Document:

CONSTRUCTION
      AND TERM LOAN AGREEMENT

    

    by
      and
      among

    

    SHOW
      ME ETHANOL, LLC

    

    and

    

    

    FCS
      FINANCIAL, PCA

    Administrative
      Agent

    

    and
      the Banks named herein 

    

     

    

    

    

    

    

    

    

    dated

    as
      of

    MARCH
      1,
      2007

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

        
          	
                  ARTICLE
                    I. DEFINITIONS AND ACCOUNTING MATTERS

                	 	 	
                  1

                	 
	
                  Section
                    1.01. Certain Defined Terms

                	 	 	
                  1

                	 
	
                  Section
                    1.02. Accounting Matters

                	 	 	
                  13

                	 
	
                  Section
                    1.03. Construction

                	 	 	
                  13

                	 
	
                  ARTICLE
                    II. AMOUNTS AND TERMS OF THE TERM LOAN

                	 	 	
                  13

                	 
	
                  Section
                    2.01. Construction Loan

                	 	 	
                  13

                	 
	
                  Section
                    2.02. Disbursement of the Advances

                	 	 	
                  15

                	 
	
                  Section
                    2.03. Conversion of Construction Loan Into Term Loan.

                	 	 	
                  18

                	 
	
                  Section
                    2.04 Closing Fee

                	 	 	
                  21

                	 
	
                  Section
                    2.05. Unused Commitment Fee

                	 	 	
                  21

                	 
	
                  Section
                    2.06. Notes

                	 	 	
                  21

                	 
	
                  Section
                    2.07. Pricing

                	 	 	
                  21

                	 
	
                  Section
                    2.08. Prepayment of Term Loan

                	 	 	
                  23

                	 
	
                  Section
                    2.09 Increased Costs

                	 	 	
                  23

                	 
	
                  Section
                    2.10. Changes in Law Rendering Certain LIBOR Rate Loans
                    Unlawful

                	 	 	
                  24

                	 
	
                  Section
                    2.11. Payments and Computations

                	 	 	
                  24

                	 
	
                  Section
                    2.12. Maximum Amount Limitation

                	 	 	
                  26

                	 
	
                  Section
                    2.13. Agent Records

                	 	 	
                  26

                	 
	
                  Section
                    2.14. Loan Payments

                	 	 	
                  26

                	 
	
                  Section
                    2.15. Compensation

                	 	 	
                  26

                	 
	
                  Section
                    2.16 Purchase of Equity Interests in FCS Financial, PCA

                	 	 	
                  27

                	 
	
                  ARTICLE
                    III. CONDITIONS PRECEDENT

                	 	 	
                  27

                	 
	
                  Section
                    3.01. Conditions Precedent to Closing

                	 	 	
                  27

                	 
	
                  Section
                    3.02. Conditions Precedent to Commencement of Construction

                	 	 	
                  32

                	 
	
                  Section
                    3.03. Conditions Precedent to Funding

                	 	 	
                  34

                	 
	
                  ARTICLE
                    IV. REPRESENTATIONS AND WARRANTIES

                	 	 	
                  35

                	 
	
                  Section
                    4.01. Representations and Warranties of the Borrower

                	 	 	
                  35

                	 
	
                  ARTICLE
                    V. COVENANTS OF THE BORROWER

                	 	 	
                  39

                	 
	
                  Section
                    5.01. Affirmative Covenants

                	 	 	
                  39

                	 
	
                  Section
                    5.02. Negative Covenants

                	 	 	
                  46

                	 
	
                  ARTICLE
                    VI. EVENTS OF DEFAULT AND REMEDIES

                	 	 	
                  50

                	 
	
                  Section
                    6.01. Events of Default

                	 	 	
                  50

                	 
	
                  Section
                    6.02. Remedies

                	 	 	
                  52

                	 
	
                  Section
                    6.03. Remedies Cumulative

                	 	 	
                  53

                	 
	
                  ARTICLE
                    VII. THE AGENT

                	 	 	
                  54

                	 
	
                  Section
                    7.01. Authorization and Action

                	 	 	
                  54

                	 
	
                  Section
                    7.02. Duties and Obligations

                	 	 	
                  54

                	 
	
                  Section
                    7.03. Agent and Affiliates

                	 	 	
                  55

                	 
	
                  Section
                    7.04. Bank Credit Decision

                	 	 	
                  55

                	 
	
                  Section
                    7.05. Indemnification

                	 	 	
                  55

                	 
	
                  Section
                    7.06. Successor Agent

                	 	 	
                  55

                	 
	
                  Section
                    7.07. Exchange of Information

                	 	 	
                  56

                	 
	
                  Section
                    7.08. Benefit of the Banks Only

                	 	 	
                  56

                	 
	
                  Section
                    7.09. Authorized Actions

                	 	 	
                  56

                	 
	
                  ARTICLE
                    VIII. MISCELLANEOUS

                	 	 	
                  56

                	 
	
                  Section
                    8.01. Amendments, etc.

                	 	 	
                  56

                	 

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                  Section
                    8.02. Notices, etc.

                	 	 	
                  57

                	 
	
                  Section
                    8.03. No Waiver; Remedies

                	 	 	
                  58

                	 
	
                  Section
                    8.04. Costs, Expenses and Taxes.

                	 	 	
                  58

                	 
	
                  Section
                    8.05. Right of Set-Off

                	 	 	
                  58

                	 
	
                  Section
                    8.06. Severability of Provisions

                	 	 	
                  59

                	 
	
                  Section
                    8.07. Binding Effect; Successors and Assigns;
                    Participations

                	 	 	
                  59

                	 
	
                  Section
                    8.08. Consent to Jurisdiction

                	 	 	
                  61

                	 
	
                  Section
                    8.09. Governing Law

                	 	 	
                  62

                	 
	
                  Section
                    8.10. Banks' Obligations Several, Not Joint

                	 	 	
                  62

                	 
	
                  Section
                    8.11. Execution in Counterparts

                	 	 	
                  62

                	 
	
                  Section
                    8.12 Attorneys’ Fees and Costs

                	 	 	
                  62

                	 
	
                  Section
                    8.13 Indemnification

                	 	 	
                  62

                	 
	
                  Section
                    8.14 Bond Financing Cooperation

                	 	 	
                  64

                	 
	
                  Section
                    8.15. WAIVER OF JURY TRIAL

                	 	 	
                  64

                	 
	
                  Section
                    8.16. Entire Agreement

                	 	 	
                  65

                	 
	
                  Section
                    8.17. Survival

                	 	 	
                  65

                	 

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    LIST
      OF SCHEDULES AND EXHIBITS

    

    

      
        	
                Schedule
                  2.01(a)

              	
                Commitments

              
	
                Schedule
                  3.01(c)

              	
                Real
                  Property

              
	
                Schedule
                  4.01(a)

              	
                Description
                  of Certain Transactions Related to the Borrower’s Membership
                  Units

              
	
                Schedule
                  4.01(f)

              	
                Description
                  of Certain Threatened Actions, etc.

              
	
                Schedule
                  4.01(k)

              	
                Office
                  Locations; Fictitious Names; Etc.

              
	
                Schedule
                  4.01(n)

              	
                Intellectual
                  Property

              
	
                Schedule
                  4.01(p)

              	
                Exceptions
                  to Environmental Compliance

              
	
                Schedule
                  5.02(a)

              	
                Description
                  of Certain Liens, Lease Obligations, etc.

              
	 	 
	 	 
	
                Exhibit
                  A

              	
                Borrower’s
                  Equity

              
	
                Exhibit
                  B

              	
                Compliance
                  Certificate

              
	
                Exhibit
                  C

              	
                Sworn
                  Construction Statement

              
	
                Exhibit
                  D

              	
                Form
                  of Construction Promissory Note

              
	
                Exhibit
                  E

              	
                Form
                  of Term Promissory Note

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    CONSTRUCTION
      AND

    TERM
      LOAN AGREEMENT

    

    THIS
      CONSTRUCTION AND TERM LOAN AGREEMENT
      dated as
      of March 1, 2007, is entered into by and among SHOW
      ME ETHANOL, LLC, a
      Missouri limited liability company (the “Borrower”)
      and
FCS
      FINANCIAL, PCA (“FCS”)
      and
      the additional commercial, banking or financial institutions whose signatures
      appear on the signature pages hereof or which hereafter become parties hereto
      pursuant to Section 8.07
      of this
      Agreement (FCS and such other additional commercial, banking or financial
      institutions are sometimes referred to hereinafter collectively as the
“Banks”
and
      individually as a “Bank”),
      and
FCS
      FINANCIAL, PCA,
      as agent
      (the “Agent”)
      for
      itself and the other Banks. In consideration of the premises herein contained
      and other good and valuable consideration, the receipt and sufficiency of which
      are hereby acknowledged, the parties, intending to be legally bound, hereby
      agree as follows:

     

    ARTICLE
      I.

    DEFINITIONS
      AND ACCOUNTING MATTERS

    

    Section
      1.01. Certain
      Defined Terms.
      As used
      in this Agreement, the following terms shall have the following meanings. Terms
      not otherwise defined in this Agreement shall have the meanings attributed
      to
      such terms in the Uniform Commercial Code, as adopted in the State of Missouri
      (the “State”)
      and
      amended from time to time (the “UCC”).
      All
      references to dollar amounts shall mean amounts in lawful money of the United
      States of America.

    

    
      	 	
              “Accounts”
                means all of the Borrower’s “Accounts”, as such term is defined in the
                UCC, including, without limitation, the aggregate unpaid obligations
                of
                customers and other account debtors to Borrower arising out of the
                sale or
                lease of goods or rendition of services by Borrower on an open account
                or
                deferred payment basis.

            

    

    

    “Advances”
means
      the loans made to Borrower under Section
      2.01
      of this
      Agreement.

    

    
      	 	
              “Affiliate”
                means, as to any Person, any other Person: (a) that directly or
                indirectly, through one or more intermediaries, controls or is controlled
                by, or is under common control with, such Person; (b) that directly
                or indirectly beneficially owns or holds ten percent (10%) or more
                of any
                class of voting stock of such Person; or (c) ten percent (10%) or
                more of the voting stock of which is directly or indirectly beneficially
                owned or held by the Person in question. The term “control” means the
                possession, directly or indirectly, of the power to direct or cause
                direction of the management and policies of a Person, whether through
                the
                ownership of voting securities, by contract, or otherwise; provided,
                however,
                in no event shall the Agent, any Bank, Ray-Carroll, or CMB be deemed
                an
                Affiliate of the Borrower or any of their
                subsidiaries.

            

    

    

    “Agent”
means
      FCS Financial, PCA, and its successors and assigns.

    

    “Agent
      Office”
means
      the Agent’s address as set forth in Section
      8.02,
      or such
      other address as the Agent may from time to time notify the Borrower and the
      Banks.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Agreement”
means
      this Construction and Term Loan Agreement, as this Construction and Term Loan
      Agreement may be amended or modified from time to time, together with all
      exhibits and schedules attached to this Construction and Term Loan Agreement
      from time to time.

    

    “Applicable
      Margin”
shall
      mean (i) with respect to such portions of the Construction Loan or Term Loan
      which are Base Rate Loans, the Base Margin, and (ii) with respect to such
      portions of the Construction Loan or Term Loan which are LIBOR Rate Loans,
      the
      LIBOR Margin.

    

    “Assignment
      Fee”
means
      a
      fee payable to the Agent in the amount of Five Thousand Dollars ($
      5,000.00).

    

    “Banks”
means
      the lenders identified on Schedule
      2.01(a)
      of this
      Agreement, including FCS Financial, PCA. 

    

    “Base
      Margin”
shall
      mean (i) with respect to such portions of the Construction Loan which are
      Construction Base Rate Loans, .50%, and (ii) with respect to such portions
      of
      the Term Loan which are Term Base Rate Loans, 0%.

    

    “Base
      Rate”
shall
      mean the prime rate as reported on the 10th
      day of
      the calendar month by The
      Wall Street Journal in
      its
      listing of money rates, defined therein as “the base rate on corporation loans
      posted by at least 75% of the nation’s thirty largest banks.” If a prime rate is
      not reported on the 10th
      day of a
      calendar month, the prime rate reported on the first Business Day preceding
      the
      10th
      day of
      the calendar month will be used. The Base Rate shall be determined monthly,
      and
      any adjustment shall be effective on the first day of the following calendar
      month. 

    

    “Base
      Rate Loan”
shall
      mean a Construction Base Rate Loan or a Term Base Rate Loan. 

    

    “Borrower”
means
      Show Me Ethanol, LLC, a Missouri limited liability company, together with its
      permitted successors and assigns.

    

    “Borrower’s
      Equity”
means
      all equity of the Borrower as contributed by its members and set forth on
Exhibit
      A
      attached
      hereto.

    

    
      	 	
              “Business
                Day”
                means any day other than a Saturday, Sunday, or other day on which
                commercial banks are authorized to close under the laws of, or are
                in fact
                closed in, the state where the Agent’s Office is located and, if such day
                relates to any LIBOR Rate, means any such day on which dealings in
                dollar
                deposits are conducted by and between banks in the applicable offshore
                dollar interbank market.

            

    

    

    
      	 	
              “Capital
                Expenditures”
                means, for any period, the sum of all amounts that would, in accordance
                with generally accepted accounting principles consistently applied,
                be
                included as additions to property, plant and equipment on a statement
                of
                cash flows for the Borrower during such period, with respect to:
                (a) the
                acquisition, construction, improvement, replacement or betterment
                of land,
                buildings, machinery, equipment or of any other fixed assets or
                leaseholds; or (b) other capital expenditures and other uses recorded
                as
                capital expenditures having substantially the same
                effect.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 	
              “Capital
                Lease”
                means any lease of property which shall have been or should be, in
                accordance with generally accepted accounting principles, recorded
                as a
                capital lease.

            

    

    

    “Closing
      Date”
means
      March 7, 2007.

    

    “Closing
      Fee”
shall
      have the meaning as set forth in Section
      2.04.

    

    “CERCLA”
means
      the Comprehensive Environmental Response, Compensation, and Liability Act of
      1980, as amended.

    

    “CMB”
means
      Central Missouri Biofuels, LLC, a Missouri limited liability
      company.

    

    “Collateral”
means
      and includes, without limitation, all property and assets granted as collateral
      security for the Loans, whether real or personal property, whether granted
      directly or indirectly, whether granted now or in the future, and whether
      granted in the form of a security interest, mortgage, assignment of rents,
      deed
      of trust, assignment, pledge, chattel mortgage, chattel trust, factor's lien,
      equipment trust, conditional sale, trust receipt, lien, charge, lien or title
      retention contract, lease or consignment intended as a security device, or
      any
      other security or lien interest whatsoever, whether created by law, contract
      or
      otherwise.

    

    “Commencement
      of Construction”
means
      the date on which the digging of the foundation for the Project
      begins.

    

    
      	 	
              “Commitment”
                means the amount committed by each of the Banks as set forth in
                Schedule
                2.01.

            

    

    

    “Completion
      Date”
means
      the earlier of (a) the completion of the construction and equipping of the
      Project, as evidenced by the issuance of all necessary certificates of occupancy
      by Governmental Authorities and certification of completion by the Borrower
      and
      the Design/Builder, or (b) twenty (20) months from the Closing
      Date.

    

    “Compliance
      Certificate”
means
      a
      certificate of the chief financial officer, or any other officer acceptable
      to
      the Agent, of the Borrower, in the form attached hereto as Exhibit B,
      setting
      forth the calculations of current financial covenants and stating: (a) the
      Financial Statements are true and correct and have been prepared in accordance
      with generally accepted accounting principles consistently applied; (b) whether
      they have knowledge of the occurrence of any Event of Default under this
      Agreement, and if so, stating in reasonable detail the facts with respect
      thereto; and (c) that they reaffirm and ratify the representations and
      warranties, as of the date of the certificate, contained in this
      Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Construction
      Base Rate Loan”
shall
      mean any part of the Construction Loan which bears interest at a rate determined
      by reference to the Base Rate.

    

    “Construction
      Contracts”
means
      any and all contracts, written or oral, between the Borrower and any Contractor,
      and any subcontractor and between any of the foregoing, and any other person
      or
      entity relating in any way to the construction of the Project, including the
      performing of labor or the furnishing of standard or specially fabricated
      materials, machinery or equipment in connection therewith.

    

    “Construction
      Disbursing Agreement”
means
      the Construction Disbursing Agreement, of even date herewith, executed by the
      Disbursing Agent, the Borrower, and the Agent, as the same may be from time
      to
      time amended, modified, or supplemented.

    

    “Construction
      LIBOR Rate Loan”
shall
      mean any portion of the Construction Loan which bears interest at a rate
      determined by reference to the LIBOR Rate.

    

    “Construction
      Loan”
means
      the loan from the Banks to the Borrower an amount not to exceed Forty-eight
      Million Dollars ($48,000,000.00) pursuant to the terms and conditions provided
      for in this Agreement.

    

    “Construction
      Period”
means
      that period of time beginning on the Closing Date and ending on the Conversion
      Date.

    

    
      	 	
              “Construction
                Schedule”
                means a monthly schedule of the anticipated progress on the Project
                and
                anticipated Completion Date for the Project, certified as accurate
                in all
                material respects by the Borrower and the
                Design/Builder.

            

    

    

    
      	 	
              “Consulting
                Engineer”
                means BKBM Engineers, Inc., a Minnesota corporation, and its successors
                and permitted assigns.

            

    

    

    “Contractor”
means
      any person or entity, including the Design/Builder, engaged to work on or to
      furnish materials or supplies for the Project.

    

    “Conversion
      Date”
means
      the date which is no later than sixty (60) days following the Completion
      Date.

    

    “County”
means
      the Carroll County, Missouri.

    

    “DGS”
means
      wet and dried distillers grains, which, along with ethanol, will be produced
      by
      the Borrower.

    

    
      	 	
              “Debt”
                means: (A) indebtedness for borrowed money or for the deferred
                purchase price of property or services; (B) obligations as lessee
                under Capital Leases; (C) obligations under direct or indirect
                guaranties in respect of, and obligations (contingent or otherwise)
                to
                purchase or otherwise acquire, or otherwise to assure a creditor
                against
                loss in respect of, indebtedness or obligations of others of the
                kinds
                referred to in clause (A) or (B) above or (E)
                through (F) below; (D) liabilities in respect of unfunded vested
                benefits under plans covered by Title IV of ERISA;
                (E) indebtedness in respect of mandatory redemption or mandatory
                dividend rights on equity interests but excluding dividends payable
                solely
                in additional equity interests; and (F) all obligations of a Person,
                contingent or otherwise, for the payment of money under any non-compete,
                consulting or similar agreement entered into with the seller of a
                company
                or its assets or any other similar arrangements providing for the
                deferred
                payment of the purchase price for an acquisition permitted hereby
                or an
                acquisition consummated prior to the date
                hereof.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              “Debt
                Service Coverage Ratio”
                means the ratio of (i) Net Income net of Income Taxes plus amortization
                and depreciation expense divided by (ii) the sum of Interest Expense
                and
                the scheduled principal payments on Long Term Debt (excluding any
                payments
                made pursuant to Section
                2.03(d)
                hereof), all as calculated based on the immediately preceding twelve-month
                period which ended on the calculation
                date.

            

    

     

    “Deed
      of Trust”
means
      that certain Deed of Trust and Security Agreement of even date herewith,
      pursuant to which a mortgage interest shall be given by the Borrower to the
      Agent in the Real Property to secure payment to the Agent of the Loan
      Obligations.

    

    “Default
      Rate”
means
      the lesser of: (i) the Maximum Rate (which shall mean the maximum
      nonusurious interest rate, if any, at any time, or from time to time, that
      may
      be contracted for, taken, reserved, charged or received under applicable state
      or federal laws); or (ii) the rate per annum which shall from day-to-day be
      equal to two percent (2%) in excess of the then applicable rate of interest.
      

    

    “Design/Builder”
means
      ICM, Inc., a Kansas Corporation, and its successors and assigns.

    

    
      	 	
              “Disbursing
                Agent”
                means Chicago Title Insurance Company, with an office at 106 W.
                11th
                Street, Suite 1500, Kansas City, Missouri 64105, and its successors
                and
                assigns.

            

    

    

    “Disbursing
      Account”
means
      a
      deposit account established by the Disbursing Agent for purposes of making
      Advances under this Agreement pursuant to the terms of the Construction
      Disbursing Agreement.

    

    “Disbursement
      Expiration Date”
shall
      be the Conversion Date.

    

    “Distributions”
has
      the
      meaning set forth in Section
      5.02(b).
      

    

    “Draw
      Request”
means
      a
      request for an Advance, prior to the Disbursement Expiration Date, submitted
      by
      the Borrower to the Agent and the Disbursing Agent, in accordance with the
      terms
      and conditions of the Construction Disbursing Agreement.

    

    “Dollars”
      and “$”
shall
      mean lawful currency of the United States of America.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              “Environmental
                Laws”
                means all federal, state and local laws, ordinances, and regulations
                relating to environmental, health, safety and land use matters applicable
                to any property.

            

    

    

    
      	 	
              “EBITDA”
                means for any period, the total of the following (each calculated
                without
                duplication) of the Borrower for such period: (i) Net Income from
                operations according to generally accepted accounting principles;
                plus
                (ii) any provision for (or less any benefit from) Income Taxes
                included in determining such Net Income; plus (iii) Interest Expense
                deducted in determining such Net Income; and plus (iv) amortization
                and depreciation expense deducted in determining such Net Income,
                but
                before Extraordinary Items.

            

    

    

    
      	 	
              “EPC
                Contract”
                shall have the meaning as specified in Section
                3.01(o).

            

    

    

    “ERISA”
means
      the Employee Retirement Income Security Act of 1974.

    

    “Events
      of Default”
has
      the
      meaning specified in Section 6.01.

    

    
      	 	
              “Excess
                Cash Flow”
                means, with respect to a fiscal year of the Borrower, the amount
                of cash
                flow from operations that exceeds Net Income plus depreciation for
                said
                fiscal year less (Capital Expenditures, scheduled Term Loan principal
                payments, and Distributions for said fiscal
                year).

            

    

     

    
      	 	
              “Extraordinary
                Items”
                means items which are material and significantly different from the
                Borrower’s typical business activities, determined in accordance with
                generally accepted accounting principles, consistently
                applied.

            

    

    

    
      	 	
              “Fixed
                Rate”
                shall mean a fixed rate of interest per annum, determined by Agent
                as of
                the Conversion Date, applicable to the Type of Term Fixed Rate Loan
                requested by the Borrower as of the Conversion Date and permitted
                under
                this Agreement. 

            

    

    

    
      	 	
              “Governmental
                Authority”
                means and includes any and all courts, boards, agencies, commissions,
                offices, or authorities of any nature whatsoever for any governmental
                unit
                (federal, state, county, district, municipal, city, or otherwise)
                whether
                now or hereafter in existence.

            

    

    

    “Hazardous
      Substances”
shall
      mean dangerous, toxic or hazardous pollutants, contaminants, chemicals, waste,
      materials or substances, as defined in or governed by the provisions of any
      Environmental Laws.

    

    
      	 	
              “Income
                Taxes”
                means the applicable state, local or federal income tax liabilities
                of the
                Borrower on the Net Income of the
                Borrower.

            

    

    

    
      	 	
              “Interest
                Expense”
                means for any period, the total interest expense of the
                Borrower.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              “Interest
                Period”
                means with respect to each LIBOR Rate Loan, the period commencing
                on the
                date such Loan is established or converted from a Base Rate Loan
                or, with
                respect to a conversion between LIBOR Rate Loans, the last day of
                the next
                preceding Interest Period with respect to such LIBOR Rate Loan, and
                ending
                on the numerically corresponding day in the first, third or sixth
                calendar
                month thereafter, as the Borrower may select as provided in Section
                2.03(b),
                except that each such Interest Period which commences on the last
                Business
                Day of a calendar month (or on any day for which there is no numerically
                corresponding day in the appropriate subsequent calendar month) shall
                end
                on the last Business Day of the appropriate subsequent calendar month.
                Notwithstanding the foregoing: (a) each Interest Period which would
                otherwise end on a day which is not a Business Day shall end on the
                next
                succeeding Business Day or if such succeeding Business Day falls
                into the
                next succeeding calendar month, on the next preceding Business Day;
                and
                (b) any Interest Period which would otherwise extend beyond the
                Maturity Date shall end on the Maturity Date; (c) no more than four
                (4)
                Interest Periods shall be in effect at the same time; and (d) no
                Interest
                Period or any LIBOR Rate Loan shall have the duration other than
                one (1)
                month, three (3) months or six (6) months and, if the Interest Period
                would otherwise be a shorter period, the related LIBOR Rate Loan
                shall not
                be available hereunder.

            

    

    

    
      	 	
              “Inventory”
                shall mean any and all goods which shall at any time constitute
                “inventory” (as defined in the UCC) of the Borrower, wherever located
                (including without limitation, goods in transit) or which from time
                to
                time are held for sale, lease or consumption, furnished under any
                contract
                of service or held as raw materials, work in process, finished inventory
                or supplies (including, without limitation, packaging and/or shipping
                materials).

            

    

    

    
      	 	
              “IRC”
                shall mean the Internal Revenue Code of 1986, as amended, as in effect
                at
                any time, together with all regulations, rulings and interpretations
                thereof or thereunder issued by the Internal Revenue
                Service.

            

    

    

    
      	 	
              “Laws”
                has the meaning set forth in Section
                5.01(a).

            

    

    

    “LIBOR
      Margin”
shall
      mean (i) with respect to such portions of the Construction Loan which are
      Construction LIBOR Rate Loans, 3.00% and, (ii) with respect to such portions
      of
      the Term Loan which are Term LIBOR Rate Loans, 2.50%. 

    

    “LIBOR
      Rate”
(London
      Interbank Offered Rate) shall mean the London interbank offered rate per annum
      for one, three or six month deposits (as applicable) in United States dollars,
      as determined by the British Banker’s Association average of interbank offered
      rates for United States dollar deposits in the London market based on quotations
      at sixteen (16) major banks, as published in the “Money Rates” Section of
The
      Wall Street Journal
      as of
      the applicable determination date; provided,
      if
      Lender determines that the foregoing source is unavailable for the applicable
      Interest Period, Lender shall determine LIBOR based on a new index which is
      based on comparable information.

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    “LIBOR
      Rate Loan”
shall
      mean a Construction LIBOR Rate Loan or a Term LIBOR Rate Loan.

    

    
      	 	
              “Loan/Loans”
                means the loans extended to the Borrower by the Agent and the Banks
                pursuant to this Agreement, whether (i) with respect to the Construction
                Loan, Construction Base Rate Loans or Construction LIBOR Rate Loans,
                (ii)
                with respect to the Term Loan, Term Base Rate Loans, Term LIBOR Rate
                Loans, or Term Fixed Rate Loans, and (iii) with respect to Term Fixed
                Rate
                Loans, Term Fixed Rate Non-Prepayment Penalty Loans or Term Fixed
                Rate
                Prepayment Penalty Loans.

            

    

    

    “Loan
      and Carrying Charges”
means
      all commitment fees to the Agent or the Banks, brokerage fees, standby fees,
      interest charges, service fees, attorneys’ fees, contractors’ fees, developers’
fees, funding fees, title insurance fees and charges, recording fees,
      registration taxes, real estate taxes, special assessments, insurance premiums,
      utility charges incurred by the Borrower in the construction of the Project
      and
      issuance of the Notes, all costs incurred in acquisition of the Real Property
      and any other costs incurred in the development of the Project.

    

    
      	 	
              “Loan
                Documents”
                means this Agreement, the Note, the Security Agreement, the Deed
                of Trust,
                and all other agreements, documents, instruments, and certificates
                of the
                Borrower delivered to, or in favor of, the Agent or the Banks under
                this
                Agreement or in connection herewith or therewith, including, without
                limitation, all agreements, documents, instruments, certificates
                and
                delivered in connection with the extension of Advances by the
                Agent.

            

    

    

    
      	 	
              “Loan
                Obligations”
                means all obligations, indebtedness, and liabilities of the Borrower
                to
                the Agent or the Banks arising pursuant to any of the Loan Documents,
                whether now existing or hereafter arising, whether direct, indirect,
                related, unrelated, fixed, contingent, liquidated, unliquidated,
                joint,
                several, or joint and several, including, without limitation, the
                obligation of the Borrower to repay the Advances, interest on the
                Advances, and all fees, costs, and expenses (including attorneys'
                fees and
                expenses) provided for in the Loan
                Documents.

            

    

    

    “Long
      Term Debt”
means
      Debt that matures more than one (1) year after the date of determination
      thereof.

    

    
      	 	
              “Maintenance
                Capital Expenditures”
                means all Capital Expenditures paid in the ordinary course of business
                to
                maintain existing business operations of the Borrower in any fiscal
                year,
                determined in accordance with generally accepted accounting principles,
                consistently applied.

            

    

    

    
      	 	
              “Material
                Adverse Effect”
                means any set of circumstances or events which: (i) has or could
                reasonably be expected to have any material adverse effect upon the
                validity or enforceability of any Loan Documents or any material
                term or
                condition contained therein; (ii) is or could reasonably be expected
                to be
                material and adverse to the condition (financial or otherwise), business
                assets, operations, or property of the Borrower; or (iii) materially
                impairs or could reasonably be expected to materially impair the
                ability
                of the Borrower to perform the obligations under the Loan
                Documents.

            

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    “Maximum
      Rate”
means
      the rate set forth in Section
      2.07(a).

    

    “Net
      Income”
means
      income from operations after all expenses, including salaries and bonuses
      determined according to generally accepted accounting principles.

    

    
      	 	
              “Net
                Worth”
                means total assets less total liabilities, total assets and total
                liabilities each to be determined in accordance with generally accepted
                accounting principles consistent with those applied in the preparation
                of
                the financial statements referred to in Section 5.01(c)
                for the Borrower, excluding, however, from the determination of total
                assets: (i) goodwill, organizational expenses, research and
                development expenses, trademarks, trade names, copyrights, patents,
                patent
                applications, licenses and rights in any thereof, and other similar
                intangibles; (ii) membership units held by the Borrower;
                (iii) securities which are not readily marketable; (iv) cash
                held in a sinking or other analogous fund established for the purpose
                of
                redemption, retirement or prepayment of membership units or Debt;
                (v) any write-up in the book value of any asset resulting from a
                revaluation thereof subsequent to the Closing Date; (vi) amortized
                start-up costs; and (vii) any items not included in clauses (i)
                through (vi) above which are treated as intangibles in conformity
                with generally accepted accounting
                principles.

            

    

    

    “Note/Notes”
means,
      with respect to the Loans, those promissory notes of even date herewith executed
      and delivered to the Agent and the Banks by the Borrower in the aggregate total
      principal amount of Forty-eight Million Dollars ($48,000,000.00).

    

    
      	 	
              “Ordinary
                Trade Payable Dispute”
                means trade accounts payable, in an aggregate amount not in excess
                of
                $200,000 with respect to the Borrower, with respect to which:
                (a) there exists a dispute between Borrower and the vendor;
                (b) the Borrower is contesting the same in good faith by appropriate
                proceedings; and (c) the Borrower has established appropriate
                reserves on its financial
                statements.

            

    

    

    
      	 	
              “Outstanding
                Credit”
                means, at any time of determination, the aggregate amount of Advances
                then outstanding.

            

    

    

    
      	 	
              “Permitted
                Liens”
                shall have the meaning set forth in Section
                5.02(a).

            

    

    

    
      	 	
              “Person”
                means any individual, corporation, business trust, association, company,
                partnership, joint venture, governmental authority, or other
                entity.

            

    

     

    
      	 	
              “Personal
                Property”
                means all buildings, structures, equipment, fixtures, improvements,
                building supplies and materials and personal property now or hereafter
                attached to, located in, placed in or necessary to the use of the
                improvements on the Real Property including, but without being limited
                to,
                all machinery, fixtures, equipment, furnishings, and appliances,
                as well
                as all renewals, replacements, additions, and substitutes thereof,
                and all
                products and proceeds thereof, and including without limitation all
                Accounts, Inventory, instruments, chattel paper, other rights to
                payment,
                money, deposit accounts, contract rights, insurance proceeds and
                general
                intangibles of the Borrower, whether now owned or hereafter
                acquired.

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    “Plans
      and Specifications”
means
      the final plans and specifications for the construction of the Project, to
      be
      prepared by the Design/Builder, and all amendments and modifications thereof
      approved by Agent.

    

    “Project”
means
      any and all buildings, structures, fixtures or other improvements made to the
      Real Property as part of the construction of a 55mm gyps drymill ethanol plant
      in Carroll County, Missouri, for which the Loan to Borrower is being made to
      the
      Borrower by the Agent and the Banks under the terms and subject to the
      conditions of this Agreement.

    

    “Project
      Costs”
means
      the total of all direct and indirect costs of acquiring the Real Property and
      constructing and equipping the Project, together with all Loan and Carrying
      Charges.

    

    “Pro
      Rata Share”
means,
      with reference to any Bank at the time any determination thereof is to be made,
      a fraction, expressed as a percentage, the numerator of which shall be an amount
      equal to the sum of such Bank's Commitment then in effect and the denominator
      of
      which shall be an amount equal to the sum of the Commitments of all the Banks
      then in effect.

    

    “Ray-Carroll”
means
      Ray-Carroll County Grain Growers, Inc., a Missouri corporation, and its
      successors and assigns.

    

    “Real
      Property”
means
      that real property located in the County of Carroll, State of Missouri, owned
      by
      the Borrower, upon which the Project is to be constructed and which is described
      in Schedule
      3.01(c).

    

    “Related
      Documents”
means
      and includes without limitation all promissory notes, credit agreements, loan
      agreements, guaranties, security agreements, mortgages, deeds of trust,
      assignments and all other instruments, agreements and documents, whether now
      or
      hereafter existing, executed in connection with the Loans.

    

    
      	 	
              “Required
                Banks”
                means a Bank or Banks holding greater than sixty-six percent (66%)
                of the
                Outstanding Credit, or if no Advances are outstanding hereunder,
                then a
                Bank or Banks holding greater than sixty-six percent (66%) of the
                Commitments.

            

    

    

    “Revolving
      Credit Agreement”
means
      that certain Revolving Credit Agreement to be entered into by and between
      Borrower and the Revolving Credit Lender.

     

    “Revolving
      Credit Facility”
means
      that certain loan from the Revolving Credit Lender to Borrower in the amount
      to
      be determined and made pursuant to that certain Revolving Credit
      Agreement.

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

       

    

    “Revolving
      Credit Lender”
means
      FCS Financial, PCA.

    

    “SARA”
means
      the Superfund Amendment and Reauthorizations Act of 1986, as
      amended.

    

    
      	 	
              “Security
                Agreement”
                means and includes, without limitation, any agreements, promises,
                covenants, arrangements, understandings, or other agreements, whether
                created by law, contract, or otherwise, which evidence, govern, represent,
                or create a Security Interest, as the same has been and may hereafter
                be
                amended or otherwise modified.

            

    

    

    “Security
      Interest”
means
      and includes without limitation any type of collateral security, whether in
      the
      form of a lien, charge, mortgage, assignment of rents, deed of trust,
      assignment, pledge, chattel mortgage, chattel trust, factor’s lien, equipment
      trust, conditional sale, trust receipt, lien or title retention contract, lease
      or consignment intended as a security device, or any other security or lien
      interest whatsoever, whether created by law, contract, or
      otherwise.

    

    “Servicing
      Fee”
shall
      have the meaning set forth in Section
      7.10.

    

    “Shortfall
      Escrow Fund”
shall
      have the meaning set forth in Section
      2.02(d).

    

    “Start-Up
      Date”
means
      that date that ethanol and DGS production of the Project begins after successful
      completion of the seven-day performance test referenced in Section 4.01B3 of
      the
      EPC Contract.

    

    “State”
means
      the State of Missouri.

    

    “Subordinated
      Debt”
means
      any and all Debt of Borrower held by any Person other than Agent, any Bank,
      or
      the Revolving Credit Lender pursuant to either this Agreement or the Revolving
      Credit Agreement.

     

    “Sworn
      Construction Statement”
means
      a
      sworn construction statement, sworn to by the Borrower and the Design/Builder,
      and of a form and substance acceptable to the Agent.

     

    “Term
      Base Rate Loan”
shall
      mean any portion of the Term Loan which bears interest at a rate determined
      by
      reference to the Base Rate.

    

    “Term
      Fixed Rate Loan”
shall
      mean any portion of the Term Loan which bears interest at a rate determined
      by
      reference to a Fixed Rate.

    

    “Term
      Fixed Rate Prepayment Penalty Loan”
shall
      mean a Term Fixed Rate Loan which is subject to such prepayment and conversion
      penalties and premiums effective as of or after the Conversion Date as
      established by the Bank at the time of making the Term Fixed Rate Loan for
      such
      loans as offered by said Bank to other commercial borrowers similarly situated
      and under similar circumstances.

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

       

    

    “Term
      Fixed Rate Non-Prepayment Penalty Loan”
shall
      mean a Term Fixed Rate Loan which is not subject to any prepayment or conversion
      penalties or premiums; provided, however, the Term Fixed Rate Non-Prepayment
      Penalty Loan cannot be prepaid within one (1) year following
      conversion.

    

    “Term
      Fixed Rate Loan Prepayment Penalty Period”
shall
      mean, with respect to a Term Fixed Rate Prepayment Penalty Loan, such period
      of
      time, commencing with the borrowing date of such Loan, during which such Loan
      may not be prepaid and/or converted without a premium or penalty as established
      by the Bank making the Term Fixed Rate Prepayment Penalty Loan for such loans
      as
      offered by such Bank to other commercial borrowers similarly situated and under
      similar circumstances. With respect to a Term Fixed Rate Prepayment Penalty
      Loan, the period during which such Loan may not be prepaid without premium
      or
      penalty may not be the same period during which said Loan may not be converted
      without premium or penalty.

    

    “Term
      LIBOR Rate Loan”
shall
      mean any portion of the Term Loan which bears interest at a rate determined
      by
      reference to the LIBOR Rate.

    

    “Term
      Loan”
means
      the loan from the Agent to the Borrower in the amount and pursuant to the terms
      and conditions provided for in Section
      2.03.

    

    “Term
      Maturity Date”
means
      one hundred twenty (120) months from the Conversion Date.

    

    “Title
      Insurance”
means
      the Agent’s title insurance policy, in form and substance satisfactory to the
      Agent and containing no exceptions (printed or otherwise) which are unacceptable
      to Agent, issued by a title insurer acceptable to the Agent, in the face amount
      of the Total Commitment, insuring that Agent has a first and prior lien on
      the
      Real Property and containing such endorsements as Agent may
      require.

    

    “Total
      Commitment”
means
      the sum of the Commitments as set forth in Schedule
      2.01.

    

    
      	 	
              “Total
                Debt”
                means the unpaid principal balance of the
                Loans.

            

    

    

    
      	 	
              “Type”
                shall mean (i) with respect to the Construction Loan, whether such
                Loan is
                a Construction Base Rate Loan or a Construction LIBOR Rate Loan,
                (ii) with
                respect to a Term Loan, whether such Loan is a Term Base Rate Loan,
                a Term
                LIBOR Rate Loan or a Term Fixed Rate Loan, and (iii) with respect
                to Term
                Fixed Rate Loan, whether such Loan is a Term Fixed Rate Non-Prepayment
                Penalty Loan or a Term Fixed Rate Prepayment Penalty
                Loan.

            

    

    

    “Unused
      Commitment Fee”
has
      the
      meaning specified in Section
      2.05.

    

    “Working
      Capital”
means
      current assets of the Borrower less current liabilities of the
      Borrower.

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

       

    

    Section
      1.02. Accounting
      Matters.
      All
      accounting terms not specifically defined herein shall be construed in
      accordance with generally accepted accounting principles consistently applied,
      except as otherwise stated herein. To enable the ready and consistent
      determination of compliance by the Borrower with its obligations under this
      Agreement, the Borrower will not change the last day of its fiscal year or
      the
      last days of the first three fiscal quarters of its fiscal years.

    

    Section
      1.03. Construction.
      Wherever herein the singular number is used, the same shall include the plural
      where appropriate, and words of any gender shall include each other gender
      where
      appropriate. The headings, captions or arrangements used in any of the Loan
      Documents are, unless specified otherwise, for convenience only and shall not
      be
      deemed to limit, amplify or modify the terms of the Loan Documents, nor affect
      the meaning thereof.

    

    

    ARTICLE
      II.

    AMOUNTS
      AND TERMS OF THE CONSTRUCTION LOAN AND THE TERM LOAN

    

    Section
      2.01. Construction
      Loan

    

    (a) Construction
      Loan.
      Subject
      to the terms and conditions of this Agreement and in reliance upon the
      representations and warranties set forth in this Agreement, the Agent and the
      Banks agree to lend to Borrower and Borrower agrees to borrow from Agent and
      the
      Banks a construction loan (the “Construction
      Loan”)
      in the
      aggregate amount of Forty-eight Million Dollars ($48,000,000.00). Said amount
      shall be loaned pursuant to the terms and conditions set forth in this
      Agreement. Subject to this Section and Section
      2.07
      hereof,
      Loans extended with respect to the Construction Loan shall be comprised of
      Construction Base Rate Loans and/or Construction LIBOR Rate Loans, as selected
      by the Borrower.

    

    (b) Advances.
      The
      Construction Loan may be funded by Advances on the Note made prior to the
      Disbursement Expiration Date to be used for the construction of the Project,
      on
      a request for advance from the Borrower (the “Draw
      Request”).
      No
      Advances shall be made by the Agent subsequent to the Disbursement Expiration
      Date. Each Bank agrees, severally and not jointly, in accordance with their
      Pro
      Rate Shares and on the terms and conditions hereinafter set forth, to extend
      credit to the Borrower from time to time during the Construction Period by
      making Advances to the Borrower provided,
      however,
      that at
      no time shall the Outstanding Credit applicable to a Bank exceed such
      Bank's Commitment as set forth in Schedule
      2.01(a).
      In the
      case all or any portion of the Advance is to be a Construction LIBOR Rate Loan,
      the Draw Request by the Borrower must be made on a Business Day which is at
      least three (3) Business Days prior to the date of such Advance. In the case
      all
      or any portion of the Advance is to be a Construction Base Rate Loan, the Draw
      Request shall be on the date of such Advance. In either case, the Draw Request
      must specify the amount of the Advance, the Type of Loan to be applicable to
      such Advance and if a Construction LIBOR Rate Loan is selected, the Interest
      Period therefore. An Interest Period for a Construction LIBOR Rate Loan may
      not
      extend beyond the Conversion Date. No Construction LIBOR Rate Loan shall be
      established while an Event of Default exists or if the interest rate for such
      Construction LIBOR Rate Loan would exceed the Maximum Rate. Each Construction
      LIBOR Rate Loan shall be in an amount equal to $1,000,000.00 or incremental
      multiples of $1,000,000.00. No more than four (4) Construction LIBOR Rate Loans
      may be outstanding at any time. A Construction Loan shall be considered a
      Construction Base Rate Loan unless the Borrower notifies the Agent that the
      Loan
      is to be a Construction LIBOR Rate Loan. Any Draw Request received after 12:00
      p.m. (noon) (St. Louis, Missouri time) shall be deemed to have been received
      and
      be effective on the next Business Day. The Agent will notify each Bank by 12:00
      p.m. (noon) (St. Louis, Missouri time) on the effective date of receipt of
      the
      Draw Request of the aggregate principal amount of the requested and approved
      Advance. Upon the giving of any notice by the Agent, each such Bank shall make
      available to the Agent, in immediately available funds, an amount equal to
      its
      Pro Rata Share of the aggregate principal amount of the Advance subject to
      such
      notice by not later than 12:00 p.m. (noon) (St. Louis, Missouri time) on
      the next Business Day, whether or not the conditions to an Advance under
      Article III are satisfied.

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

    

    (c) Payment
      of Construction Loan.
      Prior
      to the Conversion Date, accrued interest on the Construction Loan shall be
      payable in monthly installments on the first day of the month following the
      date
      of the first advance on the Construction Loan and continuing on the first day
      of
      every month thereafter until the Construction Loan, or some portion thereof,
      is
      converted to the Term Loan; provided, however, if any part of the Construction
      Loan outstanding at anytime is a LIBOR rate loan, then the interest accrued
      shall be paid as set forth in Section
      2.07(c).
      If not
      sooner converted to the Term Loan, and to the extent not so converted, the
      outstanding principal balance and all accrued interest due on the Construction
      Loan will be due and payable in full on the Conversion Date. During the term
      of
      the Construction Loan, the parties acknowledge and agree that Borrower may
      use
      the proceeds from the Advances to cover interest due on the Construction Loan.
      Additionally, the parties agree that in connection with each Draw Request,
      Borrower shall set forth the amount of the Draw Request that should be allocated
      to payment of interest on the Construction Loan and the amount of funds
      allocated to the Project. Notwithstanding any other provision of this Agreement,
      Advances to pay interest due on the Construction Loan shall not be made to
      the
      Disbursing Agent but shall instead be made to the Agent who shall disburse
      such
      funds to each Bank in payment of accrued interest payable to such
      Bank.

    

    (d) Construction
      Loan Term.
      The
      Construction Loan term shall run for a period beginning on the date of this
      Agreement and ending on the Conversion Date. On the Conversion Date, the
      Construction Loan shall become fully due and payable, except for that part,
      if
      any, of the Construction Loan which is converted into a Term Loan pursuant
      to
      the terms of this Agreement.

    

    (e) Collateral.
      Subject
      to the terms of Section
      8.14
      hereof,
      as security for the payment and performance of all obligations of Borrower
      to
      Agent and to the Banks, with respect to the Construction Loan, including, but
      not limited to, principal and interest under the Notes, fees, funding losses,
      reimbursements, and all other Loan Obligations under any of the Loan Documents,
      Borrower shall grant to, and maintain for, the Agent, for the benefit of the
      Banks, a first lien and Security Interest, pursuant to the Deed of Trust and
      the
      other Security Agreements, in all Real Property and Personal Property of the
      Borrower, now owned or hereafter acquired by Borrower. 

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    Section
      2.02. Disbursement
      of the Advances.

    

    (a) Disbursing
      Account.
      Disbursements of the Advances will be made by the Agent and the Disbursing
      Agent
      in the manner provided in the Construction Disbursing Agreement. Subject to
      Section
      2.02(b)
      below,
      all disbursements will be made by wire transferring such funds to the Disbursing
      Account in the amount of each Draw Request which is approved pursuant to the
      Construction Disbursing Agreement. All Loan funds will be considered to have
      been advanced to and received by the Borrower upon, and interest on such funds
      will be payable by the Borrower from and after, their deposit in the Disbursing
      Account. 

    

    (b) Agent’s
      Application of Loan Proceeds.
      Notwithstanding the provisions of Section
      2.02(a),
      above,
      the Agent may elect, upon ten (10) days’ notice to the Borrower, to use the Loan
      funds to pay, as and when due, any fees owing to Agent, interest on the Loan,
      release charges under prior mortgages on the Property, and legal fees and
      disbursements of the Agent’s attorneys which are payable by the Borrower, unless
      Borrower causes such amount(s) to be paid within said ten (10) days. Such
      payments may be made, at the option of the Agent, by debiting or charging the
      Loan funds in the amount of such payments.

    

    (c) Cost
      Information.
      All
      disbursements will be based upon a detailed breakdown of the Project Costs,
      as
      set forth in a Sworn Construction Statement, the form of which is attached
      as
Exhibit
      C
      to this
      Agreement. In the event that the Borrower becomes aware of any change in the
      approved Project Costs, which would increase the total cost (including any
      contingencies) in excess of One Million Dollars ($1,000,000.00) above the amount
      shown on the attached Sworn Construction Statement, the Borrower shall
      immediately notify the Agent in writing and promptly submit to the Agent for
      its
      approval a revised Sworn Construction Statement. No further disbursements need
      be made by the Disbursing Agent unless and until the revised Sworn Construction
      Statement is approved. The Agent reserves the right to approve or disapprove
      any
      revised Sworn Construction Statement in its reasonable discretion.

    

    (d) Loan
      in Balance, Deposit of Funds by Borrower.
      The
      Borrower shall keep the Construction Loan in balance as provided in this
      Section. If the Agent at any time reasonably determines that the amount of
      the
      undisbursed Loan proceeds will not be sufficient to fully pay for all costs
      required to complete the construction of the Project in accordance with the
      approved Plans and Specifications and for all Project Costs to be incurred
      by
      the Borrower, whether such deficiency is attributable to changes in the work
      of
      construction or in the Plans and Specifications or to any other cause, the
      Agent
      may direct the Borrower to deposit with Disbursing Agent an amount equal to
      the
      amount of the shortage reasonably determined by the Agent (the “Shortfall
      Escrow Fund”).
      The
      Borrower shall then deposit the required funds with the Agent within ten (10)
      days after the date of the Agent’s written demand. Disbursement of funds from
      the Shortfall Escrow Fund shall be in accordance with the terms of the
      Construction Disbursing Agreement.

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    (e) Additional
      Security.
      The
      Borrower irrevocably assigns to the Agent and the Banks and grants to the Agent
      and the Banks a security interest in, as additional security for the performance
      of the Borrower’s obligations under this Agreement and the Related Documents,
      its interest in all funds held by the Disbursing Agent, whether or not
      disbursed, all funds deposited by the Borrower with the Agent under this
      Agreement, to the extent assignable, all governmental permits obtained for
      the
      lawful construction of the Project, and all reserves, deferred payments,
      deposits, refunds, cost savings, and payments of any kind relating to the
      construction of the Project. Upon any default of the Borrower, the Agent may
      use
      any of the foregoing for any purpose for which the Borrower could have used
      them
      under this Agreement or with respect to the construction or financing of the
      Project. The Agent will also have all other rights and remedies as to any of
      the
      foregoing which are provided under applicable law or in equity and Borrower
      shall execute any and all documents reasonably requested by Agent to evidence
      this assignment.

    

    (f) Conditions
      Precedent to All Advances.
      The
      obligation of the Agent and the Banks to make each Advance under the Note,
      shall
      be subject to the terms, conditions and covenants set forth in this Agreement,
      and the Construction Disbursing Agreement, including, without limitation, the
      following further conditions precedent:

    

    (i) Loan
      in Balance.
      The
      Loan is in balance, as required by the provisions of Section
      2.02(d),
      above;

    

    (ii) Use
      of
      Borrower’s Equity.
      Borrower shall have fully disbursed, in the construction of the Project, or
      placed in escrow with the Disbursing Agent, a portion of Borrower’s Equity in an
      amount of not less than Fifteen Million Eight Hundred Thousand Dollars
      ($15,800,000.00);

    

    (iii) Draw
      Request.
      The
      Borrower has submitted to the Agent and the Disbursing Agent a Draw Request
      for
      each such Advance, which such Draw Request shall comply with the requirements
      contained in this Agreement and the Construction Disbursing
      Agreement;

    

    (iv) Compliance
      With Disbursing Agreement.
      All of
      the terms and conditions of the Construction Disbursing Agreement have been
      satisfied with respect to each Advance;

    

    (v) Government
      Action.
      No
      license, permit, permission or authority necessary for the construction of
      the
      Project has been revoked or challenged by or before any Governmental
      Authority;

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    (vi) Sworn
      Construction Statement.
      If
      required by the Agent, the Borrower shall furnish to the Agent an updated Sworn
      Construction Statement setting forth the services or materials with respect
      to
      specific portions of the construction of the Project and setting forth the
      amounts actually incurred and paid, or to be incurred, in completing
      construction of the Project. Such updated Sworn Construction Statement shall
      be
      sworn to by the Borrower and the Design/Builder to be a true, complete and
      accurate account of all costs actually incurred and an accurate estimate of
      all
      costs to be incurred in the future; and

    

    (vii) No
      Defaults.
      The
      Borrower is not in default under the terms of this Agreement, the Construction
      Disbursing Agreement, the Related Documents, the Revolving Credit Agreement
      or
      any other agreement to which the Borrower is a party and which relates to the
      construction or operation of the Project, and that no such default will result
      from the Advance.

    

    Should
      any provisions of this Section
      2.02(f)
      conflict
      or be inconsistent with any terms or conditions of the Construction Disbursing
      Agreement, the Construction Disbursing Agreement shall control.

    

    (g) Suspension
      of Construction.
      If
      the
      Agent in reasonably good faith determines that any work or materials do not
      materially conform to the approved Plans and Specifications or sound building
      practice, or otherwise departs materially from any of the requirements of this
      Agreement, the Agent may require the work to be stopped and withhold
      disbursements until the matter is corrected. In such event, the Borrower will
      promptly correct the work to the Agent’s satisfaction. No such action by the
      Agent will affect the Borrower’s obligation to complete the
      Project.

    

    (h) Inspections.
      The
      Borrower and the Design/Builder shall be responsible for making inspections
      of
      the Project during the course of construction and shall determine to their
      own
      satisfaction that the work done or materials supplied by the Contractors to
      whom
      payment is to be made out of each Advance has been properly done or supplied
      in
      accordance with the applicable contracts with such Contractors. If any material
      work done or materials supplied by a Contractor are not satisfactory to the
      Borrower or the Design/Builder, the Borrower will immediately notify the Agent
      in writing of such fact. It is expressly understood and agreed that the Agent
      or
      its authorized representative may conduct such inspections of the Project as
      it
      may deem necessary for the protection of the Agent’s interest, and,
      specifically, the Consulting Engineer may, at the option of the Agent and at
      the
      expense of the Borrower, conduct such periodic inspections of the Project,
      prepare such written progress reports during the period of construction, prepare
      such written reports upon completion of the Project and sign such Draw Requests,
      as the Agent may request. Any inspections which may be made of the Project
      by
      the Agent or its representative will be made, and all certificates issued by
      the
      Agent’s representative will be issued, solely for the benefit and protection of
      the Agent and the Banks, and that Borrower will not rely thereon. The Agent
      is
      under no duty to supervise or inspect construction or examine any books and
      records. Any inspection or examination by the Agent is for the sole purpose
      of
      protecting the Agent’s security and preserving the Agent’s rights under this
      Agreement. No default of the Borrower will be waived by any inspection by the
      Agent. In no event will any inspection by the Agent be a representation that
      there has been or will be compliance with the Plans or Specifications or that
      the construction is free from defective materials or workmanship.

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

       

    

    (i) No
      Waiver.
      Any
      waiver by the Agent of any condition of disbursement must be expressly made
      in
      writing. The making of a disbursement prior to fulfillment of one or more
      conditions thereof shall not be construed as a waiver of such conditions, and
      the Agent reserves the right to require their fulfillment prior to making any
      subsequent disbursements.

    

    Section
      2.03. Conversion
      of Construction Loan Into Term Loan.
      Pursuant
      to the terms and subject to the conditions of this Agreement, the Construction
      Loan may be converted into the Term Loan on the Conversion Date. Subject to
      this
      Section and Section
      2.07
      hereof,
      Loans extended with respect to the Term Loan shall be comprised of Term Base
      Rate Loans, Term LIBOR Rate Loans, or Term Fixed Rate Loans, and Term Fixed
      Rate
      Loans may be further comprised of Term Fixed Rate Non-Prepayment Penalty Loans
      and/or Term Fixed Rate Prepayment Penalty Loans, as selected by the
      Borrower.

    

    (a) Conditions
      Precedent.
      In
      addition to the terms and conditions of disbursement set forth in this Agreement
      and as incorporated from the Construction Disbursing Agreement, the Agent shall
      not be obligated to convert any part of the Construction Loan into the Term
      Loan
      unless and until:

    

    (i) No
      Defaults.
      The
      Borrower shall have performed all of its obligations under this Agreement,
      the
      Construction Disbursing Agreement, and the Revolving Credit Agreement and there
      shall be no uncured or unwaived defaults under this Agreement, the Construction
      Disbursing Agreement, and the Revolving Credit Agreement on the Conversion
      Date;

    

    (ii) Appraisal.
      The
      Borrower shall have paid for and Agent shall have received an updated appraisal
      of the Project upon its completion, certifying to the Agent the appraised market
      value is equal to or greater than the Borrower’s Equity expended on the Project,
      plus the principal amount of the Construction Loan. The appraiser shall be
      selected by the Agent and the appraisal rendered by the appraiser shall conform
      to the requirements of Title XI of the Financial Institutions Reform, Recovery
      and Enforcement Act of 1989 (FIRREA); 

    

    (iii) Amount
      of Term Loan.
      The
      maximum amount of the Construction Loan which is converted to a Term Loan shall
      be the full amount of the Construction Loan of $48,000,000.00; or that certain
      amount then outstanding on the Construction Loan which may not at any time
      exceed $48,000,000.00; 

    

    
      
        
        

      

      
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    (iv) Construction
      Loan Exceeds Maximum Amount.
      In the
      event that the amount of the Construction Loan advanced by Agent exceeds
      $48,000,000.00 the Borrower shall immediately repay such excess;

    

    (v) Certification
      by Consulting Engineer.
      The
      Consulting Engineer shall have certified to the Agent and the Banks that the
      Project has been completed in a good and workmanlike manner and in accordance
      with the Plans and Specifications;

    

    (vi) Survey.
      The
      Agent has received an “as-built” boundary survey of the Real Property prepared
      at the Borrower’s expense, certified to the Agent by a licensed, registered
      surveyor acceptable to the Agent and complying with the requirements of the
      Title Company, which: (a) sets forth the location and exterior lines and egress
      and other improvements completed on the Real Property and demonstrates
      compliance with all applicable setback requirements; (b) demonstrates that
      the
      Project is entirely within the exterior boundaries of the Real Property and
      any
      building restriction lines and does not encroach upon any easements or
      rights-of-way; and (c) contains such other information as the Agent may
      reasonably request (“as-built”, as used in this paragraph, shall be deemed to
      only require the depiction and location of the exterior overall footprint of
      improvements (any grouping of improvements) located on the Real Property);
      

    

    (vii) Title
      Policy Endorsement.
      The
      Title Company shall have provided an endorsement to the Title Insurance
      containing a zoning endorsement; and

    

    (viii) Certification
      of Completion and Production Guarantee.
      The
      Agent shall have received from the Design/Builder (1) a certificate that the
      Project has been substantially completed in accordance with the Plans and
      Specifications and (2) a production guarantee with respect to the operation
      of
      the Project, in a form or forms reasonably satisfactory to the Agent.

    

    (b) Term
      Loan.
      In the
      case Borrower determines that all or any portion of the Term Loan is to be
      a
      Term LIBOR Rate Loan, the Borrower shall so notify the Agent no later than
      12:00
      p.m. (noon) (St. Louis, Missouri time) on a Business Day which is at least
      three
      (3) Business Days prior to the date of such Loan. In the case all or any portion
      of the Term Loan is to be a Term Base Rate Loan or a Term Fixed Rate Loan,
      the
      Borrower shall so notify the Agent no later than 12:00 p.m. (noon) (St. Louis,
      Missouri time) as of the date of such Loan. With respect to any Term Fixed
      Rate
      Loan, the Borrower shall also notify the Agent as to which portion, if any,
      shall be a Term Fixed Rate Non-Prepayment Penalty Loan and as to which portion,
      if any, shall be a Term Fixed Rate Prepayment Penalty Loan. A Term Fixed Rate
      Loan must be selected by the Borrower by the Conversion Date, and such selection
      is irrevocable. In the event Borrower selects a Term LIBOR Rate Loan, the
      Borrower shall specify the Interest Period therefore; provided, however, that,
      no Term LIBOR Rate Loan shall be established while an Event of Default exists
      or
      if the interest rate for such Term LIBOR Rate Loan would exceed the Maximum
      Rate. Each Term LIBOR Rate Loan shall be in an amount equal to $1,000,000.00
      or
      incremental multiples of $1,000,000.00. No more than four (4) Term LIBOR Rate
      Loans may be outstanding at any time. A Term Loan shall be considered a Term
      Base Rate Loan unless the Borrower notifies the Agent that it is selecting
      another Type of Term Loan. Each Bank shall extend to the Borrower each Type
      of
      Loan selected by the Borrower, in an amount equal to its Pro Rata Share of
      the
      Loan; provided, however, that except as hereinafter specifically provided in
      this Section
      2.03(b),
      at no
      time shall the Outstanding Credit applicable to a Bank exceed such Bank’s
      Commitment as set forth in Schedule
      2.01(a).
      To the
      extent the Borrower selects a Term Fixed Rate Loan, each Bank shall extend
      a
      Term Fixed Rate Loan to the Borrower, in an amount equal to its Pro Rata Share
      of the Term Fixed Rate Loan; provided, however, that if the Borrower selects
      a
      Term Fixed Rate Non-Prepayment Penalty Loan with respect to all or a portion
      of
      the Term Loan, and if a Bank does not offer this type of loan to other
      commercial borrowers similarly situated and under similar circumstances, then
      such Bank may elect not to extend its Pro Rata Share of such Term Fixed Rate
      Non-Prepayment Penalty Loan to the Borrower. In such event, each Bank that
      does
      offer such type of loans to other commercial borrowers shall extend such Loan
      to
      the Borrower in the amount as its Pro Rata Share bears to the Pro Rata Shares
      of
      all the Banks, excluding the Bank or Banks that do not offer such type of
      loan.

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

       

    

    (c) Payment
      of Term Loan.
      The
      amortization period for the repayment of the Term Loan shall be a period of
      ten
      (10) years commencing as of the Conversion Date. Interest on a Term Base Rate
      Loan shall be due monthly in arrears commencing on the first day of the month
      following the Conversion Date and on the same day of each and every month
      thereafter until the Term Maturity Date. Interest on Term LIBOR Rate Loans
      will
      be payable in arrears on a monthly basis. Quarterly installments of principal
      in
      an amount sufficient to fully amortize the Term Loan over said amortization
      period in substantially equal payments will be required beginning on the first
      day of the fourth month following the Conversion Date, and continuing on the
      first day of each and every third calendar month thereafter until the Term
      Maturity Date, at which time the outstanding principal balance of the Term
      Loan,
      and all accrued and unpaid interest will be due and payable in full. During
      the
      term of the Term Loan, the Borrower may, upon prior written notice to the Agent,
      defer up to two (2) quarterly principal payments to the Term Maturity
      Date.

    

    (d) Excess
      Cash Flow.
      Following the Conversion Date, and in addition to all other payments of
      principal and interest required under this Agreement or the Notes, the Borrower
      shall annually remit to the Agent an amount equal to fifty percent (50%) of
      the
      Borrower’s Excess Cash Flow on or before that certain date which is one hundred
      fifty (150) days after the completion of Borrower’s immediately preceding fiscal
      year. Such payment of Excess Cash Flow shall not reduce, suspend, satisfy or
      otherwise affect any installments of principal or interest otherwise due Agent
      under this Agreement, the Notes or the Related Documents. Payment of Excess
      Cash
      Flow pursuant to this provision shall not be deemed a “prepayment” on the Note
      and shall discontinue when the aggregate amount of payments payable by the
      Borrower under this Section
      2.03(d)
      exceed
      Fifteen Million Dollars ($15,000,000.00). 

    

    
      
        
        

      

      
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    (e) Collateral.
      Subject
      to the Section
      8.14
      hereof,
      as security for the payment and performance of all obligations of Borrower
      to
      the Agent and to the Banks, with respect to the Term Loan, including, but not
      limited to, principal and interest under the Notes, fees, funding losses,
      reimbursements, and all other Loan Obligations under any of the Loan Documents,
      Borrower shall grant to, and maintain for, the Agent, for the benefit of the
      Banks, a first lien and Security Interest, pursuant to the Deed of Trust and
      the
      other Security Agreements, in all of Borrower’s Real Property and Personal
      Property, now owned or hereafter acquired by Borrower. 

    

    Section
      2.04 Closing
      Fee.
      The
      Borrower agrees to pay to the Agent on the Closing Date a Closing Fee (a
“Closing Fee”) for the account of each of the Banks as set forth
      below:

    

      
        	
                FCS
                  Financial, PCA

              	 	
                $

              	
                80,000.00

              	 
	
                Southwest
                  Bank of St. Louis

              	 	
                $

              	
                50,000.00

              	 
	
                AgriBank,
                  FCB

              	 	
                $

              	
                25,000.00

              	 
	
                CoBank,
                  ACB

              	 	
                $

              	
                25,000.00

              	 
	
                1st
                  Farm Credit Services, FLCA

              	 	
                $

              	
                25,000.00

              	 
	
                Bank
                  Midwest, N.A.

              	 	
                $

              	
                25,000.00

              	 
	
                Progressive
                  Farm Credit Services, FLCA

              	 	
                $

              	
                5,000.00

              	 

      

    Section
      2.05 Unused
      Commitment Fee.
      In
      addition to the Closing Fee payable on the Closing Date, Borrower agrees to
      pay
      to the Agent for the account of each Bank an Unused Commitment Fee on the
      average daily unused portion of such Bank’s Commitment from the Closing Date
      until the Conversion Date at the rate of 0.30% per annum, payable in arrears
      in
      monthly installments payable on the first day of each month during the term
      of
      such Bank’s Commitment and on the Conversion Date. For purposes of this
      Agreement, the unused portion of a Bank’s Commitment for any measurement period
      shall be the positive difference, if any, of: (i) the average daily amount
      of
      such Bank’s Commitment; minus (ii) the Bank’s Pro Rata Share of the average
      daily Outstanding Credit.

    

    Section
      2.06. Notes.
      During
      the Construction Period, the Advances and Loans shall be evidenced by a single
      promissory note executed by the Borrower, in substantially the form of
Exhibit
      D
      attached
      hereto and made a part hereof by this reference (a “Note”),
      delivered to Agent pursuant to Article III. Following the Conversion Date,
      each
      Bank shall receive a note executed by Borrower in an amount equal to that Bank’s
      interest in the Term Loan, form of which shall be as set forth on Exhibit
      E
      attached
      hereto and made a part hereof by this reference.

    

    Section
      2.07. Pricing.
      

    

    (a) Applicable
      Rate.
      With
      respect to Term Fixed Rate Loans, the Borrower shall pay interest to the Banks
      on the unpaid principal balance of the Loans at the Fixed Rate determined by
      any
      Bank extending such Loan as of the Conversion Date. With respect to Base Rate
      Loans and LIBOR Rate Loans, the Borrower shall pay interest to the Banks on
      the
      unpaid principal amount of the Advances and Loans during the period from the
      Advance or Loan until the date due at a fluctuating rate per annum equal to:
      (i)
      during the period that the Advances, or portions thereof, constitute Base Rate
      Loans, the Base Rate plus the Base Margin; (ii) during the period that the
      Advances, or portions thereof, constitute LIBOR Rate Loans, the LIBOR Rate
      applicable thereto plus the LIBOR Margin; provided, however, that if any Bank
      is
      unable to acquire the funds at the LIBOR Rate for an Interest Period or the
      Borrower fails to select an interest rate in accordance with the terms thereof,
      then the Applicable Rate shall be the rate set forth in the foregoing clause
      (i). In no event shall the interest rate payable on a Loan exceed the maximum
      non-usurious interest rate, if any, that at any time, or from time to time,
      may
      be contracted for, taken, reserved, charged or received under applicable state
      or federal laws (the “Maximum Rate”).

    

    
      
        
        

      

      
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    (b) Conversion
      of Loans.
      The
      Borrower shall have the right from time to time to convert all or any part
      of
      any Loan into a Loan of a different Type or subject to the terms hereof convert
      among LIBOR Rate Loans; provided, however, that: (a) a LIBOR Rate Loan may
      only
      be converted on the last day of an Interest Period therefore; (b) except for
      conversions into Base Rate Loans, no conversions of a LIBOR Rate Loan shall
      be
      made while an Event of Default exists or if the interest rate for such LIBOR
      Rate Loan would exceed the Maximum Rate; (c) each LIBOR Rate Loan shall be
      in an
      amount equal to $1,000,000.00 and incremental multiples of $1,000,000.00; (d)
      no
      more than four (4) LIBOR Rate Loans may be outstanding at any time; and (e)
      once
      selected, no Term Fixed Rate Loan may be converted into a Term Base Rate Loan
      or
      a Term LIBOR Rate Loan. Notice by the Borrower to the Agent of conversions
      of
      Loans shall be irrevocable and shall be effective only if received by the Agent
      not later than 12:00 p.m. (noon) (St. Louis, Missouri time) on (a) the Business
      Day of the conversion into Base Rate Loans and (b) the Business Day three (3)
      Business Days before the conversion to or continuation of a LIBOR Rate Loan.
      The
      Agent shall notify the Banks of the contents of each such notice on the day
      of
      its receipt of the same or, if received on or after the applicable time set
      forth above on a Business Day, on the next Business Day. In the event the
      Borrower fails to select the Type of Loan applicable to an Advance, or portion
      thereof, or the duration of any Interest Period for any LIBOR Rate Loan, within
      the time period and otherwise as provided in this Section
      2.07(b),
      such
      Loan (if outstanding as a LIBOR Rate Loan) will be automatically converted
      into
      a Base Rate Loan on the last day of the Interest Period for such Loan or (if
      outstanding as a Base Rate Loan) will remain as, or (if not then outstanding)
      will be made as, a Base Rate Loan.

    

    (c) Payment
      of Interest.
      The
      Borrower shall pay accrued and unpaid interest (i) in the case of Base Rate
      Loans, on the first day of each calendar month and on the Maturity Date, (ii)
      in
      the case of one (1) month and three (3) month LIBOR Rate Loans on the Maturity
      Date for the applicable LIBOR Rate Loan, (iii) in the case of six (6) month
      LIBOR Rate Loans on the first day of each calendar month during the LIBOR Rate
      Loan and on the Maturity Date for such six (6) month LIBOR Rate Loan and (iv)
      in
      the case of Term Fixed Rate Loans, in accordance with the terms and conditions
      of the Term Fixed Rate Loan as determined by the Bank extending such Loans,
      in
      its discretion. 

    

    (d) Default
      Interest.
      Upon
      the occurrence of an Event of Default, all past due principal and, to the extent
      permitted by applicable law, interest, fees, and other amounts owing hereunder,
      shall bear interest, from the date of such Event of Default until the date
      the
      Banks, in writing, acknowledge that such Event of Default is waived or cured
      or
      all Loan Obligations are paid in full, at the Default Rate. The term “Default
      Rate”, as used herein, means the lesser of (i) the Maximum Rate, or (ii) the
      rate per annum which shall from day to day be equal to two percent (2%) in
      excess of the sum of the Base Rate plus the Base Margin. Interest payable at
      the
      Default Rate shall be payable from time to time on demand or, if not sooner
      demanded, on the next interest rate payment date for that Type of loan as set
      forth in Section
      2.07(c)
      above.

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

       

    

    Section
      2.08. Prepayment
      of Term Loan.
       

    

    (a) Except
      for Term Fixed Rate Loans (which under no circumstance may be prepaid in whole
      or in parts during the first year following conversion to a Term Fixed Rate
      Loan) and Term Fixed Rate Prepayment Penalty Loans (which shall be subject
      to
      such prepayment and conversion penalties and premiums as established by the
      Bank
      making such Term Fixed Rate Prepayment Penalty Loan to the Borrower), the
      Borrower may, with five (5) Business Days prior written notice to the Agent,
      prepay the outstanding amount of the Term Loan in whole or in part, in
      increments of $1,000,000.00, with accrued interest to the date of such
      prepayment on the amount prepaid, without penalty or premium; provided, however,
      that any prepayment of any LIBOR Rate Loan shall be made on, and only on the
      last day an Interest Period for such LIBOR Rate Loan, and in the event that
      any
      Bank receives payment of the principal of any LIBOR Rate Loan other than on
      the
      last day of the Interest Period relating to such LIBOR Rate Loan (whether due
      to
      prepayments made by the Borrower, or due to acceleration of any amount or
      amounts payable by the Borrower hereunder or under any Note, or due to any
      other
      reason), the Borrower shall pay to such Bank on demand any amount required
      to
      compensate the Bank for any additional losses, costs or expenses which it may
      incur as a result of such payment, including but not limited to, any LIBOR
      breakage fees charged by any Bank.

    

    (b) Prepayment
      or conversion of Term Fixed Rate Prepayment Penalty Loans during any applicable
      Term Fixed Rate Prepayment Penalty Period shall be subject to such prepayment
      and/or conversion penalties and premiums as established by the Bank from time
      to
      time with respect to such loans as offered by the Bank to other commercial
      borrowers similarly situation and under similar circumstances.

    

    Section
      2.09 Increased
      Costs.
      

    

    (a) If
      either
      (i) the introduction of or any change (including without limitation, any change
      by way of imposition or increase of reserve requirements) in or in the
      interpretation of any law or regulation or (ii) the compliance by any Bank
      with
      any guideline or request from any central bank or other governmental authority
      (whether or not having the force of law) shall result in any increase in the
      cost of any Bank of making, funding or maintaining any Advance, then the
      Borrower shall, from time to time, upon demand by such Bank, pay to such Bank
      additional amounts sufficient to indemnify such Bank against such increased
      cost. A certificate as to the amount of such increased cost submitted to the
      Borrower by such Bank, shall, in the absence of error, be conclusive and binding
      for all purposes.

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

       

    

    (b) If
      either
      (i) the introduction of or any change in or in any interpretation of any law
      or
      regulation or (ii) compliance by any Bank with any guideline or request from
      any
      central bank or other governmental authority (whether or not having the force
      of
      law) effects or would effect the amount of capital required or expected to
      be
      maintained by any Bank and any Bank determines that the amount of such capital,
      is increased by or based upon the existence of such Bank’s commitment to extend
      credit hereunder and other commitments of this type, then, upon demand by such
      Bank, the Borrower shall immediately pay to such Bank, from time to time as
      specified by such Bank, additional amounts sufficient to compensate such Bank
      in
      the light of such circumstances, to the extent that any Bank reasonably
      determines such increase in capital to be allocable to the existence of such
      Bank’s commitment to extend credit hereunder. A certificate as to such amounts,
      submitted to Borrower by such Bank, shall, in the absence of error, be
      conclusive and binding for all purposes. 

    

    Section
      2.10. Changes
      in Law Rendering Certain LIBOR Rate Loans Unlawful.
      In the
      event that any change in any applicable law (including the adoption of any
      new
      applicable law) or any change in the interpretation of any applicable law by
      any
      judicial, governmental or other regulatory body charged with the interpretation,
      implementation or administration thereof, should make it (or in the good-faith
      judgment of an affected Bank should raise a substantial question as to whether
      it is) unlawful for such affected Bank to make, maintain or fund LIBOR Rate
      Loans, then (a) such affected Bank shall promptly notify each of the other
      parties hereto; (b) the obligation of such affected Bank to make LIBOR Rate
      Loans of such type shall, upon the effectiveness of such event, be suspended
      for
      the duration of such unlawfulness, and (c) if the affected Bank so requests,
      the
      Borrower shall, on such date as may be required by the relevant applicable
      law,
      repay, prepay or convert to Base Rate Loans all then outstanding LIBOR Rate
      Loans of such type made to Borrower by such affected Bank together with accrued
      interest thereon and all amounts then due, if any, hereunder, other than amounts
      that would otherwise be payable under Section
      8.04(b).

    

    Section
      2.11. Payments
      and Computations.
      

    

    (a) Method
      of Payment.
      Except
      as otherwise expressly provided herein, all payments of principal, interest,
      and
      other amounts to be made by the Borrower under the Loan Documents shall be
      made
      to the Agent in U.S. dollars and in immediately available funds, without
      set-off, deduction, or counterclaim, not later than 2:00 p.m. (St. Louis,
      Missouri time) on the date on which such payment shall become due (each such
      payment made after such time on such due date to be deemed to have been made
      on
      the next succeeding Business Day). The Borrower shall, at the time of making
      each such payment, specify to the Agent the sums payable under the Loan
      Documents to which such payment is to be applied and in the event that the
      Borrower fails to so specify or if an Event of Default exists, the Agent may
      apply such payment and any proceeds of any Collateral to the Loan Obligations
      in
      such order and manner as it may elect in its sole discretion, subject to
Section 2.11(c).
      

    

    
      
        
        

      

      
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    (b) Payments
      on a Non-Business Day.
      Whenever any payment under any Loan Document shall be stated to be due on a
      day
      that is not a Business Day, such payment may be made on the next succeeding
      Business Day, and such extension of time shall in such case be included in
      the
      computation of the payment of interest and fees, as the case may
      be.

    

    (c) Pro
      Rata Treatment.
      Except
      to the extent otherwise expressly provided herein: (i) each Advance shall be
      made by the Banks, and each payment of fees under Section
      2.04
      shall be
      made for the account of the Banks, pro rata according to their respective Pro
      Rata Shares; (ii) each payment and prepayment of principal of or interest on
      Advances by the Borrower shall be made to the Agent for the account of the
      Agent
      or the Banks holding such Advances (or participation interests therein) pro
      rata
      in accordance with the respective unpaid principal amounts of such Advances
      or
      funded participation interests held by such Banks. 

    

    (d) Proceeds
      of Collateral.
      All
      proceeds received by the Agent from the sale or other liquidation of the
      Collateral when an Event of Default exists shall first be applied as payment
      of
      the accrued and unpaid fees and expenses of the Agent hereunder, including,
      without limitation, under Section
      8.04
      and then
      to all other unpaid or unreimbursed Loan Obligations (including reasonable
      attorneys' fees and expenses) owing to the Agent and then any remaining amount
      of such proceeds shall be applied to the unpaid amounts of Loan Obligations,
      pro
      rata in accordance with the respective amounts of the Loan Obligations, until
      all the Loan Obligations have been paid and satisfied in full or cash
      collateralized. After all the Loan Obligations (including without limitation,
      all contingent Loan Obligations) have been paid and satisfied in full, all
      Commitments terminated and all other obligations of the Agent to the Borrower
      otherwise satisfied, any proceeds of Collateral shall be delivered to the Person
      entitled thereto as directed by the Borrower or as otherwise determined by
      applicable law or applicable court order.

    

    (e) Computations.
      Except
      as expressly provided otherwise herein, all computations of interest and fees
      shall be made on the basis of actual number of days lapsed over a year of 365
      or
      366 days, as appropriate. For purposes of this Agreement, LIBOR interest and
      fees shall be calculated over 360 days. Interest shall accrue from and include
      the date of borrowing, but exclude the date of payment. 

    

    (f) Revolving
      Credit Facility.
      The
      parties acknowledge and agree that prior to the Completion Date, Revolving
      Credit Lender and Borrower shall enter into the Revolving Credit Facility to
      provide Borrower with funds for use in the operation of the Project.
      Additionally, the Banks agree and acknowledge that all or a portion of the
      Collateral shall be secured equally and ratably with the Revolving Credit
      Facility on the same lien priority basis. 

    

    
      
        
        

      

      
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    Section
      2.12. Maximum
      Amount Limitation.
      Anything in this Agreement or any other Loan Document to the contrary
      notwithstanding, Borrower shall not ever be required to pay unearned interest
      on
      any Note or any of the Loan Obligations, or ever be required to pay interest
      on
      any Note or any of the Loan Obligations at a rate in excess of the Maximum
      Rate,
      if any. If the effective rate of interest which would otherwise be payable
      under
      this Agreement, any Note or any of the other Loan Documents would exceed the
      Maximum Rate, if any, then the rate of interest which would otherwise be
      contracted for, charged, or received under this Agreement, any Note or any
      of
      the other Loan Documents shall be reduced to the Maximum Rate, if any. If any
      unearned interest or discount or property that is deemed to constitute interest
      (including, without limitation, to the extent that any of the fees payable
      by
      Borrower for the Loan Obligations to the Agent under this Agreement, any Note,
      or any of the other Loan Documents are deemed to constitute interest) is
      contracted for, charged, or received in excess of the Maximum Rate, if any,
      then
      such interest in excess of the Maximum Rate shall be deemed a mistake and
      canceled, shall not be collected or collectible, and if paid nonetheless, shall,
      at the option of the holder of such Note, be either refunded to the Borrower,
      or
      credited on the principal of such Note. It is further agreed that, without
      limitation of the foregoing and to the extent permitted by applicable law,
      all
      calculations of the rate of interest or discount contracted for, charged or
      received by the Agent under the Notes, or under any of the Loan Documents,
      that
      are made for the purpose of determining whether such rate exceeds the Maximum
      Rate applicable to the Agent, if any, shall be made, to the extent permitted
      by
      applicable laws (now or hereafter enacted), by amortizing, prorating and
      spreading during the period of the full terms of the Advances evidenced by
      the
      Notes, and any renewals thereof all interest at any time contracted for, charged
      or received by such Bank in connection therewith. This Section 2.12
      shall
      control every other provision of all agreements among the parties to this
      Agreement pertaining to the transactions contemplated by or contained in the
      Loan Documents, and the terms of this Section 2.12
      shall be
      deemed to be incorporated in every Loan Document and communication related
      thereto.

    

    Section
      2.13. Agent
      Records.
      All
      advances and all payments or prepayments made thereunder on account of principal
      or interest may be evidenced by the Agent in accordance with its usual practice
      in an account or accounts evidencing such advances and all payments or
      prepayments thereunder from time to time and the amounts of principal and
      interest payable and paid from time to time thereunder; in any legal action
      or
      proceeding in respect of the Notes, the entries made in such account or accounts
      shall be prima facie
      evidence
      of the existence and amounts of all advances and all payments or prepayments
      made thereunder on account of principal or interest. 

    

    Section
      2.14. Loan
      Payments.
      The
      Agent may deduct any obligations due or any other amounts due and payable by
      the
      Borrower under the Loan Documents from any accounts maintained with the
      Agent.

    

    Section
      2.15. Compensation.
      Upon
      the
      request of the Agent, the Borrower shall pay to the Agent, on behalf of any
      Banks, such amount or amounts as shall be sufficient (in the reasonable opinion
      of the Agent) to compensate it for any loss, cost, or expense (excluding loss
      of
      anticipated profits incurred by it) as a result of: (i) any prepayment or
      conversion of the Loan if interest is determined by reference to the LIBOR
      Rate
      for any reason on a date other than the last day of the Interest Period for
      such
      Loan; or (ii) any failure by the Borrower for any reason (including, without
      limitation, the failure of any condition precedent specified in Sections
      3.01,
      3.02,
      or
3.03
      to be
      satisfied) to borrow, extend, or prepay the Loan if interest is determined
      by
      reference to the LIBOR Rate on the date for such borrowing, extension, or
      prepayment specified in the relevant notice of borrowing, extension or
      prepayment under this Agreement. Such indemnification may include any amount
      equal to the excess, if any, of: (a) the amount of interest which would have
      accrued on the amount so prepaid, or not so borrowed, converted or extended,
      for
      the period from the date of such prepayment or of such failure to borrow,
      convert or extend to the last day of the applicable Interest Period (or in
      the
      case of a failure to borrow, convert or extend, the Interest Period that would
      have commenced on the date of such failure) in each case at the applicable
      rate
      of interest for such loan as provided for herein; over (b) the amount of
      interest (as reasonably determined by the Agent) which would have accrued to
      the
      Agent on such amount by placing such amount on deposit for a comparable period
      with leading banks in the interbank LIBOR market. The covenants of the Borrower
      set forth in this Section
      2.15
      shall
      survive the repayment of the Loan and other obligations under the Loan Documents
      hereunder.

    

    
      
        
        

      

      
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    Section
      2.16 Purchase
      of Equity Interests in FCS Financial, PCA.
      Besides
      (and not in lieu of) the other amounts payable by Borrower under this Agreement,
      Borrower shall purchase such equity interest in FCS Financial, PCA, or its
      parent association, as FCS Financial, PCA may require from time to time. Such
      purchases of equity interest shall comply with FCS Financial, PCA’s bylaws and
      capital plans applicable to cooperative borrowers generally. Borrower hereby
      acknowledges receipt of the following information and materials pertaining
      to
      FCS Financial, PCA prior to the execution of this Agreement (i) copies of the
      bylaws of FCS Financial, PCA; (ii) a written description of the terms and
      conditions under which the equity interests are issued; (iii) copy of the most
      recent annual reports of FCS Financial, PCA; and (iv) if more recent than the
      latest annual reports, the latest quarterly reports of FCS Financial, PCA.
      FCS
      Financial, PCA shall possess a statutory interest in its equity interest. FCS
      Financial, PCA reserves the right to sell participations on a non-patronage
      basis.

    

    Borrower
      acknowledges and agrees that: (i) only the portions of the Loans provided to
      Borrower by FCS Financial, PCA are entitled to patronage distributions in
      accordance with the bylaws of FCS Financial, PCA and its practices and
      procedures; and (ii) any patronage or similar payments to which Borrower is
      entitled as a result of its ownership of the equity interest in FCS Financial,
      PCA will not be based on any of the Loan not belonging to FCS Financial, PCA
      or
      in which FCS Financial, PCA has granted a participation interest at any
      time.

    

    ARTICLE
      III.

    CONDITIONS
      PRECEDENT

    

    Section
      3.01. Conditions
      Precedent to Closing.
      The
      effectiveness of this Agreement and obligations of the Agent to execute this
      Agreement are subject to the condition precedent that the Agent shall have
      received the following, in form and substance satisfactory to the Agent:

    

    (a) This
      Agreement, duly executed by the Borrower, the Agent and each of the
      Banks;

    

    
      
        
        

      

      
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    (b) The
      Note,
      duly executed by the Borrower;

    

    (c) The
      Deed
      of Trust and an Assignment of Rents and Leases, fully executed and acknowledged,
      to secure the Loan encumbering,
      on a first lien basis, the fee interest of the Borrower in the Real Property
      and
      the fixtures, leases and rents thereon described in Schedule
      3.01(c),
      together with an Environmental Indemnity Agreement, fully executed by the
      Borrower with respect to the Real Property; 

    

    (d) A
      Security Agreement duly executed by the Borrower and in a form as provided
      by
      the Agent by which security agreement the Agent is granted a security interest
      by the Borrower in the Collateral, on, subject to Section
      8.14
      hereof,
      a first lien basis;

    

    (e) Financing
      Statements in form and content satisfactory to the Agent and in proper form
      under the UCC as may be necessary or, in the opinion of the Agent, desirable
      to
      perfect the first lien priority security interests created by the Security
      Agreement;

    

    (f) Copies
      of
      UCC, tax and judgment lien search reports listing all financing statements
      and
      other encumbrances which name the Borrower (under its present name and any
      previous name) and which are filed in the jurisdictions in which the Borrower
      is
      located, organized or maintains collateral, together with copies of such
      financing statements (none of which shall cover the collateral purported to
      be
      covered by the Security Agreement);

    

    (g)
       An
      ALTA
      mortgagee title insurance policy issued by a title insurance company acceptable
      to Agent, with respect to the Real Property, assuring the Agent that the Deed
      of
      Trust creates a valid
      and
      enforceable encumbrance on the Real Property, free and clear of all defects
      and
      encumbrances except Permitted Liens and containing: (i) a comprehensive
      endorsement; (ii) a zoning endorsement specifying ethanol production as a
      permitted use for all of the parcels included in the Real Property; and (iii)
      such other endorsements as the Agent shall reasonably require. All such title
      insurance policies shall be in form and substance reasonably satisfactory to
      the
      Agent and shall provide for affirmative insurance and such reinsurance as the
      Agent may reasonably request, all of the foregoing in form and substance
      reasonably satisfactory to the Agent;

    

    (h) Maps
      or
      plats of the Real Property certified to the Agent and the Title Insurance
      Company in a manner reasonably satisfactory to each of the Agent and the Title
      Insurance Company, dated a date reasonably satisfactory to each of the Agent
      and
      the Title Insurance Company by an independent professional licensed land
      surveyor, which maps or plats and the surveys on which they are based shall
      be
      sufficient to delete any standard printed survey exception contained in the
      applicable title policy and be made in accordance with the Minimum Standard
      Detail Requirements for Land Title Surveys jointly established and adopted
      by
      the American Land Title Association and the American Congress on Surveying
      and
      Mapping in 1992, and, without limiting the generality of the foregoing, there
      shall be surveyed and shown on such maps, plats or surveys the following:
      (A) the locations on such sites of all the buildings, structures and other
      improvements and the established building setback lines; (B) the lines of
      streets abutting the sites and width thereof; (C) all access and other
      easements appurtenant to the sites necessary to use the sites; (D) all
      roadways, paths, driveways, easements, encroachments and overhanging projections
      and similar encumbrances affecting the site, whether recorded, apparent from
      a
      physical inspection of the sites or otherwise known to the surveyor;
      (E) any encroachments on any adjoining property by the building structures
      and improvements on the sites; and (F) if the site is described as being on
      a filed map, a legend relating the survey to said map;

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

    (i) Evidence
      as to: (A) whether any portion of the Real Property is in an area
      designated by the Federal Emergency Management Agency as having special flood
      or
      mud slide hazards (a “Flood
      Hazard Property”);
      and
      (B) if any portion of the Real Property is a Flood Hazard Property:
      (1) whether the community in which such Real Property is located is
      participating in the National Flood Insurance Program; (2) the Borrower’s
      written acknowledgment of receipt of written notification from the Agent:
      (a) as to the fact that such Real Property is a Flood Hazard Property; and
      (b) as to whether the community in which each such Flood Hazard Property is
      located is participating in the National Flood Insurance Program; and (3) copies
      of insurance policies or certificates of insurance of the Borrower evidencing
      flood insurance satisfactory to the Agent and naming the Agent as sole loss
      payee on behalf of the Agent;

    

    (j) Evidence
      reasonably satisfactory to the Agent that the Real Property, and the
      contemplated uses of the Real Property, are in compliance in all material
      respects with all applicable land use and zoning laws, including the zoning
      designation made for the Real Property, the permitted uses of the Real Property
      under such zoning designation and zoning requirements as to parking, lot size,
      ingress, egress and building setback.

    

    (k) Satisfactory
      soil boring tests and site survey reports conducted by an engineering firm
      acceptable to the Agent. The report shall include, without limitation, delivery
      to the Agent of a certification by the engineer that the soil condition of
      the
      Real Property is satisfactory for construction of the Project in accordance
      with
      the Plans and Specifications;

    

    (l) A
      written
      environmental review, audit, assessment or report addressed to the Agent setting
      forth the results of an investigation of the Project and indicating that no
      hazardous waste or substances are contained on, under or in the Real
      Property;

    

    (m) Financial
      statements for the Borrower in form and substance acceptable to the Agent,
      certified as accurate in all material respect by the Borrower;

    

    (n) A
      true
      and correct copy of the “turn key” agreement between the Borrower and the
      Design/Builder with respect to the design, construction and procurement of
      equipment with respect to the Project (the “EPC
      Contract”);

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

       

    

    (o) A
      Collateral Assignment of the EPC Contract executed by the Borrower and in form
      and content satisfactory to Agent and its counsel and acknowledged by the
      Design/Builder;

    

    (p) An
      agreement with the Consulting Engineer by which agreement the Agent shall have
      engaged, at the Borrower’s expense, the Consulting Engineer for the purpose of
      providing periodic certifications to the Agent and the Banks that the
      construction of the Project is being made according to the Plans and
      Specifications;

    

    (q) A
      certificate from the Borrower setting forth all federal, state and local
      licenses, permits, registrations and approvals required for the construction
      and
      operation of the Project and the dates on which all such licenses, permits,
      registrations and approvals will be obtained;

    

    (r) The
      Construction Schedule, setting out the anticipated progress on the Project
      with
      monthly cost breakdowns, certified as accurate in all material respects by
      the
      Borrower and the Design/Builder;

    

    (s) Verification
      that Borrower’s Equity in an amount not less than $31,995,000.00 (including
      like-kind contributions) and a schedule of any further anticipated member
      contributions to the Project and Draw Requests which will be required to
      accomplish the Construction Schedule, certified as accurate in all material
      respects by the Borrower;

    

    (t) An
      accounting of all member equity contributions received by Borrower prior to
      the
      Closing Date, which accounting shall set forth the use of member equity
      contributions for Project Costs paid prior to the Closing Date (if any),
      certified as accurate in all material respects by the Borrower;

    

    (u) True
      and
      correct copies of any executed DGS or fuel marketing agreements (“Marketing
      Agreements”)
      between Borrower and any DGS or fuel marketing entity (“Marketing
      Agent”),
      as
      may have been executed by the Borrower prior to Closing, or true and correct
      copies of any letters of intent between Borrower and any Marketing Agent with
      respect to the marketing of DGS and fuel to be produced by Borrower following
      the Completion Date, in acceptable form and substance to the Agent;

    

    (v) A
      project
      budget, certified as accurate in all material respects, by the Borrower, setting
      forth all anticipated Project Costs and containing such detail as may be
      required by the Agent, the Disbursing Agent, and the Title Company;

    

    (w) Policies
      of insurance with respect to the Project in accordance with the requirements
      contained in this Agreement and evidence that the premiums for the current
      policy year have been paid or will be paid on the Closing Date and that the
      Agent and the Banks are named on such policies as additional named insured
      parties;

    

    
      
        
        

      

      
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    (x) A
      true
      and correct copy of the grain production agreement/contract between the Borrower
      and Ray-Carroll, executed by the Borrower and Ray-Carroll (the “Grain
      Procurement Contract”);

    

    (y) A
      collateral assignment of the Grain Procurement Contract executed by the Borrower
      and in form and content satisfactory to Agent and its counsel and acknowledged
      by Ray-Carroll;

    

    (z) Letters
      from each applicable utility evidencing that all utilities necessary or
      desirable for the use and operation of the Project are or will be available
      and
      adequate to the Borrower and the Project;

    

    (aa) A
      proposed operating budget for the Project for the first eighteen (18) months
      of
      operation following the Start-Up Date, certified by the Borrower as accurate
      in
      all material respects;

    

    (bb) Evidence
      that all other actions necessary or, in the opinion of the Agent, desirable
      to
      enable the Agent to perfect and protect the security interests created by the
      Security Agreement have been taken;

    

    (cc) A
      certificate of the secretary of the Borrower together with true and correct
      copies of the following: (i) the Articles and Certificate of Organization
      of the Borrower, including all amendments thereto, certified by the Secretary
      of
      State of the state of its organization and dated within thirty (30) days
      prior to the date hereof; (ii) the Operating Agreement of the Borrower,
      including all amendments thereto; (iii) the resolutions of the Board of
      Managers of the Borrower authorizing the execution, delivery and performance
      of
      this Agreement, the other Loan Documents, and all documentation executed and
      delivered in connection therewith to which the Borrower is a party;
      (iv) certificates of the appropriate government officials of the state of
      organization of the Borrower as to its existence and good standing, and
      certificates of the appropriate government officials in each state where the
      Borrower does business and where failure to qualify as a foreign corporation
      would have a Material Adverse Effect on the business and financial condition
      of
      the Borrower, as to its good standing and due qualification to do business
      in
      such state, each dated within thirty (30) days prior to the date hereof; and
      (v) the names of the officers of the Borrower authorized to sign this
      Agreement, and the Related Documents, and to request and obtain Advances on
      behalf of the Borrower pursuant to this Agreement, together with a sample of
      the
      true signature of each such officer;

    

    (dd) 
      Favorable opinion of Bryan Cave LLP, legal counsel for the Borrower as to the
      authorization and standing, enforceability of the Loan Documents, and
      confirmation of labor, tax, environmental, employment, management, litigation,
      insurance and other contractual matters, and such other matters as the Agent
      or
      its counsel may reasonably request;

    

    
      
        
        

      

      
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    (ee) Evidence
      that the costs and expenses (including, without limitation, attorneys' fees
      of
      the Agent) referred to in Section 8.04,
      and the
      Closing Fees specified in Section
      2.04,
      to the
      extent incurred and invoiced, shall have been paid in full; 

    

    (ff) 
      Satisfactory review by the Agent of any pending litigation relating to the
      Borrower or the Project;

    

    (gg) There
      shall not have occurred a change that would constitute a Material Adverse Effect
      since the most current audit of the Borrower in the business, assets,
      liabilities (actual or contingent), operations, condition (financial or
      otherwise) or prospects of the Borrower taken as a whole or in the facts and
      information regarding the Borrower as represented to the Closing
      Date;

    

    (hh) Satisfactory
      review by the Agent of such Economic Development Agreement has may have been
      entered into between the Borrower and Carroll County, Missouri with respect
      to
      the Project;

    

    (ii) Satisfactory
      review by the Agent and its counsel, of information regarding litigation,
      permits, tax, accounting, labor, insurance, pension liabilities (actual or
      contingent), real estate leases, material contracts, debt agreements, property
      ownership, environmental matters, contingent liabilities, and management of
      the
      Borrower;

    

    (jj) Borrower’s
      current financial statement and prepared projected income statements, cash
      flow
      statements and balance sheets for fiscal years ending December 31, 2006 through
      fiscal year ending December 31, 2014, including a detailed listing of all
      assumptions used in compiling those projections. All projections must
      demonstrate a reasonable ability to repay the scheduled debt repayment as
      determined by Agent, in its sole and complete discretion.

    

    Section
      3.02. Conditions
      Precedent to Commencement of Construction.
      The
      effectiveness of this Agreement and obligations of the Agent and the Banks
      to
      fund the Loans are subject to the condition precedent that the Agent shall
      have
      received the following, in form and substance satisfactory to the Agent at
      least
      ten (10) Business Days prior to the Commencement of Construction of the Project:
      

    

    (a) A
      certificate of the Borrower representing, warranting and certifying to the
      Agent
      that each and all of the representations and warranties contained in this
      Agreement and the Related Documents are true and correct as of the date thereof
      and that no Event of Default, and no event which with the giving of notice
      or
      the passage of time or both would constitute an Event of Default, has occurred
      and is continuing as of the date thereof;

    

    (b) True
      and
      correct copies of the substantially final Plans and Specifications with respect
      to the Project, certified as accurate in all material respects by the
      Design/Builder and the Borrower;

    

    
      
        
        

      

      
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    (c) A
      collateral assignment of the Plans and Specifications, duly executed by the
      Borrower, and which assignment shall have been consented to and certified in
      writing by the Design/Builder;

    

    (d) An
      initial Sworn Construction Statement in the form attached as Exhibit
      C
      duly
      executed and certified as accurate in all material respects by the Borrower
      showing all costs and expenses incurred or to be incurred in connection with
      construction of the Project. To the extent such have not been fixed by accepted
      bids, such construction cost statement may include the Borrower’s reasonable
      estimate of such costs certified as accurate in all material respects by
      Borrower and approved by Consulting Engineer and Agent. As to those parts of
      the
      Sworn Construction Statement dealing with areas covered by the ECP Contract,
      the
      Design/Builder shall certify such parts as accurate in all material
      respects;

    

    (e) The
      Agent
      shall have obtained a certificate from the Consulting Engineer that the Plans
      and Specifications, and the Sworn Construction Statement of the Borrower is
      true
      and accurate in all material respects and containing such additional terms
      as
      may be acceptable to the Agent and the Banks;

    

    (f) True
      and
      correct copies of all executed Construction Contracts then in existence relating
      to the construction of the Project and all machinery, equipment and fixtures
      to
      be used in connection with the Projects, including all warranties, payment
      retentions, fixed-price provisions and guarantees with respect
      thereto;

    

    (g) A
      collateral assignment of contract for each of the Construction Contracts not
      previously assigned, duly executed by the Borrower and pursuant to which the
      Borrower shall have assigned to the Agent all of the Borrower’s right, title and
      interest in and to each such Construction Contract, and which assignment shall
      have been consented to and certified in writing by the other party(ies) to
      each
      such Construction Contract;

    

    (h) Policies
      of insurance with respect to the Project and evidence that the premiums for
      the
      current policy year have been paid and that the Agent and the Banks are named
      on
      such policies as additional named insured parties;

    

    (i) The
      Agent
      shall have received evidence that the Borrower has obtained all risk and
      builder’s risk insurance for the Project and that the Agent and the Banks are
      named on such policies as additional named insured parties;

    

    (j) True
      and
      correct copies of all permits, approvals or authorizations as may be legally
      required to commence construction of the Project;

    

    (k) An
      endorsement to the title insurance policy that the Real Property is not subject
      to the claims or liens of any contractors, subcontractors or suppliers which
      would have priority over the Deed of Trust;

    

    
      
        
        

      

      
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    (l) A
      monthly
      schedule of the anticipated progress on the Project with monthly cost
      breakdowns, certified as accurate in all material respects by the Borrower
      and
      the Consulting Engineer;

    

    (m) Delivery
      by Borrower to escrow of the contributed funds for Commencement of Construction
      of the Project.

     

    Section
      3.03. Conditions
      Precedent to Funding.
      The
      effectiveness of this Agreement and obligations of the Agent and the Banks
      to
      fund the Loans are subject to the condition precedent that the Agent shall
      have
      received the following, in form and substance satisfactory to the Agent at
      least
      ten (10) Business Days prior to Borrower submitting its first Draw Request
      for
      Advance to the Disbursing Agent:

    

    (a) A
      certificate of the Borrower representing, warranting and certifying to the
      Agent
      and the Banks that each and all of the representations and warranties contained
      in this Agreement and the Related Documents are true and correct as of the
      date
      thereof and that no Event of Default, and no event which with the giving of
      notice or the passage of time or both would constitute an Event of Default,
      has
      occurred and is continuing as of the date thereof;

    

    (b) A
      certificate of the Borrower certifying to the Agent and the Banks that the
      Borrower has disbursed or contributed in escrow an amount of not less than
      $15,800,000.00 with respect to the construction of the Project;

    

    (c) A
      certificate of the Borrower certifying to the Agent and the Banks that not
      less
      than $31,995,000.00 of Borrower’s Equity has been actually contributed by the
      members of the Borrower and that none of such amount remains unpaid or
      uncontributed;

    

    (d) Policies
      of insurance with respect to the Project and evidence that the premiums for
      the
      current policy year have been paid and that the Agent and the Banks are named
      on
      such policies as additional named insured parties;

    

    (e) True
      and
      correct copies of firm bids from Contractors and suppliers for goods and
      services to be used in connection with the construction of the Project for
      at
      least 75% of the Project Costs;

    

    (f) A
      certificate from the Consulting Engineer that the Plans and Specifications
      are
      true and accurate in all material respects and that the Project may be completed
      within the costs set forth on the Sworn Construction Statement of the Borrower
      and according to the Construction Schedule, and containing such additional
      terms
      and subject to such conditions as may be acceptable to the Agent and the Banks;
      

     

    (g)  An
      endorsement to the title insurance policy that the Real Property is not subject
      to the claims or liens of any contractors, subcontractors or suppliers which
      would have priority over the Deed of Trust;

    

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

    (h) The
      results of the Agent's inspection of the Collateral completed in good faith
      and
      acceptable to Agent;

    

    (i) Evidence
      reasonably satisfactory to the Agent that the Real Property and the contemplated
      use of the Real Property, are in compliance in all material respects with all
      applicable Laws including without limitation health and Environmental Laws,
      and
      laws regarding access and facilities for disabled persons including, but not
      limited to, the Federal Design Architectural Barriers Act, the Fair Housing
      Amendments Act of 1988, the Rehabilitation Act of 1973 and the Americans with
      Disabilities Act of 1990;

    

    (j) An
      appraisal of the Real Property, in form and substance satisfactory to the Agent,
      completed by such appraiser as selected by the Agent, and rendered by the
      appraiser to conform to the requirements of Title XI of the Financial
      Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), including
      an
      environmental assessment setting indicating that no hazardous waste or
      substances are contained on, under or in the Real Property;

    

    (k) A
      Construction Disbursing Agreement duly executed by the Agent, Borrower and
      the
      Disbursing Agent and in the form as provided by the Agent and by which agreement
      the terms and procedures are established for disbursing the proceeds of the
      Loans and the portion of Borrower’s Equity to be deposited with the Disbursing
      Agent pursuant to Section
      2.02(f)(ii)
      hereof.

    

    

    ARTICLE
      IV.

    REPRESENTATIONS
      AND WARRANTIES

    

    Section
      4.01. Representations
      and Warranties of the Borrower.
      In
      order to induce the Agent to enter into this Agreement, the Borrower represents
      and warrants to the Agent that the following statements are, and after giving
      effect to the Loans, will be, true and correct as of the Closing Date, and
      as of
      the date of each Advance hereunder, except as otherwise disclosed in writing
      to
      the Agent:

    

    (a) Borrower.
      The
      Borrower is a limited liability company duly organized and validly existing
      and
      in good standing under the laws of the jurisdiction indicated at the beginning
      of this Agreement and is qualified to do business in all jurisdictions in which
      the nature of its business makes such qualification necessary and where failure
      to so qualify would have a Material Adverse Effect on its financial condition
      or
      operations. The Borrower has the power and authority to execute, deliver, and
      perform its obligations under the Loan Documents to which it is or may become
      a
      party. The Borrower has no subsidiaries. There are no outstanding subscriptions,
      options, warrants, calls, or rights (including preemptive rights) to acquire,
      and no outstanding securities or instruments convertible into, membership units
      of the Borrower, except for those transactions set forth on Schedule
      4.01(a);

    

    
      
        
        

      

      
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    (b) The
      Loan Documents.
      The
      execution, delivery and performance by the Borrower of the Loan Documents are
      within the Borrower's powers, have been duly authorized by all necessary action,
      do not contravene: (i) the Borrower's articles, by-laws, or operating
      agreement; or (ii) any law or any contractual restriction binding on or
      affecting the Borrower, and do not result in or require the creation of any
      lien, security interest or other charge or encumbrance (other than pursuant
      to
      the terms thereof) upon or with respect to any of its properties;

    

    (c) Governmental
      Approvals.
      No
      authorization or approval or other action by, and no notice to or filing with,
      any Governmental Authority or regulatory body is required for the due execution,
      delivery and performance by the Borrower of any Loan Documents, except for
      such
      approvals and consents which have been made or obtained;

    

    (d) Enforceability.
      This
      Agreement is, and each other Loan Document to which the Borrower is a party
      when
      delivered will be, legal, valid and binding obligations of the Borrower
      enforceable against the Borrower in accordance with their respective
      terms;

    

    (e) Financial
      Condition and Operations.
      The
      balance sheets of the Borrower as of December 31, 2006, and the related
      statements of income and, with respect to the period ended December 31, 2006,
      the related statement of cash flow of the Borrower for the fiscal period then
      ended, copies of which have been furnished to the Agent, fairly present in
      all
      material respects the financial condition of the Borrower as at such dates
      and
      the results of the operations of the Borrower for the period ended on such
      dates, all in accordance with generally accepted accounting principles
      consistently applied, and since December 31, 2006, there has been no material
      adverse change in such condition or operations;

    

    (f) Litigation.
      Except
      as described on Schedule 4.01(f),
      there
      is no pending or threatened action or proceeding affecting the Borrower or
      any
      of the transactions contemplated hereby before any court, governmental agency
      or
      arbitrator, which would have a Material Adverse Effect. As of the Closing Date
      there are no outstanding judgments against the Borrower;

    

    (g) Use
      of Proceeds of Advances, etc.
      (i) No proceeds of the Loans will be used to acquire any security in any
      transaction which is subject to Sections 13 and 14 of the Securities
      Exchange Act of 1934 (provided,
      however,
      that
      this provision shall not prohibit Borrower from investing in certain
      cooperatives for the purposes of carrying out its overall business operations);
      (ii) the Borrower is not engaged in the business of extending credit for the
      purpose of purchasing or carrying margin stock (within the meaning of
      Regulation U issued by the Board of Governors of the Federal Reserve
      System); and (iii) no proceeds of the Loans will be used to purchase or
      carry any margin stock or to extend credit to others for the purpose of
      purchasing or carrying any margin stock;

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    (h) Liens.
      There
      is no lien, security interest or other charge or encumbrance, and no other
      type
      of preferential arrangement, upon or with respect to any of the properties
      or
      income of the Borrower, which secures Debt of any Person, except as described
      in
Schedule 5.02(a),
      Permitted Liens and Subordinated Debt;

    

    (i) Solvency.
      As of,
      from and after the date of this Agreement, the Borrower: (a) owns and will
      own assets the fair saleable value of which are: (i) greater than the total
      amount of liabilities (including contingent liabilities); and (ii) greater
      than the amount that will be required to pay the probable liabilities of its
      then existing debts as they become absolute and matured considering all
      financing alternatives and potential asset sales reasonably available to it;
      (b) has capital that is not unreasonably small in relation to its business
      as presently conducted or any contemplated or undertaken transaction; and
      (c) does not intend to incur and does not believe that it will incur debts
      beyond its ability to pay such debts as they become due;

    

    (j) Borrower
      Eligibility.
      Borrower is an eligible borrower under the Farm Credit Act and the regulations
      promulgated thereunder;

    

    (k) Office
      Locations; Fictitious Names; Predecessor Companies; Tax I.D.
      Number.
      The
      Borrower's chief place of business, its chief executive office, and its
      jurisdiction of organization is located at the place identified for the Borrower
      on Schedule 4.01(k).
      Within
      the last four months it has not had any other chief place of business, chief
      executive office, or jurisdiction of organization. Schedule 4.01(k)
      also
      sets forth all other places where the Borrower keeps its books and records
      and
      all other locations where the Borrower has a place of business. The Borrower
      does not do business nor has the Borrower done business during the past
      five (5) years under any trade-name or fictitious business name except as
      disclosed on Schedule 4.01(k).
      Schedule 4.01(k)
      sets
      forth an accurate list of all names of all predecessor companies of the Borrower
      including the names of any entities it acquired (by stock purchase, asset
      purchase, merger or otherwise) and the chief place of business and chief
      executive office of each such predecessor company. For purposes of the
      foregoing, a “predecessor company” shall mean any Person whose assets or equity
      interests are acquired by the Borrower or who was merged with or into the
      Borrower within the last four months prior to the date hereof. The Borrower's
      United States Federal Income Tax I.D. Number and state organizational
      identification number is identified on Schedule 4.01(k);

    

    (l) Disclosure.
      All
      factual information furnished by or on behalf of the Borrower in writing to
      the
      Agent (including, without limitation, all factual information contained in
      the
      Loan Documents) for purposes of or in connection with this Agreement, the other
      Loan Documents or any transaction contemplated herein or therein is, and all
      other such factual information hereafter furnished by or on behalf of the
      Borrower to the Agent, will be true and accurate in all material respects on
      the
      date as of which such information is dated or certified and not incomplete
      by
      omitting to state any fact necessary to make such information not misleading
      in
      any material respect at such time in light of the circumstances under which
      such
      information was provided;

    

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

       

    

    (m) Operation
      of Business.
      The
      Borrower possesses all licenses, permits, franchises, patents, copyrights,
      trademarks, and trade names, or rights thereto, necessary to conduct its
      business substantially as now conducted and as presently proposed to be
      conducted except those that the failure to so possess could not reasonably
      be
      expected to have a Material Adverse Effect on its financial condition or
      operations and those which Borrower believes will be obtained in the ordinary
      course of business in the future and are not required at the present time,
      and
      the Borrower is not in violation of any valid rights of others with respect
      to
      any of the foregoing except violations that could not reasonably be expected
      to
      have such a Material Adverse Effect;

     

    (n) Intellectual
      Property.
      The
      Borrower owns, or has the legal right to use, all patents, trademarks, trade
      names, copyrights, technology, know-how and processes (the “Intellectual
      Property”)
      necessary for it to conduct its business as currently conducted except for
      those
      the failure to own or have such legal right to use could not reasonably be
      expected to have a Material Adverse Effect. As of the Closing Date, set forth
      in
Schedule
      4.01(n)
      is a
      list of all Intellectual Property registered with the United States Copyright
      Office or the United States Patent and Trademark Office and owned by the
      Borrower or that the Borrower has the right to use. Except as provided in
Schedule
      4.01(n),
      no
      claim has been asserted and is pending by any Person challenging or questioning
      the use of any such Intellectual Property or the validity or effectiveness
      of
      any such Intellectual Property, nor does the Borrower know of any such claim,
      and, to the knowledge of the Borrower, the use of such Intellectual Property
      by
      the Borrower does not infringe on the rights of any Person, except for such
      claims and infringements that, in the aggregate, could not reasonably be
      expected to have a Material Adverse Effect;

    

    (o) Investment
      Company Act.
      The
      Borrower is not required to be registered as an “investment company” within the
      meaning of the Investment Company Act of 1940, as amended; 

    

    (p) Environmental
      Compliance.
      The
      Borrower, except as set forth in Schedule
      4.01(p),
      is in
      material compliance with all applicable Environmental Laws, including, but
      not
      limited to, CERCLA and SARA;

    

    (q) Other
      Agreements.
      The
      Borrower is not in default in any material respects under any contract, lease
      or
      commitment to which the Borrower is a party or by which the Borrower is bound
      where such default would result in a Material Adverse Effect. The Borrower
      knows
      of no dispute relating to any contract, lease or commitment which is material
      to
      the continued financial success and wellbeing of the Borrower;

    

    (r) Tax
      Liabilities.
      Except
      where the failure to so file, pay or make provisions for payment would not
      have
      a Material Adverse Effect, the Borrower has filed all federal, state and local
      tax reports and returns required by the Borrower and has either duly paid all
      taxes, duties and charges indicated to be due on the basis of such returns
      and
      reports or has made adequate provision for the payment thereof, and the
      assessment of any material amount of additional taxes in excess of those paid
      and reported is not reasonably expected. The reserves for taxes reflected on
      the
      Borrower’s balance sheet as furnished to Agent on or before the Closing Date are
      adequate in amount for the payment of all liabilities of all taxes (whether
      or
      not disputed) of the Borrower accrued through the date of such balance sheet.
      There are no material unresolved questions or claims concerning any tax
      liabilities of the Borrower;

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

       

    

    (s) Pension
      Plans.
      No
      events, including without limitation, any “Reportable Event” or “Prohibited
      Transactions”, as those terms are defined in ERISA, have occurred in connection
      with any pension plan of the Borrower which might constitute grounds for the
      termination of any such pension plan by the Pension Benefit Guaranty Corporation
      or for the appointment by the appropriate United States District Court of a
      trustee to administer any such pension plan. All of the Borrower’s pension plans
      (if any) meet the minimum funding standards of Section 302 of
      ERISA;

    

    (t) Conflicting
      or Adverse Agreements or Restrictions.
      The
      Borrower is not a party to any contract or agreement or subject to any
      restriction which restricts the conduct of its business which could have a
      Material Adverse Effect. Borrower is not in default under or in violation of
      any
      requirement of any Governmental Authority related to the Loans or any other
      governmental requirement which default could have a Material Adverse Effect.
      Neither the execution nor delivery of the Loan Documents nor the consummation
      of
      the transaction contemplated thereby, nor fulfillment of and compliance with
      respective terms, conditions and provisions thereof, will conflict with or
      result in a breach of any of the terms, conditions or provisions of, or
      constitute a default under, or result in any violation of, or result in the
      creation or position of any lien or security interest on any of the Collateral
      pursuant to (a) the articles or certificate of organization of the Borrower;
      (b)
      any requirement of any Governmental Authority; (c) any order, writ, injunction
      or decree of any court; or (d) the terms, conditions or provisions of any
      material agreement or instrument to which the Borrower is a party or by which
      it
      or its property is bound or to which it or its property is subject to in any
      material respect; and

    

    (u) Survival
      of Representations.
      All
      representations and warranties contained in this Agreement or in any of the
      other Loan Documents shall survive the execution and delivery of this Agreement.
      All representations and warranties shall be deemed remade by Borrower with
      each
      Request for Advance, except as otherwise disclosed in writing by the Borrower
      to
      the Agent.

    

    

    ARTICLE
      V.

    COVENANTS
      OF THE BORROWER

    

    Section
      5.01. Affirmative
      Covenants.
      So long
      as any Loan Obligations remain unpaid or the Agent shall have any commitment
      hereunder, the Borrower will, unless the Agent shall otherwise consent in
      advance in writing: 

    

    (a) Compliance
      with Laws, etc.
      Comply
      in all material respects with all applicable laws, rules, regulations and
      orders, such compliance to include, without limitation: (i) all applicable
      zoning and land use laws; (ii) all employee benefit and Environmental Laws;
      and (iii) paying before the same become delinquent all taxes, assessments
      and governmental charges imposed upon it or upon its property except to the
      extent contested in good faith (collectively the “Laws”);

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

    (b) Visitation
      Rights; Field Examination.
      At any
      reasonable time and from time to time during the term of the Construction Loan
      and upon at least two (2) Business Days notice during the term of the Term
      Loan,
      permit the Agent or representatives thereof to, at the expense of Agent, examine
      and make copies of and abstracts from the records and books of account of,
      and
      visit the properties of, and conduct field examinations and collateral
      inspections at least annually of the Borrower and to discuss the affairs,
      finances and accounts of the Borrower with any of its officers or directors,
      provided,
      however,
      upon
      and during the continuance of an Event of Default or in the event that there
      are
      deemed by the Agent to be any material inconsistencies and/or material
      noncompliance with respect to any financial or other reporting on the part
      of
      the Borrower, any and all visits and inspections deemed necessary or desirable
      on account of such Event of Default, inconsistency and/or noncompliance shall
      be
      at the expense of the Borrower. In addition to the foregoing, at any reasonable
      time and from time to time, the Borrower also shall permit the Agent or
      representatives thereof, at the expense of the Agent, to examine and make copies
      of and abstracts from the records and books of account of, and visit the
      properties of, the Borrower, and to discuss the affairs, finances and accounts
      of the Borrower with any of their respective officers or directors;

    

    (c) Reporting
      Requirements.
      Furnish
      to the Agent:

    

    (i) as
      soon
      as available and in any event within 120 days after the end of each fiscal
      year of the Borrower, beginning with the fiscal year ending December 31, 2006,
      a
      copy of the audited financial statements (including balance sheet, statements
      of
      income and cash flows, all accompanying notes thereto and management’s
      discussion and analysis) prepared in accordance with generally accepted
      accounting principals consistently applied, for such year for the Borrower,
      certified, without qualification, in an opinion reasonably acceptable to the
      Agent by independent public accountants reasonably acceptable to the
      Agent;

    

    (ii) as
      soon
      as available after the end of each fiscal year beginning with December 31,
      2006,
      a copy of Borrower’s signed U.S. Income Tax return and accompanying schedules;

    

    (iii) commencing
      with the first full calendar month following the Start-Up Date and thereafter,
      as soon as available and in any event within 30 days after the end of each
      calendar month, a copy of the financial statements (including balance sheet,
      statements of income and cash flows commencing at the beginning of the fiscal
      year and ending with the end of such month, all accompanying notes thereto)
      prepared in accordance with generally accepted accounting principals
      consistently applied, for such calendar month for the Borrower, certified by
      an
      authorized officer of the Borrower; together with a Compliance Certificate
      which: (A) states that no Event of Default, and no event or condition that
      but for the passage of time, the giving of notice or both would constitute
      an
      Event of Default, has occurred or is in existence; and (B) shows in detail
      reasonably satisfactory to the Agent the calculation of, and the Borrower'
      compliance with, each of the covenants contained in Sections 5.01(d),
      5.01(e),
      5.01(f),
      and
5.01(g);

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

     

    (iv) commencing
      with the first full calendar month following the Start-Up Date and thereafter,
      as soon as available but in any event not more than thirty (30) days after
      the end of each calendar month, a list and aging of all of the Borrower'
      accounts receivable and accounts payable, in such form and manner as is
      satisfactory to the Agent;

    

    (v) promptly
      upon the Agent's request therefore, copies of all reports and notices which
      the
      Borrower files under ERISA with the Internal Revenue Service, the Pension
      Benefit Guaranty Corporation or the U.S. Department of Labor or which the
      Borrower receives from such Governmental Authority; 

    

    (vi) commencing
      with the December 15 following the Start-Up Date and thereafter, by December
      15th
      of each
      fiscal year of the Borrower, an annual (with monthly break out) operating plan
      and budget of the Borrower for the immediately succeeding fiscal year
      containing, among other things, pro forma financial statements and forecasts
      for
      all planned lines of business;

    

    (vii) promptly
      after the occurrence thereof, information concerning any litigation or
      governmental or environmental proceedings against the Borrower or any of its
      properties that if determined unfavorably to the Borrower could reasonably
      be
      expected to result in a Material Adverse Effect;

    

    (viii) promptly
      upon the occurrence of an Event of Default or an event or condition that but
      for
      the passage of time or the giving of notice or both would constitute an Event
      of
      Default, notice of such Event of Default or event;

    

    (ix) promptly
      after the receipt thereof, a copy of any management letters or written reports
      submitted to the Borrower by its independent certified public accountants with
      respect to the business, financial condition or operation of the
      Borrower;

    

    (x) promptly
      after the receipt thereof, a copy of any notice of default under any material
      agreements of the Borrower that could reasonably be expected to result in a
      Material Adverse Effect; 

    

    (xi) promptly
      after the filing thereof, all applications with respect to required permits
      for
      the Project, and promptly upon the receipt thereof, copies of all permits
      obtained by Borrower with respect to the Project; and 

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

     

    (xii) such
      other information respecting the condition or operations, financial or
      otherwise, of the Borrower as the Agent may from time to time reasonably
      request;

    

    (d)  Net
      Worth.
      Maintain as of the Closing Date Net Worth of not less than $31,995,000.00.
      Thereafter, maintain at all times Net Worth measured on a monthly basis at
      the
      end of each month of not less than $28,000,000.00; 

    

    (e) Minimum
      Debt Service Coverage Ratio.
      Commencing
      with the end of the first full fiscal year following the Start-Up Date, maintain
      at all times after the Start-Up Date, a Debt Service Coverage Ratio of not
      less
      than 1.25 to 1.00 as calculated monthly; provided,
      however,
      the
      failure of Borrower to maintain the required Debt Service Coverage Ratio shall
      only be an Event of Default in the event Borrower fails to maintain the
      requisite ratio in three (3) consecutive months, or more than four (4) times
      in
      a given twelve (12) month period;

     

    (f) Minimum
      Working Capital.
      Maintain Working Capital as of the end of each month of not less than
      $5,000,000.00 starting at the end of the second year following the Start-up
      Date
      and thereafter;

    

    (g) Minimum
      Equity Percentage.
      Maintain a minimum equity to total assets percentage of greater than
      35.0%;

    

    (h) Landlord
      and Mortgagee Waivers.
      Obtain
      and furnish to the Agent as soon as available, waivers, acknowledgments and
      consents, duly executed by each: (i) real property owner, landlord and
      mortgagee having an interest in any of the premises owned or leased by the
      Borrower or in which any Collateral of the Borrower is located or to be located
      (and if no Collateral of a Borrower is located at a parcel of property owned
      or
      leased by a Borrower, no such waivers, acknowledgments or consents will be
      required); and (ii) each third party holding any Collateral, all in form
      and substance acceptable to the Agent, except as otherwise agreed to by the
      Agent;

    

    (i) Insurance.
      Maintain insurance with financially sound and reputable insurance companies
      in
      such amounts and covering such risks as are usually carried by entities engaged
      in similar businesses and owning similar properties in the same general areas
      in
      which the Borrower operates, including product liability, provided that in
      any
      event the Borrower will maintain workers' compensation insurance, property
      insurance, business interruption insurance and comprehensive general liability
      insurance reasonably satisfactory to the Agent. Each insurance policy covering
      Collateral shall be in compliance with the requirements of the Security
      Agreement;

    

    (j) Keeping
      Books and Records.
      Maintain proper books of record and account in which full, true, and correct
      entries in all material respects and in conformity with generally accepted
      accounting principles shall be made of all dealings and transactions in relation
      to its business and activities;

    

    
      
        
        

      

      
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    (k) Warehouse
      Receipts.
      If any
      warehouse receipt or receipts in the nature of a warehouse receipt is issued
      in
      respect of any portion of the Collateral, then the Borrower: (i) will not
      permit such warehouse receipt or receipts in the nature thereof to be
“negotiable” as such term is used in Article 7 of the UCC; and (ii) will
      deliver all such receipts to the Agent (or a Person designated by the Agent)
      within five (5) days of the Agent's request and from time to time
      thereafter. If no Event of Default exists, the Agent agrees to promptly deliver
      to Borrower any receipt so held by the Agent upon such Borrower’s request in
      connection with such Borrower’s sale or other disposition of the underlying
      inventory, if such disposition is in ordinary course of such Borrower's
      business;

    

    (l) Maintain
      Properties.
      Maintain in good repair, working order and condition all material properties
      used in the business of the Borrower;

    

    (m) Collateral.
      Keep
      full and accurate books and records relating to the Collateral and pay for
      the
      costs of periodic audits of the Collateral to be conducted at Agent’s reasonable
      discretion;

    

    
      
        (n)
          Construction
          of Project.
          Borrower
          shall:

      

    

    

    (i) diligently
      proceed with construction of the Project in accordance with the Plans and
      Specifications and in accordance with all applicable laws and ordinance and
      will
      complete the Project on or before the Completion Date;

    

    (ii) use
      the
      proceeds of all Advances solely to pay the Project Costs;

    

    (iii) use
      its
      best efforts to require the Contractor(s) to comply with all rules, regulations,
      ordinances and laws relating to work on the Project;

    

    (iv) obtain
      the Agent’s prior written approval of any change in the Plans and Specifications
      for the Project approved by the Agent which might materially adversely effect
      the value of the Agent’s security, and has a cost of $100,000.00 or greater. The
      Agent will have five (5) Business Days to evaluate any requests for its approval
      of any changes referred to in this paragraph. The Agent may approve or
      disapprove changes in its discretion. If it reasonably appears to the Agent
      that
      any change may increase the Project Costs, the Agent may require the Borrower
      to
      deposit additional funds with the Agent pursuant to the provisions of this
      Agreement in an amount sufficient to cover the increased costs as a condition
      to
      giving its approval;

    

    (v) comply
      with and keep in effect all permits and approvals obtained from any Governmental
      Authority required for the lawful construction of the Project. The Borrower
      will
      comply in all material respects with all applicable existing and future laws,
      regulations, orders, and requirements of any Governmental Authority, judicial,
      or legal authorities having jurisdiction over the Property or Project, and
      with
      all recorded restrictions affecting the Property;

    

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

       

    

    (vi) furnish
      to the Agent from time to time on request by the Agent, in a form acceptable
      to
      the Agent, correct lists of all contractors and subcontractors employed in
      connection with construction of the Project and true and correct copies of
      all
      executed contracts and subcontracts. The Agent may contact any contractor or
      subcontractor to verify any facts disclosed in the lists, and all contracts
      and
      subcontracts relating to construction of the Project must require the disclosure
      of the listed information to the Agent;

    

    (vii) not
      purchase any materials, equipment, fixtures, or articles of personal property
      placed in the Project prior to the Conversion Date under any security agreement
      or other agreement where the seller reserves or purports to reserve title or
      the
      right of removal or repossession, or the right to consider them personal
      property after their incorporation in the work of construction, unless
      authorized by the Agent in writing;

    

    (viii) provide
      the Agent and its representatives with access to the Real Property and the
      Project at any reasonable time and upon reasonable notice to enter the Real
      Property and inspect the work or construction and all materials, plans,
      specifications, and other matters relating to the construction, provided that
      such persons do not interfere with construction and do comply with Borrower’s
      reasonable rules and regulations. The Agent will also have the right to, at
      any
      reasonable time and upon reasonable notice, examine, copy, and audit the books,
      records, accounting data, and other documents of the Borrower and all documents
      or agreements between the Borrower and its contractors relating to the Property
      or construction of the Project;

    

    (ix) pay
      and
      discharge all claims and liens for labor done and materials and services
      furnished in connection with the construction of the Project. The Borrower
      will
      have the right to contest in good faith any claim or lien, provided that it
      does
      so diligently and without prejudice to the Agent or the ability to obtain title
      insurance in the manner required by this Agreement and the Construction
      Disbursing Agreement. Upon the Agent’s request, the Borrower will promptly
      provide a bond, cash deposit, or other security reasonably satisfactory to
      the
      Agent to protect the Agent’s interest and security should the contest be
      unsuccessful;

    

    (x) at
      the
      Agent’s request and expense, post signs on the Property for the purpose of
      identifying the Agent as the “Lender” for the Project. At the request of the
      Agent, the Borrower will use its best efforts to identify the Agent as the
      lender for the Project in publicity concerning the Project;

    

    (xi) maintain
      in force until full payment of the Loan all insurance required by law, public
      liability insurance, and Property insurance. The policies must be reasonably
      approved by the Agent as to amounts, form, risk coverage, deductibles, insurer,
      and loss payable and cancellation provision. The Agent’s approval, however, will
      not be a representation of the solvency of any insurer or the sufficiency of
      any
      amount of insurance;

    

    
      
        
        

      

      
        44

        
          

        

      

      
        
        

      

       

    

    (xii) cooperate
      at all times in all reasonable ways with the Agent in bringing about the timely
      completion of the Project, and resolve all disputes arising during the work
      of
      construction in a manner which will allow work to proceed expeditiously. With
      respect to such disputes, the Borrower will have the right to contest in good
      faith claims resulting in disputes, provided that it does so diligently and
      without prejudice to the Agent. Upon the Agent’s request, the Borrower will
      promptly provide a bond, cash deposit, or other security reasonably satisfactory
      to the Agent to protect the Agent’s interest and security should the contest be
      unsuccessful;

    

    (xiii) pay
      the
      Agent’s and the Disbursing Agent’s out-of-pocket costs and expenses incurred in
      connection with the making or disbursement of the Loans or in the exercise
      of
      any of its rights or remedies under this Agreement, including but not limited
      to
      title insurance and escrow charges, disbursing agent fees, recording charges,
      and mortgage taxes, reasonable legal fees and disbursements, and reasonable
      fees
      and costs for services which are not customarily performed by the Agent’s
      salaried employees and are not specifically covered by the fees charged to
      originate the Loan, if any. The provision of this paragraph will survive the
      termination of this Agreement and the repayment of the Loan;

    

    (xiv) keep
      true
      and correct financial books and records on a cash basis for the construction
      of
      the Project and maintain adequate reserves for all reasonably known or
      anticipated contingencies. If required by the Agent, the Borrower will submit
      to
      the Agent at such times as it requires (which will in no event be more often
      than monthly) a statement which accurately shows the application of all funds
      expended to date for construction of the Project and the source of those funds
      as well as the Borrower’s best estimate of the funds needed to complete the
      Project and the source of those funds;

    

    (xv) comply
      in
      all material respects with the requirements of any commitment or agreement
      entered into by Borrower with any Governmental Authority to assist the
      construction or financing of the Property and/or Project and with the terms
      of
      all applicable laws, regulations, and requirements governing such
      assistance;

    

    (xvi) indemnify
      and hold the Agent harmless from and against all liabilities, claims, damages,
      costs, and expenses (including but not limited to reasonable legal fees and
      disbursements) arising out of or resulting from any defective workmanship or
      materials occurring in the construction of the Project. Upon demand by the
      Agent, the Borrower will defend any action or proceeding brought against the
      Agent alleging any defective workmanship or materials, or the Agent may elect
      to
      conduct its own defense at the expense of the Borrower. The provisions of this
      paragraph will survive the termination of this Agreement and the repayment
      of
      the Loan; and

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

     

    (xvii) obtain
      and deliver to the Agent copies of all necessary occupancy certificates relating
      to the Project;

    

    (o) Borrower’s
      Equity.
      Borrower shall ensure that all of Borrower’s Equity is contributed to Borrower
      by its members upon the terms and conditions that such members have agreed
      to
      make a contribution to Borrower’s Equity and shall, upon the request of Agent,
      provide Agent with an accounting of all equity contributions actually received
      by Borrower;

    

    (p) Marketing
      Agreements.
      Borrower shall promptly notify Agent of any Marketing Agreement entered into
      between Borrower and any Marketing Agent. Borrower shall execute and deliver
      to
      Agent a collateral assignment of any such Marketing Agreement, in a form and
      content satisfactory to Agent and its counsel and acknowledged by the Marketing
      Agent; and

    

    (q) Taxes.
      Borrower shall cause to be paid, when due, all taxes, assessments and other
      governmental charges upon its, income, sales, properties, and federal and states
      taxes withheld from its employees’ earnings, unless (i) the failure to pay such
      taxes, assessments or other governmental charges could not reasonably be
      expected to result in a Material Adverse Effect, or (ii) such taxes, assessments
      or other governmental charges are the subject of a good faith contest by the
      Borrower. 

    

    Section
      5.02. Negative
      Covenants.
      So long
      as any of the Loan Obligations remain unpaid or the Agent shall have any
      commitment hereunder, the Borrower will not, without the prior written consent
      of the Agent: 

    

    (a) Liens,
      etc.
      Create
      or suffer to exist, or permit any of its subsidiaries to create or suffer to
      exist, any lien, security interest or other charge or encumbrance, or any other
      type of preferential arrangement, upon or with respect to any of its properties,
      whether now owned or hereafter acquired, or assign, or permit any of its
      subsidiaries to assign, any right to receive income, in each case to secure
      any
      Debt of any Person, other than the following liens (“Permitted
      Liens”):

    

    (i) those
      described on Schedule 5.02(a)
      hereto
      and renewals and extensions on the same or substantially the same terms and
      conditions and at no increase in the debt or obligation;

    

    (ii) liens
      or
      security interests which are subject to an intercreditor agreement in form
      and
      substance acceptable to Agent in Agent's sole discretion;

    

    (iii) the
      liens
      or security interests of the Deed of Trust and the Security
      Agreement;

    

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

       

    

    (iv) mechanics'
      and materialmen's liens for immaterial sums which are either (x) not yet
      due and payable or (y) being contested in good faith by appropriate
      proceedings which serve to stay the foreclosure of such liens and as to which
      appropriate reserves have been established;

    

    (v) liens
      (other than liens relating to environmental liabilities or ERISA) for taxes,
      assessments, or other governmental charges that are not more than 30 days
      overdue or, if the execution thereof is stayed, which are being contested in
      good faith by appropriate proceedings diligently pursued and for which adequate
      reserves have been established;

    

    (vi) liens
      of
      warehousemen, carriers, landlords, feeders, or other similar statutory or common
      law liens securing obligations that are not yet due and are incurred in the
      ordinary course of business or, if the execution thereof is stayed, which are
      being contested in good faith by appropriate proceedings diligently pursued
      and
      for which adequate reserves have been established in accordance with generally
      accepted accounting principles;

    

    (vii) liens
      resulting from good faith deposits to secure payments of workmen's compensation
      unemployment insurance, or other social security programs or to secure the
      performance of tenders, leases, statutory obligations, surety, customs and
      appeal bonds, bids or contracts (other than for payment of Debt);

    

    (viii) any
      attachment or judgment lien not constituting an Event of Default;

    

    (ix) liens
      arising from filing UCC financing statements regarding leases (including Capital
      Leases) not prohibited by this Agreement;

    

    (x) customary
      offset rights of brokers and deposit banks arising under the terms of securities
      account agreements and deposit agreements; and

    

    (xi) any
      real
      estate easements and easements, covenants and encumbrances that customarily
      do
      not affect the marketable title to real estate or materially impair its use
      or
      are disclosed in the Title Commitment and not objected to by Agent;
      or

    

    (b) Distributions,
      etc.
      Declare
      or pay any distributions or dividends, purchase, redeem or otherwise acquire
      for
      value any of its membership interests now or hereafter outstanding, or make
      any
      distribution of assets to its stockholders, members or general partners as
      such,
      or permit any of its subsidiaries to purchase, redeem or otherwise acquire
      for
      value any stock, membership interests or partnership interests of the Borrower,
      provided, however, the Borrower may, (i) so long as the Borrower is classified
      as an S corporation or partnership for federal income tax purposes, and (ii)
      so
      long as the Borrower first provides such supporting documentation as the Agent
      may reasonably request with respect to any fiscal year of the Borrower, the
      Borrower may pay aggregate cash distributions, during such fiscal year in an
      amount not to exceed the amount necessary for the members of the Borrower to
      pay
      his or her Income Taxes on such Person’s allocable share of the taxable income
      of the Borrower for such taxable year or fiscal year, as applicable, in an
      amount not to exceed 65.0% of Borrower’s Net Income (“Distributions”)
      (provided, however, that this restriction will expire at the end of the third
      operational year of the Borrower after the Start-up Date if the Borrower then
      has a minimum Working Capital of not less than $10,000,000.00).

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

       

    

    (c) Capital
      Expenditures; Capital Leases.
      After 18
      months after the Start-Up Date, make any investment in fixed assets or enter
      into any Capital Leases in an aggregate amount greater than $3,000,000.00 during
      any fiscal year; or 

    

    (d) Consolidation,
      Merger, Dissolution, Etc.
      Directly
      or indirectly, merge or consolidate with any other Person or permit any other
      Person to merge into or with or consolidate with the Borrower; or

    

    (e) Indebtedness,
      etc.
      Create,
      incur, assume or suffer to exist any Debt or other indebtedness, liabilities
      or
      obligations, whether matured or unmatured, liquidated or unliquidated, direct
      or
      contingent, joint or several, except: (i) the liabilities of the Borrower
      to the Banks hereunder; (ii) trade accounts payable and accrued liabilities
      (other than Debt) arising in the ordinary course of the Borrower's business;
      (iii) Subordinated Debt; (iv) the liabilities of the Borrower described on
Schedule 5.02(a)
      or
      permitted by Section
      5.02(c);
      and
      other unsecured Debt not to exceed in the aggregate $500,000.00 at any time
      outstanding; or

    

    (f) Organization;
      Name; Chief Executive Office.
      Change
      its state of organization, name or the location of its chief executive office
      without the prior written consent of the Agent; or

    

    (g) Loans,
      Guaranties, etc.
      Make
      any loans or advances to (whether in cash, in-kind, or otherwise) any Person,
      or
      directly or indirectly guaranty or otherwise assure a creditor against loss
      in
      respect of any indebtedness, obligations or liabilities (contingent or
      otherwise) of any Person in excess of $100,000.00 at any time outstanding;
      or

    

    (h) Subsidiaries;
      Affiliates.
      Form
      or
      otherwise acquire any subsidiary or affiliated business, or acquire the assets
      of or acquire any equity or ownership interest in any Person, unless such
      subsidiary, affiliate or Person executes and delivers to the Agent: (i) a
      guaranty of all of the Loan Obligations, in form and substance acceptable to
      the
      Agent in its sole discretion; (ii) security agreements in form substantially
      similar to the Security Agreement; and (iii) such other documents and amendments
      to this Agreement and the other Loan Documents as the Agent shall require;
      or

    

    (i) Transfer
      of Assets.
      Sell,
      lease, assign, transfer, or otherwise voluntarily dispose of any of its assets,
      or permit any of its subsidiaries to sell, lease, assign, transfer, or otherwise
      voluntarily dispose of any of its assets except: (i) dispositions of
      Inventory in the ordinary course of business; and (ii) dispositions of:
      (A) obsolete or worn out equipment; (B) equipment or real property not
      necessary for the operation of its business; or (C) equipment or real
      property which is replaced with property of equivalent or greater value as
      the
      property which is disposed; or

    

    
      
        
        

      

      
        48

        
          

        

      

      
        
        

      

       

    

    (j) Lines
      of Business.
      Engage
      in
      any line or lines of business activity other than the production and sale of
      ethanol and DGS or related products from ethanol production; or 

    

    (k) Investments.
      Own,
      purchase or acquire any stock, obligations or securities of, or any other
      interest in, or make any capital contribution to any person, except that the
      Borrower may own, purchase or acquire:

    

    (i)
       Commercial
      paper maturing not in excess of one (1) year from the date of acquisition and
      rated “P1” by Moody’s Investors Service, Inc. or “A1” by Standard & Poor’s
      Corporation on the date of acquisition;

    

    (ii) Certificates
      of Deposit in North American commercial banks rated “C” or better by Keefe,
      Buryette and Woods, Inc., or “3” or better by Cates Consulting and Analysts,
      maturing not in excess of one (1) year from the date of
      acquisition;

    

    (iii) Obligations
      of the United States government or any agency thereof, the obligations of which
      are guaranteed by the United States government, maturing, in each case, not
      in
      excess of one (1) year from the date of acquisition; and

    

    (iv) Repurchase
      agreements of any bank or trust company incorporated under the law of the United
      States of America or any state thereof and fully secured by a pledge of
      obligations issued or fully and unconditionally guaranteed by the United States
      government. 

    

    (l)  Change
      of Control.
      

    

    (i) Replace
      the Chief Executive Officer or the Chief Financial Officer of the Borrower
      without providing written notice to the Agent within thirty (30) days of such
      replacement; or

    

    (ii) Permit
      a
      change in the ownership of the Borrower other than a transfer of not more than
      fifteen percent (15%) of the Membership Interest in Borrower in the aggregate
      in
      any one calendar year, to existing Members or family members of existing
      Members; or

    

    (iii) Permit
      Ray-Carroll’s membership interest in Borrower to, at any time, be less than ten
      percent (10%) of the total outstanding Membership Interest in
      Borrower.

    

    
      
        
        

      

      
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    ARTICLE
      VI.

    EVENTS
      OF DEFAULT AND REMEDIES

    

    Section
      6.01. Events
      of Default.
      Each of
      the following events shall be an “Event
      of Default”:
      

    

    (a) The
      Borrower shall fail to pay any installments of principal or interest, fees,
      expenses, charges or other amounts payable hereunder or under the other Loan
      Documents or to make any deposit of funds required under this Agreement when
      due
      and such failure continues for 3 days after written notice shall have been
      given
      to the Borrower by the Agent; or

    

    (b) Any
      representation or warranty made by the Borrower, or any of its officers or
      directors under or in connection with any Loan Document shall prove to have
      been
      incorrect in any material respect when made which shall not be cured within
      five
      (5) days after written notice shall have been given to the Borrower by the
      Agent; or

    

    (c) The
      Borrower shall fail to perform or observe any term, covenant or agreement
      contained in Sections
      5.01(d),
      (f),
      (g),
      or
Sections 5.02(a)
      through
Sections
      5.02(k)
      which
      shall not be cured within thirty (30) days after written notice shall have
      been
      given to the Borrower by the Agent; or

    

    (d) The
      Borrower shall fail to meet and maintain the requirements set forth in
Section
      5.01(e); or  

    

    (e) The
      Borrower shall fail to deliver the financial statements or Compliance
      Certificate under Section 5.01(c)
      within
      five (5) days of the date due and such failure continues to five (5) days after
      written notice shall have been given to the Borrower by the Agent;
      or

    

    (f) The
      Borrower shall fail to perform or observe any term, covenant or agreement
      contained in any Loan Document (other than those listed in clauses (a)
      through (d) of this Section 6.01)
      on its
      part to be performed or observed (other than the covenants to pay the Loan
      Obligations) and any such failure shall remain unremedied for ten (10) days
      after written notice thereof shall have been given to the Borrower by the Agent,
      provided,
      however,
      that no
      Event of Default shall be deemed to exist if, within said ten (10) day period,
      Borrower has commenced appropriate action to remedy such failure and shall
      diligently and continuously pursue such action until such cure is completed,
      unless such cure is or cannot be completed within thirty (30) days after written
      notice shall have been given; or

    

    (g) The
      Borrower shall fail to pay any indebtedness in an amount in excess of
      $100,000.00 (either in any individual case or in the aggregate) excluding
      indebtedness evidenced by the Notes and excluding Ordinary Trade Payable
      Disputes, or any interest or premium thereon, when due (whether by scheduled
      maturity, required prepayment, acceleration, demand or otherwise) and such
      failure shall continue after the applicable grace period, if any, specified
      in
      the agreement or instrument relating to such indebtedness; or any other default
      under any agreement or instrument relating to any such indebtedness, or any
      other event, shall occur and shall continue after the applicable grace period,
      if any, specified in such agreement or instrument, if the effect of such default
      or event is to accelerate, or to permit the acceleration of, the maturity of
      such indebtedness (excluding Ordinary Trade Payable Disputes); or any such
      indebtedness shall be declared to be due and payable, or required to be prepaid
      (other than by a regularly scheduled required prepayment), prior to the stated
      maturity thereof (excluding Ordinary Trade Payable Disputes); or

    

    
      
        
        

      

      
        50

        
          

        

      

      
        
        

      

       

    

    (h) The
      Borrower shall generally not pay its debts as such debts become due, or shall
      admit in writing its inability to pay its debts generally, or shall make a
      general assignment for the benefit of creditors; or any proceeding shall be
      instituted by or against the Borrower seeking to adjudicate it a bankrupt or
      insolvent, or seeking liquidation, winding up, reorganization, arrangement,
      adjustment, protection, relief, or composition of it or its debts under any
      law
      relating to bankruptcy, insolvency or reorganization or relief of debtors,
      or
      seeking the entry of an order for relief or the appointment of a receiver,
      trustee or other similar official for it or for any substantial part of its
      property, and, in the case of any such proceeding instituted against it (but
      not
      instituted by it) either such proceeding shall remain undismissed or unstayed
      for a period of thirty (30) days or any of the actions sought in such proceeding
      (including, without limitation, the entry of an order for relief against it
      or
      the appointment of a receiver, trustee, custodian or other similar official
      for
      it or for any substantial part of its property) shall occur; or the Borrower
      shall take any corporate action to authorize any of the actions set forth above
      in this subsection; or 

     

    (i) Any
      one
      or more uninsured judgment(s) or order(s) for the payment of money in excess
      of
      $100,000.00 in the aggregate shall be rendered against the Borrower and either:
      (i) enforcement proceedings shall have been commenced by any creditor upon
      such judgment or order; or (ii) there shall be any period of thirty (30)
      consecutive days during which a stay of enforcement of such judgment or order,
      by reason of a pending appeal or otherwise, shall not be in effect;
      or

     

    (j) Any
      provision of any Loan Document shall for any reason cease to be valid and
      binding on the Borrower or the Borrower shall so state in writing;
      or

    

    (k) Any
      of
      the Loan Documents shall for any reason, except to the extent permitted by
      the
      terms thereof, cease to create a valid lien, encumbrance or security interest
      in
      any of the property purported to be covered thereby; or

    

    (l) Any
      Event
      of Default under the Construction Disbursing Agreement which has not been cured
      within any applicable periods provided in the Construction Disbursing Agreement;
      or

    

    
      
        
        

      

      
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    (m) The
      Borrower dissolves, suspends, or discontinues doing business; or

    

    (n) Construction
      of the Project is halted or abandoned prior to completion for any period of
      thirty (30) consecutive days for any cause which is not beyond the reasonable
      control of the Borrower; or

    

    (o) The
      construction of the Project shall be delayed for any reason and for such period
      that, in the reasonable judgment of the Agent and confirmed in writing by the
      Consulting Engineer, the Project will not be completed by the Completion Date.
      If such delay is curable and if Borrower has not been given a notice of a
      similar breach within the preceding twelve (12) months, it may be cured (and
      no
      Event of Default will have occurred) if Borrower cures the failure within thirty
      (30) days, which shall include advancing the progress of the Project to the
      point that, in the reasonable judgment of the Agent, the Project will be
      completed by the Completion Date; or

    

    (p) A
      declared event of default with respect to any other indebtedness of Borrower
      in
      excess of $100,000, including any working capital loan, member loan agreements,
      or public financing obtained by the Borrower which has not been cured within
      any
      applicable cure periods; or

    

    (q) Any
      material adverse change in the condition, financial or otherwise, of the
      Borrower; or

    

    (r) Any
      government action specific to the Borrower, the effect of which may have a
      Material Adverse Effect on the Borrower; or

     

    (s) Any
      default by Borrower under the terms of the Revolving Credit
      Facility.

    

    Section
      6.02. Remedies.
      Upon
      the occurrence of an Event of Default and during the continuance thereof, the
      Agent: 

    

    (a) may,
      by
      notice to the Borrower, declare the Notes, all interest thereon and all other
      amounts payable under this Agreement to be forthwith due and payable, whereupon
      the Notes, all such interest and all such amounts shall become and be forthwith
      due and payable, without presentment, notice of intent to accelerate or notice
      of acceleration, demand, protest or further notice of any kind, all of which
      are
      hereby expressly waived by the Borrower; provided,
      however,
      that in
      the event of an actual or deemed entry of an order for relief with respect
      to
      any of the Borrower or any of its subsidiaries under the Federal Bankruptcy
      Code, the Notes, all such interest and all such amounts shall automatically
      become due and payable, without presentment, demand, protest or any notice
      of
      any kind, all of which are hereby expressly waived by the Borrower;

    

    (b) may
      withhold or direct the Disbursing Agent to withhold any one or more Advances
      in
      its discretion, and terminate the Agent’s obligations, if any, under this
      Agreement to make any Advances whereupon the commitment and obligations of
      the
      Agent to extend credit or to make Advances hereunder shall terminate, and no
      disbursement of Loan funds by the Agent will cure any default of the Borrower,
      unless the Agent agrees otherwise in writing;

    

    
      
        
        

      

      
        52

        
          

        

      

      
        
        

      

       

    

    (c) may,
      by
      notice to the Borrower, obtain the appointment of a receiver to take possession
      of all Collateral of the Borrower, including, but not limited to all personal
      property, and all ethanol production, fixtures and equipment leased, occupied
      or
      used by the Borrower. Borrower hereby irrevocably consents to the appointment
      of
      such receiver and agrees to cooperate and assist any such receiver as reasonably
      requested to facilitate the transfer of possession of the Collateral to such
      receiver and to provide such receiver access to all books, records, information
      and documents as requested by such receiver;

    

    (d) in
      its
      discretion enter the Real Property and take any and all actions necessary in
      its
      judgment to complete construction of the Project, including but not limited
      to
      making changes in Plans and Specifications, work or materials, and entering
      into, modifying, or terminating any contractual arrangements, subject to the
      Agent’s right at any time to discontinue any work without liability. If the
      Agent elects to complete the Project, it will not assume any liability to the
      Borrower or any other person for completing the Project or for the manner or
      quality of construction of the Project, and the Borrower expressly waives any
      such liability. The Borrower irrevocably appoints the Agent as its
      attorney-in-fact, with full power of substitution, to complete the Project
      in
      the Borrower’s name, or the Agent may elect to complete construction in its own
      name. In any event, all sums expended by the Agent in completing construction
      will be considered to have been disbursed to the Borrower and will be secured
      by
      the Deed of Trust and any other instruments or documents securing the Loans,
      and
      any such sums that cause the principal amount of the Loans to exceed the face
      amount of the Notes will be considered to be an additional loan to the Borrower
      bearing interest at the rate provided in the Notes and will be secured by the
      Deed of Trust and any other instrument or documents securing the Loans. The
      Agent will not have any obligation under the Plans and Specifications prepared
      for the Project, any studies, data, and drawings with respect thereto prepared
      by or for Borrower, or the contracts and agreements relating to the Plans and
      Specifications, or the aforesaid studies, data, and drawings, or to the
      construction of the Project unless it expressly hereafter agrees in writing.
      The
      Agent will have the right to exercise any rights of the Borrower under those
      contracts and agreements or with respect to such Plans and Specifications,
      studies, data, and drawings upon any default by the Borrower under this
      Agreement, and shall have such other rights and remedies with respect thereto
      as
      are afforded a secured creditor under applicable law; and

    

    (e) may
      exercise all other rights and remedies afforded to the Agent under the Loan
      Documents or by applicable law or equity.

    

    Section
      6.03.  Remedies
      Cumulative.
      Each and
      every power or remedy herein specifically given shall be in addition to every
      other power or remedy, existing or implied, given now or hereafter existing
      at
      law or in equity, and each and every power and remedy herein specifically given
      or otherwise so existing may be exercised from time to time and as often and
      in
      such order as may be deemed expedient by Agent, and the exercise or the
      beginning of the exercise of one power or remedy shall not be deemed a waiver
      of
      the right to exercise at the same time or thereafter any other power or remedy.
      No delay or omission of Agent in the exercise of any right or power accruing
      hereunder shall impair any such right or power or be construed to be a waiver
      of
      any default or acquiescence therein.

    

    
      
        
        

      

      
        53

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      VII.

    THE
      AGENT

    

    Section
      7.01. Authorization
      and Action.
      Each
      Bank hereby appoints and authorizes the Agent to take such action as agent
      on
      its behalf and on behalf of each of its Affiliates who are owed Loan Obligations
      (each such Affiliate by acceptance of the benefits of the Loan Documents hereby
      ratifying such appointment) and to exercise such powers under this Agreement
      as
      are delegated to the Agent by the terms hereof, together with such powers as
      are
      reasonably incidental thereto. As to any matters not expressly provided for
      by
      this Agreement (including, without limitation, enforcement or collection of
      the
      Notes), the Agent shall not be required to exercise any discretion or take
      any
      action, but shall be required to act or to refrain from acting (and shall be
      fully protected in so acting or refraining from acting) upon the instructions
      of
      the Required Banks; provided,
      however,
      that
      the Agent shall not be required to take any action which exposes the Agent
      to
      personal liability or which is contrary to this Agreement or applicable
      law.

    

    Section
      7.02. Duties
      and Obligations.
      Neither
      the Agent nor any of its directors, officers, agents, or employees shall be
      liable for any action taken or omitted to be taken by it or them under or in
      connection with this Agreement except for its or their own gross negligence
      or
      willful misconduct. Without limitation of the generality of the foregoing,
      the
      Agent: (i) may treat the Banks as the parties entitled to distributions
      hereunder unless and until the Agent receives written notice and evidence
      satisfactory to it, to the contrary; (ii) may consult with legal counsel
      (including counsel for Borrower), independent public accountants and other
      experts selected by it and shall not be liable for any action taken or omitted
      to be taken in good faith by it in accordance with the advice of such counsel,
      accountants or experts; (iii) shall not by reason of any of the Related
      Documents be a trustee or fiduciary for any Bank; and (iv) shall incur no
      liability under or in respect of this Agreement by acting upon any notice,
      consent, certificate or other instrument or writing (which may be by telegram,
      cable, telex or facsimile) believed by it to be genuine and signed or sent
      by
      the proper party or parties or by acting upon any representation or warranty
      of
      Borrower made or deemed to be made hereunder. Further, the Agent: (A) makes
      no warranty or representation to any Bank and shall not be responsible to any
      Bank for the accuracy or completeness of any statements, warranties or
      representations (whether written or oral) made in or in connection with this
      Agreement; (B) shall not have any duty to ascertain or to inquire as to the
      performance or observance of any of the terms, covenants or conditions of this
      Agreement on the part of Borrower or to inspect the property (including the
      books and records) of Borrower; and (C) shall not be responsible to any
      Bank for the due execution, legality, validity, enforceability, genuineness,
      sufficiency or value of this Agreement or any other instrument or document
      furnished pursuant hereto. 

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    Section
      7.03. Agent
      and Affiliates.
      With
      respect to its Commitment, the Advances made by it and the Notes issued to
      it,
      the Agent shall have the same rights and powers under this Agreement as the
      other Banks and may exercise the same as though it were not the Agent; and
      the
      term “Bank” or “Banks” shall, unless otherwise expressly indicated, include the
      Agent in its capacity as a Bank. FCS and its Affiliates may accept deposits
      from, lend money to, act as trustee under indentures of, and generally engage
      in
      any kind of business with, Borrower, all as if FCS were not the Agent hereunder
      and without any duty to account therefore to the Banks.

    

    Section
      7.04. Bank
      Credit Decision.
      It is
      understood and agreed by each Bank that it has itself been, and will continue
      to
      be, solely responsible for making its own independent appraisal of and
      investigations into the financial condition, creditworthiness, condition,
      affairs, status and nature of the Borrower and the Collateral. Accordingly,
      each
      Bank confirms to the Agent that such Bank has not relied, and will not hereafter
      rely, on the Agent: (i) to check or inquire on its behalf into the
      adequacy, accuracy or completeness of any information provided by Borrower
      under
      or in connection with this Agreement, the Loan Documents or the transactions
      herein or therein contemplated (whether or not such information has been or
      is
      hereafter distributed to such Bank by the Agent); or (ii) to assess or keep
      under review on its behalf the financial condition, creditworthiness, condition,
      affairs, status or nature of Borrower or any collateral provided to secure
      the
      obligations of the Borrower under the Loan Documents. Each Bank acknowledges
      that a copy of the Loan Documents have been made available to it and to its
      individual legal counsel for review and such Bank acknowledges that it is
      satisfied with the form and substance of the Loan Documents. 

    

    Section
      7.05. Indemnification.
      The
      Banks agree to indemnify the Agent (to the extent not reimbursed by the
      Borrower), ratably according to their Pro Rata Shares, from and against any
      and
      all liabilities, obligations, losses, damages, penalties, actions, judgment,
      suits, costs, expenses or disbursements of any kind or nature whatsoever which
      may be imposed on, incurred by, or asserted against the Agent in any way
      relating to or arising out of the Loan Documents or the Loan Obligations or
      any
      action taken or omitted by the Agent under this Agreement, provided that no
      Bank
      shall be liable for any portion of such liabilities, obligations, losses,
      damages, penalties, actions, judgments, suits, costs, expenses or disbursements
      resulting from the Agent's gross negligence or willful misconduct. Without
      limiting the generality of the foregoing, each Bank agrees to reimburse the
      Agent promptly upon demand for any reasonable out-of-pocket expenses (including
      reasonable counsel fees) incurred by the Agent in connection with the
      preservation of any rights of the Agent or the Banks under, or the enforcement
      of, or legal advice in respect of rights or responsibilities under, the Loan
      Documents, to the extent that the Agent is not reimbursed for such expenses
      by
      the Borrower. 

    

    Section
      7.06. Successor
      Agent.
      The
      Agent may resign at any time by giving written notice thereof to the Banks
      and
      the Borrower. If no successor Agent shall have been appointed by the Banks,
      and
      shall have accepted such appointment, within 30 days after the retiring
      Agent's giving of notice of resignation, then the retiring Agent may, on behalf
      of the Banks, appoint a successor Agent, which shall be either a Bank or a
      bank
      reasonably acceptable to the Borrower organized under the laws of the United
      States or of any state thereof, or any affiliate of such bank, and having a
      combined capital and surplus of at least One Billion Dollars
      ($1,000,000,000.00). Upon the acceptance of any appointment as Agent hereunder
      by a successor Agent, such successor Agent shall thereupon succeed to and become
      vested with all the rights, powers, privileges and duties of the retiring Agent,
      and the retiring Agent shall be discharged from its duties and obligations
      under
      this Agreement. After any retiring Agent's resignation hereunder as Agent,
      the
      provision of this Article VII shall inure to its benefit as to any actions
      taken or omitted to be taken by it while it was Agent under this
      Agreement.

    

    
      
        
        

      

      
        55

        
          

        

      

      
        
        

      

       

    

    Section
      7.07. Exchange
      of Information.
      Each
      Bank and the Agent shall freely exchange with the other Banks and/or Agent
      any
      information relating to the condition, financial or otherwise, of the Borrower,
      and the Borrower hereby consents to any and all prior, present or future such
      exchanges.

    

    Section
      7.08. Benefit
      of the Banks Only.
      The
      terms and provisions of this Article VII are for the sole and exclusive
      benefit of the Agent and the Banks, and not for the benefit of Borrower.

    

    Section
      7.09. Authorized
      Actions.
      Agent
      is irrevocably authorized by the Banks, without any further action by any Bank,
      to release the Agent's liens in Collateral: (i) if such Collateral is
      permitted to be sold or otherwise disposed of hereunder, (ii) if the book value
      of such Collateral is $1,000,000.00 or less, and (iii) upon termination of
      the Commitments and payment and satisfaction of all other non-contingent
      obligations of the Borrower under the Loan Documents. 

    

    ARTICLE
      VIII.

    MISCELLANEOUS

    

    Section
      8.01. Amendments,
      etc.
      No
      amendment or waiver of any provision of any Loan Document to which Borrower
      is a
      party, nor any consent to any departure by Borrower therefrom, shall in any
      event be effective unless the same shall be agreed or consented to by the
      Required Banks and the Borrower, and each such waiver or consent shall be
      effective only in the specific instance and for the specific purpose for which
      given; provided
      that no
      amendment, waiver, or consent shall, without the consent of all Banks, do any
      of
      the following: (i) increase the Commitment of any Bank; (ii) reduce the
      amount owed to a Bank or reduce the rate of interest thereon, or reduce any
      fees
      payable to a Bank hereunder; (iii) postpone the scheduled date of payment
      of any amount owed to a Bank, or waive or excuse any such payment, or postpone
      the scheduled date of expiration of such Bank's Commitment; (iv) change any
      of the provisions of this Section or the definition of “Required Banks” or any
      other provision of any Loan Document specifying the number or percentage of
      Banks required to waive, amend or modify any rights thereunder or make any
      determination or grant any consent thereunder; (v) change the definitions
      of the term “Loan Obligations” or “Bank”; or (vi) except as permitted by
Section 7.09,
      release
      any Collateral or release Borrower from liability. Notwithstanding anything
      to
      the contrary contained in this Section, no amendment, waiver, or consent shall
      be made with respect to Article VII hereof or any other provision which
      affects the rights or obligations of the Agent without the prior written consent
      of the Agent.

     

    
      
        
        

      

      
        56

        
          

        

      

      
        
        

      

       

    

    Section
      8.02. Notices,
      etc.
      All
      notices and other communications provided for under any Loan Document shall
      be
      in writing and mailed, faxed, or delivered at the addresses set forth below,
      or
      at such other address as such party may specify by written notice to the other
      parties hereto: 

    

      
        	
                If
                  to the Borrower:

              	
                Show
                  Me Ethanol, LLC

              
	 	
                807
                  West Main

              
	 	
                Post
                  Office Box 158

              
	 	
                Richmond,
                  Missouri 64085

              
	 	
                Attention:
                  Mike Nordwald

              
	 	
                Telephone:
                  (816) 776-2291

              
	 	
                Facsimile:
                  (816) 766-3213

              
	 	 
	
                With
                  a copy to:

              	
                Bryan
                  Cave LLP

              
	 	
                3500
                  One Kansas City Place

              
	 	
                1200
                  Main Street

              
	 	
                Kansas
                  City, MO 64105

              
	 	
                Telephone:
                  (816) 374-3200

              
	 	
                Facsimile:
                  (816) 374-3300

              
	 	
                Attention:
                  David E. Reid

              
	 	 
	 	 
	
                If
                  to the Agent:

              	
                FCS
                  Financial, PCA

              
	 	
                Capital
                  Markets Group

              
	 	
                Three
                  City Place Drive, Suite 870

              
	 	
                St.
                  Louis, MO 63141

              
	 	
                Telephone:
                  314-432-4278

              
	 	
                Facsimile:
                   314-567-4678

              
	 	
                Attention:
                  Lee Fuchs

              
	 	 
	
                With
                  a copy to:

              	
                Husch
                  & Eppenberger, LLC

              
	 	
                1949
                  E. Sunshine St., Suite 2-300

              
	 	
                Springfield,
                  MO 65804

              
	 	
                Telephone:
                  (417) 862-6246

              
	 	
                Facsimile:
                  (417) 862-6948

              
	 	
                Attention:
                  Gary A. Powell

              

      

       

    

    If
      to a
      Bank: At the address or addresses, as the case may be, Agreement or the then
      most recent Bank Supplement to which such Bank is a party.

    

    All
      such
      notices and communications shall have been duly given and shall be effective:
      (i) when delivered; (ii) when transmitted via facsimile to the number set forth
      above; (iii) the Business Day following the day on which the same has been
      delivered prepaid (or pursuant to an invoice arrangement) to a reputable
      national overnight air courier service; or (iv) the third Business Day following
      the day on which the same is sent by certified or registered mail, postage
      prepaid. Any confirmation sent by the Agent or any Bank to Borrower of borrowing
      under this Agreement shall, in the absence of error, be conclusive and binding
      for all purposes.

    

    
      
        
        

      

      
        57

        
          

        

      

      
        
        

      

       

    

    Section
      8.03. No
      Waiver; Remedies.
      No
      failure on the part of the Agent or any Bank to exercise, and no delay in
      exercising, any right under any Loan Document shall operate as a waiver thereof;
      nor shall any single or partial exercise of any right under any Loan Document
      preclude any other or further exercise thereof or the exercise of any other
      right. The remedies provided in the Loan Documents are cumulative and not
      exclusive of any remedies provided by law. 

     

    Section
      8.04. Costs,
      Expenses and Taxes.
      

    

    (a) The
      Borrower agrees to pay on demand all costs and expenses in connection with
      the
      preparation, execution, delivery, filing, recording and administration of the
      Loan Documents and the other documents to be delivered under the Loan Documents,
      including, without limitation, (i) the reasonable fees and out-of-pocket
      expenses of counsel for the Agent and the Banks, and local counsel who may
      be
      retained by said counsel, with respect thereto and with respect to advising
      the
      Agent and Banks as to their respective rights and responsibilities under the
      Loan Documents; (ii) all costs and expenses (including reasonable counsel fees
      and expenses) for the Agent in connection with the filing of the Financing
      Statements and the enforcement of the Loan Documents and the other documents
      to
      be delivered under the Loan Documents, including, without limitation, in the
      context of any bankruptcy proceedings; (iii) all fees, costs and expenses
      incurred by the Agent in connection with the Title Insurance; (iv) all fees,
      costs and expenses of the Disbursing Agent; (v) all fees, costs and expenses
      of
      the Consulting Engineer; and (vi) all fees, costs and expenses of any appraiser
      engaged by the Agent. In addition, the Borrower agrees to pay on demand the
      expenses described in Section 5.01(b)
      which
      are the responsibility or obligation of Borrower and any and all stamp and
      other
      taxes and fees payable or determined to be payable in connection with the
      execution, delivery, filing and recording of the Loan Documents and the other
      documents to be delivered under the Loan Documents, and agrees to save the
      Agent
      and the Banks harmless from and against any and all liabilities with respect
      to
      or resulting from any delay in paying or omission to pay such taxes and
      fees.

     

    (b) If,
      due
      to payments made by a Borrower pursuant to Section 2.07(d)
      or due
      to acceleration of the maturity of the Advances pursuant to Section 6.01
      or due
      to any other reason, the Agent or any Bank receives payments of principal upon
      which interest is based upon the LIBOR Rate other than on the last day of an
      Interest Period relating thereto, the Borrower shall pay to the Bank on demand
      any amounts required to compensate the Agent or such Bank, as the case may
      be,
      for any additional losses, costs or expenses which it may incur as a result
      of
      such payment, including, without limitation, any loss (including loss of
      anticipated profits), cost or expense incurred by reason of the liquidation
      or
      reemployment of deposits or other funds acquired by the Agent or such Bank,
      as
      the case may be, to fund or maintain such Loan.

     

    Section
      8.05. Right
      of Set-Off.
      Each
      Bank is hereby authorized at any time and from time to time, to the fullest
      extent permitted by law, to set off and apply any and all deposits (general
      or
      special, time or demand, provisional or final) at any time held and other
      indebtedness at any time owing by the Agent and/or such Bank to or for the
      credit or the account of Borrower against any and all of the Loan Obligations,
      irrespective of whether or not such Bank shall have made any demand under such
      Loan Document and although deposits, indebtedness or such obligations may be
      unmatured or contingent. The Agent and each Bank, as the case may be, agrees
      promptly to notify the Borrower after any such set-off and application, provided
      that the failure to give such notice shall not affect the validity of such
      set-off and application. The rights of the Banks under this Section are in
      addition to other rights and remedies (including, without limitation, other
      rights of set-off) which the Agent and the Banks may have. Each Bank agrees
      that
      for the benefit of each of the other Banks and the Agent (but not for the
      benefit of the Borrower) that such Bank shall not exercise any of the set-off
      rights described in this Section 8.05
      unless:
      (i) at the time of the taking of such action there had occurred an Event of
      Default which was continuing; and (ii) such Bank had notified the Agent of
      such Bank's intention to take such action and such Bank had received the Agent's
      written consent to the taking of such action (unless such notice and consent
      requirement is waived by the Agent in its sole discretion). 

    

    
      
        
        

      

      
        58

        
          

        

      

      
        
        

      

       

    

    Section
      8.06. Severability
      of Provisions.
      Any
      provision of this Agreement or of any other Loan Document which is prohibited
      or
      unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
      to the extent of such prohibition or unenforceability without invalidating
      the
      remaining provisions hereof or thereof or affecting the validity or
      unenforceability of such provision in any other jurisdiction. 

    

    Section
      8.07. Binding
      Effect; Successors and Assigns; Participations.
      

    

    (a) This
      Agreement shall be binding upon and inure to the benefit of the Borrower, the
      Agent and the Banks and their respective successors and assigns, except that
      Borrower shall not have the right to assign or otherwise transfer its rights
      hereunder or any interest herein without the prior written consent of the
      Banks;

    

    (b) Each
      Bank
      shall have the right at any time, with the written consent of Agent and
      Borrower, to assign, negotiate, hypothecate, or otherwise transfer all or any
      portion of its rights in this Agreement or in its Notes, participation
      obligations and interests, rights and security under this Agreement and any
      of
      the other Loan Documents to either one or more of its Affiliates which is a
      commercial banking or financial institution or to one or more of the Banks,
      and
      in the event of the exercise of such right shall promptly notify the Agent
      and
      the other Banks thereof. Furthermore, each Bank shall have the right at any
      time, with the written consent of the Agent and the Required Banks and, so
      long
      as the Borrower is not in default hereunder, with the written consent of the
      Borrower, to assign all or any portion of its rights in this Agreement or in
      any
      of its Commitment, Advances, Notes, participation obligations and interests,
      rights and security under this Agreement and any of the other Loan Documents
      to
      any other commercial, banking or financial institution. Each Bank so assigning
      its Notes, participation obligations and interests, rights and security under
      this Agreement or any of the other Loan Documents shall, promptly upon request
      by the Agent, execute and deliver, and cause such assignee to execute and
      deliver, such documents and instruments reasonably requested by the Agent
      (collectively, a “Bank
      Supplement”)
      to
      evidence such assignment or other transfer and to substitute the assignee as
      a
      Bank on all of the Loan Documents and shall pay the Agent the Assignment Fee.
      Furthermore, the Agent shall have the right, in its sole discretion, with the
      consent of the Borrower and the Required Banks, to permit one or more additional
      commercial, banking or financial institutions to become a Bank under this
      Agreement (whether by such institution establishing a new commitment with the
      Borrower, merging or otherwise combining all or any portion of any separate
      funded or unfunded commitment and/or other credit facility that such institution
      at such time has with Borrower with the commitments and credit facilities of
      the
      Banks under this Agreement, or in such other manner as is approved by the
      Agent), and pursuant thereto may increase the aggregate amount of the
      Commitments to include such additional institution the commitments and/or other
      credit facilities of such additional institution with Borrower. Each commercial,
      banking or financial institution which becomes a Bank under this Agreement
      under
      the circumstances described in the immediately preceding sentence shall execute
      such documents and instruments required by the Agent to evidence the same,
      and
      such documents and instruments under such circumstances shall also constitute
      a
“Bank Supplement” for purposes of this Agreement. The Borrower hereby
      acknowledges and agrees that any assignment or other arrangement described
      in
      this Section 8.07
      will
      give rise to a direct obligation of the Borrower to assignee or additional
      commercial banking or financial institutional, as the case may be, and such
      party shall be considered a Bank and rely on, and possess all rights under,
      all
      opinions, certificates or other instruments delivered under or in connection
      with this Agreement or any other Loan Document. The Borrower shall accord full
      recognition to any such assignment or other arrangement, and all rights and
      remedies of such Bank in connection with the interest so assigned shall be
      as
      fully enforceable by such assignee or additional commercial, banking or
      financial institution, as they were: (a) by the assignor or Bank thereof
      before such assignment; or (b) in the case of an additional commercial,
      banking or financial institution becoming a Bank under the circumstances
      described above in this Section 8.07,
      by a
      Bank that was a party to this Agreement on the date hereof;

    

    
      
        
        

      

      
        59

        
          

        

      

      
        
        

      

       

    

    (c) Each
      Bank
      shall have the right at any time, with the written consent of Agent and Borrower
      and upon payment of a participation fee to Agent in an amount determined by
      Agent in its sole discretion, to sell participations in all or any portion
      of
      its rights in this Agreement or its Notes, participation obligations and
      interests, rights and security under this Agreement and any of the other Loan
      Documents to any other party, provided,
      that,
      no
      consent and no participation fee shall be required for a sale of a participation
      by a Bank to its Affiliate(s), but each Bank shall be required to provide
      written notice to Agent within thirty (30) days prior to the sale of any
      participation to its Affiliate(s). The Banks specifically acknowledge and agree
      that in the event of the sale of any participation of a Bank’s interest in this
      Agreement or the Notes, that: (i) such Bank's obligations under the Loan
      Documents (including, without limitation, its Commitments) shall remain
      unchanged; (ii) the Borrower shall continue to deal solely and directly
      with such Bank in connection with such Bank's rights and obligations under
      the
      Loan Documents; and (iii) such Bank shall not sell a participation that
      conveys to the participant the right to vote or give or withhold consents under
      any Loan Document, other than the right to vote upon or consent to: (A) any
      increase of such Bank's Commitments subject to such participation; (B) any
      reduction of the principal amount of, or interest to be paid on, the Loan
      Obligations of such Bank subject to such participation; (C) any reduction
      of any commitment fee, letter of credit fee, or other amount payable to such
      Bank under any Loan Document; (D) any postponement of any date for the
      payment of any amount payable in respect of the Advances subject to such
      participation or other Loan Obligations of such Bank; or (E) the release of
      any Collateral or the release of Borrower from liability arising under the
      Loan
      Documents;

    

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

       

    

    (d) In
      connection with any such proposed assignment, negotiation, hypothecation,
      granting of a participation or other transfer or arrangement, the Agent and
      any
      such Bank or Banks, as the case may be, may disclose to the proposed assignee,
      participant or other transferee or institution any information that Borrower
      is
      required to deliver to the Agent and/or the Banks pursuant to this Agreement
      or
      the other Loan Documents, and each Borrower agrees to cooperate fully with
      the
      Agent and the Banks, as the case may be, in providing any such information
      to
      any proposed assignee, participant or other transferee or institution;
      and

    

    (e) If
      requested by the Agent, any assignor or transferor Bank, or any assignee or
      other transferee or institution, the Borrower shall execute and deliver:
      (a) to such assignor or transferor Bank a promissory note or substitute
      promissory note, as the case may be, in substantially the form of Exhibit D,
      as
      applicable, payable to the order of such assignor or transferor Bank in the
      principal amount of the retained Commitment, if any, of such assignor or
      transferor Bank in respect of such assignment or transfer; and (b) to such
      assignee or other transferee a promissory note, in substantially the form of
      Exhibit D,
      as
      applicable, payable to the order of the assignee or other transferee in the
      principal amount of the assigned or transferred Commitment of such assignee
      or
      other transferee in respect of such assignment or transfer. The assignor or
      transferor Bank agrees to deliver the Note being substituted in accordance
      with
      the forgoing provisions to the Borrower.

    

    Section
      8.08. Consent
      to Jurisdiction.
      

    

    (a) Borrower
      hereby irrevocably submits to the jurisdiction of any Missouri State court
      sitting in Greene County, Missouri, or Federal court sitting in Springfield,
      Greene County, Missouri, in any action or proceeding arising out of or relating
      to this Agreement or any of the other Loan Documents to which it is a party,
      and
      Borrower hereby irrevocably agrees that all claims in respect of such action
      or
      proceeding may be heard and determined in such Missouri State court or in such
      Federal court. Borrower hereby irrevocably waives, to the fullest extent it
      may
      effectively do so, the defense of an inconvenient forum to the maintenance
      of
      such action or proceeding. Borrower irrevocably consents to the service of
      copies of the summons and complaint and any other process which may be served
      in
      any such action or proceeding by the mailing of copies of such process to the
      Borrower at its address specified in Section 8.02.
      Borrower agrees that a final judgment in any such action or proceeding shall
      be
      conclusive and may be enforced in other jurisdictions by suit on the judgment
      or
      in any other manner provided by law.

    

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

       

    

    (b) Nothing
      in this Section 8.08
      shall
      affect the right of the Agent or any Bank to serve legal process in any other
      manner permitted by law.

     

    Section
      8.09. Governing
      Law.
      THIS
      AGREEMENT AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
      THE LAWS OF THE STATE OF MISSOURI. 

    

    Section
      8.10. Banks'
      Obligations Several, Not Joint.
      The
      obligations of the Banks under this Agreement and the other Loan Documents
      are
      several, and are not joint. No Bank nor the Agent shall be responsible or liable
      in any way for the failure or refusal of any other Bank to make any Advance
      to
      be made by any other Bank, or for any other obligations of any other
      Bank.

    

    Section
      8.11. Execution
      in Counterparts.
      This
      Agreement may be executed in any number of counterparts and on facsimile
      counterparts, each of which when so executed shall be deemed to be an original
      and all of which when taken together shall constitute but one and the same
      agreement.

    

    Section
      8.12 Attorneys’
      Fees and Costs.
      If at
      any time or times hereafter the Agent employs counsel in connection with
      protecting or perfecting the Agent’s security interest in the Collateral or in
      connection with any matters arising out of this Agreement or any of the Loan
      Documents, whether (a) to commence, defend, or intervene in any litigation
      or to
      file a petition, complaint, answer, motion or other pleading; (b) to take any
      other action in or with respect to any suit or proceeding (bankruptcy or
      otherwise); (c) to consult with officers of the Agent, to advise the Agent
      or to
      draft documents in connection with any of the foregoing or in connection with
      any release of the Agent’s claims or the Agent’s Security Interests or any
      proposed extension, amendment or refinancing of the Loan Obligations; (d) to
      protect, collect, lease, sell, take possession of, or liquidate any of the
      Collateral; or (e) to attempt to enforce or to enforce any Security Interest
      in
      any of the Collateral, or to enforce any rights of the Agent to collect any
      of
      the Loan Obligations; then in any of such events, all of the reasonable
      attorneys’ fees arising from such services, and any expenses, costs and charges
      relating thereto, incurred by the Agent, including, without limitation, all
      reasonable fees of all paralegals, legal assistants and other staff employed
      by
      such attorneys, together with interest at the Default Rate (if an Event of
      Default has occurred) or at the Maximum Rate set forth in any Note, shall
      constitute additional Loan Obligations, payable on demand by the Borrower and
      secured by the Collateral.

    

    Section
      8.13 Indemnification

    

    (a) General.
      Borrower
      agrees to indemnify and hold the Agent and each Bank and their directors,
      officers, employees, agents and representatives (“Indemnified
      Parties”)
      harmless from and against any and all claims, damages, losses, liabilities,
      costs or expenses whatsoever which the Agent or any other Indemnified Party
      may
      incur (or which may be claimed against such Indemnified Party by any person),
      including attorneys’ fees incurred by any Indemnified Party, arising out of or
      resulting from: (1) the material inaccuracy of any representation or warranty
      of
      or with respect to Borrower in this Agreement or the other Loan Documents;
      (2)
      the material failure of Borrower to perform or comply with any covenant or
      obligation of Borrower under this Agreement or the other Loan Documents; (3)
      the
      exercise by the Agent of any right or remedy set forth in this Agreement or
      the
      other Loan Documents or (4) the possession, use, operation or control by
      Borrower of any of the Borrower’s assets, provided that Borrower shall have no
      obligation to indemnify any Indemnified Party against claims, damages, losses,
      liabilities, costs or expenses to the extent that a court of competent
      jurisdiction renders a final non-appealable determination that the foregoing
      are
      solely the result of the willful misconduct or gross negligence of such
      Indemnified Party. In addition, the Borrower agrees to indemnify and hold the
      Indemnified Parties harmless from and against any and all claims, damages,
      losses, liabilities, costs or expenses whatsoever which the Agent or any other
      Indemnified Party may incur (or which may be claimed against any such
      Indemnified Party by any person), including attorneys’ fees incurred by any
      Indemnified Party, arising out of or resulting from the imposition or nonpayment
      by Borrower of any tax imposed by any state, including any amounts owing by
      virtue of the assertion that any property valuation used to calculate any such
      tax was understated. Borrower shall have the right to assume the defense of
      any
      claim that would give rise to Borrower’s indemnification obligation under this
      Section with counsel of Borrower’s choosing so long as such defense is being
      diligently and properly conducted and Borrower shall establish to the
      Indemnified Party’s satisfaction that the amount of such claims are not, and
      will not be, material in comparison to the liquid and unrestricted assets of
      Borrower available to respond to any award which may be granted on account
      of
      such claim. So long as the conditions of the preceding sentence are met,
      Indemnified Party shall have no further right to reimbursement of attorney
      fees
      incurred thereafter. The obligation to indemnify as set forth in this Section
      shall survive the termination of this Agreement and other
      covenants.

    

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

       

    

    (b) Indemnification
      Relating to Hazardous Substances.
      Borrower will not locate, produce, treat, transport, incorporate, discharge,
      emit, release, deposit or dispose of any Hazardous Substance in, upon, under,
      over or from any property owned or held by Borrower, except in accordance with
      all Environmental Laws; Borrower shall not permit any Hazardous Substance to
      be
      located, produced, treated, transported, incorporated, discharged, emitted,
      released, deposited, disposed of or to escape in, upon, under, over or from
      any
      property owned or held by Borrower, except in accordance with all Environmental
      Laws except where the failure to comply would not reasonably be expected to
      result in a Material Adverse Effect; and Borrower shall comply with all
      Environmental Laws which are applicable to such property except where the
      failure to comply would not reasonably be expected to result in a Material
      Adverse Effect. Borrower shall indemnify the Indemnified Parties against, and
      shall reimburse the Indemnified Parties for, any and all claims, demands,
      judgments, penalties, liabilities, costs, damages and expenses, including court
      costs and attorney fees incurred by the Indemnified Parties (prior to trial,
      at
      trial or on appeal) in any action against or involving the Indemnified Parties,
      resulting from any breach of the foregoing covenants in this Section or the
      covenants in Section
      5.01(a)
      hereof,
      or from the discovery of any Hazardous Substance in, upon, under or over, or
      emanating from such property, it being the intent of Borrower and the
      Indemnified Parties that the Indemnified Parties shall have no liability or
      responsibility for damage or injury to human health, the environment or natural
      resources caused by, or abatement and/or clean up of, or otherwise with respect
      to, Hazardous Substances as a result of the Agent or any Bank exercising any
      of
      its rights or remedies with respect thereto, including but not limited to
      becoming the owner thereof by foreclosure, including foreclosure on a judgment
      lien, or conveyance in lieu of foreclosure; provided that such indemnification
      as it applies to the exercise by the Agent or any Bank of its rights or remedies
      with respect to the Loan Documents shall not apply to claims arising solely
      with
      respect to Hazardous Substances brought onto such property by the Agent or
      such
      Bank while engaged in activities other than operations substantially the same
      as
      the operations previously conducted on such property by Borrower. The foregoing
      covenants of this Section shall be deemed continuing covenants for the benefit
      of the Indemnified Parties, and any successors and assigns of the Indemnified
      Parties, including, but not limited to, any transfer of the title of the Agent
      or any Bank or any subsequent owner of the property, and shall survive the
      satisfaction or release of any lien, any foreclosure of any lien and/or any
      acquisition of title to the property or any part thereof by the Agent or any
      Bank, or anyone claiming by, through or under the Agent or any Bank or Borrower
      by deed in lieu of foreclosure or otherwise. Any amounts covered by the
      foregoing indemnification shall bear interest from the date incurred at the
      Default Rate, shall be payable on demand, and shall be secured by the Security
      Agreements. The indemnification and covenants of this Section shall survive
      the
      termination of this Agreement and other covenants. 

    

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

       

    

    Section
      8.14 Bond
      Financing Cooperation.
      It is
      acknowledged and agreed by the parties hereto that Borrower intends to seek
      Chapter 100 financing for the Project at or near the Completion Date, in
      accordance with the Economic Development Agreement between the Borrower and
      Carroll County, Missouri. In connection with this potential financing, Agent
      and
      the Banks may be requested and/or required to modify their Collateral position;
      Agent and the Banks agree to, at no additional cost to Agent and/or the Banks,
      reasonably cooperate with Borrower in its efforts to obtain such financing.
      Notwithstanding the above, the parties acknowledge and agree that under no
      circumstances shall Agent and/or the Banks be required to unreasonably modify
      their position with the respect to the Collateral in effort to facilitate
      Borrower’s desire to seek such additional financing with respect to the Project.
      However, Agent and the Banks both specifically acknowledge and agree that in
      order to effect the Chapter 100 financing as contemplated for the Project,
      Borrower shall be required to transfer fee ownership of the Project (including
      related real and personal property) to the County and in connection with this
      transfer, Agent will be required to release its security interest in such
      property. In connection with the transfer and release of such security interest,
      Agent and the Banks shall receive an assignment of the Chapter 100 Bonds and
      be
      given a first priority leasehold deed of trust on the Project as its replacement
      collateral.

    

    Section
      8.15. WAIVER
      OF JURY TRIAL.
      THE BORROWER, THE AGENT AND THE BANKS HEREBY IRREVOCABLY WAIVE ALL RIGHT TO
      TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR
      RELATING TO ANY LOAN DOCUMENT TO WHICH IT IS A PARTY OR ANY INSTRUMENT OR
      DOCUMENT DELIVERED THEREUNDER.

    

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

       

    

    Section
      8.16. Entire
      Agreement.
      THIS
      AGREEMENT, THE NOTES, AND THE OTHER LOAN DOCUMENTS REFERRED TO HEREIN EMBODY
      THE
      FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL
      PRIOR
      COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN
      OR
      ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR
      VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS
      OR
      DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG
      THE PARTIES THERETO.

    

    Section
      8.17. Survival.
      All
      covenants, agreements, representations and warranties made by the Borrower
      in
      the Loan Documents and in the certificates or other instruments delivered in
      connection with or pursuant to this Agreement or any other Loan Document shall
      be considered to have been relied upon by the other parties hereto and shall
      survive the execution and delivery of the Loan Documents and the making of
      any
      Advances, regardless of any investigation made by any such other party or on
      its
      behalf and notwithstanding that Agent, the Issuer or any Bank may have had
      notice or knowledge of any Event of Default or incorrect representation or
      warranty at the time any credit is extended hereunder, and shall continue in
      full force and effect as long as any Loan Obligations are outstanding and unpaid
      and so long as the Commitments have not expired or terminated. The expense
      reimbursement, additional cost, capital adequacy and indemnification provisions
      of this Agreement shall survive and remain in full force and effect regardless
      of the consummation of the transactions contemplated hereby, the repayment
      of
      the Loan Obligations, the expiration or termination of the Commitments or the
      termination of this Agreement or any provision hereof.

    

    [SIGNATURES
      ON FOLLOWING PAGE]

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

       

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      by
      their respective officers and duly authorized, as of the date first above
      written.

    

    BORROWER:

    

    SHOW
      ME ETHANOL, LLC,

    a
      Missouri limited liability company

    

    ____________________________

    By:
      _____________________________

    Title:
      ____________________________ 

    

    

    AGENT:

    

    FCS
      FINANCIAL, PCA

    

    
      ____________________________

      By:
        _____________________________

      Title:
        ____________________________ 

       

    

    
      	 	 	
              Address
                for Notices: 

            

    

    Three
      City Place Drive, Suite 870

    St.
      Louis, MO 63141

    
      	 	 	
              Facsimile:
                 314-567-4678

            

    

    

    

    BANKS:

     

    FCS
      FINANCIAL, PCA

     

    
      
         

        By:
          _____________________________

        Title:
          ____________________________ 

      

    

    

    

    
      	 	 	
              Address
                for Notices:

            

    

    Three
      City Place Drive, Suite 870

    St.
      Louis, MO 63141

    
      	 	 	
              Facsimile:
                 314-567-4678

            

    

    

    [signatures
      continued on the following page]

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

       

    

    SOUTHWEST
      BANK OF ST. LOUIS

    

    
      
         

        By:
          _____________________________

        Title:
          ____________________________ 

         

      

    

    
      	 	 	
              Address
                for Notices:

            

    

    
      	 	 	
              13205
                Manchester Road 

            

    

    St.
      Louis, MO  63131 

    Fax:
       314-543-3377

    

    

    AGRIBANK,
      FCB, as participant through FCS Financial, PCA

    

    
      
         

        By:
          _____________________________

        Title:
          ____________________________ 

      

       

    

    
      	 	 	
              Address
                for Notices:

            

    

    
      
        ______________________

        ______________________

        ______________________

         

      

    

    

    COBANK,
      ACB

    

    
      
        
           

          By:
            _____________________________

          Title:
            ____________________________ 

        

         

      

    

    
      	 	 	
              Address
                for Notices:

            

    

    
      ______________________

      ______________________

      ______________________

      
 

    

    [signatures
      continued on the following page]

     

    
      
        
        

      

      
        67

        
          

        

      

      
        
        

      

       

    

    1ST
      FARM CREDIT SERVICES, FLCA

    

    

    
       

      
        
          
            By:
              _____________________________

            Title:
              ____________________________ 

          

           

        

      

      
        	 	 	
                Address
                  for Notices:

              

      

      
        ______________________

        ______________________

        ______________________

         

      

       

    

    

    

    BANK
      MIDWEST, N.A.

    

     

    
      
        
          
             

            By:
              _____________________________

            Title:
              ____________________________ 

          

           

        

      

      
        	 	 	
                Address
                  for Notices:

              

      

      
        ______________________

        ______________________

        ______________________

         

      

    

    

    

    

    PROGRESSIVE
      FARM CREDIT SERVICES, FLCA

    

     

    
      
        
          
             

            By:
              _____________________________

            Title:
              ____________________________ 

          

           

        

      

      
        	 	 	
                Address
                  for Notices:

              

      

      
        ______________________

        ______________________

        ______________________

         

      

       

    
      
        
        

      

      
        68

        
          

        

      

      
        
        

      

    

     

    Schedule
      2.01(a)

    

    Commitments

    

    

      
        	
                FCS
                  Financial, PCA

              	 	
                $

              	
                21,000,000.00

              	 
	
                (AgriBank,
                  FCB, participation commitment amount $5,000,000,00)

              	 	
                 

              	
              	
                 

              
	 	 	 	 	 
	
                Southwest
                  Bank

              	 	
                $

              	
                10,000,000.00

              	 
	 	 	 	 	 
	
                CoBank,
                  ACB

              	 	
                $

              	
                5,000,000.00

              	 
	 	 	 	 	 
	
                1st
                  Farm Credit Services, FLCA

              	 	
                $

              	
                5,000,000.00

              	 
	 	 	 	 	 
	
                Bank
                  Midwest, N. A.

              	 	
                $

              	
                5,000,000.00

              	 
	 	 	 	 	 
	
                Progressive
                  FCS

              	 	
                $

              	
                2,000,000.00

              	 

      

    

    

    
      
        
        

      

      
        69

        
          

        

      

      
        
        

      

    

    Schedule
      3.01(c)

    

    Real
      Property

    

     

     

     

    
      
        
        

      

      
        70

        
          

        

      

      
        
        

      

       

    

    Schedule
      4.01(a)

    

    Description
      of Certain Transactions

    Related
      to the Borrower’s Membership Interests

    

    

    

    
      
        
        

      

      
        71

        
          

        

      

      
        
        

      

    

    

    Schedule
      4.01(f)

    

    Description
      of Certain Threatened Actions, etc.

    

    

    

    
      
        
        

      

      
        72

        
          

        

      

      
        
        

      

    

    Schedule
      4.01(k) 

    

    Office
      Locations; Fictitious Names; Etc.

    

    

    Chief
      place of business:

    

    Show
      Me
      Ethanol, LLC

    807
      West Main

    Richmond,
      MO 64085

    

    

    

    Accounting
      Records:

    

    Show
      Me
      Ethanol, LLC

    807
      West Main

    Richmond,
      MO 64085

    

    

    Predecessor
      Names: 

    

    NONE

     

    
      
        
        

      

      
        73

        
          

        

      

      
        
        

      

    

     

    Schedule
      4.01(n)

    

    Intellectual
      Property

    

    

    
      
        
        

      

      
        74

        
          

        

      

      
        
        

      

    

    Schedule
      4.01(p)

    

    Exceptions
      to Environmental Compliance

    

    

    

    
      
        
        

      

      
        75

        
          

        

      

      
        
        

      

    

    Schedule
      5.02(a)

    

    Description
      of Certain Liens, Lease Obligations, etc.

    

    

    
      
        
        

      

      
        76

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

    

    Borrower’s
      Equity 

     

     

    
      
        
        

      

      
        77

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

    

    Compliance
      Certificate

    

    

    
      	
              TO:

            	
              FCS
                Financial, PCA (the “Agent”)

            

    

    

    Pursuant
      to that certain Construction and Term Loan Agreement dated _________, 2007,
      by
      and between Show
      Me Ethanol, LLC,
      a
      Missouri limited liability company (the “Borrower”), the Agent, and the Banks
      identified therein, and any amendments thereto and extensions thereof (the
“Loan
      Agreement”), the undersigned hereby represents, warrants and certifies to the
      Agent and the Banks as follows:

    

    
      	 	
              1.

            	
              The
                financial statement(s) attached hereto are complete and correct in
                all
                material respects and fairly present the financial condition of the
                Borrower as of the date of said financial statement(s) and the result
                of
                its business operations for the period covered
                thereby;

            

    

    

    
      	 	
              2.

            	
              Repeats
                and reaffirms to the Agent each and all of the representations and
                warranties made by the Borrower in the Loan Agreement and the agreements
                referred to therein or related thereto, and represents and warrants
                to the
                Agent that each and all of said warranties and representations are
                true
                and correct as of the date hereof; 

            

    

    

    
      	 	
              3.

            	
              No
                Event of Default (as that term is defined in the Loan Agreement),
                and no
                event which with the giving of notice or the passage of time or both
                would
                constitute an Event of Default, has occurred and is continuing as
                of the
                date hereof; 

            

    

    

    

    IN
      WITNESS WHEREOF, the undersigned has signed and delivered this Certificate
      to
      the Agent as of the ____ day of _________________, ____.

    

    

    BORROWER:

    

    SHOW
      ME
      ETHANOL, LLC

    a
      Missouri limited liability company

    

    

    By:__________________________________

    Title:
      ________________________________

    

    
      
        
        

      

      
        78

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      C

    

    Sworn
      Construction Statement

     

    
      	
              Show
                Me Ethanol Project Project Costs as of: ________ __,
                _____

            	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Categories
                of 

              Project
                Costs

            	
              Prior
                Expenditures (Debt&Equity)

            	
              Prior
                Draw Request

            	
              This
                Draw Request

            	
              Total
                Expenditures to Date

            	
              Closing
                Budget

            	
              Current
                Bank Approved Budget

            	
              Prior
                Equity*

            	
              Equity
                this Month

              (if
                any)

            	
              Cumulative
                Equity

            	
              Current
                Estimate of Total Project Costs

            	
              Expected
                Balance to Completion

            	
              Variance
                from Budget

            
	 	
              A

            	
              B

            	
              C

            	
              D=(A+B+C)

            	
              E

            	
              F

            	
              G

            	
              H

            	
              I=(G+H)

            	
              J

            	
              K=(J-D)

            	
              L=(J-F)

            
	 	 	 	 	 	 	
               

            	
               

            	 	 	 	 	 
	
              a. DIRECT
                COSTS:

            	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              Real
                Property

            	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              SUBTOTAL
                DIRECTS:

            	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              b. OTHER
                COSTS:

              (Including
                Independent
                Engineer, Financing Fees, Legal Fees, Interest During Construction,
                Commitment Fees and Taxes)

            	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              SUBTOTAL
                OTHERS:

            	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              c. CONTINGENCY:

            	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
              TOTAL
                PROJECT COSTS:

            	 	 	 	 	 	 	 	 	 	 	 	 

    

    

    
      
        
        

      

      
        79

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      D

    

    Form
      of Construction Promissory Note

    

    PROMISSORY
      NOTE

    

    
      	$48,000,000.00 	 	 	
              February
                ___,
                2007

            

    

     

    1. FOR
      VALUE
      RECEIVED, the undersigned, SHOW ME ETHANOL, LLC, a Missouri limited liability
      company (the "Borrower") promises to pay to the order of FCS FINANCIAL, PCA,
      as
      administrative agent (the “Agent”) for those Lenders (as set forth on
Exhibit
      “A”,
      attached hereto and incorporated herein), the principal sum of Forty-eight
      Million Dollars ($48,000,000.00) or so much thereof as may be advanced by
      Lenders to, or for the benefit of, the Borrower and be outstanding with interest
      as set forth herein, to be computed on each Advance from the date of its
      disbursement pursuant to that certain Construction and Term Loan Agreement
      by
      and among the Borrower, Agent and Lenders of even date herewith (the “Loan
      Agreement”), and which remains unpaid, in lawful money of the United States and
      immediately available funds. All capitalized terms used and not defined herein
      shall have the meanings assigned to them in the Loan Agreement.

    

    2.  The
      outstanding principal balance of this Promissory Note shall be payable and
      bear
      interest at the rates and in the manner set forth in the Loan
      Agreement.

    

    3. The
      rate
      of interest due hereunder shall initially be determined as of the date hereof,
      as provided in the Loan Agreement.

    

    4. Advances
      may only be made under this Promissory Note until the Conversion Date, after
      which no further Advances may be made hereunder. No amounts may be readvanced
      under this Promissory Note. Any principal repayment will reduce the
      Commitment.

    

    5. All
      payments and prepayments shall, at the option of Agent, be applied first to
      any
      costs of collection, second to any late charges, third to accrued interest
      and
      the remainder thereof to principal.

    

    6. This
      Promissory Note is issued pursuant to the terms and provisions of the Loan
      Agreement and is entitled to all of the benefits provided for in the Loan
      Agreement.

    

    7. The
      Borrower promises to pay all actual and reasonable costs of collection of this
      Promissory Note, including, but not limited to, reasonable attorneys’ fees paid
      or incurred by the Agent on account of such collection, whether or not suit
      is
      filed with respect thereto and whether or not such costs are paid or incurred,
      or to be paid or incurred, prior to or after the entry of judgment.

    

    8. On
      the
      Conversion Date, the entire outstanding principal balance of this note shall
      be
      converted into a term Note pursuant to the terms and conditions set forth in
      the
      Loan Agreement. 

    

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

       

    

    9. Demand,
      presentment, protest and notice of nonpayment and dishonor of this Promissory
      Note are hereby waived.

    

    10. This
      Promissory Note shall be governed by and construed in accordance with the laws
      of the State of Missouri.

    

    11. As
      used
      herein, the term “Event of Default” shall mean and include any one or more of
      the events specified as “Events of Default” in the Loan Agreement.

    

    12. Both
      principal and interest are payable in lawful money of the United States of
      America to the Agent (as defined in the Loan Agreement).

    

    

    

    SHOW
      ME
      ETHANOL, LLC

    a
      Missouri limited liability company

    

    

    By:
      _____________________________________

    Name:
      ___________________________________

    Title:
      ____________________________________

    

    

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      “A”

    LENDERS
      AND THEIR RESPECTIVE INTERESTS

    IN
      THE PROMISSORY NOTE

    

    

      
        	
                LENDER

              	 	
                Percentage
                  Interest

              	 
	 	 	 	 
	
                FCS
                  Financial, PCA

              	 	 	
                43.7500

              	
                %

              
	
                (AgriBank,
                  FCB, participation percentage 10.4167%)

              	 	 	 	 
	
                Southwest
                  Bank of St. Louis

              	 	 	
                20.8333

              	
                %

              
	
                CoBank,
                  ACB

              	 	 	
                10.4167

              	
                %

              
	
                1st
                  Farm Credit Services, FLCA

              	 	 	
                10.4167

              	
                %

              
	
                Bank
                  Midwest, N.A.

              	 	 	
                10.4167

              	
                %

              
	
                Progressive
                  Farm Credit Services, FLCA

              	 	 	
                4.1667

              	
                %

              

      

       

      
        
          
          

        

        
          82

          
            

          

        

        
          
          

        

      

    

    EXHIBIT
      E

    

    Form
      of Term Promissory Note

    

    

    PROMISSORY
      NOTE

    
      

      
        	$48,000,000.00 	 	 	
                February
                  ___,
                  2007

              

      

    

    

    FOR
      VALUE
      RECEIVED, the undersigned, SHOW ME ETHANOL, LLC, a Missouri limited liability
      company (the "Borrower") promises to pay to the order of
      _____________________________________,(the “Lender”) the principal sum of
      ____________________________Dollars ($___________) or so much thereof as may
      be
      outstanding, together with interest on any principal amounts outstanding
      calculated in accordance with the terms and conditions as set forth in that
      certain Construction and Term Loan Agreement by and among the Borrower, Lender,
      FCS Financial, PCA, as administrative agent and those other lenders set forth
      therein (the “Loan Agreement”), and which remains unpaid, in lawful money of the
      United States and immediately available funds. All capitalized terms used and
      not defined herein shall have the meanings assigned to them in the Loan
      Agreement.

    

    1. The
      outstanding principal balance of this Promissory Note shall be payable and
      bear
      interest at the rates and in the manner set forth in the Loan
      Agreement.

    

    2. The
      rate
      of interest due hereunder shall initially be determined as of the date hereof,
      as provided in the Loan Agreement.

    

    3. All
      payments and prepayments shall, at the option of Lender, be applied first to
      any
      costs of collection, second to any late charges, third to accrued interest
      and
      the remainder thereof to principal.

    

    4. This
      Promissory Note is issued pursuant to the terms and provisions of the Loan
      Agreement and is entitled to all of the benefits provided for in the Loan
      Agreement.

    

    5. The
      Borrower promises to pay all actual and reasonable costs of collection of this
      Promissory Note, including, but not limited to, reasonable attorneys’ fees paid
      or incurred by the Lender on account of such collection, whether or not suit
      is
      filed with respect thereto and whether or not such costs are paid or incurred,
      or to be paid or incurred, prior to or after the entry of judgment.

    

    6. Demand,
      presentment, protest and notice of nonpayment and dishonor of this Promissory
      Note are hereby waived.

    

    7. This
      Promissory Note shall be governed by and construed in accordance with the laws
      of the State of Missouri.

    

    8. As
      used
      herein, the term “Event of Default” shall mean and include any one or more of
      the events specified as “Events of Default” in the Loan Agreement.

    

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

       

    

    9. Both
      principal and interest are payable in lawful money of the United States of
      America to the Lender.

    

    

    

    SHOW
      ME
      ETHANOL, LLC

    a
      Missouri limited liability company

    

    

    By:
      _________________________________

    Name:
      _______________________________

    Title:
      ________________________________

    

    

    
      
        
        

      

      
        84AGREEMENT

    BETWEEN
      OWNER AND DESIGN/BUILDER

    ON
      THE BASIS OF A STIPULATED PRICE

    

    THIS
      AGREEMENT is
      made
      and entered into this 14th
      day of
      July, 2006 by and between Show Me Ethanol, LLC, a Missouri limited liability
      company (hereinafter called OWNER)
      and ICM, Inc., a Kansas corporation (hereinafter called DESIGN/BUILDER).

     

    OWNER
      and
      DESIGN/BUILDER, in consideration of the mutual covenants hereinafter set forth,
      agree as follows:

    

    Article
      1. THE
      PROJECT AND WORK.

    

    1.01.  DESIGN/BUILDER
      shall complete all Work for the Project as specified or indicated in the
      Contract Documents. The Project is generally described as the design and
      construction of a dry mill fuel-grade ethanol plant to be located in or near
      Carrolton, Missouri, as described in more detail in Exhibit B to this Agreement.
      The Work includes such engineering, labor, materials, and equipment to design,
      construct, startup and achieve guaranteed performance criteria of a dry mill
      ethanol plant capable of producing no less than Fifty-Five (55) million gallons
      per year of denatured fuel-grade ethanol and no less than One Hundred
      Seventy-Six Thousand (176,000) tons per year of dry distillers’ grains at 100%
      dry, as set forth in the Contract Documents. A more detailed described of the
      Work is set forth in the attached Exhibits (other than OWNER’s responsibilities
      set forth therein).

    

    Article
      2. CONTRACT
      TIMES.

    

    2.01. Days
      to Achieve Substantial Completion and Final Payment.
      The Work
      will be Substantially Completed within Four Hundred Twenty (420) days after
      the
      date when the Contract Times commence to run as provided in paragraph 2.01.A
      of
      the General Conditions, and completed and ready for final payment in accordance
      with paragraph 13.08 of the General Conditions within One Hundred Eighty (180)
      days after Substantial Completion, unless otherwise provided in the Contract
      Documents.

    

    Article
      3. CONTRACT
      PRICE. 

    

    3.01.  OWNER
      shall pay DESIGN/BUILDER the Contract Price for completion of the Work in
      accordance with the Contract Documents. The Contract Price may be adjusted
      as
      provided by the General Conditions. For all Work, OWNER shall pay to
      DESIGN/BUILDER a price of *** (the “Contract Price”). The Contract Price will be
      adjusted to consider (i) the number of days required to achieve Substantial
      Completion (the “Time Adjustment”). The Time Adjustment shall be based upon the
      number of calendar days from the date the Contract Times commence to run to
      the
      date the Work is Substantially Completed (the “Completion Time”). If the
      Completion Time is less than ***, the Contract Price shall be increased by
      ***
      for each calendar day less than such number of days with a maximum Contract
      Price adjustment of ***. If the Completion Time is greater than ***, the
      Contract Price shall be reduced by *** for each calendar day in excess of such
      number of days with a maximum Contract Price adjustment of *** and such
      reduction shall be OWNER’s sole remedy against DESIGN/BUILDER for failing to
      achieve Substantial Completion within the period of time set forth in Section
      2.01. 

    

    3.02. The
      Work
      to be performed by DESIGN/BUILDER shall not include those items designated
      as
      OWNER’s responsibilities in the Contract Documents. Those items designated as
      OWNER’s responsibilities in the Contract Documents shall include all design,
      procurement, fabrication, installation and start-up associated with such items.
      

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    3.03 DESIGN/BUILDER
      shall provide to OWNER the training described in Exhibit G.

    

    3.04 In
      accordance with paragraph 5.02 of the General Conditions, DESIGN/BUILDER agrees
      to maintain the insurance coverages, limits, and deductibles set forth in
      Exhibit H.

    

    Article
      4. PAYMENT
      PROCEDURES

    

    4.01 DESIGN/BUILDER
      shall submit and OWNER will process Applications for Payment in accordance
      with
      Article 13 of the General Conditions and Sections 5.01.A. through C. below.
      

    

    A.
       Down
      Payment.
      OWNER
      shall make a down payment of *** of CONTRACT PRICE to DESIGN/BUILDER, which
      shall be applied toward and credited to *** of each progress payment. The amount
      of the down payment due hereunder is ***. The OWNER shall pay DESIGN/BUILDER
      ***
      with the execution of the letter of intent between the parties. This amount
      will
      be credited toward the amount of the down payment. An additional amount of
      ***
      shall be due and payable the date of this agreement is executed by the last
      party hereto, and upon receipt will be credited toward the amount of the down
      payment. Upon delivery of the Notice to Proceed, OWNER shall pay the remaining
      balance of such down payment *** to DESIGN/BUILDER. 

     

    B. Progress
      Payments; Retainage.
      OWNER
      shall make progress payments on account of the Contract Price on the basis
      of
      DESIGN/BUILDER's Applications for Payment, as provided in this Section 4.01.B.
      Progress payments shall be due and payable in accordance with 13.04 of the
      General Conditions. All such payments will be measured by the acceptable
      Schedule of Values established under paragraph 2.03.A of the General
      Conditions.

    

    1. Prior
      to
      Substantial Completion, such progress payments will be made in an amount equal
      to the percentage indicated below, but, in each case, less the aggregate of
      payments previously made and less such amounts as OWNER may withhold in
      accordance with paragraph 13.04.B of the General Conditions.

    

    a. ***of
      Work completed (with the balance being retainage). 

    

    b. ***
      (with
      the balance being retainage) of the cost of materials and equipment not
      incorporated in the Work (but delivered, suitably stored and accompanied by
      documentation satisfactory to OWNER as provided in paragraph 13.02.A of the
      General Conditions). 

    

    2. Upon
      Substantial Completion, payment will be made in an amount sufficient to increase
      total payments to DESIGN/BUILDER to One Hundred percent (100%) of the Contract
      Price, less (i) such amounts as OWNER may withhold in accordance with paragraph
      13.04.B of the General Conditions, (ii) amounts mutually agreed by the parties
      for completion of Punch List Items, and (iii) ***. Amounts withheld for Punch
      List Items shall be paid by OWNER to DESIGN/BUILDER as such Work is
      completed.

    

    3. Upon
      successful completion of the seven-day performance test described in Exhibit
      A,
      OWNER shall pay DESIGN/BUILDER the *** retained pursuant to Section
      4.01.B.2.(iii) above. 

    

    C.  Final
      Payment.
      OWNER
      shall pay the remainder of the Contract Price, if any, to DESIGN/BUILDER in
      accordance with paragraph 13.08 of the General Conditions.

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    Article
      5.  INTEREST.

    

    5.01.  All
      monies not paid when due as provided in Article 13 of the General Conditions
      shall bear interest at the rate of ***. If it is determined that OWNER
      incorrectly withheld payment of any disputed payment, then such payment shall
      bear interest from the date such payment would have otherwise been due until
      the
      date actually paid to DESIGN/BUILDER. 

    

    Article
      6.  DESIGN/BUILDER'S
      REPRESENTATIONS.

    

    6.01.  DESIGN/BUILDER
      makes the following representations:

    

    A.  DESIGN/BUILDER
      has examined and carefully studied the Contract Documents listed in Sections
      7.01.A through C, and, to the extent prepared (but not yet approved by OWNER)
      prior to the Effective Date, the documents described in Section 7.01.D.3 and
      .4.

    

    B.  DESIGN/BUILDER
      is familiar with and is satisfied as to all federal, state and local Laws and
      Regulations in existence on the Effective Date that may affect cost, progress,
      performance, furnishing, and completion of the Work in accordance with the
      Contract Documents.

    

    C.  DESIGN/BUILDER
      is familiar with the work to be performed by OWNER and others at the Site that
      relates to the Work as indicated in the Contract Documents.

    

    D.  DESIGN/BUILDER
      has correlated the information known to DESIGN/BUILDER, reports and drawings
      identified in the Contract Documents, and all additional examinations,
      investigations, tests, studies and data with the Contract
      Documents.

    

    E.  DESIGN/BUILDER
      has given OWNER written notice of all conflicts, errors, ambiguities or
      discrepancies that DESIGN/BUILDER has discovered in the Contract Documents
      and
      the written resolution thereof by OWNER is acceptable to DESIGN/BUILDER, and
      the
      Contract Documents are sufficient to indicate and convey understanding of all
      terms and conditions for performance and furnishing of the Work.

    

    Article
      7.  CONTRACT
      DOCUMENTS.

    

    7.01.  The
      Contract Documents which comprise the entire agreement between OWNER and
      DESIGN/BUILDER concerning the Work consist of the following:

    

    A.  This
      Agreement (pages 1 to 5, inclusive).

    

    B.  Exhibits
      to this Agreement (A to M, inclusive).

    

    C.  General
      Conditions of the Contract Between Owner and Design/Builder (pages 1 to 35,
      inclusive).

    

    D.  The
      following which may be delivered, prepared, or issued after the Effective Date
      of this Agreement and are not attached hereto. 

    

    1.   
      Written
      Notice to Proceed, in the form substantially similar to Exhibit M attached
      hereto.

    

    2.  All
      Written Amendments and other documents amending, modifying or supplementing
      the
      Contract Documents pursuant to paragraph 3.03.A of the General
      Conditions.

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    3.  Specifications
      as defined in paragraph 1.01.A.31 of the General Conditions.

    

    4.  Drawings
      as defined in paragraph 1.01.A.15 of the General Conditions.

    

    7.02.  There
      are
      no Contract Documents other than those listed above in this Article 7. The
      Contract Documents may only be amended, modified or supplemented as provided
      in
      paragraph 3.03.A of the General Conditions.

    

    Article
      8.  MISCELLANEOUS.

    

    8.01.  The
      attached General Conditions of the Contract between Owner and Design/Builder
      are
      referred to herein as the General Conditions.

    

    8.02.  Terms
      used in this Agreement which are defined in Article 1 of the General Conditions
      will have the meanings indicated therein. 

    

    8.03.  No
      assignment by a party hereto of any rights under or interests in the Contract
      Documents will be binding on another party hereto without the written consent
      of
      the party sought to be bound, which consent shall not be unreasonably withheld;
      and, specifically but without limitation, moneys that may become due and moneys
      that are due may not be assigned without such consent (except to the extent
      that
      the effect of this restriction may be limited by law), and, unless specifically
      stated to the contrary in any written consent to an assignment, no assignment
      will release or discharge the assignor from any duty or responsibility under
      the
      Contract Documents.

    

    8.04.  OWNER
      and
      DESIGN/BUILDER each binds itself, its successors, assigns and legal
      representatives to the other party hereto, its successors, permitted assigns
      and
      legal representatives in respect to all covenants, agreements and obligations
      contained in the Contract Documents.

    

    8.05.  Any
      provision or part of the Contract Documents held to be void or unenforceable
      under any Law or Regulation shall be deemed stricken, and all remaining
      provisions shall continue to be valid and binding upon OWNER and DESIGN/BUILDER,
      who agree that the Contract Documents shall be reformed to replace such stricken
      provision or part thereof with a valid and enforceable provision that comes
      as
      close as possible to expressing the intention of the stricken
      provision.

    

    8.06.  This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original and all of which shall constitute one agreement that
      is
      binding upon all of the parties hereto, notwithstanding that all parties are
      not
      signatories to the same counterpart. Facsimile signatures of the parties hereto
      shall be binding.

    

    8.07.  The
      last
      party to sign executes this Agreement. Within Sixty (60) days after such
      effective date, OWNER shall provide to DESIGN/BUILDER the required Down Payment.
      A minimum of Thirty (30) days prior to commencement date (May 01, 2007) as
      set
      in the letter of intent, OWNER shall provide to DESIGN/BUILDER the Notice to
      Proceed and evidence, acceptable to DESIGN/BUILDER, of funding for the Project.
      

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, OWNER and DESIGN/BUILDER have signed this Agreement on the
      date
      first written above.

     

    
      	OWNER:
              Show Me Ethanol LLC	 	DESIGN/BUILDER:
              ICM,
              Inc.
	 	 	 
	
              By: /s/
                David
                Durham                         
                 

              Title: Chairman

              8/7/2006

            	 	
              By: /s/
                Dave Vander
                Griend                          
                 

              Title: President/CEO

              7/14/2006

            
	 	 	 
	Addresses for giving notices and
              representatives:	 	 
	 	 	 
	
              Name:
                _____________________________

              Title:
                ______________________________

              Address:
                ___________________________

              Phone:
                _____________________________

              Facsimile:
                ___________________________

            	 	
              Name: Dave VanderGriend

              Title: President/CEO

              Address: 310 N. First Street, Colwich, KS

              Phone: 316-796-0900

              Facsimile:
                316-796-0570

            

    

    
    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    Exhibit
      A

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    Performance
      Criteria:

    

    DESIGN/BUILDER
      represents and warrants to OWNER that the completed Project will achieve each
      of
      the following performance criteria. After DESIGN/BUILDER determines the Plant
      is
      ready for start-up, DESIGN/BUILDER, with OWNER’s labor forces, will start-up the
      Plant and conduct a seven-day performance test to establish compliance with
      each
      of the performance criteria except the atmospheric emissions. Compliance shall
      be measured simultaneously for all criteria, and computed on the average over
      the seven-day performance test. If the Project fails to reach any performance
      criterion, then DESIGN/BUILDER shall (at no additional cost to OWNER) make
      such
      changes in design, construction, or equipment as required to meet the criteria,
      and conduct another seven day performance test. Upon successful completion
      of a
      seven-day performance test, the Plant shall be considered to have achieved
      the
      performance criteria listed below (other than the atmospheric emissions
      criteria) for purposes of the foregoing representation and warranty of
      DESIGN/BUILDER.

    

    Table
      1
      ethanol
      plant criteria – 55 MGY
      capacity

    
      	
              Criteria

            	
              Specification

            	
              Testing
                Statement

            	
              Documentation

            
	
              Plant
                Capacity - fuel-grade ethanol

            	
              Operate
                at a rate of 55 million gallons per year of denatured fuel grade
                ethanol
                meeting the specifications of ASTM 4806

            	
              Seven-day
                performance test

            	
              Concurrence
                of production records and a written report from
                DESIGN/BUILDER.

            
	
              Wet
                Distillers Grains with Solubles OR Dry Distillers Grains

            	
              Operate
                at a rate of 176,000 tons per year of approximately 11% moisture
                DDG at
                100% dry.

            	
              Determined
                by calculation of mass flow from centrifuge (s) in a seven- day
                performance test

            	
              Concurrence
                of production records and a written analysis from
                DESIGN/BUILDER.

            
	
              Carbon
                Dioxide

            	
              Approximately
                146,000 tons per year of raw CO2
                gas.

            	
              Determined
                as a function of fermented gallons in a seven-day performance
                test.

            	
              Mass
                flow calculation by DESIGN/BUILDER.

            
	
              Grain
                to Ethanol Conversion ratio; Corn/Sorghum 56#/bu., 16% or less moisture,
                zero aflatoxin tolerance

            	
              Not
                be less than 2.80 denatured gallons (2.67 gallons undenatured) of
                ethanol
                per bushel of ground corn.

            	
              As
                determined by meter readings during a seven-day performance
                test.

            	
              Concurrence
                of production records and written analysis by
                DESIGN/BUILDER.

            
	
              Electrical
                Energy

            	
              0.75
                kWh per denatured gallon of fuel grade ethanol. Does not include
                kWh used
                to operate CO2 plant,
                CO2
                gas system, grain handling system or chiller.

            	
              As
                determined by meter readings during a seven-day performance test.
                

            	
              Concurrence
                of production records and written analysis by
                DESIGN/BUILDER.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              Natural
                Gas

            	
              Consumption
                shall not exceed 34,000 Btu per denatured gallon of fuel-grade
                ethanol.

            	
              As
                determined by meter readings during a seven-day performance
                test.

            	
              Concurrence
                of production records and written analysis by
                DESIGN/BUILDER.

            
	
              Process
                Water Discharge

            	
              zero
                gallons under normal operations

            	
              Process
                discharge meter readings during seven day performance test

            	
              Plant
                control system reports from
                DESIGN/BUILDER

            

    

    

    
      	
              Atmospheric
                Emissions 

            	
              As
                prescribed and approved by the applicable Department of Environmental
                Quality or similar agency for the State in which the Plant is located
                as
                of the Effective Date of the Agreement.

            	
              As
                determined by written emissions compliance report from a third party
                mutually selected by the parties confirming regulatory compliance
                of the
                air emissions performance tests prescribed
                by the applicable Department of Environmental Quality or similar
                agency
                for the State in which the Plant is located as of the Effective Date
                of
                the Agreement.

            	
              As
                determined by written emissions compliance report from a third party
                mutually selected by the parties confirming regulatory compliance
                of the
                air emissions performance tests prescribed
                by the applicable Department of Environmental Quality or similar
                agency
                for the State in which the Plant is located as of the Effective Date
                of
                the Agreement.

            

    

     

     

    OWNER’s
      failure to materially comply with the operating procedures issued by
      DESIGN/BUILDER shall void the foregoing performance criteria and all other
      guarantees and warranties set forth in the Contract Documents.

    

    OWNER
      understands that the startup of the plant requires resources and cooperation
      of
      OWNER, vendors and other suppliers to the Project. DESIGN/BUILDER disclaims
      any
      liability and OWNER indemnifies DESIGN/BUILDER for non-attainment of the
      foregoing performance criteria directly or indirectly caused by the material
      non-performance or negligence of third parties not retained by
      DESIGN/BUILDER.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      B

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

     

    General
      Project Scope:

     

    Construct
      a no less than Fifty-Five (55) million gallon per year (MGY) dry mill fuel-grade
      ethanol plant located in or near Carrolton, Missouri. The plant will grind
      approximately Twenty (20) million bushels per year to produce approximately
      Fifty-Five (55) MGY of fuel-grade ethanol denatured with five percent gasoline
      (or a similar product). The plant will also produce not less than 176,000 tons
      per year of 11% moisture Dryer Distillers Grains with Solubles (DDGS) at one
      hundred percent (100%) dry, and approximately 146,000 tons per year of raw
      carbon dioxide (CO2)
      gas.

     

    OWNER
      to
      provide DESIGN/BUILDER a level site and which shall have a soil load bearing
      capacity as specified in the attached table.

    

    Ground
      grain will be mixed in a slurry tank and routed through a working system
      consisting of a hydroheater, cook tube, and flash tank. The mash will continue
      through liquefaction and associated heat exchangers to fermentation.
      Simultaneously, propagated yeast will be added to the mash as the fermenter
      is
      filling. After batch fermentation is complete, the beer will be pumped to the
      beer well and then to the beer column to vaporize the alcohol from the
      mash.

    

    Alcohol
      streams are dehydrated in the distillation column, the side stripper and the
      molecular sieve system. Two hundred proof alcohol is pumped to the tank farm
      shift tanks and blended with five percent denaturant as the product is being
      pumped into a final storage tank. 

    

    Corn
      mash
      from the beer stripper is dewatered by decanter type centrifuge. Wet cake from
      the centrifuge is conveyed to the wetcake pad or drying system. Water in the
      thin stillage can be evaporated and recycled by the Bio-Methanation system.
      

    

    Fresh
      water for the boilers, cooking and other processes will be obtained from area
      process wells or city water system that supply the needs of the plant. Boiler
      water may be conditioned in regenerative softeners will be pumped through a
      deaerator scrubber and into a deaerator tank. Appropriate boiler chemicals
      will
      be added as preheated water is sent to the boiler.

     

    DESIGN/BUILDER
      will provide its standard design for the fire pump house and water treatment
      space. Any additional requirements will be an additional cost to
      OWNER.

     

    The
      design includes a compressed air system consisting of compressors, a receiver
      tank, pre-filter, coalescing filter and air dryer. 

    

    The
      design also incorporates the use of a clean-in-place (CIP) system for cleaning
      cook, fermentation, distillation, evaporation, centrifuges and other systems.
      Fifty percent caustic soda is received by truck and stored in a tank. The CIP
      system uses tanks for receiving, make-up, CIP return and CIP waste which is
      fed
      to the methanator. The CIP system includes a CIP Tank, a 50% Caustic tank,
      and a
      Waste CIP tank. A screen is used to remove the solids. 

    

    Under
      normal operating circumstances, the Plant will not have any wastewater
      discharges that have been in contact with corn and sorghum mash, cleaning system
      or contact process water. A bio-methanator manufactured by
      DESIGN/BUILDER/Phoenix will reduce the organic acids in process water allowing
      complete reuse within the Plant and is included in the Contract Price. The
      Plant
      will have blowdown discharges from the cooling tower, water softeners, and
      Reverse Osmosis system. OWNER is responsible for all permits, purchase and
      installation of pumps, waterline construction, sanitary sewer construction,
      necessary to discharge the blowdown from the cooling tower, water softeners,
      and
      Reverse Osmosis system. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Carbon
      Dioxide (CO2) is a co-product of the fermentation process. CO2 is allowed under
      current Laws and Regulations to be vented to the atmosphere. Installation of
      a
      plant or system to capture, clean and compress the CO2 is not included in the
      Work. OWNER, at its cost, may add a blower, certain associated equipment and
      a
      small amount of piping to move the CO2 from the fermenter to a collection point
      for sale or further processing.

    

    Most
      of
      the processes within the Plant will be computer controlled by a Siemens/Moore
      APACS distributed control system with graphical user interface and three
      workstations all located in the plant control room, which is included in the
      Contract Price. No workstation is provided for the administrative building
      or
      any other location. It is estimated that the system will consist of 200 discrete
      inputs, 200 discreet outputs, 175 analog inputs and 120 analog outputs.
      Programmable logic controllers (PLCs) will control certain process
      equipment.

    

    The
      Work
      provided by DESIGN/BUILDER will meet specifications, criteria, and allowances
      as
      provided in the Construction Permit and all other applicable Laws and
      Regulations enacted as of the Effective Date.

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Exhibit
      C

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

     

    Buildings
      and Structures by DESIGN/BUILDER:

    

    Construction
      of buildings and structures, as listed in Table 2 and Table 3, is included
      in
      the Contract Price.

     

    Table
      2
      Ancillary Buildings and Structures by DESIGN/BUILDER 

    
      	
              Building

            	
              Type

            	
              Preliminary
                Dimensions 

            	
              Addition
                Info

            
	
              MCC
                Buildings

            	
              CMU
                block wall, insulated, climate controlled 

            	
              20’
                x 10’

            	
              Located
                near cooling tower and grain storage silos.

            
	
              Cooling
                Tower

            	
              Douglas
                Fir Structure Induced Draft Counter Flow

            	
              34’
                x 90’

            	
              Includes
                three (3) cooling tower cells

            
	
              Scale

            	
              One
                grain scale at admin building

            	
              70’
                Long

            	
              Standard
                scale

            
	
              Wetcake
                Pad

            	
              Cast-in-Place
                Concrete Structure

            	
              80’
                x 120’

            	 

    

    

    

    

    Table
      3
      Buildings and Structures by DESIGN/BUILDER 

    
      	
              Building

            	
              Type

            	
              Preliminary
                Dimensions 

            	
              Addition
                Info

            
	
              Process

            	
              Structural
                steel, steel siding - Insulated

            	
              60’
                x 140’ x 35’

            	
              Includes
                laboratory, control room & offices, MCC room

            
	
              Energy
                Center

            	
              Structural
                steel, steel siding - Insulated

            	
              90’
                x 100’ x30’

            	
              Includes
                centrifuge area, office, MCC room

            
	
              Evaporation

            	
              Structural
                steel, steel siding - Insulated

            	
              50’
                x 45’ x 35’

            	 
	 	 	 	 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      D

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    Administration
      Building and other items by OWNER:

    

    The
      Contract Price does not include the cost of the following additional
      items:

     

    Table
      4
      Administration Building and other items

     

    
      	
              Description

            	
              Additional
                Description

            	
              Est.
                Amount

            
	
              Administration
                Building

            	
              Free
                standing (37’ x 70’ x 10’)

            	
              ***

            
	
              Scale

            	
              Above
                ground located near storage tanks

            	
              ***

            
	
              Grain
                Receiving

            	
              Structural
                Steel, steel siding, roof insulation only

            	
              ***

            
	
              Office
                Computer System

            	
              Microsoft
                Windows 2000 network server and five personal computers, one laser
                printer. Includes setup, software and labor. 

            	
               

              ***

            
	
              Telephone
                System

            	
              Digital
                phone system with voice mail for office and plant.

            	
              ***

            
	
              Office
                Copier & fax machine

            	
              Black
                & white with sheet feeder and collator. Plain paper fax
                machine.

            	
              ***

            
	
              Office
                Furniture

            	
              Office
                desks, chair & side chairs, conference room table & chairs, three
                four-drawer filing cabinets, and 10 two-drawer filing
                cabinets.

            	
              ***

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
      E

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

     

    OWNER’S
      Required Permits and Services List:

    

    OWNER
      shall provide all of the permits, authorizations and services, including but
      not
      limited to:

    

    
      	1)  	
              Land
                and Grading – Land and Grading - OWNER shall provide
                the Site near or in Carrolton, Missouri. OWNER shall obtain all legal
                authority to use the Site for its intended purpose and perform technical
                due diligence for DESIGN/BUILDER to perform including but not limited
                to
                proper zoning approvals, elevation restrictions, soil tests, and
                water
                tests. The Site shall be rough graded per DESIGN/BUILDER specifications
                and be within six inches of final grade including the rough grading
                for
                Site roadways. The Site soils shall be modified as required to provide
                a
                minimum allowable soil bearing pressure as specified in the attached
                table
                for all foundation elements. The site soils shall be modified as
                required
                to provide a minimum allowable soil bearing pressure of 4,500 pounds
                per
                square foot in the fermenter area, 6,500 pounds per square foot in
                the
                grain storage concrete silos area and 3,000 pounds per square foot
                for all
                other foundation elements. The soils beneath the foundation elements
                shall
                not exceed the total or differential settlements such that the Plant
                is
                unable to perform its intended purpose. If the existing soil conditions
                are such that over-excavation and re-compaction or pilings are required,
                OWNER will be responsible for this work. OWNER is also responsible
                for any
                dewatering required at the site during construction.
                

            

    

    

    Other
      items to be provided by the OWNER include, but are not limited to, the
      following: initial site survey (boundary and topographic) as required by the
      design engineers, layout of the property corners including two construction
      benchmarks, soil borings and subsequent geotechnical report (the results of
      which are acceptable to DESIGN/BUILDER and consistent with the specifications
      set forth herein) describing recommendation for roads, foundations and if
      required, soil stabilization/remediation, site engineering and detailed drawings
      (to the extent not provided by DESIGN/BUILDER), land disturbance permit, erosion
      control permit, site grading as described above with minimum soil standards,
      placement and maintenance of erosion control measures, access road from a city,
      county, state or federal road designed to meet city or local county road
      standards (provided that such road must contain a minimum of twelve (12) inches
      of crushed rock with geo-fabric and compacted base), storm and sanitary sewers,
      water main branches, to be within five (5) feet of the designated building
      locations, roads as specified and designed for the permanent elevations and
      effective depth, paving, “construction” grading plan as drawn (including site
      retention pond), all site seeding, landscaping, rock, plant water well and
      associated permit(s), environmental monitoring, environmental monitoring
      equipment, environmental testing for both air and water, chemicals, corn or
      other feedstock, enzymes, a risk management plan, laboratory equipment specified
      by DESIGN/BUILDER, and all start-up supplies, including, but not limited to
      hoses, equipment labels, and other items specified by DESIGN/BUILDER,

    

    
      	2)  	
              Roads – OWNER
                shall provide or have provided, an access road of sufficient quality
                to
                withstand semi-truck traffic of 25,000+ annual loads with weight
                of 80,000
                lbs each.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	3)  	
              Air
                Quality Permit –A
                permit for construction shall be obtained from the proper authorities
                prior to the issuance of the Notice to Proceed. OWNER shall obtain
                an
                Operating Permit in timely manner to allow startup of the Plant as
                scheduled by DESIGN/BUILDER.

            

    

    

    
      	4)  	
              Storm
                Water Runoff Permit –
                OWNER
                shall obtain the permanent industrial storm water runoff permit.
                DESIGN/BUILDER shall obtain the construction storm water runoff
                permit.

            

    

    

    
      	5)  	
              Natural
                Gas Supply and Service Agreement –
                Continuous
                supply of natural gas of at least 1.9 Billion cubic
                feet per year, at a rate of 225 MMBtu per hour and at a minimum pressure
                of 60 psig at a location specified by DESIGN/BUILDER . OWNER shall
                provide
                supply meter and regulators to provide burner tip pressures as specified
                by DESIGN/BUILDER. OWNER will be responsible for the design, procurement,
                fabrication and installation of any and all equipment necessary to
                deliver
                the gas to all locations specified by
                DESIGN/BUILDER.

            

    

    

    
      	6)  	
              Electrical
                Service – Continuous supply of 12,000 kVA,
                12,400-volt electrical energy or more to a point immediately adjacent
                to
                the site. OWNER shall supply a high voltage switch and, if required,
                a
                substation. OWNER shall supply metering as specified by the power
                company.
                This electrical capacity will be sufficient to support the operations
                of
                the Plant as specified by DESIGN/BUILDER. OWNER will be responsible
                to
                design, provide, and install electricity connections to all locations
                specified by DESIGN/BUILDER (including the high-voltage permanent
                power
                loop, transformers and pads). Design and installation of the permanent
                power loop will be by DESIGN/BUILDER and all costs will be split
                50-50
                between OWNER and DESIGN/BUILDER.

            

    

    

    
      	7)  	
              Water
                Supply and Service Agreement – For process (contact
                and non-contact) and sanitary purposes, OWNER shall design, procure,
                fabricate and install all equipment for the supply of fresh water,
                and
                supply such water to all locations specified by DESIGN/BUILDER. The
                water
                augmentation plan and all associated fees, forms, permits and incidental
                requirements is the responsibility of OWNER. OWNER shall make such
                water
                supply available at the Site, and shall provide DESIGN/BUILDER with
                a
                water sample from such supply, at least two (2) months prior to the
                commencement of Construction.

            

    

    

    
      	8)  	
              Wastewater
                Discharge Permit – For discharges of cooling tower
                blowdown, water softening, and RO system blowdown under normal operating
                procedures. Process wastewater discharges during emergency failure
                of
                wastewater treatment plant to treat all process wastewater.
                

            

    

    

    
      	9)  	
              Railroad –
                OWNER shall design, procure, fabricate and install any railroad track
                siding to the Site, at grades specified by DESIGN/BUILDER, including
                all
                necessary earth work to properly locate the track, preparation of
                the
                railroad track bed, and track, ties and ballast to railroad company
                specifications and all required
                permits.

            

    

    

    
      	10)  	
              Regulatory
                Contingency – Until satisfactory atmospheric
                emissions compliance, OWNER shall maintain a fund of no less than
                *** to
                cover any unforeseen governmental regulation changes implemented
                after the
                Effective Date of the Agreement. This contingency is not part of
                the
                Contract Price, and its use may be authorized only by agreement of
                OWNER
                and DESIGN/BUILDER.

            

    

    

    
      	11)  	
              Water
                treatment – DESIGN/BUILDER shall design, procure,
                fabricate and install all water treatment equipment as deemed necessary
                by
                DESIGN/BUILDER. This might include reverse osmosis, softening equipment,
                iron removal, sulfate removal, or other items specified by DESIGN/BUILDER.
                All costs to complete work on Water Treatment are not included in
                base
                contract price, and will be billed to the Owner at cost plus 15%.
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	12)  	
              Road
                Paving –
                After
                Substantial Completion, OWNER
                will be responsible for paving of all roads. 

            

    

    

    
      	13)  	
              BATF
                Application/Misc Permits –
                OWNER
                will be responsible for completing, submitting and obtaining Bureau
                of
                Alcohol Tobacco and Firearms permitting to produce fuel grade alcohol,
                tank farm permits, discharge permits required by hydro testing the
                Plant,
                and an SPCC Plan.

            

    

    

    
      	14)  	
              Office
                Equipment – With the exception of the DCS control
                systems, OWNER will be responsible for office furnishings, computers
                and
                software to run the day-to-day operations of the
                Plant.

            

    

    

    
      	15)  	
              Construction
                Power – OWNER will provide and pay for all
                electricity needed during the Construction, including the permanent
                power
                loop required by DESIGN/BUILDER, by contracting with DESIGN/BUILDER
                for
                the installation of the same and which will be billed to OWNER as
                an
                additional cost, and not part of, the Contract Price.
                

            

    

    

    
      	16)  	
              Fire
                water system – DESIGN/BUILDER shall be responsible
                for the design, procurement, fabrication and installation of the
                fire
                water system including, without limitation: fire water pump station,
                fire
                water loop with hydrants, deluge systems, fire alarm panels, smoke
                and
                heat detection in any building or MCC room, as required by Laws and
                Regulations and the insurance company(ies) which provide insurance
                pursuant to the Contract Documents. All costs to complete fire water
                system are not included in base contract price, and will be billed
                to the
                Owner at cost plus 15%. 

            

    

    

    
      	17)  	
              At
                least forty-five (45) days prior to Substantial Completion, OWNER
                shall
                complete construction of an administration building at the Site with
                all
                utilities connected and operating to such
                building.

            

    

    

    
      	18)  	
              Prior
                to start-up of the Plant, OWNER shall furnish to DESIGN/BUILDER the
                following:

            

    

    

    a) Fully
      executed copies of all permits required to operate the Plant;

    b) Fully
      executed Certificate of Substantial Completion; and

    c) Preliminary
      Punchlist pursuant to paragraph 13.05 of the General Conditions.

     

    In
      the
      event OWNER desires that DESIGN/BUILDER perform all or any part of the foregoing
      obligations of OWNER, and DESIGN/BUILDER agrees to perform such obligations,
      the
      Contract Price shall be increased by the amount determined pursuant to paragraph
      10.02 of the General Conditions unless otherwise agreed by the
      parties.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Exhibit
      F

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    LICENSE
      AGREEMENT

    

    THIS
      LICENSE AGREEMENT (this “License Agreement”) is entered into and made effective
      as of the 14th
      day of
      July, 2006 (“Effective Date”) by and between Show Me Ethanol, LLC a Missouri
      limited liability company (“OWNER”), and ICM, Inc., a Kansas corporation
      (“ICM”).

    

    WHEREAS,
      OWNER and ICM have entered into that certain AGREEMENT BETWEEN OWNER AND
      DESIGN/BUILDER ON THE BASIS OF A STIPULATED PRICE dated July 14th,
      2006
      (the “Contract”), under which ICM is to design and construct a Fifty-Five (55)
      million gallons per year ethanol plant for OWNER to be located in or near
      Carrolton, Missouri (the “Plant”);

    

    WHEREAS,
      ICM will use proprietary technology and information of ICM in the design and
      construction of the Plant; and

    

    WHEREAS,
      OWNER desires from ICM, and ICM desires to grant to OWNER, a license to use
      such
      proprietary technology and information in connection with OWNER’s ownership and
      operation of the Plant, all upon the terms and conditions set forth
      herein;

    

    NOW,
      THEREFORE, the parties, in consideration of the foregoing premises and the
      mutual promises contained herein and for other good and valuable consideration,
      receipt of which is hereby acknowledged, agree as follows:

    

    1. Upon
      substantial completion of the Plant by ICM pursuant to the terms of the
      Contract, ICM agrees to grant to OWNER a limited license to use the Proprietary
      Property (hereinafter defined) solely in connection with the ownership,
      operation, maintenance and repair of the Plant, subject to the limitations
      provided herein (the “Purpose”). This license may be suspended by ICM in the
      event that the Owner fails to timely pay to ICM amounts due and owing under
      the
      Contract. Notwithstanding anything to the contrary contained herein, ICM shall
      not be entitled to receive any revenue derived from the commercial operation
      of
      the Plant, it being understood that ICM's right to receive payment shall be
      limited to the Contract Price and any interest, late fees, or penalties as
      provided herein.

     

    2. The
      “Proprietary Property” means, without limitation, documents, Operating
      Procedures (hereinafter defined), materials and other information that are
      furnished by ICM to OWNER in connection with the Purpose whether orally,
      visually, in writing, or by any other means, whether tangible or intangible,
      directly or indirectly and in whatever form or medium including, without
      limitation, the design, arrangement, configuration, and specifications of (i)
      the combinations of distillation, evaporation, and alcohol dehydration equipment
      (including, but not limited to, pumps, vessels, tanks, heat exchangers, piping,
      valves and associated electronic control equipment) and all documents supporting
      those combinations; (ii) the combination of the distillers grain drying (DGD),
      and heat recovery steam generation (HRSG) equipment (including, but not limited
      to, pumps, vessels, tanks, heat exchangers, piping and associated electronic
      control equipment) and all documents supporting those combinations; and (iii)
      the computer system, known as the distributed control system (DCS and/or PLC)
      (including, but not limited to, the software configuration, programming,
      parameters, set points, alarm points, ranges, graphical interface, and system
      hardware connections) and all documents supporting that system. The “Operating
      Procedures” means, without limitation, the process equipment and specifications
      manuals, standards of quality, service protocols, data collection methods,
      construction specifications, training methods, engineering standards and any
      other information prescribed by ICM from time to time concerning the Purpose.
      Proprietary Property shall not include any information or materials that OWNER
      can demonstrate by written documentation: (i) was lawfully in the possession
      of
      OWNER prior to disclosure by ICM; (ii) was in the public domain prior to
      disclosure by ICM; (iii) was disclosed to OWNER by a third party having the
      legal right to possess and disclose such information or materials; or (iv)
      after
      disclosure by ICM comes into the public domain through no fault of OWNER or
      its
      members, directors, officers, employees, agents, contractors, consultants or
      other representatives (hereinafter collectively referred to as
“Representatives”). Information and materials shall not be deemed to be in the
      public domain merely because such information is embraced by more general
      disclosures in the public domain, and any combination of features shall not
      be
      deemed to be within the foregoing exceptions merely because individual features
      are in the public domain if the combination itself and its principles of
      operation are not in the public domain.

    

    
      
        
        

      

      
        F-1

        
          

        

      

      
        
        

      

       

    

    3. OWNER
      shall not use the Proprietary Property for any purpose other than the Purpose.
      OWNER shall not use the Proprietary Property in connection with any expansion
      or
      enlargement of the Plant. ICM and its Representatives shall have the express
      right at any time to enter upon the premises of the Plant to inspect the Plant
      and its operation to ensure that OWNER is complying with the terms of this
      License Agreement. 

    

    4. OWNER’s
      failure to materially comply with the Operating Procedures shall void all
      guarantees, representations and warranties, whether expressed or implied, if
      any, that were given by ICM to OWNER in the Contract concerning the performance
      of the Plant. OWNER agrees to indemnify, defend and hold harmless ICM and ICM’s
      Representatives from any and all losses, damages and expenses including, without
      limitation, reasonable attorneys’ fees resulting from, relating to or arising
      out of OWNER’s or its Representatives’ (i) failure to materially comply with the
      Operating Procedures or, (ii) negligent use of the Proprietary Property.

    

    5. Any
      and
      all modifications to the Proprietary Property by OWNER or its Representatives
      shall be the property of ICM. OWNER shall promptly notify ICM of any such
      modification and OWNER agrees to assign all of its right, title and interest
      in
      such modification to ICM; provided, however, OWNER shall retain the right,
      at no
      cost, to use such modification in connection with the Purpose.

    

    6. ICM
      has
      the exclusive right and interest in and to the Proprietary Property and the
      goodwill associated therewith. OWNER will not, directly or indirectly, contest
      ICM’s ownership of the Proprietary Property. OWNER’s use of the Proprietary
      Property does not give OWNER any ownership interest or other interest in or
      to
      the Proprietary Property except for the limited license granted to OWNER herein.
      

    

    7. OWNER
      shall pay no license fee or royalty to ICM for OWNER’s use of the Proprietary
      Property pursuant to the limited license granted to OWNER, the consideration
      for
      this limited license is included in the amounts payable by OWNER to ICM for
      the
      construction of the Plant under the Contract.

    

    8. OWNER
      may
      not assign the limited license granted herein, in whole or in part, without
      the
      prior written consent of ICM, which will not be unreasonably withheld or
      delayed, provided that, subject to approval by ICM of the form of assignment,
      OWNER may assign this license to a lending institution as collateral for the
      financing the Plant. Prior to any assignment, OWNER shall obtain from such
      assignee a written instrument, in form and substance reasonably acceptable
      to
      ICM, agreeing to be bound by all the terms and provisions of this License
      Agreement. Any assignment of this License Agreement shall not release OWNER
      from
      (i) its duties and obligations hereunder concerning the disclosure and use
      of
      the Proprietary Property, or (ii) damages to ICM resulting from, or arising
      out
      of, a breach of such duties or obligations by OWNER or its Representatives.
      ICM
      may assign its right, title and interest in the Proprietary Property, in whole
      or part, subject to the limited license granted herein.

     

    
      
        
        

      

      
        F-2

        
          

        

      

      
        
        

      

       

    

    9. The
      Proprietary Property is confidential and proprietary. OWNER shall keep the
      Proprietary Property confidential and shall use all reasonable efforts to
      maintain the Proprietary Property as secret and confidential for the sole use
      of
      OWNER and its Representatives for the Purpose. OWNER shall retain all
      Proprietary Property at its principal place of business and/or the Plant. OWNER
      shall not at any time without ICM’s prior written consent, copy, duplicate,
      record, or otherwise reproduce the Proprietary Property, in whole or in part,
      or
      otherwise make the same available to any unauthorized person. OWNER shall not
      disclose the Proprietary Property except to its Representatives who are directly
      involved with the Purpose, and even then only to such extent as is necessary
      and
      essential for such Representative’s involvement. OWNER shall inform such
      Representatives of the confidential and proprietary nature of such information
      and, if requested by ICM, OWNER shall obtain from such Representative a written
      instrument, in form and substance reasonably acceptable to ICM, agreeing to
      be
      bound by all of the terms and provisions of this License Agreement. OWNER shall
      make all reasonable efforts to safeguard the Proprietary Property from
      disclosure by its Representatives to anyone other than permitted hereby. OWNER
      shall notify ICM immediately upon discovery of any unauthorized use or
      disclosure of the Proprietary Property, or any other breach of this License
      Agreement by OWNER or its Representatives, and shall cooperate with ICM in
      every
      reasonable way to help ICM regain possession of the Proprietary Property and
      prevent its further unauthorized use or disclosure. In the event that OWNER
      or
      its Representatives are required by law to disclose the Proprietary Property,
      OWNER shall provide ICM with prompt written notice of same so that ICM may
      seek
      a protective order or other appropriate remedy. In the event that such
      protective order or other appropriate remedy is not obtained, OWNER or its
      Representatives will furnish only that portion of the Proprietary Property
      which
      in the reasonable opinion of its or their legal counsel is legally required
      and
      will exercise its reasonable efforts to obtain reliable assurance that the
      Proprietary Property so disclosed will be accorded confidential
      treatment.

     

    10. OWNER
      agrees to indemnify ICM for any and all damages (including, without limitation,
      reasonable attorneys’ fees) arising out of or resulting from any unauthorized
      disclosure or use of the Proprietary Property by OWNER or its Representatives.
      OWNER agrees that ICM would be irreparably damaged by reason of a violation
      of
      the provisions contained herein and that any remedy at law for a breach of
      such
      provisions would be inadequate. OWNER agrees that ICM shall be entitled to
      seek
      injunctive or other equitable relief in a court of competent jurisdiction
      against OWNER or its Representatives for any unauthorized disclosure or use
      of
      the Proprietary Property without the necessity of proving actual monetary loss
      or posting any bond. It is expressly understood that the remedy described herein
      shall not be the exclusive remedy of ICM for any breach of such covenants,
      and
      ICM shall be entitled to seek such other relief or remedy, at law or in equity,
      to which it may be entitled as a consequence of any breach of such duties or
      obligations. 

    

    11. The
      duties and obligations of OWNER under this License Agreement, and all provisions
      relating to the enforcement of such duties and obligations shall survive and
      remain in full force and effect notwithstanding any termination or expiration
      of
      the Contract or this License Agreement.

    

    
      
        
        

      

      
        F-3

        
          

        

      

      
        
        

      

       

    

    12. ICM
      may
      terminate the limited license granted to OWNER herein upon written notice to
      OWNER if OWNER willfully or wantonly uses the Proprietary Property for any
      purpose, or discloses the Proprietary Property to anyone, other than permitted
      herein. Upon termination of the license, OWNER shall cease using the Proprietary
      Property for any purpose (including the Purpose) and, upon request by ICM,
      shall
      promptly return to ICM all documents or other materials in OWNER’s or its
      Representatives’ possession that contain Proprietary Property in whatever
      format, whether written or electronic, including any and all copies or
      reproductions of the Proprietary Property. OWNER shall permanently delete all
      such Proprietary Property from its computer hard drives and any other electronic
      storage medium (including any backup or archive system). OWNER shall deliver
      to
      ICM a written certificate which certifies that all electronic copies or
      reproductions of the Proprietary Property have been permanently
      deleted.

    

    13. The
      laws
      of the State of Kansas, United States of America, shall govern the validity
      of
      the provisions contained herein, the construction of such provisions, and the
      interpretation of the rights and duties of the parties. Any legal action brought
      to enforce or construe the provisions of this License Agreement shall be brought
      in the federal or state courts located in Kansas, and the parties agree to
      and
      hereby submit to the exclusive jurisdiction of such courts and agree that they
      will not invoke the doctrine of forum non conveniens or other similar defenses
      in any such action brought in such courts. Notwithstanding the foregoing,
      nothing in this License Agreement will affect any right ICM may otherwise have
      to bring any action or proceeding relating to this Agreement against OWNER
      or
      its properties in the courts of any jurisdiction. 

    

    14. OWNER
      hereby agrees to waive all claims against ICM and ICM’s Representatives for any
      consequential damages that may arise out of or relate to this License Agreement,
      the Contract or the Proprietary Property whether arising in contract, warranty,
      tort (including negligence), strict liability or otherwise, including but not
      limited to losses of use, profits, business, reputation or financing. OWNER
      agrees that the aggregate amount OWNER (and anyone claiming by or through OWNER)
      may collectively recover from ICM (and its Representatives), for the Plant
      as a
      whole under the Contract and this License Agreement shall be limited to
      ***.

    

    15.
      The
      terms and conditions of this License Agreement constitute the entire agreement
      between the parties with respect to the subject matter hereof and supersede
      any
      prior understandings, agreements or representations by or between the parties,
      written or oral. Any rule of construction to the effect that any ambiguity
      is to
      be resolved against the drafting party shall not be applicable in the
      interpretation of this License Agreement. This License Agreement may not be
      modified or amended at any time without the written consent of the
      parties.

    

    16.
      All
      notices, requests, demands, reports, statements or other communications (herein
      referred to collectively as "Notices") required to be given hereunder or
      relating to this License Agreement shall be in writing and shall be deemed
      to
      have been duly given if transmitted by personal delivery or mailed by certified
      mail, return receipt requested, postage prepaid, to the address of the party
      as
      set forth below. Any such Notice shall be deemed to be delivered and received
      as
      of the date so delivered, if delivered personally, or as of the third business
      day following the day sent, if sent by certified mail. Any party may, at any
      time, designate a different address to which Notices shall be directed by
      providing written notice in the manner set forth in this paragraph.

    

    17.
      In
      the event that any of the terms, conditions, covenants or agreements contained
      in this License Agreement, or the application of any thereof, shall be held
      by a
      court of competent jurisdiction to be invalid, illegal or unenforceable, such
      term, condition, covenant or agreement shall be deemed void ab initio and shall
      be deemed severed from this License Agreement. In such event, and except if
      such
      determination by a court of competent jurisdiction materially changes the
      rights, benefits and obligations of the parties under this License Agreement,
      the remaining provisions of this License Agreement shall remain unchanged
      unaffected and unimpaired thereby and, to the extent possible, such remaining
      provisions shall be construed such that the purpose of this License Agreement
      and the intent of the parties can be achieved in a lawful manner.

    

    
      
        
        

      

      
        F-4

        
          

        

      

      
        
        

      

       

    

    18.
      The
      duties and obligations herein contained shall bind, and the benefits and
      advantages shall inure to, the respective successors and permitted assigns
      of
      the parties hereto.

    

    19.
      The
      waiver by any party hereto of the breach of any term, covenant, agreement or
      condition herein contained shall not be deemed a waiver of any subsequent breach
      of the same or any other term, covenant, agreement or condition herein, nor
      shall any custom, practice or course of dealings arising among the parties
      hereto in the administration hereof be construed as a waiver or diminution
      of
      the right of any party hereto to insist upon the strict performance by any
      other
      party of the terms, covenants, agreement and conditions herein
      contained.

    

    20. In
      this
      License Agreement, where applicable, (i) references to the singular shall
      include the plural and references to the plural shall include the singular,
      and
      (ii) references to the male, female, or neuter gender shall include references
      to all other such genders where the context so requires.

     

    
      
        
        

      

      
        F-5

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this License Agreement, the
      Effective Date of which is indicated on page 1 of this License
      Agreement.

    

    
      	
              OWNER:

            	
              ICM:

            
	
               

              Show
                Me Ethanol, LLC

            	
               

              ICM,
                Inc.

            
	
               

              By:
                /s/David Durham

            	
               

              By:
                /s/ Dave VanderGriend

            
	
               

              Title:
                Chairman

            	
               

              Title:
                CEO

            
	
               

              Date
                Signed:8-7-2006

            	
               

              Date
                Signed: 7-15-2006

            
	
               

              Address
                for giving notices:

            	
               

              Address
                for giving notices:

            
	 	
               

              301
                N First Street

              Colwich,
                KS 67030

            

    

    

    

    
      
        
        

      

      
        F-6

        
          

        

      

      
        
        

      

    

    Exhibit
      G

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

     

    ICM
      Training:

     

    The
      Contract Price includes a commitment by DESIGN/BUILDER to perform certain
      training for certain personnel of OWNER at OWNER’s ethanol plant, which is
      located in Carrolton, Missouri.

    

    Employee
      training will be coordinated by operational personnel of DESIGN/BUILDER with
      the
      support of personnel of OWNER on location at OWNER’s ethanol plant. Vendor
      training will also occur in conjunction with this training. The specific
      schedule, attendees and training detail will be provided as Plant start up
      date
      is determined.

    

    Such
      personnel of OWNER will have the opportunity to operate the ethanol plant under
      the supervision of operators of DESIGN/BUILDER . It is anticipated that
      personnel participating in such training will include the plant manager,
      laboratory manager and shift supervisors who will work at the Plant for a period
      of 1-3 weeks. DESIGN/BUILDER will not charge any fee to OWNER for this startup
      training and DESIGN/BUILDER will provide all training materials. Expenses for
      OWNER’s employees such as travel, salaries, rooms and meals of the participants
      will be the responsibility of OWNER.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Exhibit
      H

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    INSURANCE

    

    DESIGN/BUILDER’S
      Employers’ Liability, Business Automobile Liability, and Commercial General
      Liability policies, as required in General Conditions paragraph 5.02 shall
      be
      written with at least the following limits of liability:

    

    1. Employers’
      Liability Insurance

    

     a. 
       $1,000,000
      

    Bodily
      Injury by Accident

    Each
      Accident

    

    
      	b. 
                	
              $1,000,000
                

            

    

    Bodily
      Injury by Disease

    Policy
      Limit

    

    
      	c.  
               	
              $1,000,000
                

            

    

    Bodily
      Injury by Disease

    Each
      Employee

    

    2. Business
      Automobile Liability Insurance

     

    
      	a. 
                	
              $1,000,000

            

    

    Each
      Accident

    

    3. Commercial
      General Liability Insurance

     

     a.   
      $1,000,000

    Each
      Occurrence

    

    
      	b.  
               	
              $2,000,000

            

    

    General
      Aggregate

    

    
      	c. 
                	
              $2,000,000

            

    

    Products/Completed 

    Operations
      Aggregate

    

    
      
        	
              	 d.	
                $1,000,000

              

      

    

      
Personal
      and Advertising

      
Injury
      Limit

    

    4. Liability
      Umbrella policy: $4,000,000 (in addition to the underlying limits).

    

    5. Professional
      Errors & Omissions policy. $1,000,000 per policy year.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    Exhibit
      I

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    Equipment
      Warranty:

    

    The
      warranty for Plant production rates, product quality, efficiencies and emissions
      standards is covered in Exhibit A. This Exhibit I specifically defines
      DESIGN/BUILDER’s operating warranty for Plant equipment inside the battery
      limit.

    

    DESIGN/BUILDER
      reserves the right at its own discretion, to void any and all warranty if the
      operation of the Plant and/or its subsystems, exceeds nameplate capacity by
      five
      percent (5%) or more.

    

    DESIGN/BUILDER
      is OWNER’s first point of contact for any claim of warranty by OWNER against
      DESIGN/BUILDER concerning Plant equipment, during the warranty period.

    

    The
      cost
      of labor performed by vendors other than DESIGN/BUILDER to settle a warranty
      claim situation, without written permission from DESIGN/BUILDER, will not be
      covered under any warranty expressed or implied by DESIGN/BUILDER. 

    

    What
      is
      furnished under the warranty:

    

    The
      warranty will furnish replacement consumables and parts covered under the
      warranty. Labor will only be furnished by DESIGN/BUILDER to repair items
      warranted for workmanship and originally designed and built by
      DESIGN/BUILDER.

    

    What
      is
      covered by the warranty:

    

    Workmanship
      and materials on all plant equipment including pumps, instruments, controls,
      DCS, switchgear, wiring, conveyors, gearboxes, auger flighting, valves 2” size
      and above, valve actuators, tanks, vessels, air compressors, boilers, cooling
      towers, motors, couplers, belts, sheaves, chains, sprockets, heat exchangers,
      agitators, centrifuges, fans, blowers, Hvac units, and other related
      equipment.

    

    Warranty
      will cover failures of seals for lack of coolant flush during the seven (7)
      day
      performance test described in Exhibit A.

    

    Warranty
      will cover failure of seals and couplers caused by misalignment during the
      seven
      (7) day performance test described in Exhibit A.

    

    Warranty
      will cover failure of pump seals caused by product misapplication. 

    

    Warranty
      will cover labor and parts to repair all leakage from pipes, exchangers and
      valves during the seven (7) day performance test described in Exhibit
      A.

     

    
      
        
        

      

      
        Page
          1 of 3

        
          

        

      

      
        
        

      

       

    

    What
      is
      not covered by the warranty:

    

    Warranty
      does not cover damage to process equipment of any kind, from, improper
      maintenance, improper operation, operator negligence or abuse. 

    

    Warranty
      does not cover catastrophic failures of the critical path equipment by chain
      reaction, from improper operation, abuse or neglect of other equipment or
      procedures in the process equipment critical path and/or acts of God, whether
      upstream or downstream. 

    

    Warranty
      does not cover damage caused by customer modification of equipment included
      in
      the warranty list during the warranty period, without the written consent of
      DESIGN/BUILDER. 

    

    Warranty
      does not cover pipe gaskets, sight glasses, valves under 2” in size, door knobs,
      walk in doors and closers, pipe and border painting, man-way gaskets,
      countertops and window glasses after the seven (7) day performance test
      described in Exhibit A.

    

    Warranty
      does not cover pump seals, pump motors and bearings that fail for lack of
      coolant flush after the seven (7) day performance test described in Exhibit
      A.

    

    Warranty
      does not cover pump seals or couplers after the seven (7) day performance test
      described in Exhibit A that fail from misalignment.

    

    Warranty
      will not cover failure of any size valve when failure is determined to be a
      result of owner welding on or near the valve.

    

    Warranty
      will not cover failure of any equipment due to improper grounding of welding
      equipment.

    

    Warranty
      will not cover any equipment damaged by lightning strikes, power surges, power
      outages or poor quality power from the electricity supplier.

    

    Warranty
      will not cover leaking plate and frame exchangers after the seven (7) day
      performance test described in Exhibit A.

    

    Procedure
      for warranty claim:

    

    DESIGN/BUILDER
      does not expect OWNER to remain out of service with equipment that has failed
      during the warranty period while trying to settle the warranty claim. Whether
      covered by warranty or not the plant must operate.

    

    Consumable
      items such as motors, gearboxes, seals, switchgear and similar equipment should
      be replaced and the damaged unit returned to DESIGN/BUILDER or made available
      for inspection by DESIGN/BUILDER. DESIGN/BUILDER reserves the right to return
      the item to the manufacturer for evaluation before settling a warranty issue.
      

    

    Failure
      to return or produce for inspection the damaged parts or equipment will void
      any
      warranty expressed or implied. 

    

    
      	1.  	
              The
                first step by OWNER to satisfy a warranty question is to call
                DESIGN/BUILDER’s project manager (or the delegated alternate) and notify
                that person of the claim. Provide the following
                information:

            

    

    
      	A.  	
              Item
                nomenclature

            

    

     

    
      
        
        

      

      
        Page
          2 of 3

        
          

        

      

      
        
        

      

    

     

    
      	B.  	
              Equipment
                or part number

            

    

    
      	C.  	
              Description
                of failure

            

    

    
      	D.  	
              Corrective
                action taken

            

    

    
      	E.  	
              Location
                and disposition of failed item

            

    

     

    
      	2.  	
              Fill
                out the electronic form provided by DESIGN/BUILDER and send the form
                by
                mail or email to the Project manager or his
                designate.

            

    

    

    
      	3.  	
              Project
                manager or delegate will respond within one (1) working day to acknowledge
                the claim and documentation, by phone and follow up with
                email.

            

    

    

    
      	4.  	
              Determination
                of settlement will be made in forty-five (45) days or less by
                DESIGN/BUILDER. If conflict arises from the determination between
                OWNER
                and DESIGN/BUILDER, such conflict will be resolved under the dispute
                resolution procedure set forth in Article 15 of the General Conditions.
                

            

    

    

    Warranty
      Period:

    

    The
      warranty period is the
      twelve (12) month period commencing on the date of Substantial
      Completion and
      ending on the date that is 12 months immediately thereafter. In order for OWNER
      to make a warranty claim the deficiency must be discovered, and OWNER must
      notify DESIGN/BUILDER in writing of such deficiency within this warranty
      period.

     

    
      
        
        

      

      
        Page
          3 of 3

        
          

        

      

      
        
        

      

       

    

    Exhibit
      J

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    

     

    [Form
      of
      Application for Payment]

     

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      K

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    [Preliminary
      progress schedule under paragraph 2.03 of the General Conditions]

    

    

    

    ***

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      L

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    [Preliminary
      Schedule of Values under paragraph 2.03 of the General Conditions]

    

    

    ***

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      M

    to

    Agreement
      Between Owner and Design/Builder

    On
      the Basis of a Stipulated Price

    

    [Form
      of
      Notice to Proceed]

    

    (Plant
      Name)

    

    

    (Date)

    

    (Project
      Manager Name)

    ICM,
      INC.

    310
      N.
      First Street

    Colwich,
      KS 67030

    (Phone
      Number)

    

    Re:
      Notice to Proceed

    

    Dear
      (Project
      Manager):

    

    This
      letter will serve as authorization and Notice to Proceed for ICM, Inc. with
      regards to the construction of (Plant
      Name) LLC
      ethanol plant in (City
      and State)
      in
      accordance with the Design/Build contract dated (Insert Contract Date), in
      place
      with ICM, INC.

    

    Pursuant
      to Article 2.01A of the Agreement, the project will be completed within
(Number
      of Calendar days in contract)
      days
      after the date when the Contract Times commence to run as set forth in
      subparagraph 1.01A.11 of the General Conditions. Contract time will commence
      at
      such time when Owner delivers to Design/Builder the Notice to Proceed, signed
      Contract Documents, Down Payment, air permit for the project, all necessary
      underground utilities are installed, all fill material is placed, and a level,
      buildable site is delivered to the Design/Builder as required in Exhibit E
      of
      the Contract. 

    

    

    Signature:
      ___________________

    Printed
      Name: _________________

    Its:
      

    (Company
      Name)

    (Date)

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GENERAL
      CONDITIONS OF THE

    CONTRACT
      BETWEEN

    OWNER
      AND DESIGN/BUILDER

    

    ARTICLE
      1—DEFINITIONS

    

    1.01 Defined
      Terms

    

    A. Wherever
      used in these General Conditions or in the other Contract Documents the
      following terms have the meanings indicated which are applicable to both the
      singular and plural thereof: 

    

    1. Agreement—The
      Agreement Between Owner and Design/Builder on the Basis of a Stipulated Price
      covering the Work. Other Contract Documents are incorporated into the Agreement
      and made a part thereof as provided therein.

    

    2. Application
      for Payment—The
      form
      that is substantially similar to Exhibit J which is to be used by DESIGN/BUILDER
      in requesting progress or final payments and which is to be accompanied by
      such
      supporting documentation as is required by the Contract Documents.

    

    3. Asbestos—Any
      material that contains more than one percent (1%) asbestos and is friable or
      is
      releasing asbestos fibers into the air above current action levels established
      by the United States Occupational Safety and Health Administration.

    

    4. Bond—Performance
      or payment bond or other instrument of security.

    

    5. Change
      Order—A
      written
      order which is signed by DESIGN/BUILDER and OWNER which authorizes an addition,
      deletion or revision in the Work, or an adjustment in the Contract Price or
      the
      Contract Times, issued on or after the Effective Date of the
      Agreement.

    

    6. Construction—The
      performing or furnishing of labor, the furnishing and incorporating of materials
      and equipment into the Work and the furnishing of services (other than Design
      Professional Services) and documents, all as required by the Contract Documents.
      Construction includes the materials and equipment incorporated into the
      Project.

    

    7. Construction
      Subagreement—A
      written
      agreement between DESIGN/BUILDER and a construction contractor for provision
      of
      Construction.

    

    8. Contract
      Documents—The
      Agreement and related exhibits, the Notice to Proceed, these General Conditions,
      the Specifications and the Drawings together with all Change Orders, and Written
      Amendments, issued on or after the Effective Date of the Agreement.

    

    9. Contract
      Price—The
      moneys payable by OWNER to DESIGN/BUILDER for completion of the Work in
      accordance with the Contract Documents.

    

    10. Contract
      Times—The
      number of days or the dates stated in the Agreement (i) to achieve Substantial
      Completion, and (ii) to complete the Work so that it is ready for final payment
      in accordance with paragraph 13.08.

    

    11. defective—An
      adjective which when modifying the term Construction refers to Construction
      that
      is unsatisfactory, faulty or deficient, in that it does not conform to the
      Contract Documents, or does not meet the requirements of any inspection,
      reference standard, test or approval referred to in the Contract Documents,
      or
      has been damaged prior to OWNER's final payment. 

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

       

    

    12. DESIGN/BUILDER—ICM,
      Inc., a Kansas corporation.

    

    13. Design
      Subagreement—A
      written
      agreement between DESIGN/BUILDER and a design professional for provision of
      Design Professional Services.

    

    14. Design
      Professional Services—Services
      provided by or for licensed design professionals during Construction, or
      operational phases of the Project, including the development of drawings,
      Specifications, and other design submittals specified by the Contract Documents
      and required to be performed by licensed design professionals.

    

    15. Drawings—Those
      portions of the Contract Documents prepared by or for DESIGN/BUILDER and
      approved by OWNER consisting of drawings, diagrams, illustrations, schedules
      and
      other data which show the scope, extent, and character of the Work.

    

    16. Effective
      Date of the Agreement—The
      date
      indicated in the Agreement on which it becomes effective, but if no such date
      is
      indicated it means the date on which the Agreement is signed and delivered
      by
      the last of the two parties to sign and deliver. 

    

    17. Engineer—A
      duly
      licensed individual or entity designated by DESIGN/BUILDER to perform or furnish
      specified Design Professional Services in connection with the Work.

    

    18. Hazardous
      Condition—The
      presence at the Site of Asbestos, Hazardous Waste, PCB's, Petroleum Products
      or
      Radioactive Materials in such quantities or circumstances that there is a danger
      to persons or property.

    

    19. Hazardous
      Waste—The
      term
      Hazardous Waste shall have the meaning provided in Section 1004 of the Solid
      Waste Disposal Act (42 USC Section 6903).

    

    20. Laws
      and Regulations; Laws or Regulations—Any
      and
      all applicable laws, rules, regulations, ordinances, codes, permits, and orders
      of any and all governmental bodies, agencies, authorities and courts having
      jurisdiction.

    

    21. Liens—Charges,
      security interests or encumbrances upon real property or personal
      property.

    

    22. Notice
      to Proceed—A
      written
      notice given by OWNER to DESIGN/BUILDER fixing the date on which the Contract
      Times will commence to run in accordance with paragraph 2.01.

     

    23. OWNER—The
      public body, or authority, individual or entity with whom DESIGN/BUILDER has
      entered into the Agreement and for whom the Work is to be provided.

    

    24. PCBs—Polychlorinated
      biphenyls.

    

    25. Petroleum—Petroleum,
      including crude oil or any fraction thereof which is liquid at standard
      conditions of temperature and pressure (60 degrees Fahrenheit and 14.7 pounds
      per square inch absolute), such as oil, petroleum, fuel oil, oil sludge, oil
      refuse, gasoline, kerosene, and oil mixed with other non-Hazardous Wastes and
      crude oils.

    

    
      
        
        

      

      
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    26. Project—The
      Construction to be provided under the Contract Documents as provided in
      paragraph 1.01 of the Agreement.

    

    27. Punch
      List Items— The
      miscellaneous items in the scope of the Project that are not required for the
      Project to be operational and that remain to be completed by DESIGN/BUILDER
      after Substantial Completion and before Final Completion.

    

    28. Radioactive
      Material—Source,
      special nuclear, or byproduct material as defined by the Atomic Energy Act
      of
      1954 (42 USC Section 2011 et seq.) as amended from time to time.

    

    29. Schedule
      of Values—A
      schedule prepared by DESIGN/BUILDER indicating that portion of the Contract
      Price to be paid for each major component of the Work.

    

    30. Site—Lands
      or
      other areas designated in the Contract Documents as being furnished by OWNER
      for
      the performance of the Construction, storage, or access.

    

    31. Specifications—Those
      portions of the Contract Documents prepared by or for DESIGN/BUILDER and
      approved by OWNER consisting of written technical descriptions of materials,
      equipment, construction systems, standards and workmanship as
      applied to the Construction and certain administrative details applicable
      thereto.

    

    32. Subcontractor—An
      individual or entity other than a Supplier or Engineer having a direct contract
      with DESIGN/BUILDER or with any other Subcontractor for the performance of
      a
      part of the Work. 

    

    33. Substantial
      Completion—The
      time
      at which the Construction (or a specified part) has progressed to the point
      where it is sufficiently complete, in accordance with the Contract Documents,
      so
      that corn can be ground and the ethanol commercial production process may
      begin.. The terms “substantially complete” and “substantially completed” as
      applied to the Construction refer to Substantial Completion of Construction.
      

    

    34. Supplier—A
      manufacturer, fabricator, supplier, distributor, materialman or vendor having
      a
      direct contract with DESIGN/BUILDER or with any Subcontractor to furnish
      materials or equipment to be incorporated in the Work by DESIGN/BUILDER or
      any
      Subcontractor.

    

    35. Work—The
      entire completed construction or the various separately identifiable parts
      thereof required to be performed or furnished under the Contract Documents.
      Work
      includes and is the result of performing or furnishing Design Professional
      Services and Construction required by the Contract Documents.

    

    36. Written
      Amendment—A
      written
      amendment of the Contract Documents, signed by OWNER and DESIGN/BUILDER on
      or
      after the Effective Date of the Agreement.

    

    
      
        
        

      

      
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    ARTICLE
      2—PRELIMINARY MATTERS

    

    2.01 Commencement
      of Contract Times; Notice to Proceed 

    

    A. The
      Contract Times will commence to run on May 1, 2007 or the day the DESIGN/BUILDER
      first pours concrete, whichever comes first; provided,
      however, in no case shall the Contract Times commence to run before the later
      of
      the date (i) Notice to Proceed is delivered pursuant to paragraph 8.07 of the
      Agreement, (ii) the entire amount of the down payment is paid pursuant to
      paragraph 4.01A of the Agreement, (iii) all necessary underground utilities
      have
      been installed at the Site, and (iv) all fill material is placed and a level,
      buildable Site is delivered to DESIGN/BUILDER. A Notice to Proceed may be given
      at any time within the period of time set forth in Section 8.07 of the
      Agreement. 

    

    2.02 Starting
      the Work 

    

    A. DESIGN/BUILDER
      shall start to perform the Work on the date when the Contract Times commence
      to
      run.

    

    2.03 Preliminary
      Schedules and Proof of Insurance 

    

    A. A
      preliminary progress schedule indicating the times (number of days or dates)
      for
      starting and completing the various stages in the design and construction of
      the
      Work is attached as Exhibit K. A preliminary Schedule of Values for all of
      the
      Work, which includes quantities and prices of items aggregating the Contract
      Price, subdivides the Work into component parts to serve as the basis for
      progress payments during performance of the Work and includes a pro rata amount
      of overhead and profit applicable to each item of Work is attached hereto as
      Exhibit L.

    

    B. Before
      any Work is started, DESIGN/BUILDER and OWNER shall each deliver to the other,
      with copies to each additional insured, certificates of insurance (and other
      evidence of insurance which either of them or any additional insured may
      reasonably request) which DESIGN/BUILDER and OWNER respectively are required
      to purchase and maintain in accordance with paragraphs 5.02.A, 5.04.A and
      5.04.B.

    

    ARTICLE
      3--CONTRACT DOCUMENTS: INTENT, AMENDING, REUSE

    

    3.01 Intent

    

    A. The
      Contract Documents comprise the entire agreement between OWNER and
      DESIGN/BUILDER concerning the Work. The Contract Documents are complementary;
      what is called for by one is as binding as if called for by all. The Contract
      Documents will be construed in accordance with the laws of the State of Kansas.
      Except as otherwise required by applicable Laws and Regulations, the Contract
      Documents shall govern the obligations of the parties regarding the Work and
      Project.

    

    B. It
      is the
      intent of the Contract Documents to describe a functionally complete Project
      to
      be designed and constructed in accordance with the Contract Documents. Any
      Work,
      materials or equipment that may reasonably be inferred from the Contract
      Documents or from prevailing custom or trade usage as being required to produce
      the intended result will be furnished and performed whether or not specifically
      called for. When words or phrases which have a well-known technical or
      construction industry or trade meaning are used to describe work, materials
      or
      equipment, such words or phrases shall be interpreted in accordance with that
      meaning. 

    

    
      
        
        

      

      
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    3.02 References

    

    A. Reference
      to standards, specifications, manuals or codes of any technical society,
      organization or association, or to the Laws or Regulations of any governmental
      authority, whether such reference be specific or by implication, shall mean
      the
      latest standard, specification, manual, code or Laws or Regulations in effect
      on
      the Effective Date of the Agreement except as may be otherwise specifically
      stated in the Contract Documents.

    

    B. No
      provision of any standard, specification, manual, code or instruction shall
      be
      effective to change the duties and responsibilities of OWNER, DESIGN/BUILDER
      or
      any of their subcontractors, consultants, agents, or employees from those set
      forth in the Contract Documents, nor shall it be effective to assign to OWNER
      any duty or authority to supervise or direct the furnishing or performance
      of
      the Work or any duty or authority to undertake responsibility inconsistent
      with
      the provisions of Article 8 or any other provision of the Contract
      Documents.

    

    C. 
      Title
      headings contained in the Contract Documents are for convenience and reference
      only and are not to be construed as limiting or extending the meaning of any
      of
      its provisions. All dollar figures shall mean the lawful currency of the United
      States of America, unless expressly stated otherwise. Words importing the
      singular, include the plural, and vice versa. Words importing the masculine
      gender, include the feminine and neuter, and vice versa. Words importing
      persons, include firms or corporations, and vice versa, as the context or
      reference requires. Any and all measurements including, but not limited to,
      dimensions, calculations, volumes and weights shall be in U.S. units of
      measurement.

    

    3.03 Amending
      and Supplementing Contract Documents

    

    A. The
      Contract Documents may be amended to provide for additions, deletions and
      revisions in the Work or to modify the terms and conditions thereof in one
      or
      more of the following ways:

    

    1. A
      Change
      Order; or

    

    2. A
      formal
      Written Amendment.

    

    3.04 Reuse
      of Documents

    

    A. All
      documents including Drawings and Specifications prepared or furnished by
      DESIGN/BUILDER pursuant to the Contract Documents are instruments of service
      in
      respect of the Project and DESIGN/BUILDER shall retain an ownership and property
      interest therein whether or not the Project is completed. OWNER may make and
      retain copies for information and reference in connection with the use and
      occupancy of the Project by OWNER and others; however, such documents are not
      intended or represented to be suitable for reuse by OWNER or others on
      extensions of the Project or on any other project. Any reuse without written
      verification or adaptation by DESIGN/BUILDER for the specific purpose intended
      will be at OWNER's sole risk and without liability or legal exposure to
      DESIGN/BUILDER, and OWNER shall indemnify and hold harmless DESIGN/BUILDER,
      Subcontractors, and Engineer from all claims, damages, losses and expenses
      including attorneys' fees arising out of or resulting therefrom. Any such
      verification or adaptation will entitle DESIGN/BUILDER to further compensation
      at rates to be agreed upon by OWNER and DESIGN/BUILDER.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    B. All
      documents including Drawings and Specifications prepared or furnished by
      DESIGN/BUILDER pursuant to the Contract Documents are also subject to the use
      and disclosure restrictions set forth in the License Agreement attached to
      the
      Agreement as Exhibit F. The parties shall execute and deliver such License
      Agreement in connection with the execution and delivery of the Agreement.
      Nothing contained in paragraph 3.04.A. shall be construed or interpreted as
      granting OWNER any rights or interest in the Proprietary Property of
      DESIGN/BUILDER (as defined in Exhibit F) except as provided in Exhibit F
      attached to the Agreement. 

    

    ARTICLE
      4—AVAILABILITY OF LANDS; DIFFERING SITE CONDITIONS; REFERENCE POINTS; HAZARDOUS
      CONDITIONS 

    

    4.01 Availability
      of Lands

    

    A. OWNER
      shall furnish the Site upon which the Construction is to be performed, and
      rights-of-way and easements for access thereto. 

    

    B. Upon
      reasonable written request, OWNER shall furnish DESIGN/BUILDER with a correct
      statement of record legal title and legal description of the Site upon which
      the
      Construction is to be performed and OWNER's interest therein. OWNER shall
      identify any encumbrances or restrictions not of general application but
      specifically related to use of the Site so furnished with which DESIGN/BUILDER
      will have to comply in performing the Work. Any and all easements necessary
      for
      the Work will be obtained and paid for by OWNER. 

    

    C. OWNER
      shall provide such lands and access thereto that may be reasonably required
      by
      DESIGN/BUILDER for temporary construction facilities or storage of materials
      and
      equipment.

    

    4.02 Differing
      Site Conditions

    

    A. DESIGN/BUILDER
      shall promptly, and before the conditions are disturbed, give a written notice
      to OWNER of (i) subsurface or latent physical conditions at the Site which
      differ materially from those indicated in the OWNER’s geotechnical report for
      the Project site or the land and grading specifications listed in Exhibit E,
      or
      (ii) unknown physical conditions at the Site, of an unusual nature, which differ
      materially from those ordinarily encountered and generally recognized as
      inhering in work of the character called for by the Contract
      Documents.

    

    B. OWNER
      will investigate the site conditions promptly after receiving the notice. If
      the
      conditions do materially so differ and cause an increase in the DESIGN/BUILDER's
      cost of or time in performing any part of the Work, an equitable adjustment
      shall be made under this clause and the Contract Times and/or Contract Price
      modified in writing by Change Order in accordance with Article 9.

    

    C. No
      request by DESIGN/BUILDER for an equitable adjustment under this paragraph
      4.02
      shall be allowed unless DESIGN/BUILDER has given the written notice required;
      provided that the time prescribed in paragraph 9.02.A for giving written notice
      may be extended by OWNER.

    

    4.03 Reference
      Points 

    

    A. DESIGN/BUILDER
      shall be responsible for laying out the Construction and shall protect and
      preserve the reference points established by OWNER pursuant to paragraph
      8.01.A.6.e and shall make no changes or relocations without the prior written
      approval of OWNER. DESIGN/BUILDER shall report to OWNER whenever any reference
      point or property monument is lost or destroyed or requires relocation because
      of necessary changes in grades or locations, and shall be responsible for the
      accurate replacement or relocation of such reference points or property
      monuments by professionally qualified personnel.

    

    
      
        
        

      

      
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    4.04 Hazardous
      Conditions 

    

    A. OWNER
      represents and warrants that there is no Hazardous Condition or materials that
      could create a Hazardous Condition existing at the Site as of the Effective
      Date
      of the Agreement that has not been disclosed in writing to DESIGN/BUILDER and
      that OWNER or OWNER’s officers, directors, employees, agents, other consultants
      or subcontractors shall not bring to the Site during the term of the Agreement
      any materials creating a Hazardous Condition. OWNER
      will be responsible for any Hazardous Condition encountered at the Site which
      was not identified in the Contract Documents to be within the scope of the
      Work.
      OWNER shall not be responsible for materials creating a Hazardous Condition
      brought to the Site by DESIGN/BUILDER, Subcontractors, Suppliers or anyone
      else
      for whom DESIGN/BUILDER is responsible. 

    

    B. DESIGN/BUILDER
      and any affected Subcontractor shall immediately (i) stop all Construction
      in
      connection with such Hazardous Condition and in any area affected thereby
      (except in an emergency as required by paragraph 6.15), and (ii) notify OWNER
      (and thereafter confirm such notice in writing). OWNER shall promptly determine
      the necessity of retaining a qualified expert to evaluate such Hazardous
      Condition or take corrective action, if any. DESIGN/BUILDER shall not be
      required to resume Construction in connection with such Hazardous Condition
      or
      in any such affected area until after OWNER has obtained any required permits
      related thereto and delivered to DESIGN/BUILDER special written notice (i)
      specifying that such Hazardous Condition and any affected area is or has been
      rendered safe for the resumption of Construction, or (ii) specifying any special
      conditions under which such Construction may be resumed safely. If OWNER and
      DESIGN/BUILDER cannot agree as to entitlement to or the amount or
      extent of
      an
      adjustment, if any, in the Contract Times and/or Contract Price as a result
      of
      such Construction stoppage or such special conditions under which Construction
      is agreed by DESIGN/BUILDER to be resumed, either party may make a claim
      therefor as provided in Article 9.

    

    C. To
      the
      fullest extent permitted by Laws and Regulations, OWNER shall indemnify and
      hold
      harmless DESIGN/BUILDER, Subcontractors, Suppliers, Engineers and the officers,
      directors, employees, agents, other consultants and subcontractors of each
      and
      any of them from and against all claims, costs, losses and damages (including
      but not limited to all reasonable fees and charges of engineers, architects,
      attorneys and other professionals and all court or arbitration or other dispute
      resolution costs) arising out of or resulting from such Hazardous Condition.
      Nothing in this paragraph 4.04.C shall obligate OWNER to indemnify any
      individual or any entity, including DESIGN/BUILDER, from and against the
      consequences of that individual's or entity's own negligence or willful
      misconduct. OWNER shall not be obligated to indemnify or hold harmless
      DESIGN/BUILDER, Subcontractors, Suppliers or any other individual or any entity
      for any such claim, cost, loss or damage arising out of or resulting from
      materials creating a Hazardous Condition brought to the Site by DESIGN/BUILDER,
      Subcontractors, Suppliers or any other party for whom DESIGN/BUILDER is
      responsible.

    

    ARTICLE
      5—BONDS AND INSURANCE 

    

    5.01 Performance,
      Payment or Other Bond 

    

    A. DESIGN/BUILDER
      shall not be required to furnish a performance, payment or any other
      Bond.

    

    5.02 DESIGN/BUILDER's
      Liability Insurance

    

    A. DESIGN/BUILDER
      shall purchase and maintain such Commercial General Liability (subject to
      customary exclusions in respect of professional liability), Automobile Liability
      and Worker's Compensation insurance as is appropriate for the Work being
      performed and furnished and as will provide protection from claims set forth
      below which may arise out of or result from DESIGN/BUILDER's performance and
      furnishing of the Work and DESIGN/BUILDER's other obligations under the Contract
      Documents, whether it is to be performed or furnished by DESIGN/BUILDER, any
      Subcontractor or Supplier, or by anyone directly or indirectly employed by
      any
      of them to perform or furnish any of the Work, or by anyone for whose acts
      any
      of them may be liable:

    
       

      1. Claims
        under workers' compensation, disability benefits and other similar employee
        benefit acts;

       

    

    
      
        
        

      

      
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    2. Claims
      for damages because of bodily injury, occupational sickness or disease, or
      death
      of DESIGN/BUILDER's employees;

    

    3. Claims
      for damages because of bodily injury, sickness or disease, or death of any
      person other than DESIGN/BUILDER's employees;

    

    4. Claims
      for damages insured by customary personal injury liability coverage which are
      sustained (i) by any person as a result of an offense directly or indirectly
      related to the
      employment of such person by DESIGN/BUILDER, or (ii) by any other person for
      any
      other reason;

    

    5. Claims
      for damages, other than to the Work itself, because of injury to or destruction
      of tangible property wherever located other than claims under paragraph
      5.02.A.7. below, including loss of use resulting therefrom; 

    

    6. Claims
      for damages because of bodily injury or death of any person or property damage
      arising out of the ownership, maintenance or use of any motor vehicle;
      and

    

    7. Claims
      for professional errors and omissions arising from the Design Professional
      Services provided for the Project.

    

    
      	 	
              B.

            	
              The
                policies of insurance required by paragraph 5.02.A
                shall:

            

    

    

    1. With
      respect to insurance required by paragraphs 5.02.A.3 through 5.02.A.6 inclusive,
      include as additional insureds OWNER and any other persons or entities
      identified in writing by OWNER, all of whom shall be listed as additional
      insureds, and include coverage for the respective officers and employees of
      all
      such additional insureds;

    

    2. Include
      at least the specific coverages and be written for not less than the limits
      of
      liability set forth in Exhibit H or required by Laws or Regulations, whichever
      is greater;

    

    3. Include
      completed operations insurance;

    

    4. Include
      contractual liability insurance covering DESIGN/BUILDER's indemnity obligations
      under paragraphs 6.10 and 6.18;

    

    5. Contain
      a
      provision or endorsement that the coverage afforded will not be cancelled,
      materially changed or renewal refused until at least thirty (30) days prior
      written notice has been given to OWNER and each other additional insured to
      whom
      a certificate of insurance has been issued (and the certificates of insurance
      furnished by DESIGN/BUILDER pursuant to paragraph 5.08.B will so
      provide);

    

    6. Remain
      in
      effect at least until final payment and at all times thereafter when
      DESIGN/BUILDER may be correcting, removing or replacing defective
      Construction in accordance with paragraphs 12.06 and 12.07;

    

    
      
        
        

      

      
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    7. With
      respect to completed operations insurance, remain in effect for at least one
      year after final payment (and DESIGN/BUILDER shall furnish OWNER and each other
      additional insured to whom a certificate of insurance has been issued evidence
      satisfactory to OWNER and any such additional insured of continuation of such
      insurance at final payment); and

    

    8. DESIGN/BUILDER
      shall maintain in effect all insurance coverage required under this paragraph
      at
      DESIGN/BUILDER’S sole expense with insurance companies (and policies) approved
      by OWNER. If DESIGN/BUILDER fails to obtain or maintain any insurance coverage
      required under this Agreement, the OWNER may purchase such
      coverage and charge the expense to DESIGN/BUILDER, or terminate this Agreement
      for cause in accordance with paragraph 14.02 below.

    

    5.03 OWNER's
      Liability Insurance

    

    A. In
      addition to the insurance required to be provided by DESIGN/BUILDER under
      paragraph 5.02, OWNER, at OWNER's option, may purchase and maintain at OWNER's
      expense OWNER's own liability insurance as will protect OWNER against claims
      which may arise from operations under the Contract Documents.

    

    5.04 Property
      Insurance

    

    A. 
      OWNER
      shall purchase and maintain property insurance upon the Construction at the
      Site
      in the amount of the full replacement cost thereof at OWNER’s sole expense with
      insurance companies (and policies) approved by DESIGN/BUILDER. This insurance
      will:

    

    1. Include
      the interests of OWNER, DESIGN/BUILDER, Subcontractors, and any other persons
      or
      entities listed as an insured or additional insured;

    

    2. Be
      written on a Builder's Risk "all-risk" or equivalent policy form that shall
      at
      least include insurance for physical loss and damage to the Construction,
      temporary buildings, falsework and all materials and equipment in transit,
      and
      shall insure against at least the following perils or causes of loss: fire,
      lightning, extended coverage, theft, vandalism and malicious mischief,
      earthquake, collapse, debris removal, demolition occasioned by enforcement
      of
      Laws and Regulations, water damage, flood, system testing, and such other perils
      or causes of loss as may be agreed in writing by DESIGN/BUILDER and
      OWNER;

    

    3. Include
      expenses incurred in the repair or replacement of any insured property
      (including but not limited to fees and charges of engineers and
      architects);

    

    4. Cover
      materials and equipment stored at the Site or at another location that was
      agreed to in writing by OWNER prior to being incorporated in the Construction,
      provided that such materials and equipment have been included in an Application
      for Payment approved by OWNER; 

    

    5. Be
      maintained in effect until final payment is made unless otherwise agreed to
      in
      writing by OWNER and DESIGN/BUILDER with thirty (30) days written notice to
      each
      other additional insured to whom a certificate of insurance has been issued;
      and

    

    B. OWNER
      shall purchase and maintain such boiler and machinery insurance or additional
      property insurance as DESIGN/BUILDER may reasonably require or required by
      Laws
      and Regulations which will include the interests of OWNER, DESIGN/BUILDER,
      Subcontractors, and other individuals and entities listed as an insured or
      additional insured. 

    

    
      
        
        

      

      
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    C. All
      the
      policies of insurance (and the certificates or other evidence thereof) required
      to be purchased and maintained by OWNER in accordance with paragraph 5.04 will
      contain a provision or endorsement that the coverage afforded will not be
      cancelled or materially changed or renewal refused until at least thirty (30)
      days prior written notice has been given to DESIGN/BUILDER and to each other
      additional insured to whom a certificate of insurance has been issued.

    

    D. OWNER
      shall not be responsible for purchasing and maintaining any property insurance
      to protect the interests of DESIGN/BUILDER, Subcontractors, Suppliers, Engineers
      or others in the Work to the extent of the deductible amounts. The risk of
      loss
      within such deductible amounts will be borne by the party at fault for such
      loss
      and if DESIGN/BUILDER, Subcontractor or others wishes property insurance
      coverage within the limits of such deductible amount, each may purchase and
      maintain it at it's own expense.

    

    E. If
      DESIGN/BUILDER requests in writing that other special insurance be included
      in
      the property insurance policies provided under paragraph 5.04, OWNER shall,
      if
      possible, include such insurance, and the cost thereof will be charged to
      DESIGN/BUILDER by appropriate Change Order or Written Amendment. Prior to
      commencement of the Work at the Site, OWNER shall in writing advise
      DESIGN/BUILDER whether or not such other insurance has been procured by
      OWNER.

    

    5.05 Waiver
      of Subrogation Rights

    

    A. OWNER
      and
      DESIGN/BUILDER intend that all policies purchased in accordance with paragraph
      5.04 will protect OWNER, DESIGN/BUILDER, Engineers, Subcontractors, others
      who
      may have a financial interest in the Project, and all other individuals or
      entities listed as insureds or additional insureds in such policies and will
      provide primary coverage for all losses and damages caused by the perils or
      causes of loss covered thereby. All such policies shall contain provisions
      to
      the effect that in the event of payment of any loss or damage the insurers
      will
      have no rights of recovery against any of the insureds or additional insureds
      thereunder. Each party waives all rights against the other party and its
      officers, directors, employees, members, and agents for all losses and damages
      caused by, arising out of or resulting from any of the perils or causes of
      loss
      covered by such policies and any other property insurance applicable to the
      Work. 

    

    5.06 Receipt
      and Application of Proceeds

    

    A. Any
      insured loss under the policies of insurance required by paragraph 5.04 will
      be
      adjusted with OWNER and made payable to OWNER as fiduciary for the benefit
      of
      insureds, as their interests may appear, subject to the requirements of
      paragraph 5.06.B. OWNER shall deposit in a separate account any money so
      received, and shall distribute it in accordance with such agreement as the
      parties in interest may reach. If no other special agreement is reached the
      damaged Work shall be repaired or replaced, the moneys so received applied
      on
      account thereof and the Work and the cost thereof covered by an appropriate
      Change Order or Written Amendment.

    

    B. OWNER
      as
      fiduciary shall have power to adjust and settle any loss with the insurers
      unless one of the parties in interest shall object in writing within fifteen
      (15) days after the occurrence of loss to OWNER's exercise of this power. If
      such objection be made, OWNER as fiduciary shall make settlement with the
      insurers in accordance with such agreement as the parties in interest may reach.
      If no such agreement among the parties in interest is reached, OWNER as
      fiduciary shall adjust and settle the loss with the insurers
      and, if
      required in writing by any party in interest, OWNER as fiduciary shall give
      Bond
      for the proper performance of such duties. 

    

    
      
        
        

      

      
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    5.07 Acceptance
      of Insurance; Option to Replace 

    

    A. If
      either
      party has any objection to the coverage afforded by or other provisions of
      the
      insurance required to be purchased and maintained by the other party in
      accordance with this Article 5 on the basis of the other party not
      complying with the Contract Documents, the objecting party shall so notify
      the
      other party in writing within thirty (30) days after receipt of the certificates
      (or other evidence requested) required by paragraph 2.03.B. OWNER and
      DESIGN/BUILDER shall each provide to the other such additional information
      in
      respect of insurance provided as the other may reasonably request. If either
      party does not purchase or maintain all of the insurance required of such party
      by the Contract Documents, such party shall notify the other party in writing
      of
      such failure to purchase prior to the start of the Work, or of such failure
      to
      maintain prior to any change in the required coverage. Without prejudice to
      any
      other right or remedy, the other party may elect to obtain equivalent insurance
      to protect such other party's interests at the expense of the party who was
      supposed to provide such coverage, and a Change Order or Written Amendment
      shall
      be issued to adjust the Contract Price accordingly.

    

    5.08 Licensed
      Sureties and Insurers; Certificates of Insurance

    

    A. All
      insurance required by the Contract Documents to be purchased and maintained
      by
      OWNER or DESIGN/BUILDER shall be obtained from insurance companies that are
      duly
      licensed or authorized in the jurisdiction in which the Project is located
      to
      issue insurance policies for the limits and coverages so required. Such
      insurance companies shall also meet such additional requirements and
      qualifications as may be agreed in writing by DESIGN/BUILDER and
      OWNER.

     

    ARTICLE
      6—DESIGN/BUILDER'S RESPONSIBILITIES

    

    6.01 Design
      Professional Services

    

    A. Standard
      of Care: DESIGN/BUILDER
      shall perform or furnish Design Professional Services and related services
      in
      all phases of the Project. The standard of care for all such services performed
      or furnished under this Agreement will be the care and skill ordinarily used
      by
      members of the engineering profession practicing under similar conditions at
      the
      same time and locality. 

    

    B. Preliminary
      Design Phase: During
      the preliminary design phase, DESIGN/BUILDER shall:

    

    1. Consult
      with OWNER to understand OWNER's requirements for the Project and review
      available data.

    

    2. Advise
      OWNER as to the necessity of OWNER providing or obtaining from others additional
      reports, data or services of the types provided in paragraph 8.01.A.6.a-g and
      assist OWNER in obtaining such reports, data, or services.

    

    3. Identify
      and analyze requirements of governmental authorities having jurisdiction to
      approve the portions of the Project designed or specified by DESIGN/BUILDER
      with
      whom consultation is to be undertaken in connection with the
      Project.

    

    4. Obtain
      such additional geotechnical and related information which it deems necessary
      for performance of the Work.

    

    
      
        
        

      

      
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    C. Final
      Design Phase: During
      the final design phase, DESIGN/BUILDER shall:

    

    1. Prepare
      final Drawings showing the scope, extent, and character of the Construction
      to
      be performed and furnished by DESIGN/BUILDER and Specifications.

    

    2. Provide
      technical criteria, written descriptions and design data required for obtaining
      approvals of such governmental authorities as have jurisdiction to review or
      approve the final design of the Project, and assist OWNER in consultations
      with
      appropriate authorities.

    

    D. Construction
      Phase.
      During
      Construction, DESIGN/BUILDER shall provide Engineering and Design Professional
      Services as necessary to complete the Project.

    

    E. Operational
      Phase: During
      the operational phase, DESIGN/BUILDER shall:

    

    1. Provide
      assistance in connection with the start-up, testing, refining and adjusting
      of
      any equipment or system included in the Work.

    

    2. Assist
      OWNER in training staff to operate and maintain the Project as provided in
      Exhibit G.

    

    Other
      than assistance normally provided in the industry after final payment, nothing
      in this paragraph 6.01.E. shall be interpreted or construed as obligating
      DESIGN/BUILDER to perform or provide such assistance to OWNER after final
      payment and acceptance of the Work under paragraph 13.08 below.

    

    6.02 Supervision
      and Superintendence of Construction

    

    A. DESIGN/BUILDER
      shall supervise, inspect and direct the Construction competently and
      efficiently, devoting such attention thereto and applying such skills and
      expertise as may be necessary to provide the Construction in accordance with
      the
      Contract Documents. DESIGN/BUILDER shall be solely responsible for the means,
      methods, techniques, sequences and procedures employed for the provision of
      Construction. DESIGN/BUILDER shall be responsible to see that the completed
      Construction complies accurately with the Contract Documents and shall keep
      OWNER advised as to the quality and progress of the Construction.

    

    B. DESIGN/BUILDER
      shall keep on the Site at such times as DESIGN/BUILDER determines are reasonably
      necessary to complete the Work a competent superintendent. The superintendent
      will be DESIGN/BUILDER's representative at the Site and shall have authority
      to
      act on behalf of DESIGN/BUILDER.

    
       

      6.03 Labor,
        Materials and Equipment

      

      A. DESIGN/BUILDER
        shall provide competent, suitably qualified personnel to survey and lay out
        the
        Construction and perform Construction as required by the Contract Documents.
        DESIGN/BUILDER shall at all times maintain good discipline and order at the
        Site. 

      

      B. Unless
        otherwise specified in the Contract Documents, DESIGN/BUILDER shall furnish
        or
        cause to be furnished and assume full responsibility for materials, equipment,
        labor, transportation, construction equipment and machinery, tools, appliances,
        fuel, heat, telephone, sanitary facilities, and all other facilities and
        incidentals necessary for the furnishing, performance, testing, start-up
        and
        completion of the Work, excluding, specifically, power, light, water, temporary
        facilities and all other items designated as OWNER’s responsibility.
        DESIGN/BUILDER will direct the checkout of utilities and operations of systems
        and equipment.

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    C. All
      materials and equipment incorporated into the Work shall be of good quality
      and
      new. All warranties and guarantees specifically called for by the Contract
      Documents shall expressly run to the benefit of OWNER. If reasonably required
      by
      OWNER, DESIGN/BUILDER shall furnish satisfactory evidence (including reports
      of
      required tests) as to the kind and quality of materials and equipment. All
      materials and equipment shall be applied, installed, connected, erected, used,
      cleaned and conditioned in accordance with instructions of the applicable
      Supplier. 

    

    6.04 Progress
      Schedule

    

    A. DESIGN/BUILDER
      shall adhere to the progress schedule discussed in paragraph 2.03.A as it may
      be
      adjusted from time to time. 

    

    1. DESIGN/BUILDER
      shall submit to OWNER for acceptance proposed adjustments in the progress
      schedule that will not change the Contract Times. Such adjustments will conform
      generally to the progress schedule then in effect.

    

    2. Proposed
      adjustments in the progress schedule that will change the Contract Times shall
      be submitted in accordance with the requirements of Article 11. Such adjustments
      may only be made by a Change Order or Written Amendment.

    

    6.05
      Concerning Subcontractors, Suppliers and Others

    

    A. DESIGN/BUILDER
      shall not employ any Subcontractor, Engineer, Supplier or other individual
      or
      entity against whom OWNER may have reasonable objection. DESIGN/BUILDER shall
      not be required to employ any Subcontractor, Engineer, Supplier or other
      individual or entity to furnish or perform any of the Work against whom
      DESIGN/BUILDER has reasonable objection.

    

    B. DESIGN/BUILDER
      shall be fully responsible to OWNER for all acts and omissions of the
      Subcontractors, Engineers, Suppliers and other individuals or entities
      performing or furnishing any of the Work under a direct or indirect contract
      with DESIGN/BUILDER. Nothing in the Contract Documents shall create for the
      benefit of any such Subcontractor, Engineer, Supplier or other individual or
      entity any contractual relationship between OWNER and any such Subcontractor,
      Engineer, Supplier or other individual or entity, nor shall it create any
      obligation on the part of OWNER to pay or to see to the payment of any moneys
      due any such Subcontractor, Engineer, Supplier or other individual or entity
      except as may otherwise be required by Laws and Regulations.

    

    C. DESIGN/BUILDER
      shall be solely responsible for scheduling and coordinating Subcontractors,
      Engineers, Suppliers and other individuals and entities performing or furnishing
      any of the Work under a direct or indirect contract with DESIGN/BUILDER.
      DESIGN/BUILDER shall require all Subcontractors, Engineers, Suppliers and such
      other individuals and entities performing or furnishing any of the Work to
      communicate with the OWNER through DESIGN/BUILDER.

    

    D. All
      services performed or provided to and material and equipment supplied to
      DESIGN/BUILDER by a Subcontractor or Supplier will be pursuant to an appropriate
      Design Subagreement or Construction Subagreement between DESIGN/BUILDER and
      the
      Subcontractor, Engineer or Supplier which specifically binds the Subcontractor,
      Engineer or Supplier to the applicable terms and conditions of the Contract
      Documents for the benefit of OWNER. Whenever any such agreement is with a
      Subcontractor, Engineer or Supplier who is listed as an additional insured
      on
      the property insurance provided in paragraph 5.04.A or 5.04.B, the agreement
      between the DESIGN/BUILDER and the Subcontractor, Engineer or Supplier will
      contain provisions whereby the Subcontractor, Engineer or Supplier waives all
      rights against OWNER, DESIGN/BUILDER, and all other additional insureds for
      all
      losses and damages caused by any of the perils or causes of loss covered by
      such
      policies and any other property insurance applicable to the Work. If the
      insurers on any such policies require separate waiver forms to be signed by
      any
      Subcontractor, Engineer or Supplier, DESIGN/BUILDER will obtain the
      same.

    

    
      
        
        

      

      
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    6.06 Patent
      Fees and Royalties

    

    A. DESIGN/BUILDER
      shall pay all license fees and royalties and assume all costs incident to the
      use in the performance of the Work or the incorporation in the Work of any
      invention, design, process, product or device (other than any increased license
      fees, royalties and costs arising out of or resulting from a Change Order)
      which
      is the subject of patent rights or copyrights held by others. To the fullest
      extent permitted by Laws and Regulations, DESIGN/BUILDER shall indemnify and
      hold harmless OWNER, from and against all claims, costs, losses and damages
      (including but not limited to all reasonable fees and charges of engineers,
      architects, attorneys and other professionals and all court or arbitration
      or
      other dispute resolution costs) arising out of or resulting from any infringement
      of patent rights or copyrights incident
      to the use in the performance of the Work or resulting from
      the
      incorporation in the Work of any invention, design, process, product or
      device.
      DESIGN/BUILDER
      shall,
      at its sole expense, have the right to defend against any such claim. OWNER
      shall promptly notify DESIGN/BUILDER upon becoming aware of any such claim.
      DESIGN/BUILDER, in order to avoid such claim, shall have the right at its sole
      expense to substitute non-infringing invention, design, process, product or
      device or to modify such infringing invention, design, process, product or
      device so they become non-infringing, or to obtain at its sole expense the
      necessary licenses to use the infringing invention, design, process, product
      or
      device provided that such substituted and modified invention, design, process,
      product or device shall meet all the requirements of the Contract
      Documents.

    

    6.07 Permits

    

    A. OWNER
      shall obtain and pay for all necessary permits and licenses. DESIGN/BUILDER
      shall assist OWNER, when necessary, in obtaining such permits and licenses.
      OWNER shall pay all governmental charges and inspection fees necessary for
      the
      prosecution of the Construction. OWNER shall pay all charges of utility owners
      for connections that are necessary for the Work, and OWNER shall pay all charges
      of such utility owners for capital costs related thereto.

    

    6.08 Laws
      and Regulations

    

    A. DESIGN/BUILDER
      shall give all notices and comply with all Laws and Regulations of the place
      of
      the Project which are applicable to furnishing and performance of the Work.
      OWNER shall not be responsible for monitoring DESIGN/BUILDER's compliance with
      any Laws or Regulations.

    

    B. If
      DESIGN/BUILDER performs any Work knowing or having reason to know that it is
      contrary to Laws or Regulations, DESIGN/BUILDER shall bear all costs arising
      therefrom.

    

    C. If
      changes in Laws and Regulations after the Effective Date of the Agreement cause
      an increase in the DESIGN/BUILDER’s cost of or time in performing any part of
      the Work, DESIGN/BUILDER may make a claim under Article 9 for a modification
      to
      the Contract Times and/or Contract Price..

    

    6.09 Taxes

    

    A. OWNER
      shall pay to DESIGN/BUILDER all sales, consumer, use, gross receipts and other
      similar taxes which are applicable during the performance of the Work and are
      either paid by DESIGN/BUILDER or are required to be reimbursed by DESIGN/BUILDER
      to its Subcontractors, Suppliers, or Engineers.

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

       

    

    6.10 Use
      of Site and Other Areas

    

    A. DESIGN/BUILDER
      shall confine construction equipment, the storage of materials and equipment
      and
      the operations of construction workers to those lands and areas permitted by
      the
      OWNER and other land and areas permitted by Laws and Regulations, rights-of-way,
      permits and easements, and shall not unreasonably encumber the premises with
      construction equipment or other materials or equipment. DESIGN/BUILDER shall
      be
      responsible for any damage to any such land or area, or to the owner or occupant
      thereof or of any adjacent land or areas, resulting from the performance of
      the
      Construction. Should any claim be made by any such owner or occupant because
      of
      the performance of the Construction, DESIGN/BUILDER shall promptly settle with
      such other party by negotiation or otherwise resolve the claim by arbitration
      or
      other dispute resolution proceeding or at law. DESIGN/BUILDER shall, to the
      fullest extent permitted by Laws and Regulations, indemnify and hold harmless
      OWNER and anyone directly or indirectly employed by OWNER from and against
      all
      claims, costs, losses and damages (including, but not limited to, all reasonable
      fees of engineers, architects, attorneys and other professionals and court
      and
      arbitration or other dispute resolution costs) arising out of or resulting
      from
      any claim or action, legal or equitable, brought by any such owner or occupant
      against OWNER, or any other party indemnified hereunder to the extent caused
      by
      or based upon DESIGN/BUILDER's performance of the Construction.

    

    B. During
      the performance of the Construction, DESIGN/BUILDER shall keep the premises
      free
      from accumulations of waste materials, rubbish and other debris resulting from
      the Construction. At the completion of the Construction, DESIGN/BUILDER shall
      remove all waste materials, rubbish and debris from and about the premises
      as
      well as all tools, appliances, construction equipment, temporary construction
      and machinery and surplus materials. DESIGN/BUILDER shall leave the Site clean
      and ready for occupancy by OWNER at Substantial Completion. DESIGN/BUILDER
      shall
      restore to original condition all property not designated for alteration by
      the
      Contract Documents.

    

    C. DESIGN/BUILDER
      shall not load nor permit any part of any structure to be loaded in any manner
      that will endanger the structure, nor shall DESIGN/ BUILDER subject any part
      of
      the Work or adjacent property to stresses or pressures that will endanger
      it.

    

    6.11 Record
      Documents

    

    A. DESIGN/BUILDER
      shall maintain in a safe place at the Site one record copy of all Drawings,
      Specifications, Written Amendments, and Change Orders, in good order and
      annotated to show all changes made during Construction. These record documents
      will be available to OWNER for reference. Upon completion of the Work, these
      record documents and Submittals, including a reproducible set of record
      drawings, will be delivered to OWNER.

    

    6.12
       Safety
      and Protection 

    

    A. DESIGN/BUILDER
      shall be responsible for initiating, maintaining and supervising all safety
      precautions and programs in connection with the Construction. DESIGN/BUILDER
      shall take necessary precautions for the safety of, and shall provide the
      necessary protection to prevent damage, injury or loss to:

    

    1. All
      persons on the Site or who may be affected by the Construction;

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

    

    2. All
      Work
      and materials and equipment to be incorporated therein, whether in storage
      on or
      off the Site; and

    

    3. Other
      property at the Site or adjacent thereto, including trees, shrubs, lawns, walks,
      pavements, roadways, structures, utilities and underground facilities not
      designated for removal, relocation or replacement in the course of the
      Construction.

    

    B. DESIGN/BUILDER
      shall comply with applicable Laws and Regulations of any public body having
      jurisdiction for safety of persons or property or to protect them from damage,
      injury or loss; and shall erect and maintain all necessary safeguards for such
      safety and protection. DESIGN/BUILDER shall notify owners of adjacent property
      and of underground facilities and utility owners when prosecution of the Work
      may affect them, and shall cooperate with them in the protection, removal,
      relocation and replacement of their property. All damage, injury or loss to
      any
      property caused, directly or indirectly, in whole or in part, by DESIGN/BUILDER,
      any Subcontractor, Supplier or any other individual or entity directly or
      indirectly employed by any of them to perform or furnish any of the Work or
      anyone for whose acts any of them may be liable, shall be remedied by
      DESIGN/BUILDER. DESIGN/BUILDER's duties and responsibilities for safety and
      for
      protection of the construction shall continue until (i) such time as all the
      Work is completed and OWNER has issued a notice to DESIGN/BUILDER in accordance
      with paragraph 13.09 that the Work is acceptable or, (ii) in the event
      DESIGN/BUILDER is excluded from the Site under paragraph 13.05.B. after
      Substantial Completion, the date DESIGN/BUILDER is excluded from the
      Site.

    

    6.13 Safety
      Representative

    

    A. DESIGN/BUILDER
      shall designate a qualified and experienced safety representative whose duties
      and responsibilities shall be the prevention of accidents and the maintaining
      and supervising of safety precautions and programs in connection with the
      performance of the Work.

    

    6.14 Hazard
      Communication Programs 

    

    A. DESIGN/BUILDER
      shall be responsible for coordinating any exchange of material safety data
      sheets or other hazard communication information required to be made available
      to or exchanged between or among Subcontractors at the Site in accordance with
      Laws or Regulations.

    

    6.15 Emergencies
      

    

    A. In
      emergencies affecting the safety or protection of persons or the Construction
      or
      property at the Site or adjacent thereto, DESIGN/BUILDER, without special
      instruction or authorization from OWNER, is obligated to act to prevent
      threatened damage, injury or loss. DESIGN/BUILDER shall give OWNER prompt
      written notice if DESIGN/BUILDER believes that any significant changes in the
      Construction or variations from the Contract Documents have been caused thereby.
      If a change in the Contract Documents is required because of the action taken
      by
      DESIGN/BUILDER in response to such an emergency, a Change Order will be issued
      to document the consequences of such action.

    

    6.16 Continuing
      the Work

    

    A. DESIGN/BUILDER
      shall carry on the Work and adhere to the progress schedule during all disputes
      or disagreements with OWNER. No Work shall be delayed or postponed pending
      resolution of any disputes or disagreements, except as DESIGN/BUILDER and OWNER
      may otherwise agree in writing or as otherwise provided in the Contract
      Documents.

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

       

    

    6.17 DESIGN/BUILDER's
      General Warranty and Guarantee

    

    A. DESIGN/BUILDER
      warrants and guarantees to OWNER that all Construction will be in accordance
      with the Contract Documents and will not be defective.
      DESIGN/BUILDER's warranty and guarantee hereunder excludes defects or damage
      caused by: 

    

    1. Abuse,
      modification or improper maintenance or operation by persons other than
      DESIGN/BUILDER, Subcontractors or Suppliers; or

    

    2. Normal
      wear and tear under normal usage.

    

    The
      warranty set forth in Exhibit I and not this paragraph 6.17 shall apply to
      the
      items set forth in such Exhibit. 

    

    B. DESIGN/BUILDER's
      obligation to perform and complete the Work in accordance with the Contract
      Documents shall be absolute. Except as provided in paragraph 12.08, no action
      by
      OWNER will constitute an acceptance of Work that is not in accordance with
      the
      Contract Documents or a release of DESIGN/BUILDER's obligation to perform the
      Work in accordance with the Contract Documents, including but not limited to
      the
      following:

    

    1. Observations
      by OWNER;

    

    2. The
      making of any progress or final payment;

    

    3. The
      issuance of a certificate of Substantial Completion;

    

    4. Use
      or
      occupancy of the Work or any part thereof by OWNER;

    

    5. Any
      acceptance by OWNER or any failure to do so;

    

    6. Any
      inspection, test or approval by others; or

    

    7. Any
      correction of defective
      Construction by OWNER.

    

    C.  DESIGN/BUILDER
      shall, at final completion, assign to OWNER all manufacturer’s warranties for
      materials and equipment incorporated into the Project; provided, however, in
      the
      event of a claim by OWNER against DESIGN/BUILDER, OWNER shall use its best
      efforts to cooperate with DESIGN/BUILDER in the enforcement of any applicable
      warranty.

    

    6.18 Indemnification
      

    

    OWNER
      and
      DESIGN/BUILDER are and will be throughout the term of this Agreement be
      independent contractors as to each other. Each party recognizes that it shall
      be
      solely responsible for its own conduct, including without limitation its own
      fault, as to any aspect of the Agreement. In the event any claim is made or
      any
      action is filed by a third party arising out of this Agreement or the services
      to be performed under it, the parties anticipate that each will diligently
      defend said claim or action on its own behalf, and will pay, settle, or
      otherwise promptly dispose of any demand or judgment against it consistent
      with
      the provisions of the Kansas comparative negligence statute, K.S.A. §60-258a, in
      effect on the date of this Agreement. In the event either party is made to
      respond in damages for the fault of the other party, then the other party agrees
      to indemnify and hold harmless the first party (including its officers,
      directors, employees, and agents) from any payment that it has to make,
      including without limitation the payment of reasonable attorneys’ fees incurred
      in resisting, settling, or otherwise disposing of the demand, on account of
      the
      other party’s fault. In regard to the indemnity obligation in this paragraph
      6.18 or any other provision of the General Conditions, neither party shall
      make
      a payment for which indemnity will be sought from the other party without first
      providing such other party written notice of the claim and an opportunity to
      assume the defense. 

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      7—OTHER CONSTRUCTION

    

    7.01 Related
      Construction at Site

    

    A. OWNER
      may
      perform other work related to the Project at the Site by OWNER's own forces,
      or
      let other direct contracts therefor or have other work performed by utility
      owners. Written notice thereof will be given to DESIGN/BUILDER prior to starting
      any such other work. OWNER shall be responsible for such other work including,
      without limitation, maintaining and supervising safety precautions and programs
      in connection with such other work. 

    

    B. DESIGN/BUILDER
      shall afford each other contractor who is a party to such a direct contract
      and
      each utility owner (and OWNER, if OWNER is performing the additional work with
      OWNER's employees) proper and safe access to the Site and a reasonable
      opportunity for the introduction and storage of materials and equipment and
      the
      execution of such other work and shall properly connect and coordinate the
      Construction with theirs. DESIGN/BUILDER shall do all cutting, fitting and
      patching of the Work that may be required to make its several parts come
      together properly and integrate with such other work. DESIGN/BUILDER shall
      not
      endanger any work of others by cutting, excavating or otherwise altering their
      work and will only cut or alter their work with the written consent of OWNER
      and
      the others whose work will be affected. 

    

    C. If
      the
      proper execution or results of any part of DESIGN/BUILDER's Work depends upon
      work performed or services provided by others under this Article 7,
      DESIGN/BUILDER shall inspect such other work and appropriate instruments of
      service and promptly report to OWNER in writing any delays, defects or
      deficiencies in such other work or services that render it unavailable or
      unsuitable for the proper execution and results of DESIGN/BUILDER's Work.
      DESIGN/BUILDER's failure so to report will constitute an acceptance of such
      other work as fit and proper for integration with DESIGN/BUILDER's Work except
      for latent or nonapparent defects and deficiencies in such other
      work.

    

    ARTICLE
      8—OWNER'S RESPONSIBILITIES

    

    8.01 General

    

    A. OWNER
      shall do the following in a timely manner so as not to delay the services of
      DESIGN/BUILDER.

    

    1. Designate
      in writing a person to act as OWNER's representative with respect to the
      services to be rendered under the Agreement.

    

    2. Provide
      such legal services as OWNER may require with regard to land use and
      governmental permitting issues pertaining to the Project including any such
      land
      use or governmental permitting issues that may be raised by
      DESIGN/BUILDER.

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

       

    

    3. If
      requested in writing by DESIGN/BUILDER, furnish reasonable evidence satisfactory
      to DESIGN/BUILDER, that sufficient funds are available and committed for the
      entire cost of the Project. Unless such reasonable evidence is furnished,
      DESIGN/BUILDER is not required to commence or continue any Work, or may, if
      such
      evidence is not presented within a reasonable time, stop Work upon fifteen
      (15)
      days’ notice to the OWNER. 

    

    4. Make
      payments to DESIGN/BUILDER promptly when they are due as provided in Article
      13.

    

    5. Furnish
      lands and easements as set forth in paragraph 4.01. 

    

    6. Furnish
      to DESIGN/BUILDER, as required for performance of DESIGN/BUILDER's services
      the
      following, all of which DESIGN/BUILDER may use and rely upon in performing
      services under this Agreement:

    

    a. Environmental
      assessment and impact statements;

    

    b. Property,
      boundary, easement, right-of-way, topographic and utility surveys;

    

    c. Property
      descriptions;

    

    d. Zoning,
      deed and other land use restrictions;

    

    e. Engineering
      surveys to establish reference points for design and construction which in
      DESIGN/BUILDER's judgment are necessary to enable DESIGN/BUILDER to proceed
      with
      the Work;

    

    f. Assistance
      in filing documents required to obtain necessary approvals of governmental
      authorities having jurisdiction over the Project; and

    

    g. Subsurface
      data.

    

    7. Provide
      information known to or in the possession of OWNER relating to the presence
      of
      materials and substances at the site which could create a Hazardous
      Condition.

    

    8. Perform
      all other items designated as OWNER’s responsibilities in the Contract
      Documents. 

    

    8.02 
      Scope of OWNER's Safety and Hazardous Waste Responsibilities

    

    A. OWNER
      shall not supervise, direct or have control or authority over, nor be
      responsible for, DESIGN/BUILDER's means, methods, techniques, sequences or
      procedures of Construction or the safety precautions and programs incident
      thereto, or for any failure of DESIGN/BUILDER to comply with Laws and
      Regulations applicable to the furnishing or performance of the Work. OWNER
      will
      not be responsible for DESIGN/BUILDER's failure to perform or furnish the Work
      in accordance with the Contract Documents.

    

    ARTICLE
      9—CHANGES IN THE WORK; CLAIMS

    

    
      	9.01  	
              General--Rights
                and Obligations 

            

    

    

    A. Without
      invalidating the Agreement, OWNER may, at any time or from time to time, request
      additions, deletions or revisions in the Work within the general scope of the
      contract by a Written Amendment or a Change Order. If DESIGN/BUILDER agrees
      to
      such Written Amendment or Change Order, which agreement shall not be
      unreasonably withheld, DESIGN/BUILDER shall promptly proceed with the Work
      involved which will be performed under the applicable provisions of the Contract
      Documents (except as otherwise specifically provided). 

    

    
      
        
        

      

      
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    9.02 Notice
      of Intent to Make Claim

    

    A. If
      OWNER
      and DESIGN/BUILDER are unable to agree as to the extent, if any, of an
      adjustment in the Contract Price or an adjustment of the Contract Times that
      should be allowed as a result of any order of OWNER pursuant to paragraph 9.01.A
      or other occurrence for which the Contract Documents provide that such
      adjustment(s) may be made, a claim may be made therefor. Written notice of
      intent to make such a claim shall be submitted to the other party promptly
      and
      in no event more than thirty (30) days after the start of the occurrence or
      event giving rise to the claim.

    

    9.03 Claim
      Documentation

    

    A. Substantiating
      documentation shall be submitted by the claiming party within thirty (30) days
      after delivery of the notice required by paragraph 9.02.A.

    

    9.04 Decision

    

    A. The
      other
      party shall render a decision on the claim no more than thirty (30) days after
      the receipt of the substantiating documentation required by paragraph 9.03.A.
      This decision will be final and binding unless the claiming party gives notice
      of intention to exercise its rights under Article 15 within thirty (30) days
      of
      receipt of the decision and exercises such rights within thirty (30) days of
      giving the notice of intent.

    

    9.05 Time
      Limit Extension

    

    A. The
      time
      limits of paragraphs 9.03.A and 9.04.A may be extended by mutual
      agreement.

    

    9.06 Exceptions

    

    A. DESIGN/BUILDER
      shall not be entitled to an increase in the Contract Price with respect to
      any
      Work performed that is not contemplated by the Contract Documents as amended,
      modified and supplemented as provided in paragraph 3.03.

    

    9.07 Execution
      of Change Orders 

     

     A. OWNER
      and
      DESIGN/BUILDER shall execute appropriate Change Orders or Written Amendments
      covering:

    

    1. changes
      in the Work which are (i) ordered by OWNER pursuant to paragraph 9.01, (ii)
      required because of acceptance of defective
      Construction under paragraph 12.08 or correcting defective
      Work
      under paragraph 12.09 or (iii) agreed to by the parties; and

    

    2. changes
      in the Contract Price or Contract Times which are agreed to by the
      parties.

    

    
      
        
        

      

      
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    ARTICLE
      10—CHANGE OF CONTRACT PRICE

    

    10.01 General

    

    A. The
      Contract Price constitutes the total compensation (subject to authorized
      adjustments) payable to DESIGN/BUILDER for performing the Work. 

    

    B. The
      Contract Price may only be changed by a Change Order or by a Written Amendment.
      Any claim for an adjustment in the Contract Price shall be based on written
      notice delivered by the party making the claim to the other party promptly
      in
      accordance with paragraph 9.02.A. 

    

    C. The
      value
      of any Work covered by a Change Order or of any claim for an increase or
      decrease in the Contract Price will be determined as follows:

    

    1. By
      a
      mutually agreed lump sum (which may include an allowance for overhead and profit
      not necessarily in accordance with paragraph 10.02); or

    

    2. Where
      agreement to a lump sum is not reached under paragraph 10.01.C.1, on the basis
      of the Cost of the Work (determined as provided in paragraph 10.02) plus a
      DESIGN/BUILDER's Fee for overhead and profit (determined as provided in
      paragraph 10.02.C).

    

    10.02 Cost
      of the Work 

    

    A. Costs
      Included: The
      term
      Cost of the Work means the sum of all costs necessarily incurred and paid by
      DESIGN/BUILDER in the proper performance of work authorized only by a Change
      Order or Written Amendment (together “Change Order Work”). Except as otherwise
      may be agreed to in writing by OWNER, such costs shall be in amounts no higher
      than those prevailing in the locality of the Project, shall include only the
      following items and shall not include any of the costs itemized in paragraph
      10.02.B:

    

    1. Payroll
      costs for employees in the direct employ of DESIGN/BUILDER in the performance
      of
      the Change Order Work under the then current schedule of job classifications
      and
      hourly rates of DESIGN/BUILDER. 

    

    2. Cost
      of
      all materials and equipment furnished and incorporated in the Change Order
      Work,
      including costs of transportation and storage thereof, and Suppliers' field
      services required in connection therewith. 

    

    3. Payments
      made by DESIGN/BUILDER to Subcontractors for Change Order Work performed or
      furnished by Subcontractors. 

    

    4. Payments
      made by DESIGN/BUILDER to Engineers (not employees of DESIGN/BUILDER or its
      affiliates) for Design Professional Services provided or furnished by Engineers
      under a Design Subagreement for Change Order Work.

    

    5. Costs
      of
      special consultants (including but not limited to testing laboratories and
      surveyors, but excluding employees of DESIGN/BUILDER or its affiliates) employed
      for services specifically related to Change Order Work.

    

    6. Supplemental
      costs including the following items:

    

    
      
        
        

      

      
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    a. The
      proportion of necessary transportation, travel and subsistence expenses of
      DESIGN/BUILDER's employees incurred in discharge of duties connected with Change
      Order Work.

    

    b. Cost,
      including transportation and maintenance, of all materials, supplies, equipment,
      machinery, appliances, office and temporary facilities at the Site and hand
      tools not owned by the workers, which are consumed in the performance of Change
      Order Work, and cost less market value of such items used but not consumed
      which
      remain the property of DESIGN/BUILDER.

    

    c. Rentals
      of all Work equipment and machinery and the parts thereof whether rented from
      DESIGN/BUILDER or others in accordance with rental agreements approved by OWNER,
      and the costs of transportation, loading, unloading, installation, dismantling
      and removal thereof--all in accordance with the terms of said rental agreements.
      The rental of any such equipment, machinery or parts shall cease when the use
      thereof is no longer necessary for Change Order Work.

    

    d. Sales,
      consumer, use or similar taxes related to Change Order Work, paid by
      DESIGN/BUILDER or required to be reimbursed by DESIGN/BUILDER to its
      Subcontractors, Suppliers, or Engineers. 

    

    B. Costs
      Excluded: The
      term
      Cost of the Work shall not include any of the following:

    

    1. Payroll
      costs and other compensation of DESIGN/BUILDER's officers, executives,
      principals (of partnerships and sole proprietorships), general managers,
      engineers, architects, estimators, attorneys, auditors, accountants, purchasing
      and contracting agents, expediters, timekeepers, clerks and other personnel
      employed by DESIGN/BUILDER whether at the Site or in DESIGN/BUILDER's principal
      or a branch office for general administration of the Work and not specifically
      included in the then current schedule of job classifications referred to in
      paragraph 10.02.A.1 -- all of which are to be considered administrative costs
      covered by the DESIGN/BUILDER's fee.

    

    2. Expenses
      of DESIGN/BUILDER's principal and branch offices other than DESIGN/BUILDER's
      office at the Site.

    

    3. Any
      part
      of DESIGN/BUILDER's capital expenses, including interest on DESIGN/BUILDER's
      capital employed for the Work and charges against DESIGN/BUILDER for delinquent
      payments.

    

    4. Costs
      due
      to the negligence of DESIGN/BUILDER, any Subcontractor, or anyone directly
      or
      indirectly employed by any of them or for whose acts any of them may be liable,
      including but not limited to, the correction of defective
      Work,
      disposal of materials or equipment wrongly supplied and making good any damage
      to property.

    

    5. Other
      overhead or general expense costs of any kind and the costs of any item not
      specifically and expressly included in paragraph 10.02.A.

    

    C. Fee: 

    

    1. A
      mutually agreed fee or, in the event the parties can not agree upon a fee,
      DESIGN/BUILDER's fee for overhead and profit on Change Orders priced by
      paragraph 10.01.C.2 (whether additive or deductive) shall be ***
      of the Cost of the Change Order Work for subcontracts, materials and
      equipment. 

    

    
      
        
        

      

      
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    2. When
      both
      additions and credits are involved in any one change, the adjustment in
      DESIGN/BUILDER's fee shall be computed on the basis of the net change in
      accordance with paragraph 10.02.C.1
      above.

    

    D. Documentation: Whenever
      the cost of any Work is to be determined pursuant to paragraphs 10.02.A and
      10.02.B, DESIGN/BUILDER will establish and maintain records thereof in
      accordance with generally accepted accounting practices and submit in a form
      acceptable to OWNER an itemized cost breakdown together with supporting
      data.

    

    ARTICLE
      11—CHANGE OF CONTRACT TIMES 

    

    11.01 General

    

    A. The
      Contract Times may only be changed by a Change Order or a Written Amendment.
      Any
      claim for an adjustment of the Contract Times shall be based on written notice
      pursuant to paragraph 9.02. 

    

    B. All
      Contract Times are of the essence of the Agreement.

    

    11.02 Time
      Extensions

    

    A. 
      Where
      DESIGN/BUILDER is prevented from completing any part of the Work within the
      Contract Times due to delay beyond the control of DESIGN/BUILDER, the Contract
      Times will be extended in an amount equal to the time lost due to such delay
      if
      a claim is made therefor as provided in Article 9. Delays beyond the control
      of
      DESIGN/BUILDER shall include, but not be limited to, acts or neglect by OWNER,
      governmental agencies, acts or neglect of utility owners or other contractors
      performing other construction work as contemplated by Article 7, fires, floods,
      epidemics, abnormal weather conditions, acts of God, strikes, lockouts or other
      circumstances beyond the control of DESIGN/BUILDER that give rise to a shortage
      of labor, materials, equipment, transportation or utilities. Delays attributable
      to and within the control of a Subcontractor or Supplier shall be deemed to
      be
      delays within the control of DESIGN/BUILDER. 

    

    B. Nothing
      in this paragraph 11.02 bars a change in Contract Price pursuant to Article
      10
      to compensate for the direct costs incurred by DESIGN/BUILDER due to delay,
      interference, or disruption directly attributable to actions or inactions of
      OWNER. However, OWNER shall not be liable to DESIGN/BUILDER for costs or damages
      arising out of or resulting from (i) delays caused by or within the control
      of
      DESIGN/BUILDER, or (ii) delays beyond the control of both parties including
      but
      not limited to fires, floods, epidemics, abnormal weather conditions, acts
      of
      God or acts or neglect by governmental agencies, utility owners, or other
      contractors performing other work as contemplated by Article 7.

    

    ARTICLE
      12—TESTS AND INSPECTIONS; CORRECTION, REMOVAL OR ACCEPTANCE OF DEFECTIVE
      CONSTRUCTION

    

    12.01 Notice
      of Defects

    

    A. Each
      party shall give the other prompt written notice of all defective
      Construction of which such party has actual knowledge. All defective
      Construction may be rejected, corrected or accepted as provided in this Article
      12.

    

    
      
        
        

      

      
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    12.02 Access
      to Construction

    

    A. Upon
      reasonable notice to DESIGN/BUILDER, OWNER,
      other representatives and personnel of OWNER, independent testing laboratories
      and governmental agencies with jurisdictional interests will have access to
      the
      Construction at the Site at reasonable times for their observation, inspecting
      and testing. DESIGN/BUILDER shall provide them proper and safe conditions for
      such access and advise them of DESIGN/BUILDER's Site safety procedures and
      programs so that they may comply therewith as applicable.

    

    12.03 Tests
      and Inspections

    

    A. If
      the
      Contract Documents or Laws or Regulations of any public body having jurisdiction
      require any part of the Construction specifically to be inspected, tested or
      approved, DESIGN/BUILDER shall assume full responsibility for arranging and
      obtaining such inspections, tests or approvals, pay all costs in connection
      therewith, and furnish OWNER the required certificates of inspection or
      approval. DESIGN/BUILDER shall also be responsible for arranging and obtaining
      and shall pay all costs in connection with any inspections, tests or approvals
      required for OWNER's acceptance of materials or equipment to be incorporated
      in
      the Construction or of materials, mix designs, or equipment submitted for
      approval prior to DESIGN/BUILDER's purchase thereof for incorporation in the
      Construction. Nothing in this paragraph shall be interpreted or construed as
      obligating DESIGN/BUILDER to obtain, furnish or pay the costs of any permit,
      inspection, test or approval required by the applicable State or the United
      States Environmental Protection Agency for the construction or operation of
      the
      Project (including, without limitation, any atmospheric emissions compliance
      reports), all of which shall be the responsibility of OWNER. 

    

    B. DESIGN/BUILDER
      shall give OWNER reasonable notice of the planned schedule for all required
      inspections, tests or approvals if requested in writing by OWNER.

    

    C. If
      any
      Construction (or the construction work of others) that is required to be
      inspected, tested or approved is covered by DESIGN/BUILDER without written
      concurrence of OWNER, it must, if requested by OWNER, be uncovered for
      observation at DESIGN/BUILDER's expense unless DESIGN/BUILDER has given OWNER
      timely notice of DESIGN/BUILDER's intention to cover the same and OWNER has
      not
      acted with reasonable promptness in response to such notice.

    

    12.04 Uncovering
      Construction

    

    A. If
      any
      Construction is covered contrary to the written request of OWNER, it must,
      if
      requested by OWNER, be uncovered for OWNER's observation and recovered at
      DESIGN/BUILDER's expense.

    

    B. If
      OWNER
      considers it necessary or advisable that covered Construction be observed by
      OWNER or inspected or tested by others, DESIGN/BUILDER, at OWNER's request,
      shall uncover, expose or otherwise make available for observation, inspection
      or
      testing as OWNER may require, that portion of the Construction in question,
      furnishing all necessary labor, material and equipment. If it is found that
      such
      Construction is defective,
      DESIGN/BUILDER shall pay all costs caused by or resulting from such uncovering,
      exposure, observation, inspection and testing (including but not limited to
      all
      reasonable fees and charges of engineers and other professionals)
      and
      OWNER shall be entitled to an appropriate decrease in the Contract Price, and,
      if the parties are unable to agree as to the amount thereof, may make a claim
      therefor as provided in Article 9.
      If
      however, such Construction is not found to be defective,
      DESIGN/BUILDER shall be allowed an increase in the Contract Price directly
      attributable to such uncovering, exposure, observation, inspection, testing,
      replacement and rework; and, if the parties are unable to agree as to the amount
      or extent thereof, DESIGN/BUILDER may make a claim therefor as provided in
      Article 9.

    

    
      
        
        

      

      
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    12.05 OWNER
      May Stop the Construction

    

    A. If
      the
      Construction is defective,
      or
      DESIGN/BUILDER fails to supply sufficient skilled workers or suitable materials
      or equipment, or fails to furnish or perform the Construction in such a way
      that
      the completed Construction will conform to the Contract Documents, OWNER may
      order DESIGN/BUILDER to stop Construction or any portion thereof, until the
      cause for such order has been eliminated; however, this right of OWNER to stop
      Construction will not give rise to any duty on the part of OWNER to exercise
      this right for the benefit of DESIGN/BUILDER or any other party.

    

    12.06 Correction
      or Removal of Defective Construction

    

    A. Prior
      to
      acceptance and final payment under paragraph 13.09, OWNER will have authority
      to
      disapprove or reject defective
      Construction and will have authority to require special inspection or testing
      of
      the Construction whether or not the Construction is fabricated, installed or
      completed. DESIGN/BUILDER shall promptly, either correct all defective
      Construction, whether or not fabricated, installed or completed, or, if the
      Construction has been rejected by OWNER, remove it from the Site and replace
      it
      with non-defective Construction. DESIGN/BUILDER shall bear all costs of such
      correction or removal (including but not limited to reasonable fees and charges
      of engineers, architects, attorneys and other professionals, all court or
      arbitration or other dispute resolution costs, and all costs of repair or
      replacement of work of others) made necessary thereby. Nothing in this paragraph
      shall be interpreted or construed as requiring DESIGN/BUILDER to correct or
      remove and replace defective Construction accepted by OWNER pursuant to
      paragraph 12.08 below. 

    

    12.07 Correction
      Period

    

    A. If
      within
      one (1) year after the date of Substantial Completion or such longer period
      of
      time as may be prescribed by Laws or Regulations or by the terms of any
      applicable special guarantee required by the Contract Documents or by any
      specific provision of the Contract Documents, any Construction is found to
      be
defective,
      DESIGN/BUILDER shall promptly, without cost to OWNER and in accordance with
      OWNER's written instructions, (i) correct such defective
      Construction, or, if it has been rejected by OWNER, remove it from the Site
      and
      replace it with Construction that is not defective,
      and
      (ii) satisfactorily correct or remove and replace any damage to other
      Construction or the work of others resulting therefrom. If DESIGN/BUILDER does
      not promptly comply with the terms of such instructions, or in an emergency
      where delay would cause serious risk of loss or damage, OWNER may have the
      defective
      Construction corrected or the rejected Construction removed and replaced, and
      all costs and damages caused by or resulting from such removal and replacement
      (including but not limited to all reasonable fees and charges of engineers,
      architects, attorneys and other professionals, all court or arbitration or
      other
      dispute resolution costs, and all costs of repair or replacement of work of
      others) will be paid by DESIGN/BUILDER subject to the provisions of paragraph
      16.06 below. Nothing in this paragraph shall be interpreted or construed as
      requiring DESIGN/BUILDER to correct or remove and replace defective Construction
      accepted by OWNER pursuant to paragraph 12.08 below. Defective
      equipment or parts thereof shall be covered by the warranty set forth in Exhibit
      I attached hereto and not the provisions of this paragraph 12.07. 

    

    B. Where
      defective
      Construction (and damage to other Construction resulting therefrom) has been
      corrected, removed or replaced under this paragraph 12.07, the correction period
      hereunder with respect to such Construction will be extended for an additional
      period of one (1) year after such correction or removal and replacement has
      been
      satisfactorily completed.

    

    
      
        
        

      

      
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    12.08 Acceptance
      of Defective Construction

    

    A. If,
      instead of requiring correction or removal and replacement of defective
      Construction, OWNER prefers to accept it, OWNER may do so. If any such
      acceptance occurs prior to final payment, a Change Order will be issued
      incorporating the necessary revisions in the Contract Documents with respect
      to
      the Construction; and OWNER shall be entitled to an appropriate decrease in
      the
      Contract Price, and, if the parties are unable to agree as to the amount
      thereof, OWNER may make a claim therefor as provided in Article 15, subject
      to
      the provisions of paragraph 16.06 below. If the acceptance occurs after final
      payment, an appropriate amount will be paid by DESIGN/BUILDER to OWNER, and,
      if
      the parties are unable to agree as to the amount thereof, OWNER may make a
      claim
      therefor as provided in Article 15, subject to the provisions of paragraph
      16.06
      below. Notwithstanding the foregoing, any defective Construction known by OWNER
      and not disclosed to DESIGN/BUILDER at the time of acceptance and final payment
      under paragraph 13.09 shall be deemed to be accepted by OWNER and DESIGN/BUILDER
      shall have no obligation to correct, or remove and replace such defect, or
      make
      any payment to OWNER with respect thereto.

    

    
      	12.09  	
              Identification
                of Punch List Items

            

    

    

    A. OWNER
      shall identify in writing to DESIGN/BUILDER, on or before the date that is
      thirty (30) days after Substantial Completion, any and all Punch List Items
      to
      be completed or corrected by DESIGN/BUILDER. DESIGN/BUILDER shall not be
      required to complete or correct any Punch List Items identified by OWNER after
      such thirty (30) day period. 

    

    ARTICLE
      13—PAYMENTS TO DESIGN/BUILDER AND COMPLETION 

    

    13.01 Schedule
      of Values

    

    A. The
      Schedule of Values established as provided in paragraph 2.03 will serve as
      the
      basis for progress payments and the form of Application for Payment will be
      substantially similar to Exhibit J. 

    

    13.02 Application
      for Progress Payment 

    

    A. By
      the
      tenth day of each month during the Work DESIGN/BUILDER shall submit to OWNER
      for
      review and approval an Application for Payment filled out and signed by
      DESIGN/BUILDER covering the Work completed as of the date of the Application
      and
      accompanied by such supporting documentation as is required by the Contract
      Documents. If payment is requested on the basis of materials and equipment
      not
      incorporated in the Work but delivered and suitably stored at the Site or at
      another location agreed to in writing, the Application for Payment shall also
      be
      accompanied by a bill of sale, invoice or other documentation warranting that
      OWNER has received the materials and equipment free and clear of all Liens
      and
      evidence that the materials and equipment are covered by appropriate property
      insurance and other arrangements to protect OWNER's interest therein. The amount
      of retainage with respect to progress payments will be as stipulated in the
      Agreement.

    

    B. With
      each
      Application for Payment, DESIGNBUILDER shall submit interim lien waivers for
      all
      subcontractors and first tier suppliers with a contract value in excess of
      $5,000.00. The interim lien waivers shall be effective through the immediately
      preceding payment. OWNER may withhold from any progress payment the amount
      applicable to any lien waivers not received for any preceding Application for
      Payment for which payment was made by OWNER. 

    

    
      
        
        

      

      
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    13.03 DESIGN/BUILDER's
      Warranty of Title 

    

    A. DESIGN/BUILDER
      warrants and guarantees that title to all construction materials and equipment
      covered by any Application for Payment, whether incorporated in the Project
      or
      not, will pass to OWNER no later than the time of payment free and clear of
      all
      Liens. This paragraph 13.03.A does not apply to any documents covered by
      paragraph 3.04.

    

    13.04 Progress
      Payments 

    

    A. Progress
      payments shall be made by the OWNER to DESIGN/BUILDER according to the following
      procedure:

    

    1. OWNER
      will, within ten (10) days of receipt of each Application for Payment, either
      indicate in writing its acceptance of the Application and state that the
      Application is being processed for payment, or return the Application to
      DESIGN/BUILDER indicating in writing its reasons for refusing to accept the
      Application and the exact amount(s) in dispute. All undisputed amounts will
      become due and be paid by OWNER to DESIGN/BUILDER not more than ten (10) days
      after OWNER’s acceptance or rejection of such Application, as the case may
      be.

    

    2. If
      OWNER
      should fail to pay DESIGN/BUILDER at the time the payment of any amount becomes
      due, then DESIGN/BUILDER may, at any time thereafter, upon serving written
      notice that DESIGN/BUILDER will stop the Work within seven (7) days after
      receipt of the notice by OWNER, and after such seven (7) day period, stop the
      Work until payment of the amount owing has been received, including interest
      thereon

    

    3. Payments
      due but unpaid shall bear interest at the rate specified in the Agreement.
      If
      OWNER pays to DESIGN/BUILDER any disputed amount pursuant to paragraph 13.04.A.2
      and it is determined pursuant to Article 15 that such amount was not due and
      payable, then DESIGN/BUILDER shall refund such amount to OWNER with interest
      thereon at the rate specified in the Agreement.

    

    4. No
      Progress Payment nor any partial or entire use or occupancy of the Project
      by
      the OWNER shall constitute an acceptance of any Work not in accordance with
      the
      Contract Documents.

     

    B. Unless
      payment of such disputed amount is requested by DESIGN/BUILDER as provided
      in
      paragraph 13.04.A.1., OWNER may refuse to make the whole or any part of any
      such
      payment or, because of subsequently discovered evidence or the results of
      subsequent inspections or tests, nullify any previous payment, to the extent
      that is reasonably necessary to protect OWNER from loss because:

    

    1. The
      Work
      is defective,
      or
      completed Work has been damaged, requiring correction or
      replacement;

    

    2. The
      Contract Price has been reduced by Written Amendment or Change Order;

    

    3. OWNER
      has
      been required to correct defective
      Work or
      complete Work in accordance with paragraph 12.07.A; 

    

    4. OWNER
      has
      actual knowledge of the occurrence of any of the events enumerated in paragraphs
      14.02.A.1 through A.3 inclusive; 

    

    
      
        
        

      

      
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    5. Claims
      have been made against OWNER on account of DESIGN/BUILDER's performance or
      furnishing of the Work; 

    

    6. The
      provisions of paragraph 13.02.B are applicable; or

    

    7. Liens
      have been filed in connection with the Work, except where DESIGN/BUILDER has
      delivered a specific Bond satisfactory to OWNER to secure the satisfaction
      and
      discharge of such Liens.

    

    13.05 Substantial
      Completion

    

    A. When
      DESIGN/BUILDER considers the Construction ready for its intended use
      DESIGN/BUILDER shall notify OWNER in writing that the Construction is
      substantially complete (except for items specifically listed by DESIGN/BUILDER
      as incomplete). Within a reasonable time thereafter, OWNER will prepare and
      deliver to DESIGN/BUILDER a certificate of Substantial Completion. There shall
      be attached to the certificate a list of Punch List Items to be completed or
      corrected before final payment. At the time of delivery of the certificate
      of
      Substantial Completion OWNER will deliver to DESIGN/BUILDER (i) a written
      determination as to division of responsibilities pending final payment between
      OWNER and DESIGN/BUILDER with respect to security, operation, safety,
      maintenance, heat, utilities, insurance and warranties and guarantees, and
      (ii)
      the payment required by section 4.01.B.2. of the Agreement. 

    

    B. OWNER
      will have the right to exclude DESIGN/BUILDER from the Site after the date
      of
      Substantial Completion, but OWNER will allow DESIGN/BUILDER reasonable access
      to
      complete or correct items on the list of Punch List Items to be completed and
      the seven-day performance test described in Exhibit A.

    

    13.06 Final
      Inspection

    

    A. Upon
      written notice from DESIGN/BUILDER that the entire Construction or an agreed
      portion thereof is complete, OWNER will make a final inspection with
      DESIGN/BUILDER and will notify DESIGN/BUILDER in writing of all particulars
      in
      which this inspection reveals that the Construction is incomplete or
defective.
      DESIGN/BUILDER shall immediately take such measures as are necessary to complete
      such Construction or remedy such deficiencies.

    

    13.07 Final
      Application for Payment

    

    A.
      After
      DESIGN/BUILDER has completed all such corrections to the satisfaction of OWNER
      and delivered in accordance with the Contract Documents all interim maintenance
      and operating instructions and as-built drawings (with final copies of each
      document to be delivered within ninety (90) days after final payment),
      schedules, guarantees, certificates or other evidence of insurance required
      by
      paragraph 5.02.B, certificates of inspection, marked-up record documents (as
      provided in paragraph 6.11) and other documents, DESIGN/BUILDER may make
      application for final payment following the procedure for progress payments.
      The
      final Application for Payment shall be accompanied (unless previously delivered)
      by: (i) all documentation called for in the Contract Documents, including but
      not limited to the evidence of insurance required by subparagraph 5.02.B.7,
      and
      (ii) complete and legally effective releases or waivers of all Liens arising
      out
      of or filed in connection with the Work. In lieu of such releases or waivers
      of
      Liens and as approved by OWNER, DESIGN/BUILDER may furnish receipts or releases
      in full and an affidavit of DESIGN/BUILDER that: (i) the releases and
      receipts include all labor, services, material and equipment for which a Lien
      could be filed, and (ii) all payrolls, material and equipment bills and
      other indebtedness connected with the Work for which OWNER or the Site might
      in
      any way be responsible have been paid or otherwise satisfied. If any
      Subcontractor or Supplier fails to furnish such a release or receipt in full,
      DESIGN/BUILDER may furnish a Bond or other collateral satisfactory to OWNER
      to
      indemnify OWNER against any Lien.

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

       

    

    13.08 Final
      Payment and Acceptance

    

    A. If
      OWNER
      is satisfied that the Work has been completed and DESIGN/BUILDER's other
      obligations under the Contract Documents have been fulfilled, OWNER will, within
      ten (10) days after receipt of the final Application for Payment, give written
      notice to DESIGN/BUILDER that the Work is acceptable. Otherwise, OWNER will
      return the Application to DESIGN/BUILDER, indicating in writing the reasons
      for
      refusing to process final payment, in which case DESIGN/BUILDER shall make
      the
      necessary corrections and resubmit the Application. Thirty (30) days after
      the
      presentation to OWNER of the acceptable Application and accompanying
      documentation, in appropriate form and substance and with OWNER's notice of
      acceptability, the amount will become due and will be paid by OWNER to
      DESIGN/BUILDER.

    

    B. If,
      through no fault of DESIGN/BUILDER, final completion of the Work is
      significantly delayed, OWNER shall, upon receipt of DESIGN/BUILDER's final
      Application for Payment, and without terminating the Agreement, make payment
      of
      the balance due for that portion of the Work fully completed and accepted.
      Such
      payment shall be made under the terms and conditions governing final payment,
      except that it shall not constitute a waiver of claims.

    

    13.09 Waiver
      of Claims

    

    A. The
      making and acceptance of final payment will constitute:

    

    1. A
      waiver
      of all claims by OWNER against DESIGN/BUILDER, except claims arising from
      unsettled Liens, from defective
      Construction appearing after final inspection pursuant to paragraph 13.06,
      Plant
      equipment warranty claims, from failure to comply with the Contract Documents
      or
      the terms of any special guarantees specified therein, or from DESIGN/BUILDER's
      continuing obligations under the Contract Documents; and

    

    2. a
      waiver
      of all claims by DESIGN/BUILDER against OWNER other than those previously made
      in writing and still unsettled.

    

    ARTICLE
      14—SUSPENSION OF WORK AND TERMINATION

    

    14.01 Owner
      May Suspend Work

    

    A. At
      any
      time and without cause, OWNER may suspend the Work or any portion thereof for
      a
      period of not more than ninety (90) days by notice in writing to DESIGN/BUILDER
      which will fix the date on which Work will be resumed. DESIGN/BUILDER shall
      resume the Work on the date so fixed. DESIGN/BUILDER may be allowed an
      adjustment in the Contract Price or an extension of the Contract Times, or
      both,
      directly attributable to any such suspension if DESIGN/BUILDER makes a claim
      therefor as provided in Article 9.

    

    14.02 OWNER
      May Terminate for Cause

    

    A. The
      occurrence of any one or more of the following events justifies termination
      for
      cause:

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

       

    

    1. DESIGN/BUILDER
      persistently fails to perform the Work in accordance with the Contract Documents
      (including, but not limited to, failure to supply sufficient skilled workers
      or
      suitable materials or equipment or failure to adhere to the progress schedule
      established under paragraph 2.03.A as revised from time to time.)

    

    2. DESIGN/BUILDER
      intentionally or willfully disregards Laws or Regulations of any public body
      having jurisdiction.

    

    3. DESIGN/BUILDER
      otherwise breaches or violates in any material way any provisions of the
      Contract Documents.

    

    B. OWNER
      may, after giving DESIGN/BUILDER written notice of the occurrence of an event
      in
      paragraph 14.02.A and twenty (20) days therefrom to remedy such event (or,
      if
      such event is not capable of being remedied within such twenty (20) days, such
      number of days as is reasonably needed to remedy such event), and to the extent
      permitted by Laws and Regulations, terminate the services of DESIGN/BUILDER,
      exclude DESIGN/BUILDER from the Site and take possession of the Work incorporate
      in the Work all materials and equipment stored at the Site or elsewhere for
      which OWNER has paid DESIGN/BUILDER and finish the Work as OWNER may deem
      expedient. In such case DESIGN/BUILDER shall not be entitled to receive any
      further payment other than reimbursement for DESIGN/BUILDER’s payments to
      Subcontractors and Suppliers for labor, services, equipment and materials prior
      to the date of termination, but only to the extent not previously paid by OWNER.
      If
      the
      unpaid balance of the Contract Price exceeds all reasonable costs incurred
      by
      OWNER resulting from completing the Work (including but not limited to all
      reasonable fees and charges of engineers, architects, attorneys and other
      professionals and all court or arbitration or other dispute resolution costs)
      such excess will be paid to DESIGN/BUILDER.
      If all
      reasonable costs incurred by OWNER to complete the Work (including but not
      limited to all reasonable fees and charges of engineers, architects, attorneys
      and other professionals and all court or arbitration or other dispute resolution
      costs) exceed the unpaid balance of the Contract Price, DESIGN/BUILDER shall
      pay
      the difference to OWNER subject to the provisions of paragraph 16.06 below.
      When
      exercising any rights or remedies under this paragraph OWNER shall be required
      to obtain a reasonable price for the Work performed.

    

    C. Where
      DESIGN/BUILDER's services have been so terminated by OWNER, the termination
      will
      not affect any rights or remedies of OWNER against DESIGN/BUILDER then existing
      or which may thereafter accrue. Any payment to DESIGN/BUILDER by OWNER will
      not
      release DESIGN/BUILDER from liability.

    

    D. Nothing
      in this paragraph shall be interpreted or construed as requiring DESIGN/BUILDER
      to perform any additional services after such termination including, without
      limitation, the creation of any drawings, specifications or any other document
      necessary to complete the Work. 

    

    14.03 DESIGN/BUILDER
      May Stop Work or Terminate

    

    A.
      If,
      through no act or fault of DESIGN/BUILDER, the Work is suspended for a period
      of
      more than ninety (90) days by OWNER or under an order of court or other public
      authority, or OWNER fails to pay DESIGN/BUILDER any amount due under the
      Contract Documents, then DESIGN/BUILDER may, upon seven (7) days written notice
      to OWNER, and provided OWNER does not remedy such suspension or failure within
      that time, terminate the Agreement and recover from OWNER payment of
all
      amounts due and owing from OWNER to DESIGN/BUILDER under the Contract Documents
      for Work performed through the date of such termination (including any profit
      thereon) and all cost and expenses incurred by DESIGN/BUILDER due to such
      termination (including, without limitation, any costs incurred to cancel
      contracts with Subcontractors and the reasonable demobilization costs of
      DESIGN/BUILDER).
      In lieu
      of terminating the Agreement and without prejudice to any other right or remedy,
      DESIGN/BUILDER may upon seven (7) days written notice to OWNER stop the Work
      until payment is made of all amounts due DESIGN/BUILDER, including interest
      thereon. The provisions of this paragraph 14.03.A are not intended to preclude
      DESIGN/BUILDER from making claim under Article 9 for an increase in Contract
      Price or Contract Times or otherwise for expenses or damage
      attributable to
      such
      suspension or failure.

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

       

    

    ARTICLE
      15—DISPUTE RESOLUTION 

    

    15.01
      Dispute Resolution Agreement

    

    A.
      OWNER
      and DESIGN/BUILDER agree that they will first submit any and all unsettled
      claims, counterclaims, disputes and other matters in question between them
      arising out of or relating to the Contract Documents or the breach thereof
      ("disputes"), to mediation by a mutually agreeable, impartial mediator, or
      if
      the parties cannot so agree, a mediator designated by the American Arbitration
      Association (“AAA”) pursuant to its Construction Industry Mediation Rules, prior
      to either of them initiating against the other a demand for arbitration pursuant
      to paragraph 15.01.B through 15.01.E, unless delay in initiating arbitration
      would irrevocably prejudice one of the parties. Any time limits within which
      to
      file a demand for arbitration shall be suspended with respect to a
      dispute submitted
      to mediation within those same applicable time limits and shall remain suspended
      until 10 days after the termination of the mediation. The mediator of any
      dispute submitted to mediation under this Agreement shall not serve as
      arbitrator of such dispute unless otherwise agreed.

    

    B. All
      claims, disputes and other matters in question between OWNER and DESIGN/BUILDER
      arising out of or relating to the Contract Documents or the breach thereof
      (except for claims which have been waived by the making or acceptance of final
      payment as provided by paragraph 13.09) will be decided by binding arbitration
      in accordance with the Construction Industry Arbitration Rules of the AAA then
      in effect, subject to the limitations of this paragraph 15.01. The arbitrator
      shall have the discretion to award reasonable attorneys’ fees and costs to the
      prevailing party. This agreement so to arbitrate and any other agreement or
      consent to arbitrate entered into in accordance herewith as provided in this
      paragraph 15.01 will be specifically enforceable under the prevailing law of
      any
      court having jurisdiction. 

    

    C.  Notice
      of
      the demand for arbitration will be filed in writing with the other party to
      the
      Agreement and with the designated arbitration entity. The demand for arbitration
      will be made within a reasonable time after the claim, dispute or other matter
      in question has arisen, and in no event shall any such demand be made after
      the
      date when institution of legal or equitable proceedings based on such claim,
      dispute or other matter in question would be barred by the applicable statute
      of
      limitations.

    

    D.  Except
      as
      provided in paragraph 15.01.E below, no arbitration arising out of or relating
      to the Contract Documents shall include by consolidation, joinder or in any
      other manner any other individual or` entity who is not a party to this contract
      unless:

    

    1. the
      inclusion of such other individual or entity is necessary if complete relief
      is
      to be afforded among those who are already parties to the arbitration,
      and

    

    2. such
      other individual or entity is substantially involved in a question of law or
      fact which is common to those who are already parties to the arbitration and
      which will arise in such proceedings, and

    

    3. the
      written consent of the other individual or entity sought to be included and
      of
      OWNER and DESIGN/BUILDER has been obtained for such inclusion, which consent
      shall make specific reference to this paragraph; but no such consent shall
      constitute consent to arbitration of any dispute not specifically described
      in
      such consent or to arbitration with any party not specifically identified in
      such consent.

    

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

       

    

    E.  Notwithstanding
      paragraph 15.01.D, if a claim, dispute or other matter in question between
      OWNER
      and DESIGN/BUILDER involves the Work of a Subcontractor, Supplier or Engineer
      either OWNER or DESIGN/BUILDER may join such entity as a party to the
      arbitration between OWNER and DESIGN/BUILDER hereunder. DESIGN/BUILDER shall
      include in all subcontracts required by paragraph 6.05.D a specific provision
      whereby the Subcontractor consents to being joined in any arbitration between
      OWNER and DESIGN/BUILDER involving the Work of such Subcontractor. Nothing
      in
      this paragraph 15.01.E or in the provision of such subcontract consenting to
      joinder shall create any claim, right or cause of action in favor of
      Subcontractor, Supplier or Engineer against OWNER.

    

    F.  Notwithstanding
      the foregoing, the provisions of this Article 15 shall not apply to any claim
      by
      DESIGN/BUILDER of any breach or threatened breach of any provision of the
      License Agreement attached as Exhibit F.

    

    ARTICLE
      16--MISCELLANEOUS

    

    16.01 Giving
      Notice

    

    A. Whenever
      any provision of the Contract Documents requires the giving of written notice,
      it will be deemed to have been validly given:

    

    1. If
      delivered in person to the individual or to a member of the firm or to an
      officer of the corporation for whom it is intended; 

    

    2. If
      delivered at or sent by registered or certified mail, postage prepaid, to the
      last business address known to the giver of the notice; or

    

    3. If
      transmitted by facsimile, the time at which a machine generated confirmation
      states the notice was received at the facsimile telephone number of the intended
      recipient last known by the sender.

     

    16.02 Computation
      of Times

    

    A. When
      any
      period of time is referred to in the Contract Documents by days, it will be
      computed to exclude the first and include the last day of such period. If the
      last day of any such period falls on a Saturday or Sunday or on a day made
      a
      legal holiday by the law of the applicable jurisdiction, such day will be
      omitted from the computation.

    

    B. A
      calendar day of twenty-four hours measured from midnight to the next midnight
      will constitute a day.

    

    16.03 Notice
      of Claim

    

    A. Should
      OWNER or DESIGN/BUILDER suffer injury or damage to person or property because
      of
      any error, omission or act of the other party or of any of the other party's
      employees or agents or others for whose acts the other party is legally liable,
      claim will be made in writing to the other party within a reasonable time of
      the
      first observance of such injury or damage. The provisions of this paragraph
      16.03.A shall not be construed as a substitute for or a waiver of the provisions
      of any applicable statute of limitations or repose.

    

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

       

    

    16.04 Cumulative
      Remedies

    

    A. Except
      as
      provided in paragraph 16.06, the duties and obligations imposed by these General
      Conditions and the rights and remedies available hereunder to the parties
      hereto, and, in particular but without limitation, any general or specific
      warranties, guarantees and indemnities imposed upon a party and all of the
      rights and remedies available to the other party thereunder, are in addition
      to,
      and are not to be construed in any way as a limitation of, any rights and
      remedies available to any or all of them which are otherwise imposed or
      available by Laws or Regulations, by special warranty or guarantee or by other
      provisions of the Contract Documents, and the provisions of this paragraph
      will
      be as effective as if repeated specifically in the Contract Documents in
      connection with each particular duty, obligation, right and remedy to which
      they
      apply.

    

    16.05 Survival
      of Obligations

    

    A. All
      representations, indemnifications, warranties and guarantees made in, required
      by or given in accordance with the Contract Documents, as well as all continuing
      obligations indicated in the Contract Documents, will survive final payment,
      completion and acceptance of the Work and termination or completion of the
      Agreement.

    

    16.06 Limitation
      on OWNER’s Recovery of Damages and Mutual Waiver of Consequential
      Damages

    

    A. Notwithstanding
      any other provision of the Contract Documents, OWNER agrees that the aggregate
      amount OWNER (and anyone claiming by or through OWNER) may recover collectively
      from DESIGN/BUILDER and its employee’s and agents, for the Project as a whole
      under the Contract Documents (including the License Agreement attached as
      Exhibit F), including, without limitation damages from DESIGN/BUILDER for
      OWNER’s correction of defective
      Construction under paragraph 12.07.A, acceptance of defective
      Construction under paragraph 12.08, correction of any defective
      equipment
      or part thereof under Exhibit I and/or termination for cause under paragraph
      14.02, shall be limited to ***.

    

    B. OWNER
      hereby waives all claims against DESIGN/BUILDER and DESIGN/BUILDER’s employees
      and agents for any consequential damages that may arise out of or relate to
      a
      breach of the Contract Documents (including the License Agreement attached
      as
      Exhibit F) or the performance of the Work whether
      arising in contract, warranty, tort (including negligence), strict liability
      or
      otherwise, including but not limited to losses of use, profits, business,
      reputation or financing.

    

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    
      	
              Segregation
                of Responsibilities and Scope of Work

            
	
              Description

            	
              Design
                Basis

            	
              Estimate

            	
              Design

            	
              Construction

            	
              Comments

            
	
              Outside
                battery limits

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Rough
                Grading

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              The
                site including any storm water run-off retention system, 

              will
                be rough graded to
                allow final design site elevation 

              plus
                or minus 2" and to be performed 

              by
                (Show Me Ethanol).

            
	
              Finish
                Grading

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              The
                site will be finish graded to accommodate surface 

              drainage
                as required for ICM's
                design and Show Me Ethanol's 

              design.
                All seeding and landscaping to be 

              provided
                and installed by Show Me Ethanol.

            
	
              Erosion
                Control

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              ICM
                will maintain dust control during construction for its 

              construction,
                lay down and office/parking
                areas. Show Me 

              Ethanol
                will maintain overall erosion 

              control
                throughout the project. 

            
	
              Roads

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will design roads and install a 

              minimum
                of 12" of base rock for 

              access
                roads and interior plant access roads and drives 

              acceptable
                to ICM, within 6" of any
                planned hard surface 

              top
                elevation, before the plant project contruction 

              begins.
                ICM will use
                these roads for access during 

              construction,
                will maintain the roads through 

              construction.
                Any
                required base above this 

              level
                and all final hard surfacing 

              will
                be installed by Show Me Ethanol.

            

    

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

       

    

    
      	
              Rail

            	
              ICM/Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will provide all rail design and 

              construction.
                ICM will provide input 

              as
                to the rail spacing required for the grain 

              unloading
                & ethanol loadout.

            
	
              Water
                Supply

            	
              ICM

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              ICM
                will provide the flow rate and quality basis for the 

              process
                water to be routed to
                the battery limits. Show Me 

              Ethanol
                will provide and install all necessary wells, waterlines,
                and 

              appurtenances
                necessary to supply the water from its source to the 

              firewater
                tank inlet piping (a point approx. 5' from the tank) Show 

              Me
                Ethanol will make the
                necessary connection to the tank. 

              ICM
                will provide all water piping from that point to
                the individual 

              water
                usage points within the battery limits. Show Me Ethanol 

              will
                provide potable
                and process water from its source to the CO2 

              plant(if
                required) and
                the administration building.

            
	
              Natural
                Gas Supply

            	
              ICM

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              ICM
                will provide Show Me Ethanol with the natural gas usage 

              requirements
                for sizing of
                the natural gas supply. Show Me Ethanol 

              is
                to install the natural gas supply line routed
                to a location inside 

              the
                battery limits specified by ICM, in the general area of 

              the
                thermal oxidizer. Show Me Ethanol will install natural gas line
                

              to
                any future CO2 plant(if
                required) and the administration building.

            
	
              Storm
                Drainage

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              ICM
                will slope final grading within the battery limits towards 

              a
                drainage system to
                be provided by Show Me Ethanol. Show 

              Me
                Ethanol is to provide and install 

              storm
                drainage as part of rough grading
                package

            

    

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

       

    

    
      	
              Sanitary
                Sewer

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will install and route the sanitary sewer to 

              locations
                inside the
                battery limits specified by ICM. Show Me 

              Ethanol
                will run all on-site sanitary sewer
                lines inside the battery limits 

              to
                this ICM specified location for tie in. Show Me
                Ethanol 

              is
                responsible for the design and installation of any 

              Septic
                Systems and lift stations.

            
	
              Process
                Sewer

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Waste
                water from the process (cooling tower blowdown, 

              softner
                discharge, RO
                Reject, multimedia backwash) will 

              be
                discharged from the plant to the location
                specified in the discharge 

              permit,
                by Show Me Ethanol All labor and materials
                required to 

              discharge
                these items will be supplied and 

              installed
                by Show Me Ethanol

            
	
              Interconnecting
                Piperacks

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                will design and construct interconnecting pipe racks and 

              piping
                within the battery
                limits, including pipe racks to the 

              ethanol
                storage area, ethanol loading
                area, ethanol loadout flare, 

              the
                cooling tower and the process water tank.
                The CO2 line 

              and
                pipe racks from the scrubber to any future CO2 

              plant,
                is to be provided by Show Me Ethanol.

            
	
              Administration
                Building

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will be responsible for the design 

              and
                construction of
                the administration building.

            

    

     

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

       

    

    
      	
              Inside
                battery limits

            	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Rough
                Grading 

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              The
                site inside of the battery limits, including drainage 

              to
                any storm water run-off
                retention system, will be rough 

              graded
                prior to any plant project construction
                to allow for final design 

              elevation
                to be performed by Show Me
                Ethanol. Allowable soil bearing 

              pressure
                of 3000 psf, 4,550 psf at fermenters,
                6550 at silos minimum with 

              acceptable
                settlement is to be provided inside
                the battery limits by Show 

              Me
                Ethanol All rough grading and compaction shall
                be inspected 

              by
                a licensed professional geotechnical firm and all test 

              results
                shall be forwarded to ICM immediately upon completion. All testing
                

              procedures
                are to be pre-approved by ICM, at it's sole discretion.

            
	
              Finish
                Grading

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                will design and perform finish grading to slope the grade 

              within
                the battery
                limits to a storm water drainage system to be 

              provided
                and installed by
                Show Me Ethanol. All final grading 

              outside
                the battery limits will be designed
                and performed by Show Me 

              Ethanol.
                All seeding and landscaping 

              will
                be provided and installed by Show Me Ethanol.

            
	
              Roads

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will design roads and drives and install 

              a
                minimum of 12" of base
                rock as part of the rough grade 

              before
                construction begins. ICM will maintain
                the roads inside 

              the
                battery limits and Show Me Ethanol's access road 

              during
                construction and restore the base to within 2" of previous 

              grade.
                All
                required base above this level and all final hard 

              surfacing
                will be
                installed by Show Me Ethanol.

            

    

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

       

    

     

    
      
        	
                Laydown
                  Area

              	
                ICM

              	
                ICM

              	
                ICM

              	
                ICM

              	
                The
                  laydown area required for ICM's construction is contained 

                within
                  the areas described in the pre-construction rough 

                grading
                  requirements. ICM will maintain the laydown areas during 

                construction
                  and will return the areas outside 

                the
                  battery limits to within 0'-6" of the required final
                  grade.

              
	
                Temporary
                  Facilities

              	
                Show
                  Me Ethanol & ICM

              	
                Show
                  Me Ethanol & ICM

              	
                Show
                  Me Ethanol & ICM

              	
                Show
                  Me Ethanol & ICM

              	
                ICM
                  will layout the area for office trailers, parking and equipment
                  

                storage/laydown.
                  ICM will rock and maintain this area through 

                construction.
                  ICM and/or its subcontractors will furnish all ICM required 

                office
                  trailers through the construction process. Show Me Ethanol will
                  

                furnish
                  all temporary utilities required by ICM.

              
	
                Natural
                  Gas Supply

              	
                ICM

              	
                Show
                  Me Ethanol

              	
                Show
                  Me Ethanol

              	
                Show
                  Me Ethanol

              	
                ICM
                  will provide Show Me Ethanol with the natural gas usage 

                requirements
                  for sizing of the natural gas supply for the ethanol 

                plant.
                  Show Me Ethanol will furnish Natural gas service supply to a 

                location
                  inside the battery limits specified by ICM in the general 

                area
                  of the thermal oxidizer . Show Me Ethanol will provide 

                natural
                  gas and the required gas line from its header to any 

                future
                  CO2 plant and the administration building.

              
	
                Grain
                  Handling

              	
                Show
                  Me Ethanol

              	
                Show
                  Me Ethanol

              	
                Show
                  Me Ethanol

              	
                Show
                  Me Ethanol

              	
                Show
                  Me Ethanol will provide the grain handling system 

                per
                  ICM specified design. 

              
	
                WDG
                  Handling

              	
                ICM

              	
                ICM

              	
                ICM

              	
                ICM

              	
                ICM
                  will provide the WDG handling system per standard 

                ICM
                  55 MMGPY Facility.

              
	
                Grain
                  Milling

              	
                ICM

              	
                ICM

              	
                ICM

              	
                ICM

              	
                ICM
                  is responsible for the specification and purchase 

                of
                  the Hammer Mills. 

              

      

    

     

     

     

     

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

       

    

    
      	
              Plant
                & Instrument Air

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for the compressors and piping for all 

              plant
                and instrument air
                required for other elements of ICM's 

              scope
                of work. Show Me Ethanol will
                be responsible for any air 

              requirements,
                including compressors, dryers and 

              piping
                for all other elements of the work not covered 

              in
                the ICM scope of work,
                including any future CO2 plant.

            
	
              Cook
                Section/Liquefaction

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                these systems. Per standard 

              ICM
                55 MMGPY Facility.

            
	
              Fermentation
                Section

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                these systems. Per standard 

              ICM
                55 MMGPY Facility.

            
	
              Distillation/Evaporation
                Sections

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                these systems. Per standard 

              ICM
                55 MMGPY Facility.

            
	
              Liquid/Solid
                Separation Section

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                these systems. Per standard 

              ICM
                55 MMGPY Facility.

            
	
              Evaporation
                Section

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                these systems. Per standard 

              ICM
                55 MMGPY Facility.

            
	
              Product
                Storage Section

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                this systems, per standard 

              ICM
                55 MMGPY design. Earthen berms and any 

              required
                bentonite or synthetic liners are part of rough 

              grading
                scope
                by Show Me Ethanol. 

            

    

     

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

       

    

    
      	
              Boiler/Steam
                Section

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements for the purchase, design 

              and
                construction of
                this systems, Per ICM 55 MMGPY design. 

              A
                155 Psi package boiler will be
                supplied All Boiler chemicals required 

              are
                the responsibility of Show Me Ethanol.

            
	
              Process
                Building and Energy Center

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                will design and construct the process building and energy 

              center
                including all
                associated interior equipment, piping, 

              foundations,
                miscellaneous mechanical
                equipment, and electrical 

              (ISBL).
                Two dryer and one T.O.
                or RTO will be furnished.

            
	
              Cooling
                Tower/Water Section

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the purchase, design 

              and
                construction of
                this system, Per standard 

              ICM
                55 MMGPY design. Tower chemicals are

               the
                responsibility of Show Me Ethanol.

            
	
              Electrical/Power
                Substation

            	
              ICM

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol is responsible for the main electrical 

              substation
                to be located within
                550' of the process building, and 

              metering
                of electrical power. ICM is responsible
                for the main 

              switchgear
                and providing three (3) 600 amp feeds. 

              Show
                Me Ethanol is also responsible for any contracts with

              the
                electrical utilities
                regarding power equipment and/or usage

            

    

     

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

       

    

    
      	
              Power
                Distribution

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol is responsible for the main switchgear 

              and
                providing three (3)
                600 amp feeds. ICM is responsible 

              for
                the primary distribution from the feed
                points at the main switchgear, 

              and
                for all cables, switchgear, and transformers
                to provide power to the 

              ethanol
                plant excluding any CO2 recovery. This
                cost is not included 

              in
                the base price. Show Me Ethanol to contract with 

              ICM
                to perform this work. ICM will split all costs related to 

              this
                work 50/50
                with Show Me Ethanol. 

            
	
              Construction
                Power and utilities

            	
              ICM

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will be solely responsible for supplying 

              and
                installing all
                required utilities needed for construction. 

              ICM
                will furnish specifications and
                locations of needed utilities to 

              include
                electrical power, lighting, sewer, and
                natural gas. This cost is not 

              included
                in the base price. Show Me Ethanol to
                contract with ICM to 

              complete
                this work, and all costs related to this work 

              will
                be billed to Show Me Ethanol at cost plus 15%. All utilities bills
                for
                

              construction
                will be in Show Me Ethanol's name and billed direct to Show 

              Me
                Ethanol Temporary power will be installed during rough
                grading.

            
	
              600
                v equipment within battery limits

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for the 600v equipment including cables, 

              switchgear,
                MCC, panel
                boards, and transformers to provide electric 

              power
                to the plant areas within
                the battery limits. The Admin 

              building
                will be the responsibility of
                Show Me Ethanol and/or it's 

              subcontractors
                from the low side (600v) 

              of
                the corresponding transformer.

            

    

     

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

       

    

    
      	
              Instrumentation
                and controls

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for the instrumentation and controls 

              within
                the battery limits
                including the DCS system and hardware. 

              All
                office computers and networks
                are the responsibility 

              of
                Show Me Ethanol 

            
	
              Facility
                Communications

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will be responsible for the facility 

              communications
                including
                the telephone system and broadband 

              internet
                access. ICM will help coordinate
                quantity and locations 

              for
                installations within
                the battery limits and any
                interface with plant 

              equipment.
                Any required security systems, cameras,
                wiring, or monitors 

              is
                the responsibility of Show Me Ethanol. Show Me
                Ethanol must provide 

              a
                dedicated telephone service and dedicated internet 

              ISP
                at the server room in the main Process Building.

            
	
              Fire
                Detection and Alarm Systems.

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol is responsible for the diesel fire water pump 

              station
                and heat and
                smoke detection in the MCC's per standard ICM 

              design.
                Show Me Ethanol is
                responsible for the design and installation 

              of
                the fire water loop, valves, hydrants,
                monitors, deluge requirements, 

              foam
                etc. required to meet the local fire
                marshal's and ICM insurance

               requirements.
                This cost is not included in the
                base price. Show Me 

              Ethanol
                to contract with ICM to complete this work, 

              and
                all costs related to this work will be billed to Show Me 

              Ethanol
                at cost plus 15%. 

            

    

     

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

       

    

    
      	
              Water
                Treatment

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol will provide and install water treatment 

              equipment
                or RO system
                per standard ICM design. Any additional 

              water
                treatment equipment required
                will be designed and installed 

              by
                ICM at cost plus 15% billable
                to Show Me Ethanol

            
	
              Chemical
                Injection Systems

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for all elements of the design and construction
                

              of
                these systems.
                Per standard ICM 55 MMGPY design. 

              Chemicals
                are the responsibility
                of Show Me Ethanol

            
	
              CO2
                Scrubber System

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM

            	
              ICM
                is responsible for the CO2 Scrubber. A tie-in point 

              for
                the discharge of
                the CO2 stream to any future CO2 plant will 

              be
                provided in the general area
                of the scrubber. Exact location of tie-in 

              point
                to be specified by ICM. CO2 transfer
                blower from scrubber to CO2 

              plant,
                knock out condenser, controls, purge
                scrubber, 

              and
                associated piping is the responsibility of Show Me Ethanol.
                

            
	
              Emissions
                and discharge monitoring equipment

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol

            	
              Show
                Me Ethanol Is responsible for providing and installing 

              all
                required emissions
                and discharge monitoring equipment.

            

    

    

    
      
        
        

      

      
        43

        
          

        

      

      
        
        

      

    

     

    
      	
              Outside
                Battery Limits

            	 	
              Inside
                Battery Limits

            
	
               

            	
              Rough
                Grading

            	 	
               

            	
              Rough
                Grading

            
	
               

            	
              Finish
                Grading

            	 	
               

            	
              Finish
                Grading

            
	
               

            	
              Roads

            	 	
               

            	
              Roads

            
	
               

            	
              Rail

            	 	
               

            	
              Water
                Supply

            
	
               

            	
              Water
                Supply

            	 	
               

            	
              Natural
                Gas Supply

            
	
               

            	
              Natural
                Gas Supply

            	 	
               

            	
              Storm
                Drainage

            
	
               

            	
              Storm
                Drainage

            	 	
               

            	
              Sanitary
                Sewer

            
	
               

            	
              Sanitary
                Sewer

            	 	
               

            	
              Process
                Sewer

            
	
               

            	
              Process
                Sewer

            	 	
               

            	
              Interconnecting
                Piperacks

            
	
               

            	
              Interconnecting
                Piperacks

            	 	
               

            	
              Grain
                Handling

            
	
               

            	
              Trailer/Laydown
                Area

            	 	
               

            	
              DDG
                Handling

            
	
               

            	
              Trailers

            	 	
               

            	
              Grain
                Milling

            
	
               

            	
              Temporary
                Electricity

            	 	
               

            	
              Cook
                Section/Liquifaction

            
	
               

            	
              Phones

            	 	
               

            	
              Fermentation
                Section

            
	
               

            	
              CO2
                Plant (Praxair)

            	 	
               

            	
              Distillation/Evaproation

            
	
               

            	
              Fire
                Water System

            	 	
               

            	
              TO/Boiler/Steam
                Section

            
	
               

            	
               

            	 	
               

            	
              Cooling
                Tower/Water Section

            
	
               

            	
               

            	 	
               

            	
              Process/Waste
                H2O/Methanator Section

            
	
               

            	
               

            	 	
               

            	
              Plant/Instrument
                Air

            
	
               

            	
               

            	 	
               

            	
              Chenical
                Injection Systems

            
	
               

            	
               

            	 	
               

            	
              CO2
                Scrubber System

            

    

    

    
      
        
        

      

      
        44

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]