	of the denaturant multiplied by 0.0249	 	 
	 
	 	 	 	 

California
Denaturant Standards

	 	 	 	 	 
	 	 	 	 	Specification Limit
	Property	 	Test Method	 	Magellan
	Benzene, vol% max
	 	ASTM D5580-00	 	1.1
	Olefins, vol% max
	 	ASTM D6550-00 (modified)	 	10
	Aromatics, vol% max
	 	ASTM D5580-00	 	35

	 	 	 	 	 	 	 
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	 	JD	 	 
	 	 	 

 

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