Document:

Priming Superpriority Debtor-in-Possession Credit Agreement

 Exhibit 10.1 
 EXECUTION COPY 
  
  
  
 PRIMING SUPERPRIORITY DEBTOR-IN-POSSESSION

 CREDIT AGREEMENT 
 dated as of February 10, 2009 
 among 
 ASA OPCO HOLDINGS, LLC, 
 ASA ALBION, LLC, 
 ASA BLOOMINGBURG, LLC, and 
 ASA
LINDEN, LLC, 
 as Borrowers, Debtors and Debtors-in-Possession 
 under Chapter 11 of the Bankruptcy Code 
 ASA OPCO HOLDINGS, LLC,

 as Borrowers’ Agent, 
 VERASUN ENERGY CORPORATION, 
 as Pledgor, Debtor and Debtor-in-Possession 
 under Chapter 11 of the Bankruptcy Code 
 THE LENDERS REFERRED TO HEREIN, 
 WESTLB AG, NEW YORK BRANCH, 
 as Administrative Agent for the Lenders, 
 FIRST NATIONAL BANK OF OMAHA, 

 as Collateral Agent for the Secured Parties, 
 WESTLB AG, NEW YORK BRANCH, 
 as Issuing Bank with respect to the Letters of Credit, 

and 
 WESTLB AG, NEW YORK BRANCH,

 as Lead Arranger and Sole Lead Bookrunner 
  
  
  

 TABLE OF CONTENTS 
  

					
	ARTICLE I	  	DEFINITIONS AND INTERPRETATION	  	3
			
	 Section 1.01
	  	 Defined Terms
	  	3
	 Section 1.02
	  	 Principles of Interpretation
	  	48
	 Section 1.03
	  	 UCC Terms
	  	49
	 Section 1.04
	  	 Accounting and Financial Determinations
	  	49
	 Section 1.05
	  	 Joint and Several
	  	49
	 Section 1.06
	  	 Effect of Interim Financing
	  	49
			
	ARTICLE II	  	COMMITMENTS AND BORROWING	  	50
			
	 Section 2.01
	  	 Loans
	  	50
	 Section 2.02
	  	 Letters of Credit
	  	51
	 Section 2.03
	  	 Notice of Borrowings
	  	53
	 Section 2.04
	  	 Borrowing of Loans
	  	53
	 Section 2.05
	  	 Evidence of Indebtedness
	  	55
	 Section 2.06
	  	 Termination or Reduction of Commitments
	  	55
	 Section 2.07
	  	 Defaulting Lenders
	  	56
			
	ARTICLE III	  	REPAYMENTS, PREPAYMENTS, INTEREST AND FEES	  	57
			
	 Section 3.01
	  	 Repayment of Borrowings
	  	57
	 Section 3.02
	  	 Interest Payment Dates
	  	57
	 Section 3.03
	  	 Interest Rates
	  	57
	 Section 3.04
	  	 Default Interest Rates
	  	58
	 Section 3.05
	  	 Interest Rate Determination
	  	59
	 Section 3.06
	  	 Computation of Interest and Fees
	  	59
	 Section 3.07
	  	 Optional Prepayment
	  	59
	 Section 3.08
	  	 Mandatory Prepayment
	  	60
	 Section 3.09
	  	 Application of Prepayments; General Prepayment Provisions
	  	60
	 Section 3.10
	  	 Time and Place of Payments
	  	62
	 Section 3.11
	  	 Borrowings and Payments Generally
	  	62
	 Section 3.12
	  	 Fees
	  	63
	 Section 3.13
	  	 Pro Rata Treatment
	  	64
	 Section 3.14
	  	 Sharing of Payments
	  	65
			
	ARTICLE IV	  	EURODOLLAR RATE AND TAX PROVISIONS	  	65
			
	 Section 4.01
	  	 Eurodollar Rate Lending Unlawful
	  	65
	 Section 4.02
	  	 Inability to Determine Eurodollar Rates
	  	66
	 Section 4.03
	  	 Increased Eurodollar Loan Costs
	  	67
	 Section 4.04
	  	 Obligation to Mitigate
	  	67
	 Section 4.05
	  	 Funding Losses
	  	68

  

 i 

					
	 Section 4.06
	  	 Increased Capital Costs
	  	68
	 Section 4.07
	  	 Taxes
	  	69
	 Section 4.08
	  	 Replacement of Lender
	  	70
			
	ARTICLE V	  	SECURITY	  	71
			
	 Section 5.01
	  	 Granting Clause for Borrower Collateral
	  	71
	 Section 5.02
	  	 Granting Clause for VeraSun Collateral
	  	76
	 Section 5.03
	  	 Granting Clause for Non-Obligor Transfer Collateral
	  	78
	 Section 5.04
	  	 Priority and Liens
	  	78
	 Section 5.05
	  	 No Filings Required
	  	81
	 Section 5.06
	  	 Modifications
	  	81
			
	ARTICLE VI	  	REPRESENTATIONS AND WARRANTIES OF THE BORROWERS	  	82
			
	 Section 6.01
	  	 Organization; Power; Compliance with Law and Contractual Obligations
	  	82
	 Section 6.02
	  	 Due Authorization; Non-Contravention
	  	83
	 Section 6.03
	  	 Governmental Approvals
	  	83
	 Section 6.04
	  	 Investment Company Act
	  	83
	 Section 6.05
	  	 Validity
	  	84
	 Section 6.06
	  	 Financial Information
	  	84
	 Section 6.07
	  	 No Material Adverse Effect
	  	84
	 Section 6.08
	  	 Project Compliance
	  	84
	 Section 6.09
	  	 Litigation
	  	85
	 Section 6.10
	  	 Sole Purpose Nature; Business
	  	85
	 Section 6.11
	  	 Transaction Documents and Other Documents; Representations and Warranties in Transaction Documents
	  	85
	 Section 6.12
	  	 Collateral
	  	86
	 Section 6.13
	  	 Ownership of Properties
	  	86
	 Section 6.14
	  	 Taxes
	  	87
	 Section 6.15
	  	 Patents, Trademarks, Etc.
	  	87
	 Section 6.16
	  	 ERISA Plans
	  	87
	 Section 6.17
	  	 Property Rights, Utilities, Etc.
	  	87
	 Section 6.18
	  	 No Defaults
	  	87
	 Section 6.19
	  	 Environmental Warranties
	  	88
	 Section 6.20
	  	 Regulations T, U and X
	  	89
	 Section 6.21
	  	 Accuracy of Information
	  	89
	 Section 6.22
	  	 Indebtedness
	  	89
	 Section 6.23
	  	 The Collateral
	  	90
	 Section 6.24
	  	 Separateness
	  	90
	 Section 6.25
	  	 Independent Member
	  	90
	 Section 6.26
	  	 Subsidiaries
	  	91
	 Section 6.27
	  	 Foreign Assets Control Regulations, Etc.
	  	91
	 Section 6.28
	  	 Employment Matters
	  	92

  

 ii 

					
	 Section 6.29
	  	 Legal Name and Place of Business
	  	92
	 Section 6.30
	  	 No Brokers
	  	92
	 Section 6.31
	  	 Insurance
	  	92
	 Section 6.32
	  	 Accounts
	  	92
	 Section 6.33
	  	 Reorganization Matters
	  	92
			
	ARTICLE VII	  	REPRESENTATIONS AND WARRANTIES OF VERASUN	  	93
			
	 Section 7.01
	  	 Organization; Power; Compliance with Law and Contractual Obligations
	  	93
	 Section 7.02
	  	 Due Authorization; Non-Contravention
	  	94
	 Section 7.03
	  	 Validity
	  	94
	 Section 7.04
	  	 Beneficial Ownership; VeraSun-Pledged Equity Interests
	  	94
	 Section 7.05
	  	 No Prior Assignment
	  	94
	 Section 7.06
	  	 No Other Financing Documents
	  	94
	 Section 7.07
	  	 Name; Organizational Number
	  	95
	 Section 7.08
	  	 Collateral
	  	95
			
	ARTICLE VIII	  	CONDITIONS PRECEDENT	  	95
			
	 Section 8.01
	  	 Conditions to Closing and First Post Final Order Borrowing
	  	95
	 Section 8.02
	  	 Conditions to All Borrowings and Issuances
	  	99
			
	ARTICLE IX	  	COVENANTS	  	100
			
	 Section 9.01
	  	 Affirmative Covenants
	  	100
	 Section 9.02
	  	 Negative Covenants
	  	107
	 Section 9.03
	  	 Reporting Requirements
	  	116
	 Section 9.04
	  	 VeraSun Covenants
	  	121
			
	ARTICLE X	  	DEFAULT AND ENFORCEMENT	  	124
			
	 Section 10.01
	  	 Events of Default
	  	124
	 Section 10.02
	  	 Action Upon Event of Default
	  	130
	 Section 10.03
	  	 Remedies
	  	131
	 Section 10.04
	  	 Minimum Notice Period
	  	134
	 Section 10.05
	  	 Sale of Collateral
	  	134
	 Section 10.06
	  	 Actions Taken by Collateral Agent
	  	135
	 Section 10.07
	  	 Private Sales
	  	135
	 Section 10.08
	  	 Access to Land
	  	136
	 Section 10.09
	  	 Compliance With Limitations and Restrictions
	  	136
	 Section 10.10
	  	 No Impairment of Remedies
	  	136
	 Section 10.11
	  	 Attorney-In-Fact
	  	136
	 Section 10.12
	  	 Application of Proceeds
	  	137

  

 iii 

					
	ARTICLE XI	  	THE AGENTS	  	138
			
	 Section 11.01
	  	 Appointment and Authority
	  	138
	 Section 11.02
	  	 Rights as a Lender
	  	140
	 Section 11.03
	  	 Exculpatory Provisions
	  	140
	 Section 11.04
	  	 Reliance by Agents
	  	142
	 Section 11.05
	  	 Delegation of Duties
	  	143
	 Section 11.06
	  	 Resignation or Removal of Agent
	  	143
	 Section 11.07
	  	 No Amendment to Duties of Agent Without Consent
	  	144
	 Section 11.08
	  	 Non-Reliance on Agent and Other Lenders
	  	145
	 Section 11.09
	  	 No Lead Arranger Duties
	  	145
	 Section 11.10
	  	 Collateral Agent May File Proofs of Claim
	  	145
	 Section 11.11
	  	 Collateral Matters
	  	146
	 Section 11.12
	  	 Copies
	  	147
	 Section 11.13
	  	 No Liability for Clean-up of Materials of Environmental Concern
	  	147
			
	ARTICLE XII	  	MISCELLANEOUS PROVISIONS	  	147
			
	 Section 12.01
	  	 Amendments, Etc.
	  	147
	 Section 12.02
	  	 Applicable Law; Jurisdiction; Etc.
	  	149
	 Section 12.03
	  	 Assignments
	  	151
	 Section 12.04
	  	 Benefits of Agreement
	  	154
	 Section 12.05
	  	 Borrowers’ Agent
	  	154
	 Section 12.06
	  	 Consultants
	  	155
	 Section 12.07
	  	 Costs and Expenses
	  	155
	 Section 12.08
	  	 Counterparts; Effectiveness
	  	156
	 Section 12.09
	  	 Indemnification by the Borrowers
	  	157
	 Section 12.10
	  	 Interest Rate Limitation
	  	158
	 Section 12.11
	  	 No Waiver; Cumulative Remedies
	  	159
	 Section 12.12
	  	 Notices and Other Communications
	  	159
	 Section 12.13
	  	 Patriot Act Notice
	  	162
	 Section 12.14
	  	 Marshalling; Payments Set Aside
	  	162
	 Section 12.15
	  	 Right of Setoff
	  	163
	 Section 12.16
	  	 Severability
	  	163
	 Section 12.17
	  	 Survival
	  	163
	 Section 12.18
	  	 Treatment of Certain Information; Confidentiality
	  	164
	 Section 12.19
	  	 Waiver of Consequential Damages, Etc.
	  	165
	 Section 12.20
	  	 Clarification Regarding LLC Agreements
	  	165
	 Section 12.21
	  	 Section 552(b)
	  	166

  

 iv 

 SCHEDULES 
  

			
	Schedule 1.01(a)	  	Lenders, Loan Commitments and Offices
	Schedule 6.03	  	Governmental Approvals
	Schedule 6.18	  	No Defaults
	Schedule 6.24	  	Separateness Provisions
	Schedule 6.24(b)	  	Conduct of Business
	Schedule 9.01(h)	  	Insurance
	Schedule 9.02(b)	  	Permitted Liens
	Schedule 9.02(b)(xiv)	  	Security Deposits
	Schedule 12.12	  	Notice Information

 EXHIBITS 
  

			
	Exhibit A	  	Form of Borrowing Notice
	Exhibit B	  	Form of Note
	Exhibit C	  	Form of Interest Period Notice
	Exhibit D	  	Original Budget
	Exhibit E	  	Form of Lender Assignment Agreement
	Exhibit F	  	Form of Issuance Request
	Exhibit G	  	Interim Order
	Exhibit H	  	Lender Statement - Section 881(c)(3)(A) of the Code

  

 v 

 This PRIMING SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT (this “Agreement”),
dated as of February 10, 2009, is by and among ASA OPCO HOLDINGS, LLC, a Delaware limited liability company (“ASA Holdings”), ASA ALBION, LLC, a Delaware limited liability company (“Albion”), ASA
BLOOMINGBURG, LLC, a Delaware limited liability company (“Bloomingburg”), and ASA LINDEN, LLC, a Delaware limited liability company (“Linden” and, together with ASA Holdings, Albion and Bloomingburg, the
“Borrowers”), ASA Holdings, as Borrowers’ Agent, VERASUN ENERGY CORPORATION, a corporation organized and existing under the laws of the State of South Dakota (“VeraSun”), each of the lenders from time to time
party hereto, WESTLB AG, NEW YORK BRANCH, as administrative agent for the Lenders, FIRST NATIONAL BANK OF OMAHA, as collateral agent for the Secured Parties, WESTLB AG, NEW YORK BRANCH, as issuing bank with respect to the Letters of Credit (the
“Issuing Bank”), and WESTLB AG, NEW YORK BRANCH, as lead arranger, and sole lead bookrunner. 
 RECITALS 

WHEREAS, pursuant to that certain Credit Agreement, dated as of February 6, 2006 (as amended, restated, supplemented or otherwise modified from
time to time, the “Prepetition Credit Agreement”), among the Borrowers, the Borrowers’ Agent, the lenders party thereto (the “Prepetition Lenders”), WestLB AG, New York Branch, as administrative agent, First
National Bank of Omaha as collateral agent and as the accounts bank, WestLB AG, New York Branch, as co-syndication agent, lead arranger, and sole lead bookrunner, First National Bank of Omaha and Standard Chartered Bank, as co-syndication agents and
lead arrangers and CIT Capital USA INC. and ING Capital LLC, as co-documentation agents and lead arrangers, the Prepetition Lenders extended credit to the Borrowers, consisting of construction and term loans in the maximum aggregate principal amount
of $275,000,000, to finance the ownership, development, engineering, construction, testing and operation of three (3) one hundred million gallons-per-year fuel grade ethanol production facilities located in or near Albion, Nebraska,
Bloomingburg, Ohio and Linden, Indiana, to fund certain reserves and to pay certain associated fees and expenses. 
 WHEREAS, on
October 31, 2008 (the “Petition Date”), the Borrowers and VeraSun filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the
“Bankruptcy Court”) and commenced cases jointly administered under Case No. 08-12606 (BLS) and have continued in the possession of their assets and in the management of their businesses pursuant to sections 1107 and 1108
of the Bankruptcy Code; 

 WHEREAS, the Borrowers and VeraSun continue to operate their business and manage their properties under
sections 1107 and 1108 of the Bankruptcy Code. 
 WHEREAS, the Administrative Agent, the Lenders and the Borrowers negotiated the key terms
of revolving credit and letter of credit debtor-in-possession facilities (the “DIP Credit Facilities”) for an aggregate principal amount not to exceed $20,000,000, which terms were memorialized in a term sheet (the “DIP
Financing Term Sheet”), a copy of which is attached as Exhibit “A” to the Interim Order (as defined below), pursuant to which, among other things, the Borrowers and VeraSun provided security for the repayment and/or
reimbursement of the DIP Credit Facilities and the payment of the other obligations of the Borrowers in respect of the DIP Credit Facilities; 
 WHEREAS, on December 4, 2008, the Bankruptcy Court entered an order under docket number 296, as amended by a further order entered by the Bankruptcy Court on January 20, 2009, a copy of which is attached as Exhibit G (the
“Interim Order”), which, among other things, (a) approved the DIP Financing Term Sheet, (b) approved, on an interim basis, the DIP Credit Facilities and authorized extensions of credit thereunder up to an aggregate amount
not to exceed $10,000,000 and (c) set a hearing to consider final approval of the DIP Credit Facilities, including the Financing Documents evidencing the same; 
 WHEREAS, the Borrowers have requested that the Agents, the Lenders and the Issuing Bank enter into this Agreement and the other Financing Documents to further memorialize the DIP Credit Facilities; 
 WHEREAS, to provide security for the repayment of the Loans, and the payment of the other Obligations of the Borrowers hereunder and under the other
Financing Documents, the Borrowers and VeraSun will provide and grant to the Collateral Agent, for the benefit of the Secured Parties, certain security interests, liens and superpriority administrative expense claims pursuant to Bankruptcy Code
sections 364(c) and 364(d), as more fully described herein; and 
 WHEREAS, to provide security for the repayment of all Non-Obligor
Reimbursement Obligations that may arise from the Borrowers’ use of proceeds of the Loans in connection with one or more Non-Obligor Transfers, the Borrowers and each of their estates will receive, for the benefit of the Collateral Agent for
the benefit of the Secured Parties, certain security interests, liens and superpriority administrative expense claims pursuant to Bankruptcy Code section 364(c), as more fully described herein; 
  

 2 

 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION

 Section 1.01 Defined Terms. The following terms when used in this Agreement including its preamble and recitals, shall, except
where the context otherwise requires, have the following meanings: 
 “Accounts” means all “accounts” as that term
is defined in Section 9-102 of the UCC, now or hereafter owned by any Borrower. 
 “Additional Material Project
Document” means each contract, agreement, letter agreement or other instrument to which any Borrower becomes a party after the date hereof, other than (a) any document (i) under which any Borrower (or the Borrowers on an aggregate
basis) would not reasonably be expected to have obligations or liabilities, or be entitled to receive revenues, in the aggregate in excess of five million Dollars ($5,000,000) in value in any twelve (12) month period and (ii) a termination
of which would not reasonably be expected to have a Material Adverse Effect, or (b) any agreement for the sale of all or substantially all assets of the Borrowers (including any “stalking horse” agreement) entered into in connection
with the sale process set forth in Section 9.01(w) (Sale of Substantially All Assets); provided that for the purposes of this definition, any series of related transactions (other than transactions, including hedging
transactions, relating to the sale of Products or the purchase of corn and natural gas) shall be considered as one transaction, and all contracts, agreements, letter agreements or other instruments in respect of such transactions shall be considered
as one contract, agreement, letter agreement or other instrument, as applicable. 
 “Additional Project Document” means each
contract, agreement, letter agreement or other instrument to which any Borrower becomes a party after the date hereof, other than (a) an Additional Material Project Document, (b) any document under which any Borrower (or the Borrowers on
an aggregate basis) would not reasonably be expected to have obligations or liabilities, or be entitled to receive revenues, in the aggregate in excess of two million Dollars ($2,000,000) in value in any twelve (12) month period, or
(c) any agreement for the sale of all or substantially all assets of the Borrowers (including any “stalking horse” agreement) entered into in connection with the sale process set forth in Section 9.01(w) (Sale of
Substantially All Assets); provided that for the purposes of this definition, any series of related transactions (other than transactions, including hedging transactions, relating to the sale of Products or the purchase of corn and
natural gas) shall be considered as one transaction, and all contracts, agreements, letter agreements or other instruments in respect of such transactions shall be considered as one contract, agreement, letter agreement or other instrument, as
applicable. 
  

 3 

 “Administrative Agent” means WestLB, in its capacity as administrative agent for the
Lenders hereunder, and includes each other Person that may, from time to time, be appointed as successor Administrative Agent pursuant to Section 11.06 (Resignation or Removal of Agent). 
 “Affiliate” of any Person means any other Person that, directly or indirectly, controls, is controlled by or is under common control
with such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person (a) possesses, directly or indirectly, power to direct or cause the direction of the management and policies of such Person whether
by contract or otherwise or (b) owns at least ten percent (10%) of the Equity Interests in such Person. 
 “Agents” means, collectively, the Administrative Agent and the Collateral Agent. 
 “Aggregate
Commitment” means twenty million Dollars ($20,000,000), as the same may be reduced in accordance with Section 2.06 (Termination or Reduction of Commitments). 
 “Agreement” has the meaning set forth in the Preamble. 
 “Agreements for Water Services” means the Bloomingburg Agreement for Water Services and the Linden Agreement for Water Services. 
 “Albion” has the meaning set forth in the Preamble. 
 “Albion Corn Futures Advisory Agreement” means the Futures Advisory Agreement, dated as of February 6, 2006, between Cargill Commodity Services Inc., a Delaware corporation, doing business as
Cargill Direct, and Albion. 
 “Albion Corn Supply Agreement” means the Corn Supply Agreement, dated as of February 6,
2006, between Cargill and Albion. 
 “Albion Deed of Trust” means that certain Deed of Trust, Security Agreement, Financing
Statement, Fixture Filing and Assignment of Leases, Rents and Security Deposits, dated and effective as of February 6, 2006, by Albion as trustor, to First American Title Insurance Company as Trustee, for the benefit of First National Bank of
Omaha as collateral agent, as beneficiary, as filed on April 11, 2006, in Book 191 of Mortgages, Page 36, Official Records, Boone County, Nebraska, as amended by that certain Amendment to Deed of Trust, Security Agreement, Financing Statement,
Fixture Filing and Assignment of Leases, Rents and Security Deposits, dated as of July 11, 2007, by Albion as trustor, to First American Title Insurance Company as trustee, for the benefit of First National Bank of Omaha as collateral agent, as
beneficiary, as filed on July 27, 2007 in Book 197 of Mortgages, Page 110, Official Records, Boone County, Nebraska. 
  

 4 

 “Albion Design Build Contract” means the Lump-Sum Design Build Agreement, dated as of
February 6, 2006, between the Design Builder and Albion for construction of the Albion Plant (excluding the Leased Premises), as clarified pursuant to the Design Basis Letter Agreement. 
 “Albion Distillers Grains Marketing Agreement” means the Distillers Grains Marketing Agreement, dated as of February 6, 2006,
between Cargill and Albion. 
 “Albion Electric Facilities Agreement” means the Energy Equipment Lease Agreement, dated
June 1, 2006, between Albion and Cornhusker Public Power District. 
 “Albion Electric Services Agreement” means the
Application and Agreement for Electric Service, dated June 1, 2006, between Albion and Cornhusker Public Power District of Columbus, Nebraska. 
 “Albion Ethanol Marketing Agreement” means the Ethanol Marketing Agreement, dated June 1, 2006, between Cargill, acting through its Sweeteners North America business unit, and Albion. 
 “Albion Gas Risk Management Agreement” means the Gas Risk Management Agreement, dated June 1, 2006, among Cargill Commodity
Services Inc., a Delaware corporation, doing business as Cargill Energy Services, Albion and Cargill. 
 “Albion Gas Supply
Agreement” means the Base Contract for Sale and Purchase of Natural Gas, dated June 1, 2006, between Cargill and Albion, as supplemented by the Cargill, Incorporated Special Provisions NAESB, of the same date between the same parties.

 “Albion Gas Transportation Agreement” means the Transportation Service Agreement, dated June 2, 2006, between Kinder
Morgan, Inc. and Albion. 
 “Albion Grain Facility Lease” means the Lease Agreement, dated as of February 6, 2006,
between Cargill and Albion. 
 “Albion ICM License” means the License Agreement, dated as of February 6, 2006, between
ICM and Albion. 
  

 5 

 “Albion LLC Agreement” means the Limited Liability Company Agreement of ASA Albion, LLC,
dated as of February 6, 2006, executed by ASA Holdings and the Independent Member of Albion. 
 “Albion Master
Agreement” means the Master Agreement, dated as of February 6 2006, among Cargill, Cargill Commodity Services Inc., a Delaware corporation, ASA Holdings and Albion. 
 “Albion Plant” means the dry grind ethanol production facility located near Albion, Nebraska, with a nameplate capacity of
100 million gallons-per-year, including the Site on which such facility is located, and all buildings, structures, improvements, easements and other property related thereto. 
 “Albion Rail Use Agreements” means, collectively, (i) the rail use agreement, dated May 14, 2007, between Albion and Cargill
and (ii) the rail use agreement, dated October 22, 2007, between Albion and Union Pacific Railroad Company. 
 “Albion
Railroad Easement Agreement” means the Railroad Easement Agreement, dated as of February 6 2006, between Albion and Cargill. 
 “Albion Redevelopment Contract” means the First Amended and Restated Redevelopment Contract, dated as of July 17, 2007 between the City of Albion, Nebraska and Albion. 
 “Albion Series 2007 Note” means the Taxable Tax Increment Revenue Note (ASA Albion, LLC Project), Series 2007, issued by the City of
Albion, Nebraska, in the original aggregate principal amount of $5,000,000, and transferred to Albion. 
 “Albion Tax
Proceeds” means, collectively, (i) the proceeds of the TIF Promissory Note of Albion, dated August 17, 2007, held in the TIF Project Fund and the TIF Note Fund (as both such Funds are defined in the Pledge Agreement between ASA
Albion and Dougherty Funding, LLC, dated August 17, 2007); (ii) the Albion Series 2007 Note; (iii) the rights and interests of Albion in the Albion Redevelopment Contract; (iv) the TIF Revenues (as defined in the Albion
Redevelopment Contract) and the Tax Incremental Revenues (as defined in the ordinance referenced in clause (B) of this paragraph (iv)) derived from (A) the Albion Redevelopment Contract, (B) an ordinance adopted by the Council of the
City of Albion, Nebraska on July 17, 2007, and (C) the Albion Series 2007 Note; (v) all payments in lieu of taxes and liquidated damages paid to Albion by the City of Albion, Nebraska pursuant to the Albion Redevelopment Contract or
the Albion Series 2007 Note; and (vi) all replacements, substitutions, repairs and proceeds relating to the items set forth in clauses (i) through (v) immediately above, and all documents, ledger sheets, and files of Albion relating
to the above. 
  

 6 

 “Albion Wastewater Discharge Easement” means the easement granted to Albion for
wastewater discharge. 
 “Applicable Margin” means a rate per annum of (a) in the case of Eurodollar Loans, ten percent
(10%) and (b) in the case of Base Rate Loans, ten percent (10%). 
 “Approved Funds” means, with respect to any
Lender that is a fund that invests in commercial loans, any other fund that invests in commercial loans and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “ASA Biofuels” means ASAlliances Biofuels, LLC, a limited liability company organized and existing under the laws of the State of
Delaware. 
 “ASA Holdings” has the meaning set forth in the Preamble. 
 “ASA Holdings LLC Agreement” means the Limited Liability Company Agreement of ASA OpCo Holdings, LLC, dated as of February 6, 2006,
between VeraSun (as successor to ASA Biofuels) and the Independent Member of ASA Holdings. 
 “ASA Holdings-Pledged Equity
Interests” has the meaning given in Section 5.01(d) (Granting Clause for Borrower Collateral). 
 “Assigned Agreements” has the meaning given in Section 5.01(e) (Granting Clause for Borrower Collateral). 
 “Auditors” means those nationally recognized independent auditors selected by the Borrowers and approved by the Required Lenders; provided, that the approval of the Required Lenders shall not
be required if any such auditors are PricewaterhouseCoopers LLP, Deloitte & Touche USA LLP, Ernst & Young LLP or KPMG LLP or McGladrey & Pullen, LLP. 
 “Authorized Officer” means any chief executive officer, chief accounting officer, senior vice president or chief restructuring officer
of such Person, or such other representative of such Person that is approved by the Administrative Agent in writing who, in each such case, has been named as an Authorized Officer on a certificate of incumbency of such Person delivered to the
Administrative Agent on or after the date hereof. 
 “Bank Account” means the Project Accounts and Local Accounts (as each
such term is defined in the Prepetition Credit Agreement) and each other “securities account” and “deposit account” (as such terms are defined in the UCC) established by any Borrower to hold proceeds of the Loans or other Cash
Flow. 
  

 7 

 “Bankruptcy Code” means Title 11 of the United States Code. 
 “Bankruptcy Court” has the meaning given in the recitals. 
 “Bankruptcy Rules” means the Federal Rules of Bankruptcy Procedure and local rules of the Bankruptcy Court, each as amended, and applicable to the Cases. 
 “Base Rate” means, for any day, a fluctuating rate per annum equal to the highest of (i) four percent (4%), (ii) the
Federal Funds Effective Rate plus one-half of one percent (0.50%) and (iii) the rate of interest in effect for such day as publicly announced from time to time by WestLB as its “prime rate.” The “prime rate” is a
rate set by WestLB based upon various factors including WestLB’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such rate announced by WestLB shall take effect at the opening of business on the day specified in the public announcement of such change. 
 “Base Rate Loan” means any Loan bearing interest at a rate determined by reference to the Base Rate and the provisions of Article II (Commitments and Borrowing). 
 “Bloomingburg” has the meaning set forth in the Preamble. 
 “Bloomingburg Agreement for Water Services” means the agreement for water services, dated March 22, 2007, between Bloomingburg and Fayette County, Ohio. 
 “Bloomingburg Corn Futures Advisory Agreement” the Futures Advisory Agreement, dated as of February 6, 2006, between Cargill
Commodity Services Inc., a Delaware corporation, doing business as Cargill Direct, and Bloomingburg. 
 “Bloomingburg Corn Supply
Agreement” means the Corn Supply Agreement, dated as of February 6, 2006, between Cargill and Bloomingburg. 
 “Bloomingburg Design Build Contract” means the Lump-Sum Design Build Agreement between the Design Builder and Bloomingburg, dated as of February 6, 2006, for construction of the Bloomingburg Plant (excluding the Leased
Premises), as clarified pursuant to the Design Basis Letter Agreement. 
 “Bloomingburg Distillers Grains Marketing
Agreement” means the Distillers Grains Marketing Agreement, dated as of February 6, 2006, between Cargill and Bloomingburg. 
  

 8 

 “Bloomingburg Electric Facilities Agreement” means the electric facilities agreement,
dated June 14, 2006, between Bloomingburg and The Dayton Power and Light Company. 
 “Bloomingburg Electric Services
Agreement” means the electric services agreement, dated June 14, 2006, between Bloomingburg and The Dayton Power and Light Company. 
 “Bloomingburg Ethanol Marketing Agreement” means the Ethanol Marketing Agreement, dated as of February 6, 2006, between Cargill, acting through its Sweeteners North America business unit, and Bloomingburg. 

“Bloomingburg Gas Risk Management Agreement” means the Gas Risk Management Agreement, dated as of February 6, 2006, among
Cargill Commodity Services Inc., a Delaware corporation, doing business as Cargill Energy Services, Bloomingburg and Cargill. 
 “Bloomingburg Gas Supply Agreement” means the Base Contract for Sale and Purchase of Natural Gas, dated as of February 6, 2006, between Cargill and Bloomingburg, as supplemented by the Cargill, Incorporated Special
Provisions NAESB, of the same date between the same parties. 
 “Bloomingburg Gas Transportation Agreement” means the
Transportation Service Agreement, dated August 31, 2006, between Vectren Energy Delivery of Ohio, Inc and Bloomingburg. 
 “Bloomingburg Grain Facility Lease” means the Lease Agreement, dated as of February 6, 2006, between Cargill and Bloomingburg. 
 “Bloomingburg ICM License” means the License Agreement, dated as of February 6, 2006, between ICM and Bloomingburg. 
 “Bloomingburg LLC Agreement” means the Limited Liability Company Agreement of ASA Bloomingburg, LLC, dated as of February 6, 2006, executed by ASA Holdings and the Independent Member of
Bloomingburg. 
 “Bloomingburg Master Agreement” means the Master Agreement, dated as of February 6, 2006, among
Cargill, Cargill Commodity Services Inc., a Delaware corporation, ASA Holdings and Bloomingburg. 
 “Bloomingburg Mortgage”
means that certain Open-End Mortgage, Security Agreement, Financing Statement, Fixture Filing, and Assignment of Leases and Rents, dated and effective as of February 6, 2006, by Bloomingburg as mortgagor, to First National Bank of Omaha as
collateral agent, as mortgagee, as recorded on April 10, 2006 as Instrument No. 200600001656 OR in Book 155, Pages 2195-2248, in the office of the County Recorder of Fayette County, Ohio. 
  

 9 

 “Bloomingburg Plant” means the dry grind ethanol production facility located near
Bloomingburg, Ohio, with a nameplate capacity of 100 million gallons-per-year, including the Site on which such facility is located, and all buildings, structures, improvements, easements and other property related thereto. 
 “Bloomingburg Rail Use Agreements” means, collectively, (i) the rail use agreement, dated March 16, 2007, between Bloomingburg
and Cargill and (ii) the joint use agreement dated April 1, 2008 among Bloomingburg, Cargill and Indiana & Ohio Railway Company. 
 “Bloomingburg Railroad Easement Agreement” means the Railroad Easement Agreement, dated as of February 6, 2006, between Bloomingburg and Cargill. 
 “Borrower Collateral” has the meaning provided in Section 5.01 (Granting Clause for Borrower Collateral). 

“Borrower LLC Agreements” means, collectively, the ASA Holdings LLC Agreement, the Albion LLC Agreement, the Bloomingburg LLC
Agreement, and the Linden LLC Agreement. 
 “Borrowers” has the meaning set forth in the Preamble. 
 “Borrowers’ Agent” means ASA Holdings, in its capacity as agent for the Borrowers in accordance with Section 12.05
(Borrowers’ Agent). 
 “Borrowing” means the incurrence of each Loan (other than a Loan resulting from a
draw on a Letter of Credit) made by the Lenders on a single date. 
 “Borrowing Date” means, with respect to each Borrowing,
the date on which funds are disbursed by the Administrative Agent, on behalf of the Lenders, to the Borrowers in accordance with Section 2.04 (Borrowing of Loans). 
 “Borrowing Notice” means each request for Borrowing in the form of Exhibit A delivered in accordance with
Section 2.03 (Notice of Borrowings). 
 “Budget” has the meaning given in Section 9.01(j)
(Affirmative Covenants - Budget). 
  

 10 

 “Business Day” means: 
  

	 	(i)	any day that is neither a Saturday or Sunday nor a day on which commercial banks are authorized or required to be closed in New York, New York; and 

  

	 	(ii)	relative to the making, continuing, prepaying or repaying of any Eurodollar Loans, any day on which dealings in Dollars are carried on in the London interbank market.

 “Business Interruption Insurance Proceeds” means all proceeds of any insurance policies required pursuant
to this Agreement or otherwise obtained with respect to any Borrower, any Plant or the Project relating to business interruption or delayed start-up. 
 “Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is required to be accounted for as
a capital lease on the balance sheet of that Person. 
 “Capitalized Lease Liabilities” of any Person means all monetary
obligations of such Person under any leasing or similar arrangement that, in accordance with GAAP, would be classified as capitalized leases on a balance sheet of such Person or otherwise disclosed as such in a note to such balance sheet and, for
purposes of the Financing Documents, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP. 
 “Cargill” means Cargill Incorporated, a corporation organized and existing under the laws of the State of Delaware. 
 “Cargill Goods and Services Agreements” means, collectively, the Master Agreements, the Corn Supply Agreements, the Gas Supply Agreements, the Ethanol Marketing Agreements, the Distillers Grains Marketing Agreements, the
Gas Risk Management Agreements, and the Corn Futures Advisory Agreements. 
 “Carve-Out” means (a) all fees required to
be paid to the Clerk of the Bankruptcy Court and to the Office of the U.S. Trustee under section 1930 of title 28 of the United States Code, (b) all accrued but unpaid fees and expenses of the Professionals, allocable to the Borrowers
under and to the extent set forth in the Budget and incurred prior to the delivery of notice of an Event of Default, (c) an amount not exceeding $1,000,000 in the aggregate, which amount may be used after the occurrence and during the
continuation of an Event of Default to pay the allowed fees and expenses of 

  

 11 

 
Professionals, but in each case only for work allocable to the Borrowers and their Cases, and approved by the Bankruptcy Court; provided,
however, that the Borrowers shall be permitted to pay compensation and reimbursement of expenses allowed and payable under sections 330 and 331 of the Bankruptcy Code in accordance with the Budget, and the Carve-Out shall not be reduced
by the amount of any compensation and reimbursement of expenses paid or incurred in a Budget period (to the extent ultimately allowed by the Bankruptcy Court) prior to the occurrence of an Event of Default in respect of which the Carve-Out is
invoked; and provided, further, that nothing herein or in the other Financing Documents shall be construed to impair the ability of any Person to object to any of the fees, expenses, reimbursement or compensation sought by any of the
Professionals. 
 “Cases” means the bankruptcy cases commenced by VeraSun and its Subsidiaries by the filing of voluntary
petitions for relief under chapter 11 of the Bankruptcy Code with the Bankruptcy Court on October 31, 2008. 
 “Cash
Equivalents” means: 
  

	 	(i)	direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America (or by any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States of America), in each case maturing within 90 days or less from the date of acquisition thereof; 

  

	 	(ii)	time deposits, insured certificates of deposit or banker’s acceptances in each case maturing within 90 days or less from the date of acquisition thereof with or of any
commercial bank rated “A” (or the then-equivalent rating) or better by Moody’s and S&P; 

  

	 	(iii)	commercial paper issued by any commercial bank rated at least A-1 (or the then-equivalent rating) by S&P or at least P-1 (or the then-equivalent rating) by Moody’s which,
in each case, have a maturity not exceeding ninety (90) days from the date of acquisition thereof; 

  

 12 

	 	(iv)	any repurchase agreement with any Lender or other commercial bank rated “A” (or the then-equivalent rating) or better by Moody’s and S&P, which agreement is
secured by securities of the type described in any other clause of this definition, which securities shall at all times have a market value (exclusive of accrued interest) of not less than one hundred three percent (103%) of the full amount of
the repurchase agreement; provided, that such repurchase obligations shall be transferred to and segregated from other obligations owed by Lenders or any such commercial bank; and 

  

	 	(v)	investments in money market investment programs registered under the Investment Company Act of 1940, as amended, which are administered by financial institutions that have the
highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to securities of the type described in clauses (i)-(iv) of this definition. 

 “Cash Flow” means, for any period, the sum (without duplication) of the following: (i) all cash paid to the Borrowers during such
period in connection with the Ethanol Marketing Agreements, Distillers Grains Marketing Agreements and any other sales of Products, (ii) all interest and investment earnings paid to the Borrowers or the Project Accounts during such period on
amounts on deposit in the Project Accounts, (iii) all cash paid to the Borrowers during such period as Business Interruption Insurance Proceeds and (iv) all other cash paid to the Borrowers during such period. 
 “Casualty Event” means an event that causes any Plant, or any portion thereof, to be damaged, destroyed or rendered unfit for normal use
for any reason whatsoever. 
 “CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act (42
U.S.C. § 9604, et seq.), as amended, and rules, regulations, standards guidelines and publications issued thereunder. 
 “Challenge” means the proper filing of any complaint pursuant to Bankruptcy Rule 7001, or the proper assertion of a contested matter, by any party in interest other than VeraSun or any of its Subsidiaries, in each case
seeking to invalidate or otherwise challenge (including a determination of the validity, priority, and extent of any Lien) the Obligations and/or Security (each as defined in the Prepetition Credit Agreement). 
 “Change of Control” means any transaction or series of related transactions (including any merger or consolidation) the result of which
is that (i) ASA Holdings fails to maintain, directly, legally or beneficially, one hundred percent (100%) of the Equity Interests of any of Albion, Bloomingburg or Linden (other than the Equity Interest held by the Independent Member) or
(ii) VeraSun fails to maintain directly, legally or beneficially, at least one hundred percent (100%) of the Equity Interests of ASA Holdings (other than the Equity Interest held by the Independent Member). 
  

 13 

 “Closing Date” means the date on which all the conditions set forth in
Section 8.01 (Conditions to Closing and First Post Final Order Borrowing) and Section 8.02 (Conditions to All Borrowings and Issuances) have been satisfied or waived. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Collateral” means, collectively, the Borrower Collateral and the VeraSun Collateral. 
 “Collateral Agent” means First National Bank of Omaha, in its capacity as collateral agent for the Secured Parties under the Financing
Documents, and includes each other Person that may, from time to time be appointed as successor Collateral Agent pursuant to Section 11.06 (Resignation or Removal of Agent). 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans, as set forth opposite the name of such
Lender in Schedule 1.01(a), as the same may be reduced in accordance with Section 2.06 (Termination or Reduction of Commitments). 
 “Commitment Fee” has the meaning provided in Section 3.12(a) (Fees). 
 “Commitment Percentage” means, as to any Lender at any time, the percentage that such Lender’s Commitment then constitutes of the Aggregate Commitment. 
 “Committee” means any statutory committee(s) appointed in the Cases of the Borrowers under section 1102 of the Bankruptcy Code,
including the official committee of unsecured creditors appointed on November 14, 2008 in the Cases of the Borrowers by the Office of the U.S. Trustee. 
 “Commodity Hedging Arrangements” means any arrangement to hedge the price of corn purchases, ethanol sales, Distillers Grains sales or natural gas purchases. 
 “Condemnation Proceeds” means any Net Cash Proceeds payable in respect of any Event of Taking. 
 “Consultants” means the Financial Advisor and any other consultants appointed by or on behalf of the Lenders. 
  

 14 

 “Contest” means, with respect to any matter or claim involving any Person, that such
Person is contesting such matter or claim in good faith and by appropriate proceedings timely instituted; provided that the following conditions are satisfied: (a) such Person has posted a bond or other security acceptable to the
Administrative Agent; (b) during the period of such contest, the enforcement of any contested item is effectively stayed; (c) none of such Person or any of its officers, directors or employees, or any Secured Party or its respective
officers, directors or employees, is or would reasonably be expected to become subject to any criminal liability or sanction in connection with such contested items; and (d) such contest and any resultant failure to pay or discharge the claimed
or assessed amount does not, and would not reasonably be expected to (i) result in a Material Adverse Effect or (ii) involve a material risk of the sale, forfeiture or loss of, or the creation, existence or imposition of any Lien on, any
of the Collateral. 
 “Contingent Liabilities” means any agreement, undertaking or arrangement by which any Person
guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a
creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon the shares of
any other Person. The amount of any Person’s obligation under any contingent liabilities shall (subject to any limitation set forth therein) be deemed for purposes of this Agreement to be the outstanding principal amount of the debt, obligation
or other liability guaranteed thereby; provided, however, that if the maximum amount of the debt, obligation or other liability guaranteed thereby has not been established, the amount of such contingent liability shall be the maximum
reasonably anticipated amount of the debt, obligation or other liability; provided, further, that any agreement to limit the maximum amount of such Person’s obligation under such contingent liability shall not, of and by itself,
be deemed to establish the maximum reasonably anticipated amount of such debt, obligation or other liability. 
 “Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Controllable Disbursements” means all expenditures for operation and maintenance expenses, capital expenditures and other costs
associated with the Project and costs of the Borrowers associated with the Cases, other than Excluded Expenses. 
  

 15 

 “Corn Futures Advisory Agreements” means, collectively, the Albion Corn Futures Advisory
Agreement, the Bloomingburg Corn Futures Advisory Agreement and the Linden Corn Futures Advisory Agreement. 
 “Corn Supply
Agreements” means, collectively, the Albion Corn Supply Agreement, the Bloomingburg Corn Supply Agreement and the Linden Corn Supply Agreement. 
 “DDG” means dried distillers grains produced by the Borrowers at the Project. 
 “Default” means any condition, occurrence or event that, after notice or passage of time or both, would be an Event of Default. 
 “Default Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s pro rata share of the aggregate outstanding principal amount of all Loans of all
Lenders (calculated as if all Defaulting Lenders (including such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender. 
 “Default Period” means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding Default and
ending on the earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (ii) the date on which (a) the Default Excess
with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the non pro rata application of any voluntary or mandatory prepayments of
the Loans pursuant to the terms hereof) and (b) such Defaulting Lender shall have delivered to the Borrowers and the Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its
Commitments, and (iii) the date on which the Borrowers, the Administrative Agent and Required Lenders waive all Funding Defaults of such Defaulting Lender in writing. 
 “Defaulted Loan” has the meaning provided in Section 2.07 (Defaulting Lenders). 
 “Defaulting Lender” has the meaning provided in Section 2.07 (Defaulting Lenders). 
 “Default Rate” has the meaning set forth in Section 3.04 (Default Interest Rates). 
  

 16 

 “Design Basis Letter Agreement” means the letter agreement, dated as of December 2,
2005, between R. W. Beck, Inc. and Fagen, regarding “ASA OpCo Holdings Ethanol Project Nominal Design Basis Revision 2”. 
 “Design Build Contracts” means, collectively, the Albion Design Build Contract, the Bloomingburg Design Build Contract and the Linden Design Build Contract. 
 “Design Builder” means Fagen. 
 “DIP Credit Facilities” has the meaning given in the recitals. 
 “DIP Financing Term Sheet” has
the meaning given in the recitals. 
 “Discharge Date” means the date on which (a) all outstanding Commitments have
been terminated, (b) all amounts payable in respect of the Obligations have been irrevocably and indefeasibly paid in full in cash (other than obligations under the Financing Documents that by their terms survive and with respect to which no
claim has been made by the Secured Parties) and (c) the aggregate Maximum LC Available Amounts under all issued and outstanding Letters of Credit (i) have been fully cash collateralized or (ii) have been supported by a letter of
credit in form and substance satisfactory to the Issuing Bank and the Required Lenders from a bank satisfactory to the Issuing Bank and the Required Lenders. 
 “Disposition” means, with respect to any Property, any sale, lease (or sub-lease), sale and leaseback, assignment, conveyance, transfer or other disposition thereof (other than a Recovery Event); and
the terms “Dispose” and “Disposed of” shall have correlative meanings, excluding any sales or dispositions of Products or cash or Cash Equivalents, in each case, in the ordinary course of business. 
 “Distillers Grains” means DDG, WDG, and any other form of distillers grain products (including syrup) marketed by any Borrower from time
to time. 
 “Distillers Grains Marketing Agreements” means, collectively, the Albion Distillers Grains Marketing Agreement,
the Bloomingburg Distillers Grains Marketing Agreement and the Linden Distillers Grains Marketing Agreement. 
 “Dollar” and
the sign “$” mean lawful money of the United States. 
 “Domestic Office” means, relative to any Lender,
the office of such Lender designated on Schedule 1.01(a) or designated in the Lender Assignment Agreement pursuant to which such Lender became a Lender hereunder or such other office of a Lender (or any successor or assign of such
Lender) within the United States as may be designated from time to time by written notice from such Lender, as the case may be, to the Borrowers’ Agent and the Administrative Agent. 
  

 17 

 “Electric Facilities Agreements” means, collectively, the Albion Electric Facilities
Agreement and the Bloomingburg Electric Facilities Agreement. 
 “Electric Services Agreements” means, collectively, the
Albion Electric Services Agreement and the Bloomingburg Electric Services Agreement. 
 “Eligible Assignee” means
(a) any Lender, (b) an Affiliate of any Lender, (c) an Approved Fund, and (d) any other Person (other than a natural person) approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed).

 “Environmental Affiliate” means any Person, to the extent any Borrower would reasonably be expected to have liability as
a result of such Borrower retaining, assuming, accepting or otherwise being subject to liability for Environmental Claims relating to such Person, whether the source of such Borrower’s obligation is by contract or operation of Law. 

“Environmental Approvals” means any Governmental Approvals required under applicable Environmental Laws. 
 “Environmental Claim” means any written notice, claim, demand or similar written communication by any Person alleging potential
liability or requiring or demanding remedial or responsive measures (including potential liability for investigatory costs, cleanup, remediation and mitigation costs, governmental response costs, natural resources damages, property damages, personal
injuries, fines or penalties) in each such case (x) either (i) with respect to environmental contamination-related liabilities and obligations that are, or could reasonably be expected to be, in excess of one hundred thousand Dollars
($100,000) in the aggregate or (ii) that has or would reasonably be expected to result in a Material Adverse Effect, and (y) arising out of, based on or resulting from (i) the presence, release or threatened release into the
environment, of any Materials of Environmental Concern at any location, whether or not owned by such Person; (ii) circumstances forming the basis of any violation, or alleged violation, of any Environmental Laws or Environmental Approvals; or
(iii) exposure to Materials of Environmental Concern. 
 “Environmental Laws” means all Laws applicable to the Project
relating to pollution or protection of human health, safety or the environment (including ambient air, surface water, ground water, land surface or subsurface strata), including Laws relating to emissions, discharges, releases or threatened releases
of Materials of Environmental Concern, or otherwise applicable to the Project relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern. 
  

 18 

 “Environmental Site Assessment Report” means a Phase I environmental site assessment
report prepared by an environmental consulting firm acceptable to the Lenders, which report shall comply with ASTM standard 1527-00, and a Phase II environmental site assessment acceptable to the Lenders, addressing any recognized environmental
conditions or other areas of concern identified in the relevant Phase I report if in the reasonable determination of the Administrative Agent a Phase II assessment is warranted. 
 “Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in)
such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable
for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination, in each such
case including all voting rights and economic rights related thereto. 
 “ERISA” means the Employee Retirement Income
Security Act of 1974, as amended, and any successor statute of similar import, together with the regulations thereunder, in each case as in effect from time to time. References to sections of ERISA also refer to any successor sections. 

“ERISA Affiliate” means any Person, trade or business that, together with any Borrower, is or was treated as a single employer under
Section 414 of the Code or Section 4001 of ERISA. 
 “ERISA Plan” means any Plan that is not a Multiemployer Plan.

 “Ethanol Marketing Agreements” means, collectively, the Albion Ethanol Marketing Agreement, the Bloomingburg Ethanol
Marketing Agreement and the Linden Ethanol Marketing Agreement. 
 “Eurodollar Loan” means any Loan bearing interest at a
rate determined by reference to the Eurodollar Rate and the provisions of Article II (Commitments and Borrowing) and Article III (Repayments, Prepayments, Interest and Fees). 
  

 19 

 “Eurodollar Office” means, relative to any Lender, the office of such Lender designated
as such on Schedule 1.01(a) or designated in the Lender Assignment Agreement pursuant to which such Lender became a Lender hereunder or such other office of a Lender as designated from time to time by notice from such Lender to the
Borrowers’ Agent and the Administrative Agent pursuant to Section 4.04 (Obligation to Mitigate) that shall be making or maintaining Eurodollar Loans of such Lender hereunder. 
 “Eurodollar Rate” means, for any Interest Period with respect to any Eurodollar Loan, an interest rate per annum equal to the greater of
(a) four percent (4%) and (b) a rate per annum obtained by dividing (x) LIBOR for such Interest Period and such Eurodollar Loan, by (y) a percentage equal to (i) 100% minus (ii) the Eurodollar Reserve Percentage
for such Interest Period. 
 “Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve
percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time to time by the F.R.S. Board for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). The Eurodollar Rate for each outstanding Eurodollar Loan shall be
adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage. 
 “Event of
Abandonment” means any of the following shall have occurred: (i) the abandonment by any Borrower of the maintenance of any Plant for a period of more than ten (10) consecutive days, (ii) the suspension of all or substantially
all of any Borrower’s activities with respect to any Plant, other than as the result of a force majeure or Casualty Event, for a period of more than ten (10) consecutive days, or (iii) any written acknowledgement by any Borrower of a
final decision to take any of the foregoing actions; provided, that a Temporary Idle shall not constitute an Event of Abandonment under any of clauses (i), (ii) or (iii) above. 
 “Event of Default” means any one of the events specified in Section 10.01 (Events of Default). 
 “Event of Taking” means any taking, exercise of rights of eminent domain, public improvement, inverse condemnation, condemnation or
similar action of or proceeding by any Governmental Authority relating to any part of any Plant, the Project any Equity Interests in any Borrower, or any other assets thereof. 
 “Event of Total Loss” means the occurrence of a Casualty Event affecting all or substantially all of any Plant, the Project or the
assets of any Borrower. 
  

 20 

 “Excluded Assets” means (i) avoidance actions under chapter 5 of the Bankruptcy
Code, except the proceeds thereof pursuant to section 549 thereof; (ii) any lease, license, contract, property rights or agreement to which any Borrower is a party or any other part of the Borrower Collateral (or to any of its rights or
interests thereunder) if the grant of the security interest therein pursuant hereto would constitute or result in a breach or termination pursuant to the terms of, or a default under, any such lease, license, contract, property rights or agreement
(other than, to the extent that any such term would be rendered ineffective under applicable law (including, without limitation, as provided under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC) or any order of the Bankruptcy Court);
provided, that such security interest shall automatically attach upon the granting of consent to such security interest by the counterparty to any such lease, license, contract, property rights or agreement; and (iii) until the
termination of the TIF Financing, the Albion Tax Proceeds. 
 “Excluded Expenses” means (i) payments of interest and
principal on the Loans and Fees under the Financing Documents, (ii) SG&A/Corporate Overhead Expenses; and (iii) fees and expenses of the Professionals and fees and expenses of the advisors and consultants working on behalf of the
Secured Parties. 
 “Excluded Taxes” means, with respect to the Administrative Agent or any Lender or any other recipient of
any payment to be made by or on account of any Obligation of the Borrowers hereunder, (a) income Taxes imposed on (or measured by) its net income by the United States, or by the jurisdiction under the laws of which such recipient is organized
or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located; (b) withholding Taxes, except to the extent imposed solely as a result of a change in applicable law occurring after
(i) the date that such Person became a party to this Agreement, or (ii) with respect to an assignment, acquisition, designation of a new applicable lending office or the appointment of a successor Administrative Agent or other transfer,
the effective date thereof, except (x) to the extent that such Person’s predecessor was entitled to such amounts (or in the case of a designation of a new applicable lending office, to the extent such Person was entitled to such amounts
with respect to its prior applicable lending office), or (y) if the assignment, acquisition, designation of a new applicable lending office or the appointment of a successor Administrative Agent occurs as a result of Borrowers’ request
pursuant to Section 4.08 (Replacement of Lender); (c) Taxes imposed by reason of the failure of the Administrative Agent or such Person to comply with its obligations under Section 4.07(e) (Forms); and
(d) backup withholding taxes imposed under Section 3406 of the Code. 
 “Farm Products” means all of the
Borrowers’ now owned or hereafter existing or acquired farm products of every kind and nature, including crops and products of crops, wherever located, including (a) “farm products” (as such term is defined in any Farm Products
Law and/or the UCC) and (b) “perishable agricultural commodities” (as such term is defined in any Farm Products Law). 
  

 21 

 “Farm Products Law” means (a) the Food Security Act of 1985, 7 U.S.C.
Section 1631 et. seq., (b) the Perishable Agricultural Commodities Act of 1930, 7 U.S.C. § 499A et seq., or (c) any other federal, state, or local laws from time to time in effect which regulate any matters pertaining to Farm
Products, in each case, as the same now exists or may hereafter from time to time be amended, modified, recodified, or supplemented, together with all rules and regulations thereunder. 
 “Farm Products Notices” means any written notice to any Borrower pursuant to the applicable provisions of any Farms Products Law from
(i) any Farm Products Seller or (ii) any lender to any Farm Products Seller or any other person with a Lien on the assets of any Farm Products Seller or (iii) the Secretary of State (or equivalent official) or other Governmental
Authority of any state, commonwealth or political subdivision thereof in which any Farm Products purchased by any Borrowers are produced, in any case advising or notifying such Borrower of the intention of such Farm Products Seller or other person
to preserve the benefits of any Lien or trust applicable to any assets of any Borrower established in favor of such Farm Products Seller or other person under the provisions of any law or claiming a Lien on any perishable agricultural commodity or
any other Farm Products which may be or have been purchased by any of the Borrowers or any related or other assets of such Borrower(s). 
 “Farm Products Seller” means, individually and collectively, sellers or suppliers of any Farm Products or related services to any of the Borrowers involved in the transaction. 
 “F.R.S. Board” means the Board of Governors of the Federal Reserve System or any successor thereto. 
 “Facility Fee” has the meaning given in Section 3.12(e) (Fees). 
 “Fagen” means Fagen, Inc., a corporation organized and existing under the laws of the State of Minnesota. 
 “Federal Funds Effective Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal
to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published on the next succeeding Business Day by the Federal Reserve Bank of
New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day for such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected
by the Administrative Agent. 
  

 22 

 “Fee Letter” means that Collateral Agent Fee Letter among the Collateral Agent and the
Borrowers, dated as of the date hereof, setting forth certain fees that will, from time to time, become due and payable to the Collateral Agent with respect to the DIP Credit Facilities. 
 “Fees” means, collectively, each of the fees payable by the Borrowers for the account of any Lender, Issuing Bank or Agent pursuant to
Section 3.12 (Fees). 
 “Final Order” means a final order of the Bankruptcy Court entered in the Cases
after a final hearing under Bankruptcy Rule 4001(c)(2) approving the terms and conditions of the Financing Documents substantially in the form of and containing, among other things, the provisions present in the Interim Order (including, without
limitation, the granting of Liens and the superpriority status) and authorizing the incurrence of permanent Postpetition secured and superpriority Indebtedness in accordance with this Agreement and the Order Provisions, which final order shall be in
form and substance satisfactory to the Required Lenders and shall not have been reversed, amended, supplemented, modified, stayed, overturned or vacated except for amendments, supplements, modifications or stays to which the Required Lenders have
consented. 
 “Financial Advisor” means Capstone or a replacement appointed by the Required Lenders. 
 “Financial Officer” means, with respect to any Person, the chief executive officer, chief accounting officer or chief restructuring
officer of such Person. 
 “Financing Documents” means: 
  

	 	(i)	this Agreement; 

  

	 	(ii)	the Notes; 

  

	 	(iii)	the Orders; 

  

	 	(iv)	the Fee Letter; 

  

	 	(v)	any and all other financing and security agreements, documents and instruments delivered in connection with this Agreement; and 

  

 23 

	 	(vi)	each other document designated as a Financing Document by the Borrowers and the Administrative Agent. 

 “Financing Liens” has the meaning given in Section 5.04(a)(iii) (Security - Priority and Liens). 
 “First Day Orders” means all orders entered by the Bankruptcy Court granting the relief requested in the motions filed with the
Bankruptcy Court on the Petition Date or within five Business Days of the Petition Date or based on motions filed on or about the Petition Date. 
 “First Liens” has the meaning given in Section 5.04(a)(iii) (Security - Priority and Liens). 
 “Fiscal Quarter” means any quarter of a Fiscal Year. 
 “Fiscal Year” means any period of twelve
consecutive calendar months ending on December 31. 
 “Funding Default” has the meaning provided in
Section 2.07 (Defaulting Lenders). 
 “GAAP” means generally accepted accounting principles in effect
from time to time in the United States, applied on a consistent basis. 
 “Gas Risk Management Agreements” means,
collectively, the Albion Gas Risk Management Agreement, the Bloomingburg Gas Risk Management Agreement, and the Linden Gas Risk Management Agreement. 
 “Gas Supply Agreements” means, collectively, the Albion Gas Supply Agreement, the Bloomingburg Gas Supply Agreement and the Linden Gas Supply Agreement. 
 “Gas Transportation Agreements” means, collectively, the Albion Gas Transportation Agreement, the Bloomingburg Gas Transportation
Agreement and the Linden Gas Transportation Agreement. 
 “Governmental Approval” means any authorization, consent,
approval, license, lease, ruling, permit, certification, exemption, filing for registration by or with any Governmental Authority. 
 “Governmental Authority” means any nation, state, sovereign, or government, any federal, regional, state, local or political subdivision and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government. 
  

 24 

 “Grain Facility Leases” means, collectively, the Albion Grain Facility Lease, the
Bloomingburg Grain Facility Lease and the Linden Grain Facility Lease. 
 “Granting Lender” has the meaning provided in
Section 12.03(g) (Assignments). 
 “Guarantee” means, as to any Person, (a) any obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property,
securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any
other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any
other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person
securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien).

 “ICM” means ICM, Inc., a Kansas corporation. 
 “ICM Licenses” means, collectively, the Albion ICM License, the Bloomingburg ICM License and the Linden ICM License. 
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as
indebtedness or liabilities in accordance with GAAP: 
 (a) all obligations of such Person for or in respect of moneys borrowed or raised,
whether or not for cash by whatever means (including acceptances, deposits, discounting, letters of credit, factoring, and any other form of financing which is recognized in accordance with GAAP in such Person’s financial statements as being in
the nature of a borrowing or is treated as “off-balance sheet” financing); 
  

 25 

 (b) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other
similar instruments; 
 (c) all obligations of such Person for the deferred purchase price of property or services (other than (i) with
respect to any Borrower, trade accounts payable by such Borrower under any Cargill Goods and Services Agreement within thirty (30) days of being incurred arising in the ordinary course of such Borrower’s business and not past due for more
than thirty (30) days after the date on which such trade payable was created or (ii) any other trade accounts payable, within sixty (60) days of being incurred arising in the ordinary course of such Person’s business and not past
due for more than sixty (60) days after the date on which such trade payable was created); 
 (d) all obligations of such Person under
conditional sale or other title retention agreements relating to property or assets acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale
of such property or are otherwise limited in recourse); 
 (e) the maximum amount of all direct or contingent obligations of such Person
arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
 (f) all Capitalized Lease Liabilities; 
 (g) net obligations of such Person under any Swap Contract;

 (h) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interests
in such Person or any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of redeemable preferred interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and
unpaid dividends; and 
 (i) all Guarantees of such Person in respect of any of the foregoing. 
 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date
shall be deemed to be the Swap Termination Value thereof as of such date. 
 “Indemnified Taxes” means Taxes other than
Excluded Taxes. 
  

 26 

 “Indemnitee” has the meaning provided in Section 12.09 (Indemnification by
the Borrowers). 
 “Independent Member” means a Person, who is not at the time of initial appointment as the
Independent Member or at any time while serving as the Independent Member and has not been at any time during the five (5) years preceding such initial appointment:  
  

	 	(i)	a direct or indirect owner of any Equity Interest in, member (with the exception of serving as the Independent Member), officer, employee, partner, director, manager or contractor,
bankruptcy trustee, attorney or counsel of any member of any Borrower, any Borrower or any Affiliate of any of them; 

  

	 	(ii)	a creditor, customer, supplier, or other person (including each Project Party) who derives any of its purchases or revenues from its activities with any Borrower, any member of any
Borrower or any Affiliate of any of them; 

  

	 	(iii)	a Person controlling or under common control with any Borrower, any member of any Borrower or any Affiliate of any of them or any Person excluded from serving as Independent Member
under clause (i) or (ii) of this definition; 

  

	 	(iv)	a member of the immediate family by blood or marriage of any Person excluded from being an Independent Member under clause (i) or (ii) of this definition; or

  

	 	(v)	a Person who received, or a member or employee of a firm or business that received, fees or other income from any Borrower or any Affiliate thereof in the aggregate in excess of
five percent (5%) of the gross income, for any applicable year, of such Person. 

 “Information” has the
meaning provided in Section 12.18 (Treatment of Certain Information; Confidentiality). 
  

 27 

 “Insolvency Proceeding” means, with respect to any Person, (i) any voluntary or
involuntary insolvency, bankruptcy, receivership, custodianship, liquidation, reorganization, readjustment, composition or other similar proceeding relating to such Person or any of its respective properties, whether under any bankruptcy,
reorganization or insolvency law or laws, federal or state, or any law, federal or state, relating to relief of debtors, readjustment of indebtedness, reorganization, composition or extension, (ii) any proceeding for any liquidation,
liquidating distribution, dissolution or other winding up of such Person, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, (iii) any assignment for the benefit of creditors of such Person, (iv) other
marshalling of the assets of such Person, (v) such Person applies for, consents or acquiesces to, or permits or suffers to exist the appointment of a trustee, receiver, sequestration or other custodian for such Person or for a substantial part
of its property, or (vi) such Person becomes insolvent or generally fails to pay, or admits in writing its inability or unwillingness to pay, debts as they become due. 
 “Insurance Consultant” means Moore-McNeil, LLC, or any replacement insurance consultant appointed by the Administrative Agent with the
prior written consent of the Required Lenders and (so long as no Event of Default has occurred and is continuing) after consultation with the Borrowers’ Agent. 
 “Insurance Proceeds” means all Net Cash Proceeds of any insurance policies required pursuant to this Agreement or otherwise obtained with respect to any Borrower, any Plant or the Project that are
paid or payable to or for the account of any Borrower, or the Collateral Agent as loss payee (other than Business Interruption Insurance Proceeds and proceeds of insurance policies relating to third party liability). 
 “Interest Payment Date” means with respect to (i) any Base Rate Loan, the last Business Day of each calendar month and the final
maturity date of such Base Rate Loan; and (ii) any Eurodollar Loan, the last day of each Interest Period applicable to such Eurodollar Loan. 
 “Interest Period” means, with respect to any Eurodollar Loan, the period beginning on (and including) the date on which such Eurodollar Loan is made pursuant to Section 2.04 (Borrowing of Loans) or
converted to a Eurodollar Loan pursuant to Section 3.03 (Interest Rates) or the day after the last day of the immediately preceding Interest Period applicable to such Eurodollar Loan and ending on (and excluding) the day that
numerically corresponds to such date one (1) month thereafter, in either case as the Borrowers may select in the relevant Borrowing Notice or Interest Period Notice; provided, however, that (i) if such Interest Period would
otherwise end on a day that is not a Business Day, such Interest Period shall end on the next following Business Day (unless such next following Business Day is in a different a calendar month, in which case such Interest Period shall end on the
next preceding Business Day), (ii) any Interest Period that begins on the last Business Day of a month (or on a day for which there is no numerically corresponding day in the month at the end of such Interest Period) shall end on the last
Business Day of the month at the end of such Interest Period, and (iii) no Interest Period may end later than the Maturity Date. 
  

 28 

 “Interest Period Notice” means a notice in substantially the form attached hereto as
Exhibit C, executed by an Authorized Officer of the Borrowers’ Agent. 
 “Interim Order” has the meaning
given in the recitals. 
 “Issuance Request” has the meaning set forth in Section 2.02(b) (Letters of
Credit). 
 “Issuing Bank” has the meaning set forth in the preamble. 
 “Key Project Documents” means: 
  

	 	(i)	the ICM Licenses; 

  

	 	(ii)	the Grain Facility Leases; 

  

	 	(iii)	the Railroad Easement Agreements; 

  

	 	(iv)	the Agreements for Water Services; 

  

	 	(v)	the Rail Use Agreements; 

  

	 	(vi)	the Albion Wastewater Discharge Easement; and 

  

	 	(vii)	any replacement agreement for any of such agreements. 

 “Knowledge” means the actual knowledge, after due inquiry, of the chief executive officer, chief accounting officer, chief restructuring officer or director of operations of such Person. 
 “Law” means, with respect to any Governmental Authority, any constitutional provision, law, statute, rule, regulation, ordinance,
treaty, order, decree, judgment, decision, common law, holding, injunction, Governmental Approval or requirement of such Governmental Authority. Unless the context clearly requires otherwise, the term “Law” shall include each of the
foregoing (and each provision thereof) as in effect at the time in question, including any amendments, supplements, replacements, or other modifications thereto or thereof, and whether or not in effect as of the date of this Agreement. 

 

 29 

 “LC Cap” means, as of any date of determination, fifty percent (50%) of the
Aggregate Commitment. 
 “Lead Arranger” means WestLB in its capacity as sole lead bookrunner and lead arranger. 

“Leased Premises” means, with respect to each Grain Facility Lease, the Premises as defined in such Grain Facility Lease. 

“Lender Assignment Agreement” means a Lender Assignment Agreement, substantially in the form of Exhibit E. 
 “Lenders” means the persons identified as “Lenders” and listed on the signature pages of this Agreement and each other Person
that acquires the rights and obligations of a Lender hereunder pursuant to Section 12.03 (Assignments). 
 “Letter
of Credit” means each letter of credit issued by the Issuing Bank pursuant to Section 2.02 (Letters of Credit). 
 “Letter of Credit Availability Fee” has the meaning provided in Section 3.12(b) (Fees). 
 “Letter of Credit Fronting Fee” has the meaning provided in Section 3.12(b) (Fees). 
 “LIBOR” means, for any Interest Period for any Eurodollar Loan: 
 (a) the rate per annum equal to the rate
determined by the Administrative Agent to be the offered rate that appears on the page of the Telerate screen (or any successor thereto) that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period; or 
 (b) if the rate referenced in the preceding clause (a) does not appear on such page or service or such page or service is not available, the rate
per annum equal to the rate determined by the Administrative Agent to be the offered rate on such other page or other service that displays an average British Bankers Association Interest Settlement Rate for deposits in Dollars (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of such Interest Period; or 
  

 30 

 (c) if the rates referenced in the preceding clauses (a) and (b) are not available, the rate
per annum determined by the Administrative Agent as the rate of interest at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Loan being made, continued or
converted and with a term equivalent to such Interest Period would be offered by WestLB to major banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (London time) two (2) Business Days prior to the first
day of such Interest Period. 
 “Lien” means any security interest, mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, bailment, conditional sales or title retention agreement, lien (statutory or otherwise), charge against or interest in property, in each case of any kind, to secure payment of a debt or performance of an obligation.

 “Linden” has the meaning set forth in the Preamble. 
 “Linden Agreement for Water Services” means the agreement for water services dated December 29, 2006 between Linden and the Town of
Linden, Indiana. 
 “Linden Corn Futures Advisory Agreement” the Futures Advisory Agreement, dated as of February 6,
2006, between Cargill Commodity Services Inc., a Delaware corporation, doing business as Cargill Direct, and Linden. 
 “Linden Corn
Supply Agreement” means the Corn Supply Agreement, dated as of February 6, 2006, between Cargill and Linden. 
 “Linden
Design Build Contract” means the Lump-Sum Design Build Agreement, dated as of February 6, 2006, between the Design Builder and Linden for construction of the Linden Plant (excluding the Leased Premises), as clarified pursuant to the
Design Basis Letter Agreement. 
 “Linden Distillers Grains Marketing Agreement” means the Distillers Grains Marketing
Agreement, dated as of February 6, 2006, between Cargill and Linden. 
 “Linden Electric Facilities and Services
Agreement” means the Agreement for Electric Service dated as of May 30, 2006, between Linden and Tipmont REMC. 
 “Linden Ethanol Marketing Agreement” means the Ethanol Marketing Agreement, dated as of February 6, 2006, between Cargill, acting through its Sweeteners North America business unit, and Linden. 
  

 31 

 “Linden Gas Risk Management Agreement” means the Gas Risk Management Agreement, dated as
of February 6, 2006, among Cargill Commodity Services Inc., a Delaware corporation, doing business as Cargill Energy Services, Linden and Cargill. 
 “Linden Gas Supply Agreement” means the Base Contract for Sale and Purchase of Natural Gas, dated as of February 6, 2006, between Cargill and Linden, as supplemented by the Cargill, Incorporated
Special Provisions NAESB, of the same date between the same parties. 
 “Linden Gas Transportation Agreement” means the Gas
Service Agreement dated as of August 29, 2006, between Vectren Energy of Indiana, Inc., a/k/a Indiana Gas Company, and Linden. 
 “Linden Grain Facility Lease” means the Lease Agreement, dated as of February 6, 2006, between Cargill and Linden. 
 “Linden ICM License” means the License Agreement, dated as of February 6, 2006, between ICM, Inc., a Kansas corporation, and Linden. 
 “Linden LLC Agreement” means the Limited Liability Company Agreement of ASA Linden, LLC, dated as of February 6, 2006, executed by ASA Holdings and the Independent Member of Linden. 

“Linden Master Agreement” means the Master Agreement, dated as of February 6, 2006, among Cargill, Cargill Commodity Services
Inc., a Delaware corporation, ASA Holdings and Linden. 
 “Linden Mortgage” means that certain Construction Mortgage,
Assignment of Leases and Rents, Security Agreement and UCC Financing Statement (Fixture Filing), dated and effective as of February 6, 2006, from Linden, as mortgagor, to First National Bank of Omaha as collateral agent, as mortgagee, as
recorded on June 21, 2006, as Document No. 200603834 in the office of the Recorder, Montgomery County, Indiana, as amended by that certain Amendment to Construction Mortgage, Assignment of Leases and Rents, Security Agreement and UCC
Financing Statement (Fixture Filing), dated as of August 14, 2007, from Linden, as mortgagor, to First National Bank of Omaha as collateral agent, as mortgagee, as recorded on September 6, 2007 as Document No. 200705427 and
re-recorded on March 17, 2008 as Document No. 200801455, in the office of the Recorder, Montgomery County, Indiana. 
 “Linden Plant” means the dry grind ethanol production facility located near Linden, Indiana, with a nameplate capacity of 100 million gallons-per-year, including the Site on which such facility is located, and all
buildings, structures, improvements, easements and other property related thereto. 
  

 32 

 “Linden Rail Use Agreements” means, collectively, (i) the rail use agreement dated
March 16, 2007 between Linden and Cargill and (ii) the rail use agreement dated March 16, 2007 between Linden and CSX Transportation, Inc. 
 “Linden Railroad Easement Agreement” means the Railroad Easement Agreement, dated as of February 6, 2006, between Linden and Cargill. 
 “Line Item” means a line item of cost or expense set forth in any Budget. 
 “Loan” has the meaning provided in Section 2.01(a) (Loans). 
 “Loan Parties” means, collectively, each Borrower and VeraSun. 
 “Local Account” means any local bank account (other than the Project Accounts) in the name of any Borrower. 
 “Mandatory Prepayment” means a prepayment in accordance with Section 3.08 (Mandatory Prepayment). 
 “Master Agreements” means, collectively, the Albion Master Agreement, the Bloomingburg Master Agreement and the Linden Master Agreement.

 “Material Adverse Effect” means any event, development or circumstance that has had or would reasonably be expected to
have a material adverse effect on (i) the business, assets, property, condition (financial or otherwise), prospects or operations of any Borrower, any Plant or the Project (other than resulting from the filing of the Cases and events that
typically result from the commencement of a bankruptcy case), (ii) the ability of any Borrower or any other Loan Party to perform its obligations under any Financing Document to which it is a party, (iii) the Liens granted, or purported to
be granted, in favor, or for the benefit, of the Collateral Agent pursuant to the Orders or this Agreement or (iv) the rights or remedies of any Secured Party under any Financing Document; provided, that a Temporary Idle and the results
thereof shall not constitute a Material Adverse Effect. 
 “Materials of Environmental Concern” means chemicals, pollutants,
contaminants, wastes, toxic substances and hazardous substances, any toxic mold, radon gas or other naturally occurring toxic or hazardous substance or organism and any material that is regulated in any way, or for which liability is imposed,
pursuant to an Environmental Law. 
  

 33 

 “Maturity Date” means the earliest of (i) April 30, 2009, (ii) the closing
date of any sale of any Borrower or all or substantially all of the assets of any Borrower pursuant to section 363 of the Bankruptcy Code in the Cases that has been approved by an order of the Bankruptcy Court and (iii) the effective date
of a plan of reorganization in the Cases that has been confirmed by an order of the Bankruptcy Court (it being understood that such confirmation order shall not discharge any of the obligations of the Borrowers to the Secured Parties hereunder and
under any other Financing Documents until the Discharge Date has occurred). 
 “Maximum LC Available Amount” means, with
respect to any Letter of Credit at any time, the maximum amount the beneficiary of such Letter of Credit may draw thereunder at such time, as such amount may be reduced from time to time pursuant to the terms of such Letter of Credit. 
 “Maximum Rate” has the meaning provided in Section 12.10 (Interest Rate Limitation). 
 “Monthly Budget Period” means the period of four (4) consecutive weeks starting on the first day of the period covered by the first
Budget in effect as of the date hereof, and each successive period of four (4) consecutive weeks thereafter. 
 “Moody’s” means Moody’s Investors Service Inc., and any successor thereto that is a nationally recognized rating agency. 
 “Multiemployer Plan” means a Plan that is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA. 
 “Necessary Project Approvals” has the meaning set forth in Section 6.03(a) (Representations and Warranties of the Borrowers -
Governmental Approvals). 
 “Net Cash Proceeds” means with respect to any receipt of Insurance Proceeds,
Condemnation Proceeds, or Project Document Termination Payments, or any Disposition of any Property or assets, or the incurrence of any Indebtedness pursuant to section 364(b), 364(c) or 364(d) of the Bankruptcy Code in violation of the terms of the
Final Order or this Agreement, as the case may be, the aggregate amount of cash received from time to time (whether as initial consideration or through payment or disposition of deferred consideration) by or on behalf of such Person for its own
account in connection with any such transaction, after deducting therefrom only: 
 (a) related expenses, including reasonable and customary
brokerage commissions, underwriting fees and discounts, legal fees, finder’s fees and other fees, costs and commissions that, in each case, are actually paid or required to be paid to a Person that is not a Subsidiary or Affiliate of any of the
Borrowers or any of their respective Subsidiaries or Affiliates; 
  

 34 

 (b) the amount of taxes payable in connection with or as a result of such transaction that, in each case,
are actually paid at the time of receipt of such cash to the applicable taxation authority or other Governmental Authority or, so long as such Person is not otherwise indemnified therefor, are reserved for in accordance with GAAP, as in effect at
the time of receipt of such cash, based upon such Person’s reasonable estimate of such taxes payable to the applicable taxation authority or other Governmental Authority; and 
 (c) reasonable amounts (without duplication) provided as a reserve, in accordance with GAAP, against (i) any liabilities under any indemnification
obligations associated with such transaction or (ii) in the case of any Disposition of any Property or asset, any other liabilities retained by any Borrower associated with the Property or assets sold in such Disposition; 
 provided that, any and all amounts so deducted by any such Person pursuant to clauses (a) through (c) of this definition shall be properly attributable
to such transaction or to the Property or asset that is the subject thereof; provided, further, that if, at the time any of the amounts referred to in clauses (b) or (c) are actually paid or otherwise satisfied, the reserve
therefor exceeds the amount paid or otherwise satisfied, then the amount of such excess reserve shall constitute “Net Cash Proceeds” on and as of the date of such payment or other satisfaction for all purposes of this Agreement and, to the
extent required under Section 3.08 (Mandatory Prepayment), the Borrowers shall, within five (5) Business Days of such date, prepay the Loans in accordance with the terms of Section 3.08 (Mandatory
Prepayment), in an amount equal to the amount of such excess reserve. 
 “Non-Appealable” means, with respect to any
specified time period allowing an appeal of any ruling under any constitutional provision, Law, statute, rule, regulation, ordinance, treaty, order, decree, judgment, decision, certificate, holding or injunction that such specified time period has
elapsed without an appeal having been brought. 
 “Non-Obligor Debtor” means VeraSun or any of its Subsidiaries other than
the Borrowers. 
 “Non-Obligor Reimbursement Obligation” means any obligation of a Non-Obligor Debtor to repay, reimburse or
otherwise satisfy a Borrower for any Non-Obligor Transfer. 
  

 35 

 “Non-Obligor Transfer” means any (i) Disposition of Property by any Borrower to
discharge, perform or satisfy (in whole or in part) any Indebtedness or Trade Indebtedness of any Non-Obligor Debtor, (ii) rendering of any service by any Borrower to or for the benefit of any Non-Obligor Debtor or (iii) incurrence of any
Indebtedness or Trade Indebtedness, by any Borrower to or for the benefit of any Non-Obligor Debtor. 
 “Non-Obligor Transfer
Collateral” means all now existing or hereafter acquired assets of any kind or nature of any Non-Obligor Debtor to or for whose benefit a Non-Obligor Transfer is made (including, without limitation, all inventory, accounts receivable,
general intangibles, contracts, chattel paper, owned real estate, real property leaseholds, securities, fixtures, machinery, equipment, deposit accounts, patents, copyrights, trademarks, trade names, rights under license agreements and other
intellectual property and Equity Interests of Subsidiaries (other than the Borrowers) of the Non-Obligor Debtor, all other tangible and intangible property of the Non-Obligor Debtor’s estate, excluding any assets of the type constituting
Excluded Assets (or any corresponding term set forth in any VSE DIP Facility or US BioEnergy DIP Facility to which such Non-Obligor Debtor is subject, as applicable) and any avoidance actions under chapter 5 of the Bankruptcy Code and any proceeds
thereof (except for actions under section 549 of the Bankruptcy Code and any proceeds thereof). 
 “Non-Obligor Transfer
Liens” has the meaning given in Section 5.04(d)(iii) (Priority and Liens). 
 “Non-U.S. Lender” has the meaning set forth in Section 4.07(e) (Taxes - Foreign Lenders). 
 “Non-Voting Lender” means any Lender who (a) is also a Loan Party, a Project Party or any Affiliate or Subsidiary thereof, (b) is a Defaulting Lender or (c) has sold a participation in the Loan held by it to
any Person referred to in clause (a) or (b). 
 “Notes” means the promissory notes of the Borrowers evidencing the
Loans, including any promissory notes issued by the Borrowers in connection with assignments of any Loan of a Lender, in each case substantially in the form of Exhibit B, as they may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Obligations” means and includes all loans, advances, debts, liabilities, Indebtedness and
obligations, howsoever arising, owed to the Agents, the Lenders or any other Secured Party of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), direct or indirect (including
those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising pursuant to the terms of this Agreement or any of the other Financing Documents, including all principal, interest, fees, charges,
expenses, attorneys’ fees, costs and expenses, accountants’ fees and Consultants’ fees payable by the Borrowers hereunder or thereunder. 
  

 36 

 “Order Provisions” means (i) a finding by the Bankruptcy Court that pursuant to
section 364(e) of the Bankruptcy Code, the Administrative Agent and Lenders are acting in good faith by extending credit as set forth herein; (ii) a finding by the Bankruptcy Court that this Agreement and the other Financing Documents
constitute an arm’s-length transaction between the Borrowers, VeraSun and the Lenders and that the benefits of section 364(e) of the Bankruptcy Code shall apply to this Agreement and the other Financing Documents; (iii) an order granting
the Collateral Agent, for the benefit of the Secured Parties, a perfected, priming Lien subject to the Carve-Out, upon the Collateral and security interest in the Collateral pursuant to section 364(d) of the Bankruptcy Code, and otherwise approving
this Agreement and the other Financing Documents; (iv) an order prohibiting other security interests and liens on the Collateral, except as expressly permitted hereunder or in the Final Order; (v) an order containing a stipulation that the
terms of such order may not be modified without notice to the Administrative Agent; and (vi) such other terms as the Required Lenders may deem reasonably necessary or customary. 
 “Orders” means the Interim Order and the Final Order. 
 “Organic Documents” means, with respect to any Person that is a corporation, its certificate of incorporation, its by-laws and all shareholder agreements, voting trusts and similar arrangements
applicable to any of its authorized shares of capital stock and, with respect to any Person that is a limited liability company, its certificate of formation or articles of organization and its limited liability agreement. 
 “Original Budget” means the cash flow forecast attached as Exhibit D. 
 “Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT ACT) of 2001, and the rules and regulations promulgated thereunder from time to time in effect. 
 “PBGC” means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA. 
 “Permitted Indebtedness” means Indebtedness identified in Section 9.02(a) (Negative Covenants - Restrictions on Indebtedness of the Borrowers). 
 “Permitted Investments” means: 
  

	 	(i)	investments in cash or Cash Equivalents; 

  

 37 

	 	(ii)	any investments by a Borrower in Non-Obligor Debtors existing on the Petition Date and any other investments in Non-Obligor Debtors made in accordance with any Order and with the
consent of the Required DIP Lenders; 

  

	 	(iii)	investments by a Borrower in another Borrower; 

  

	 	(iv)	investments in deposit accounts or securities accounts so long as such deposit accounts or securities accounts are subject to a Lien for the benefit of the Secured Parties in
accordance with this Agreement and the Orders; 

  

	 	(v)	customer receivables arising in the ordinary course of business to the extent that such arrangements would constitute an extension of credit; 

  

	 	(vi)	investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with, customers and other account debtors of the
Borrowers; 

  

	 	(vii)	as permitted by Section 9.02(u) (Negative Covenants - Limitation on Non-Obligor Transfers); 

  

	 	(viii)	customary security deposits and pledges made by any Borrower under leases and other contracts and with utility companies made or otherwise arising in the ordinary course of business
in accordance with the past practices of such Borrower, including those in place on the date hereof as identified on Schedule 9.02(b)(xiv), or as otherwise provided for in the Budget; and 

  

	 	(ix)	investments existing on the Petition Date. 

 “Permitted Liens” means Liens identified in Section 9.02(b) (Negative Covenants - Liens) (or, with respect to VeraSun, Permitted VeraSun Collateral Liens). 
 “Permitted Prior Liens” means the collective reference to Liens permitted under clauses (iv), (v), (vi), (vii), (xi), (xiii) and
(xiv) of Section 9.02(b) (Negative Covenants - Liens), in each case to the extent that such Liens secure Postpetition obligations of the Borrowers. 
  

 38 

 “Permitted VeraSun Collateral Liens” means 
  

	 	(i)	Liens in favor, or for the benefit, of the Secured Parties; 

  

	 	(ii)	the Prepetition Collateral Agent Liens and Prepetition Collateral Agent Adequate Protection Liens; 

  

	 	(iii)	Liens on the VeraSun Collateral (ranking junior in priority to the Financing Liens in favor of the Secured Parties securing the Obligations and junior in priority to the Prepetition
Collateral Agent Liens and the Prepetition Collateral Agent Adequate Protection Liens) to the extent granted in favor of Wells Fargo Bank, N.A., in its capacity as joint collateral agent pursuant to VeraSun’s Prepetition secured financing
agreements; 

  

	 	(iv)	Liens on the VeraSun Collateral (ranking junior in priority to the Liens in favor of the Secured Parties securing the Obligations and junior in priority to the Prepetition
Collateral Agent Liens and the Prepetition Collateral Agent Adequate Protection Liens) to secure Postpetition advances made in the ordinary course of business to VeraSun from a Non-Obligor Subsidiary (as defined in the VSE DIP Facility); and

  

	 	(v)	Liens on the VeraSun Collateral (ranking junior in priority to the Liens in favor of the Secured Parties securing the Obligations and junior in priority to the Prepetition
Collateral Agent Liens and the Prepetition Collateral Agent Adequate Protection Liens) to the extent granted in favor of a lender or lenders (or their agent) providing a VSE DIP Facility. 

 “Person” means any natural person, corporation, partnership, limited liability company, firm, association, trust, government,
governmental agency or any other entity, whether acting in an individual, fiduciary or other capacity. 
 “Petition Date”
has the meaning given in the recitals. 
 “Plan” means an employee pension benefit plan (as defined in Section 3(3) of
ERISA) subject to Title IV of ERISA or Section 412 of the Code that is sponsored or maintained by any Borrower or any ERISA Affiliate, or in respect of which any Borrower or any ERISA Affiliate has any obligation to contribution or
Liability. 
  

 39 

 “Plants” means, collectively, the Albion Plant, the Bloomingburg Plant and the Linden
Plant. 
 “Postpetition” means, when used with respect to any agreement or instrument, any claim or proceeding or any other
matter, an agreement or instrument that was entered into or became effective, a claim or proceeding that first arose or was first instituted, or another matter that first occurred, after the commencement of the Cases. 
 “Preexisting Liens” has the meaning given in Section 5.04(b) (Priority and Liens). 
 “Prepetition” means, when used with respect to any agreement or instrument, any claim or proceeding or any other matter, an agreement or
instrument that was entered into or became effective, a claim or proceeding that arose or was instituted, or another matter that occurred, prior to the commencement of the Cases. 
 “Prepetition Accounts Bank” means First National Bank of Omaha, not in its individual capacity, but solely as depositary bank, bank and
securities intermediary under the Prepetition Credit Agreement. 
 “Prepetition Collateral Agent” means First National Bank
of Omaha, not in its individual capacity, but solely as collateral agent under the Prepetition Credit Agreement. 
 “Prepetition
Collateral Agent Adequate Protection Liens” means Liens granted after the commencement of the Cases to provide adequate protection in respect of the Prepetition Collateral Agent Liens. 
 “Prepetition Collateral Agent Liens” means Liens in favor of the Senior Secured Parties securing the Obligations pursuant to the
Financing Documents (each as defined in the Prepetition Credit Agreement). 
 “Prepetition Credit Agreement” has the meaning
given in the recitals. 
 “Prepetition Financing Documents” means the “Financing Documents” as defined in the
Prepetition Credit Agreement. 
 “Prepetition Lenders” means the lenders party to the Prepetition Credit Agreement.

 “Prepetition Liens” means the Liens granted pursuant to the Security Documents (as defined in the Prepetition Credit
Agreement). 
  

 40 

 “Priming Liens” has the meaning given in Section 5.04(a)(ii) (Security -
Priority and Liens). 
 “Products” means ethanol, Distillers Grains, carbon dioxide, and any other co-product or
by-product produced in connection with the production of ethanol at the Plants. 
 “Professional Fees” means fees and
expenses of the Professionals and fees and expenses of the advisors and consultants working on behalf of the Secured Parties. 
 “Professionals” means a Person retained or to be compensated for services rendered or costs incurred on or after the Petition Date by any Borrower or Committee pursuant to sections 327, 328, 329, 330, 331, 363, 503(b), or
1103 of the Bankruptcy Code in the Borrowers’ Cases. 
 “Project” means, at all times, each Plant and all auxiliary and
other facilities constructed or to be constructed by or on behalf of any Borrower pursuant to the Project Documents or otherwise, together with all fixtures and improvements thereto and each Site and all other real property, easements and
rights-of-way held by or on behalf of any Borrower and all rights to use easements and rights-of-way of others. 
 “Project
Accounts” has the meaning given in the Prepetition Credit Agreement. 
 “Project Documents” means: 
  

	 	(i)	the Design Build Contracts; 

  

	 	(ii)	the Cargill Goods and Services Agreements; 

  

	 	(iii)	the Electric Facilities Agreements; 

  

	 	(iv)	the Electric Services Agreements; 

  

	 	(v)	the Linden Electric Facilities and Services Agreement; 

  

	 	(vi)	the Gas Transportation Agreements; 

  

	 	(vii)	the ICM Licenses; 

  

	 	(viii)	the Grain Facility Leases; 

  

	 	(ix)	each Borrower LLC Agreement; 

  

 41 

	 	(x)	the Railroad Easement Agreements; 

  

	 	(xi)	the Agreements for Water Services; 

  

	 	(xii)	the Rail Use Agreements; 

  

	 	(xiii)	the Albion Wastewater Discharge Easement; 

  

	 	(xiv)	other project documents to be mutually agreed by Borrowers and Administrative Agent; 

  

	 	(xv)	each Additional Material Project Document; and 

  

	 	(xvi)	any replacement agreement for any of such agreements. 

 “Project Document Termination Payments” means all Net Cash Proceeds of payments that are required to be paid to or for the account of any Borrower as a result of the termination of any Project Document or any Additional
Project Document. 
 “Project Party” means each Person (other than the Borrowers) who is a party to a Project Document.

 “Property” means any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and
whether tangible or intangible, including, without limitation, Equity Interests. 
 “Proposed Letter of Credit Issuance
Date” means, with respect to a Letter of Credit, the proposed date of issuance of such Letter of Credit set forth in the respective Issuance Request. 
 “Rail Use Agreements” means the Albion Rail Use Agreements, the Bloomingburg Rail Use Agreements and the Linden Rail Use Agreements. 
 “Railroad Easement Agreements” means the Albion Railroad Easement Agreement, the Bloomingburg Railroad Easement Agreement and the Linden
Railroad Easement Agreement. 
 “RCRA” means the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), as
amended, and all rules, regulations, standards, guidelines, and publications issued thereunder. 
  

 42 

 “Recovery Event” means (i) any settlement of or payment in respect of any insurance
policies required pursuant to this Agreement or otherwise obtained with respect to any Borrower, any Plant or the Project, or (ii) any Event of Taking. 
 “Register” has the meaning set forth in Section 12.03(c) (Assignments). 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Removal,” “Remedial” and “Response” actions shall include the types of activities covered by CERCLA,
RCRA, and other comparable Environmental Laws, and whether the activities are those which might be taken by a Governmental Authority or those which a Governmental Authority or any other Person might seek to require of waste generators, handlers,
distributors, processors, users, storers, treaters, owners, operators, transporters, recyclers, reusers, disposers, or other Persons under “removal,” “remedial,” or other “response” actions. 
 “Reportable Event” means a “reportable event” within the meaning of Section 4043(c) of ERISA. 
 “Required Lenders” means Lenders (excluding all Non-Voting Lenders) holding in excess of fifty percent (50.00%) of the Commitments
(excluding the Commitments of all Non-Voting Lenders). 
 “Required LLC Provisions” has the meaning provided in
Section 6.25 (Independent Member). 
 “Restricted Payments” means any (a) dividend or other
distribution (whether in cash, securities or other property), or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, defeasance, acquisition,
cancellation or termination of any Equity Interests of any Borrower, or on account of any return of capital to any holder of any such Equity Interest in, or any other Affiliate of, any Borrower, or any option, warrant or other right to acquire any
such dividend or other distribution or payment, (b) any payments of amounts under Sections 5.3.2, 6.5.6 and 19.4.1 of the Design Build Contracts, and (c) any payment of any management, consultancy, administrative, services, or other
similar fee to any Person who owns, directly or indirectly, any Equity Interest in any Borrower, or any Affiliate of any such Person other than, if consistent with the then effective Budget, pursuant to any Cargill Goods and Services Agreement.

  

 43 

 “Revenue Account” has the meaning given in the Prepetition Credit Agreement. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor
thereto that is a nationally recognized rating agency. 
 “Secured Parties” means the Lenders, the Agents and each of their
respective successors, transferees and assigns. 
 “SG&A/Corporate Overhead Expenses” means, for any calculation period,
22.416% of the aggregate general, administrative, and corporate overhead expenses allocable to all manufacturing subsidiaries of VeraSun for such period. 
 “Site” means, (a) with respect to the Albion Plant, the “Land” and “Leased Premises” (each as defined in the Albion Deed of Trust); (b) with respect to the Bloomingburg
Plant, the “Land” and “Leased Premises” (each as defined in the Bloomingburg Mortgage); and (c) with respect to the Linden Plant, the “Land” and “Leased Premises” (each as defined in the Linden Mortgage).

 “SPV” has the meaning provided in Section 12.03(g) (Assignments). 
 “Structuring Fee” has the meaning given in Section 3.12(c) (Fees). 
 “Subsidiary” of any Person means a corporation, partnership, joint venture, limited liability company or other business entity of which
a majority of the shares of securities or other Equity Interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 
 “Superpriority” means, with respect to the priority of any claim, in accordance with section 364(c)(1) of the Bankruptcy Code,
priority over all administrative expenses or other Postpetition claims of the kind specified in, or otherwise arising under, any section of the Bankruptcy Code (including, without limitation, sections 105, 326, 328, 330, 331, 503(b), 507(a), 507(b),
546(c) or 726 thereof), whether or not such other claims or expenses may become secured by a Lien, levy or attachment.  
 “Superpriority Non-Obligor Transfer Claim” has the meaning set forth in Section 5.04(d)(i) (Priority and Liens). 
  

 44 

 “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement and
(b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any
International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement. 
 “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts,
(a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a),
the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender). 
 “Tax” or “Taxes” means any present or future taxes
(including income, gross receipts, license, payroll, employment, excise, severance, stamp, documentary, occupation, premium, windfall profits, environmental, capital stock, franchise, profits, withholding, social security (or similar), unemployment,
disability, real property, personal property, sales, use, transfer, registration, value-added, ad valorem, alternative or add-on minimum, estimated, or other tax of any kind whatsoever), levies, imposts, duties, fees or charges imposed by any
government or any governmental agency or instrumentality or any international or multinational agency or commission, including any interest, penalty, or addition thereto. 
 “Tax Return” means all returns, declarations, reports, claims for refund and information returns and statements of any Person required
to be filed with respect to, or in respect of, any Taxes, including any schedule or attachment thereto and any amendment thereof. 
  

 45 

 “Temporary Idle” means the maintenance of the Plants in a state in which the Plant
facilities are not producing ethanol with the exception of completing work in process inventory, and including a range of operations from a state wherein (i) Plant systems including fermentation tanks are maintained with an amount of work in
process Product, to a state in which the Plant systems have been emptied and cleaned and the required process water and chemicals have been removed from the Plant facilities and (ii) Plant facilities operate with either a full complement of
plant headcount, or, subject to prior written notice and consultation with the Administrative Agent (in the case of any reduction in headcount that is not the result of a termination for cause or a voluntary resignation by any person working at any
Plant), a reduced plant headcount. “Temporary Idle” does not contemplate a shutdown of any Plant’s utility systems, or any cessation of compliance monitoring with respect to the Necessary Project Approvals. 
 “Termination Event” means (i) a Reportable Event with respect to any ERISA Plan, (ii) the initiation of any action by any
Borrower, any ERISA Affiliate or any ERISA Plan fiduciary to terminate an ERISA Plan (other than a standard termination under Section 4041(b) of ERISA) or the treatment of an amendment to an ERISA Plan as a termination under
Section 4041(e) of ERISA, (iii) the institution of proceedings by the PBGC under Section 4042 of ERISA to terminate an ERISA Plan or to appoint a trustee to administer any ERISA Plan, (iv) the withdrawal of any Borrower or any
ERISA Affiliate from a Multiemployer Plan during a plan year in which such Borrower or such ERISA Affiliate was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or the cessation of operations which results in the
termination of employment of twenty percent (20%) of Multiemployer Plan participants who are employees of any Borrower or any ERISA Affiliate, (v) the partial or complete withdrawal of any Borrower or any ERISA Affiliate from a
Multiemployer Plan, or (vi) any Borrower or any ERISA Affiliate is in default (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan. 
 “TIF Financing” means a financing by Albion on substantially the terms set forth in the Albion Redevelopment Contract. 
 “TIF Liens” means the security interest created pursuant to the Pledge and Security Agreement, dated as of August 17, 2007, between
Albion as pledgor and Dougherty Funding, LLC as secured party. 
 “Trade Indebtedness” means all trade liabilities,
Indebtedness or obligations with respect to any goods or services, incurred by any Person in the ordinary course of business and payable in accordance with customary practices. 
 “Transaction Documents” means, collectively, the Financing Documents and the Project Documents. 
  

 46 

 “Underwriting Fee” has the meaning given in Section 3.12(d) (Fees).

 “Unfunded Benefit Liabilities” means, with respect to any ERISA Plan at any time, the amount (if any) by which
(i) the present value of all accrued benefits calculated on an accumulated benefit obligation basis and based upon the actuarial assumptions used for accounting purposes (i.e., those determined in accordance with FASB
statement No. 35 and used in preparing the ERISA Plan’s financial statements) exceeds (ii) the fair market value of all ERISA Plan assets allocable to such benefits, determined as of the then most recent actuarial valuation report for
such ERISA Plan. 
 “Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as in effect from
time to time in the State of New York; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest in any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of provisions relating to such perfection or
priority and for purposes of definitions related to such provisions. 
 “US BioEnergy DIP Facility” a credit facility
approved by the Bankruptcy Court under which Postpetition debtor-in-possession financing is provided to the US BioEnergy Corporation, a South Dakota corporation, together with each of its wholly-owned Subsidiaries, which financing is secured by one
or more Liens or claims pursuant to section 364(c) and 364(d) of the Bankruptcy Code. 
 “United States” or
“U.S.” means the United States of America, its fifty States and the District of Columbia. 
 “United States
Person” means a “United States person” as defined in Section 7701(a)(30) of the Code. 
 “Value”
means, with respect to any inventory or other goods, the cost thereof to any Borrower, calculated on a first-in-first-out basis in accordance with GAAP. 
 “VeraSun” has the meaning given in the preamble. 
 “VeraSun Collateral”
has the meaning provided in Section 5.02 (Granting Clause for VeraSun Collateral). 
 “VeraSun-Pledged Equity
Interests” has the meaning given in Section 5.02(a) (Granting Clause for VeraSun Collateral). 
  

 47 

 “VeraSun Tax Sharing Agreement” means that tax sharing agreement with VeraSun and
certain of its Affiliates, dated as of December 31, 2005, to which the Borrowers became parties on or about August 17, 2007. 
 “VSE DIP Facility” a credit facility approved by the Bankruptcy Court under which Postpetition debtor-in-possession financing is provided to VeraSun, together with certain of its wholly-owned Subsidiaries, which financing
is secured by one or more Liens or claims pursuant to section 364(c) and 364(d) of the Bankruptcy Code. 
 “WDG” means wet
distillers grains produced by the Borrowers at the Plants. 
 “Weekly Cash Flow Forecast” has the meaning given in
Section 9.03(a) (Reporting Requirements). 
 “WestLB” means WestLB AG, New York Branch. 
 “WestLB Cash Collateral” has the meaning given in that certain “Consent Order Authorizing Use of West LB of Cash Collateral and
Providing Adequate Protection Under 11 U.S.C. §§ 105, 361, and 363” entered by the Bankruptcy Court on November 4, 2008 under docket number 44, and in any Final Order issued with respect thereto. 
 Section 1.02 Principles of Interpretation. (a) Unless otherwise defined or the context otherwise requires, terms for which meanings are
provided in this Agreement shall have the same meanings when used in each Financing Document, notice and other communication delivered from time to time in connection with any Financing Document. 
 (b) Unless the context requires otherwise, any reference in this Agreement to any Transaction Document shall mean such Transaction Document and all
schedules, exhibits and attachments thereto. 
 (c) All the agreements, contracts or documents defined or referred to herein shall mean such
agreements, contracts or documents as the same may from time to time be supplemented or amended or the terms thereof waived or modified to the extent permitted by, and in accordance with, the terms thereof and this Agreement, and shall disregard any
supplement, amendment or waiver made in breach of this Agreement. 
 (d) Any reference in any Financing Document relating to a Default or an
Event of Default that has occurred and is continuing (or words of similar effect) shall be understood to mean that (i) in the case of a Default only, such Default has not been cured or remedied, or has not been waived by the Required Lenders,
before becoming an Event of Default and (ii) in the case of an Event of Default, such Event of Default has not been cured and has not been waived by the Required Lenders. 
  

 48 

 (e) Defined terms in this Agreement shall include in the singular number the plural and in the plural
number the singular. 
 (f) The words “herein,” “hereof” and “hereunder” and words of similar import when used
in this Agreement shall, unless otherwise expressly specified, refer to this Agreement as a whole and not to any particular provision of this Agreement and all references to Articles, Sections, Exhibits and Schedules shall be references to Articles,
Sections, Exhibits and Schedules of this Agreement, unless otherwise specified. 
 (g) The words “include,” “includes”
and “including” are not limiting. 
 (h) The word “or” is not exclusive. 
 Section 1.03 UCC Terms. Unless otherwise defined herein, terms used herein that are defined in the UCC shall have the respective meanings given to
those terms in the UCC. 
 Section 1.04 Accounting and Financial Determinations. Unless otherwise specified, all accounting terms used
in any Financing Document shall be interpreted, all accounting determinations and computations hereunder or thereunder shall be made, and all financial statements required to be delivered hereunder or thereunder shall be prepared, in accordance with
GAAP (subject, in the case of monthly or quarterly financial statements, to the absence of footnote disclosures and to normal year-end adjustments). 
 Section 1.05 Joint and Several. The Obligations of each Borrower under this Agreement and each other Financing Document to which any Borrower is a party shall constitute the joint and several obligations of all
Borrowers, and references to “any Borrower” or to “the Borrowers” in this Agreement and such other Financing Documents shall mean and include all Borrowers or, where the context permits, any of the Borrowers. All representations,
warranties, undertakings, agreements and obligations of each Borrower expressed or implied in this Agreement or any other Financing Document shall, unless the context requires otherwise, be deemed to be made, given or assumed by the Borrowers
jointly and severally. 
 Section 1.06 Effect of Interim Financing. It is hereby understood and agreed that any extension of credit by
the Lenders or the Issuing Bank pursuant to the DIP Financing Term Sheet and the Interim Order, which extension of credit was made after the Petition Date but prior to the date hereof, shall, as of the date hereof, constitute Loans and outstanding
Obligations hereunder in a like amount. 
  

 49 

 ARTICLE II 
 COMMITMENTS AND BORROWING 
 On the terms, subject to the conditions and relying upon the representations and
warranties herein set forth: 
 Section 2.01 Loans. (a) Each Lender agrees, severally and not jointly, on the terms and
conditions of this Agreement, to make loans (each such loan, a “Loan”) to the Borrowers, from time to time but not more frequently than four (4) times each calendar month, until the last Business Day immediately preceding the
Maturity Date in an aggregate principal amount from time to time outstanding, together with all participations in Letters of Credit acquired by such Lender pursuant to Section 2.02(c) (Letters of Credit), not in excess of the
Commitment of such Lender; provided, however, that the aggregate principal amount of the Loans at any one time outstanding, plus the aggregate Maximum LC Available Amounts of all issued and outstanding Letters of Credit, shall not
exceed the Aggregate Commitment. 
 (b) Each Borrowing of Loans shall be in the minimum amount of one hundred thousand Dollars ($100,000).

 (c) Proceeds of each Loan (other than those resulting from a draw on a Letter of Credit) shall be deposited into the Revenue Account (or
as otherwise agreed with the Administrative Agent and specified in the relevant Borrowing Notice) and applied solely in accordance with this Agreement and shall be used solely in accordance with the Budget (subject to the variances contemplated in
Section 9.02(y) (Negative Covenants - Financial Covenants)). 
 (d) Neither the proceeds of the Loans nor any portion of
the Carve-Out may be used to challenge the amount, validity, perfection, priority or enforceability of, or assert any defense, counterclaim or offset to (i) any of the Obligations or the Financing Liens or (ii) the Obligations or the
Security (each as defined in the Prepetition Credit Agreement), or otherwise litigate against any of the Secured Parties or the Senior Secured Parties (as defined in the Prepetition Credit Agreement); provided, that the Committee may spend up
to an aggregate amount not to exceed two hundred thousand Dollars ($200,000) to investigate any potential claims against the Prepetition Lenders or their Agents (as defined in the Prepetition Credit Agreement), and any potential defenses to their
claims, security, interests and liens. 
  

 50 

 (e) Within the limits set forth in Section 2.01(a), the Borrowers may pay or prepay and
reborrow Loans. 
 Section 2.02 Letters of Credit. (a) The Issuing Bank agrees at any time on or after the Closing Date, and from
time to time on the terms and conditions of this Agreement, upon receipt from the Borrowers of an Issuance Request, to issue a Letter of Credit on behalf of any Borrower on the date and in the amount set forth in such Issuance Request;
provided, that (i) Letters of Credit may only be issued with the prior written consent of the Required Lenders, (ii) the aggregate Maximum LC Available Amounts of all issued and outstanding Letters of Credit shall not exceed the LC
Cap, (iii) the aggregate Maximum LC Available Amounts of all issued and outstanding Letters of Credit plus the aggregate outstanding principal amount of all Loans shall not exceed the Aggregate Commitment and (iv) no more than ten
(10) separate Letters of Credit shall be outstanding at any one time. Subject to the foregoing, in the event a Funding Default exists, the Issuing Bank shall not be required to issue any Letter of Credit unless the Issuing Bank has entered into
arrangements reasonably satisfactory to it and the Borrowers to eliminate the Issuing Bank’s risk with respect to the participation in Letters of Credit of each Defaulting Lender, including by cash collateralizing each such Defaulting
Lender’s Commitment Percentage of the Maximum LC Available Amount of such Letter of Credit as of the date of issuance. 
 (b) The
Borrower shall give the Administrative Agent at least five (5) Business Days’ irrevocable prior written notice (or such shorter period agreed by the Issuing Bank) (such notice, in substantially the form of Exhibit F, an
“Issuance Request”) (effective upon receipt) specifying the date (which shall be a day that is no later than thirty (30) days preceding the scheduled Maturity Date) a Letter of Credit is requested to be issued, describing in
reasonable detail the nature of the transactions or obligations proposed to be supported thereby (which shall be of the nature described in Section 2.02(a)(i)), the Maximum LC Available Amount of such Letter of Credit, which shall be no
less than five thousand Dollars ($5,000)). Upon receipt of an Issuance Request, the Administrative Agent shall promptly advise the Issuing Bank of the contents thereof. 
 (c) Each Lender (other than the Issuing Bank) agrees that, upon the issuance of any Letter of Credit hereunder, it shall automatically acquire a participation in the Issuing Bank’s liability thereunder in an
amount equal to such Lender’s Commitment Percentage of such liability, and each Lender (other than the Issuing Bank) thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be
unconditionally obligated to the Issuing Bank to pay and discharge when due, its Commitment Percentage of the Issuing Bank’s liability under each Letter of Credit. 
  

 51 

 (d) Upon receipt from a beneficiary under a Letter of Credit of a demand for payment thereunder, in
proper form to accomplish a draw in accordance with the terms thereof, the Issuing Bank (through the Administrative Agent) shall promptly notify each other Lender and the Borrowers of the amount to be paid by the Issuing Bank as a result of such
demand and the date on which payment is to be made by the Issuing Bank to such beneficiary in respect of such demand. Immediately following such demand by a beneficiary of payment under a Letter of Credit, the Administrative Agent shall give each
Lender prompt notice of the amount of the actual demand for payment, specifying such Lender’s Commitment Percentage of the amount of such demand. 
 (e) Upon receipt of the notice described in Section 2.02(d), each Lender (other than the Issuing Bank) shall pay, on the proposed funding date of a draw under the Letter of Credit, the amount of such
Lender’s Commitment Percentage of any payment under the Letter of Credit by wire transfer of immediately available funds to the Administrative Agent for the account of the Issuing Bank, not later than 11:00 a.m. New York City time. Each
Lender’s obligation to make such payments to the Administrative Agent for the account of the Issuing Bank under this Section 2.02(e), and the Issuing Bank’s right to receive the same, shall be absolute and unconditional and
shall not be affected by any circumstance whatsoever, including (i) the failure of any other Lender to make its payment under this Section 2.02(e), (ii) the financial condition of the Borrowers, (iii) the existence of any
Default or Event of Default or (iv) the termination of any Commitments. Each such payment to the Issuing Bank shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (f) To the extent that any Lender fails to pay any amount required to be paid pursuant to Section 2.02(e) on the date such amounts are due to
be paid, such Lender shall pay interest to the Issuing Bank (through the Administrative Agent) on such amount from and including such due date to but excluding the date such payment is made at a rate per annum equal to the greater of the Federal
Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus (in either such case) two percent (2%). 
 (g) Each drawing honored by the Issuing Bank under a Letter of Credit shall reduce the Maximum LC Available Amount under such Letter of Credit by the
amount of such drawing. 
 (h) Notwithstanding anything herein to the contrary (including Section 8.02 (Conditions to All
Borrowings and Issuances)), any payments by the Issuing Bank under any Letter of Credit shall automatically be considered to be a Loan to the Borrowers from the Issuing Bank and the other Lenders making payments to the Issuing Bank in
accordance with Section 2.02(e) in an amount equal to such Issuing Bank’s and each such other Lenders’ Commitment Percentage of the amount of the drawing on the Letter of Credit. All such Loans shall be repaid or prepaid by the
Borrowers in accordance with the provisions of Article III (Repayments, Prepayments, Interest and Fees). Any such Loan shall initially be made as a Base Rate Loan. 
  

 52 

 (i) The issuance of each Letter of Credit shall be subject to, in addition to the conditions precedent
set forth in Section 8.02 (Conditions to All Borrowings and Issuances), the conditions precedent that (i) such Letter of Credit shall be in such form and contain such terms as shall be satisfactory to the Issuing Bank
consistent with its then-current practices and procedures with respect to letters of credit of the same type; (ii) such Letter of Credit shall be issued solely for the purposes set forth in Section 2.02(a)(i); (iii) the term of
each Letter of Credit shall expire no later than the scheduled Maturity Date, as may be extended in accordance herewith; and (iv) the Borrower shall have executed and delivered such other instruments and agreements relating to such Letter of
Credit as the Issuing Bank shall have reasonably requested consistent with its then-current practices and procedures with letters of credit of the same type. In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrowers to, or entered into by the Borrowers with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this
Agreement shall control. 
 Section 2.03 Notice of Borrowings. From time to time, but not more frequently than four (4) times
each calendar month, the Borrowers may propose a Borrowing by delivering to the Administrative Agent a properly completed Borrowing Notice not later than 11:00 a.m., New York City time, one (1) Business Day prior to the proposed Borrowing
Date (or such shorter period agreed by the Administrative Agent). Each Borrowing Notice delivered pursuant to this Section 2.03 shall be irrevocable and shall refer to this Agreement and specify (w) whether such Borrowing is
requested to be of Eurodollar Loans (in which case such Borrowing Request must be delivered not later than 11:00 a.m., New York City time, three (3) Business Days prior to the proposed Borrowing Date (or such shorter period agreed by the
Administrative Agent)) and/or Base Rate Loans, (x) the requested Borrowing Date (which shall be a Business Day), (y) the amount of such requested Borrowing and (z) the initial Interest Period for the Loans requested (in the case of
Eurodollar Loans). The Administrative Agent shall promptly advise the Lenders of any Borrowing Notice given pursuant to this Section 2.03 and of each Lender’s portion of the requested Borrowing. 
 Section 2.04 Borrowing of Loans. (a) Subject to Section 2.04(d), each Borrowing shall consist of Loans made by the Lenders
ratably in accordance with their respective applicable Commitment Percentages and shall consist of Eurodollar Loans or Base Rate Loans as the Borrower may request, pursuant to Section 2.03 (Notice of Borrowings); provided,
however, that the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender
to make any Loan required to be made by such other Lender). 
  

 53 

 (b) Subject to Section 4.04 (Obligation to Mitigate), each Lender may (without
relieving any Borrower of its obligation to repay a Loan in accordance with the terms of this Agreement and the Notes) at its option fulfill its Commitment with respect to any such Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan. 
 (c) Subject to Section 2.04(d) each Lender shall make a Loan in the amount of its applicable
Commitment Percentage of each Borrowing hereunder on the proposed Borrowing Date by wire transfer of immediately available funds to the Administrative Agent, not later than 11:00 a.m., New York City time, and the Administrative Agent shall
deposit the amounts so received (other than those resulting from a draw on a Letter of Credit) into the Revenue Account, or as otherwise specified in the relevant Borrowing Notice; provided, that if a Borrowing does not occur on the proposed
Borrowing Date because any condition precedent to such requested Borrowing herein specified has not been met, the Administrative Agent shall return the amounts so received to the respective Lenders without interest. 
 (d) Unless the Administrative Agent shall have been notified by any Lender prior to a proposed Borrowing Date that such Lender will not make available to
the Administrative Agent its portion of the Borrowing proposed to be made on such date, the Administrative Agent may assume that such Lender has made such amounts available to the Administrative Agent on such date and the Administrative Agent in its
sole discretion may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has
made such amount available to the Borrowers, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender and, if such Lender pays such amount (together with the interest noted below), then the amount so
paid shall constitute such Lender’s Loan included in such Borrowing. If such Lender does not pay such corresponding amount upon the Administrative Agent’s demand or within two (2) Business Days from the date of such Borrowing, the
Administrative Agent shall promptly notify the Borrowers and the Borrowers shall repay such corresponding amount to the Administrative Agent within two (2)Business Days of the Administrative Agent’s written request. The Administrative Agent
shall also be entitled to recover from such Lender or the Borrowers, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the
Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at an interest rate per annum equal to (i) in the 

  

 54 

 
case of a payment made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation and (ii) in the case of a payment made by the Borrowers, the Base Rate plus the Applicable Margin. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its
commitment hereunder. Notwithstanding anything to the contrary in this Agreement or any other Financing Document, the Administrative Agent may, subject to the rights of the other Secured Parties under the Financing Documents and with prior notice to
the Borrowers, apply all funds and proceeds of Collateral available for the payment of any Obligation to repay any amount owing by any Lender to the Administrative Agent as a result of such Lender’s failure to fund its applicable share of any
Borrowing. A notice of the Administrative Agent to any Lender or the Borrowers with respect to any amounts owing under this Section 2.04(d) shall be conclusive, absent manifest error. 
 Section 2.05 Evidence of Indebtedness. (a) Each Loan made by each Lender shall be evidenced by one or more accounts or records maintained by
such Lender and by the Administrative Agent in the ordinary course of business, including the Register for the recordation of the Loans maintained by the Administrative Agent in accordance with the provisions of Section 12.03(c)
(Assignments). The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive evidence, absent manifest error, of the amount of the Loans made by the Lenders to the Borrowers and the interest and
payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between
the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 

(b) The Borrowers agree that in addition to such accounts or records referred to in Section 2.05(a), the Loans made by each Lender may, if
requested by the Lenders, be evidenced in each case by a Note or Notes duly executed on behalf of each Borrower, dated the Closing Date (or, if later, the date of any request therefor by a Lender). Each such Note shall be payable to such Lender or
its registered assigns in a principal amount equal to such Lender’s Commitment. Each Lender may attach schedules to its Note and endorse thereon the date, amount and maturity of its Loan and payments with respect thereto. 
 Section 2.06 Termination or Reduction of Commitments. (a) Any unused Commitments shall be terminated upon the occurrence of an Event of
Default if required pursuant to Section 10.02 (Action upon Event of Default) in accordance with the terms thereof. 
  

 55 

 (b) On the Maturity Date, any Commitments (other than the obligations to participate in the Issuing
Bank’s liability under any outstanding Letter of Credit pursuant to Section 2.02(c) (Letters of Credit)) shall be automatically and permanently terminated in full and the Borrower shall be required either (i) to cash
collateralize all outstanding Letters of Credit by posting an amount in cash equal to, or (ii) to provide a letter of credit in form and substance satisfactory to the Issuing Bank and the Required Lenders from a bank satisfactory to the
Required Lenders with respect to, the aggregate Maximum LC Available Amounts under all issued and outstanding Letters of Credit. 
 (c) The
Aggregate Commitment shall be automatically reduced to the extent of, and in the amount of, any prepayment of the Loans pursuant to Sections 3.08 (Mandatory Prepayment). 
 Section 2.07 Defaulting Lenders. Anything contained herein to the contrary notwithstanding, in the event that any Lender, other than at the
direction or request of any regulatory agency or authority, defaults (a “Defaulting Lender”) in its obligation to fund (a “Funding Default”) any Loan (in each case, a “Defaulted Loan”), then
(i) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be a Non-Voting Lender; and (ii) to the extent permitted by applicable law, during any Default Period and until such time as the Default
Excess with respect to such Defaulting Lender shall have been reduced to zero, (A) any voluntary prepayment of the Loans shall be applied to the outstanding Loans of other Lenders as if such Defaulting Lender had no Loans outstanding,
(B) any mandatory prepayment of the Loans shall be applied to the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding, (C) such Defaulting Lender shall not be entitled to receive any Commitment Fee or Letter of
Credit Availability Fee pursuant to Section 3.12 (Fees) with respect to such Defaulting Lender’s Commitment; and (D) availability of Loans pursuant to Section 2.01(a) (Loans) and Letters of Credit
pursuant to Section 2.02(a) (Letters of Credit) shall, as at any date of determination, be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender. No Commitment of any Lender shall be
increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.07, performance by the Borrowers of their obligations hereunder and the other Financing Documents shall not be excused or otherwise modified
as a result of any Funding Default or the operation of this Section 2.07. The rights and remedies against a Defaulting Lender under this Section 2.07 are in addition to other rights and remedies which the Borrowers may have
against such Defaulting Lender with respect to any Funding Default and which the Administrative Agent or any Lender may have against such Defaulting Lender with respect to any Funding Default. 
  

 56 

 ARTICLE III 
 REPAYMENTS, PREPAYMENTS, INTEREST AND FEES 
 Section 3.01 Repayment of Borrowings. The Borrowers
unconditionally and irrevocably promise to pay in full to the Administrative Agent for the ratable account of each Lender the aggregate outstanding principal amount of the Loans on the Maturity Date. 
 Section 3.02 Interest Payment Dates. (a) Interest accrued on each Loan shall be payable, without duplication: 
  

	 	(i)	on the Maturity Date; 

  

	 	(ii)	on each Interest Payment Date for such Loan; and 

  

	 	(iii)	on any date when such Loan is prepaid hereunder to the extent set forth in Section 3.09(b)(Application of Prepayments; General Prepayment Provisions).

 (b) Interest accrued on the Loans or other monetary Obligations after the date such amount is due and payable (whether on
the Maturity Date, any Interest Payment Date, upon acceleration or otherwise) shall be payable upon demand. 
 Section 3.03 Interest
Rates. (a) Pursuant to each properly delivered Borrowing Notice and Interest Period Notice, (i) each Eurodollar Loan shall accrue interest at a rate per annum during each Interest Period applicable thereto equal to the sum of the
Eurodollar Rate for such Interest Period plus the Applicable Margin and (ii) each Base Rate Loan shall accrue interest at a rate per annum equal to the sum of the Base Rate plus the Applicable Margin. 
 (b) On or before 11:00 a.m., New York City time, at least five (5) Business Days prior to the end of each Interest Period for each Eurodollar Loan,
and from time to time upon not fewer than five (5) Business Days’ prior notice for any Base Rate Loans, the Borrowers may deliver to the Administrative Agent an Interest Period Notice setting forth the Borrowers’ election (i) to
continue any such Eurodollar Loan as (or convert any such Base Rate Loan to) a Eurodollar Loan or (ii) to convert any such Eurodollar Loan to a Base Rate Loan at the end of the then-current Interest Period; provided that if a Default or
Event of Default has occurred and is continuing, all Eurodollar Loans shall automatically convert into Base Rate Loans at the end of the then-current Interest Periods. Upon the waiver or cure of such Default or Event of Default, the 

  

 57 

 
Borrowers shall have the option to continue such Loans as Base Rate Loans and/or to convert such Loans to Eurodollar Loans (by delivery of an Interest Period
Notice), subject to the notice periods set forth above. Notwithstanding anything to the contrary, any portion of the Loans maturing in less than one month may not be continued as, or converted to, Eurodollar Loans and will automatically convert to
Base Rate Loans at the end of the then-current Interest Period. 
 (c) If the Borrowers fail to deliver an Interest Period Notice in
accordance with Section 3.03(b) (i) with respect to any Eurodollar Loan, such Eurodollar Loan shall automatically continue as a Eurodollar Loan or (ii) with respect to any Base Rate Loan, such Base Rate Loan shall automatically
continue as a Base Rate Loan. 
 (d) All Eurodollar Loans shall bear interest from and including the first day of the applicable Interest
Period to (and including) the last day of such Interest Period at the interest rate determined as applicable to such Eurodollar Loan. 
 (e)
Notwithstanding anything to the contrary, the Borrowers shall have, in the aggregate, no more than four (4) separate Eurodollar Loans outstanding at any one time. For purposes of the foregoing, (i) Eurodollar Loans having Interest Periods
starting on different dates shall be considered separate Eurodollar Loans, and (ii) Eurodollar Loans having Interest Periods starting on the same date shall be considered a single Eurodollar Loan. 
 (f) All Base Rate Loans shall bear interest from and including the date when borrowed (or the day on which Eurodollar Loans are converted to Base Rate
Loans under Section 3.03(b) or under Article IV (Eurodollar Rate and Tax Provisions)) to (and excluding) the date when repaid (or the day on which Base Rate Loans are converted to Eurodollar Loans pursuant to the terms
hereof) at the interest rate determined as applicable to such Base Rate Loan. 
 Section 3.04 Default Interest Rates. (a) If all
or a portion of (i) the principal amount of any Loan is not paid when due (whether on the Maturity Date, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate that would otherwise be
applicable thereto plus 2% or (ii) any Obligation (other than principal on the Loans) is not paid when due (whether on the Maturity Date, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to
the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (after as well as before judgment). 
  

 58 

 (b) Upon the occurrence and during the continuance of any Event of Default (other than an Event of
Default under Section 10.01(o) (Events of Default - Nonpayment), for which provision is made in Section 3.04(a)), the Borrowers shall pay, in addition to the interest then payable on any Loan, additional
interest (before as well as after judgment) on the Loans at two percent (2%) per annum (the rate in effect plus such two percent (2%) per annum, the “Default Rate”) until such Event of Default is cured or waived.

 Section 3.05 Interest Rate Determination. The Administrative Agent shall determine the interest rate applicable to the Loans and
shall give prompt notice to the Borrowers and the Lenders of such determination, and its determination thereof shall be conclusive in the absence of manifest error. 
 Section 3.06 Computation of Interest and Fees. (a) All computations of interest for Base Rate Loans when the Base Rate is determined by WestLB’s “prime rate” shall be made on the basis of a
year of 365 or 366 days, as the case may be, and actual days elapsed. All computations of interest for Eurodollar Loans and for Base Rate Loans when the Base Rate is determined by the Federal Funds Effective Rate shall be made on the basis of a
360-day year and actual days elapsed, as pro-rated for any partial month, as applicable. 
 (b) Interest shall accrue on each Loan for the
day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid; provided that any Loan that is repaid on the same day on which it is made shall bear interest for
one (1) day. 
 (c) Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding
for all purposes, absent manifest error. 
 Section 3.07 Optional Prepayment. (a) The Borrowers shall have the right at any time,
and from time to time, to prepay the Loans and/or cash collateralize the outstanding Letters of Credit, in whole or in part, upon not fewer than five (5) Business Days’ prior written notice to the Administrative Agent, in each case by
payments to the Administrative Agents for application in accordance with Section 3.09 (Application of Prepayments; General Prepayment Provisions). 
 (b) Each notice of prepayment and/or cash collateralization given by the Borrowers under this Section 3.07 shall specify the date of prepayment and/or cash collateralization and the portion of the
principal amount of the Loans to be prepaid and/or the portion of the Maximum LC Available Amounts of outstanding Letters of Credit to be cash collateralized. 
  

 59 

 Section 3.08 Mandatory Prepayment. The Borrowers shall be required to prepay the Loans and/or cash
collateralize the Letters of Credit as follows, in each case by payments to the Administrative Agents for application in accordance with Section 3.09 (Application of Prepayments; General Prepayment Provisions): 
 (a) within five (5) Business Days of receipt by the Borrowers of Insurance Proceeds in an aggregate amount greater than five hundred thousand
Dollars ($500,000) arising from any one claim or any series of claims relating to the same occurrence with respect to any Plant, in the entire amount of such Insurance Proceeds; 
 (b) within five (5) Business Days of receipt by any Borrower of any Condemnation Proceeds, in the entire amount of such Condemnation Proceeds;

 (c) within five (5) Business Days of receipt by any Borrower of Project Document Termination Payments, in the entire amount of such
Project Document Termination Payments; 
 (d) within five (5) Business Days of receipt by any Borrower of Net Cash Proceeds (not
constituting Insurance Proceeds or Condemnation Proceeds) of any Disposition(s) (including a sale of all or substantially all of the assets of the Borrowers) that are not used for replacement in accordance with Section 9.02(f)(i)
(Negative Covenants - Asset Dispositions) and are in an aggregate amount greater than one hundred thousand Dollars ($100,000) arising from any one or multiple Disposition, in the entire amount of such Net Cash Proceeds; and 
 (e) within one (1) Business Day of receipt of the Net Cash Proceeds derived from the following incurrence, if at any time prior to the repayment in
full of all Obligations, including subsequent to the confirmation of any reorganization plan, any of the Borrowers, any trustee, any examiner with enlarged powers or any responsible officer subsequently appointed, shall incur Indebtedness pursuant
to section 364(b), 364(c) or 364(d) of the Bankruptcy Code in violation of the terms of the Final Order or this Agreement. 
 Section 3.09
Application of Prepayments; General Prepayment Provisions. (a) Amounts prepaid and/or cash collateralized under Section 3.07 (Optional Prepayment) or Section 3.08 (Mandatory Prepayment) shall be
applied: 
  

	 	(i)	first, to the payment of all costs, fees, expenses and indemnities then due and payable to the Agents and the Lenders, including fees and expenses of attorneys, accountants,
consultants, financial advisers and other advisers (including the Consultants) reimbursable hereunder; 

  

 60 

	 	(ii)	second, to the payment of all accrued and unpaid interest then due and payable on the Loans, pro rata among the Lenders in proportion to their respective principal amounts of
outstanding Loans; 

  

	 	(iii)	third, to the payment of the principal amount of the Loans, pro rata among the Lenders in proportion to their respective principal amounts of outstanding Loans (except
as otherwise provided in Section 2.07 (Defaulting Lenders) with respect to any Defaulting Lender, in the event that amounts available are insufficient to repay all Lenders in full); 

  

	 	(iv)	fourth, to cash collateralize the Maximum LC Available Amounts under all Letters of Credit then outstanding by deposit into an account designated by the Issuing Bank of such
cash collateral to secure the repayment of any Loans that may result from a draw on any such Letter of Credit; 

  

	 	(v)	fifth, if all outstanding Loans have been paid in full and all Letters of Credit have been cash collateralized in full, to pay any other Obligations until paid in full; and

  

	 	(vi)	sixth, to the Borrowers (or to such other Persons as are entitled thereto under applicable Law). 

 (b) All prepayments under Section 3.07 (Optional Prepayment) and Section 3.08 (Mandatory Prepayment) shall be made
by the Borrowers to the Administrative Agent for the account of the Lenders and shall be accompanied by accrued interest on the principal amount being prepaid to but excluding the date of payment and by any additional amounts required to be paid
under Section 4.05 (Funding Losses). 
 (c) Amounts prepaid pursuant to Section 3.08 (Mandatory
Prepayment) may not be reborrowed. 
 (d) Any prepayment of Loans shall be applied first to Base Rate Loans to the full extent
thereof before application to Eurodollar Loans, in each case in a manner which minimizes the amount of any payments required to be made by the Borrowers pursuant to Section 4.05 (Funding Losses). 
  

 61 

 (e) The Administrative Agent shall not be liable for any application of amounts made by it in good faith
(absent gross negligence or willful misconduct of the Administrative Agent) and, if any such good faith application is subsequently determined to have been made in error (absent gross negligence or willful misconduct of the Administrative Agent),
the sole recourse of any Lender or other Person to whom such amount should have been paid shall be to recover the amount from the Person that actually received it (and, if such amount was received by any other Lender, such Lender hereby agrees to
return it). 
 Section 3.10 Time and Place of Payments. (a) The Borrowers shall make each payment (including any payment of
principal of or interest on any Loan or any Fees or other Obligations) hereunder and under any other Financing Document without setoff, deduction or counterclaim not later than 11:00 a.m. New York City time on the date when due in Dollars in
immediately available funds to the Administrative Agent at the following account: JPMorgan Chase Bank - NY, Acct. #920-1-060663, for the Account of WestLB AG-NY Branch, ABA #021-000-021, Ref: ASA OpCO, Attention: Andrea Bailey, or at such other
office or account as may from time to time be specified by the Administrative Agent to the Borrowers. Funds received after 11:00 a.m. New York City time shall be deemed to have been received by the Administrative Agent on the next succeeding
Business Day. 
 (b) The Administrative Agent shall promptly remit in immediately available funds to each Secured Party its share, if any, of
any payments received by the Administrative Agent for the account of such Secured Party. 
 (c) Whenever any payment (including any payment
of principal of or interest on any Loan or any Fees or other Obligations) hereunder or under any other Financing Document shall become due, or otherwise would occur, on a day that is not a Business Day, such payment shall (except as otherwise
required by the proviso to the definition of “Interest Period” with respect to Eurodollar Loans) be made on the immediately succeeding Business Day, and such increase of time shall in such case be included in the computation of interest or
Fees, if applicable. 
 Section 3.11 Borrowings and Payments Generally. (a) Unless the Administrative Agent has received notice
from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made
such payment on such date in accordance with this Agreement and may, in reliance upon such assumption, distribute to the Lenders the amount due. If the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay
to the Administrative Agent forthwith on demand the amount so distributed to such Lender in immediately available funds with interest 

  

 62 

 
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the
greater of (i) the Federal Funds Effective Rate and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. A notice of the Administrative Agent to any Lender with respect to
any amount owing under this Section 3.11(a) shall be conclusive, absent manifest error. 
 (b) Nothing herein shall be deemed to
obligate any Lender to obtain funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain funds for any Loan in any particular place or manner. 
 (c) The Borrowers hereby authorize each Lender, if and to the extent payment owed to such Lender is not made when due under this Agreement or under the
Notes held by such Lender, to charge from time to time against any or all of any Borrower’s accounts with such Lender any amount so due. 
 Section 3.12 Fees. (a) From and including the date hereof until the Maturity Date, the Borrowers agree to pay to the Administrative Agent, for the account of the Lenders, on the last Business Day of each month, a commitment fee
(a “Commitment Fee”) equal to two percent (2%) per annum on the average daily amount by which the Aggregate Commitment exceeds the sum of (x) the outstanding amount of Loans plus (y) the aggregate Maximum LC Available
Amount of all outstanding Letters of Credit, in each case, during the calendar month or portion thereof then ended. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 365 or 366 days.

 (b) Upon the issuance of each Letter of Credit pursuant to Section 2.02 (Letters of Credit) and until the termination,
cancellation or expiration of such Letter of Credit, the Borrowers agree to pay to the Administrative Agent, on the last Business Day of each month and on the date on which such Letter of Credit expires, is cancelled or terminates, (i) for the
account of the Issuing Bank, a fronting fee (the “Letter of Credit Fronting Fee”) equal to an amount calculated at a rate per annum equal to one percent (1%) of the average daily Maximum LC Available Amount under such Letter of
Credit during the calendar month or portion thereof then ended, and (ii) for the account of the Lenders, an availability fee (the “Letter of Credit Availability Fee”) equal to an amount calculated at a rate per annum on the
average daily Maximum LC Available Amount under such Letter of Credit during the calendar month or portion thereof then ended equal to four percent (4%). All Letter of Credit Availability Fees and Letter of Credit Fronting Fees shall be computed on
the basis of the actual number of days elapsed in a year of 360 days, as pro-rated for any partial month, as applicable. 
  

 63 

 (c) On or before the Closing Date, the Borrowers shall pay to WestLB for its own account a structuring
fee (the “Structuring Fee”) in an amount equal to one half of one percent (0.5%) of the Aggregate Commitment. 
 (d) On or
before the Closing Date, the Borrowers shall pay to the Administrative Agent, for the account of Lenders with commitments as of the date of the Interim Order, an underwriting fee (the “Underwriting Fee”) of one half of one percent
(0.5%) of the Aggregate Commitment. 
 (e) On or before the Closing Date, the Borrowers shall pay to the Administrative Agent, for the
account of Lenders, a facility fee (the “Facility Fee”) in an amount equal to two percent (2%) of the Aggregate Commitment. 
 (f) Each Borrower agrees to pay to the Administrative Agent for the account of WestLB, the Lenders and the Agents, additional fees in the amounts and at the times from time and time agreed to by the Borrowers and the Agents, including
pursuant to the Fee Letter. 
 (g) All Fees shall be paid on the dates due, in immediately available funds. Once paid, none of the Fees shall
be refundable under any circumstances. 
 Section 3.13 Pro Rata Treatment. (a) Except as otherwise expressly provided herein
(including Section 4.01 (Eurodollar Rate Lending Unlawful) and, with respect to reduction of Commitments, Section 2.07 (Defaulting Lender) with respect to any Defaulting Lender), each Funding of Loans and each
reduction of Commitments shall be allocated by the Administrative Agent pro rata among the Lenders in accordance with their respective Commitment Percentages. 
 (b) Except as required under Article IV (Eurodollar Rate and Tax Provisions), and, with respect to any Defaulting Lender,
Section 2.07 (Defaulting Lenders), (i) each payment or prepayment of principal of the Loans shall be allocated by the Administrative Agent pro rata among the Lenders in accordance with the respective principal
amounts of their outstanding Loans, (ii) each payment of interest on the Loans shall be allocated by the Administrative Agent pro rata among the Lenders in accordance with the respective interest amounts outstanding on their
outstanding Loans, and (iii) each payment of fees on the Commitments and/or the Letters of Credit (other than the Letter of Credit Fronting Fee) shall be allocated by the Administrative Agent pro rata among the Lenders in
accordance with their respective Commitment Percentages. 
 (c) Each Lender agrees that in computing such Lender’s portion of any
Borrowing to be made hereunder, the Administrative Agent may, in its discretion, round each Lender’s percentage of such Borrowing to the next higher or lower whole Dollar amount. 
  

 64 

 Section 3.14 Sharing of Payments. (a) If any Lender shall obtain any payment or other
recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account of any Loan (other than pursuant to the terms of Article IV (Eurodollar Rate and Tax Provisions)) in excess of its pro rata
share of payments then or therewith obtained by all Lenders holding Loans of such type, such Lender shall purchase from the other Lenders such participations in Loans made by them as shall be necessary to cause such purchasing Lender to share the
excess payment or other recovery ratably with each of them; provided however, that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and
each Lender that has sold a participation to the purchasing Lender shall repay to the purchasing Lender the purchase price to the ratable extent of such recovery together with an amount equal to such selling Lender’s ratable share (according to
the proportion of (x) the amount of such selling Lender’s required repayment to the purchasing Lender to (y) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing
Lender in respect of the total amount so recovered. Each Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 3.14 may, to the fullest extent permitted by law, exercise all its rights
of payment (including pursuant to Section 12.15 (Rights of Setoff)) with respect to such participation as fully as if such Lender were the direct creditor of the Borrowers in the amount of such participation. 
 (b) If under any applicable bankruptcy, insolvency or other similar law, any Lender receives a secured claim in lieu of a setoff to which this
Section 3.14 applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this Section 3.14 to share in the
benefits of any recovery on such secured claim. 
 ARTICLE IV 
 EURODOLLAR RATE AND TAX PROVISIONS 
 Section 4.01 Eurodollar Rate Lending Unlawful. (a) If any
Lender reasonably determines (which determination shall, upon notice thereof to the Borrowers and the Administrative Agent, be conclusive and binding on the Borrowers absent manifest error) that the introduction of or any change in or in the
interpretation of any Law makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for such Lender to make, maintain or fund any Loan as a Eurodollar Loan, the obligations of such Lender to make, maintain
or fund any Loan as a Eurodollar Loan shall, upon such determination, forthwith be suspended until such Lender shall notify the 

  

 65 

 
Administrative Agent that the circumstances causing such suspension no longer exist, and all Eurodollar Loans of such Lender shall automatically convert into
Base Rate Loans at the end of the then-current Interest Periods with respect thereto or sooner, if required by such Law or assertion. Upon any such conversion the Borrowers shall pay any accrued interest on the amount so converted and, if such
conversion occurs on a day other than the last day of the then-current Interest Period for such affected Eurodollar Loans, such Lender shall be entitled to make a request for, and the Borrowers shall pay, compensation for breakage costs under
Section 4.05 (Funding Losses). 
 (b) If such Lender notifies the Borrowers that the circumstances giving rise to the
suspension described in Section 4.01(a) no longer apply, the Borrowers may elect (by delivering an Interest Period Notice) to convert the principal amount of any such Base Rate Loan to a Eurodollar Loan in accordance with this Agreement.

 (c) Each Lender shall be entitled to fund and maintain all or any part of a Loan in any manner it deems fit, it being understood, however,
that for the purposes of this Agreement all determinations hereunder shall be made as if such Lender had actually funded and maintained amounts bearing interest at a Eurodollar Rate through the purchase of deposits having a maturity corresponding to
the applicable Interest Periods and bearing an interest rate equal to the appropriate Eurodollar Rate for such Interest Periods. 
 Section
4.02 Inability to Determine Eurodollar Rates. (a) In the event, and on each occasion, that on or before the day that is three (3) Business Days prior to the commencement of any Interest Period for any Eurodollar Loan, the
Administrative Agent shall have determined in good faith that (i) Dollar deposits in the amount of such Loan and with an Interest Period similar to such Interest Period are not generally available in the London interbank market, or
(ii) the rate at which such Dollar deposits are being offered will not adequately and fairly reflect the cost to any Lender of making, maintaining or funding the principal amount of such Loan during such Interest Period, or (iii) adequate
and reasonable means do not exist for ascertaining LIBOR, the Administrative Agent shall forthwith notify the Borrowers and the Lenders of such determination, whereupon each such Eurodollar Loan will automatically, on the last day of the
then-existing Interest Period for such Eurodollar Loan, convert into a Base Rate Loan. In the event of any such determination pursuant to Section 4.02(a)(i) or (iii), any Borrowing Notice delivered by the Borrowers shall be deemed
to be a request for a Base Rate Loan until the Administrative Agent determines that the circumstances giving rise to such notice no longer exist. In the event of any determination pursuant to Section 4.02(a)(ii), each affected Lender
may, and is hereby authorized by the Borrowers to, fund its portion of the Loans as a Base Rate Loan. Each determination by the Administrative Agent hereunder shall be conclusive absent manifest error. 
  

 66 

 (b) Upon the Administrative Agent’s determination that the condition that was the subject of a
notice under Section 4.02(a) has ceased, Administrative Agent shall forthwith notify the Borrower and the Lenders of such determination, whereupon the Borrowers may elect (by delivering an Interest Period Notice) to convert any such Base
Rate Loan to a Eurodollar Loan in accordance with this Agreement. 
 Section 4.03 Increased Eurodollar Loan Costs. If after the date
hereof, the adoption of any applicable Law or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or compliance by any Lender (or
its Eurodollar Office) with any request or directive (whether or not having the force of law) of any Governmental Authority would increase the cost to such Lender of, or result in any reduction in the amount of any sum receivable by such Lender
(whether of principal, interest or any other amount) in respect of, making, maintaining or funding (or of its obligation to make, maintain or fund) the Loans as Eurodollar Loans, then the Borrowers agree to pay to the Administrative Agent for the
account of such Lender the amount of any such increase or reduction. Such Lender shall promptly notify the Administrative Agent and the Borrowers in writing of the occurrence of any such event, such notice to state in reasonable detail the reasons
(including the basis for determination) therefor and the additional amount required to compensate fully such Lender for such increased cost or reduced amount. Such additional amounts shall be payable by the Borrowers directly to such Lender within
five (5) Business Days of delivery of such notice, and such notice shall be binding on the Borrowers absent manifest error. 
 Section
4.04 Obligation to Mitigate. (a) Each Lender agrees after it becomes aware of the occurrence of an event that would entitle it to give notice pursuant to Section 4.01 (Eurodollar Rate Lending Unlawful), 4.03
(Increased Eurodollar Loan Costs), or 4.06 (Increased Capital Costs) or to receive additional amounts pursuant to Section 4.07 (Taxes), such Lender shall use reasonable efforts to make, fund or maintain
its affected Loan through another lending office (i) if as a result thereof the increased costs would be avoided or materially reduced or the illegality would thereby cease to exist and (ii) if, in the opinion of such Lender, the making,
funding or maintaining of such Loan through such other lending office would not be disadvantageous to such Lender, contrary to such Lender’s normal banking practices or violate any applicable Law. 
 (b) No change by a Lender in its Domestic Office or Eurodollar Office made for such Lender’s convenience shall result in any increased cost to the
Borrowers. 
  

 67 

 (c) If any Lender demands compensation pursuant to Section 4.03 (Increased Eurodollar Loan
Costs) or 4.06 (Increased Capital Costs) with respect to any Eurodollar Loan, the Borrowers may, at any time upon at least five (5) Business Day’s prior notice to such Lender through the Administrative Agent, elect to
convert such Loan into a Base Rate Loan. Thereafter, unless and until such Lender notifies the Borrowers that the circumstances giving rise to such notice no longer apply, all such Eurodollar Loans by such Lender shall bear interest as Base Rate
Loans. If such Lender notifies the Borrowers that the circumstances giving rise to such notice no longer apply, the Borrowers may elect (by delivering an Interest Period Notice) to convert the principal amount of each such Base Rate Loan to a
Eurodollar Loan in accordance with this Agreement. 
 Section 4.05 Funding Losses. In the event that any Lender incurs any loss or
expense (including any loss or expense incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender to make, continue or maintain any portion of the principal amount of any Loan as a Eurodollar Loan, and
any customary administrative fees charged by such Lender in connection with the foregoing) as a result of (a) any conversion or repayment or prepayment of the principal amount of any Loans on a date other than the scheduled last day of the
Interest Period applicable thereto, whether pursuant to Section 3.07 (Optional Prepayment), 3.08 (Mandatory Prepayment), 4.01(a) Eurodollar Rate Lending Unlawful) or otherwise, or (b) the Borrowers
failing to make a Borrowing in accordance with any Borrowing Notice; then, upon the written notice (including the basis for determination) of such Lender to the Borrowers (with a copy to the Administrative Agent), the Borrowers shall, within five
(5) Business Days of receipt thereof, pay to the Administrative Agent for the account of such Lender such amount as will (in the reasonable determination of such Lender) reimburse such Lender for such loss or expense. Such written notice shall
be binding on the Borrowers absent manifest error. 
 Section 4.06 Increased Capital Costs. If after the date hereof any change in, or
the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any applicable Law or guideline, or request (whether or not having the force of law) of any Governmental Authority affects the amount of capital required to
be maintained by any Lender, and such Lender reasonably determines that the rate of return on its capital as a consequence of its Loan is reduced to a level below that which such Lender could have achieved but for the occurrence of any such
circumstance then, in any such case upon notice from time to time by such Lender to the Borrowers, the Borrowers shall pay within five (5) Business Days after such demand directly to such Lender additional amounts sufficient to compensate such
Lender for such reduction in rate of return. A statement of such Lender as to any such additional amount or amounts (including the basis for determination) shall be binding on the Borrowers absent manifest error. 
  

 68 

 Section 4.07 Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any Obligations shall be made free and clear of, and without deduction for, any Indemnified Taxes; provided that if any Borrower shall
be required to deduct any Indemnified Taxes from any such payment, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this
Section 4.07) the Agent or Lender (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrowers shall make such deductions and (iii) the Borrowers shall pay
the full amount deducted to the relevant Governmental Authority in accordance with applicable Law. 
 (b) Payment of Other Taxes by the
Borrowers. In addition, the Borrowers shall timely pay any Indemnified Taxes arising from any payment made under any Financing Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Financing Document and
not collected by withholding at the source as contemplated by Section 4.07(a) to the relevant Governmental Authority in accordance with applicable Law. 
 (c) Indemnification by the Borrowers. The Borrowers shall indemnify each Agent and each Lender, within five (5) Business Days after written demand therefor, for the full amount of any Indemnified Taxes
(including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 4.07) paid by such Agent or Lender, as the case may be, and any penalties, interest, additions to tax and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability (including the basis
of determination) delivered to the Borrowers by a Lender or Agent, as the case may be, shall be conclusive absent manifest error. 
 (d)
Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Forms. The Administrative Agent and each Lender (including any Person to which any Lender transfers its interests in this Agreement as
provided under Section 12.03 (Assignments)) that is not a United States Person (a “Non-U.S. Lender”) shall deliver to the Borrowers and the Administrative Agent, as applicable, two (2) copies 

  

 69 

 
of U.S. Internal Revenue Service Form W-8ECI, Form W-8BEN and/or Form W 8IMY (with any required supporting documentation and any other certificate or
statements required for exemption from, or reduction of, U.S. federal withholding tax), or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or a
reduced rate of, U.S. federal withholding tax on all payments of interest by the Borrowers under the Financing Documents if such Lender is legally entitled to so claim, together with, in the case of a Non-U.S. Lender that is relying on an exemption
pursuant to Section 871(h) or 881(c) of the Code, a certificate substantially in the form of Exhibit H certifying that such Lender is not a bank described in Section 881(c)(3)(A) of the Code. The Administrative Agent and each Lender
(including any Person to which any Lender transfers its interests in this Agreement as provided under Section 12.03 (Assignments)) that is a United States Person shall deliver, to the extent required by the Treasury Regulations
promulgated under section 1441 of the Code, to the Borrowers and the Administrative Agent two (2) copies of U.S. Internal revenue Service Form W-9 or any subsequent versions thereof or successors thereto, properly completed and duly executed by
such Lender. Such forms shall be delivered by the Administrative Agent and each Lender on or before the date it becomes a party to this Agreement. In addition, the Administrative Agent and each Lender shall deliver such forms promptly upon the
obsolescence or invalidity of any form previously delivered by such Lender and upon the respective Lender or Administrative Agent becoming aware (or being notified by the Borrowers) of a change in circumstances requiring a new or updated form. Each
Lender shall promptly notify the Borrowers and the Administrative Agent at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrowers (or any other form of certification adopted by U.S.
taxing authorities for such purpose). The Borrowers shall not be obligated to pay any additional amounts in respect of U.S. federal income taxes pursuant to this Section 4.07 (or make an indemnification payment pursuant to this
Section 4.07) to any Lender or the Administrative Agent (or any other Person to which any Lender transfers its interests in this Agreement as provided under Section 12.03 (Assignments)) if the obligation to pay such
additional amounts (or such indemnification) would not have arisen but for a failure by such Lender to comply with this Section 4.07(e). 
 Section 4.08 Replacement of Lender. The Borrowers shall be permitted to replace (with one or more replacement Lenders) any Lender that requests reimbursement for, or is otherwise entitled to, amounts owing
pursuant to Section 4.03 (Increased Eurodollar Loan Costs), Section 4.06 (Increased Capital Costs) or Section 4.07(a) (Taxes - Payments Free of Taxes); provided, that (i) such
replacement does not conflict with any Law or any determination of an arbitrator or a court or other Governmental Authority, in each case applicable to any Borrower or such Lender or to which any Borrower or such Lender or any of their respective
property is subject, (ii) no 

  

 70 

 
Default or Event of Default shall have occurred and be continuing at the time of such replacement, (iii) prior to any such replacement, the Lender to be
replaced shall have taken no action under Section 4.04 (Obligation To Mitigate) so as to eliminate the need for payment of amounts owing pursuant to Section 4.03 (Increased Eurodollar Loan Costs),
Section 4.06 (Increased Capital Costs) or Section 4.07(a) (Taxes - Payments Free of Taxes), (iv) the replacement Lender shall purchase, at par, the Loans and all other amounts owing to such replaced Lender
prior to the date of replacement, (v) the Borrowers shall be liable to such replaced Lender under Section 4.05 (Funding Losses) if any Eurodollar Loan owing to such replaced Lender is be prepaid (or purchased) other than on
the last day of the Interest Period relating thereto, (vi) the replacement Lender is an Eligible Assignee, (vii) such replacement is made in accordance with the provisions of Section 12.03(b) (Assignments) (provided,
that the Borrowers shall be obligated to pay the registration and processing fee), (viii) until such time as such replacement is consummated, the Borrowers shall pay all additional amounts (if any) required pursuant to Section 4.03
(Increased Eurodollar Loan Costs), Section 4.06 (Increased Capital Costs) or Section 4.07(a) (Taxes - Payments Free of Taxes), as the case may be, and (ix) any such replacement shall not be
deemed to be a waiver of any rights that the Borrowers, any Agent or any other Lender may have against the replaced Lender. 
 ARTICLE V

 SECURITY 
 Section 5.01
Granting Clause for Borrower Collateral. In order to supplement the Orders without in any way diminishing or limiting the effect of the Orders or the security interest, pledge and lien granted thereunder, to secure the timely payment in full
when due (whether at stated maturity, upon acceleration or optional or mandatory prepayment) in cash and performance in full of the Obligations, each Borrower does hereby collaterally assign, grant and pledge to the Collateral Agent, for the benefit
of Collateral Agent and each other Secured Party, all the estate, right, title and interest of such Borrower in, to and under all assets of such Borrower, whether now owned or hereafter existing or acquired, and howsoever its interest therein may
arise or appear (whether by ownership, security interest, Lien, claim or otherwise), including all the estate, right, title and interest of such Borrower in, to and under the following (collectively, the “Borrower Collateral”):

 (a) all Albion Deed of Trust Property (as defined in Albion Deed of Trust); 
 (b) all Bloomingburg Mortgaged Property (as defined in the Bloomingburg Mortgage); 
  

 71 

 (c) all Linden Mortgaged Property (as defined in the Linden Mortgage); 
 (d) any and all of ASA Holdings’s right(s), title(s) and interest(s), whether now owned or hereafter existing or acquired, in each Borrower, and all
of the Equity Interests of each Borrower related thereto, whether or not evidenced or represented by any certificated security or other instrument, (the “ASA Holdings-Pledged Equity Interests”), including (x) 100% of the
membership interests of ASA ALBION, LLC, represented by Certificate No. 1, (y) 100% of the membership interests of ASA BLOOMINGBURG, LLC, represented by Certificate No. 1 and (z) 100% of the membership interests of ASA LINDEN,
LLC, represented by Certificate No. 1, and ASA Holdings’s share of: 
  

	 	(i)	all rights to receive income, gain, profit, dividends and other distributions allocated or distributed to ASA Holdings in respect of or in exchange for all or any portion of the ASA
Holdings-Pledged Equity Interests; 

  

	 	(ii)	all of ASA Holdings’s capital or ownership interest or other Equity Interest, including capital accounts, in each Borrower; 

  

	 	(iii)	all of ASA Holdings’s voting rights in or rights to control or direct the affairs of each Borrower; 

  

	 	(iv)	all other rights, title and interest in or to each Borrower derived from the ASA Holdings-Pledged Equity Interests; 

  

	 	(v)	all indebtedness or other obligations of each Borrower owed to ASA Holdings; 

  

	 	(vi)	all claims of ASA Holdings for damages arising out of, or for any breach or default relating to, the ASA Holdings-Pledged Equity Interests; 

  

	 	(vii)	all securities, notes, certificates and other instruments representing or evidencing any of the foregoing rights and interests or the ownership thereof and any interest of ASA
Holdings reflected in the books of any financial intermediary pertaining to such rights and interests; 

  

 72 

	 	(viii)	all distributions, non-cash dividends, cash, options, warrants, stock splits, reclassifications, rights, instruments or other investment property and other property or proceeds from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such rights and interests; and 

  

	 	(ix)	all security entitlements of ASA Holdings in any and all of the foregoing; and 

 (e) all contracts, agreements and documents (individually, an “Assigned Agreement” and collectively, the “Assigned Agreements”), including the following contracts, agreements and
documents, as amended, amended and restated, supplemented or otherwise modified from time to time, and all of such Borrower’s rights thereunder: 
  

	 	(i)	all Project Documents; 

  

	 	(ii)	all other agreements, including vendor warranties and guaranties, running to such Borrower or assigned to such Borrower, relating to the leasing, use, maintenance, improvement,
operation or acquisition of any Plant, the Project or any part thereof, or transport of material, equipment and other parts of the Project or any part thereof; 

  

	 	(iii)	any lease or sublease agreements or easement agreements relating any Plant, the Project or any part thereof or any ancillary facilities, to which such Borrower may be or become a
party; 

  

	 	(iv)	each Additional Material Project Document, Additional Project Document, other Project Document and any other agreements to which such Borrower may be or become a party relating to
the leasing, use, maintenance, improvement or operation of any Plant, the Project or any part thereof to which such Borrower is or may become a party; and 

  

	 	(v)	any replacement agreement for any of such agreements; 

 (f) to the extent permitted by Law and the terms of such Governmental Approvals, all of such Borrower’s Governmental Approvals; 
  

 73 

 (g) the insurance policies maintained by such Borrower, including any such policies insuring against loss
of revenues by reason of interruption of the operation of the Project and all proceeds and other amounts payable to such Borrower thereunder, and all eminent domain proceeds; 
 (h) all rents, profits, income, royalties and revenues derived in any other manner by such Borrower as a result of its leasing or ownership of any Plant,
the Project or any part thereof and the use or operation of any Plant, the Project or any part thereof, including all Cash Flow; 
 (i) all
other personal property and fixtures, wherever located and whenever acquired, whether or not of a type that may be subject to a security interest under the UCC, including all machinery, tools, engines, appliances, mechanical and electrical systems,
wells, elevators, lighting, alarm systems, fire control systems, furnishings, furniture, service equipment, motor vehicles, building or maintenance equipment, building or maintenance materials, supplies, goods and property covered by any warehouse
receipts or bills of lading or other such documents, spare parts, maps, plans, specifications, architectural, engineering, construction or shop drawings, manuals or similar documents, copyrights, patents, trademarks, trade names and other
intellectual property of any kind, and all good will associated with the foregoing, and any replacements, renewals or substitutions for any of the foregoing or additional tangible or intangible personal property hereafter acquired by such Borrower;

 (j) all goods (including inventory, equipment and any accessions thereto), money, instruments (including promissory notes), securities and
all other investment property, security entitlements, financial assets, accounts (including health-care-insurance receivables), contract rights, documents, deposit accounts, chattel paper (whether tangible or electronic), letter-of-credit rights
(whether or not the letter of credit is evidenced by a writing), commercial tort claims and supporting obligations; 
 (k) all general
intangibles, including, to the extent assignable, all construction, service, engineering, consulting, architectural and other similar contracts concerning the design, construction, operation, occupancy, maintenance and/or use of any Plant or the
Project, all architectural drawings, plans, specifications, soil tests, appraisals, route surveys, engineering reports and similar materials relating to all or any portion of any Plant or the Project and all payment and performance bonds or
warranties or guarantees relating to any Plant or the Project, all rights under and in patents, patent licenses, rights in intellectual property, trademarks, trade names, corporate names, company names, business names, fictitious business names,
trade styles, trade secrets, service marks, logos, other source and business identifiers, trademark registrations and applications for registration used exclusively at or relating exclusively to any part of such Borrower’s business, all good
will associated with the foregoing, all renewals, extensions 

  

 74 

 
and continuations-in-part of the items referred to above, any written agreements granting to such Borrower any right to use any trademark or trademark
registration at or in connection with such Borrower’s business, and the right of such Borrower to sue for past, present and future infringements of the foregoing, and the right in the name and on behalf of such Borrower to appear in and defend
any action or proceeding brought with respect to any part of such Borrower’s real or personal property and to commence any action or proceeding to protect the interest of such Borrower in such Borrower Collateral; 
 (l) all books, records, writings, design documents, computer programs, printouts and other computer materials and records, data bases, software,
information and other property relating to, used or useful in connection with, such Borrower’s business; 
 (m) all Project Accounts,
including any sub-accounts within such Project Accounts and including investments at any time held in, required to be held in or credited to any of the Project Accounts or any sub-accounts within such Project Accounts, and all interest, dividends
and other income derived from any such investments; and 
 (n) any funds, instruments, securities, financial assets or other assets from time
to time held in any of the Project Accounts or credited thereto or otherwise in possession or control of the Accounts Bank (as defined in the Prepetition Credit Agreement) pursuant to the Prepetition Credit Agreement; 
 (o) all statements, certificates, instruments and investment property representing or evidencing any Project Account and all investments and other
property from time to time received, receivable or otherwise distributed in respect of such investments and held in or credited to any Project Account; 
 (p) all Local Accounts, and all interest and other income derived from any such Local Accounts; 
 (q) all
statements, certificates, instruments and investment property representing or evidencing any Local Account; and 
 (r) the proceeds
(including proceeds of proceeds) of all of the foregoing Borrower Collateral, whether cash or non-cash, including (i) all rights of such Borrower to receive moneys due and to become due under or pursuant to the Borrower Collateral,
(ii) all rights of such Borrower to receive return of any premiums for or proceeds of any insurance, indemnity, warranty or guaranty with respect to the Borrower Collateral or to receive condemnation proceeds, (iii) all claims of such
Borrower for damages arising out of or for breach of or default under the Assigned Agreements or any 

  

 75 

 
other Borrower Collateral, (iv) all rights of such Borrower to terminate, amend, supplement, modify or waive performance under the Assigned Agreements,
to perform thereunder and to compel performance and otherwise exercise all remedies thereunder, (v) all rights of such Borrower under each such contract or agreement to make determinations, to exercise any election (including the election of
remedies) or option or to give or receive any notice, consent, waiver, or approval, together with full power and authority with respect to any contract or agreement to demand, receive, enforce, collect or provide receipt for any of the foregoing
rights or any property the subject of any of the contracts or agreements, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action that may be necessary or advisable in connection with any of the
foregoing, (vi) all rights of such Borrower to payment for Products or other goods or other property sold or leased or services performed by such Borrower, (vii) to the extent not included in the foregoing, all proceeds receivable or
received when any and all of the foregoing Borrower Collateral is sold, collected, exchanged or otherwise disposed of, whether voluntarily or involuntarily, and (viii) any and all additions and accessions to the Borrower Collateral, and all
proceeds thereof, including proceeds of the conversion, voluntary or involuntary, of any of the foregoing into cash or liquidated claims, including all awards, all insurance proceeds, including any unearned premiums or refunds of premiums on any
insurance policies covering all or any part of the Borrower Collateral and the right to receive and apply the proceeds of any insurance, or of any judgments or settlements made in lieu thereof for damage to or diminution of the Borrower Collateral;

 provided, however, that “Borrower Collateral” shall not include any Excluded Assets. 
 Section 5.02 Granting Clause for VeraSun Collateral. In order to supplement the Orders without in any way diminishing or limiting the effect of
the Orders or the security interest, pledge and lien granted thereunder, to secure the timely payment in full when due (whether at stated maturity, upon acceleration or optional or mandatory prepayment) in cash and performance in full of the
Obligations, VeraSun does hereby collaterally assign, grant and pledge to the Collateral Agent, for the benefit of Collateral Agent and each other Secured Party, all the estate, right, title and interest of VeraSun in, to and under the following,
whether now owned or hereafter existing or acquired, and howsoever its interest therein may arise or appear (whether by ownership, security interest, Lien, claim or otherwise) (collectively, the “VeraSun Collateral”): 
 (a) Any and all of VeraSun’s right(s), title(s) and interest(s), whether now owned or hereafter existing or acquired, in ASA Holdings, and all of
the Equity Interests of ASA Holdings related thereto, whether or not evidenced or represented by any certificated security or other instrument, (the “VeraSun-Pledged Equity Interests”), including 100% of the membership interests of
ASA OPCO HOLDINGS, LLC, represented by Certificate No. 2 and VeraSun’s share of: 
  

	 	(i)	all rights to receive income, gain, profit, dividends and other distributions allocated or distributed to VeraSun in respect of or in exchange for all or any portion of the
VeraSun-Pledged Equity Interests; 

  

 76 

	 	(ii)	all of VeraSun’s capital or ownership interest or other Equity Interest, including capital accounts, in ASA Holdings; 

  

	 	(iii)	all of VeraSun’s voting rights in or rights to control or direct the affairs of ASA Holdings; 

  

	 	(iv)	all other rights, title and interest in or to ASA Holdings derived from the VeraSun-Pledged Equity Interests; 

  

	 	(v)	all claims of VeraSun for damages arising out of, or for any breach or default relating to, the VeraSun-Pledged Equity Interests; 

  

	 	(vi)	all securities, notes, certificates and other instruments representing or evidencing any of the foregoing rights and interests or the ownership thereof and any interest of VeraSun
reflected in the books of any financial intermediary pertaining to such rights and interests; 

  

	 	(vii)	all distributions, non-cash dividends, cash, options, warrants, stock splits, reclassifications, rights, instruments or other investment property and other property or proceeds from
time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such rights and interests; and 

  

	 	(viii)	all security entitlements of VeraSun in any and all of the foregoing; and 

 (b) all proceeds (including proceeds of proceeds) of the foregoing VeraSun Collateral, whether cash or non-cash; 
 provided, however, that “VeraSun Collateral” shall not include any cash or other property distributed to VeraSun following a distribution made in accordance with Section 9.02(q) (Negative Covenants –
Restricted Payments) of the Credit Agreement. 
  

 77 

 Section 5.03 Granting Clause for Non-Obligor Transfer Collateral. Pursuant to and as provided in
the Orders, (i) each Non-Obligor Transfer entered into or effected by a Borrower shall automatically create a Non-Obligor Reimbursement Obligation that is absolutely owed to such Borrower by each Non-Obligor Debtor to or for whose benefit such
Non-Obligor Transfer was entered into or effected, and (ii) as security for the full and timely payment and performance of such Non-Obligor Reimbursement Obligations as and when due, each Non-Obligor Debtor to or for whose benefit such
Non-Obligor Transfer was entered into or effected shall grant, assign, convey, mortgage, pledge, hypothecate and transfer to such Borrower a Lien on the Non-Obligor Transfer Collateral, which Lien shall be collaterally assigned to the Collateral
Agent for the benefit of the Secured Parties, subject to the Carve-Out. 
 Section 5.04 Priority and Liens. (a) All Obligations
shall at all times, subject to the Carve-Out: 
  

	 	(i)	pursuant to section 364(c)(1) of the Bankruptcy Code, constitute allowed Superpriority claims in the Borrowers’ respective Cases; provided that any such
Superpriority claims may not be paid out of the proceeds of any avoidance actions arising under chapter 5 of the Bankruptcy Code, except for Bankruptcy Code section 549 causes of action; 

  

	 	(ii)	pursuant to section 364(d)(1) of the Bankruptcy Code, be secured by fully perfected first priority, valid, binding, enforceable, non-avoidable and automatically perfected
priming security interests in and Liens upon (the “Priming Liens”) the Collateral that constitutes Collateral (as defined in the Prepetition Credit Agreement), it being understood that the “Collateral” (as defined in the
Prepetition Credit Agreement) excludes the Albion Tax Proceeds until the termination of the TIF Financing; and 

  

	 	(iii)	pursuant to section 364(c)(2) of the Bankruptcy Code, be secured by fully perfected first priority, valid, binding, enforceable, non-avoidable and automatically perfected,
security interests in and liens upon (the “First Liens” and, together with the Priming Liens, the “Financing Liens”) the Collateral that does not constitute Collateral (as defined in the Prepetition Credit
Agreement), whether created, existing, or acquired prior or subsequent to the commencement of the Cases, excluding all causes of action arising under chapter 5 of the Bankruptcy Code (except for causes of action under section 549 of the
Bankruptcy Code). 

  

 78 

 (b) The Financing Liens shall be subject only to (i) non-avoidable, valid, enforceable and perfected
Permitted Liens (as defined in the Prepetition Credit Agreement) and the TIF Liens, in each case in existence on the Petition Date, (ii) non-avoidable, valid and enforceable Permitted Liens consisting of Capital Leases, purchase money Liens or
mechanics’ Liens, in each case, in existence on the Petition Date and that are perfected subsequent to the Petition Date as permitted by section 546(b) of the Bankruptcy Code, (iii) rights of setoff permitted under Section 6 of
each Master Agreement (each of items (i) through (iii) above collectively, the “Preexisting Liens”), and (iv) any Permitted Prior Liens; provided, however, that notwithstanding the Financing Liens, the
Professionals may use and apply any retainer held by them to allowed fees. 
 (c) Except for the Carve-Out, the Superpriority claims of the
Secured Parties hereunder shall at all times be senior to the rights of the Borrowers, any trustee under chapter 11 or chapter 7 of the Bankruptcy Code, or any creditor (including, without limitation, post-petition counterparties and other
post-petition creditors) in the Cases or any subsequent proceedings under the Bankruptcy Code, including any case under chapter 7 of the Bankruptcy Code if any of the Cases are converted to cases under chapter 7 of the Bankruptcy Code.

 (d) All Non-Obligor Reimbursement Obligations shall at all times, subject to the Carve-Out: 
  

	 	(i)	 pursuant to section 364(c)(1) of the Bankruptcy Code, be entitled to a claim against any Non-Obligor Debtor in any of the Cases that is a Superpriority
administrative expense claim having priority over any and all other claims (other than (x) other Superpriority Non-Obligor Transfer Claims, (y) claims (if any) granted in favor of one or more lenders (or their agent) providing a VSE DIP
Facility or US BioEnergy DIP Facility, and (z) Superpriority claims granted in connection with adequate protection Liens with respect to Prepetition Liens that are primed or cash collateral that is utilized and any Liens permitted under the
financing documents relating thereto that are permitted to be senior to any VSE DIP Facility or US BioEnergy DIP Facility) against the Non-Obligor Debtor, now existing or hereafter arising, of any kind whatsoever, and shall at all times be senior to
the rights of the Non-Obligor Debtor, the 

  

 79 

	 	 
Non-Obligor Debtor’s estate and any successor trustee, estate representative or any creditor, in the Cases or any subsequent cases or proceedings under
the Bankruptcy Code (each such Superpriority administrative expense claim, a “Superpriority Non-Obligor Transfer Claim”); 

  

	 	(ii)	pursuant to section 364(c)(2) of the Bankruptcy Code, be secured by a perfected first priority Lien on all Prepetition and Postpetition Non-Obligor Transfer Collateral, that is not
subject to any valid Lien in existence on the Petition Date, that (A) was perfected and non-avoidable on the Petition Date or (B) is subsequently perfected pursuant to section 546(b) of the Bankruptcy Code, which Lien shall be junior in
priority only to Liens (if any) granted pursuant to sections 364(c)(2), 364(c)(3) or 364(d)(1) of the Bankruptcy Code in favor of one or more lenders (or their agent) providing a VSE DIP Facility or US BioEnergy DIP Facility and any adequate
protection Liens with respect to Prepetition Liens that are primed or cash collateral that is utilized and any Liens permitted under the financing documents relating thereto that are permitted to be senior to any VSE DIP Facility or US BioEnergy DIP
Facility; 

  

	 	(iii)	pursuant to section 364(c)(3) of the Bankruptcy Code, be secured by a perfected silent junior Lien (together with the Lien granted pursuant to clause (ii) above, the
“Non-Obligor Transfer Liens”) on all Prepetition and Postpetition Non-Obligor Transfer Collateral that is subject and subordinate to any valid Lien in existence on the Petition Date, that (A) was perfected and non-avoidable on
the Petition Date or (B) is subsequently perfected pursuant to section 546(b) of the Bankruptcy Code, which Lien shall be subject and subordinate to Liens (if any) granted pursuant to sections 364(c)(2), 364(c)(3) or 364(d)(1) of the Bankruptcy
Code in favor of lenders providing a VSE DIP Facility or US BioEnergy DIP Facility and any adequate protection Liens with respect to Prepetition Liens that are primed or cash collateral that is utilized and any Liens permitted under the financing
documents relating thereto that are permitted to be senior to a VSE DIP Facility or US BioEnergy DIP Facility; and 

  

 80 

	 	(iv)	be subject to the absolute right of any Borrower that makes a Non-Obligor Transfer to set off the amount of any Indebtedness, Trade Indebtedness or other obligation owed to the
Non-Obligor Debtor against the amount of all Non-Obligor Reimbursement Obligations owed to such Borrower by such Non-Obligor Debtor. 

 Section 5.05 No Filings Required. The Orders are sufficient and conclusive evidence of the creation, validity, perfection, and priority of the Financing Liens without the necessity of filing, recording or delivering any financing
statement or other instrument or document which may otherwise be required under the law of any jurisdiction or the taking of any action (including, for the avoidance of doubt, entering into any deposit account control agreement or delivering
original certificates representing pledged Equity Interests that constitute “Certificated Securities” under the UCC) to validate or perfect the Financing Liens or to entitle the Collateral Agent to the priorities granted by or pursuant to
this Agreement, any Financing Document or any of the Orders. Notwithstanding the foregoing, the Collateral Agent may take any and all actions without further order of the Bankruptcy Court, and shall be granted relief from the automatic stay, to
evidence, confirm, validate or perfect, or to insure the contemplated priority of, the Financing Liens granted to the Collateral Agent for the benefit of the Secured Parties, and the Borrowers and VeraSun shall execute and deliver to the Collateral
Agent all such financing statements, mortgages, notices and other documents and instruments as the Collateral Agent may reasonably request in connection therewith. 
 Section 5.06 Modifications. (a) Except as specifically contemplated in the Final Order, the Liens, lien priority, administrative priorities and other rights and remedies granted to the Collateral Agent for
the benefit of the Secured Parties pursuant to this Agreement and the Orders (specifically, including, but not limited to, the existence, perfection and priority of the Liens provided herein and therein and the administrative priority herein and
therein) shall not be modified, altered or impaired in any manner by any other financing or extension of credit or incurrence of Indebtedness by any of the Borrowers (pursuant to section 364 of the Bankruptcy Code or otherwise), or by any
dismissal or conversion of the Cases, or by any other act or omission whatsoever (other than in connection with any asset disposition permitted hereunder). Without limitation, notwithstanding any such order, financing, extension, incurrence,
dismissal, conversion, act or omission: 
  

	 	(i)	except for the Carve-Out having priority over the Obligations, no costs or expenses of administration which have been or may be incurred in any of the Cases or any conversion of the
same or in any other proceedings related thereto, and no priority claims, are or will be prior to or on a parity with any claim of the Secured Parties against the Borrowers in respect of any Obligation; and 

  

 81 

	 	(ii)	the Liens and security interests granted hereunder shall continue to be valid and perfected and with the specified priority without the necessity that financing statements be filed
or that any other action be taken, or document or instrument registered or delivered, under applicable non-bankruptcy law. 

 (b) Notwithstanding any failure on the part of any Borrower, VeraSun or the Collateral Agent to perfect, maintain, protect or enforce the Liens and security interests in the Collateral granted hereunder, the Orders shall automatically, and
without further action by any Person, perfect such Liens and security interests against the Collateral. 
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES OF THE BORROWERS 
 In order to induce each Agent, each Lender and each other party hereto (other than VeraSun, the Borrowers and the Borrowers’ Agent) to enter into this Agreement and to induce each Lender to make the Loans hereunder and the Issuing Bank
to issue Letters of Credit hereunder, each Borrower represents and warrants to each Secured Party as set forth in this Article VI on the date hereof, on the Closing Date, on the date of each Borrowing Notice, on each Borrowing Date, on
the date of each Issuance Request and on the date of issuance of each Letter of Credit. 
 Section 6.01 Organization; Power; Compliance
with Law and Contractual Obligations. Each of the Borrowers (a) is a limited liability company validly organized and existing and in good standing under the laws of the State of Delaware, (b) is duly qualified to do business as is now
being conducted and as is proposed to be conducted and is in good standing as a foreign limited liability company in each jurisdiction where the nature of its business requires such qualification, except to the extent the absence of such
qualification could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, (c) subject to the entry and the terms of the Final Order, has all requisite limited liability company power and authority and holds all
Governmental Approvals required as of the date of this representation to enter into and perform its obligations under each Financing Document to which it is a party and to conduct its business as currently conducted by it, (d) is in compliance
in all material respects with all Laws applicable to it other than non-compliance due to the commencement of the Cases and (e) to the Knowledge of each Borrower, is in 

  

 82 

 
compliance with all of its obligations under each Key Project Document to which it is a party other than non-compliance due to the commencement of the Cases
or a Temporary Idle or that has not had and would not reasonably be expected to have a Material Adverse Effect. 
 Section 6.02 Due
Authorization; Non-Contravention. Subject to the entry and terms of the Final Order, the execution, delivery and performance by such Borrower of each Financing Document to which it is a party are within its limited liability company or corporate
powers, as applicable, have been duly authorized by all necessary limited liability company or corporate action, as applicable, and do not: 
 (a) contravene its Organic Documents (including its Borrower LLC Agreement); 
 (b) contravene any Law binding on or affecting it;

 (c) result in, or require the creation or imposition of, any Lien on any of its properties other than Permitted Liens; or 
 (d) contravene any of its obligations under any Key Project Document to which it is a party. 
 Section 6.03 Governmental Approvals. (a) Subject to the entry and terms of the Final Order, to the Knowledge of each of the Borrowers, no
Governmental Approvals are required to be obtained by any Borrower or VeraSun in connection with (i) the due execution, delivery and performance by such Person of the Financing Documents to which it is a party, (ii) the operation at full
nameplate capacity (or the Temporary Idle of) the Project and (iii) the grant by the Borrowers and VeraSun of the Liens granted hereunder and under the Orders, the validity, perfection and enforceability thereof and for the exercise by the
Administrative Agent or the Collateral Agent of its respective rights and remedies hereunder and thereunder, other than those that (x) have been obtained and are final and Non-Appealable and (y) are on Schedule 6.03(a) (all of
the foregoing, the “Necessary Project Approvals”). 
 (b) There is no action, suit, investigation or proceeding pending or,
to the Knowledge of any Borrower, threatened that would reasonably be expected to result in the modification, rescission, termination, or suspension of any Necessary Project Approval. 
 Section 6.04 Investment Company Act. None of the Borrowers or VeraSun is, and after giving effect to the Loans and the application of the proceeds
of the Loans as described herein will not be, an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 
  

 83 

 Section 6.05 Validity. Subject to the entry and terms of the Final Order, each Financing Document
to which any Borrower or VeraSun is a party constitutes the legal, valid and binding obligations of each such Person enforceable in accordance with its respective terms, except as the enforceability hereof or thereof may be limited by general
equitable principles (whether considered in a proceeding in equity or at law). 
 Section 6.06 Financial Information. Each of the
financial statements and balance sheets of the Borrowers and VeraSun delivered pursuant to Section 8.01(f) (Conditions to Closing and First Post Final Order Borrowing - Financial Statements) and Sections 9.03(c) (Reporting
Requirements) has been prepared in accordance with GAAP (subject, in the case of monthly or quarterly financial statements, to the absence of footnote disclosures and to normal year-end adjustments), and presents fairly in all material
respects the consolidated financial condition of the Borrowers or VeraSun, as applicable, as at the dates thereof and the results of their operations for the period then ended. None of the Borrowers or VeraSun had, at the date of the most recent
financial statements or balance sheet referred to above, any material Guarantee, contingent liability or liability for taxes, or any long term lease or unusual forward or long term commitment, including, without limitation, any interest rate swap or
exchange transaction or other financial derivative, which is not reflected in the foregoing statements or on the schedules to this Agreement or as otherwise permitted hereunder. During the period from the date of the financial statements delivered
pursuant to Section 8.01(f) (Conditions to Closing and First Post Final Order Borrowing - Financial Statements) to and including the date hereof there has been no Disposition by any Borrower or VeraSun of any material part of its
business or Property and no purchase or other acquisition of any business or Property (including any Equity Interests of any other Person) material in relation to the consolidated financial condition of the Borrowers or VeraSun as at such date.

 Section 6.07 No Material Adverse Effect. Since December 4, 2008, there has not occurred any event, occurrence or condition
that has had, or would reasonably be expected to have, a Material Adverse Effect. 
 Section 6.08 Project Compliance. The Project is
and will continue to be owned and maintained in compliance (a) in all material respects with (i) all applicable Laws and (ii) except as set forth in Schedule 6.03(a), all Necessary Project Approvals and, (b) except
for any such noncompliance that results from the commencement of the Cases or a Temporary Idle or that has not had and would not reasonably be expected to have a Material Adverse Effect, the Key Project Documents. Except as set forth on
Schedule 6.03(a), the Project conforms in all material respects to and complies in all material respects with all federal, state and local zoning, environmental, land use and other Laws and the requirements of all Necessary Project
Approvals. 
  

 84 

 Section 6.09 Litigation. Other than the Cases, there is no pending or, to the Knowledge of any
Borrower or VeraSun, threatened material litigation, action, proceeding, or labor controversy against or, to the Knowledge of any Borrower or VeraSun, affecting any Borrower, any Plant or the Project. Other than the Cases, there is no pending or, to
the Knowledge of any Borrower or VeraSun, threatened litigation, action, proceeding, or labor controversy against or, to the Knowledge of any Borrower or VeraSun, affecting VeraSun, in each case that has or would reasonably be expected to have a
material adverse effect on (i) the ability of VeraSun to perform its obligations under any Financing Document to which it is a party, (ii) the Liens on the VeraSun Collateral granted, or purported to be granted, in favor, or for the
benefit, of the Collateral Agent pursuant to the Orders or this Agreement or (iii) the rights or remedies of any Secured Party under any Financing Document with respect to VeraSun or the VeraSun Collateral. 
 Section 6.10 Sole Purpose Nature; Business. None of the Borrowers has conducted nor is conducting any business or activities other than businesses
and activities relating to the ownership, development, testing, financing, construction, operation and maintenance of the Project as contemplated by the Transaction Documents (subject to the effects of the commencement of the Cases and a Temporary
Idle). 
 Section 6.11 Transaction Documents and Other Documents; Representations and Warranties in Transaction Documents. (a) As
of the date hereof, to the Knowledge of each Borrower, there are no Project Documents or other material contracts, agreements, instruments, or documents between any Borrower and any other Person relating to any Borrower, any Plant or the Project
other than (x) the Transaction Documents, (y) the other agreements listed on Schedule 5.11 of the Prepetition Credit Agreement and (z) as have been delivered to the Administrative Agent, and copies of each such contract, agreement,
instrument and document have been delivered to the Administrative Agent (or were previously delivered pursuant to the Prepetition Credit Agreement). 
 (b) As of any subsequent date on which this representation is made, to the Knowledge of each Borrower, there are no material contracts, agreements, instruments, or documents between any Borrower and any other Person
relating to any Borrower or the Project other than (i) the Transaction Documents, (ii) the other agreements listed in Schedule 5.11 of the Prepetition Credit Agreement, (iii) as have been delivered to the Administrative Agent and
(iv) to the extent they have been executed, any other agreements permitted by this Agreement, and copies of each such contract, agreement, instrument and document have been delivered to the Administrative Agent (or were previously delivered).

  

 85 

 Section 6.12 Collateral. Following entry of the Orders, the Obligations and Non-Obligor
Reimbursement Obligations shall be secured by valid and perfected Liens on the Collateral and Non-Obligor Transfer Collateral, respectively, and such Liens have the priority set forth in the Orders. 
 Section 6.13 Ownership of Properties. (a) Albion has a good and valid fee ownership interest in the Site for the Albion Plant, Bloomingburg
has a good and valid fee ownership interest in the Site for the Bloomingburg Plant and Linden has a good and valid fee ownership interest in the Site for the Linden Plant, in each case other than the Leased Premises, subject to Permitted Liens.
Subject to Permitted Liens, Albion has a good and valid leasehold interest in the Leased Premises under the Albion Grain Facility Lease, Bloomingburg has a good and valid leasehold interest in the Leased Premises under the Bloomingburg Grain
Facility Lease, Linden has a good and valid leasehold interest in the Leased Premises under the Linden Grain Facility Lease. The Borrowers have a good and valid ownership interest in all other property and assets (tangible and intangible) included
in the Collateral (other than the VeraSun Collateral). Such ownership interests are sufficient to permit operation of the Project by the Borrowers. Subject to the entry and terms of the Final Order, none of said properties or assets are subject to
any Liens or, to the Knowledge of each Borrower, any other claims of any Person, other than the Permitted Liens. 
 (b) All Equity Interests
in each of Albion, Bloomingburg and Linden are owned by ASA Holdings. 
 (c) All Equity Interests in ASA Holdings are owned by VeraSun.

 (d) The properties and assets of each of the Borrowers are separately identifiable and are not commingled with the properties and assets
of any other entity and are readily distinguishable from one another. 
 (e) There are no easements, rights of way or similar agreements
affecting the use or occupancy of the Project, any Plant or any Site other than Permitted Liens. 
 (f) None of the Borrowers has any
leasehold interest in, and none of the Borrowers is lessee of, any real property other than the Leased Premises. 
  

 86 

 Section 6.14 Taxes. (a) Each Borrower has filed all material Tax Returns required by law to
have been filed by it (except, if non-filing is permitted by the Bankruptcy Code, for the period during which such non-filing is permitted by the Bankruptcy Code) and has paid all Taxes thereby shown to be owing, other than Taxes that are subject to
a Contest (except, if non-payment is permitted by the Bankruptcy Code, for the period during which such non-payment is permitted by the Bankruptcy Code). 
 (b) None of the Borrowers is or will be taxable as a corporation for federal, state or local tax purposes. 
 (c) No Borrower is a party to any tax sharing agreement with any Person (including with VeraSun or any other Affiliate of any Borrower), other than the VeraSun Tax Sharing Agreement. 
 Section 6.15 Patents, Trademarks, Etc. Each Borrower has obtained and holds in full force and effect all patents, trademarks, copyrights and other
such rights or adequate licenses therein, free from Liens other than Permitted Liens, that are necessary for the ownership, operation and maintenance of the Project, and all such items are described on Schedule 5.15 of the Prepetition Credit
Agreement. 
 Section 6.16 ERISA Plans. None of the Borrowers nor any ERISA Affiliate has (or within the five year period immediately
preceding the date hereof had) any liability in respect of any Plan or Multiemployer Plan. None of the Borrowers has any contingent liability with respect to any post-retirement benefit under any “welfare plan” (as defined in
Section 3(1) of ERISA), other than liability for continuation coverage under Part 6 of Title I of ERISA. 
 Section 6.17
Property Rights, Utilities, Etc. All material property interests, utility services, means of transportation, facilities and other materials necessary for the maintenance and Temporary Idle of the Project (including, as necessary, gas, roads,
rail transport, electrical, water and sewage services and facilities) are, or will be when needed, available to the Project. 
 Section 6.18
No Defaults. No Default or Event of Default has occurred and is continuing. None of the Borrowers is in any breach of, or in any default under, any Key Project Document other than a breach or default resulting from the Cases or a Temporary
Idle, or that has not had, and would not reasonably be expected to have, a Material Adverse Effect. To the Knowledge of each Borrower, except as set forth on Schedule 6.18, no Project Party is in material breach of, or in material
default under, any Project Document to which it is a party other than a breach or default that has not had, and would not reasonably be expected to have, a Material Adverse Effect. 
  

 87 

 Section 6.19 Environmental Warranties. (a) Except as set forth on
Schedule 6.03(a), (i) each Borrower and its Environmental Affiliates are in compliance in all material respects with all applicable Environmental Laws, (ii) each Borrower and its Environmental Affiliates have all Environmental
Approvals required to operate their businesses as presently conducted or as reasonably anticipated to be conducted and are in compliance in all material respects with the terms and conditions thereof, (iii) no Borrower nor any of its
Environmental Affiliates has received any written communication, whether from a Governmental Authority, employee or otherwise, that alleges that any Borrower or any Environmental Affiliate is not in compliance in all material respects with all
Environmental Laws and Environmental Approvals, and (iv) there are no circumstances that may prevent or interfere in the future with the Borrowers’ compliance in all material respects with all applicable Environmental Laws and
Environmental Approvals. 
 (b) There is no Environmental Claim pending or, to the Knowledge of each Borrower, threatened against any
Borrower or, to the Knowledge of each Borrower, pending or threatened against any Environmental Affiliate. 
 (c) There are no present or
past actions, activities, circumstances, conditions, events or incidents, including the release, emission, discharge, presence or disposal of any Material of Environmental Concern, that would reasonably be expected to form the basis of any
Environmental Claim against any Borrower or any Environmental Affiliate. 
 (d) Without in any way limiting the generality of the foregoing,
(i) there are no on-site or off-site locations in which any Borrower or, to the Knowledge of each Borrower, any Environmental Affiliate has stored, disposed or arranged for the disposal of Materials of Environmental Concern that would
reasonably be expected to form the basis of an Environmental Claim, (ii) none of the Borrowers knows of any underground storage tanks located or to be located on property owned or leased by any Borrower, (iii) there is no asbestos or lead
paint contained in or forming part of any building, building component, structure or office space owned by any Borrower, and (iv) no polychlorinated biphenyls (PCBs) are or will be used or stored at any property owned by any Borrower,
other than as may already be present as of the date hereof in electrical equipment owned by utilities, provided that the presence of such PCBs complies, and such equipment is operated, maintained, and inspected in compliance with, Environmental
Laws. 
 (e) None of the Borrowers has received any letter or request for information under Section 104 of the CERCLA, or comparable
state laws, and to the Knowledge of the Borrowers, none of the operations of the Borrowers is the subject of any investigation by a Governmental Authority evaluating whether any remedial action is 

  

 88 

 
needed to respond to a release or threatened release of any Material of Environmental Concern at any Plant or Site or at any other location, including any
location to which any Borrower has transported, or arranged for the transportation of, any Material of Environmental Concern with respect to any Plant or the Project. 
 Section 6.20 Regulations T, U and X. None of the Borrowers is engaged in the business of extending credit for the purpose of purchasing or carrying margin stock, and no proceeds of any Loan will be used
for any purpose that violates, or would be inconsistent with, F.R.S. Board Regulation T, U or X. Terms for which meanings are provided in F.R.S. Board Regulation T, U or X or any regulations substituted therefor, as from time to time in
effect, are used in this Section 6.20 with such meanings. 
 Section 6.21 Accuracy of Information. (a) All factual
information heretofore or contemporaneously furnished by or on behalf of any Borrower in this Agreement, in any other Financing Document or otherwise in writing to any Secured Party, any Consultant, or counsel for purposes of or in connection with
this Agreement and the other Financing Documents or any transaction contemplated hereby or thereby (other than projections and other “forward-looking” information that have been prepared on a reasonable basis and in good faith by the
Borrowers) is, and all other such written factual information hereafter furnished by any Borrower in writing to any Secured Party, any Consultant, or counsel will be, taken as a whole, as of the time when furnished or dated, true and accurate in
every material respect and such information is not, or shall not be, as the case may be, incomplete by omitting to state any material fact necessary to make such information not misleading in any material respect, as of the time when such
information was furnished or dated. 
 (b) The assumptions constituting the basis on which the Borrowers prepared each Budget and developed
the numbers set forth therein were developed and consistently utilized in good faith and were reasonable at the time prepared and represented the Borrowers’ best judgment as to the matters contained in such Budget at the time prepared, based on
all information known to the Borrowers at such time. 
 (c) The use, ownership and maintenance of the Project are in accordance with the
Financing Documents and in compliance in all material respects with applicable Governmental Approvals and applicable Law. 
 Section 6.22
Indebtedness. The Obligations are, after giving effect to the Financing Documents and the transactions contemplated thereby, the only outstanding Indebtedness of the Borrowers other than Permitted Indebtedness. The Obligations have the
ranking given to them in Section 5.04 (Priority and Liens) with respect to all other Indebtedness of any Borrower. 
  

 89 

 Section 6.23 The Collateral. Except for the Excluded Assets (or as otherwise set forth in
Section 5.01 (Granting Clause for Borrower Collateral)), the Collateral includes all of the tangible and intangible assets of, and all Equity Interests in, each Borrower. 
 Section 6.24 Separateness. (a) Each Borrower maintains separate bank accounts and separate books of account from each other and from VeraSun
(other than the Project Accounts established pursuant to the Prepetition Credit Agreement). The separate liabilities of each Borrower are readily distinguishable from the liabilities of each other Borrower and VeraSun. 
 (b) Except as set forth on Schedule 6.24(b), each Borrower conducts its business solely in its own name in a manner not misleading to other
Persons as to its identity in any material respect. Without limiting the generality of the foregoing, except as set forth on Schedule 6.24(b), all oral and written communications (if any), including letters, invoices, purchase orders,
contracts, statements, and applications are made solely in the name of each Borrower if related to such Borrower (except as permitted with respect to joint purchasing arrangements under Section 9.02(i) (Negative Covenants -
Subsidiaries)). 
 (c) Except as set forth on Schedule 6.24(b), each Borrower is in compliance with the provisions set
forth on Schedule 6.24. 
 Section 6.25 Independent Member. Each Borrower LLC Agreement includes each of the following
terms (collectively, the “Required LLC Provisions”): 
 (a) requires that such Borrower have, at all times, one Independent
Member; 
 (b) requires a one hundred percent (100%) affirmative vote or written consent of one hundred percent (100%) of all
members, including the Independent Member in connection with any of the following matters: in order to authorize (i) the filing of any insolvency or reorganization case or proceeding, instituting proceedings to have such Borrower adjudicated
bankrupt or insolvent, instituting proceedings under any applicable insolvency Law, seeking any relief under any Law relating to relief from debts or the protection of debtors, consenting to the filing or institution of bankruptcy or insolvency
proceedings against such Borrower, filing a petition seeking or consenting to reorganization, liquidation or relief with respect to such Borrower under any applicable federal or state law relating to bankruptcy, reorganization or insolvency, seeking
or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official for such Borrower or a substantial part of its property, making any assignment for the benefit of creditors, admitting in
writing such Borrower’s 

  

 90 

 
inability to pay its debts as they become due, or taking action in furtherance of any of the foregoing, or (ii) merging, consolidating or combining such
Borrower or any subsidiary of such Borrower with any other entity, dissolving or winding-up such Borrower, selling, transferring or otherwise disposing of all or substantially all of such Borrower’s assets or approving any plan or agreement to
engage in any of the foregoing actions; 
 (c) includes a statement that the only Indebtedness such Borrower is allowed to incur is Permitted
Indebtedness (as defined in the Prepetition Credit Agreement); 
 (d) includes a statement that all interests in such Borrower shall be
securities governed by Article 8 of the Uniform Commercial Code and shall be evidenced by certificates. The certificated interests shall be in registered form within the meaning of Article 8 of the Uniform Commercial Code; and 

(e) includes each of the provisions set forth in Schedule 5.25 of the Prepetition Credit Agreement. 
 Section 6.26 Subsidiaries. Albion, Bloomingburg and Linden have no Subsidiaries. ASA Holdings has no Subsidiaries other than Albion, Bloomingburg
and Linden. 
 Section 6.27 Foreign Assets Control Regulations, Etc. (a) The use of the proceeds of the Loan by the Borrowers
will not violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive
order relating thereto. 
 (b) None of the Borrowers: 
  

	 	(i)	is or will become a Person or entity described by section 1 of Executive Order 13224 of September 24, 2001 Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism (12 C.F.R. 595), and none of the Borrowers engages in dealings or transactions with any such Persons or entities; or 

  

	 	(ii)	is in violation of the Patriot Act. 

  

 91 

 Section 6.28 Employment Matters. None of the Borrowers has any employees. To the Knowledge of each
Borrower, no former employees of any of the Borrowers was covered under a collective bargaining agreement and none of the Borrowers was a party to any collective bargaining agreement or other labor agreement. To the Knowledge of each Borrower, the
Borrowers have been in compliance in all material respects with all applicable employment laws related to any former employees. 
 Section
6.29 Legal Name and Place of Business. The exact legal name and jurisdiction of formation of each Borrower is as set forth below: 
 (a) ASA Holdings: ASA OpCo Holdings, LLC, a limited liability company organized and existing under the laws of the State of Delaware; 
 (b) Albion: ASA Albion, LLC, a limited liability company organized and existing under the laws of the State of Delaware; 
 (c)
Bloomingburg: ASA Bloomingburg, LLC, a limited liability company organized and existing under the laws of the State of Delaware; and 
 (d)
Linden: ASA Linden, LLC, a limited liability company organized and existing under the laws of the State of Delaware. 
 Section 6.30 No
Brokers. None of the Borrowers has any obligation to pay any finder’s, advisory, brokers or investment banking fee, except for the fees payable pursuant to Section 3.12 (Fees). 
 Section 6.31 Insurance. All insurance required to be obtained and maintained by the Borrowers, as of the date this representation is made or
deemed repeated, pursuant to the Financing Documents has been obtained, is in full force and effect as of each date this representation is made and complies with the insurance requirements set forth on Schedule 9.01(h). All premiums then
due and payable on all such insurance have been paid. 
 Section 6.32 Accounts. No Borrower has, or is the beneficiary of, any bank
account other than the Project Accounts and any Local Account with respect to which a Blocked Account Agreement (as defined in the Prepetition Credit Agreement) has been duly executed and delivered pursuant to the Prepetition Credit Agreement.

 Section 6.33 Reorganization Matters. 
 (a) The Cases were commenced, and the motion seeking approval of the Financing Documents and entry of the proposed Orders was filed with the Bankruptcy Court, in each case in accordance with the Bankruptcy Code and
the Bankruptcy Rules, and proper notice thereof and proper notice of the hearings for the approval of the Orders has been given. VeraSun and the Borrowers shall give, on a timely basis as specified in the Interim Order or the Final Order, as
applicable, all notices required to be given to all parties specified in the Interim Order or Final Order, as applicable. 
  

 92 

 (b) The Interim Order (with respect to the period prior to entry of the Final Order) or the Final Order
(with respect to the period on and after entry of the Final Order), as the case may be, is in full force and effect and has not been reversed, stayed, modified or amended without the prior written consent of the Required Lenders unless such
modification or amendment affects the Lenders in any adverse respect, in which case the consent of all Lenders shall be required. 
 (c)
Notwithstanding the provisions of section 362 of the Bankruptcy Code, and subject to the applicable provisions of the Interim Order or Final Order, as the case may be, upon the maturity (whether by acceleration or otherwise) of any of the
Obligations, the Administrative Agent and Lenders shall be entitled to immediate payment of such Obligations and to enforce the remedies provided for hereunder, under the other Financing Documents or under applicable law, without further application
to or order by the Bankruptcy Court, subject to the terms of the Financing Documents. 
 (d) None of the Orders has been reversed, modified,
vacated or stayed, except with the prior written consent of the Required Lenders. 
 ARTICLE VII 
 REPRESENTATIONS AND WARRANTIES OF VERASUN 
 In order to induce each Agent, each Lender and each other party hereto (other than VeraSun, the Borrowers and the Borrowers’ Agent) to enter into this Agreement and to induce each Lender to make the Loans hereunder and the Issuing Bank
to issue Letters of Credit hereunder, VeraSun represents and warrants to each Secured Party as set forth in this Article VII on the date hereof, on the Closing Date, on the date of each Borrowing Notice, on each Borrowing Date, on the
date of each Issuance Request and on the date of issuance of each Letter of Credit. 
 Section 7.01 Organization; Power; Compliance with
Law and Contractual Obligations. VeraSun (a) is a corporation validly organized and existing and in good standing under the laws of the State of South Dakota, (b) is duly qualified to do business as is now being conducted and as is
proposed to be conducted and is in good standing as a foreign corporation in each jurisdiction where the nature of its business requires such qualification, except to the extent the absence of such qualification could not, in the aggregate,
reasonably be expected to have a Material Adverse Effect, (c) subject to the entry and terms of the Final Order, has all requisite corporate power and authority and holds all Governmental Approvals required as of the date of this representation
to enter into and perform its obligations under this Agreement. 
  

 93 

 Section 7.02 Due Authorization; Non-Contravention. (a) Subject to the entry and terms of the
Final Order, the execution, delivery and performance by VeraSun of this Agreement is within VeraSun’s corporate powers, has been duly authorized by all necessary corporate action, and does not contravene (i) VeraSun’s Organic
Documents, or (ii) any Law or Contractual Obligation binding on or affecting VeraSun other than non-compliance due to the commencement of the Cases. 
 (b) Subject to the entry and terms of the Final Order, the exercise by the Collateral Agent of any of its rights and remedies with respect to the VeraSun Collateral in accordance with the terms of this Agreement will
not contravene any applicable Law or any Postpetition Contractual Obligation binding on or affecting VeraSun or any of the properties of VeraSun and will not result in or require the creation of any Lien upon or with respect to any of the VeraSun
Collateral other than pursuant to this Agreement. 
 Section 7.03 Validity. Subject to the entry and terms of the Orders, this
Agreement constitutes the legal, valid and binding obligations of VeraSun enforceable in accordance with its terms, except as the enforceability hereof may be limited by general equitable principles (whether considered in a proceeding in equity or
at law). 
 Section 7.04 Beneficial Ownership; VeraSun-Pledged Equity Interests. VeraSun is the lawful and beneficial owner of and has
full right, title and interest in, to and under all rights and interests comprising the VeraSun Collateral. Subject to the entry and terms of the Final Order, the VeraSun Collateral is not subject to any Liens (other than Permitted VeraSun
Collateral Liens). The VeraSun-Pledged Equity Interests (a) have been duly authorized and validly issued, (b) are fully paid and non-assessable and (c) constitute one hundred percent (100%) of the outstanding membership interests
of ASA Holdings. 
 Section 7.05 No Prior Assignment. VeraSun has not previously assigned any of its rights in, to or under all or any
portion of the VeraSun Collateral (except with respect to Permitted VeraSun Collateral Liens). 
 Section 7.06 No Other Financing
Documents. VeraSun has not authorized and is not aware of any effective UCC financing statement, security agreement or other instrument similar in effect covering all or any part of the VeraSun Collateral on file in any recording office, except
as may have been filed with respect to Permitted VeraSun Collateral Liens. 
  

 94 

 Section 7.07 Name; Organizational Number. The name of VeraSun is VERASUN ENERGY CORPORATION, as
indicated in the public records of the State of South Dakota. VeraSun’s federal employee identification number is 20-3430241 and VeraSun’s South Dakota organizational number is DB050019. 
 Section 7.08 Collateral. Following entry of the Orders, the Obligations shall be secured by valid and perfected Liens on the VeraSun Collateral,
and such Liens have the priority set forth in the Orders. 
 ARTICLE VIII 
 CONDITIONS PRECEDENT 
 Section 8.01 Conditions to Closing and First Post Final Order
Borrowing. In addition to the conditions set forth in Section 8.02 (Conditions to All Borrowings and Issuances), the occurrence of the Closing Date and the first Borrowing and/or Letter of Credit issuance after the entry of
the Final Order are subject to the satisfaction of each of the following conditions precedent, to the satisfaction of each Lender and, in the case of any Letter of Credit issuance, the Issuing Bank. 
 (a) Delivery of Financing Documents. The Administrative Agent shall have received each of the following fully executed documents, each of which
shall be originals or facsimiles, duly executed and delivered by each party thereto and each (other than item (ii)) in form and substance reasonably satisfactory to each Lender: 
  

	 	(i)	this Agreement; 

  

	 	(ii)	the Fee Letter; 

  

	 	(iii)	if requested by any Lender, the original Note of each such Lender, duly executed and delivered by an Authorized Officer of the Borrowers in favor of such Lender;

  

	 	(iv)	the Interim Order; and 

  

	 	(v)	the Final Order. 

 (b) Officer’s Certificates.
The Administrative Agent shall have received a duly executed certificate of an Authorized Officer of the Borrowers’ Agent (A) certifying on behalf of the Borrowers’ Agent and the Borrowers that all conditions set forth in this
Section 8.01 have been satisfied on and as of the date thereof (provided that, where any condition is subject to the satisfaction of any Person, such certification may assume such satisfaction absent notice to the contrary), and
(B) certifying on behalf of the 

  

 95 

 
Borrowers’ Agent and the Borrowers that all representations and warranties made by the Borrowers’ Agent and the Borrowers in this Agreement and
each other Financing Document to which it is a party are true and correct in all material respects on and as of the date thereof, dated as of the Closing Date, upon which the Administrative Agent and each Lender may conclusively rely. 
 (c) Resolutions, Incumbency, LLC Agreements. The Administrative Agent shall have received from each of the Borrowers and VeraSun a certificate of
an Authorized Officer dated the Closing Date, upon which the Administrative Agent and each Lender may conclusively rely, as to: 
  

	 	(i)	resolutions of its board, members or managers, as the case may be, then in full force and effect authorizing the execution, delivery and performance of each Financing Document to
which it is party and the consummation of the transactions contemplated therein; 

  

	 	(ii)	the incumbency and signatures of those of its officers and representatives authorized to execute and otherwise act with respect to each Financing Document to which it is party,
including the incumbency and signatures of those officers and representatives of the Borrowers’ Agent authorized to act with respect to each Financing Document on behalf of the Borrowers’ Agent, in its capacity as agent for the Borrowers;
and 

  

	 	(iii)	such Person’s Organic Documents which shall be in form and substance reasonably satisfactory to the Lenders and, in the case of each Borrower, shall include the Required LLC
Provisions, and certifying that (A) such documents are in full force and effect and no term or condition thereof has been amended from the form thereof delivered to the Administrative Agent and (B) no material breach, material default or
material violation thereunder has occurred and is continuing. 

  

 96 

 (d) Authority to Conduct Business. The Administrative Agent shall have received satisfactory
evidence, including certificates of good standing from the Secretaries of State of each jurisdiction set forth below attesting (where available) that: 
  

	 	(i)	(x) Albion is duly authorized as a limited liability company to carry on its business in the State of Nebraska, (y) Bloomingburg is duly authorized as a limited liability
company to carry on its business in the State of Ohio and (z) Linden is duly authorized as a limited liability company to carry on its business the State of Indiana, and each Borrower is duly organized, validly existing and in good standing in
the State of Delaware; and 

  

	 	(ii)	VeraSun is duly authorized as a corporation to carry on its business, and is duly organized, validly existing and in good standing in the State of South Dakota.

 (e) Lien Search; Protection of Security. The Administrative Agent shall have received satisfactory copies or
evidence, as the case may be, of the following actions in connection with the perfection of the Financing Liens: 
  

	 	(i)	completed requests for information or lien search reports, dated no more than five (5) Business Days before the date of such Borrowing or such longer period satisfactory to the
Administrative Agent, listing all effective UCC financing statements, fixture filings or other filings evidencing a security interest filed in such jurisdictions reasonably requested by the Administrative Agent that name any Borrower or VeraSun as a
debtor, together with copies of each such UCC financing statement, fixture filing or other filings; and 

  

	 	(ii)	acknowledgment copies or stamped receipt copies or confirmation of submission for filing of proper UCC financing statements, fixture filings and other filings and recordations, each
in form and substance satisfactory to the Administrative Agent and the Collateral Agent, duly filed in all jurisdictions that the Administrative Agent and the Collateral Agent may deem necessary, or that are reasonably requested by the Collateral
Agent or the Administrative Agent, in order to perfect or protect the Financing Liens created hereunder and pursuant to the Orders and the priority thereof. 

 (f) Financial Statements. The Administrative Agent shall have received (i) accurate and complete copies of the audited annual financial statements, and quarterly financial statements, of VeraSun for the
year ending December 31, 2007 and the quarter ended September 30, 2008 and (ii) Cargill’s annual report for the fiscal year 

  

 97 

 
ending May 31, 2008 (to the extent the Borrowers have received it from Cargill and are not prohibited by applicable law, or by any confidentiality
undertaking by which the Borrowers are bound, from delivering it to the Administrative Agent). Such financial statements of VeraSun shall be on both a consolidated and, with respect to the Borrowers, consolidating basis. 
 (g) Governmental Approvals. The Administrative Agent shall have received a duly executed certificate of an Authorized Officer of the
Borrowers’ Agent certifying that to the Knowledge of each Borrower, all Necessary Project Approvals are in full force and effect, final and Non-Appealable. 
 (h) Insurance. The Administrative Agent shall have received evidence reasonably satisfactory to each Lender that the insurance coverage required under Schedule 9.01(h) is in full force and effect.

 (i) Bank Regulatory Requirements. The Administrative Agent shall have received all documentation and other information requested
from the Borrowers and VeraSun as required by bank regulatory authorities under applicable “know your customer” and anti-money-laundering rules and regulations, including the Patriot Act. 
 (j) Closing Fees; Expenses. The Administrative Agent shall have received for its own account, or for the account of each Lender, Lead Arranger and
Agent entitled thereto, all fees due and payable pursuant to Section 3.12 (Fees), all other fees due and payable to the Secured Parties pursuant to any Financing Document, and all reasonable costs and expenses (including costs,
fees and expenses of legal counsel and financial advisors payable hereunder) for which invoices have been presented. 
 (k) Auditors.
The Administrative Agent shall have received reasonably satisfactory evidence of the appointment of the Auditors. 
 (l) Notice of Final
Order. The Lenders shall have received satisfactory evidence that due, sufficient and proper notice of the Final Order has been or is simultaneously being given to all parties in interest entitled to receive such notice. 
 (m) Other Information. Prior to entry of the Final Order, the Lenders shall have received the Original Budget and all information reasonably
requested from the Borrowers. 
  

 98 

 Section 8.02 Conditions to All Borrowings and Issuances. The obligation of each Lender to make
available each Borrowing of its Loans and of the Issuing Bank to issue any Letter of Credit shall be subject to the fulfillment of the following conditions precedent to the satisfaction of the Administrative Agent prior to each Borrowing, and to the
satisfaction of the Issuing Bank and the Administrative Agent prior to each issuance of any Letter of Credit. 
 (a) Borrowing Notice;
Issuance Request. In the case of each Borrowing, the Administrative Agent shall have received (i) a Borrowing Notice, as required by and in accordance with Section 2.03 (Notice of Borrowings), and/or (ii) an Issuance
Request, as required by and in accordance with Section 2.02(b) (Letters of Credit). 
 (b) Borrowers’
Certifications. The Administrative Agent shall have received a duly executed certificate of an Authorized Officer of the Borrowers’ Agent on behalf of each Borrower certifying that: 
  

	 	(i)	the Borrowers are in compliance with all conditions set forth in this Section 8.02 (and, with respect to the initial Borrowing and/or Letter of Credit issuance,
Section 8.01) on and as of the proposed Borrowing Date and/or Proposed Letter of Credit Issuance Date, before and after giving effect to such Borrowing and to the application of the proceeds therefrom and/or Letter of Credit issuance
(provided that, where any condition is subject to the satisfaction of any Person, such certification may assume such satisfaction absent notice to the contrary); 

  

	 	(ii)	all representations and warranties made by each Borrower and VeraSun in this Agreement and each of the Financing Documents to which it is a party are true and correct in all
material respects on and as of such Borrowing Date and/or Proposed Letter of Credit Issuance Date (except with respect to representations and warranties that expressly refer to an earlier date), before and after giving effect to such Borrowing and
to the application of the proceeds therefrom and/or Letter of Credit issuance; and 

  

	 	(iii)	no Default or Event of Default has occurred and is continuing, or would result from such Borrowing and/or Letter of Credit issuance. 

 (c) No Default or Event of Default. No Default or Event of Default has occurred and is continuing, or would result from such Borrowing and/or
Letter of Credit issuance. 
  

 99 

 (d) No Material Adverse Effect. Since December 4, 2008, no event, occurrence or condition
that has had, or would reasonably be expected to have, a Material Adverse Effect shall have occurred and be continuing. 
 (e) Fees;
Expenses. The Administrative Agent shall have received for its own account, or for the account of each Secured Party entitled thereto, all fees due and payable as of the date of such Borrowing pursuant to Section 3.12 (Fees),
and all costs and expenses (including costs, fees and expenses of legal counsel and any financial advisors) due and payable hereunder for which invoices have been presented. 
 (f) Additional Information. The Lenders shall have received all information reasonably requested from the Borrowers. 
 ARTICLE IX 
 COVENANTS 
 Section 9.01 Affirmative Covenants. Each Borrower agrees with each Secured Party that, until the Discharge Date, the Borrowers will perform the
obligations set forth in this Section 9.01. 
 (a) Compliance with Laws. Each Borrower shall comply in all material
respects with all Laws (other than Environmental Laws) applicable to it or to its business or property. 
 (b) Environmental Matters.
(i) The Borrowers shall (A) subject to the matters set forth on Schedule 6.03(a), comply in all material respects with, and ensure compliance in all material respects by any and all occupants and operators of the Project with,
all Environmental Laws, (B) keep the Project free of any Lien imposed pursuant to any Environmental Law, and (C) pay or cause to be paid when due and payable by any Borrower any and all costs in connection with any Environmental Laws,
including the cost of identifying the nature and extent of the presence of any Materials of Environmental Concern in, on or about the Project or on any real property owned or leased by any Borrower (including any Site), and the cost of delineation,
management, remediation, removal, treatment and disposal of any such Materials of Environmental Concern. 
  

	 	(ii)	The Borrowers shall not use or allow the Project to generate, manufacture, refine, produce, treat, store, handle, dispose of, transfer, process or transport Materials of
Environmental Concern other than in compliance in all material respects with Environmental Laws. 

  

 100 

 (c) Temporary Idle and Maintenance. The Borrowers shall own and maintain (or cause to be
maintained) the Project in all material respects in accordance with (i) the terms and provisions of the Financing Documents and, except as a result of the Cases or the Temporary Idle, the Key Project Documents and (ii) except as set forth
on Schedule 6.03(a), all applicable Governmental Approvals and Law. The Borrowers shall ensure that each Plant continues in a state of Temporary Idle. 
 (d) Maintenance of Properties. (i) Subject to clause (ii) below, each Borrower shall keep, or cause to be kept, in good working order and condition, ordinary wear and tear excepted, all of its Plants,
properties and equipment that are necessary or useful in the proper conduct of its business. 
  

	 	(ii)	The Borrowers shall not permit any Plant or any material portion thereof to be removed, demolished or materially altered, unless such material portion that has been removed,
demolished or materially altered has been replaced or repaired as permitted under this Agreement. In the event that any removal, demolition, or material alteration of any Plant or any material portion thereof has resulted from an Event of Taking or
Casualty Event beyond the control of the Borrowers and their employees and agents (for example, due to forces of nature), the Borrowers shall only be required to replace or repair such Plant or portion thereof to the extent that Insurance Proceeds
or other Cash Flow are available to the Borrowers to cover the expense of such repair or replacement in accordance with the terms of this Agreement. 

  

	 	(iii)	Each Borrower shall do or cause to be done all things necessary to preserve and keep in full force and effect its limited liability company existence and its material patents,
trademarks, trade names, copyrights, franchises and similar rights. 

 (e) Payment of Obligations. Each Borrower shall
discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its Postpetition obligations of whatever nature (other than the Obligations, which are addressed elsewhere in this Agreement), except
(i) where such payment, discharge or satisfaction is prohibited by the Bankruptcy Code, the Bankruptcy Rules or an order of the Bankruptcy Court, or by this Agreement or the Budget, (ii) where the amount or validity thereof is subject to a
Contest or (iii) where the failure to so discharge or satisfy any such obligation results from a Temporary Idle. 
  

 101 

 (f) Governmental Approvals. The Borrowers shall maintain in full force and effect, in the name of
the relevant Borrower, all Necessary Project Approvals. 
 (g) Use of Proceeds. (i) The Borrowers shall cause all proceeds of the
Loans (other than those resulting from a draw on a Letter of Credit) to be applied solely in accordance with the Budget (subject to the variances contemplated in Section 9.02(y) (Negative Covenants - Financial Covenants)).

  

	 	(ii)	The Borrowers shall cause all Cash Flow to be applied in accordance with the Budget (subject to the variances contemplated in Section 9.02(y) (Negative Covenants -
Financial Covenants)). 

  

	 	(iii)	The Borrowers shall cause all Insurance Proceeds and Condemnation Proceeds to be applied in accordance with this Agreement. 

 (h) Insurance. The Borrowers shall, without cost to any Secured Party, at all times obtain and maintain, or cause to be obtained and maintained,
the types and amounts of insurance listed and described on Schedule 9.01(h), in accordance with the terms and provisions set forth therein. The Borrowers shall obtain and maintain such other insurance as may be required pursuant to the
terms of any Financing Document. In the event the Borrowers fail to take out or maintain the full insurance coverage required by this Section 9.01(h), the Administrative Agent may (but shall not be obligated to) take out the required
policies of insurance and pay the premiums on the same. All amounts so advanced by the Administrative Agent shall become an Obligation and the Borrowers shall forthwith pay such amounts to the Administrative Agent, together with interest from the
date of payment by the Administrative Agent at the Default Rate. 
 (i) Books and Records; Inspections. Each Borrower shall keep
proper books of record and account in which complete, true and accurate entries in conformity with GAAP and all requirements of Law shall be made of all financial transactions and matters involving the assets and business of such Borrower, and shall
maintain such books of record and account in material conformity with applicable requirements of any Governmental Authority having regulatory jurisdiction over such Borrower. Each Borrower shall keep books and records separate from the books and
records of any other Person (including any Affiliates of the Borrowers) that accurately reflect all of its business affairs, transactions and the documents and other instruments that underlie or authorize all of its limited liability company
actions. Each Borrower shall permit officers and designated representatives of the Administrative Agent or any Lender or Consultant to visit and inspect any of the properties of such Borrower (including the respective Plant), to examine its limited
liability, financial and operating records, and make copies 

  

 102 

 
thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its members, managers, directors, officers and independent public
accountants, all at the expense of the Borrowers and at any time during normal business hours and as often as may be reasonably desired, with reasonable advance notice to such Borrower; provided that contacts with personnel other than the chief
executive officer, chief restructuring officer, chief accounting officer or director of operations shall be arranged through the chief executive officer, chief restructuring officer, chief accounting officer or director of operations. 
 (j) Budget. (i) The Borrower shall, not later than seven (7) days before the date that is the first day of the fifth week covered by the
Original Budget and each date falling every twenty-eighth (28th) day thereafter (each such date, an “Initial Date”), adopt a rolling cash flow forecast, setting forth in reasonable detail the projected cash flow for each Plant
and on an aggregate basis for the Project for the period starting on the then current Initial Date and ending on the earlier of (A) thirteen (13) weeks after the then current Initial Date and (B) the scheduled Maturity Date, and
provide a copy of such forecast at such time to the Administrative Agent. Each such forecast shall become effective upon approval of the Required Lenders (acting in consultation with the Financial Advisor) (each such approved forecast, and the
Original Budget, a “Budget”), it being understood that such forecast shall be deemed approved within five (5) Business Days after its receipt by the Administrative Agent if (A) the Lenders and the Financial Advisor have
had a conference call to discuss such forecast and (B) the Required Lenders or the Financial Advisor have not notified the Borrowers otherwise in writing. 
  

	 	(ii)	Each Budget delivered to the Administrative Agent pursuant to this Section 9.01(j) shall be accompanied by a memorandum or worksheet detailing all changes in material
assumptions used in the preparation of such Budget, shall contain a line item for each expense category reasonably requested by the Required Lenders (provided that items on the Budget that are subject to Court approval shall not be funded until
approved by the Court, and inclusion and acceptance of any such item is not a waiver of any party’s objection thereto), shall specify for each week and for each such expense category the amount budgeted for such category for such week.

 (k) Maintenance of Existence. Each Borrower will continue to preserve, renew and keep in full force and effect its
limited liability company existence and good standing in the State of Delaware and take all actions to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business. 
  

 103 

 (l) Project Documents. The Borrowers shall use commercially reasonable efforts to preserve,
protect and defend their rights under each Key Project Document except where the failure to do so results from the Cases or a Temporary Idle. The Borrowers shall use commercially reasonable efforts to exercise all material rights, discretion and
remedies under each Key Project Document, if any, in accordance with its terms and in a manner consistent with (and subject to) the Borrowers’ obligations under the Financing Documents except where the failure to so exercise any such rights,
discretion or remedies results from the Cases or a Temporary Idle. 
 (m) Preservation of Title; Acquisition of Additional Property.
(i) The Borrowers shall preserve and maintain (A) good, marketable and insurable fee interest in each Site (excluding the Leased Premises) and valid easement interest to its easement interest in each Site (excluding the Leased Premises),
(B) a good, legal and valid leasehold interest in the Leased Premises, and (C) good, legal and valid title to all of its other respective material properties and assets, in each case free and clear of all Liens other than Permitted Liens.
If any Borrower shall at any time acquire any real property or leasehold or other interest in real property, such Borrower shall promptly upon such acquisition ensure that such real property or leasehold or other interest is subject to the Lien and
security interest created hereunder and pursuant to the Orders for the benefit of the Secured Parties. 
  

	 	(ii)	Prior to the acquisition or lease of any such additional real property interests (other than easements that do not involve soil disturbance), the Borrowers shall deliver to the
Administrative Agent an Environmental Site Assessment Report(s) with respect to such real property (if, in the reasonable determination of the Administrative Agent, such Environmental Site Assessment Report(s) with respect to such real property
interests is warranted), in each case, along with a corresponding reliance letter from the consultant issuing such report(s). Each such environmental report shall be in form and substance reasonably satisfactory to the Required Lenders.

 (n) Maintenance of Liens; Creation of Liens on Newly Acquired. (i) The Borrowers shall take or cause to be taken
all action necessary or reasonably requested by either Agent to maintain and preserve the Financing Liens and the priority thereof. 
  

	 	(ii)	The Borrowers shall take all actions required to cause each Additional Project Document and each Additional Material Project Document to be or become subject to the Financing Liens.

  

 104 

 (o) Certificate of Formation. Each Borrower shall observe in all material respects all of the
separateness and other provisions and procedures of its certificate of formation and Borrower LLC Agreement. 
 (p) Separateness. Each
Borrower shall comply in all material respects with the separateness provisions set forth on Schedule 6.24. 
 (q) Further
Assurances. Upon written request of the Administrative Agent, the Borrowers shall promptly perform any and all acts and execute any and all documents (including UCC financing statements and UCC continuation statements) reasonably requested by
the Administrative Agent: 
  

	 	(i)	for filing under the provisions of the UCC or any other Law that are necessary or advisable to maintain in favor of the Collateral Agent, for the benefit of the Secured Parties, the
Financing Liens that are duly perfected in accordance with all applicable Laws or otherwise for the purposes of perfecting any Lien created, or purported to be created, in favor of the Secured Parties; 

  

	 	(ii)	for the purposes of ensuring the validity and legality of this Agreement or any other Financing Document and the rights of the Lenders and the Agents hereunder or thereunder; and

  

	 	(iii)	for the purposes of facilitating the proper exercise of rights and powers granted to the Lenders or the Agents under this Agreement or any other Financing Document.

 (r) Professional Fees. Promptly following receipt thereof, the Borrowers shall deliver to the Administrative Agent
all monthly fee statements detailing the fees of all Professionals for such month delivered in accordance with the interim compensation procedures approved by the Bankruptcy Court. 
 (s) Bank Accounts. Each Bank Account of the Borrowers shall at all times be (i) held as Collateral to secure the repayment and/or performance
of the Obligations, (ii) held at a financial institution at which the Borrower maintains its Bank Accounts on the Petition Date under the terms of the Prepetition Financing Documents, or otherwise as selected by the Borrowers from a list of
approved financial institutions approved by the Required Lenders and (iii) subject to a perfected Priming Lien in favor 

  

 105 

 
of the Collateral Agent on behalf of the Secured Parties, with all rights and remedies in respect thereto as set forth in the Orders and the other Financing
Documents. No Borrower may open a new Bank Account or any other account at a financial institution without the prior written consent of the Required Lenders, which approval may be withheld in their sole discretion. 
 (t) Farm Products Laws. (i) The Borrowers shall comply at all times with all existing and future Postpetition Farm Products Notices during
their period of effectiveness under any Farm Products Law, including directions to make payments to the Farm Products Seller by issuing payment instruments directly to the secured party with respect to any assets of the Farm Products Seller or
jointly payable to the Farm Products Seller and any secured party with respect to the assets of such Farm Products Seller, as specified in the Farm Products Notice, so as to terminate or release the Lien on any Farm Products maintained by such Farm
Products Seller or any secured party with respect to the assets of such Farm Products Seller under any Farm Products Law. (ii) The Borrowers shall take all other actions as may be reasonably required, if any, to ensure that any perishable
agricultural commodity (in whatever form) or other Farm Products are purchased free and clear of any Lien in favor of any Farm Products Seller or any secured party with respect to the assets of any Farm Products Seller. (iii) In the event any
Borrower receives a Farm Products Notice, such Borrower shall pay the related invoice within the payment terms specified therein and notify the Administrative Agent of such receipt; provided, however, that such invoice may remain
unpaid if, and only so long as (A) appropriate legal or administrative action has been commenced in good faith and is being diligently pursued or defended by such Borrower, (B) adequate reserves with respect to such contest are maintained
on the books of such Borrower, in accordance with GAAP, (C) such Borrower shall promptly pay or discharge such contested invoice and all additional charges, interest, penalties, and expenses, if any, and shall deliver to the Lenders evidence
reasonably acceptable to the Required Lenders of such payment, if such contest is terminated or discontinued adversely to such Borrower or the conditions set forth in this Section 9.01(t) are no longer met. 
 (u) Monthly Meetings. At least once per calendar month, upon request of the Administrative Agent, at mutually acceptable times (and with
telephonic conferences being acceptable), the Borrowers shall, and shall procure that representatives of the Borrowers’ Professionals reasonably requested by the Administrative Agent, meet together with the Administrative Agent to update the
Administrative Agent on the status of the Cases and to discuss any other issues in connection therewith as reasonably requested by the Administrative Agent. 
  

 106 

 (v) Weekly Updates on Sale Process. On the third Business Day of each week after the date hereof,
or at such other times as may be mutually agreeable, the Borrowers shall update the Administrative Agent on the status of the Borrowers’ compliance with Section 9.01(w) (Sale of Substantially All Assets), which update shall
include information on the steps the Borrowers have taken towards complying with such provision and any other related information reasonably requested by the Administrative Agent. 
 (w) Sale of Substantially All Assets. The Borrowers shall: 
  

	 	(i)	on or before February 6, 2009, file with the Bankruptcy Court a motion for approval of a sale of substantially all of the assets of the Borrowers in form and substance
reasonably acceptable to the Required Lenders; 

  

	 	(ii)	on or before February 23, 2009, obtain an order of the Bankruptcy Court approving bidding procedures for a sale of substantially all of the assets of the Borrowers in form and
substance reasonably acceptable to the Required Lenders, which order shall authorize (A) credit bids and (B) the solicitation of bids for substantially all of the assets of each of the Borrowers separately and for substantially all of the
assets of the Borrowers collectively; 

  

	 	(iii)	on or before March 31, 2009, conduct an auction in accordance with the bidding procedures referenced in the foregoing clause (ii); 

  

	 	(iv)	on or before April 7, 2009, obtain an order of the Bankruptcy Court approving the sale or sales of substantially all of the assets of the Borrowers in form and substance
reasonably acceptable to the Required Lenders; and 

  

	 	(v)	on or before April 15, 2009, close the sale or sales of substantially all of the assets of the Borrowers. 

 Section 9.02 Negative Covenants. The Borrowers agree with each Secured Party that, until the Discharge Date, the Borrowers will perform the
obligations set forth in this Section 9.02. 
 (a) Restrictions on Indebtedness of the Borrowers. The Borrowers will not
create, incur, assume or suffer to exist any Indebtedness except: 
  

	 	(i)	the Obligations; 

  

 107 

	 	(ii)	Indebtedness permitted under the Prepetition Credit Agreement that has been incurred prior to December 4, 2008; 

  

	 	(iii)	Capitalized Lease Liabilities with respect to office equipment with payments in any Fiscal Year, taken in the aggregate for the Project, in an amount not to exceed one hundred
thousand Dollars ($100,000); 

  

	 	(iv)	Indebtedness expressly provided for pursuant to the First Day Orders and the Interim Order or the Final Order, as applicable; 

  

	 	(v)	Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts)
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five (5) Business Days of incurrence; 

  

	 	(vi)	Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business; 

  

	 	(vii)	Indebtedness between any Borrower and any other Borrower; 

  

	 	(viii)	Indebtedness permitted under Section 9.02(u) (Negative Covenants - Limitation on Non-Obligor Transfers); and 

  

	 	(ix)	Prepetition Indebtedness existing on the Petition Date. 

 (b) Liens. No Borrower shall create, incur, assume or suffer to exist any Lien upon any of its property, revenues or assets (including its Equity Interests), whether now owned or hereafter acquired, except: 
  

	 	(i)	Liens in favor, or for the benefit, of the Secured Parties; 

  

	 	(ii)	the Preexisting Liens; 

  

	 	(iii)	the Prepetition Collateral Agent Liens and Prepetition Collateral Agent Adequate Protection Liens; 

  

 108 

	 	(iv)	Liens for taxes, assessments and other governmental charges the payment of which is the subject of a Contest, for taxes that are otherwise not yet delinquent or for taxes as to
which payment and enforcement is stayed under the Bankruptcy Code or pursuant to orders of the Bankruptcy Court;

  

	 	(v)	Liens of carriers, warehousemen, mechanics, landlords, banks (and rights of set-off), repairmen, workmen, suppliers and materialmen incurred in the ordinary course of business
(A) for sums not yet due or the payment of which is the subject of a Contest or (B) for amounts as to which payment and enforcement is stayed under the Bankruptcy Code or pursuant to orders of the Bankruptcy Court;

  

	 	(vi)	easements granted by any Borrower to any utility serving the Project or as otherwise required for the operation of any Plant or to facilitate proposed sales of carbon dioxide;
provided, that in each such case: 

  

	 	(A)	such easement will not adversely affect the costs under the Budget; 

  

	 	(B)	such easement will not adversely affect the operations of any Plant; and 

  

	 	(C)	such easement has been approved by the Administrative Agent; and 

  

	 	(vii)	easements, rights-of-way, restrictions, encroachments, covenants and other similar charges and minor defects or irregularities in title, in each case, which do not and will not
interfere with the ability of the Borrowers to operate the Plants at full nameplate capacity; 

  

	 	(viii)	the netting and set-off rights permitted under Section 6 of each Master Agreement; 

  

	 	(ix)	any Liens reflected on the Title Insurance Policy or any Title Continuation (each as defined in the Prepetition Credit Agreement); 

  

 109 

	 	(x)	Liens arising out of judgments or awards that (A) do not constitute an Event of Default under Section 10.01(s) (Events of Default-Judgments) and
(B) that are subject to a Contest; 

  

	 	(xi)	Liens in respect of Capitalized Lease Liabilities with respect to office equipment permitted by Section 9.02(a)(iii); 

  

	 	(xii)	rights of setoff or banker’s Liens or other similar Liens upon deposits of cash in favor of banks or other depositary institutions; 

  

	 	(xiii)	Liens securing Indebtedness permitted by Section 9.02(x) (Chapter 11 Claims); 

  

	 	(xiv)	security given to a public or private utility or other natural gas suppliers as required in the ordinary course of business in accordance with the past practices of such Borrower,
including those in place on the date hereof as identified on Schedule 9.02(b)(xiv), or as otherwise provided for in the Budget; 

  

	 	(xv)	Liens on the Collateral (ranking junior in priority to the Financing Liens in favor of the Secured Parties securing the Obligations and junior in priority to the Prepetition
Collateral Agent Liens and the Prepetition Collateral Agent Adequate Protection Liens) to secure Postpetition advances made in the ordinary course of business to any Borrower from a Non-Obligor Debtor; 

  

	 	(xvi)	Liens set forth on Schedule 9.02(b) (Permitted Liens); and 

  

	 	(xvii)	Liens arising by operation of law under Article 2 of the UCC in favor of a seller of goods or buyer of goods (in each case other than VeraSun or any of its Subsidiaries),
provided that such Liens shall be released within 60 days after delivery of such goods or if earlier upon payment in full. 

  

 110 

 (c) Permitted Investments. The Borrowers shall not make any investments, loans or advances
(whether by purchase of stocks, bonds, notes or other securities, loans, extensions of credit, advances or otherwise) except for Permitted Investments. The Borrowers shall select Cash Equivalents having such maturities as shall cause the Project
Accounts to have a cash balance as of any day sufficient to cover the transfers to be made from the Project Accounts on such day in accordance with this Agreement, the other Financing Documents, the Project Documents and any Additional Project
Documents. 
 (d) Change in Business. No Borrower shall (i) enter into or engage in any business other than the ownership,
operation (or Temporary Idle), maintenance, and financing of the Project and all activities related thereto or (ii) change the scope of any Plant or the Project. 
 (e) Equity Issuances. No Borrower shall issue any Equity Interests unless such Equity Interests are immediately pledged to the Collateral Agent (for the benefit of the Secured Parties) on a first priority
perfected basis in a manner satisfactory to the Administrative Agent. 
 (f) Asset Dispositions. The Borrowers shall not sell, lease,
assign, transfer or otherwise dispose of assets (other than Products), whether now owned or hereafter acquired, except: 
  

	 	(i)	disposal of assets that are promptly replaced in accordance with the then-current Budget; 

  

	 	(ii)	to the extent that such assets are uneconomical, obsolete or no longer useful or no longer usable in connection with the operation or maintenance of the Project;

  

	 	(iii)	disposal of assets with a fair market value of, or, if greater, at a disposal price of, less than one hundred thousand Dollars ($100,000) in the aggregate during any Fiscal Year;
provided, that such disposal does not, and would not reasonably be expected to, adversely effect the construction, operation or maintenance of any Plant; 

  

	 	(iv)	transfers of assets between Albion, Bloomingburg and Linden; provided, that (A) the aggregate total fair market value of all such transferred assets does not exceed one
million Dollars ($1,000,000) in any Fiscal Year, and (B) each such transfer does not, and would not reasonably be expected to, adversely affect the operations of the Plant from which such assets are transferred; 

  

 111 

	 	(v)	the transfer or other Disposition by any Borrower in settlement of any amount owed by such Borrower effected in the ordinary course of business and approved by the Bankruptcy Court;
or 

  

	 	(vi)	as permitted by Section 9.02(c) (Permitted Investments) or Section 9.02(u) (Limitation on Non-Obligor Transfers). 

 (g) Consolidation, Merger. No Borrower will (i) directly or indirectly liquidate, wind up, terminate, reorganize or dissolve itself (or
suffer any liquidation, winding up, termination, reorganization or dissolution) or otherwise wind up; or (ii) acquire (in one transaction or a series of related transactions) all or any substantial part of the assets, property or business of,
or any assets that constitute a division or operating unit of, the business of any Person or otherwise merge or consolidate with or into any other Person. 
 (h) Transactions with Affiliates. Except as otherwise permitted by Section 9.02(u) (Limitation on Non-Obligor Transfers), no Borrower shall enter into or cause, suffer or permit to exist any
arrangement or contract with any of its Affiliates or any other Person that owns, directly or indirectly, any Equity Interest in any Borrower, in each case other than another Borrower, unless such arrangement or contract (i) is fair and
reasonable to such Borrower and (ii) is an arrangement or contract that is on arm’s-length basis and contains terms no less favorable than those that would be entered into by a prudent Person in the position of such Borrower with a Person
that is not one of its Affiliates. 
 (i) Subsidiaries. ASA Holdings shall not create or acquire any Subsidiary other than Albion,
Bloomingburg, and Linden, nor enter into any partnership or joint venture. Each of Albion, Bloomingburg, and Linden shall not create or acquire any Subsidiary or enter into any partnership or joint venture. This Section 9.02(i) shall not
prohibit the Borrowers from entering into joint purchasing arrangements solely with other Borrowers for the purchase of materials required for the operation of the Project. 
 (j) ERISA. No Borrower will engage in any prohibited transactions under Section 406 of ERISA or under Section 4975 of the Code. No
Borrower will incur any obligation or liability in respect of any Plan, Multiemployer Plan or employee welfare benefit plan providing post-retirement welfare benefits (other than a plan providing continue coverage under Part 6 of Title I of ERISA).

 (k) Taxes. No Borrower shall make any election to be treated as an association taxable as a corporation for federal, state or local
tax purposes. 
  

 112 

 (l) Project Documents. (i) Other than immaterial changes, no Borrower shall direct or consent
or agree to (x) any amendment, modification, supplement, or waiver to or in respect of any provision of, or (y) direct or consent or agree to any termination, cancellation, rejection or repudiation of, any Project Document or any
Additional Project Document; provided that this restriction shall not prohibit the Borrowers from entering into an agreement to sell work-in-progress Ethanol or DDGs currently at the Plants (including pursuant to an arrangement with Cargill
that may include a netting out of amounts payable to Cargill for natural gas) that has been approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed). 
  

	 	(ii)	Except for collateral assignments for the benefit of the Secured Parties or other Permitted Liens, no Borrower shall assign any of its rights under any Project Document or any
Additional Project Document to any Person, or consent to the assignment of any obligations under any Project Documents or any Additional Project Documents by any other party thereto. 

  

	 	(iii)	No Borrower shall enter into any “Marketing Pool Program”, as described in Section 9.1 of each Ethanol Marketing Agreement, without the prior written consent of the
Required Lenders if, under such program, (A) any Borrower would be discriminated against in comparison to any non-Borrower participant in such program or (B) any Borrower would be allocated more than its pro rata share of liabilities under
such program. 

  

	 	(iv)	No Borrower shall (A) reach any agreement with Cargill regarding the use or supply of an “Alternative Commodity” for any Plant under Section 2(g) of any Corn
Supply Agreement or (B) agree to any increase in the “Origination Fee” or “Handling Fee” pursuant to Section 4(f) of any Corn Supply Agreement without the prior written consent of the Required Lenders.

  

	 	(v)	 Following the execution by Cargill of any stand-alone railcar lease agreement or a rider to an existing master railcar lease agreement, if any, and in each case for
railcars to provide services required under any Ethanol Marketing Agreement or any Distillers Grains Marketing Agreement, no Borrower shall agree or consent to any amendment or 

  

 113 

	 	 
modification of any such stand-alone railcar lease agreement or rider that would result in an increase in the amounts payable by any Borrower for rail car
lease, usage or other related railcar arrangements under any Ethanol Marketing Agreement or Distillers’ Grains Marketing Agreement in excess of seven and one-half percent (7.5%) per annum without the prior written consent of the Required
Lenders. 

  

	 	(vi)	No Borrower shall settle, release, relinquish, concede or otherwise compromise any claim or potential claim against, or rights with respect to, any Project Party without the prior
written consent of the Required Lenders. 

 (m) Additional Project Documents. No Borrower shall enter into any
Additional Project Document or Additional Material Project Document except with the prior written approval of the Required Lenders. 
 (n)
Suspension or Abandonment; Operation. No Borrower shall (i) permit or suffer to exist an Event of Abandonment, or (ii) commence operation of any Plant, in each such case without the prior written approval of the Required Lenders.

 (o) Use of Proceeds; Margin Regulations. No Borrower shall use any proceeds of any Loan other than in accordance with the
provisions of Article II (Commitments and Borrowing) and Section 9.01(g) (Affirmative Covenants - Use of Proceeds). No Borrower shall use any part of the proceeds of any Loan to purchase or carry any Margin
Stock (as defined in F.R.S. Board Regulation U) or to extend credit to others for the purpose of purchasing or carrying any Margin Stock. No Borrower shall use the proceeds of any Loan in a manner that could violate or be inconsistent with the
provisions of F.R.S. Board Regulations T, U or X. 
 (p) Environmental Matters. The Borrowers shall not permit (i) any
underground storage tanks to be located on any property owned or leased by any Borrower, (ii) any asbestos to be contained in or form part of any building, building component, structure or office space owned by any Borrower, (iii) any
polychlorinated biphenyls (PCBs) to be used or stored at any property owned by any Borrower, other than as may already be present as of the date hereof in electrical equipment owned by utilities, provided that the presence of such PCBs
complies, and such equipment is operated, maintained, and inspected in compliance, with Environmental Laws, (iv) any other Materials of Environmental Concern to be used, stored or otherwise be present at any property owned by any Borrower,
other than Materials of Environmental Concern necessary for the operation of the Project and used in accordance with all Laws or (v) any other Materials of Environmental Concern to be used, stored or otherwise be present at any property leased
by any Borrower, other than in accordance with all Laws. 
  

 114 

 (q) Restricted Payments. The Borrowers shall not make any Restricted Payments (except for
Restricted Payments from a Borrower to another Borrower) without the prior written consent of the Required Lenders. 
 (r) Budget
Modifications. The Borrowers may not modify the Budget without the prior written consent of the Required Lenders, it being understood that such modifications shall be deemed approved within five (5) days after receipt of the modified Budget
by the Administrative Agent if (A) the Lenders and the Financial Advisor have had a conference call to discuss such modified Budget and (B) the Required Lenders or the Financial Advisor have not notified the Borrowers otherwise in writing.

 (s) Commodity Hedging Arrangements. The Borrowers shall not enter into any Commodity Hedging Arrangements. 
 (t) Accounting Changes. No Borrower shall make any change in (i) its accounting policies or reporting practices, except as required by GAAP,
or (ii) its Fiscal Year without the prior written consent of the Required Lenders. 
 (u) Limitation on Non-Obligor Transfers. No
Borrower shall enter into or effect any Non-Obligor Transfer unless such Non-Obligor Transfer is (i) in the ordinary course of the Borrower’s and applicable Non-Obligor Debtor’s business and such transaction is consistent with the
then effective Budget subject to the variances contemplated in Section 9.02(y) (Negative Covenants - Financial Covenants); (ii) upon fair and reasonable terms no less favorable to the Borrower than it would obtain in a
comparable arm’s-length transaction with a Person that is not an Affiliate, and (iii) indefeasibly secured by a Non-Obligor Transfer Lien. 
 (v) Prepayments of Prepetition Obligations. Except as otherwise allowed pursuant to the First Day Orders or the Orders or as provided in the Budget, no Borrower shall (i) make any payment or prepayment or
redemption or acquisition for value (including by way of depositing with the trustee with respect thereto money or securities before due for the purpose of paying when due) of obligations under the Prepetition Credit Agreement, (ii) pay any
interest under the Prepetition Credit Agreement (whether in cash, in kind securities or otherwise), or (iii) except as provided in any order of the Bankruptcy Court (other than the Orders) and approved by the Required Lenders, make any payment
or create or permit any Lien pursuant to section 361 of the Bankruptcy Code (or pursuant to any other provision of the Bankruptcy Code authorizing adequate protection). 
  

 115 

 (w) Extension of Exclusivity Periods. No Borrower shall file any motion or application with the
Bankruptcy Court seeking to extend the exclusivity periods set forth in section 1121 of the Bankruptcy Code for any reason without prior consultation with the Lenders. 
 (x) Chapter 11 Claims. No Borrower shall incur, create, assume, suffer to exist or permit any Superpriority claim that is pari passu with or senior to any of the claims of the Secured Parties against the
Borrowers except with respect to the Carve-Out or as otherwise expressly permitted by the Financing Documents and other than the claims of the Senior Secured Parties (as defined in the Prepetition Credit Agreement) to the extent provided in the
Orders or the orders relating to the WestLB Cash Collateral. 
 (y) Financial Covenants. 
  

	 	(i)	The Borrowers shall not permit SG&A/Corporate Overhead Expenses in any Monthly Budget Period (or part thereof) to exceed the amounts set forth in the Line Item entitled
“[SG&A/Corporate OH]” for such Monthly Budget Period in the applicable Budget by more than one hundred thousand Dollars ($100,000). 

  

	 	(ii)	The Borrowers shall not permit Professional Fees (other than the fees and expenses of the advisors and consultants working on behalf of the Secured Parties) in any Monthly Budget
Period (or part thereof) to exceed the amounts set forth in the Line Item entitled “[Professional Fees]” for such Monthly Budget Period in the applicable Budget by more than one hundred thousand Dollars ($100,000).

  

	 	(iii)	The Borrowers shall not permit Controllable Disbursements in any Monthly Budget Period (or part thereof) to exceed the amounts set forth in the Line Item entitled
“[Controllable Disbursements]” for such Monthly Budget Period in the applicable Budget by more than two hundred fifty thousand Dollars ($250,000). 

 Section 9.03 Reporting Requirements. The Borrowers will furnish to the Administrative Agent, who shall distribute copies of the following to each Lender: 
 (a) on the second Business Day of each week after the date of this Agreement, an updated rolling cash flow forecast ending on the earlier of
(i) thirteen (13) weeks after the week in which such cash flow forecast is delivered and (ii) the scheduled Maturity Date (each such forecast, a “Weekly Cash Flow Forecast”), in the same form and with the same level
of detail as the then-current Budget (it being understood, however, that, except as provided in Section 9.02(r) (Budget Modifications) approval of the Budget by the Required Lenders shall only be required once a month in
accordance with Section 9.01(j) (Affirmative Covenants – Budget)); 
  

 116 

 (b) on the second (2nd) Business Day of each week following the date hereof, a report setting forth,
in a form and in sufficient detail satisfactory to the Administrative Agent, a comparison of actual receipts and expenses to budgeted receipts and expenses in the then current Budget for the preceding week; 
 (c) as soon as available and in any event within thirty (30) days after the end of each calendar month, a report setting forth, in each case in a
form and in sufficient detail satisfactory to the Administrative Agent, (x) consolidated and consolidating balance sheets of ASA Holdings and balance sheets of each other Borrower as of the end of such month, (y) consolidated and
consolidating statements of income and cash flows of ASA Holdings and statements of income and cash flows of each other Borrower for such month, and for the period commencing at the end of the previous Fiscal Year and ending with the end of such
month and (z) consolidated and consolidating profit and loss statements of ASA Holdings and profit and loss statements of each other Borrower for such month, and for the period commencing at the end of the previous Fiscal Year and ending with
the end of such month, in each such case prepared in accordance with GAAP (subject to the absence of footnote disclosures and to normal year-end adjustments). Such report shall be certified as complete and correct by an Authorized Officer of the
Borrowers’ Agent, who also shall certify for each financial covenant set forth in Section 9.02(y) (Negative Covenants – Financial Covenants) that the Borrowers are in full compliance with each such covenant or, if any of
such certifications cannot be given, stating in reasonable detail the necessary qualifications to such certifications; 
 (d) promptly upon
receipt, copies of any detailed audit reports, management letters or recommendations submitted to any Borrower (or the audit or finance committee of any Borrower) by the Auditors in connection with the accounts or books of any Borrower, or any audit
of any Borrower; 
 (e) as soon as possible and in any event within five (5) days after the occurrence of any Default or Event of
Default, a statement of an Authorized Officer of the Borrowers’ Agent setting forth details of such Default or Event of Default and the action that the Borrowers have taken and propose to take with respect thereto; 
  

 117 

 (f) within five (5) days after any Borrower obtains Knowledge thereof a statement of an Authorized
Officer of the Borrowers’ Agent setting forth details of: 
  

	 	(i)	(A) any material litigation or governmental proceeding pending or threatened in writing against any Borrower or (B) any litigation or governmental proceeding pending or
threatened in writing against VeraSun that, in the case of this clause (B) only, has or would reasonably be expected to have a Material Adverse Effect; or 

  

	 	(ii)	any other event, act or condition that has or would reasonably be expected to have a Material Adverse Effect. 

 (g) promptly after delivery or receipt thereof, copies of all material notices or documents given or received by any Borrower pursuant to any of the
Project Documents or any Additional Project Documents including: 
  

	 	(i)	any written notice alleging willful misconduct under any Project Document; 

  

	 	(ii)	any written notice alleging any breach or default under any Project Document; 

  

	 	(iii)	any written notice regarding, or request for consent to, any assignment, termination, modification, waiver or variation of any Project Documents; and 

  

	 	(iv)	the appointment of any “Qualified Person” to conduct an audit under Section 11(b) of any Master Agreement; 

 (h) As soon as possible and in any event within five (5) Business Days after any Borrower knows, or has reason to know, that any of the events
described below have occurred, a duly executed certificate of an Authorized Officer of the Borrowers’ Agent setting forth the details of each such event and the action that the Borrowers propose to take with respect thereto, together with a
copy of any notice or filing from the PBGC, Internal Revenue Service, Department of Labor or that may be required by the PBGC or other U.S. Governmental Authority with respect to each such event: 
  

	 	(i)	any Termination Event with respect to an ERISA Plan or a Multiemployer Plan has occurred or will occur that would reasonably be expected to result in any material liability to any
Borrower; 

  

 118 

	 	(ii)	any condition exists with respect to a Plan that presents a material risk of termination of a Plan (other than a standard termination under Section 4041(b) of ERISA) or
imposition of an excise tax or other material liability on any Borrower; 

  

	 	(iii)	an application has been filed for a waiver of the minimum funding standard under Section 412 of the Code or Section 302 of ERISA under any Plan; 

 

	 	(iv)	any Borrower or any Plan fiduciary has engaged in a “prohibited transaction,” as defined in Section 4975 of the Code or as described in Section 406 of ERISA,
that is not exempt under Section 4975 of the Code and Section 408 of ERISA that would reasonably be expected to result in material liability to any Borrower; 

  

	 	(v)	there exists any Unfunded Benefit Liabilities under any ERISA Plan; 

  

	 	(vi)	any condition exists with respect to a Multiemployer Plan that presents a risk of a partial or complete withdrawal (as described in Section 4203 or 4205 of ERISA) from a
Multiemployer Plan that would reasonably be expected to result in any liability to any Borrower; 

  

	 	(vii)	a “default” (as defined in Section 4219(c)(5) of ERISA) occurs with respect to payments to a Multiemployer Plan and such default would reasonably be expected to
result in any liability to any Borrower; 

  

	 	(viii)	a Multiemployer Plan is in “reorganization” (as defined in Section 418 of the Code or Section 4241 of ERISA) or is “insolvent” (as defined in
Section 4245 of ERISA); 

  

	 	(ix)	any Borrower and/or any ERISA Affiliate has incurred any potential withdrawal liability (as defined in accordance with Title IV of ERISA); or 

  

	 	(x)	there is an action brought against any Borrower or any ERISA Affiliate under Section 502 of ERISA with respect to its failure to comply with Section 515 of ERISA;

  

 119 

 (i) as soon as possible and in any event within five (5) Business Days after the receipt by any
Borrower of a demand letter from the PBGC notifying such Borrower of its final decision finding liability and the date by which such liability must be paid, a copy of such letter, together with a duly executed certificate of the chief executive
officer, chief accounting officer, senior vice president or chief restructuring officer of such Borrower setting forth the action that such Borrower proposes to take with respect thereto; 
 (j) promptly and in any event within five (5) Business Days after the existence of any of the following conditions, a duly executed certificate of
an Authorized Officer of the Borrowers’ Agent specifying in detail the nature of such condition and, if applicable, the Borrowers’ proposed response thereto: 
  

	 	(i)	receipt by any Borrower of any written communication from a Governmental Authority or any written communication from any other Person or other source of written information,
including reports prepared by any Borrower, that alleges or indicates that any Borrower or an Environmental Affiliate is not in compliance in all material respects with applicable Environmental Laws or Environmental Approvals;

  

	 	(ii)	any Borrower obtains Knowledge that there exists any Environmental Claim pending or threatened in writing against any Borrower or an Environmental Affiliate;

  

	 	(iii)	any Borrower obtains Knowledge of any release, threatened release, emission, discharge or disposal of any Material of Environmental Concern or obtains Knowledge of any material
non-compliance with any Environmental Law that, in either such case, would reasonably be expected to form the basis of an Environmental Claim against any Borrower or any Environmental Affiliate; or 

  

	 	(iv)	any Removal, Remedial or Response action taken by any Borrower or any other person in response to any Material of Environmental Concern in, at, on or under, a part of or about the
Borrowers’ properties or any other property or any notice, claim or other information that any of the Borrowers might be subject to an Environmental Claim; 

  

 120 

 (k) the Borrowers will maintain at the Sites and make available for inspection by the Administrative
Agent, the Lenders and their agents and employees, on reasonable notice during regular business hours, accurate and complete records of all correspondence, investigations, studies, sampling and testing conducted, and any and all remedial actions
taken, by any Borrower or, to the best of any Borrower’s Knowledge and to the extent obtained by any Borrower, by any Governmental Authority or other Person in respect of Materials of Environmental Concern that would reasonably be expected to
form the basis of an Environmental Claim on or affecting any Plant or the Project; 
 (l) upon request of the Administrative Agent, to the
extent the Borrowers have them or receive them from Cargill and are not prohibited by applicable law, or by any confidentiality undertaking by which the Borrowers are bound, from sharing them with the Administrative Agent, financial statements of
Cargill; 
 (m) within five (5) days of the date filed, the Borrowers shall deliver to counsel for the Lenders all pleadings, motions,
applications and other documents filed with the Bankruptcy Court in connection with the Cases. The Borrowers shall deliver to the Administrative Agent any financial information distributed to any Committee(s) appointed in the Cases. In addition, the
Borrowers will submit all reports, including reports, projections or similar materials, including valuations, provided to the United States Trustee (or any information officer, examiner or interim receiver, if any, appointed in the Cases) or any
Committee, to the Administrative Agent to be distributed to the Lenders when provided to the United States Trustee or Committee (or information officer, examiner or receiver); 
 (n) promptly, and in any event within five (5) Business Days of obtaining Knowledge thereof, notify the Administrative Agent of any termination for
cause or any resignation of, in either such case, any key management personnel at any of the Plants or of more than ten (10) personnel (in the aggregate) at any single Plant; and 
 (o) other information reasonably requested by the Administrative Agent or any Lender, through the Administrative Agent. 
 Section 9.04 VeraSun Covenants. VeraSun, as pledgor with respect to the VeraSun Collateral, agrees with each Agent and each Lender that, until the
Discharge Date, it will perform the obligations set forth in this Section 9.04. 
 (a) Defense of Collateral. VeraSun
shall defend its title to the VeraSun Collateral and the interest of the Collateral Agent (for the benefit of itself and the other Secured Parties) in the VeraSun Collateral against the claims and demands of all other Persons (other than Permitted
VeraSun Collateral Liens). 
  

 121 

 (b) Limitation of Liens. VeraSun shall not create, incur, assume or suffer to exist any Liens on
or with respect to all or any part of the VeraSun Collateral (other than Permitted VeraSun Collateral Liens). VeraSun shall at its own cost and expense promptly take such action as may be necessary to discharge any such Liens (other than Permitted
VeraSun Collateral Liens). 
 (c) No Other Filings. VeraSun shall not file or authorize in any jurisdiction any financing statements
under the UCC or any like statement relating to the VeraSun Collateral in which the Collateral Agent (for the benefit of the Secured Parties) is not named as the sole secured party (other than with respect to Permitted VeraSun Collateral Liens).

 (d) No Sale of Collateral. Except as permitted by the terms of this Agreement, VeraSun shall not cause, suffer or permit the sale,
assignment, conveyance, pledge or other transfer (other than Permitted VeraSun Collateral Liens) of all or any portion of the VeraSun-Pledged Equity Interests or any other portion of the VeraSun Collateral. 
 (e) No Impairment of Security. VeraSun shall not take or fail to take any action that would impair in any manner the enforceability of the
Collateral Agent’s security interest in and Lien on any of the VeraSun Collateral. 
 (f) Distributions. If VeraSun in its
capacity as an owner of ASA Holdings receives any income, dividend or other distribution of money or property of any kind from ASA Holdings (other than as expressly permitted by this Agreement), VeraSun shall hold such income or distribution for the
benefit of and shall promptly deliver the same to the Collateral Agent in the exact form received by VeraSun (or duly endorsed by VeraSun to the Collateral Agent, if required). 
 (g) Maintenance of Records. VeraSun shall, at all times, keep accurate and complete records of the VeraSun Collateral. VeraSun shall permit
officers and designated representatives of the Collateral Agent to examine VeraSun’s books and records pertaining to the VeraSun Collateral, and make copies thereof or abstracts therefrom, all at the expense of VeraSun and at such reasonable
times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to VeraSun; provided that if a Default or Event of Default has occurred and is continuing, the Collateral Agent (or any of its
respective officers or designated representatives) may do any of the foregoing at the expense of VeraSun at any time during normal business hours and without advance notice. Upon the occurrence and during the continuation of any Event of Default, at
the Collateral Agent’s request, VeraSun shall promptly deliver to the Collateral Agent copies of any and all of the records mentioned above. 
  

 122 

 (h) Name; Jurisdiction of Organization. VeraSun shall not change its name, its jurisdiction of
organization, the location of its principal place of business or its organization identification number without prior written notice to the Collateral Agent at least thirty (30) days prior to such change (or such lesser period as is agreed to
by the Agents). In the event of such change, VeraSun shall (at its expense) execute and deliver such instruments and documents as may be reasonably requested (in writing) by the Collateral Agent or required by applicable Law to maintain a prior
perfected security interest in the VeraSun Collateral. 
 (i) Amendments to Organizational Documents. Except as expressly permitted by
this Agreement or the other Financing Documents, VeraSun shall not terminate, amend, supplement or otherwise modify, or cancel, the Organic Documents of ASA Holdings. 
 (j) Perfection. (i) VeraSun agrees that from time to time, at the expense of VeraSun, VeraSun shall promptly execute and deliver all further instruments and documents, and take all further action, that may
be necessary, or that the Collateral Agent may reasonably request in writing, in order to perfect, to ensure the continued perfection of, or to protect the assignment and security interest granted or intended to be granted hereby and pursuant to the
Orders in any of the VeraSun Collateral or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any of the VeraSun Collateral. Without limiting the generality of the foregoing, VeraSun shall
(A) deliver any of such VeraSun Collateral represented by a certificate or other instrument to the Collateral Agent, accompanied by such duly executed instruments of transfer or assignment as the Collateral Agent may reasonably request, and
(B) authorize, execute and file such financing or continuation statements, or amendments thereto, and such other instruments, endorsements or notices, as may be necessary or as the Collateral Agent may reasonably request in writing, in order to
perfect or preserve the assignments and security interests granted or purported to be granted hereby and pursuant to the Orders. (ii) VeraSun hereby authorizes the filing of any financing statements or continuation statements, and amendments to
financing statements, or any similar document in any jurisdictions and with any filing offices as the Collateral Agent may reasonably determine are necessary or advisable to perfect or protect the security interest in the VeraSun Collateral granted
to the Collateral Agent, for the benefit of the Secured Parties, herein. Such financing statements may describe the VeraSun Collateral in the same or similar manner as described herein and in the Orders. 
 (k) Information Concerning Collateral. VeraSun shall, promptly upon written request, provide to the Collateral Agent all information and evidence
it may reasonably request concerning the Collateral to enable the Collateral Agent to enforce the provisions of this Agreement and the Orders. 
  

 123 

 (l) Payment of Taxes. VeraSun shall pay or cause to be paid, before any fine, penalty, interest or
cost attaches thereto, all Taxes and other non-governmental charges or levies (other than those Taxes or levies that are subject to a Contest and except, if non-payment is permitted by the Bankruptcy Code, for the period during which such
non-payment is permitted by the Bankruptcy Code) now or hereafter assessed or levied against the Collateral pledged by it hereunder and shall retain copies of and, upon request, permit Collateral Agent or any other Secured Party to examine receipts
showing payment of any of the foregoing. 
 ARTICLE X 
 DEFAULT AND ENFORCEMENT 
 Section 10.01 Events of Default. Each of the following events or
occurrences described in this Section 10.01 shall constitute an Event of Default. 
 (a) Certain Appointments. A trustee
under chapter 7 or chapter 11 of the Bankruptcy Code, a responsible officer, or an examiner with enlarged powers relating to the operation of the business (powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code)
under section 1106(b) of the Bankruptcy Code shall be appointed in any of the Cases of the Borrowers. 
 (b) Dismissal or Conversion.
Any of the Cases concerning any Borrower shall be dismissed or converted to a case under chapter 7 of the Bankruptcy Code or any Borrower shall file a motion or other pleading or support a motion or other pleading filed by any other Person seeking
the dismissal of any of the Cases concerning any Borrower under section 1112 of the Bankruptcy Code or otherwise. 
 (c) Relief from
Automatic Stay. The Bankruptcy Court shall enter an order or orders granting relief from the automatic stay applicable under section 362 of the Bankruptcy Code to the holder or holders of any security interest to permit foreclosure (or the
granting of a deed in lieu of foreclosure or the like) on all or any part of the VeraSun Collateral or on any assets forming part of the Borrower Collateral that have an aggregate value in excess of one million Dollars ($1,000,000) or that could
reasonably be expected to have an adverse impact on any of the Borrowers’ businesses. 
 (d) Modifications of Final Order. An
order of the Bankruptcy Court shall be entered (i) reversing, staying or vacating the Interim Order or the Final Order or (ii) without the prior written consent of the Required Lenders, amending, supplementing or modifying the Final Order
in any material respect. 
  

 124 

 (e) Payments or Adequate Protection on Prepetition Claims. Any payment shall be made on, or any
adequate protection shall be granted with respect to, any Prepetition debt or claim of any Borrower (other than as approved by the Required Lenders and the Bankruptcy Court) in violation of Section 9.02(v) (Negative Covenants -
Prepayments of Prepetition Obligations). 
 (f) Other Financing or Liens. (i) Any Borrower shall bring or consent to any
motion or application in their respective Cases: (A) to obtain working capital financing from any Person other than the Lenders under section 364(d) of the Bankruptcy Code; (B) to obtain financing from any Person other than the Lenders
under section 364(c) of the Bankruptcy Code (other than with respect to a financing used, in whole or part, to repay in full the Obligations); or (C) to grant a Superpriority claim, other than that granted in the Orders and other than with
respect to the Carve-Out, that is pari passu with or senior to any of the claims (including, without limitation, the Superpriority claim) of the Secured Parties against the Borrowers hereunder and under the Orders; or there shall arise or be
granted any Superpriority claim that is pari passu or senior to any such claims (including, without limitation, a Superpriority claim); 
  

	 	(ii)	Any Borrower or VeraSun shall bring or consent to any motion or application in their respective Cases: (A) to grant any Lien other than Permitted Liens upon or affecting any
Collateral (or there shall arise or be granted any such Lien other than Permitted Prior Liens that is pari passu or senior to the Financing Liens); or (B) to recover from any portions of the Collateral any costs or expenses of preserving
or disposing of such Collateral under section 506(c) of the Bankruptcy Code. 

  

	 	(iii)	Any Person shall seek and obtain allowance of any order in the Cases of any Borrower or VeraSun to recover from any portions of the Collateral any costs or expenses of preserving or
disposing of such Collateral under section 506(c) of the Bankruptcy Code. 

 (g) Non-Obligor Transfer Collateral. Except
as contemplated in Section 5.04(d) (Priority and Liens) or in the Orders, any Non-Obligor Debtor shall, without the prior written consent of the Required Lenders, bring or consent to any motion or application in the Cases to
(A) grant any (i) Lien upon or affecting any Non-Obligor Transfer Collateral that is pari passu with or senior to the Non-Obligor Transfer Lien, or (ii) administrative expense claim that is pari passu with or senior to
any Superpriority Non-Obligor Transfer Claim, or there shall arise or be granted any such pari passu or senior Lien or claim, or (B) to recover from any portions of the Non-Obligor Transfer 

  

 125 

 
Collateral any costs or expenses of preserving or disposing of such Non-Obligor Transfer Collateral under section 506(c) of the Bankruptcy Code, or any other
party shall seek and obtain allowance of any order in the Cases of the Borrowers to recover from any portions of the Non-Obligor Transfer Collateral any costs or expenses of preserving or disposing of such Non-Obligor Transfer Collateral under
section 506(c) of the Bankruptcy Code. 
 (h) Reorganization Plan. An order shall be entered by the Bankruptcy Court confirming a plan
of reorganization or liquidation in any of the Cases of the Borrowers (or any Borrower shall propose a plan of reorganization or liquidation in any of the Cases of the Borrowers ) that does not contain a provision for payment of all of the
Obligations by an indefeasible payment in full in cash on or before the effective date of such plan. 
 (i) Dismissal Order. An order
shall be entered by the Bankruptcy Court, or any Borrower shall make a motion for an order of the Bankruptcy Court, dismissing any of the Cases of the Borrowers that does not contain a provision for indefeasible payment in full in cash (or cash
collateralization or letter of credit support, in the case of outstanding Letters of Credit) of the Obligations in accordance with the definition of Discharge Date. 
 (j) Impairment of Liens, Etc. Any of the Financing Liens, the Non-Obligor Transfer Liens or the Superpriority claims granted with respect to the DIP Credit Facilities shall become impaired in any respect.

 (k) Material Adverse Effect. Any event (other than (i) a Temporary Idle and (ii) events resulting from the filing of the
Cases and events that typically result from the commencement of a bankruptcy case) occurs after the Petition Date that has a materially adverse effect on the business, assets, liabilities, operations, conditions (financial or otherwise) or
properties of any of the Borrowers. 
 (l) Rejection of Material Agreement. Any material Project Document is rejected in any of the
Cases of the Borrowers without the prior written consent of Required Lenders. 
 (m) Marshaling of Assets. The Bankruptcy Court
approves or directs marshaling of any Collateral or assets of any Borrower. 
 (n) Nonpayment. (i) Any Borrower fails to pay any
amount of principal of any Loan when the same becomes due and payable or (ii) any Borrower fails to pay any interest on any Loan or any fee or other Obligation or amount payable hereunder or under any other Financing Document within three
(3) days after the same becomes due and payable. 
  

 126 

 (o) Breach of Warranty. Any representation or warranty of any Loan Party made or deemed to be
restated or remade in any Financing Document is or shall be incorrect or misleading in any material respect when made or deemed made; provided, that it shall not be an Event of Default if (i) a representation or warranty made in any
Financing Document was incorrect in any material respect when made or repeated, (ii) such Loan Party did not know, at the time such representation or warranty was made or repeated, that it was incorrect, (iii) such incorrect representation
or warranty is capable of being corrected within thirty (30) days, (iv) such incorrect representation or warranty is corrected within such thirty (30) day period and (v) no Material Adverse Effect shall have occurred as a result
of such representation or warranty being incorrect. 
 (p) Non-Performance of Certain Covenants and Obligations. Any Borrower defaults
in the due performance and observance of any of its obligations under any of Sections 9.01(g) (Affirmative Covenants - Use of Proceeds), 9.01(h) (Affirmative Covenants - Insurance), 9.01(j) (Affirmative
Covenants - Budget), 9.02 (Negative Covenants), or clause (b), (c) or (e) of Section 9.03 (Reporting Requirements), or VeraSun defaults in the due performance and observance of any of its
obligations under any of Sections 9.04(b) (VeraSun Pledgor Covenants - Limitation of Liens), 9.04(c) (VeraSun Pledgor Covenants - No Other Filings), 9.04(d) (VeraSun Pledgor Covenants - No Sale of Collateral),
9.04(f) (VeraSun Pledgor Covenants - Distributions), or 9.04(h) (VeraSun Pledgor Covenants - Name; Jurisdiction of Organization). 
 (q) Non-Performance of Other Covenants and Obligations. Any Loan Party defaults in the due performance and observance of any covenant or agreement (other than covenants and agreements referred to in
Section 10.01(n) or 10.01(p)) contained in any Financing Document, and such default shall continue unremedied for a period of thirty (30) days (or five (5) days with respect to any such default under (x) any clause
of Section 9.03 (Reporting Requirements) other than those referred to in Section 10.01(p) (Non-Performance of Certain Covenants and Obligations) or (y) Section 9.01(w) (Sale of Substantially All
Assets)). 
 (r) Cross Defaults. Any one of the following occurs with respect to any Borrower with respect to Postpetition
Indebtedness (other than the Loans) in the amount greater than or equal to two million Dollars ($2,000,000) in the aggregate: 
  

	 	(i)	a default occurs in the payment when due (subject to any applicable grace period), whether by acceleration or otherwise, of such Postpetition Indebtedness; or

  

	 	(ii)	 fails to observe or perform any other agreement or condition relating to any such Postpetition Indebtedness or contained in any instrument or agreement evidencing,

  

 127 

	 	 
securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such
Postpetition Indebtedness or the beneficiary or beneficiaries of any Postpetition Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such
Postpetition Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Postpetition Indebtedness to be made, prior to its
stated maturity, or such Postpetition Guarantee to become payable or cash collateral in respect thereof to be demanded. 

 (s) Judgments. Any judgment or order that has or could reasonably be expected to have a Material Adverse Effect, is rendered against any Loan Party, or any judgment or order is rendered against any or all of the Borrowers in an
amount in excess of two million Dollars ($2,000,000) in the aggregate. 
 (t) ERISA Events. (i) Any Termination Event occurs,
(ii) any Plan incurs an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), (iii) any Borrower or member of any Borrower’s ERISA Controlled Group engages in a
transaction that is prohibited under Section 4975 of the Code or Section 406 of ERISA, (iv) any Borrower or any ERISA Affiliate fails to pay when due any amount it has become liable to pay to the PBGC, any Plan or a trust established
under Title IV of ERISA, (v) a condition exists by reason of which the PBGC would be entitled to obtain a decree adjudicating that an ERISA Plan must be terminated or have a trustee appointed to administer it, (vi) any Borrower or any
ERISA Affiliate suffers a partial or complete withdrawal from a Multiemployer Plan or is in “default” (as defined in Section 4219(c)(5) of ERISA) with respect to payments to a Multiemployer Plan, (vii) a proceeding is instituted
against any Borrower to enforce Section 515 of ERISA (viii) the aggregate amount of the then “current liability” (as defined in Section 412(l)(7) of the Code, as amended) of all accrued benefits under such Plan or Plans
exceeds the then current value of the assets allocable to such benefits by more than one hundred thousand Dollar ($100,000) at such time, or (ix) any other event or condition occurs or exists with respect to any Plan that would subject any
Borrower to any tax, penalty or other liability. 
  

 128 

 (u) Project Document Defaults; Termination. (i) Any Borrower or any Project Party shall be in
breach of or otherwise in default under any Key Project Document (other than (x) as a result of the Cases or a Temporary Idle, or (y) any breach or default that has not had and would not reasonably be expected to have a Material Adverse
Effect) and such breach or default has continued beyond any applicable grace period expressly provided for in such Key Project Document (or, if no such cure period is provided, thirty (30) days). 
  

	 	(ii)	Any Key Project Document ceases to be in full force and effect prior to its scheduled expiration, is repudiated, or its enforceability is challenged or disaffirmed by or on behalf
of any Borrower or any Project Party thereto. 

 (v) Governmental Approvals. Any Borrower fails to obtain, renew,
maintain or comply in all material respects with any Necessary Project Approval, or any Necessary Project Approval is revoked, canceled, terminated, withdrawn or otherwise ceases to be in full force and effect, or any Necessary Project Approval is
modified without the consent of the Required Lenders in a manner that has, or would reasonably be expected to result in, a Material Adverse Effect. 
 (w) Unenforceability of Documentation. At any time after the execution and delivery thereof: 
  

	 	(i)	any material provision of any Financing Document (other than any UCC financing statement that was erroneously filed) shall cease to be in full force and effect;

  

	 	(ii)	any Financing Document (other than any UCC financing statement that was erroneously filed) is revoked or terminated, becomes unlawful or is declared null and void by a Governmental
Authority of competent jurisdiction; or 

  

	 	(iii)	any Financing Document (other than any UCC financing statement that was erroneously filed) becomes unenforceable, is repudiated or the enforceability thereof is contested or
disaffirmed by or on behalf of any party thereto other than the Secured Parties, except to the extent that the enforceability hereof or thereof may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement
of creditors’ rights generally. 

  

 129 

 (x) Environmental Matters. (i) (A) Any Environmental Claim is asserted against any
Borrower or any Environmental Affiliate, (B) any release, threat of release, emission, discharge or disposal of any Material of Environmental Concern occurs, and such event could form the basis of an Environmental Claim against any Borrower or
any Environmental Affiliate, or (C) any material non-compliance event occurs that would reasonably result in an Environmental Claim against any Borrower or, to the extent Borrower may have liability, any Environmental Affiliate, that in any
such case would reasonably be expected to result in liability for any Borrower (or the Borrowers on an aggregate basis) in an amount greater than five hundred thousand Dollars ($500,000) for any single claim or one million Dollars ($1,000,000) for
all such claims during any twelve (12) month period or could otherwise reasonably be expected to result in a Material Adverse Effect, or (ii) any Borrower or any Environmental Affiliate fails to obtain any Environmental Approvals necessary
for the management, use, control, ownership, or operation of its business, property or assets or any such Environmental Approval is the subject of an Environmental Claim, revoked, terminated, or otherwise ceases to be in full force and effect.

 (y) Loss of Collateral. Any portion of the Collateral, which portion has a fair market value in excess of ten million Dollars
($10,000,000), is damaged, seized or appropriated. 
 (z) Event of Abandonment. An Event of Abandonment occurs. 
 (aa) Taking or Total Loss. An Event of Taking with respect to all or a material portion of any Plant or any Equity Interests in any Borrower
occurs, or an Event of Total Loss occurs. 
 (bb) Change of Control. A Change of Control occurs. 
 (cc) Agreement for Sale of Substantially All Assets. Without the prior written consent of the Required Lenders, the Borrowers (or any of them)
enter into any agreement for the sale of all or substantially all assets of the Borrowers (including any “stalking horse” agreement) unless such agreement provides for (i) the payment in full of all Obligations and (ii) the
(x) full cash collateralization or (y) issuance of a letter of credit (in form and substance satisfactory to the Issuing Bank and the Required Lenders from a bank satisfactory to the Issuing Bank and the Required Lenders) for support of,
the aggregate Maximum LC Available Amounts under all issued and outstanding Letters of Credit, in the case of both (i) and (ii) as a condition to any closing or sale under such agreement. 
 Section 10.02 Action Upon Event of Default. (a) If any Event of Default occurs for any reason, whether voluntary or involuntary, and is
continuing, the Administrative Agent may, or upon the direction of the Required Lenders shall, by five (5) Business Days’ written notice to the Borrowers and the Committee (with a copy to the applicable United States Trustee), declare all
or any portion of the outstanding principal 

  

 130 

 
amount of the Loans and other Obligations to be due and payable and/or any outstanding Commitments (other than the obligations to participate in the Issuing
Bank’s liability under any Letter of Credit pursuant to Section 2.02(c) (Letters of Credit)) (if not theretofore terminated) to be terminated, and/or require the aggregate Maximum LC Available Amounts under all issued and
outstanding Letters of Credit to be cash collateralized, whereupon the full unpaid amount of such Loans and other Obligations that has been declared due and payable shall be and become immediately due and payable and the aggregate Maximum LC
Available Amounts under all issued and outstanding Letters of Credit shall be cash collateralized, without further notice, demand or presentment and/or, as the case may be, any outstanding Commitments (other than the obligations to participate in
the Issuing Bank’s liability under any Letter of Credit pursuant to Section 2.02(c) (Letters of Credit)) shall terminate. During the continuance of an Event of Default, the Administrative Agent may, or upon the direction of
the Required Lenders shall, subject to delivery of five (5) Business Days’ written notice to the Borrowers and the Committee as specified in the prior sentence, instruct the Collateral Agent to exercise any or all rights or remedies
provided for under this Agreement or the other Financing Documents. To the extent that any such rights and remedies would otherwise be in violation of the automatic stay of section 362 of the Bankruptcy Code, such stay shall be deemed modified, as
set forth in the Final Order, to the extent necessary to permit the Collateral Agent to exercise such rights and remedies. 
 (b) Any
declaration made pursuant to Section 10.02(a) may, should the Required Lenders in their sole and absolute discretion so elect, be rescinded by written notice to the Borrowers at any time after the principal of the Loans has become due
and payable, but before any judgment or decree for the payment of the monies so due, or any part thereof, has been entered; provided that no such rescission or annulment shall extend to or affect any subsequent Event of Default or impair any
right consequent thereon. 
 Section 10.03 Remedies. Upon the occurrence and during the continuation of an Event of Default, the
Collateral Agent shall have the right, but not the obligation, subject to the Orders, to do any of the following: 
 (a) vote or exercise any
and all of any Loan Party’s rights or powers incident to its ownership of Equity Interests in any Borrower, including any rights or powers to manage or control such Borrower; 
 (b) demand, sue for, collect or receive any money or property at any time payable to or receivable by any Loan Party on account of or in exchange for all
or part of the Equity Interests pledged by it pursuant to the Orders; 
  

 131 

 (c) amend, terminate, supplement or modify all or any of Organic Documents of the Borrowers; 

(d) proceed to protect and enforce the rights vested in it hereunder and under the UCC; 
 (e) cause all revenues and all other moneys and other property forming part of the Collateral to be paid and/or delivered directly to it, and demand, sue
for, collect and receive any such moneys and property; 
 (f) cause any action at law or in equity or other proceeding to be instituted and
prosecuted to collect or enforce any of the Obligations, or rights hereunder or included in the Collateral, or for specific enforcement of any covenant or agreement contained herein or in any Project Documents or other agreements forming part of the
Collateral, or in aid of the exercise of any power herein or therein granted, or for any foreclosure hereunder and sale under a judgment or decree in any judicial proceeding, or to enforce any other legal or equitable right vested in it by this
Agreement or by Law; 
 (g) foreclose or enforce any other agreement or other instrument by or under or pursuant to which the Obligations are
issued or secured; 
 (h) incur expenses, including attorneys’ fees, consultants’ fees, and other costs in connection with the
exercise of any right or power under this Agreement or any other Financing Document; 
 (i) perform any obligation of any Loan Party
hereunder or under any other Financing Document or any Project Document or other agreement forming part of the Collateral, submit renewal notices or exercise any purchase options under leases, and make payments, purchase, contest or compromise any
encumbrance, charge, or lien, and pay taxes and expenses and insure, process and preserve the Collateral without, however, any obligation to do so; 
 (j) take possession of the Collateral and of any and all books of account and records of the Borrowers relating to any of the Collateral and render it usable and repair and renovate the same without, however, any obligation to do so, and
enter upon, or authorize its designated agent to enter upon, any location where the same may be located for that purpose (including the right of the Collateral Agent to exclude the Borrowers and all Persons claiming access through any of the
Borrowers from any access to the Collateral or to any part thereof) and the Collateral Agent and its representatives are hereby granted an irrevocable license to enter upon such premises for such purpose, control, manage, operate, rent and lease the
Collateral, either separately or in conjunction with the Project, collect all rents and income from the Collateral and apply the same to 

  

 132 

 
reimburse the Secured Parties for any reasonable cost or expenses incurred hereunder or under any of the Financing Documents and to the payment or
performance of any of the Borrowers’ obligations hereunder or under any of the Financing Documents, and apply the balance to the Obligations as provided herein and any remaining excess balance to whomsoever is legally entitled thereto;

 (k) make any reasonable compromise or settlement deemed desirable with respect to any of the Collateral and extend the time of payment,
arrange for payment installments, or otherwise modify the terms of, any Collateral; 
 (l) secure the appointment of a receiver of the
Collateral or any part thereof, whether incidental to a proposed sale of the Collateral or otherwise, and all disbursements made by such receiver and the expenses of such receivership shall be added to and be made a part of the Obligations and,
whether or not said principal sum, including such disbursements and expenses, exceeds the indebtedness originally intended to be secured hereby, the entire amount of said sum, including such disbursements and expenses, shall be secured by the
Financing Liens and shall be due and payable upon demand therefor and thereafter shall bear interest at the Default Rate or the maximum rate permitted by applicable Law, whichever is less; 
 (m) enter into any extension, reorganization, deposit, merger, consolidation or other agreement pertaining to, or deposit, surrender, accept, hold or
apply other property in exchange for, the Collateral or any part thereof; 
 (n) transfer the Collateral or any part thereof to the name of
the Collateral Agent or to the name of a Collateral Agent’s nominee; 
 (o) take possession of and endorse in the name of any of the
Borrowers or in the name of the Collateral Agent, for the account of any of the Borrowers, any bills of exchange, checks, drafts, money orders, notes or any other chattel paper, documents or instruments constituting all or any part of the Collateral
or received as interest, rent or other payment on or on account of the Collateral or any part thereof or on account of its sale or lease; 
 (p) appoint another Person (who may be an employee, officer or other representative of the Collateral Agent) to do any of the foregoing, or take any other action permitted hereunder, on behalf of the Collateral Agent; 
 (q) execute (in the name, place and stead of any of the Borrowers) endorsements, assignments and other instruments of conveyance or transfer with respect
to all or any of the Collateral; 
  

 133 

 (r) take any other action which the Collateral Agent deems necessary or desirable to protect or realize
upon its security interest in the Collateral or any part thereof; 
 (s) require the Borrowers to assemble the Collateral or any part thereof
and to make the same (to the extent the same is reasonably moveable) available to the Collateral Agent at a place to be designated by the Collateral Agent which is reasonably convenient to the Borrowers and the Collateral Agent; 
 (t) make formal application for the transfer of all or any Governmental Approvals of any of the Borrowers to the Collateral Agent or to any assignee of
the Collateral Agent or to any purchaser of any of the Collateral to the extent the same are assignable in accordance with their terms and applicable Laws; 
 (u) bring an action or proceeding to foreclose or proceed to sell any real property pursuant to a power of sale; and/or 
 (v) exercise any other or additional rights or remedies granted to the Collateral Agent under any other provision of this Agreement or any other Financing Document, or exercisable by a secured party under the UCC or
under any other applicable Law and without limiting the generality of the foregoing and without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange or
broker’s board or elsewhere, at such price or prices and on such other terms as the Collateral Agent may deem commercially reasonable in accordance with the UCC. 
 Section 10.04 Minimum Notice Period. If, pursuant to applicable Laws, prior notice of any action described in Section 10.03 (Remedies) is required to be given to any Loan Party, each Loan
Party hereby acknowledges that the minimum time required by such applicable Laws, or, if no minimum time is specified, ten (10) days shall be deemed a reasonable notice period. 
 Section 10.05 Sale of Collateral. In addition to exercising the foregoing rights, the Collateral Agent may, to the extent permitted by applicable
Laws and subject to the Orders, arrange for and conduct the sale of the Collateral at a public or private sale (as the Collateral Agent may elect) which sale may be conducted by an employee or representative of the Collateral Agent, and any such
sale shall be conducted in a commercially reasonable manner. The Collateral Agent may release, temporarily or otherwise, to the applicable Loan Party any item of Collateral of which the Collateral Agent has taken possession pursuant to any right
granted to the Collateral Agent by this Agreement without waiving any rights granted to the Collateral Agent under this Agreement, the other Financing Documents or any other agreement related hereto or 

  

 134 

 
thereto. Each Loan Party, in dealing with or disposing of the Collateral or any part thereof, hereby waives all rights, legal and equitable, it may now or
hereafter have to require marshaling of assets or to require, upon foreclosure, sales of assets in a particular order. Each successor of any Loan Party under the Financing Documents agrees that it shall be bound by the above waiver, to the same
extent as if such successor gave the waiver itself. Each Loan Party also hereby waives, to the full extent it may lawfully do so, the benefit of all laws providing for rights of appraisal, valuation, stay, extension or redemption after foreclosure
now or hereafter in force. If the Collateral Agent sells any of the Collateral upon credit, the Loan Party in respect of such Collateral will be credited only with payments actually made by the purchaser and received by the Collateral Agent. In the
event the purchaser fails to pay for the Collateral, the Collateral Agent may resell the Collateral and the relevant Loan Party shall be credited with the proceeds of the sale in excess of the amounts required to pay the Obligations in full. In the
event the Collateral Agent bids at any foreclosure or trustee’s sale or at any private sale permitted by Law and this Agreement or any other Financing Document, the Collateral Agent may bid all or less than the amount of the Obligations. The
Collateral Agent shall not be obligated to make any sale of Collateral regardless of whether or not notice of sale has been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place
fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Loan Party further acknowledges and agrees that any offer to sell any part of the Collateral that has been (i) publicly
advertised on a bona fide basis in a newspaper or other publication of general circulation or (ii) made privately in the manner described herein to not less than fifteen (15) bona fide offerees shall be deemed to involve a “public
disposition” for the purposes of Section 9-610(c) of the UCC. 
 Section 10.06 Actions Taken by Collateral Agent. Any action
or proceeding to enforce this Agreement or any Project Document or other agreement forming part of the Collateral may be taken by the Collateral Agent either in the name of the applicable Loan Party or in the Collateral Agent’s name, as the
Collateral Agent may deem necessary. 
 Section 10.07 Private Sales. The Collateral Agent shall incur no liability as a result of the
sale of the Collateral, or any part thereof, at any private sale made in good faith by Collateral Agent pursuant to Section 10.03 (Remedies) or Section 10.05 (Sale of Collateral) conducted in a commercially
reasonable manner and in accordance with the requirements of applicable Laws. Each Loan Party hereby waives any claims against the Collateral Agent and the other Secured Parties arising by reason of the fact that the price at which the Collateral
may have been sold at such a private sale was less than the price that might have been obtained at a public sale or was less than the aggregate amount of the Obligations, even if the Collateral Agent accepts the first offer received and does not
offer the Collateral to more than one offeree, provided that such private sale is conducted in a commercially reasonable manner and in accordance with applicable Laws. 
  

 135 

 Section 10.08 Access to Land. In exercising its right to take possession of the Collateral upon
the occurrence and during the continuation of an Event of Default hereunder, the Collateral Agent, personally or by its agents or attorneys, and subject to the rights of any tenant under any lease or sublease of the Collateral and subject to the
Orders, to the fullest extent permitted by Law, may enter upon any land owned or leased by any Loan Party without being guilty of trespass or any wrongdoing, and without liability to such Loan Party for damages thereby occasioned. 
 Section 10.09 Compliance With Limitations and Restrictions. Each Loan Party hereby agrees that in respect of any sale of any of the Collateral
pursuant to the terms hereof, the Collateral Agent is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to avoid any violation of applicable Laws, or in
order to obtain any required approval of the sale or of the purchaser by any Governmental Authority or official, and each Loan Party further agrees that such compliance shall not result in such sale being considered or deemed not to have been made
in a commercially reasonable manner, nor shall the Collateral Agent be liable or accountable to such Loan Party for any discount allowed by reason of the fact that such Collateral is sold in compliance with any such limitation or restriction.

 Section 10.10 No Impairment of Remedies. If, in the exercise of any of its rights and remedies hereunder, the Collateral Agent
forfeits any of its rights or remedies, including any right to enter a deficiency judgment against any Loan Party or any other Person, whether because of any applicable Law pertaining to “election of remedies” or otherwise, each Loan Party
hereby consents to such action by the Collateral Agent and, to the extent permitted by applicable Law, waives any claim based upon such action, even if such action by the Collateral Agent would result in a full or partial loss of any rights of
subrogation, indemnification or reimbursement which such Loan Party might otherwise have had but for such action by the Collateral Agent or the terms herein. Any election of remedies which results in the denial or impairment of the right of the
Collateral Agent to seek a deficiency judgment against any of the parties to any of the Financing Documents shall not, to the extent permitted by applicable Laws, impair any Loan Party’s obligations hereunder. 
 Section 10.11 Attorney-In-Fact. (a) Each Loan Party hereby constitutes and appoints the Collateral Agent, acting for and on behalf of itself
and the other Secured Parties and each successor or permitted assign of the Collateral Agent and the other Secured Parties, the true and lawful attorney-in-fact of such Loan Party, with full power and authority in the place and stead of such Loan
Party and in the name of such Loan 

  

 136 

 
Party, Collateral Agent or otherwise to enforce all rights, interests and remedies of such Loan Party with respect to the Collateral or enforce all rights,
interests and remedies of the Collateral Agent under this Agreement (including the rights set forth in this Article X); provided, however, that Collateral Agent shall not exercise any of the aforementioned rights unless an Event
of Default has occurred and is continuing and has not been waived or cured in accordance with this Agreement and the other Financing Documents and delivery of notice as set forth in Section 10.02(a) and the Orders. This power of attorney
is a power coupled with an interest and shall be irrevocable; provided further, however, that nothing in this Agreement shall prevent any Loan Party from, prior to the exercise by Collateral Agent of any of the aforementioned rights,
undertaking such Loan Party’s operations in the ordinary course of business in accordance with the Collateral and the Financing Documents. 
 (b) If any Loan Party fails to perform any agreement or obligation contained herein, and such failure continues for ten (10) days following delivery of written notice by the Collateral Agent to such Loan Party, and subject to the
Orders, the Collateral Agent itself may perform, or cause performance of, such agreement or obligation, and the reasonable expenses of the Collateral Agent incurred in connection therewith shall be payable by such Loan Party and shall be secured by
the Collateral. 
 Section 10.12 Application of Proceeds. Any moneys received by the Collateral Agent after the occurrence and during
the continuance of an Event of Default may be held by the Collateral Agent as Collateral and/or, at the direction of the Administrative Agent, may be applied in full or in part by the Collateral Agent against the Obligations in the following order
of priority (but without prejudice to the right of the Collateral Agent to recover any shortfall from the Borrower): 
 (a) first, to
payment of that portion of the Obligations constituting fees, costs, expenses (and interest owing thereon (if any)) and any other amounts (including fees, costs and expenses of counsel and amounts payable under Article IV (Eurodollar Rate
and Tax Provisions)) payable to the Agents in their capacities as such ratably among them in proportion to the amounts described in this clause first; 
 (b) second, to payment of that portion of the Obligations constituting fees, costs, expenses (and interest owing thereon (if any)) and any other amounts (including fees, costs and expenses of counsel and
amounts payable under Article IV (Eurodollar Rate and Tax Provisions)) but excluding principal of and accrued interest on the Loans payable to the Lenders, ratably among the Lenders in proportion to the amounts described in this
clause second payable to them, as certified by the Administrative Agent; 
  

 137 

 (c) third, to payment of the portion of the Obligations constituting accrued and unpaid interest
(including default interest) with respect to the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause third payable to them, as certified by the Administrative Agent; 
 (d) fourth, to the principal amount of the Loans (including for such purpose cash collateralization of the full amount of any outstanding Letters
of Credit, which shall be treated as principal for purposes of this priority fourth) payable by the Borrower to the Lenders, ratably among the Lenders and the Issuing Bank (with respect to full cash collateralization of outstanding Letters of
Credit) in proportion to the respective amounts described in this clause fourth held by them, as certified by the Administrative Agent; 
 (e) fifth, after all of the Obligations have been indefeasibly paid in full, to the Borrowers for the pro rata reduction of obligations under the Prepetition Credit Agreement in accordance with its terms and conditions, so
long as the Obligations and/or Security (each as defined in the Prepetition Credit Agreement) are not then subject to a Challenge or have not been invalidated pursuant to a final and non-appealable order of the Bankruptcy Court; and 
 (f) sixth, the balance, if any, shall be returned to the Borrowers for distribution under a chapter 11 plan of reorganization, or for such other
disposition as is ordered by the Bankruptcy Court. 
 ARTICLE XI 
 THE AGENTS 
 Section 11.01 Appointment and Authority. (a) Each of the Lenders (in its capacity
as Lender) hereby irrevocably appoints, designates and authorizes each Agent to take such action on its behalf under the provisions of this Agreement and each other Financing Document and to exercise such powers and perform such duties as are
expressly delegated to such Agent by the terms of this Agreement or any other Financing Document, together with such actions as are reasonably incidental thereto. The provisions of this Article XI are solely for the benefit of the Agents
and the Lenders, and neither the Borrowers nor any other Person shall have rights as a third party beneficiary of any of such provisions. 
 (b) Each Lender hereby appoints WestLB as its Administrative Agent under and for purposes of each Financing Document to which it is a party. WestLB hereby accepts this appointment and agrees to act as the Administrative Agent for the
Lenders in accordance with the terms of this Agreement. Each Lender appoints and 

  

 138 

 
authorizes the Administrative Agent to act on behalf of such Lender under each Financing Document to which it is a party and, in the absence of other written
instructions from the Required Lenders received from time to time by the Administrative Agent (with respect to which the Administrative Agent agrees that it will comply, except as otherwise provided in this Section 11.01 or as otherwise
advised by counsel), to exercise such powers hereunder and thereunder as are specifically delegated to or required of the Administrative Agent by the terms hereof and thereof, together with such powers as may be reasonably incidental thereto.
Notwithstanding any provision to the contrary contained elsewhere in any Financing Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative Agent have or
be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Administrative Agent.
Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 
 (c) Each Lender hereby appoints First National Bank of Omaha as its Collateral Agent under and for purposes of each Financing Document to which it is a
party. First National Bank of Omaha hereby accepts this appointment and agrees to act as the Collateral Agent for the Secured Parties in accordance with the terms of this Agreement. Each of the Lenders hereby irrevocably appoints and authorizes the
Collateral Agent to act as the agent of such Lender for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Borrowers or VeraSun to the Collateral Agent in order to secure any of the Obligations,
together with such powers and discretion as are reasonably incidental thereto. In this connection, any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent, as the case may be, pursuant to Section 11.05
(Delegation of Duties) for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted hereunder or under the Orders, or for exercising any rights and remedies thereunder at the direction of the Collateral
Agent, as the case may be, shall be entitled to the benefits of all provisions of this Article XI and Article XII (Miscellaneous Provisions) (including Section 12.09 (Indemnification by the
Borrowers), as though such co-agents, sub-agents and attorneys-in-fact were the Collateral Agent under the Financing Documents. Notwithstanding any provision to the contrary contained elsewhere in any Financing Document, the Collateral Agent
shall not have any duties or responsibilities, except those expressly set forth herein or in the other Financing Documents, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied
covenants, functions, 

  

 139 

 
responsibilities, duties, obligations or liabilities shall be read into any Financing Document or otherwise exist against the Collateral Agent. Without
limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 
 Section 11.02 Rights as a Lender. Each Person serving as Agent hereunder or under any other Financing Document shall have the same rights and
powers in its capacity as a Lender as any other Lender, and may exercise the same as though it were not an Agent. Each such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor for, or in any other advisory
capacity for, and generally engage in any kind of business with any Borrower or Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders or any other Agent. 
 Section 11.03 Exculpatory Provisions. (a) No Agent nor any of its respective directors, officers, employees or agents shall have any duties
or obligations except those expressly set forth herein and in the other Financing Documents to which it is a party. Without limiting the generality of the foregoing, no Agent shall: 
  

	 	(i)	be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing; 

  

	 	(ii)	have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Financing
Documents to which it is a party that such Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in such other Financing
Documents); provided that such Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Financing Document or applicable Law; and
provided further that no such direction given to such Agent that in the sole judgment of such Agent imposes, or purports to impose, or might reasonably be expected to impose upon such Agent any obligation or liability not set forth in
this Agreement or arising under this Agreement or other Financing Documents to which it is party shall be binding upon such Agent unless such Agent, in its sole discretion, accepts such direction; 

  

 140 

	 	(iii)	except as expressly set forth herein and in the other Financing Documents to which it is a party, have any duty to disclose or be liable for any failure to disclose, any information
relating to any Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as an Agent or any of its Affiliates in any capacity; or 

  

	 	(iv)	be required to institute any legal proceedings arising out of or in connection with, or otherwise take steps to enforce, this Agreement or any other Financing Document other than on
the instructions of the Required Lenders. 

 (b) No Agent nor any of its respective directors, officers, employees or agents
shall be liable for any action taken or not taken by it (i) with the prior written consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as may be necessary, or as such Agent may believe in good
faith to be necessary, under the circumstances as provided in Section 11.01 (Appointment and Authority)); (ii) in connection with any amendment, consent, approval or waiver which it is permitted under the Financing Documents
to enter into, agree to or grant or (iii) in the absence of its own gross negligence or willful misconduct. Each Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or
Event of Default is given to such Agent in writing by a Borrower or a Lender. 
 (c) No Agent nor any of its respective directors, officers,
employees or agents shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Financing Document, (ii) the contents of any
certificate, report, opinion or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or
therein (including the use of proceeds) or the occurrence or continuance of any Default or Event of Default, (iv) the execution, validity, enforceability, effectiveness or genuineness or admissibility into evidence of this Agreement, any other
Financing Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien or security interest created or purported to be created by the Orders or this Agreement (or title to or rights in any Collateral),
or (v) the satisfaction of any condition set forth in Article VIII (Conditions Precedent) or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to any such Agent. 
  

 141 

 (d) Each Agent shall have the right at any time to seek instructions from the Required Lenders or, in the
case of the Collateral Agent, the Administrative Agent as to any discretionary actions contemplated hereby or in any other Financing Document or if this Agreement or any other Financing Document is silent as to any matter requiring action by the
Collateral Agent and shall be fully protected in accordance with this Section 11.03 and Section 11.04 (Reliance by Agents) when acting upon such instructions. Any action taken by any Agent under or in relation to this
Agreement and any other Financing Document to which it is party with requisite authority or on the basis of appropriate instructions received from the Lenders (or otherwise as duly authorized) shall be binding on each Lender. 
 (e) Each Agent may, unless and until it shall have received directions from the Lenders, take such action or refrain from taking such action in respect
of a Default or Event of Default of which such Agent has been advised in writing by the Lenders as it shall reasonably deem advisable in the best interests of the Lenders (but shall not be obligated to do so). 
 (f) The Collateral Agent may refrain from acting in accordance with any instructions of the Lenders to institute any legal proceedings arising out of or
in connection with this Agreement or any other Financing Document until it has been indemnified and/or secured to its satisfaction against any and all costs, expenses or liabilities (including legal fees and expenses) which it would or might
reasonably be expected to incur as a result. 
 (g) No Agent shall be required to advance or expend any funds or otherwise incur any
financial liability in the performance of its duties or the exercise of its powers or rights hereunder or under any Financing Document to which it is party unless it has been provided with security or indemnity reasonably satisfactory to it against
any and all liability or expense which may be incurred by it by reason of taking or continuing to take such action. 
 Section 11.04
Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not (nor shall any of its directors, officers, employees or agents) incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing (including any electronic message, internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each
Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining 

  

 142 

 
compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction of a Lender, each Agent may presume
that such condition is satisfactory to such Lender unless such Agent shall have received notice to the contrary from such Lender prior to the making of such Loan. Each Agent may consult with legal counsel (who may be counsel for the Borrowers),
independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. Each Agent may at any time and from time to time
solicit written instructions in the form of directions from the Required Lenders or an order of a court of competent jurisdiction as to any action that it may be requested or required to take, or that it may propose to take, in the performance of
any of its obligations under this Agreement or any other Financing Document to which it is party. 
 Section 11.05 Delegation of
Duties. Each Agent may perform any and all of its duties and exercise any and all its rights and powers hereunder or under any other Financing Document by or through any one or more sub-agents appointed by such Agent. Absent gross negligence or
willful misconduct in selecting a sub-agent, no Agent shall be responsible for any action of, or failure to act by, any sub-agent that has been approved by the Required Lenders. Each Agent and any such sub-agent may perform any and all of its duties
and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article XI shall apply to any such sub-agent and to the Related Parties of such Agent and any such sub-agent, and shall
apply to their respective activities in connection with their acting as Agent. 
 Section 11.06 Resignation or Removal of Agent.
(a) Any Agent or the Issuing Bank may resign from the performance of all its functions and duties hereunder and/or under the other Financing Documents at any time by giving thirty (30) days’ prior notice to the Borrowers and
the Lenders. Any Agent or the Issuing Bank may be removed at any time by the Required Lenders. Such resignation or removal shall take effect upon the appointment of a successor Agent or Issuing Bank, as the case may be, in accordance with this
Section 11.06. 
 (b) Upon any notice of resignation by any Agent or the Issuing Bank or upon the removal of any Agent or the
Issuing Bank by the Required Lenders, the Required Lenders shall, so long as no Default or Event of Default has occurred and is continuing, with the consent (not to be unreasonably withheld or delayed) of the Borrowers’ Agent, appoint a
successor Agent or Issuing Bank, as the case may be, hereunder and under each other Financing Document who shall be a commercial bank having a combined capital and surplus of at least two hundred fifty million Dollars ($250,000,000). 
  

 143 

 (c) If no successor Agent or Issuing Bank, as the case may be, has been appointed by the Required Lenders
within thirty (30) days after the date such notice of resignation was given by such Agent or Issuing Bank or the Required Lenders elected to remove such Agent or Issuing Bank, any Secured Party may petition any court of competent jurisdiction
for the appointment of a successor Agent or Issuing Bank, as the case may be. Such court may thereupon, after such notice, if any, as it may deem proper, appoint a successor Agent or Issuing Bank, as applicable, who shall serve as Agent or Issuing
Bank (as the case may be), hereunder and under each other Financing Document until such time, if any, as the Required Lenders appoint a successor Agent or Issuing Bank (as the case may be), as provided above. 
 (d) Upon the acceptance of a successor’s appointment as Agent or Issuing Bank (as the case may be) hereunder, such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Agent or Issuing Bank, and the retiring (or removed) Agent or Issuing Bank shall be discharged from all of its duties and obligations hereunder and
under the other Financing Documents. After the retirement or removal of any Agent or the Issuing Bank hereunder and under the other Financing Documents, the provisions of this Article XI shall continue in effect for the benefit of such
retiring (or removed) Agent or Issuing Bank, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while such Agent or Issuing Bank was acting as Agent or Issuing Bank (as the case
may be). 
 (e) If a retiring or removed Agent is the Collateral Agent, such Collateral Agent will promptly transfer any Collateral in the
possession or control of such Collateral Agent to the successor Collateral Agent and will, at the expense of the Borrowers in accordance with Section 12.07 (Costs and Expenses), execute and deliver such notices, instructions and
assignments as may be reasonably necessary or desirable to transfer the rights of the Collateral Agent with respect to such Collateral property to the successor Collateral Agent. 
 (f) A retiring or removed Issuing Bank will, subject to payment of its reasonable costs and expenses (including counsel fees and expenses), execute and
deliver such notices, instructions and assignments as may be reasonably necessary or desirable to transfer the rights of the Issuing Bank with respect to any outstanding Letters of Credit to the successor Issuing Bank. 
 Section 11.07 No Amendment to Duties of Agent Without Consent. No Agent shall be bound by any waiver, amendment, supplement or modification of
this Agreement or any other Financing Document that affects its rights or duties hereunder or thereunder unless such Agent shall have given its prior written consent, in its capacity as Agent, thereto. 
  

 144 

 Section 11.08 Non-Reliance on Agent and Other Lenders. Each Lender acknowledges that it has,
independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement
and make its Loans. Each Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Financing Document or any related agreement or any document furnished hereunder or thereunder. 
 Section 11.09 No Lead Arranger Duties. Anything herein to the contrary notwithstanding, the Lead Arranger shall not have any powers, duties or
responsibilities under this Agreement or any of the other Financing Documents, except in its capacity, as applicable, as an Agent or a Lender hereunder. 
 Section 11.10 Collateral Agent May File Proofs of Claim. (a) The Collateral Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Collateral Agent or any other Secured Party shall have made any demand on any Borrower) shall be entitled and empowered, but shall not be obligated to, by intervention in the Cases or otherwise: 

 

	 	(i)	to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file
such other documents as may be necessary or advisable in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents
and counsel and all other amounts due the Secured Parties under Sections 3.12 (Fees), 12.07 (Costs and Expenses) and 12.09 (Indemnification by the Borrowers)) allowed in such judicial proceeding;

  

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

  

 145 

 (b) Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender to make such payments to the Collateral Agent and, in the event that the Collateral Agent consents to the making of such payments directly to the Lenders, to pay to the Collateral Agent
any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and their respective agents and counsel, and any other amounts due the Agents under Sections 3.12 (Fees), 12.07 (Costs and
Expenses) and 12.09 (Indemnification by the Borrowers). 
 (c) Nothing contained herein shall be deemed to authorize
the Collateral Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Collateral Agent
to vote in respect of the claim of any Lender in any such proceeding. 
 Section 11.11 Collateral Matters. (a) The Lenders
irrevocably authorize the Collateral Agent to release any Lien on any property granted to or held by the Collateral Agent, for the benefit of the Secured Parties, under the Orders or any Financing Document (i) upon the occurrence of the
Discharge Date, (ii) if approved, authorized or ratified in writing in accordance with Section 12.01 (Amendments, Etc.) and (iii) as permitted pursuant to the terms of the Financing Documents. 
 (b) Upon request by the Collateral Agent at any time and from time to time, the Lenders will confirm in writing the Collateral Agent’s authority to
release its interest in particular types or items of property pursuant to this Section 11.11. In each case as specified in this Section 11.11, the Collateral Agent will, at the Borrowers’ expense, execute and deliver to
the applicable Borrower or VeraSun, as the case may be, such documents as such Person may reasonably request to evidence the release of such item of Collateral from the assignment and security interest granted under hereunder or pursuant to the
Orders in accordance with the terms of the Financing Documents and this Section 11.11. 
 (c) The powers conferred on the
Collateral Agent hereunder are solely to protect its interest and the interests of the Secured Parties in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its
possession and the accounting for moneys actually received by it hereunder or under any of the other Financing Documents to which it is party, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Collateral, whether or not the Collateral Agent is deemed to have knowledge of such matters, or as to taking of any necessary steps to preserve rights
against any parties or any other rights pertaining to any Collateral (including the filing of UCC continuation statements). The Collateral Agent shall be deemed to have exercised appropriate and due care in the custody and preservation of any
Collateral in its possession if such Collateral is accorded treatment substantially equal to that which other collateral agents accord similar property under financing similar to the DIP Credit Facilities. 
  

 146 

 Section 11.12 Copies. Each Agent shall give prompt notice to each Lender of each material notice
or request required or permitted to be given to such Agent by the Borrowers or VeraSun pursuant to the terms of this Agreement or any other Financing Document (unless concurrently delivered to the Lenders by the Borrowers or VeraSun). Each Agent
will distribute to each Lender each document or instrument (including each document or instrument delivered by any Borrower or VeraSun to such Agent pursuant to Article VI (Representations and Warranties of the Borrowers),
Article VII (Representations and Warranties of VeraSun), Article VIII (Conditions Precedent) and Article IX (Covenants)) received for its account and copies of all other communications
received by such Agent from the Borrowers for distribution to the Lenders by such Agent in accordance with the terms of this Agreement or any other Financing Document. 
 Section 11.13 No Liability for Clean-up of Materials of Environmental Concern. If the Collateral Agent is required to acquire title to an asset for any reason, or take any managerial action of any kind in
regard thereto, in order to carry out any duty or obligation for the benefit of another, which in the Collateral Agent’s sole discretion may cause the Collateral Agent to be considered an “owner or operator” under any Environmental
Laws or otherwise cause the Collateral Agent to incur, or be exposed to, any environmental liabilities or any liability under any other federal, state or local law, the Collateral Agent reserves the right, instead of taking such action, either to
resign as Collateral Agent or to arrange for the transfer of the title or control of the asset to a court-appointed receiver. The Collateral Agent will not be liable to any Person for any environmental liabilities or any environmental claims or
contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Agent’s action and conduct as authorized, empowered or directed hereunder or relating to any kind of discharge or release or threatened
discharge or release of any Materials of Environmental Concern into the environment. 
 ARTICLE XII 
 MISCELLANEOUS PROVISIONS 
 Section 12.01
Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Financing Document, and no consent to any departure by any Borrower, Borrowers’ Agent or any other Loan Party therefrom, shall be effective unless in
writing signed by the Required Lenders (or, if expressly contemplated hereby, the Administrative Agent or the Collateral Agent) and, in the case of an 

  

 147 

 
amendment, the Borrowers, Borrowers’ Agent or, as the case may be, the applicable Loan Party, and in each such case acknowledged by the Administrative
Agent, 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 such amendment, waiver or consent shall: 
 (a) waive any condition set forth in Section 8.01 (Conditions to Closing and First Post Final Order Borrowing) without the written
consent of all of the Lenders (other than the Non-Voting Lenders); 
 (b) extend or increase the Aggregate Commitment or the Commitment of
any Lender (or reinstate any Commitment terminated pursuant to Section 10.02(a) (Action Upon Event of Default) without the prior written consent of each Lender directly affected thereby (other than any Non-Voting Lender);

 (c) postpone any date scheduled for any payment of principal or interest under Section 3.01 (Repayment of Borrowings)
or 3.02 (Interest Payment Dates), or any date fixed by the Administrative Agent for the payment of fees or other amounts due to the Lenders (or any of them) hereunder or under any other Financing Document without the prior written
consent of each Lender affected thereby (other than any Non-Voting Lender); 
 (d) reduce the principal of, or the rate of interest specified
herein on, any Loan, or any Fees or other amounts (including any mandatory prepayments under Section 3.08 (Mandatory Prepayment) payable hereunder or under any other Financing Document to any Lender without the prior written
consent of each Lender directly affected thereby (other than any Non-Voting Lender); provided that only the prior written consent of the Required Lenders shall be necessary to amend the definition of Default Rate or to waive any obligation of
the Borrowers to pay interest at the Default Rate; 
 (e) change the order of application of any reduction in the Commitments or any
prepayment of Loans from the application thereof set forth in the applicable provisions of Section 2.06 (Termination or Reduction of Commitments), Section 3.08 (Mandatory Prepayment) or 3.09 (Application
of Prepayments, General Prepayment Provisions), respectively, in any manner without the prior written consent of each Lender affected thereby (other than any Non-Voting Lender); 
 (f) change any provision of this Section 12.01, the definition of Required Lenders or any other provision of any Financing Document
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent under any Financing Document, without the prior written consent of each Lender (other
than any Non-Voting Lender); 
  

 148 

 (g) release (i) any Borrower from all or substantially all of its obligations under any Financing
Document, or (ii) all or substantially all of the Collateral in any transaction or series of related transactions, without the prior written consent of each Lender (other than any Non-Voting Lender); 
 and provided further that (i) no amendment, waiver or consent shall, unless in writing and signed by an Agent in addition to the Lenders required
above, affect the rights or duties of, or any fees or other amounts payable to, such Agent under this Agreement or any other Financing Document; and (ii) Section 12.03(g) (Assignments) may not be amended, waived or otherwise
modified without the prior written consent of each Granting Lender all or any part of whose Loan is being funded by an SPV at the time of such amendment, waiver or other modification; 
 and provided further that the Office of the U.S. Trustee, counsel to the Committee, and the Administrative Agent (as defined in the Prepetition Credit Agreement) shall be given five (5) Business
Days’ written notice and shall not have raised an objection prior to any such amendment, waiver or consent becoming effective. If such an objection is raised, such amendment, waiver or consent shall only be permitted pursuant to an order of the
Bankruptcy Court. 
 Notwithstanding the other provisions of this Section 12.01, the Borrowers, the Collateral Agent and the Administrative Agent
may (but shall have no obligation to) amend or supplement the Financing Documents without the consent of any Lender solely: (i) to cure any ambiguity, defect or inconsistency; (ii) to make any change that would provide any additional
rights or benefits to the Lenders or (iii) to make, complete or confirm any grant of Collateral permitted or required by this Agreement or the Orders or any release of any Collateral that is otherwise permitted under the terms of this Agreement
or the Orders; provided that the Office of the U.S. Trustee and counsel to the Committee shall be given five (5) Business Days’ written notice and shall not have raised an objection prior to any such amend or supplement becoming
effective. 
 Section 12.02 Applicable Law; Jurisdiction; Etc. (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA, WITHOUT REFERENCE TO CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE.

 (b) All judicial proceedings brought against any Borrower, the Borrowers’ Agent or VeraSun arising out of or relating to this
Agreement or any other Financing Document, or any Obligations hereunder and thereunder, must be brought in the Bankruptcy Court and, if the Bankruptcy Court does not have (or abstains from ) jurisdiction, such proceedings may be brought in the
courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof. 
  

 149 

 (c) SUBMISSION TO JURISDICTION. EACH BORROWER AND THE BORROWERS’ AGENT AND VERASUN
IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
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. NOTHING IN THIS AGREEMENT OR IN ANY OTHER FINANCING DOCUMENT
SHALL AFFECT ANY RIGHT THAT ANY SECURED PARTY MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (d) WAIVER OF VENUE. EACH BORROWER, THE BORROWERS’ AGENT AND VERASUN IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT IN ANY COURT REFERRED TO IN
SECTION 12.02(b). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

  

 150 

 (e) Immunity. To the extent that any of the Borrowers, the Borrowers’ Agent or VeraSun has or
hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its
property, each such Person hereby irrevocably and unconditionally waives such immunity in respect of its obligations under the Financing Documents and, without limiting the generality of the foregoing, agrees that the waivers set forth in this
Section 12.02(e) shall have the fullest scope permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purposes of such Act. 
 (f) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FINANCING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(ii) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCING DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12.02. 

(g) In the event of any conflict between this Agreement or any other Financing Document (other than the Orders) and the Orders, the Orders shall
control; provided, that in the event of any conflict between this Agreement and any Financing Document (other than the Orders), the terms of this Agreement shall govern and control. 
 Section 12.03 Assignments. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby, except that neither any Borrower nor the Borrowers’ Agent may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Agent and
Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with Section 12.03(b), (ii) by way of pledge or assignment of a security
interest subject to the restrictions of Section 12.03(e), (iii) to an SPV in accordance with the provisions of Section 12.03(g) or (iv) as expressly contemplated by Section 2.02(c) (Letters of
Credit) and Section 3.14(a) (Sharing of Payments) (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, express or implied, shall be construed to 

  

 151 

 
confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated
hereby, the Related Parties of each Agent and Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b) Any Lender may at any time after the date hereof assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing
to it); provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a
Lender or an Approved Fund with respect to a Lender, the Commitment (which for this purpose includes the Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment, determined as of the date the Lender Assignment Agreement with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Lender
Assignment Agreement, as of the Trade Date, shall not be less than the lesser of one million Dollars ($1,000,000) and such assigning Lender’s entire Commitment, unless the Administrative Agent otherwise consents in writing; (ii) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned; (iii) the parties to each assignment
shall execute and deliver to the Administrative Agent a Lender Assignment Agreement, together with a processing and recordation fee of two thousand five hundred Dollars ($2,500); provided that (A) no such fee shall be payable in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund with respect to a Lender and (B) in the case of contemporaneous assignments by a Lender to one or more Funds managed by the same investment advisor (which Funds are not
then Lenders hereunder), only a single such two thousand five hundred Dollars ($2,500) fee shall be payable for all such contemporaneous assignments; and (iv) the Eligible Assignee, if it is not a Lender prior to such assignment, shall deliver
to the Administrative Agent an administrative questionnaire. Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 12.03(c), from and after the effective date specified in each Lender Assignment
Agreement, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Lender Assignment Agreement, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Lender Assignment Agreement, be released from its obligations under this Agreement (and, in the case of a Lender Assignment Agreement covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.01 (Eurodollar Rate Lending  

  

 152 

 
Unlawful), 4.03 (Increased Eurodollar Loan Costs), 4.05 (Funding Losses), 11.07 (Costs and Expenses)
and 11.09 (Indemnification by the Borrowers) with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the
assignee Lender. 
 (c) The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the
Administrative Agent’s office a copy of each Lender Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Agents and the Lenders may treat each Person whose name is recorded in the Register
pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers at any reasonable time and from time to time upon
reasonable prior notice. In addition, at any time that a request for a consent for a material or other substantive change to the Financing Documents is pending, any Lender may request and receive from the Administrative Agent a copy of the Register.

 (d) Except as expressly contemplated by Section 2.02(c) (Letters of Credit) and Section 3.14(a) (Sharing of
Payments), no Lender shall sell participations to any Person in any portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans owing to it). 
 (e) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Notes,
if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. 
 (f) The words “execution,”
“signed,” “signature,” and words of like import in any Lender Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
  

 153 

 (g) Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrowers (an “SPV”) the option to provide all or any part
of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to fund any Loan, and (ii) if an SPV elects not to
exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is
required under Section 3.14 (Sharing of Payments). Each party hereto hereby agrees that (A) neither the grant to any SPV nor the exercise by any SPV of such option shall increase the costs or expenses or otherwise increase or
change the obligations of the Borrowers under this Agreement (including their obligations under Section 4.03 (Increased Eurodollar Loan Costs), (B) no SPV shall be liable for any indemnity or similar payment obligation under
this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Financing Document, remain the lender of record
hereunder. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees
(which agreement shall survive the termination of this Agreement) that, prior to the date that is one (1) year and one (1) day after the payment in full of all outstanding commercial paper or other senior debt of any SPV, it will not
institute against, or join any other Person in instituting against, such SPV any Insolvency Proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPV may (1) with
notice to, but without prior consent of the Borrowers and the Administrative Agent and without paying any processing fee therefor, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (2),
subject to the same confidentiality obligations a Lender has under Section 12.18 (Treatment of Certain Information; Confidentiality) disclose on a confidential basis any non-public information relating to its funding of any
Loan to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPV. 
 Section 12.04 Benefits of Agreement. Nothing in this Agreement or any other Financing Document, express or implied, shall give to any Person, other than the parties hereto, and each of their successors and permitted assigns under
this Agreement or any other Financing Document, any benefit or any legal or equitable right or remedy under this Agreement. 
 Section 12.05
Borrowers’ Agent. Each Borrower hereby appoints and authorizes ASA Holdings, and ASA Holdings hereby accepts such appointment, as such Borrower’s Borrowers’ Agent to act as agent on such Borrower’s behalf and to make any
representations or certifications, deliver and receive any notices or other communications, 

  

 154 

 
and otherwise represent and act on behalf of such Borrower under the Financing Documents, and to comply with all covenants, conditions and other provisions
of the Financing Documents required to be satisfied by the Borrowers’ Agent. Each Borrower hereby acknowledges and agrees that it will be bound by any action or inaction taken by the Borrowers’ Agent as if such action or inaction had been
taken by such Borrower. 
 Section 12.06 Consultants. (a) The Required Lenders or the Administrative Agent may, in their sole
discretion, appoint any Consultant for the purposes specified herein. If any of the Consultants is removed or resigns and thereby ceases to act for purposes of this Agreement and the other Financing Documents, the Required Lenders acting jointly or
the Administrative Agent, as the case may be, shall designate a Consultant in replacement. 
 (b) The Borrowers shall reimburse each
Consultant appointed hereunder for the reasonable fees and documented expenses of such Consultant retained on behalf of the Lenders pursuant to this Section 12.06. 
 (c) In all cases in which this Agreement provides for any Consultant to “agree,” “approve,” “certify”
or “confirm” any report or other document or any fact or circumstance, such Consultant may make the determinations and evaluations required in connection therewith based upon information provided by the Borrowers, the
Borrowers’ Agent or other sources reasonably believed by such Consultant to be knowledgeable and responsible, without independently verifying such information; provided that, notwithstanding the foregoing, such Consultant shall engage in
such independent investigations or findings as it may from time to time deem necessary in its reasonable discretion to support the determinations and evaluations required of it. 
 Section 12.07 Costs and Expenses. (a) Each Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Lead Arrangers
and the Secured Parties (including all reasonable fees, costs and expenses of counsel and any financial advisors for the Secured Parties), in connection with the transactions contemplated by the Financing Documents, including related due diligence,
and the preparation, negotiation, syndication, execution and delivery of this Agreement and the other Financing Documents; (ii) all reasonable out-of-pocket expenses incurred by the Lenders and the Agents (including all reasonable fees, costs
and expenses of counsel and any financial advisors for any Agent), in connection with any amendments, modifications or waivers of the provisions of this Agreement and the other Financing Documents; (iii) all out-of-pocket expenses incurred by
the Agents (including all reasonable fees, costs and expenses of counsel and any financial advisors for any Agent), in connection with the administration of this Agreement and the other Financing Documents; and (iv) all out-of-pocket expenses
incurred by the Agents or any Lender (including all fees, costs and expenses of counsel and any financial advisors for any Secured Party), in connection with the enforcement or protection of its rights in connection with this Agreement and the other
Financing Documents, including its rights under this Section 12.07, including in connection with any workout, restructuring or negotiations in respect of the Obligations. 
  

 155 

 (b) VeraSun agrees to pay on demand to the Collateral Agent all costs and expenses incurred by the
Collateral Agent (including the reasonable fees and disbursements of counsel) incident to its enforcement, exercise, protection or preservation of any of its rights, remedies or claims (or the rights or claims of any other Secured Party) with
respect to the VeraSun Collateral under this Agreement. 
 (c) All costs and expenses under clauses (a) and (b) above shall be paid
upon delivery of invoices (which shall set forth such fees and expenses in reasonable detail) therefor to the Borrowers and the Committee (and, with respect to costs and expenses under clause (b) above, VeraSun). If, within fifteen
(15) Business Days after delivery of any invoice by a professional, any Borrower, VeraSun or such Committee has given notice to such professional objecting to such invoice, then such professional shall be paid all fees and expenses reflected in
such invoice for which no objection has been raised, and the objecting party and such professional shall seek to resolve the objection within ten (10) Business Days of the notice of objection. If the objection cannot be resolved within such
period, then either the professional or the objecting party shall be permitted to seek a ruling by the Court as to the reasonableness of such fees and/or expenses on at least five (5) Business Days’ notice. 
 Section 12.08 Counterparts; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it has been executed by the Administrative Agent and when the
Administrative Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or portable document
format (“pdf”) shall be effective as delivery of a manually executed counterpart of this Agreement. 
  

 156 

 Section 12.09 Indemnification by the Borrowers. (a) Each Borrower hereby agrees to indemnify
each Agent (and any sub-agent thereof), each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses (including all reasonable fees, costs and expenses of counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower arising out of, in
connection with, or as a result of: 
  

	 	(i)	the execution or delivery of this Agreement, any other Financing Document or any agreement or instrument contemplated hereby or thereby; 

  

	 	(ii)	the performance by the parties hereto or to the other Transaction Documents of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby; 

  

	 	(iii)	any Loan or the use or proposed use of the proceeds therefrom; 

  

	 	(iv)	any actual or alleged presence, release or threatened release of Materials of Environmental Concern on or from any Plant or any property owned or operated by any Borrower, or any
liability pursuant to an Environmental Law related in any way to any Plant, any Site or the Borrowers, except for releases of Materials of Environmental Concern that are determined by a court of competent jurisdiction by final and non-appealable
judgment to have resulted from the gross negligence or willful misconduct of any Indemnitee; 

  

	 	(v)	any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a
third party or by any Borrower or any of such Borrower’s members, managers or creditors, and regardless of whether any Indemnitee is a party thereto and whether or not any of the transactions contemplated hereunder or under any of the other
Financing Documents is consummated, in all cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; and/or 

  

 157 

	 	(vi)	any claim, demand or liability for broker’s or finder’s or placement fees or similar commissions, whether or not payable by the Borrowers, alleged to have been incurred in
connection with such transactions, other than any broker’s or finder’s fees payable to Persons engaged by the Lenders or the Agents without the Knowledge of the Borrowers; 

 provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are
determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. 
 (b) To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under Section 12.09(a) to be paid by it to any Agent (or any sub-agent thereof) or any Related Party of any
of the foregoing, each Lender severally agrees to pay to such Agent (or any such sub-agent), or such Related Party, as the case may be, such Lender’s ratable share (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent (or any sub-agent thereof)
in its capacity as such, or against any Related Party of any of the foregoing acting for such Agent (or any sub-agent thereof) in connection with such capacity. The obligations of the Lenders under this Section 12.09(b) are subject to
the provisions of Section 2.04 (Borrowing of Loans). The obligations of the Lenders to make payments pursuant to this Section 12.09(b) are several and not joint and shall survive the payment in full of the Obligations
and the termination of this Agreement. The failure of any Lender to make payments on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the
failure of any other Lender to do so. 
 (c) Except as otherwise provided in Article VIII (Conditions Precedent), all
amounts due under this Section 12.09 shall be payable not later than ten (10) Business Days after demand therefor. 
 Section 12.10 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Financing Document, the interest paid or agreed to be paid under the Financing Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable Law (the “Maximum Rate”). If any Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans
or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by an Agent or a Lender exceeds the Maximum Rate, such Person may, to the 

  

 158 

 
extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest,
(b) exclude prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
 Section 12.11 No Waiver; Cumulative Remedies. No failure by any Lender or any Agent to exercise, and no delay by any such Person in exercising,
any right, remedy, power or privilege hereunder or under any other Financing Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Financing Document, are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. 
 Section 12.12 Notices and Other Communications. (a) Except in the case of notices and
other communications expressly permitted to be given by telephone (and except as provided in Section 12.12(b)), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopier or electronic mail as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone
number, as follows: 
  

	 	(i)	if to the Borrowers, the Borrowers’ Agent, VeraSun or any Agent, to the address, telecopier number, electronic mail address or telephone number specified for such Person on
Schedule 12.12; and 

  

	 	(ii)	if to any Lender, to the address, telecopier number, electronic mail address or telephone number specified in its administrative questionnaire; 

 (b) Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the
recipient). Notices delivered through electronic communications to the extent provided in Section 12.12(d) shall be effective as provided in Section 12.12(d). Any notice sent to the Borrowers’ Agent shall be deemed to
have been given to all Borrowers. 
  

 159 

 (c) Notices and other communications to the Lenders or any Agent hereunder may be delivered or furnished
by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices to any Lender pursuant to Article II
(Commitments and Borrowing) if such Lender has notified the Administrative Agent that it is incapable of receiving notices under such Article II (Commitments and Borrowing) by electronic communication. Each of the
Administrative Agent or the Borrowers may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications. 
 (d) Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or
other written acknowledgement); provided that if such notice or other communication is not received during the normal business hours of the recipient, such notice or communication shall be deemed to have been received at the opening of
business on the next Business Day for the recipient, and (ii) notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in
Section 12.12(d)(i) of notification that such notice or communication is available and identifying the website address therefor. 
 (e) Each of the Borrowers, the Borrowers’ Agent, VeraSun and the Agents may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each Lender may change
its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrowers, the Borrowers’ Agent and each Agent. 
 (f) The Agents and the Lenders shall be entitled to rely and act upon any written notices purportedly given by or on behalf of the Borrowers or the Borrowers’ Agent even if (i) such notices were not made in
a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrowers shall
indemnify each Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers or the
Borrowers’ Agent (or any one of the Borrowers). All telephonic notices to and other telephonic communications with any Agent may be recorded by such Agent, and each of the parties hereto hereby consents to such recording. 
  

 160 

 (g) So long as WestLB is the Administrative Agent, each Borrower and the Borrowers’ Agent hereby
agrees that it will provide to the Administrative Agent all information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Financing Documents, including all notices, requests, financial
statements, financial and other reports, certificates and other information materials, but excluding any such communication that (i) relates to the Borrowing, (ii) relates to the payment of any principal or other amount due under this
Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default or (iv) is required to be delivered to satisfy any condition precedent to the Closing Date (all such non-excluded communications being
referred to herein collectively as “Communications”), by transmitting the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to nyc_agency_services@westlb.com. In addition, each Borrower
and the Borrowers’ Agent agrees to continue to provide the Communications to the Administrative Agent in the manner specified in the Financing Documents but only to the extent requested by the Administrative Agent. 
 (h) So long as WestLB is the Administrative Agent, each Borrower and the Borrowers’ Agent further agrees that the Administrative Agent may make the
Communications available to the Lenders by posting the Communications on http://www.intralinks.com (or any replacement or successor thereto) or a substantially similar electronic transmission systems (the “Platform”). 
 (i) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”. THE AGENTS DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE
COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENTS IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS
AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO ANY BORROWER, THE BORROWERS’ AGENT, ANY LENDER OR ANY OTHER PERSON
OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S, THE BORROWERS’ AGENTS’ OR THE
ADMINISTRATIVE AGENT’S TRANSMISSION 

  

 161 

 
OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF
COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 (j) The
Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth in Schedule 12.12 shall constitute effective delivery of the Communications to the Administrative Agent for
purposes of the Financing Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender
for purposes of the Financing Documents. Each Lender agrees to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may be sent by
electronic transmission and that the foregoing notice may be sent to such e-mail address. 
 (k) Notwithstanding clauses (g) to
(j) above, nothing herein shall prejudice the right of any Agent or any Lender to give any notice or other communication pursuant to any Financing Document in any other manner specified in such Financing Document. 
 Section 12.13 Patriot Act Notice. Each Lender and Agent (for itself and not on behalf of any Lender or other Agent) hereby notifies the Borrowers
that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such
Lender or Agent, as applicable, to identify the Borrowers in accordance with the Patriot Act. 
 Section 12.14 Marshalling; Payments Set
Aside. Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Loan Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any payment by or on behalf
of any Borrower is made to any Agent or Lender, or any Agent or Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set
aside or required (including pursuant to any settlement entered into by such Agent or Lender in its discretion) to be repaid to a trustee, receiver or any other party, then (a) to the extent of such recovery, the Obligation or part thereof
originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to each Agent upon demand its
applicable share (without duplication) of any amount so recovered from or repaid by such Agent, plus interest 

  

 162 

 
thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time
in effect. The obligations of the Lenders under Section 12.14(b) shall survive the payment in full of the Obligations and the termination of this Agreement. 
 Section 12.15 Right of Setoff. Subject to the Carve-Out, the Final Order, and the giving of notice as described by Section 10.02 (Action Upon Event of Default), each Lender and each of its
respective Affiliates is hereby authorized at any time and from time to time during the continuance of an Event of Default, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or
demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Borrower against any and all of the
obligations of the Borrowers now or hereafter existing under this Agreement or any other Financing Document to such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Financing Document
and although such obligations of the Borrowers may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender and
their respective Affiliates under this Section 12.15 are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify the
Borrowers’ Agent and the Administrative Agent promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 Section 12.16 Severability. If any provision of this Agreement or any other Financing Document is held to be illegal, invalid or unenforceable,
(a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Financing Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to
replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 12.17 Survival.
Notwithstanding anything in this Agreement to the contrary, Article VI (Representations and Warranties), Article VII (Representations and Warranties of VeraSun) and Section 12.07 (Costs and
Expenses) and 12.09 (Indemnification by the Borrowers) shall survive any termination of this Agreement. In addition, each representation and warranty made hereunder and in any other Financing Document or other document
delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and 

  

 163 

 
thereof. Such representations and warranties have been or will be relied upon by each Agent and each Lender, regardless of any investigation made by any
Agent or any Lender or on their behalf and notwithstanding that any Agent or any Lender may have had notice or knowledge of any Default or Event of Default at the time of the Borrowing, and shall continue in full force and effect as long as any Loan
or any other Obligation hereunder or under any other Financing Document shall remain unpaid or unsatisfied. 
 Section 12.18 Treatment of
Certain Information; Confidentiality. Each of the Agents and the Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its Affiliates and to its Affiliates’ respective
partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential); (b) to the extent requested or required by any regulatory authority purporting to have jurisdiction over it; (c) to the extent required by applicable Law or regulations or by any subpoena or similar legal
process; (d) to any other party to this Agreement; (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder (including any actual or
prospective purchaser of Collateral); (f) subject to an agreement containing provisions substantially the same as those of this Section 12.18, to (i) any Eligible Assignee of, or any prospective Eligible Assignee of, any of its
rights or obligations under this Agreement, (ii) any direct or indirect contractual counterparty or prospective counterparty (or such contractual counterparty’s or prospective counterparty’s professional advisor) to any credit
derivative transaction relating to obligations of the Borrowers or (iii) any Person (and any of its officers, directors, employees, agents or advisors) that may enter into or support, directly or indirectly, or that may be considering entering
into or supporting, directly or indirectly, either (A) contractual arrangements with such Agent or Lender, or any Affiliates thereof, pursuant to which all or any portion of the risks, rights, benefits or obligations under or with respect to
any Loan or Financing Document is transferred to such Person or (B) an actual or proposed securitization or collateralization of, or similar transaction relating to, all or a part of any amounts payable to or for the benefit of any Lender under
any Financing Document (including any rating agency); (g) with the consent of any Borrower; (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 12.18 or
(ii) becomes available to any Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrowers; (i) to any state, federal or foreign authority or examiner (including the National
Association of Insurance Commissioners or any other similar organization) regulating any Lender; or (j) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to
preserve the confidentiality of any Information relating to the Borrowers received by it from such Lender). In addition, any Agent and 

  

 164 

 
the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the
lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the other Financing Documents, the Commitments, and the Borrowing. For the purposes of this
Section 12.18, “Information” means written information that any Borrower furnishes to any Agent or Lender after the date hereof (and designated at the time of delivery thereof in writing as confidential) pursuant to or
in connection with any Financing Document, relating to the assets and business of such Borrower, but does not include any such information that (i) is or becomes generally available to the public other than as a result of a breach by such Agent
or Lender of its obligations hereunder, (ii) is or becomes available to such Agent or Lender from a source other than the Borrowers that is not, to the knowledge of such Agent or Lender, acting in violation of a confidentiality obligation with
such Borrower or (iii) is independently compiled by any Agent or Lender, as evidenced by their records, without the use of the Information. Any Person required to maintain the confidentiality of Information as provided in this
Section 12.18 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 Section 12.19 Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party
nor the Borrowers’ Agent shall assert, and each Loan Party and the Borrowers’ Agent hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Financing Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the use of the
proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Financing Documents or the transactions contemplated hereby or thereby. 
 Section 12.20
Clarification Regarding LLC Agreements. The parties hereto acknowledge that each Borrower LLC Agreement includes a statement to the effect that the only Indebtedness such Borrower is allowed to incur is Permitted Indebtedness (as defined in
the Prepetition Credit Agreement), which does not include the Obligations hereunder or pursuant to the Orders. The parties hereto acknowledge and agree that such obligations are being incurred pursuant to, and in reliance on, the Orders and the
terms thereof, and that for all purposes under this Agreement and the other Financing Documents (and any term sheet related hereto), and notwithstanding any provision to the contrary contained herein or therein (including Sections 6.01(c),
6.02(a), 6.18, 6.24(c), 9.01(o) hereof) or in any certificate or other document delivered in 

  

 165 

 
connection herewith or therewith, no Default or Event of Default shall occur or exist as a result of the failure of such obligations to constitute Permitted
Indebtedness (as defined in the Prepetition Credit Agreement), and each Lender and Agent hereby waives any such Default or Event of Default that would otherwise result. The Borrowers further acknowledge and agree that, subject to the terms of the
Final Order, notwithstanding the above, the Obligations constitute their legal, valid, binding and enforceable obligations, except as the enforceability thereof may be limited by general equitable principles (whether considered in a proceeding in
equity or at law). 
 Section 12.21 Section 552(b). The Lenders and the Agents shall be entitled to all of the rights and
benefits of section 552(b) of the Bankruptcy Code, and the “equities of the case” exception under section 552(b) of the Bankruptcy Code shall not apply to the Lenders or the Agents with respect to proceeds, products, offspring or profits
of any of the Collateral. 
 [Remainder of page intentionally blank. Next page is signature page.] 
  

 166 

 IN WITNESS WHEREOF, the parties hereto have caused this Priming Superpriority Debtor-In-Possession Credit
Agreement to be executed by their respective officers as of the day and year first above written. 
  

					
	 ASA OPCO HOLDINGS, LLC, 
 as Borrower

		
	By:	 	/s/ Bryan D. Meier
		 	Name:	 	Bryan D. Meier
		 	Title:	 	Vice President, Finance, and Chief Accounting Officer
	
	 ASA ALBION, LLC, 
 as
Borrower

		
	By:	 	/s/ Bryan D. Meier
		 	Name:	 	Bryan D. Meier
		 	Title:	 	Vice President, Finance, and Chief Accounting Officer
	
	 ASA BLOOMINGBURG, LLC, 
 as Borrower

		
	By:	 	/s/ Bryan D. Meier
		 	Name:	 	Bryan D. Meier
		 	Title:	 	Vice President, Finance, and Chief Accounting Officer
	
	 ASA LINDEN, LLC, 
 as
Borrower

		
	By:	 	/s/ Bryan D. Meier
		 	Name:	 	Bryan D. Meier
		 	Title:	 	Vice President, Finance, and Chief Accounting Officer

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 ASA OPCO HOLDINGS, LLC, 
 as
Borrowers’ Agent

		
	By:	 	/s/ Bryan D. Meier
		 	Name:	 	Bryan D. Meier
		 	Title:	 	Vice President, Finance, and Chief Accounting Officer
	
	VERASUN ENERGY CORPORATION,
		
	By:	 	/s/ Bryan D. Meier
	Name:	 	Bryan D. Meier
	Title:	 	Vice President, Finance, and Chief Accounting Officer

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 FIRST NATIONAL BANK OF OMAHA,
 as
Collateral Agent

		
	By:	 	/s/ Fallon Savage
		 	Name:	 	Fallon Savage
		 	Title:	 	Second Vice President

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 WESTLB AG, NEW YORK BRANCH, 
 as Lead
Arranger and Sole Lead Bookrunner

		
	By:	 	/s/ Ronald Spitzer
		 	Name:	 	Ronald Spitzer
		 	Title:	 	Executive Director
		
	By:	 	/s/ E. Keith Min
		 	Name:	 	E. Keith Min
		 	Title:	 	Executive Director
	
	 WESTLB AG, NEW YORK BRANCH,
 as Administrative Agent

		
	By:	 	/s/ Ronald Spitzer
		 	Name:	 	Ronald Spitzer
		 	Title:	 	Executive Director
		
	By:	 	/s/ E. Keith Min
		 	Name:	 	E. Keith Min
		 	Title:	 	Executive Director
	
	 WESTLB AG, NEW YORK BRANCH,
 as Lender

		
	By:	 	/s/ Ronald Spitzer
		 	Name:	 	Ronald Spitzer
		 	Title:	 	Executive Director
		
	By:	 	/s/ E. Keith Min
		 	Name:	 	E. Keith Min
		 	Title:	 	Executive Director

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 1ST FARM CREDIT SERVICES FLCA, 
 as Lender

		
	By:	 	/s/ Dale A. Richardson
		 	Name:	 	Dale A. Richardson
		 	Title:	 	VP Illinois Capital Markets Group

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 AGFIRST FARM CREDIT BANK, 
 as
Lender

		
	By:	 	/s/ Bruce B. Fortner
		 	Name:	 	Bruce B. Fortner
		 	Title:	 	Vice President

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 AMARILLO NATIONAL BANK, 
 as
Lender

		
	By:	 	/s/ Craig L. Sanders
		 	Name:	 	Craig L. Sanders
		 	Title:	 	EVP

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 FARM CREDIT SERVICES OF AMERICA, PCA,
 as Lender

		
	By:	 	/s/ Edward J. Narigon
		 	Name:	 	Edward J. Narigon
		 	Title:	 	Special Accounts Officer

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 FIRST NATIONAL BANK OF OMAHA,
 as Lender

		
	By:	 	/s/ Fallon Savage
		 	Name:	 	Fallon Savage
		 	Title:	 	Second Vice President

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 ING CAPITAL LLC, 
 as
Lender

		
	By:	 	/s/ Dan Lamprecht
		 	Name:	 	Dan Lamprecht
		 	Title:	 	Managing Director
		
	By:	 	/s/ Richard Ennis
		 	Name:	 	Richard Ennis
		 	Title:	 	Managing Director

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 METROPOLITAN LIFE INSURANCE COMPANY, 
 as Lender

		
	By:	 	/s/ John A. Tanyeri
		 	Name:	 	John A. Tanyeri
		 	Title:	 	Director

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 THE BANK OF NOVA SCOTIA, 
 as Lender

		
	By:	 	/s/ Ron Dooley
		 	Name:	 	Ron Dooley
		 	Title:	 	Director

 Signature Page to Priming Superpriority Debtor-In-Possession Credit Agreement

					
	 STANDARD CHARTERED BANK,
 as Lender

		
	By:	 	/s/ Philip Rees
		 	Name:	 	Philip Rees
		 	Title:	 	Manager
		
	By:	 	/s/ Paul Johnson
		 	Name:	 	Paul Johnson
		 	Title:	 	Area Head

 Signature Page to Priming Superpriority Debtor-In-Possession Credit AgreementIndenture

 Exhibit 10.1 
 EXECUTION VERSION 
  
  
 INDENTURE 
 Dated as of
February 13, 2009 
 among 
 LANDRY’S RESTAURANTS, INC., 
 THE GUARANTORS NAMED HEREIN 
 and 
 DEUTSCHE BANK TRUST COMPANY AMERICAS,

 as Trustee and as Collateral Agent 
 14% SENIOR SECURED NOTES DUE 2011 
  
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	13.03
	       (c)
	  	13.03
	 313(a)
	  	7.06
	       (b)(1)
	  	10.03
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 10.03;13.02
	       (d)
	  	7.06
	 314(a)
	  	4.03;13.02; 13.05
	       (b)
	  	10.02
	       (c)(1)
	  	13.04
	       (c)(2)
	  	13.04
	       (c)(3)
	  	N.A.
	       (d)
	  	10.03; 10.04; 10.05
	       (e)
	  	13.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 13.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a) (last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	2.12
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.04
	 318(a)
	  	13.01
	       (b)
	  	N.A.
	       (c)
	  	13.01

  
 N.A. means not applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	  	1
				
		 	Section 1.01	  	Definitions.	  	1
		 	Section 1.02	  	Other Definitions.	  	22
		 	Section 1.03	  	Incorporation by Reference of Trust Indenture Act.	  	22
		 	Section 1.04	  	Rules of Construction.	  	23
		
	ARTICLE 2 THE NOTES	  	23
				
		 	Section 2.01	  	Form and Dating.	  	23
		 	Section 2.02	  	Execution and Authentication.	  	24
		 	Section 2.03	  	Registrar and Paying Agent.	  	24
		 	Section 2.04	  	Paying Agent to Hold Money in Trust.	  	25
		 	Section 2.05	  	Holder Lists.	  	25
		 	Section 2.06	  	Transfer and Exchange.	  	25
		 	Section 2.07	  	Replacement Notes.	  	37
		 	Section 2.08	  	Outstanding Notes.	  	37
		 	Section 2.09	  	Treasury Notes.	  	38
		 	Section 2.10	  	Temporary Notes.	  	38
		 	Section 2.11	  	Cancellation.	  	38
		 	Section 2.12	  	Defaulted Interest.	  	38
		
	ARTICLE 3 REDEMPTION AND PREPAYMENT	  	39
				
		 	Section 3.01	  	Notices to Trustee.	  	39
		 	Section 3.02	  	Selection of Notes to Be Redeemed or Purchased.	  	39
		 	Section 3.03	  	Notice of Redemption.	  	39
		 	Section 3.04	  	Effect of Notice of Redemption.	  	40
		 	Section 3.05	  	Deposit of Redemption or Purchase Price.	  	40
		 	Section 3.06	  	Notes Redeemed or Purchased in Part.	  	41
		 	Section 3.07	  	Optional Redemption.	  	41
		 	Section 3.08	  	No Mandatory Redemption.	  	41
		 	Section 3.09	  	Offer to Purchase by Application of Excess Proceeds.	  	41
		
	ARTICLE 4 COVENANTS	  	43
				
		 	Section 4.01	  	Payment of Notes.	  	43
		 	Section 4.02	  	Maintenance of Office or Agency.	  	43
		 	Section 4.03	  	Reports.	  	44
		 	Section 4.04	  	Compliance Certificate.	  	45
		 	Section 4.05	  	Taxes.	  	45
		 	Section 4.06	  	Stay, Extension and Usury Laws.	  	45
		 	Section 4.07	  	Restricted Payments.	  	46
		 	Section 4.08	  	Dividend and Other Payment Restrictions Affecting Subsidiaries.	  	47
		 	Section 4.09	  	Incurrence of Indebtedness and Issuance of Preferred Stock.	  	48
		 	Section 4.10	  	Asset Sales.	  	51
		 	Section 4.11	  	Transactions with Affiliates.	  	53

							
	 	 	 	  	 	  	Page
		 	Section 4.12	  	Liens.	  	54
		 	Section 4.13	  	Business Activities.	  	54
		 	Section 4.14	  	Corporate Existence.	  	54
		 	Section 4.15	  	Offer to Repurchase Upon Change of Control.	  	54
		 	Section 4.16	  	Payments for Consent.	  	56
		 	Section 4.17	  	Additional Note Guarantees.	  	56
		 	Section 4.18	  	Designation of Restricted and Unrestricted Subsidiaries.	  	57
		 	Section 4.19	  	Impairment of Security Interests.	  	57
		 	Section 4.20	  	Real Estate Mortgages and Filings.	  	58
		 	Section 4.21	  	Leasehold Mortgages; Landlord Waivers.	  	58
		 	Section 4.22	  	Control Agreements.	  	58
		 	Section 4.23	  	Maximum Capital Expenditures.	  	59
		 	Section 4.24	  	Maximum Total Leverage Ratio.	  	59
		 	Section 4.25	  	Insurance Certificates.	  	59
		 	Section 4.26	  	Post-Closing Obligations.	  	60
		
	ARTICLE 5 SUCCESSORS	  	61
				
		 	Section 5.01	  	Merger, Consolidation, or Sale of Assets.	  	61
		 	Section 5.02	  	Successor Corporation Substituted.	  	62
		
	ARTICLE 6 DEFAULTS AND REMEDIES	  	62
				
		 	Section 6.01	  	Events of Default.	  	62
		 	Section 6.02	  	Acceleration.	  	64
		 	Section 6.03	  	Other Remedies.	  	64
		 	Section 6.04	  	Waiver of Past Defaults.	  	64
		 	Section 6.05	  	Control by Majority.	  	65
		 	Section 6.06	  	Limitation on Suits.	  	65
		 	Section 6.07	  	Rights of Holders of Notes to Receive Payment.	  	65
		 	Section 6.08	  	Collection Suit by Trustee.	  	65
		 	Section 6.09	  	Trustee May File Proofs of Claim.	  	66
		 	Section 6.10	  	Priorities.	  	66
		 	Section 6.11	  	Undertaking for Costs.	  	66
		
	ARTICLE 7 TRUSTEE	  	67
				
		 	Section 7.01	  	Duties of Trustee.	  	67
		 	Section 7.02	  	Rights of Trustee.	  	68
		 	Section 7.03	  	Individual Rights of Trustee.	  	68
		 	Section 7.04	  	Trustee’s Disclaimer.	  	68
		 	Section 7.05	  	Notice of Defaults.	  	69
		 	Section 7.06	  	Reports by Trustee to Holders of the Notes.	  	69
		 	Section 7.07	  	Compensation and Indemnity.	  	69
		 	Section 7.08	  	Replacement of Trustee.	  	70
		 	Section 7.09	  	Successor Trustee by Merger, etc.	  	71
		 	Section 7.10	  	Eligibility; Disqualification.	  	71
		 	Section 7.11	  	Preferential Collection of Claims Against Company.	  	71

  

 ii 

							
	 	 	 	  	 	  	Page
	ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	71
				
		 	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance.	  	71
		 	Section 8.02	  	Legal Defeasance and Discharge.	  	71
		 	Section 8.03	  	Covenant Defeasance.	  	72
		 	Section 8.04	  	Conditions to Legal or Covenant Defeasance.	  	73
		 	Section 8.05	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	74
		 	Section 8.06	  	Repayment to Company.	  	74
		 	Section 8.07	  	Reinstatement.	  	75
		
	ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER	  	75
				
		 	Section 9.01	  	Without Consent of Holders of Notes.	  	75
		 	Section 9.02	  	With Consent of Holders of Notes.	  	76
		 	Section 9.03	  	Compliance with Trust Indenture Act.	  	77
		 	Section 9.04	  	Revocation and Effect of Consents.	  	77
		 	Section 9.05	  	Notation on or Exchange of Notes.	  	77
		 	Section 9.06	  	Trustee to Sign Amendments, etc.	  	78
		
	ARTICLE 10 COLLATERAL AND SECURITY	  	78
				
		 	Section 10.01	  	Grant of Security Interest.	  	78
		 	Section 10.02	  	Recording and Opinions.	  	79
		 	Section 10.03	  	Release of Collateral.	  	79
		 	Section 10.04	  	Certificates of the Company.	  	81
		 	Section 10.05	  	Certificates of the Trustee.	  	81
		 	Section 10.06	  	Authorization of Actions to Be Taken by the Collateral Agent Under the Collateral Agreements.	  	81
		 	Section 10.07	  	Authorization of Receipt of Funds by the Trustee Under the Collateral Agreements.	  	81
		 	Section 10.08	  	Termination of Security Interest.	  	82
		 	Section 10.09	  	Intercreditor Agreement.	  	82
		
	ARTICLE 11 NOTE GUARANTEES	  	82
				
		 	Section 11.01	  	Guarantee.	  	82
		 	Section 11.02	  	Limitation on Guarantor Liability.	  	83
		 	Section 11.03	  	Execution and Delivery of Note Guarantee.	  	83
		 	Section 11.04	  	Guarantors May Consolidate, etc., on Certain Terms.	  	84
		 	Section 11.05	  	Releases	  	85
		
	ARTICLE 12 SATISFACTION AND DISCHARGE	  	85
				
		 	Section 12.01	  	Satisfaction and Discharge.	  	85
		 	Section 12.02	  	Application of Trust Money.	  	86
		
	ARTICLE 13 MISCELLANEOUS	  	87
				
		 	Section 13.01	  	Trust Indenture Act Controls.	  	87
		 	Section 13.02	  	Notices.	  	87
		 	Section 13.03	  	Communication by Holders of Notes with Other Holders of Notes.	  	88
		 	Section 13.04	  	Certificate and Opinion as to Conditions Precedent.	  	88

  

 iii 

							
	 	 	 	  	 	  	Page
		 	Section 13.05	  	Statements Required in Certificate or Opinion.	  	88
		 	Section 13.06	  	Rules by Trustee and Agents.	  	89
		 	Section 13.07	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	89
		 	Section 13.08	  	Governing Law.	  	89
		 	Section 13.09	  	No Adverse Interpretation of Other Agreements.	  	89
		 	Section 13.10	  	Successors.	  	89
		 	Section 13.11	  	Severability.	  	90
		 	Section 13.12	  	Counterpart Originals.	  	90
		 	Section 13.13	  	Table of Contents, Headings, etc.	  	90
		 	Section 13.14	  	Force Majeure.	  	90
		 	Section 13.15	  	USA PATRIOT Act.	  	90

  

			
	EXHIBITS
		
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	  	FORM OF NOTATION OF GUARANTEE
	Exhibit F	  	FORM OF SUPPLEMENTAL INDENTURE

  

 iv 

 INDENTURE dated as of February 13, 2009, among Landry’s Restaurants, Inc., a Delaware
corporation (the “Company”), the Guarantors (as defined herein) and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such
capacity, the “Collateral Agent”). 
 The Company, the Guarantors, the Trustee and the Collateral Agent agree as follows for
the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of the 14% Senior Secured Notes due 2011: 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01 Definitions. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 “Acquired Debt” means, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such
specified Person (regardless of the form of the applicable transaction by which such Person became a Subsidiary) or expressly assumed in connection with the acquisition of assets from any such Person, whether or not such Indebtedness is incurred in
connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person or whether such Indebtedness being incurred is in connection with the acquisition of assets; and

 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
 Acquired Debt will be deemed to be incurred on the date the acquired Person becomes a Subsidiary or the date of the related acquisition of assets from such Person.

 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For
purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or
exchange. 
  

 1 

 “Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.15 and Section 5.01 and not by the provisions of Section 4.10;
and 
 (2) the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity
Interests in any of its Restricted Subsidiaries; provided that, for the avoidance of doubt, the sale of Equity Interests of the Company will be governed by Sections 4.15 and 5.01 hereof and not by Section 4.10
hereof. 
 Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $2.0 million;

 (2) a transfer of assets (including Equity Interests of Restricted Subsidiaries) between or among the Company and its
Restricted Subsidiaries; 
 (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to
a Restricted Subsidiary of the Company; 
 (4) the sale, disposition or lease of products, inventory, services or accounts
receivable in the ordinary course of business, and any sale or other disposition of damaged, worn-out or obsolete assets in the ordinary course of business; 
 (5) the sale or other disposition of cash or Cash Equivalents; 
 (6) a Restricted Payment that does not violate Section 4.07 or is a Permitted Investment; 
 (7) any sale or disposition deemed to occur in connection with the granting or creating of a Permitted Lien; and 
 (8) any sale or disposition of assets in connection with a sale-leaseback transaction consummated within 180 days of the acquisition or
the substantial completion of construction of such assets, provided that the funding of such acquisition or construction was not financed with the Net Proceeds of an Asset Sale. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has
the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a
corresponding meaning. 
  

 2 

 “Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board; 
 (2) with respect to a partnership, the board of directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Expenditures” means, with respect to any Person for any period, the aggregate of all expenditures (excluding expenditures made
(a) with the Net Proceeds of Asset Sales to the extent permitted by clause (2), (3) or (4) of Section 4.10(b) or (b) to restore, replace or rebuild property to the condition of such property immediately prior to any
damage, loss, destruction or condemnation of such property, to the extent such expenditure is made with insurance proceeds, condemnation awards or damage recovery proceeds relating to any such damage, loss, destruction or condemnation) actually made
in such period by such Person and its Subsidiaries during such period that are capital expenditures as determined in accordance with GAAP, whether such expenditures are paid in cash or financed, but excluding capitalized interest. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease
that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date
upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership interests
(whether general or limited) or membership interests; and 
 (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any
right of participation with Capital Stock. 
 “Cash Equivalents” means: 
 (1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United
States is pledged in support of those securities) having maturities of not more than 365 days from the date of acquisition; 
  

 3 

 (3) certificates of deposit and eurodollar time deposits with maturities of six months or
less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $250.0 million; 
 (4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper having one of the two highest ratings obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and, in each case, maturing within six months after
the date of acquisition; and 
 (6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the
kinds described in clauses (1) through (5) of this definition. 
 “CFC Subsidiary” means any Subsidiary that is a
“controlled foreign corporation” within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended. 
 “Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect
sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries
taken as a whole to any “person” (as that term is used in Section 13(d) of the Exchange Act) other than a Permitted Holder; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; 
 (3)
the consummation of the first transaction (including, without limitation, any merger or consolidation) the result of which is that any Person other than a Permitted Holder becomes the Beneficial Owner, directly or indirectly, of more of the Voting
Stock of the Company (measured by voting power rather than number of shares) than is at the time Beneficially Owned by the Permitted Holders in the aggregate; or 
 (4) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 
 “Clearstream” means Clearstream Banking, S.A. 
 “Code” means the New York Uniform Commercial Code, as in effect from time to time. 
 “Collateral” means collateral as such term is defined in the Security Agreement, collateral as such term is defined in the Gaming Pledge Agreement, all property mortgaged under the Mortgages and any other property, whether
now owned or hereafter acquired, upon which a Lien securing the Obligations under the Indenture Documents is granted or purported to be granted under any Collateral Agreement; provided, however, that “Collateral” shall not include
any Excluded Collateral. 
  

 4 

 “Collateral Access Agreement” means a landlord waiver, bailee letter, or acknowledgement
agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in the Company’s or its Restricted Subsidiaries’ books and records, equipment (as such term is
defined in the Code), or inventory (as such term is defined in the Code), in each case, in form and substance reasonably satisfactory to the Collateral Agent. 
 “Collateral Agent” means Deutsche Bank Trust Company Americas until a successor replaces it in accordance with the provisions of this Indenture and thereafter means any such successor. 
 “Collateral Agreements” means, collectively, the Intercreditor Agreement, the Security Agreement, the Control Agreements, the Controlled
Account Agreements, the Intercompany Subordination Agreement, the Post-Closing Agreement, the Collateral Access Agreement, the Trademark Security Agreement, the Copyright Security Agreement, the Gaming Pledge Agreement, each Mortgage and each other
instrument creating Liens in favor of the Collateral Agent as required by this Indenture, in each case, as the same may be in force from time to time. 
 “Company” means Landry’s Restaurants, Inc., a Delaware corporation, and any and all successors thereto. 
 “Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
 (1) an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in
connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus 
 (2) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus  

(3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, plus, to the extent not included in Fixed
Charges, amortization or write-off of debt issuance costs and original issue discount, in each case to the extent such amounts were deducted in computing such Consolidated Net Income; plus 
 (4) depreciation, amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash
expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense
that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 

 (5) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the
ordinary course of business; minus 
 (6) any amount of net gain in excess of $5.0 million realized by such Person or
any of its Restricted Subsidiaries during such period in connection with Asset Sales, whether or not in the ordinary course of business, to the extent such net gain was included in computing such Consolidated Net Income, in each case, on a
consolidated basis and determined in accordance with GAAP. 
  

 5 

 Notwithstanding the preceding, the provision for taxes based on the income or profits of, and the
depreciation, amortization and other non-cash expenses of, a Restricted Subsidiary of the Company will be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be
permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter
and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 
 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated
basis, determined in accordance with GAAP, provided that: 
 (1) the Net Income of any Person that is not a Restricted
Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 

(2) the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar
distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or
any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 
 (3) the cumulative effect of a change in accounting principles will be excluded; and 
 (4)
notwithstanding clause (1) above, the Net Income of any Unrestricted Subsidiary will be excluded, whether or not distributed to the specified Person or one of its Subsidiaries. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who: 
 (1) was a member of such Board of Directors on the Issue Date; or 
 (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing
Directors who were members of such Board of Directors at the time of such nomination or election. 
 “Control Agreement”
means a control agreement, in form and substance reasonably satisfactory to the Collateral Agent, executed and delivered by the Company or one of its Restricted Subsidiaries, the Collateral Agent, and the applicable securities intermediary (with
respect to a Securities Account) or bank (with respect to a Deposit Account). 
 “Controlled Account Agreements” means those
certain cash management agreements, in form and substance reasonably satisfactory to Collateral Agent, each of which is among the Company or one of its Restricted Subsidiaries, the Collateral Agent, the related depositary institution with respect to
the applicable Collateral and (in the case of any four-party agreement) the First Priority Agent. 
  

 6 

 “Copyright Security Agreement” means each Copyright Security Agreement among the
grantors named therein, or any of them, and the Collateral Agent. 
 “Corporate Trust Office of the Trustee” will be at the
address of the Trustee specified in Section 13.02 hereof or such other address as to which the Trustee may give notice to the Company. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Sections 2.01, 2.02 and 2.06 hereof, substantially in
the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Deposit Accounts” has the meaning set forth in Section 9-102(a)(29) of the Code. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
Section 2.03 hereof as the depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of
the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because
the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide
that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. The amount of Disqualified Stock deemed to be outstanding at any
time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock,
exclusive of accrued dividends. 
 “Domestic Restricted Subsidiary” means any Restricted Subsidiary of the Company that was
formed under the laws of the United States or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of the Company. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock). 
 “Euroclear” means Euroclear Bank, S.A./N.V., as
operator of the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  

 7 

 “Exchange Notes” means the Notes issued in the Exchange Offer pursuant to
Section 2.06(f) hereof. 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement.

 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
 “Excluded Collateral” has the meaning set forth in the Security Agreement. 
 “Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Senior Credit
Facility) in existence on the Issue Date, until such amounts are repaid. 
 “Fair Market Value” means the value that would
be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture).

 “First Priority Agent” means the Administrative Agent (as defined in the Senior Credit Facility), and any successor
designated as such by the holders of First Priority Claims. 
 “First Priority Cash Management Obligations” means all
obligations of the Company and the Guarantors in respect of overdrafts and related liabilities owed to any other Person that arise from treasury, depositary or cash management services, including in connection with any automated clearing house
transfers of funds, or any similar transactions, secured by any assets constituting Collateral under the documents that secure Obligations under the Senior Credit Facility. 
 “First Priority Claims” means (a) Indebtedness under the Senior Credit Facility permitted pursuant to clause (1) of the
definition of the term “Permitted Debt,” (b) First Priority Cash Management Obligations and First Priority Hedging Obligations, and (c) all other Obligations under the documents relating to Indebtedness described in clauses
(a) and (b) above. 
 “First Priority Hedging Obligations” means all Hedging Obligations secured by any assets
constituting Collateral under the documents that secure Obligations under the Senior Credit Facility. 
 “Fixed Charge Coverage
Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of
its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary revolving credit borrowings) or issues, repurchases or redeems preferred stock subsequent
to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation
Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance,
repurchase or redemption of preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 
  

 8 

 In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or
consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period;

 (2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 
 (3)
the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that
the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; 
 (4) any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at all times
during such four-quarter period; 
 (5) any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed
not to have been a Restricted Subsidiary at any time during such four-quarter period; and 
 (6) if any Indebtedness bears a
floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to
such Indebtedness if such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months). 
 “Fixed
Charges” means, with respect to any specified Person for any period, the sum, without duplication, of: 
 (1) the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the
interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates, but excluding amortization of debt issuance costs and original issue discount incurred on the Issue Date in
connection with the Senior Credit Facility and the Notes; plus  
 (2) the consolidated interest expense of such Person
and its Restricted Subsidiaries that was capitalized during such period; plus  
 (3) any interest on Indebtedness of
another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 

  

 9 

 (4) the product of (a) all dividends, whether paid or accrued and whether or not in
cash, on any series of Disqualified Stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a
Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a
decimal, in each case, determined on a consolidated basis in accordance with GAAP. 
 “Foreign Restricted Subsidiary” means
any Restricted Subsidiary of the Company that is not a Domestic Restricted Subsidiary. 
 “GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date. 
 “Gaming Authorities” means any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of the United States or foreign government (including Native
American governments), any state, province, city, or other political subdivision thereof, whether now or hereafter existing, or any officer or official thereof, including, without limitation, any other agency with authority to regulate any gaming
operation (or proposed gaming operation) owned, managed or operated by the Company or its Subsidiaries. 
 “Gaming Pledge
Agreement” means a pledge agreement in form and substance reasonably satisfactory to the Collateral Agent, executed and delivered by the Company to the Collateral Agent with respect to the Capital Stock of Landry’s Gaming, Inc.

 “Global Note Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed
on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that
has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f) hereof. 
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for
which the United States pledges its full faith and credit. 
 “Guarantee” means a guarantee other than by endorsement of
negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of
all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise).

 “Guarantors” means (1) each Domestic Restricted Subsidiary of the Company on the Issue Date and (2) each other
Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture, in each case, together with their respective successors and assigns until the Note Guarantee of such Person has been released in accordance
with the provisions of this Indenture. 
  

 10 

 “Hedging Obligations” means, with respect to any specified Person, the obligations of
such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest
rate cap agreements and interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest
rates or interest rate risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations
in currency exchange rates or commodity prices. 
 “Holder” means a Person in whose name a Note is registered. 

“IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors.  
 “Immaterial Subsidiary” means, as of any date, any Restricted Subsidiary whose total assets, as of
that date, are less than $100,000 and whose total revenues for the most recent 12-month period do not exceed $100,000; provided that a Restricted Subsidiary will not be considered to be an Immaterial Subsidiary if it, directly or indirectly,
guarantees or otherwise provides direct credit support for any Indebtedness of the Company. 
 “Indebtedness” means, with
respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar
instruments or letters of credit (or reimbursement agreements in respect thereof); 
 (3) in respect of banker’s
acceptances; 
 (4) representing Capital Lease Obligations; 
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such
property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 
 if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified
Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person)
and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  

 11 

 “Indenture Documents” means, collectively, this Indenture, the Notes, the Note
Guarantees and the Collateral Agreements. 
 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Initial Notes” means $295,500,000 aggregate principal amount of 14% Senior Secured
Notes due 2011 issued under this Indenture on the Issue Date. 
 “Initial Purchaser” means Jefferies & Company,
Inc. 
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Intercompany Subordination
Agreement” means a subordination agreement executed and delivered by the Company, each of its Restricted Subsidiaries and the Collateral Agent, the form and substance of which is reasonably satisfactory to the Collateral Agent. 

“Intercreditor Agreement” means the Intercreditor Agreement to be entered into concurrently with the Senior Credit Facility, among
the First Priority Agent, the Collateral Agent, the Company and the Guarantors, as the same may be amended, supplemented or modified from time to time. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other
obligations), advances or capital contributions (excluding commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity
Interests of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of
any such sale or disposition equal to the Fair Market Value of the Company Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided by Section 4.07. The acquisition by the Company or any
Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the
acquired Person in such third Person in an amount determined as provided by Section 4.07. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without
giving effect to subsequent changes in value. 
 “Issue Date” means the first date on which Notes are issued under this
Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or
at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period. 
 “Letter of Transmittal” means the letter of transmittal
to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
  

 12 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option
or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Liquidated Damages” means all liquidated damages then owing pursuant to the Registration Rights Agreement. 
 “Mortgages” means the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents granting Liens on the Company
and its Restricted Subsidiaries’ Premises to secure the Notes. 
 “Net Income” means, with respect to any specified
Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however, (1) any gain, loss or non-cash charge or expense, together with any related
provision for taxes on such gain or tax benefit for such loss or non-cash charge or expense, realized or recorded, as applicable, in connection with (a) any asset sale outside the ordinary course of business; (b) the disposition of any
securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries or (c) any asset impairment or writedown required to be made in accordance with GAAP;
and (2) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or tax benefit for such loss. 
 “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other
disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, sales commissions, rationalization and
other relocation expenses incurred as a result of the Asset Sale, and taxes paid or payable as a result of the Asset Sale after taking into account any available tax credits or deductions and any tax sharing arrangements, (2) amounts required
to be applied to the repayment of Indebtedness, other than Indebtedness under the Senior Credit Facility, secured by a Lien on the asset or assets that were the subject of such Asset Sale, and (3) any reserve for adjustment in respect of the
sale price of such asset or assets established in accordance with GAAP. 
 “Non-Recourse Debt” means Indebtedness:

 (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; and 
 (2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other material Indebtedness of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the
payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity. 
 “Non-U.S. Person” means a Person
who is not a U.S. Person. 
 “Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under
this Indenture and the Notes, executed pursuant to the provisions of this Indenture. 
  

 13 

 “Notes” means collectively the Initial Notes and the Exchange Notes. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable
under the documentation governing any Indebtedness. 
 “Offering Circular” means the Offering Circular, dated
February 4, 2009, relating to the offering of the Notes. 
 “Officer” means, with respect to any Person, the Chairman
of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the
principal executive officer, the principal financial officer or the principal accounting officer of the Company, that meets the requirements of Section 13.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of
Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and
Clearstream). 
 “Permitted Business” means a business in which the Company and its Restricted Subsidiaries were engaged on
the Issue Date, as described in the Offering Circular, and any business related, ancillary or complementary thereto. 
 “Permitted
Holders” means Tilman J. Fertitta and any Related Person of Tilman J. Fertitta. 
 “Permitted Investments” means:

 (1) any Investment in the Company or in a Restricted Subsidiary of the Company; 
 (2) any Investment in Cash Equivalents; 
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: 
  

	 	(A)	such Person becomes a Restricted Subsidiary of the Company; or 

  

	 	(B)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Restricted
Subsidiary of the Company; 

 (4) any Investment made as a result of the receipt of non-cash consideration from
an Asset Sale that was made pursuant to and in compliance with Section 4.10. 
 (5) any Investment made as a
result of the receipt of non-cash consideration from a disposition of assets excluded from the definition of “Asset Sale” either (a) in an amount not to exceed 25% of the total consideration received in such disposition of assets or
(b) such Investment has a fair market value not exceeding $500,000 and is not received in a transaction with an Affiliate of the Company; 
  

 14 

 (6) any acquisition of assets or Capital Stock solely in exchange for the issuance of
Equity Interests (other than Disqualified Stock) of the Company or its parent; 
 (7) any Investments received in compromise
or resolution of, or upon foreclosure, perfection or enforcement of any Lien in favor of the Company or any of its Restricted Subsidiaries with respect to, (a) obligations of trade creditors or customers that were incurred in the ordinary
course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (b) litigation, arbitration
or other disputes; 
 (8) Investments represented by Hedging Obligations; 
 (9) loans or advances to employees (other than Tilman J. Fertitta, Steven L. Scheinthal, Richard H. Liem, Jeffrey L. Cantell or K. Kelly
Roberts) made in the ordinary course of business of the Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to exceed $1.0 million at any one time outstanding; 
 (10) advances to customers or suppliers in the ordinary course of business that are recorded as accounts receivable, prepaid expenses or
deposits on the balance sheet of the Company or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business; 
 (11) Investments in or repurchases of the Notes; 
 (12) Investments consisting of expense reimbursement liabilities owed to or by Unrestricted Subsidiaries in an aggregate amount not to
exceed $2.0 million at any one time outstanding; 
 (13) Investments in the Golden Nugget Hotels and Casinos business required
to be made pursuant to the terms of the Golden Nugget’s credit facility as in effect on the Issue Date in an amount not to exceed $25.0 million; 
 (14) Investments received in connection with an acquisition or a Person or assets, provided that (a) such Investments were not made in connection with or in contemplation of such acquisition, and
(b) the Fair Market Value of such Investments does not exceed 10.0% of the purchase price for, or the Fair Market Value of all assets obtained in, such acquisition; and 
 (15) so long as no Default has occurred and is continuing or would be caused thereby, Investments in an amount equal to (a) 100% of
any dividends received by the Company or a Restricted Subsidiary of the Company after the Issue Date from an Unrestricted Subsidiary, less (b) any amounts described in the preceding clause (a) that are applied to increase Capital
Expenditures in accordance with Section 4.23 hereof; provided that if the dividends received by the Company or a Restricted Subsidiary of the Company are in a form other than cash, such Investments shall be in the form of the
assets so received or the proceeds thereof. 
  

 15 

 “Permitted Liens” means: 
 (1) Liens on assets of the Company or any of its Restricted Subsidiaries securing First Priority Claims; provided, that to the
extent such Liens secure Indebtedness for money borrowed, such Indebtedness was permitted to be incurred pursuant to clause (1) of the definition of the term “Permitted Debt”; 
 (2) Liens in favor of the Company or the Guarantors; 
 (3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any
Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company or
the Subsidiary; 
 (4) Liens on property (including Capital Stock) existing at the time of acquisition of the property by the
Company or any Subsidiary of the Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition; 
 (5) Liens to secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other obligations of a like
nature incurred in the ordinary course of business; 
 (6) Liens to secure Indebtedness (including Capital Lease Obligations)
permitted by clause (4), (8) or (12) of the definition of the term “Permitted Debt” covering only the assets acquired with or financed by such Indebtedness, provided that (a) the case of personal property, such
Lien attaches to such property concurrently with or within 60 days after the acquisition, construction or improvement thereof, and (b) in the case of any real property, any such Lien shall attach to such property concurrently with or within 180
days after the acquisition, construction or improvement thereof; 
 (7) Liens existing on the Issue Date; 
 (8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 
 (9) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, materialmen’s, employees’,
laborers’, repairmen’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 
 (10)
survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that
were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (11) Liens created for the benefit of (or to secure) the Notes or the Note Guarantees, or any other Obligations under the Indenture
Documents; 
 (12) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture;
provided, however, that: 
  

	 	(A)	the new Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the
original Indebtedness (plus improvements and accessions to such property, or proceeds or distributions thereof); and 

  

 16 

	 	(B)	the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (i) the outstanding principal amount, or, if greater, committed amount, of the
original Indebtedness and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 

 (13) other Liens securing obligations the principal amount of which do not exceed $5.0 million in the aggregate; 
 (14) terminable or short-term leases or permits for occupancy, in each case entered into in the ordinary course of business, which leases
or permits expressly grant to the Company or any Restricted Subsidiary the right to terminate them at any time on not more than six month’s notice and do not individually or in the aggregate interfere with the operation of the business of the
Company or any Restricted Subsidiary or individually or in the aggregate impair the use (for its intended purpose) or the value of the property subject thereto; 
 (15) Liens resulting from operation of law with respect to any judgments, awards or orders to the extent such judgments, awards or orders
do not cause or constitute an Event of Default; 
 (16) bankers’ Liens, rights of setoff and similar Liens existing
solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the Company or any Restricted Subsidiary, in each case granted in the ordinary course of business in favor of the bank or banks with which such
deposits are maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements; 
 (17) Liens securing Permitted Debt of Foreign Restricted Subsidiaries; 
 (18) Liens on raw materials or on inventory
as security for any drafts or bills of exchange drawn in connection with the importation of such raw materials or inventory; 
 (19) Liens in favor of banks that arise under Article 4 of the UCC on items in collection and documents relating thereto and proceeds thereof and Liens arising under Section 2-711 of the UCC; 
 (20) pledges or deposits by the Company or a Restricted Subsidiary under workers’ compensation laws, unemployment insurance laws or
similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent or deposits as security for the payment of
insurance-related obligations (including, but not limited to, in respect of deductibles, self-insurance retention amounts and premiums and adjustments thereto), in each case incurred in the ordinary course of business; 
  

 17 

 (21) Liens occurring solely by the filing of a UCC financing statement, which filing has
not been authorized by the Company or any Restricted Subsidiary, and Liens arising from precautionary filings of UCC financing statements in connection with operating leases or the consignment of goods; 
 (22) any obligations or duties affecting any property of the Company or any Restricted Subsidiary to any municipality or public authority
with respect to any franchise, grant, license or permit that do not materially impair the use of such property for the purposes for which it is held; 
 (23) Liens encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements; 
 (24) deposits, pledges or other Liens to secure obligations under purchase or sale agreements; 
 (25) Liens upon specific items of inventory or other goods and proceeds of the Company or its Restricted Subsidiaries to secure the
Company or any such Restricted Subsidiary’s obligations in respect of bankers’ acceptances issued or created for the account of any such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the
ordinary course of business; and 
 (26) Liens securing reimbursement obligations with respect to commercial letters of credit
which encumber documents and other assets relating to such letters of credit and products and proceeds thereof. 
 “Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries that amends, restates, modifies, supplements or extends, or that is issued in exchange for, or the net proceeds of which are used to
renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal
amount (or accreted value, if applicable) of the Indebtedness extended, exchanged, renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including
premiums, incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date later
than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, exchanged, renewed, refunded, refinanced, replaced, defeased or
discharged; 
 (3) if the Indebtedness being extended, exchanged, renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as
favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, exchanged, renewed, refunded, refinanced, replaced, defeased or discharged; and 
  

 18 

 (4) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary
who is the obligor on the Indebtedness being extended, exchanged, renewed, refunded, refinanced, replaced, defeased or discharged. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Post-Closing Agreement” means the Post-Closing Agreement dated as of the Issue Date, by and between the Company and the Collateral
Agent. 
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all
Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Pro Forma Cost
Savings” means, with respect to any period, the projected reductions in costs and expenses during such period that are to be implemented by the business that was the subject of any acquisition or disposition that are supportable and
quantifiable by underlying accounting records of such business as if all such reductions in costs and expenses had been implemented at the beginning of such period. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the Issue Date, between the Company, the Guarantors and the Initial Purchaser, as the same may be amended or modified from time to time in
accordance with the terms thereof. 
 “Regulation S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation
S. 
 “Related Person” means: 
 (1) any immediate family member or descendent of Tilman J. Fertitta, and the heirs, executors and administrators and beneficiaries of the estate of Tilman J. Fertitta or any such family member; or 
 (2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members,
owners or Persons beneficially holding an 80% or more controlling interest of which consist of Tilman J. Fertitta or any Related Person identified in clause (1) above. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust administration of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
  

 19 

 “Restricted Global Note” means a Global Note bearing the Private Placement Legend.

 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.

 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “SEC” means the Securities and Exchange Commission or any successor commission or agency. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Account” has the meaning set forth in Section 8-501(a) of the Code. 
 “Security Agreement” means the Security Agreement, dated as of the Issue Date, made by the Company and the Guarantors in favor of the
Collateral Agent, as amended or supplemented from time to time in accordance with its terms. 
 “Senior Credit Facility”
means that certain Credit Agreement, dated the Issue Date, by and among the Company, the lenders from time to time party thereto and Wells Fargo Foothill, LLC, as administrative agent, including any related notes, Guarantees, collateral documents,
instruments and agreements executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise and whether with the same or different lenders or agents) or
refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in
effect on the Issue Date. 
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any
series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or
repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subsidiary”
means, with respect to any specified Person: 
 (1) any corporation, association or other business entity of which more than
50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any 

  

 20 

 
contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election
of directors, managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination
thereof); and 
 (2) any partnership (a) the sole general partner or the managing general partner of which is such Person
or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Total Leverage Ratio” means, as of any date of determination, the ratio of (a) total Indebtedness of the Company and its Restricted Subsidiaries, determined on a consolidated basis, as of such
date, to (b) Consolidated Cash Flow, plus any expenses incurred in connection with the proposed acquisition of the Company to the extent such expenses were deducted in computing such Consolidated Cash Flow, of the Company and its Restricted
Subsidiaries for the 12-month period ended on such date. 
 “Trademark Security Agreement” means each Trademark Security
Agreement among grantors named therein, or any of them, and the Collateral Agent. 
 “Trustee” means Deutsche Bank Trust
Company Americas, a New York banking corporation, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the
Company as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 
 (2) except as permitted by
Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no
less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (3) except as permitted by clause (13) of the definition of “Permitted Investments,” is a Person with respect to
which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly
provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 
  

 21 

 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the
Securities Act. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products
obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by  
 (2) the then outstanding principal amount of such Indebtedness. 
 Section 1.02 Other Definitions. 
  

			
	 	  	Defined in
Section
	 Term
	  	
	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	3.09
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.15
	 “Change of Control Payment”
	  	4.15
	 “Change of Control Payment Date”
	  	4.15
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Permitted Debt”
	  	4.09
	 “Payment Default”
	  	6.01
	 “Premises”
	  	4.20
	 “Purchase Date”
	  	3.09
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “USA Patriot Act”
	  	13.05

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
  

 22 

 “indenture security Holder” means a Holder of a Note; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the Notes and the Note Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them. 
 Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5) “will” shall be interpreted to express a command; 
 (6) provisions apply to successive events and transactions; and 
 (7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or
rules adopted by the SEC from time to time. 
 ARTICLE 2 
 THE NOTES 
 Section 2.01 Form and Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling. 
  

 23 

 (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit
A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall
provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear
or Clearstream. 
 Section 2.02 Execution and Authentication. 
 At least one Officer must sign the Notes for the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that
office at the time a Note is authenticated, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the
manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The
Trustee shall, upon receipt of a written order of the Company signed by two Officers (an “Authentication Order”), authenticate and deliver the (i) Initial Notes and (ii) Exchange Notes from time to time for issue only in
exchange for a like principal amount at maturity of Initial Notes. All Notes issued under this Indenture shall vote and consent together on all matters as one class and no series of Notes shall have the right to vote or consent as a separate class
on any matter, including, without limitation, with respect to waivers, amendments, redemptions and offers to purchase. 
 The Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 
 Section 2.03 Registrar and Paying Agent. 
 The Company will maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company
may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  

 24 

 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary
with respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as
Custodian with respect to the Global Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
(if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05 Holder Lists. 
 The Trustee will preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest
payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with
TIA § 312(a). 
 Section 2.06 Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable
to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the
Depositary; 
 (2) the Company in its sole discretion determines that
the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Registrar has received a request from the Depositary to issue Definitive Notes. 
 Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged 

  

 25 

 
or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in
lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of
beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions
on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as
well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted
Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note
may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 
 (A) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note
in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given in accordance
with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
 (B) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
  

 26 

 (ii) instructions given by the Depositary to the Registrar containing information
regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(g) hereof, the requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the
following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item
(2) thereof; and 
 (C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global
Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or
the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration
Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a broker-dealer pursuant
to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar
receives the following: 
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  

 27 

 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), except in the case of any such transfer by the Initial
Purchaser and its affiliates, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (B) or (D) of this Section 2.06(b)(4) at a time when an Unrestricted
Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal
amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) this Section 2.06(b)(4). Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or
transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or
Exchange of Beneficial Interests for Definitive Notes. 
 (1) Beneficial Interests in Restricted Global Notes to
Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  

 28 

 (E) if such beneficial interest is being transferred to an Institutional Accredited
Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) of this Section 2.06(c)(1), a certificate to the effect set forth in
Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(b) thereof; or 
 (G) if such beneficial interest is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1)
shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2)
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such
beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
 (A) such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in
the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  

 29 

 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), except in the case of any such transfer by the Initial
Purchaser and its affiliates, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in
an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the
conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company will execute
and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3)
will not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to
exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Note
is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  

 30 

 (E) if such Restricted Definitive Note is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) of this Section 2.06(d)(1), a certificate to the effect set forth
in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(b) thereof; or 
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above,
the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or
transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii) a Person participating in the distribution of the Exchange Notes
or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant
to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by
a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such Definitive Notes proposes to exchange such
Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

  

 31 

 
and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the
aggregate principal amount of the Unrestricted Global Note. 
 (3) Unrestricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate
principal amount of one of the Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) of this Section 2.06(d)(2) at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present
or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the
requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will be made
pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable. 
  

 32 

 (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii) a Person participating in the distribution of the Exchange Notes
or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected
pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer is
effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the Holder of such Restricted Definitive
Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such
Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement,
the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate: 
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by
Persons that certify in the applicable Letters of Transmittal that (A) they are not broker-dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the
Company; and 
  

 33 

 (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal
amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not broker-dealers, (B) they are not participating in a distribution
of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company. 
 Concurrently with the issuance of such
Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of
Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount. 
 (g) Legends. The following legends
will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement Legend. 
 (A) Except as permitted by subparagraph (B) of this Section 2.06(g)(1), each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially
the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PURCHASER AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT, AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PURCHASERS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1),(2), (3) OR (7) OF
RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN 

  

 34 

 
VIOLATION OF THE SECURITIES ACT, (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE
FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE. 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs
(b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private
Placement Legend. 
 (2) Global Note Legend. Each Global Note will bear a legend in substantially the following form:

 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (3) Original Issue Discount Legend. Each Note will bear a legend in substantially the following form: 
 “FOR THE PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; FOR
EACH $1,000 PRINCIPAL AMOUNT OF THIS SECURITY, THE ISSUE PRICE IS $880, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IS $120, THE ISSUE DATE IS FEBRUARY 13, 2009 AND THE YIELD TO MATURITY IS 20.346% PER ANNUM.” 
  

 35 

 (4) Intercreditor Agreement Legend. Each Note will bear a legend in substantially
the following form: 
 “ANYTHING HEREIN TO THE CONTRARY NOTWITHSTANDING, THE LIENS AND SECURITY INTERESTS SECURING THE OBLIGATIONS EVIDENCED BY THIS
NOTE, THE EXERCISE OF ANY RIGHT OR REMEDY HEREUNDER, AND CERTAIN OF THE RIGHTS OF THE HOLDER HEREOF ARE SUBJECT TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT DATED AS OF FEBRUARY 13, 2009 (AS AMENDED, RESTATED, SUPPLEMENTED, OR OTHERWISE MODIFIED
FROM TIME TO TIME, THE “INTERCREDITOR AGREEMENT”), BY AND BETWEEN WELLS FARGO FOOTHILL, LLC, AS FIRST LIEN AGENT, AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS SECOND LIEN AGENT. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE
INTERCREDITOR AGREEMENT AND THIS NOTE, THE TERMS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.” 
 (h) Cancellation and/or
Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on
such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

 (i) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06,
3.09, 4.10, 4.15 and 9.05 hereof). 
 (3) The Registrar will not be required to register the
transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
  

 36 

 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration
of transfer or exchange. 
 (5) Neither the Registrar nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be
affected by notice to the contrary. 
 (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions of Counsel required to
be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the
Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s
requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
 Every
replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of
the Company holds the Note. 
  

 37 

 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is
considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying
Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer
outstanding and will cease to accrue interest. 
 Section 2.09 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Company or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes
of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 
 Section 2.10 Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of
certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate (upon
receipt of an Authentication Order) definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all
of the benefits of this Indenture. 
 Section 2.11 Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 
 If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing of
the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company)
will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  

 38 

 ARTICLE 3 
 REDEMPTION AND PREPAYMENT 
 Section 3.01 Notices to Trustee. 
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee,
at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 
 (1) the
clause of this Indenture pursuant to which the redemption shall occur; 
 (2) the redemption date; 
 (3) the principal amount of Notes to be redeemed; and 
 (4) the redemption price. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 
 If less than all of the Notes are to be redeemed or
purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or purchase on a pro rata basis, by lot or by such other method as the Trustee considers fair and appropriate, unless otherwise required by law or
applicable stock exchange requirements. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 
 The Trustee will
promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes
selected will be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be
redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.03 Notice of Redemption. 
 (a) Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge
of this Indenture pursuant to Articles 8 or 12 hereof. 
 The notice will identify the Notes to be redeemed and will state:

 (1) the redemption date; 
  

 39 

 (2) the redemption price; 
 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 
 (4) the name and address of the Paying Agent; 
 (5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (6) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes
called for redemption are being redeemed; and 
 (8) that no representation is made as to the correctness or accuracy of the
CUSIP number, if any, listed in such notice or printed on the Notes. 
 (b) At the Company’s request, the Trustee will give the notice
of redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (or a shorter period as agreed to by the Trustee), an Officers’
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03(a). 
 (c) If any of the Notes to be redeemed is in the form of a Global Note, then the Company shall modify such notice to the extent necessary to conform with the procedures of the Depositary applicable to such redemption.

 Section 3.04 Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of
redemption may not be conditional. 
 Section 3.05 Deposit of Redemption or Purchase Price. 
 No later than 10:00 a.m. Eastern Time on the redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money
sufficient to pay the redemption or purchase price of and accrued interest and Liquidated Damages, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited
with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Liquidated Damages, if any, on, all Notes to be redeemed or purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to
the Person 

  

 40 

 
in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon
surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the
Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.

 Section 3.07 Optional Redemption. 
 At any time, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid
interest and Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date. Unless the Company defaults in
the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 No Mandatory Redemption. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 Section 3.09
Offer to Purchase by Application of Excess Proceeds. 
 (a) In the event that, pursuant to Section 4.10 hereof, the Company
is required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures specified below. 
 (b) The Asset Sale Offer shall be made to all Holders and all holders of other secured Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with
respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a
longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the
“Offer Amount”) to the purchase of Notes and such other pari passu secured Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness
tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 
 (c) If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Liquidated Damages, if any, will be paid to the Person in whose name a Note is
registered at the close of business on such record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
  

 41 

 (d) Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to
the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the
Asset Sale Offer, will state: 
 (1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and
Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer Amount, the purchase
price and the Purchase Date; 
 (3) that any Note not tendered or accepted for payment will continue to accrue interest;

 (4) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale
Offer will cease to accrue interest after the Purchase Date; 
 (5) that Holders electing to have a Note purchased pursuant to
an Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 only; 
 (6) that Holders electing to
have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company,
a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
 (7) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex,
facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the aggregate principal amount of Notes and other pari passu secured Indebtedness surrendered by holders thereof
exceeds the Offer Amount, the Company will select the Notes and other pari passu secured Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu secured Indebtedness
surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, or integral multiples thereof, will be purchased); and 
 (9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer). 
 (e) On or before the Purchase Date, the Company will, to the extent lawful,
accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this
Section 3.09. 
  

 42 

 (f) The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case
not later than five calendar days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly
issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the
Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date. 
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to
the provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01 Payment of Notes. 
 The Company will pay or cause to be paid the principal of, premium, if any, and interest and Liquidated Damages, if any, on, the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest and Liquidated Damages, if any, will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern
Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The Company will pay all Liquidated Damages, if any, in the same
manner on the dates and in the amounts set forth in the Registration Rights Agreement. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 2% per
annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if
any, (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance of Office or
Agency. 
 The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations;
provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

 43 

 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of
the Company in accordance with Section 2.03 hereof. 
 Section 4.03 Reports. 
 (a) So long as any Notes are outstanding, the Company and the Guarantors will furnish to the Initial Purchaser and to the Holders (with a copy to the
Trustee), or to the Trustee for distribution to the Holders upon the request of any Holder (such distribution to be at the expense of the Company), and will make available upon the request of any Holder, any prospective purchaser of the Notes, and
securities analysts: 
 (1) within 45 days following the end of each of the Company first three fiscal quarters and within 90
days following the end of each fiscal year, customary quarterly and annual financial statements (including all appropriate notes relating thereto), together with a Management’s Discussion and Analysis of Financial Condition and Results of
Operations, and 
 (2) within 15 days following the occurrence of any material event or development relating to the Company,
its business, its financial condition or its results of operations, a notice disclosing such event or development in reasonable detail, provided that disclosure of such event or development may be included in the financial statements or
Management’s Discussion and Analysis of Financial Condition and Results of Operations delivered pursuant to clause (1) if delivered within the time period required pursuant to clause (2). 
 All such financial statements will be prepared in all material respects in accordance with GAAP and will include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and
its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company. In addition, the annual financial statements will include an audit report thereon by the Company certified
independent accountants; provided, however, that if the Company is unable to include such audit report after using its reasonable best efforts to do so, the Company will not be obligated to furnish such audit report until 180 days
following the applicable fiscal year end, provided that this sentence shall not relieve the Company of its obligation to provide annual financial statements within the time period required by this Section 4.03(a), without such
audit report and recognizing that adjustments may occur when the audit report is issued. 
 (b) The Company will arrange and participate in
quarterly conference calls to discuss its results of operations with Holders, prospective purchasers of the Notes and securities analysts no later than 10 Business Days following the date on which each of the quarterly and annual financial
statements are made available as provided above. Dial-in conference call information will be included in or provided together with such financial statements. 
 (c) Notwithstanding anything contained in this Section 4.03, (i) the Company may satisfy its obligation to deliver financial statements or other information pursuant to this covenant by filing the
same for public availability with the SEC, (ii) no certifications or attestations concerning the financial statements or disclosure controls and procedures or internal controls that would otherwise be required pursuant to the Sarbanes-Oxley Act
of 2002 will be required, and (iii) nothing contained in this Indenture shall otherwise require the Company to comply with the terms of the Sarbanes-Oxley Act of 2002 at any time when it would not otherwise be subject to such statute.

  

 44 

 (d) In addition, for so long as any of the Notes remain outstanding, the Company and the Guarantors shall
furnish to Holders and to securities analysts and prospective purchasers of the Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Section 4.04 Compliance Certificate. 
 (a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal year commencing with the fiscal year ending December 31,
2009, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the
Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all
such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto.

 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end
financial statements delivered pursuant to Section 4.03 above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established national reputation) that in making the
examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4 or Article 5 hereof or, if any such
violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation. 

(c) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or
Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 Section 4.05 Taxes. 
 The
Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect
such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.06 Stay, Extension and Usury Laws.

 The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of 

  

 45 

 
any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07 Restricted
Payments. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company Equity Interests (including, without
limitation, any payment in connection with any merger or consolidation involving the Company) or to the direct or indirect holders of the Company Equity Interests in their capacity as such (other than dividends or distributions payable in Equity
Interests (other than Disqualified Stock) of the Company); 
 (2) purchase, redeem or otherwise acquire or retire for value
(including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 
 (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the
Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment of interest or
principal at the Stated Maturity thereof; or 
 (4) make any Restricted Investment 
 (all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted
Payments”). 
 (b) The preceding provisions will not prohibit: 
 (1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend, distribution or redemption payment would have complied with the provisions of this Indenture;

 (2) so long as no Default has occurred and is continuing or would be caused thereby, the making of any Restricted Payment
in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent contribution
of common equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (e) of Section 4.23; 
 (3) so long as no Default has occurred and is continuing or would be caused thereby, the repurchase, redemption, defeasance or other
acquisition or retirement for value of Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from a substantially concurrent incurrence of Permitted
Refinancing Indebtedness; 
  

 46 

 (4) so long as no Default has occurred and is continuing or would be caused thereby,
Restricted Payments for the purpose of repurchasing, redeeming or otherwise acquiring or retiring any Equity Interests of the Company, any Restricted Subsidiary of the Company or any direct or indirect parent of the Company held by any current or
former officer, director or employee of the Company or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement in an aggregate amount not to exceed
$0.75 million during any calendar year; provided that any amounts not utilized in any such calendar year may be carried forward and utilized in a subsequent calendar year; 
 (5) customary provisions allowing for the cashless exercise of stock options or similar instruments; and 
 (6) so long as no Default has occurred and is continuing or would be caused thereby, the declaration and payment of regularly scheduled or
accrued dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary of the Company issued after the Issue Date in accordance with the Fixed Charge Coverage Ratio test described in
Section 4.09(a). 
 The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the
Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are
required to be valued by this Section 4.07 will be determined by the Board of Directors of the Company whose resolution with respect thereto shall be delivered to the Trustee. The Board of Directors’ determination must be based upon
an opinion or appraisal issued by a reputable accounting, appraisal or investment banking firm if the Fair Market Value exceeds $10.0 million. 
 Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with
respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 
 (2) make loans or advances to the Company or any of its Restricted Subsidiaries; or 
 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 
 (b) Notwithstanding the foregoing, the restrictions set forth in Section 4.08(a) hereof will not apply to encumbrances or restrictions
existing under or by reason of: 
 (1) agreements governing Existing Indebtedness as in effect on the Issue Date; 

(2) agreements governing the Senior Credit Facility; 
 (3) this Indenture, the Notes and the Note Guarantees; 
  

 47 

 (4) applicable law, rule, regulation or order; 
 (5) any instrument governing Indebtedness or Capital Stock of a Person (which term shall include any Subsidiaries of such Person) acquired
by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred or issued in connection with or in contemplation of such acquisition), which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness
was permitted by the terms of this Indenture to be incurred; 
 (6) customary non-assignment provisions in contracts, leases
and licenses, including by reason of customary provisions restricting the transfer of copyrighted or patented materials consistent with industry practice, entered into in the ordinary course of business; 
 (7) purchase money obligations for property acquired in the ordinary course of business and Capital Lease Obligations that impose
restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a) hereof; 
 (8) any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition; 
 (9) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted
Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (10) Liens permitted to be incurred under the provisions of Section 4.12 hereof that limit the right of the debtor to dispose
of the assets subject to such Liens; 
 (11) provisions limiting the disposition or distribution of assets or property in
joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Company’s Board of Directors, which limitation is applicable only to the assets
that are the subject of such agreements; 
 (12) restrictions on cash or other deposits or net worth imposed by customers
under contracts entered into in the ordinary course of business; and 
 (13) any instrument governing Indebtedness of a
Foreign Restricted Subsidiary; provided that such Indebtedness was permitted to be incurred by the terms of this Indenture. 
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock. 
 (a) The Company will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any
Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company may incur
Indebtedness (including Acquired Debt) or issue Disqualified Stock, and the Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Fixed Charge Coverage Ratio for the Company most recently ended four full fiscal
quarters for which internal financial statements are 

  

 48 

 
available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or such preferred stock is issued, as
the case may be, would have been at least 2.5 to 1, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom and giving effect to Pro Forma Cost Savings), as if the additional Indebtedness had been incurred or
the Disqualified Stock or the preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. 
 (b) The
provisions of Section 4.09(a) hereof will not prohibit any of the following items of Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by the Company and its Restricted Subsidiaries of Indebtedness and letters of credit (including guarantees or other
credit support in respect thereof) under the Senior Credit Facility in an aggregate principal amount at any one time outstanding (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company
and its Restricted Subsidiaries thereunder) not to exceed $215.6 million (representing $210.0 million plus $5.6 million of supplemental closing fees paid by the Company, which fees will be accounted for by the Company as original issue discount),
less the aggregate amount of all repayments and prepayments of any term Indebtedness under the Senior Credit Facility and the aggregate amount of reductions of commitments with respect to revolving credit Indebtedness under the Senior Credit
Facility, each since the date of this Indenture, including pursuant to Section 4.10; 
 (2) Existing Indebtedness;

 (3) the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note
Guarantees to be issued on the Issue Date and the Exchange Notes to be issued pursuant to the Registration Rights Agreement; 
 (4) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or
any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company or any of its Restricted Subsidiaries, in an aggregate principal amount, including all
Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not to exceed $5.0 million at any time outstanding; 
 (5) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under Section 4.09(a) hereof or clauses
(2), (3), (4), (5) or (14) of this Section 4.09(b); 
 (6) the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 
 (A) if the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes and the Note Guarantees; and 
  

 49 

 (B) any (i) subsequent issuance or transfer of Equity Interests that results in any
such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary of the Company, or (ii) sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the
Company, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6); 
 (7) the issuance by any of the Company Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of
preferred stock; provided, however, that any (a) subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company, or
(b) sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted
Subsidiary that was not permitted by this clause (7); 
 (8) the incurrence by the Company or any of its Restricted
Subsidiaries of Hedging Obligations in the ordinary course of business; 
 (9) the guarantee by the Company or any of the
Guarantors of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed is subordinated to or
pari passu with the Notes, then the Guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
 (10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (including guarantees and supporting letters of credit) in respect of workers’ compensation claims, self-insurance
obligations, bankers’ acceptances, bids, performance and surety bonds in the ordinary course of business; 
 (11) the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as
such Indebtedness is covered within five Business Days; 
 (12) indemnification, adjustment or purchase price or similar
obligations of the Company or any of its Restricted Subsidiaries incurred in connection with the acquisition or disposition of assets (including Equity Interests in Subsidiaries), other than any such Indebtedness incurred for the purpose of
financing any portion of the purchase price of such assets; 
 (13) the incurrence by the Company or any of its Restricted
Subsidiaries of Indebtedness consisting of financing of insurance premiums; and 
 (14) the incurrence by the Company or any
of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace,
defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $5.0 million. 
 (c) The Company will not incur,
and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually

  

 50 

 
subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness
shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis. 
 (d) For purposes of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of
more than one of the categories of Permitted Debt described in clauses (1) through (14) of Section 4.09(b) hereof, or is entitled to be incurred pursuant to Section 4.09(a), the Company will be permitted to classify
such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09, and such item of Indebtedness will be treated as having been
incurred pursuant to such category, provided that Indebtedness under the Senior Credit Facility outstanding on the date on which Notes are first issued and authenticated under this Indenture will initially be deemed to have been incurred on such
date in reliance on the exception provided by clause (1) of the definition of Permitted Debt. The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of
additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of
Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09; provided, in each such case, that the amount of any such accrual, accretion or
payment is included in Fixed Charges of the Company as accrued. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this
Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values, or as a result of other revaluations of debt required by GAAP that do not involve additional cash borrowings.

 (e) The amount of any Indebtedness outstanding as of any date will be: 
 (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 
 (2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 
 (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: 
 (A) the Fair Market Value of such assets at the date of determination; and 
 (B) the amount of the Indebtedness of the other Person. 
 Section 4.10 Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company or the Restricted Subsidiary, as the case may be,
receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and 
  

 51 

 (2) at least 75% of the consideration received in the Asset Sale by the Company or such
Restricted Subsidiary is in the form of cash. For purposes of this provision, each of the following will be deemed to be cash: 
 (A) any liabilities, as shown on the Company most recent consolidated balance sheet, of the Company or any Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any
Note Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability; 
 (B) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are
contemporaneously, subject to ordinary settlement periods, converted by the Company or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion; and 
 (C) any stock or assets of the kind referred to in clauses (2) or (4) of Section 4.10(b). 
 (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as the case may be)
may apply such Net Proceeds: 
 (1) to repay Indebtedness and other Obligations under the Senior Credit Facility, and
correspondingly reduce commitments with respect thereto to the extent required by clause (1) of the definition of “Permitted Debt”; 
 (2) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a
Restricted Subsidiary; 
 (3) to make a capital expenditure; or 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business.

 (c) Pending the final application of any Net Proceeds, the Company may temporarily reduce revolving credit borrowings or otherwise invest
the Net Proceeds in any manner that is not prohibited by this Indenture. For the avoidance of doubt, any obligation under a revolving credit facility to apply Net Proceeds from Asset Sales to permanently reduce such revolving credit facility will
not be deemed to be a permanent reduction under this Indenture unless the Company so elects in accordance with clause (1) of Section 4.10(b). 
 (d) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds
exceeds $12.5 million, the Company will, within 30 days thereof, make an Asset Sale Offer to all Holders of Notes and all holders of other secured Indebtedness that is pari passu with the Notes containing provisions similar to those set forth
in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets in accordance with Section 3.09 hereof to purchase the maximum principal amount of Notes and such other pari passu secured
Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest and Liquidated Damages, if any, to the date of purchase, and will
be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use 

  

 52 

 
those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu
secured Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Company or such other agent will select such other pari passu secured Indebtedness to be purchased on a
pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. 
 (e) The Company will
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 hereof or this Section 4.10, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance. 
 Section 4.11 Transactions with Affiliates. 
 (a) The Company will not, and will not permit any of
its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement,
understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 
 (2) the Company delivers to the Trustee: 
 (A) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $2.5 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause
(1) of this Section 4.11(a) and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company; and 
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$10.0 million, an opinion as to the fairness to the Company or such Restricted Subsidiary of such Affiliate Transaction from a financial point of view issued by a reputable accounting, appraisal or investment banking firm. 
 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of
Section 4.11(a) hereof: 
 (1) transactions between or among the Company and/or its Restricted Subsidiaries;

 (2) transactions with a Person (other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company
solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 
 (3) payment of reasonable directors’ fees; 
  

 53 

 (4) any issuance of Equity Interests (other than Disqualified Stock) of the Company to
Affiliates of the Company; 
 (5) Restricted Payments that do not violate Section 4.07 hereof and Permitted
Investments; 
 (6) loans or advances to employees in the ordinary course of business not to exceed $2.0 million in the
aggregate at any one time outstanding; and 
 (7) the incurrence and repayment of expense reimbursement liabilities among the
Company, its Restricted Subsidiaries and its Unrestricted Subsidiaries in the ordinary course of business consistent with past practices. 
 Section 4.12 Liens. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, assume or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired, except Permitted Liens. 
 Section 4.13 Business Activities. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to,
engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 
 Section 4.14 Corporate Existence. 
 Subject to Article 5 hereof, the Company shall do or
cause to be done all things necessary to preserve and keep in full force and effect: 
 (1) its corporate existence, and the
corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
 (2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the
Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
 Section 4.15 Offer to Repurchase Upon Change of Control. 
 (a) If a Change of Control occurs, each Holder will have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000) of that Holder’s Notes pursuant to an
offer (a “Change of Control Offer”) on the terms set forth in this Indenture. In the Change of Control Offer, the Company will offer a Change of Control Payment in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Liquidated Damages, if any, on the Notes repurchased to the date of purchase (the “Change of Control Payment”) subject to the rights of Holders of Notes on a relevant record date to
receive interest due on the corresponding interest payment date that is on or prior to the date of repurchase. Within 30 days following 

  

 54 

 
any Change of Control, the Company will mail a notice to the Trustee and each Holder describing the transaction or transactions that constitute the Change of
Control and offering to repurchase Notes on the Change of Control Payment Date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent, pursuant to the procedures required by
this Indenture and stating: 
 (1) that the Change of Control Offer is being made pursuant to this Section 4.15
and that all Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (3) that any Note not tendered will continue to accrue interest; 
 (4) that, unless the
Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying
Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes
delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
 (7)
that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount or an integral
multiple thereof. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with
the provisions of Sections 3.09 and 4.15 hereof, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this
Section 4.15 hereof by virtue of such compliance. 
 (b) No later than the Change of Control Payment Date, the Company will, to
the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of
Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes
or portions of Notes properly tendered; and 
  

 55 

 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together
with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 (c) The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a
new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

 (d) The provisions of this Section 4.15 that require the Company to make a Change of Control Offer following a Change of
Control will be applicable whether or not any other provisions of the Indenture are applicable. 
 (e) The Company will not be required to
make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.15 and
Section 3.09 hereof made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof unless and
until there is a default in payment of the applicable redemption price. 
 Section 4.16 Payments for Consent. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or
for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Notes or the Collateral Agreements unless such consideration is offered to be paid and is
paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.17 Additional Note Guarantees. 
 If the Company or any of its Restricted Subsidiaries acquires or creates another Domestic Restricted Subsidiary after the Issue Date, the Company will (1) cause that newly acquired or created Domestic Restricted
Subsidiary to execute a supplemental indenture pursuant to which it becomes a Guarantor, (2) cause that newly acquired or created Domestic Restricted Subsidiary to execute and deliver to the Trustee and the Collateral Agent amendments to the
Collateral Agreements or additional Collateral Agreements and take such other actions as may be necessary to grant to the Collateral Agent, for the benefit of the Holders, a perfected Lien in the assets other than Excluded Collateral of such
Domestic Restricted Subsidiary, including the filing of Uniform Commercial Code financing statements in such jurisdictions or such other actions as may be required by the Collateral Agreements; (3) cause that newly acquired or created Domestic
Restricted Subsidiary to execute an amendment or supplement to the Registration Right Agreement pursuant to which it becomes a party thereto; (4) cause that newly acquired or created Domestic Restricted Subsidiary to take such actions necessary
or as the Collateral Agent reasonably determines to be advisable to grant to the Collateral Agent for the benefit of the Holders a perfected Lien in the assets other than Excluded Collateral of such new Domestic Restricted Subsidiary, subject to
Permitted Liens, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Security Agreement or by law or as may be reasonably requested by the Collateral Agent; (5) cause that newly
acquired or created Domestic Restricted Subsidiary to take such further action and execute and deliver such other documents reasonably requested by the Trustee or the Collateral Agent to effectuate the foregoing; and (6) deliver an Opinion of
Counsel 

  

 56 

 
satisfactory to the Trustee, in each case within 30 Business Days of the date on which the Domestic Restricted Subsidiary was acquired or created;
provided that any Domestic Restricted Subsidiary that constitutes an Immaterial Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary. 
 Section 4.18 Designation of Restricted and Unrestricted Subsidiaries. 
 (a) As of the Issue Date, the following Subsidiaries of the Company, including the Subsidiaries that own and operate the Company gaming division,
comprising the Golden Nugget Hotels and Casinos in Las Vegas and Laughlin, Nevada, will be “Unrestricted Subsidiaries”: Landry’s Gaming, Inc., a Nevada corporation; Golden Nugget, Inc., a Nevada corporation; LGE, Inc., a Delaware
corporation; GNLV, Corp., a Nevada corporation; GNL, Corp., a Nevada corporation; Golden Nugget Experience, LLC, a Nevada limited liability company; LCHLN, Inc., a Delaware corporation; Island Entertainment, Inc., a Texas corporation; Island
Hospitality, Inc., a Texas corporation; Nevada Acquisition Corp., a Delaware corporation; Yorkdale Rainforest Restaurant, Inc., a company organized under the laws of Canada; Stitching Rainforest Café, a company organized under the laws of the
Netherlands; and Rainforest Café Canada Holdings, Inc, a company organized under the laws of Canada. The Board of Directors of the Company may designate any other Restricted Subsidiary to be an Unrestricted Subsidiary so long as no Default or
Event of Default has occurred and is continuing or would occur as a result of such designation. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary after the Issue Date, the aggregate Fair Market Value of all outstanding
Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments
under Section 4.07 hereof or under one or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the
Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Board of Directors of the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.

 (b) Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the
Trustee a certified copy of a resolution of the Board of Directors giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by
Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and
any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09 hereof, the Company
will be in default of such covenant. The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed to be an incurrence
of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09 hereof
calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation. 
 Section 4.19 Impairment of Security Interests. 
 (a) Subject to the Intercreditor Agreement, neither the Company nor any of its Restricted Subsidiaries will take or omit to take any action which would adversely affect or impair in any material respect the Liens in
favor of the Collateral Agent with respect to the Collateral, except as otherwise permitted or required by the Collateral Agreements or this Indenture. Neither the Company nor any of its 

  

 57 

 
Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease
or otherwise acquire or retire any Indebtedness of any Person, other than the First Priority Claims, the Notes and the Collateral Agreements, unless such agreement permits the Company or such Restricted Subsidiary to first repay, or offer to repay,
First Priority Claims and the Notes. 
 (b) The Company shall, and shall cause each Guarantor to, at its sole cost and expense, execute and
deliver all such agreements and instruments as the Collateral Agent or the Trustee shall reasonably request to more fully or accurately describe the property intended to be Collateral or the obligations intended to be secured by the Collateral
Agreements. The Company shall, and shall cause each Guarantor to, at its sole cost and expense, file any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Liens
created by the Collateral Agreements at such times and at such places as the Collateral Agent or the Trustee may reasonably request. 
 Section 4.20 Real Estate Mortgages and Filings. 
 (a) With respect to any real property that does not comprise Excluded
Collateral (individually and collectively, the “Premises”) owned by the Company or a Domestic Restricted Subsidiary on the Issue Date: 
 (1) the Company shall deliver to the Collateral Agent, as mortgagee, fully executed counterparts of Mortgages, duly executed by the Company or the applicable Domestic Restricted Subsidiary, together with evidence of
the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage as may be necessary to create a valid, perfected Lien, subject to Permitted Liens, against the properties purported to be covered
thereby; and 
 (2) the Company shall deliver to the Collateral Agent, with respect to each of the covered Premises, the most
recent survey of such Premises, together with either (i) an updated survey certification in favor of the Trustee and the Collateral Agent from the applicable surveyor stating that, based on a visual inspection of the property and the knowledge
of the surveyor, there has been no change in the facts depicted in the survey or (ii) an affidavit from the Company and the Guarantors stating that there has been no change sufficient for the title insurance company to remove all standard
survey exceptions and issue the customary endorsements. 
 (b) For the avoidance of doubt, the Company and its Domestic Restricted
Subsidiaries will not be obligated to deliver title insurance policies with respect to the Premises. 
 Section 4.21 Leasehold
Mortgages; Landlord Waivers. 
 The Company and its Domestic Restricted Subsidiaries will not be required to deliver leasehold mortgages
or landlord waivers with respect to leased real estate, other than a landlord waiver with respect to the Company headquarters at 1510 West Loop South, Houston, Texas. 
 Section 4.22 Control Agreements. 
 Subject to Section 7(b) of the Security Agreement, the
Intercreditor Agreement and the Post-Closing Agreement, with respect to Permitted Investments consisting of cash, Cash Equivalents, or amounts credited to Deposit Accounts or Securities Accounts (other than (a) an aggregate amount of not more
than $400,000 at any one time, in the case of the Company and its Restricted Subsidiaries (other 

  

 58 

 
than those that are CFC Subsidiaries), (b) amounts deposited into Deposit Accounts specially and exclusively used for payroll, payroll taxes and other
employee wage and benefit payments to or for the Company or its Restricted Subsidiaries’ employees, and (c) an aggregate amount of not more than $100,000 (calculated at current exchange rates) at any one time, in the case of Restricted
Subsidiaries of the Company that are CFC Subsidiaries), the Company and its Restricted Subsidiaries and the applicable securities intermediary or depositary bank shall enter into Control Agreements with the Collateral Agent governing such Permitted
Investments in order to perfect (and further establish) the Collateral Agent’s Liens in such Permitted Investments. 
 Section 4.23 Maximum Capital Expenditures. 
 The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, make or commit to make Capital Expenditures in any fiscal year in excess of: 
 (a) $30.0 million,
less  
 (b) any amount with respect to such fiscal year that was applied to the preceding fiscal year pursuant to clause (d) of
this Section 4.23, plus  
 (c) up to $5.0 million of unused amounts, if any, carried over from the preceding fiscal year,
plus  
 (d) an amount not to exceed $5.0 million, provided that if any Capital Expenditures are made in reliance on this
clause (d), the amount of such Capital Expenditures shall reduce the amount of Capital Expenditures that may be made in the subsequent fiscal year in accordance with clause (b) of this Section 4.23, plus  
 (e) an amount equal to the net proceeds from the sale (other than to a Subsidiary of the Company) of Equity Interests of the Company (other than
Disqualified Stock) or from the substantially concurrent contribution of common equity capital to the Company, provided that (i) if such net proceeds are in a form other than cash, such Capital Expenditures shall be in the form of the
assets so received or the proceeds thereof, and (ii) to the extent that such net proceeds are made the basis for making Capital Expenditures pursuant to this clause (e), such amount shall be excluded from clause (2) of
Section 4.07(b), plus  
 (f) an amount equal to (i) 100% of any dividends received by the Company or a Restricted
Subsidiary of the Company after the Issue Date from an Unrestricted Subsidiary, less (ii) any amounts described in the preceding clause (i) that are applied to make Permitted Investments pursuant to clause (15) of the
definition thereof; provided that if the dividends received by the Company or a Restricted Subsidiary of the Company are in a form other than cash, such Capital Expenditures shall be in the form of the assets so received or the proceeds
thereof. 
 Section 4.24 Maximum Total Leverage Ratio. 
 The Company and its Restricted Subsidiaries will have a Total Leverage Ratio, as of the end of each fiscal quarter, of not greater than 4.75:1.0.

 Section 4.25 Insurance Certificates. 
 The Company shall deliver all certificates of insurance to the Collateral Agent, with the loss payable and additional insured endorsement in favor of the Collateral Agent and which shall provide for 

  

 59 

 
not less than 30 days (10 days in the case of non-payment) prior written notice to Collateral Agent of the exercise of any right of cancellation;
provided, however, that so long as no Event of Default has occurred and is continuing, the Collateral Agent agrees to either (a) endorse and deliver to the Company any payment item that the Collateral Agent receives on account of
casualty insurance or business interruption insurance or (b) endorse and deposit any such payment item to the applicable cash collateral Deposit Account. If the Company and its Restricted Subsidiaries fail to maintain such insurance, the
Collateral Agent may arrange for such insurance at the Company’s expense. The Company shall give the Collateral Agent prompt notice of any loss exceeding $10,000,000 covered by its casualty insurance or business interruption insurance. Upon the
occurrence and during the continuance of an Event of Default and subject to the terms of the Intercreditor Agreement, the Collateral Agent shall have the sole right to file claims under any insurance policies, to receive, receipt and give
acquittance for any payments that may be payable thereunder, and to execute any and all endorsements, receipts, releases, assignments, reassignments or other documents that may be necessary to effect the collection, compromise or settlement of any
claims under any such insurance policies. 
 Section 4.26 Post-Closing Obligations. 
 (a) The Company shall, as promptly as practicable and in no event later than 45 days after the Issue Date, submit an application to the applicable Gaming
Authorities requesting approval of the grant of a Lien in favor of the Collateral Agent in 100% of the Capital Stock issued by Landry’s Gaming, Inc. pursuant to and contemplated by the terms of the Gaming Pledge Agreement. The Company shall, as
promptly as practicable and in no event later than five Business Days after receipt of such approval from the Gaming Authorities, (i) deliver to the First Priority Agent or its designee, as bailee on behalf of the Collateral Agent and for the
benefit the Noteholder Secured Parties (as defined in the Gaming Pledge Agreement) in accordance with the terms of the Intercreditor Agreement, the original stock certificate (together with stock powers executed in blank) representing the Capital
Stock of Landry’s Gaming, Inc. (ii) execute and deliver to the Collateral Agent a written notification of such delivery to the First Priority Agent (together with copies of all stock certificates and stock powers so delivered) and
(iii) take all other steps necessary to perfect such Lien in favor of the Collateral Agent, including obtaining from the First Priority Agent a written acknowledgment that such First Priority Agent (or its designee) holds such stock
certificates and stock powers subject to and in accordance with the terms of the Indenture Documents. 
 (b) Pursuant to
Section 4.22 hereof and subject to the terms of the Security Agreement, the Company shall use commercially reasonable efforts to deliver to the Collateral Agent, as promptly as practicable and in no event later than 30 days (or such
later date as determined by the Collateral Agent or the First Priority Agent, as applicable, in its sole discretion and in accordance with the terms of the Intercreditor Agreement) after the Issue Date, Control Agreements with respect to the Deposit
Accounts of the Company and its Restricted Subsidiaries as of the Issue Date located at the following banks: (i) JPMorgan Chase Bank, N.A., (ii) First Tennessee National Association, (iii) Branch Banking and Trust Company,
(iv) Bank of America, N.A., (v) Wachovia Bank, National Association, (vi) U.S. Bank National Association, (vii) JP Morgan Chase Bank, N.A., and (viii) Branch Banking and Trust Company. 
 (c) The Company shall use commercially reasonable efforts to take such other actions as may be agreed to in the Post-Closing Agreement, if any.

  

 60 

 ARTICLE 5 
 SUCCESSORS 
 Section 5.01 Merger, Consolidation, or Sale of Assets. 
 (a) the Company will not, directly or indirectly: 
 (1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation); or 
 (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to
another Person, 
 unless: 
 (1) either: (A) the Company is the surviving corporation; or (B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer,
conveyance or other disposition has been made is a corporation or limited liability company organized or existing under the laws of the United States, any state of the United States or the District of Columbia, provided that if the Person
formed by or surviving any such consolidation or merger or to which such sale, assignment, transfer, conveyance or other disposition has been made is a limited liability company, such Person causes a corporation organized or existing under the laws
of the United States, any state of the United States or the District of Columbia to become a co-issuer of the Notes; 
 (2)
the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the
Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee; 
 (3) immediately after such transaction, no Default or Event of Default exists; 
 (4) the Company or the Person
formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made would, on the date of such transaction after giving pro forma effect
thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.09(a); and 
 (5) the Trustee has received an Officers’ Certificate and an Opinion of
Counsel stating that such merger, consolidation or sale of assets complies with this Indenture. 
 (b) The Company will not, directly or
indirectly, lease all or substantially all of the properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
 (c) This Section 5.01 will not apply to: 
 (1) a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction; or 
  

 61 

 (2) any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or
other disposition of assets between or among the Company and its Restricted Subsidiaries or between or among the Company’s Restricted Subsidiaries. 
 Section 5.02 Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after
the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company),
and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the
obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

 Section 6.01 Events of Default. 
 (a) Each of the following is an “Event of Default”: 
 (1) default for 30
days in the payment when due of interest on, or Liquidated Damages, if any, with respect to, the Notes; 
 (2) default in the
payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes; 
 (3)
failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Sections 4.07, 4.09, 4.10, 4.15 or 5.01; 
 (4) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of
at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture; 
 (5) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after
the Issue Date, if that default: 
 (A) is caused by a failure to pay principal of, or interest or premium, if any, on, such
Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
  

 62 

 (B) results in the acceleration of such Indebtedness prior to its express maturity,

 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $10.0 million or more; 
 (6) failure by the Company or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $10.0 million, which judgments are not paid, discharged or stayed for a
period of 60 days; 
 (7) except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be
unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee; 
 (8)(A) any Collateral Agreement at any time for any reason shall cease to be in full force and effect in all material respects, or ceases
to give the Collateral Agent the Liens, rights, powers and privileges purported to be created thereby, superior to and prior to the rights of all third Persons other than the holders of Permitted Liens and subject to no other Liens except as
expressly permitted by the applicable Collateral Agreement or this Indenture or (B) the Company or any of the Guarantors, directly or indirectly, contest in any manner the effectiveness, validity, binding nature or enforceability of any
Collateral Agreement; 
 (9) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case or proceeding; 
 (B) consents to the entry of an order for
relief against it in an involuntary case; 
 (C) consents to the appointment of a custodian of it or for all or substantially
all of its property; 
 (D) makes a general assignment for the benefit of its creditors; 
 (E) generally is not paying its debts as they become due; or 
 (F) takes any corporate action to authorize or effect any of the foregoing; and 
 (10) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
  

 63 

 (B) appoints a custodian of the Company or any of its Restricted Subsidiaries that is a
Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that
is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary, 
 and the order or decree remains unstayed and in effect for 60 consecutive days. 
 Section 6.02 Acceleration. 
 In
the case of an Event of Default specified in clause (9) or (10) of Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. 
 The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the
Holders, rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium or Liquidated Damages, if any, that
has become due solely because of the acceleration) have been cured or waived. 
 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium and Liquidated
Damages, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 The Trustee may
maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 
 Holders of not less than a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in
the payment of the principal of, premium and Liquidated Damages, if any, or interest on, the Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the
then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

 64 

 Section 6.05 Control by Majority. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on
Suits. 
 Except to enforce the right to receive payment of principal, interest or premium and Liquidated Damages, if any, when due, no
Holder may pursue any remedy with respect to this Indenture or the Notes unless: 
 (1) such Holder gives to the Trustee
written notice that an Event of Default is continuing; 
 (2) Holders of at least 25% in aggregate principal amount of the
then outstanding Notes make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer and, if
requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (5) Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent
with such request within such 60-day period. 
 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a
Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Receive
Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal,
premium and Liquidated Damages, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder; provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution
or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 
 Section 6.08 Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the 

  

 65 

 
Company for the whole amount of principal of, premium and Liquidated Damages, if any, and interest remaining unpaid on, the Notes and interest on overdue
principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. 
 Section 6.09 Trustee May File Proofs of Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor
upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities.

 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Liquidated Damages, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on
the Notes for principal, premium and Liquidated Damages, if any and interest, respectively; and 
 Third: to the
Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any
payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the 

  

 66 

 
filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the
Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default:

 (1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (1) this Section 7.01(c) does not limit the effect
of Section 7.01(b) hereof; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
Section 7.01(a), (b) and (c) hereof. 
 (e) No provision of this Indenture will require the Trustee to
expend or risk its own funds or incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and
indemnity satisfactory to it against any loss, liability or expense. 
  

 67 

 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 Section 7.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely upon any document
believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith
in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in
respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through
its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by
an Officer of the Company. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the losses, liabilities and expenses that might be incurred by it in compliance with such request or
direction. 
 Section 7.03 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of
the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee
(if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to
the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any
statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  

 68 

 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium and Liquidated Damages, if any, or interest on, any Note, the Trustee may withhold the notice if and
so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each
May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA
§ 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will
also transmit by mail all reports as required by TIA §§ 313(c) and 313(b)(1). 
 (b) A copy of each report at the time of its
mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the
Trustee when the Notes are listed on any stock exchange. 
 Section 7.07 Compensation and Indemnity. 
 (a) The Company will pay to the Trustee and the Collateral Agent from time to time reasonable compensation for its acceptance of this Indenture and the
services hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee and the Collateral Agent promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by the Trustee or the Collateral Agent, as the case may be, in addition to the compensation for its respective services. Such expenses will include the reasonable compensation, disbursements and
expenses of the agents, counsel and representatives of the Trustee and the Collateral Agent in connection with the Indenture Documents. 
 (b) The Company and each of the Guarantors will, jointly and severally, indemnify the Trustee and the Collateral Agent against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or
administration of its duties under the Indenture Documents, including the costs and expenses of enforcing the Indenture Documents against the Company and the Guarantors (including this Section 7.07) and defending itself against any claim
(whether asserted by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence, bad faith or willful misconduct. The Trustee or the Collateral Agent, as the case may be, will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee or the Collateral Agent,
as the case may be, to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will defend the claim and the Trustee and the Collateral Agent, as the case may be, will
cooperate in the defense. The Trustee and the Collateral Agent may together have separate counsel and the Company will pay the reasonable fees and expenses of one such counsel; provided, that if the Trustee and the Collateral Agent are not
the same entity, then each of the Trustee and the Collateral Agent may have separate counsel and the Company will pay the reasonable fees and expenses of one such counsel for each of the Trustee and the Collateral Agent. Neither the Company nor any
Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
  

 69 

 (c) The obligations of the Company and the Guarantors under this Section 7.07 will survive
the satisfaction and discharge of this Indenture. 
 (d) To secure the Company’s and the Guarantors’ payment obligations in this
Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes pursuant to Article 8 hereof.
Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.01(9) or (10) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent
applicable. 
 Section 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from the
trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee
if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office,
the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  

 70 

 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and
to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice
of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in
Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee.

 Section 7.09 Successor Trustee by Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act will be the
successor Trustee. As soon as practicable, the successor Trustee shall mail a notice of its succession to the Company and the Holders. Any such successor must be eligible and qualified under the provisions of Section 7.10 hereof.

 Section 7.10 Eligibility; Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise
corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition.

 This Indenture will always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee
is subject to TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation in other
securities, of the Company are outstanding, if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
 Section 7.11 Preferential Collection of Claims Against Company. 
 The Trustee is subject to TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 
 The Company may at any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have
been discharged from their obligations and any Liens securing 

  

 71 

 
the Notes and the Note Guarantees shall be released with respect to all outstanding Notes (and the Note Guarantees) on the date the conditions set forth in
Section 8.04 hereof are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in
clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, and interest and premium and Liquidated Damages, if any, on, such Notes when such payments are due from the trust referred to in
Section 8.04 hereof; 
 (2) the Company’s Obligations with respect to the Notes concerning issuing temporary
Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust under Article 2 and Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations
in connection therewith; and 
 (4) this Article 8. 
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 3.09, 4.07, 4.08, 4.09,
4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17, 4.18, 4.19, 4.20 4.21, 4.22, 4.23, 4.24, 4.25 and 4.26 hereof, clause (4) of
Section 5.01(a) hereof and any Liens securing the Notes and the Note Guarantees shall be released with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(8)
hereof will not constitute Events of Default. 
  

 72 

 Section 8.04 Conditions to Legal or Covenant Defeasance. 
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants, to pay the principal of, premium and Liquidated Damages, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify
whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case of
Legal Defeasance under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that: 
 (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (ii) since the Issue Date, there has been a change in the applicable federal income tax law, 
 in either case
to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (3) in the case of Covenant Defeasance under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the granting of any Liens to secure such borrowing) and the deposit will not result in a breach or violation of, or constitute a
default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (5) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any
of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (6) the Company must deliver to
the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any
creditors of the Company or others; and 
  

 73 

 (7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and
Liquidated Damages, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The
Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in
Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium and Liquidated Damages, if any, or interest on, any Note and remaining
unclaimed for two years after such principal, premium or Liquidated Damages, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the
Holder of such Note will thereafter, as an unsecured general creditor, be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, or Government Securities,
and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published
once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Company. 
  

 74 

 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’ obligations under
this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all
such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium and Liquidated Damages, if any, or interest on, any Note
following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER

 Section 9.01 Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee or Collateral Agent, as applicable, may amend or
supplement the Indenture Documents without the consent of any Holder of Notes: 
 (1) to cure any ambiguity, defect or
inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders of Notes and Note Guarantees in the
case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets, as applicable; 
 (4) to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights of any such Holder under the Indenture Documents; 
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; 

(6) to conform the text of the Indenture Documents to any provision of the “Description of Notes” section of the Offering
Circular to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision of the Indenture Documents; 
 (7) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes; or 
 (8) in connection with any addition or release of Collateral permitted under the terms of the Indenture Documents. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the 

  

 75 

 
Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any
amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended
or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders of Notes. 
 (a)
Except as provided below in this Section 9.02, the Company and the Trustee or Collateral Agent, as applicable, may amend or supplement the Indenture Documents (including, without limitation, Sections 3.09, 4.10 and
4.15 hereof) with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium or Liquidated
Damages, if any, or interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture Documents may be waived with the consent of the Holders of a majority in
aggregate principal amount of the then outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). The consent of
Holders holding at least 66 2/3% in aggregate principal amount of the then outstanding Notes shall be required to release all or
substantially all of the Collateral otherwise than in accordance with the terms of this Indenture and the Collateral Agreements. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of
the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of such amended or
supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated
to, enter into such amended or supplemental Indenture. The consent of the Holders of Notes under this Section 9.02 is not necessary or required to approve the particular form of any proposed amendment, supplement or waiver, but it is
sufficient if such consent approves the substance thereof. 
 (b) After an amendment, supplement or waiver under this
Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will
not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then
outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of the Indenture Documents. However, without the consent of each Holder of Notes affected, an amendment, supplement or waiver under
this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal
amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the
fixed maturity of any Note or alter the provisions with respect to the redemption or repurchase of the Notes (other than provisions relating to Sections 3.09, 4.10 and 4.15 hereof); 
  

 76 

 (3) reduce the rate of or change the time for payment of interest, including default
interest, on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium or
Liquidated Damages, if any, on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such
acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium or Liquidated Damages, if any, on, the Notes; 
 (7) waive a redemption or
repurchase payment with respect to any Note (other than a payment required by Sections 3.09, 4.10 or 4.15 hereof); 
 (8) release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; or 
 (9) make any change in the preceding amendment and waiver provisions. 
 Section 9.03 Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes will be set forth in a amended or supplemental indenture that complies with the TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee or the
Collateral Agent, as the case may be, receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds
every Holder. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
consent to any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the provisions of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only
those Persons shall be entitled to consent to such amendment or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. 
 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

 

 77 

 Section 9.06 Trustee to Sign Amendments, etc. 
 Upon the request of the Company, accompanied by a resolution of the Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 or this
Section 9.06 hereof and the satisfaction of the conditions precedent and provisions of Section 7.02 hereof, the Trustee shall join with the Company and the Guarantors in the execution of such amended or supplemental
indenture. 
 It shall not be necessary for the consent of Holders under Section 9.01 or 9.02 to approve a particular form
of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 After an
amendment, supplement or waiver under this Section 9.06 becomes effective, the Company shall send to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Subject to Sections 6.04 and
6.07, the Holders of a majority in principal amount of the Notes then outstanding may waive compliance in a particular instance by the Company with any provision of this Indenture of the Notes. 
 The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture,
the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 13.04 hereof, an Officers’ Certificate and an Opinion
of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
 ARTICLE 10

 COLLATERAL AND SECURITY 
 Section 10.01 Grant of Security Interest. 
 The due and punctual payment of the principal of and interest and
Liquidated Damages, if any, on the Notes when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest and
Liquidated Damages (to the extent permitted by law), if any, on the Notes and performance of all other obligations of the Company to the Holders or the Trustee under this Indenture and the Notes, according to the terms hereunder or thereunder, are
secured as provided in the Collateral Agreements which the Company has entered into simultaneously with the execution of this Indenture. Each Holder, by its acceptance of Notes, consents and agrees to the terms of the Collateral Agreements
(including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with its terms and authorizes and directs the Collateral Agent to
enter into the Collateral Agreements and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company will deliver to the Trustee copies of all documents delivered to the Collateral Agent pursuant to the
Collateral Agreements, and will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Collateral Agreements, to assure and confirm to the Trustee and the Collateral Agent the
security interest in the Collateral contemplated hereby, by the Collateral Agreements or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured
hereby, according to the intent and purposes herein expressed. The 

  

 78 

 
Company will take, and will cause its Subsidiaries to take, upon request of the Trustee, any and all actions reasonably required to cause the Collateral
Agreements to create and maintain, as security for the Obligations of the Company hereunder, a valid and enforceable perfected Lien in and on all the Collateral, in favor of the Collateral Agent for the benefit of the Holders, superior to and prior
to the rights of all third Persons and subject to no other Liens than Permitted Liens. The Collateral Agent may open and maintain one or more accounts to hold the Collateral and the Collateral Agreements from time to time, it being understood that
such accounts shall not in any way expand or otherwise affect the Collateral Agent’s duties under the Indenture Documents. 
 Section 10.02 Recording and Opinions. 
 (a) The Company will furnish to the Trustee simultaneously with the
execution and delivery of this Indenture an Opinion of Counsel either: 
 (1) stating that, other than as set forth in the
Post-Closing Agreement (including other post-closing agreements set forth in Section 4.22 hereof) in the opinion of such counsel, all action has been taken with respect to the recording, registering and filing of this Indenture,
financing statements or other instruments necessary to make effective the Lien intended to be created by the Collateral Agreements, and reciting with respect to the security interests in the Collateral, the details of such action; or 
 (2) stating that, in the opinion of such counsel, no such action is necessary to make such Lien effective. 
 (b) The Company will furnish to the Collateral Agent and the Trustee on or within one month of February 15 in each year beginning with
February 15, 2010, an Opinion of Counsel either: 
 (1) (A) stating that, in the opinion of such counsel, action has been
taken with respect to the recording, registering, filing, re-recording, re-registering and re-filing of all supplemental indentures, financing statements, continuation statements or other instruments of further assurance as is necessary to maintain
the Lien of the Collateral Agreements and reciting with respect to the security interests in the Collateral the details of such action or referring to prior Opinions of Counsel in which such details are given, and (B) stating that, in the
opinion of such counsel, based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and continuation statements have been executed and filed that are necessary as of such date and during the succeeding 12
months fully to preserve and protect, to the extent such protection and preservation are possible by filing, the rights of the Holders of Notes and the Collateral Agent and the Trustee hereunder and under the Collateral Agreements with respect to
the security interests in the Collateral; or 
 (2) stating that, in the opinion of such counsel, no such action is necessary
to maintain such Lien and assignment. 
 (c) The Company will otherwise comply with the provisions of TIA §314(b). 
 Section 10.03 Release of Collateral. 
 (a) Subject to subsections (b), (c) and (d) of this Section 10.03, Collateral may be released from the Lien and security interest created by the Collateral Agreements at any time or from time to
time in accordance with the provisions of the Collateral Agreements or as provided hereby, which request by the Company shall be made pursuant to an Officers’ Certificate certifying that all conditions precedent 

  

 79 

 
hereunder have been met, and without the consent of any Holder, the Company and the Guarantors will be entitled to releases of assets included in the
Collateral from the Liens securing the obligations under the Indenture Documents under on or more of the following circumstances: 
 (1) to enable the Company or a Guarantor to consummate asset sales and dispositions permitted or not prohibited under Section 4.10, in each case to a Person other than the Company or a Guarantor; provided that, if such
sale, conveyance or disposition constitutes an Asset Sale, the Company will apply the Net Proceeds in accordance with Section 4.10; 
 (2) to enable the Company to make a Restricted Payment permitted or not prohibited under Section 4.07 or a Permitted Investment other than any such Restricted Payment or Permitted Investment made to or in
the Company or a Restricted Domestic Subsidiary; 
 (3) if any Subsidiary that is a Guarantor is released from its Note
Guarantee, such Subsidiary’s assets will also be released from the Liens securing the Notes and the Note Guarantee; 
 (4) as set forth, and subject to the conditions stated, in Sections 8.04, 9.01 and 9.02; or 
 (5) if required in accordance with the terms of the Intercreditor Agreement. 
 Upon receipt of such Officers’ Certificate, the
Collateral Agent shall execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence to release of any Collateral permitted to be released pursuant to this Indenture or the Collateral
Agreements. 
 (b) No Collateral may be released from the Lien and security interest created by the Collateral Agreements pursuant to the
provisions of the Collateral Agreements unless the certificate required by this Section 10.03 has been delivered to the Collateral Agent. 
 (c) At any time when a Default or Event of Default has occurred and is continuing and the maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee has delivered a notice of
acceleration to the Collateral Agent, no release of Collateral pursuant to the provisions of the Collateral Agreements will be effective as against the Holders. 
 (d) The release of any Collateral from the terms of this Indenture and the Collateral Agreements will not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the
extent the Collateral is released pursuant to the terms hereof. To the extent applicable, the Company will cause TIA § 313(b), relating to reports, and TIA § 314(d), relating to the release of property or securities from the Lien and
security interest of the Pledge Agreement and relating to the substitution therefor of any property or securities to be subjected to the Lien and security interest of the Pledge Agreement, to be complied with. Any certificate or opinion required by
TIA § 314(d) may be made by an Officer of the Company except in cases where TIA § 314(d) requires that such certificate or opinion be made by an independent Person, which Person will be an independent engineer, appraiser or other expert
selected or approved by the Trustee and the Collateral Agent in the exercise of reasonable care. Fees, charges and expenses incurred by the Trustee or the Collateral Agent in connection herewith, including the fees and reasonable expenses of any
such engineer, appraiser or other expert shall be reimbursed to the Trustee or the Collateral Agent (as applicable). 
  

 80 

 Section 10.04 Certificates of the Company. 
 The Company will furnish to the Trustee and the Collateral Agent, prior to each proposed release of Collateral pursuant to the Collateral Agreements:

 (1) all documents required by TIA §314(d); and 
 (2) an Opinion of Counsel, which may be rendered by internal counsel to the Company, to the effect that such accompanying documents
constitute all documents required by TIA §314(d). 
 The Trustee may, to the extent permitted by Sections 7.01 and 7.02
hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and such Opinion of Counsel. 
 Section 10.05 Certificates of the Trustee. 
 In the event that the Company wishes to
release Collateral in accordance with the Collateral Agreements and has delivered the certificates and documents required by the Collateral Agreements and Sections 10.03 and 10.04 hereof, the Trustee will determine whether it has
received all documentation required by TIA § 314(d) in connection with such release and, based on such determination and the Opinion of Counsel delivered pursuant to Section 10.04(2) hereof, will deliver a certificate to the
Collateral Agent setting forth such determination. 
 Section 10.06 Authorization of Actions to Be Taken by the Collateral
Agent Under the Collateral Agreements. 
 Subject to the provisions of Section 7.01 and 7.02 hereof, the Trustee may,
in its sole discretion and without the consent of the Holders, direct, on behalf of the Holders, the Collateral Agent to, take all actions it deems necessary or appropriate in order to: 
 (1) enforce any of the terms of the Collateral Agreements; and 
 (2) collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder. 
 The Trustee will have power to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the Collateral by
any acts that may be unlawful or in violation of the Collateral Agreements or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders in the Collateral
(including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of,
or compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the Trustee). 
 Section 10.07 Authorization of Receipt of Funds by the Trustee Under the Collateral Agreements. 
 The Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Agreements, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  

 81 

 Section 10.08 Termination of Security Interest. 
 Upon the payment in full of all Obligations of the Company under this Indenture and the Notes, or upon Legal Defeasance or Covenant Defeasance, the
Trustee will, at the request of the Company, deliver a certificate to the Collateral Agent stating that such Obligations have been paid in full, and instruct the Collateral Agent to release the Liens pursuant to this Indenture and the Collateral
Agreements. 
 Section 10.09 Intercreditor Agreement. 
 THE TRUSTEE, THE COLLATERAL AGENT AND, BY ACCEPTANCE OF ANY NOTE, EACH HOLDER, (A) ACKNOWLEDGES THAT IT HAS RECEIVED A COPY OF THE INTERCREDITOR
AGREEMENT, (B) CONSENTS TO THE SUBORDINATION OF LIENS PROVIDED FOR IN THE INTERCREDITOR AGREEMENT, (C) AGREES THAT IT WILL BE BOUND BY AND WILL TAKE NO ACTIONS CONTRARY TO THE PROVISIONS OF THE INTERCREDITOR AGREEMENT AND
(D) AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT AS COLLATERAL AGENT AND ON BEHALF OF IT. THE FOREGOING PROVISIONS ARE INTENDED AS AN INDUCEMENT TO THE FIRST LIEN CLAIMHOLDERS (AS DEFINED IN THE
INTERCREDITOR AGREEMENT) UNDER THE FIRST LIEN LOAN DOCUMENTS (AS DEFINED IN THE INTERCREDITOR AGREEMENT) TO PERMIT THE INCURRENCE OF INDEBTEDNESS UNDER THIS INDENTURE AND TO EXTEND CREDIT TO THE COMPANY AND CERTAIN OF ITS SUBSIDIARIES AND SUCH FIRST
LIEN CLAIMHOLDERS (AS DEFINED IN THE INTERCREDITOR AGREEMENT) ARE INTENDED THIRD PARTY BENEFICIARIES OF SUCH PROVISIONS. IN THE EVENT OF ANY CONFLICT OR INCONSISTENCY BETWEEN THE PROVISIONS OF THE THIS INDENTURE OR THE OTHER INDENTURE DOCUMENTS
REGARDING THE LIENS AND SECURITY INTERESTS AND THE EXERCISE OF ANY RIGHT OR REMEDY BY THE TRUSTEE OR THE COLLATERAL AGENT OR ANY HOLDERS WITH RESPECT TO THE COLLATERAL, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL CONTROL. 
 ARTICLE 11 
 NOTE GUARANTEES 
 Section 11.01 Guarantee. 
 (a) Subject to this Article 11, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 
 (1) the principal of, premium and Liquidated Damages, if any, and interest on, the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at maturity, by acceleration, redemption
or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and 
 (2) in case of any extension of time of payment or renewal of any Notes
or any of such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity, by acceleration or
otherwise. 
  

 82 

 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the
same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to
the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by the Company or any Guarantor either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not
be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether
or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does
not impair the rights of the Holders under the Note Guarantee. 
 Section 11.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount
and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 11, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 11.03 Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 11.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form attached as Exhibit E hereto will be

  

 83 

 
endorsed by an Officer of such Guarantor (by manual or facsimile signatures) on each Note authenticated and delivered by the Trustee and that this Indenture
will be executed on behalf of such Guarantor by one of its Officers. 
 Each Guarantor hereby agrees that its Note Guarantee set forth in
Section 11.01 hereof will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be
valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of
the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
 In the event that the Company or any of its Restricted
Subsidiaries creates or acquires any Domestic Subsidiary after the date of this Indenture, if required by Section 4.17 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.17
hereof and this Article 11, to the extent applicable. 
 Section 11.04 Guarantors May Consolidate, etc., on Certain
Terms. 
 Except as otherwise provided in Section 11.05 hereof, no Guarantor may sell or otherwise dispose of all or
substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 
 (1) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (2) either: 
 (A) subject to Section 11.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger unconditionally assumes all the obligations of that
Guarantor under the Indenture Documents and the Registration Rights Agreement on the terms set forth herein or therein, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee; or 
 (B) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture,
including without limitation, Section 4.10 hereof. 
 In case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may
cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all
respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the
execution hereof. 
  

 84 

 Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses 2(A) and
(B) of this Section 11.04, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 
 Section 11.05 Releases 
 (a) In the event of any sale or other disposition of all or substantially all of the assets of
any Guarantor, by way of merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transactions) the Company or
a Restricted Subsidiary of the Company, then such Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the property (in the
event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Note Guarantee; provided that the Net Proceeds of such sale or other disposition are
applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the
effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10 hereof, the Trustee will execute any documents reasonably required in order
to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
 (b) Upon designation of any Guarantor as an
Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be released and relieved of any obligations under its Note Guarantee. 
 (c) Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 12 hereof, each Guarantor will be released and relieved of any
obligations under its Note Guarantee. 
 (d) Any Guarantor not released from its obligations under its Note Guarantee as provided in this
Section 11.05 will, subject to Section 11.02, remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in
this Article 11. 
 ARTICLE 12 
 SATISFACTION AND DISCHARGE 
 Section 12.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes and Note Guarantees issued hereunder, and the Trustee, on demand,
will execute a proper instrument acknowledging satisfaction and discharge of this Indenture, when: 
 (1) either: 

(A) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 
  

 85 

 (B) all Notes that have not been delivered to the Trustee for cancellation have become
due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in
trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient, without consideration of any
reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, interest and premium, if any, to the date of maturity or redemption; 
 (2) no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit or the granting of Liens to secure such borrowing) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the
Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (3) the Company or any Guarantor has
paid or caused to be paid all sums payable by it under this Indenture; and 
 (4) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.07
hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 12.02 Application of Trust
Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to
Section 12.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 12.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any payment of principal of,
premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the
Trustee or Paying Agent. 
  

 86 

 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.01 Trust Indenture Act Controls. 
 The terms of the Notes include those stated herein and those made part of this Indenture by the TIA, which applies to this Indenture and is incorporated
by reference herein. If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control. 
 Section 13.02 Notices. 
 Any notice or communication by the Company, any Guarantor or the Trustee
to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’
address: 
 If to the Company and/or any Guarantor: 
 Landry’s Restaurants, Inc. 
 1510 West Loop South 
 Houston, Texas 77027 
 Attention: Steven L.
Scheinthal 
 With a copy to: 
 Winstead PC 5400 Renaissance Tower 
 1201 Elm Street 
 Dallas, Texas 75270 
 Attention: Michael W. Hilliard 
 If to the Trustee: 
 Deutsche Bank Trust
Company Americas 
 60 Wall Street, 27th Floor 
 MSNYC60-2710 
 New York, New York 10005 
 Attention: Trust and Securities Services 
 With a copy to: 
 Deutsche Bank National Trust Company 
 25 DeForest Avenue 
 MSSUM01-0105 
 Summit, New Jersey, 07901 
 Attention: Trust
and Securities Services 
 The Company, any Guarantor or the Trustee, by notice to the others, may designate additional or different
addresses for subsequent notices or communications. 
  

 87 

 All notices and communications (other than those sent to Holders) will be deemed to have been duly given:
at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first
class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person
described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time.

 Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), pursuant to the customary procedures of such
Depositary. 
 Section 13.03 Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under the Indenture Documents. The Company, the
Trustee, the Collateral Agent, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 13.04
Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company or any Guarantor to the Trustee
or the Collateral Agent, as the case may be, to take any action under this Indenture or any Collateral Agreement, the Company shall furnish to the Trustee or the Collateral Agent, as the case may be: 
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee or the Collateral Agent, as the case may be
(which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture or any Collateral Agreement relating to the
proposed action have been satisfied; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 13.05 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or any Collateral Agreement (other than a certificate provided pursuant to TIA § 314(a)(4))
must comply with the provisions of TIA § 314(e) and must include: 
 (1) a statement that the Person making such
certificate or opinion has read such covenant or condition; 
  

 88 

 (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion
of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 13.06 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 13.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator or stockholder or other owner of Capital Stock of the Company or any Guarantor, as such, will have any
liability for any obligations of the Company or the Guarantors under the Notes, this Indenture or the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes, by accepting a
Note, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 13.08 Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 13.09 No Adverse Interpretation of Other Agreements.

 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 13.10 Successors.

 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee and the Collateral
Agent in this Indenture and the Collateral Agreements will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof. 
  

 89 

 Section 13.11 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. 
 Section 13.12 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 Section 13.13 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will
in no way modify or restrict any of the terms or provisions hereof. 
 Section 13.14 Force Majeure. 
 The Trustee and the Collateral Agent shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of the Trustee and the Collateral Agent, including, but not limited, to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil
unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility. 
 Section 13.15 USA PATRIOT Act. 
 The Company and the Guarantors hereto acknowledge that in accordance with Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (as amended, the
“USA Patriot Act”) the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal
entity that establishes a relationship or opens an account with Deutsche Bank Trust Company Americas. The Company and the Guarantors agree that they will provide the Trustee with such information as it may reasonably request in order for the Trustee
to satisfy the requirements of the USA Patriot Act. 
 [Signatures on following page] 
  

 90 

 SIGNATURES 
  

					
	Dated as of February 13, 2009	 	
		
		 	THE COMPANY
		
		 	LANDRY’S RESTAURANTS, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 GUARANTORS 
 BRENNER’S ON THE BAYOU, INC., a Texas corporation 
 C.A. MUER CORPORATION, a Michigan corporation 
 CAPT. CRAB’S TAKE-AWAY OF 79TH STREET, INC., a Florida corporation 
 CHLN, INC., a Delaware corporation 
 CRAB HOUSE, INC., a Florida corporation 
 CRYO REALTY CORP., a Florida corporation 
 FSI DEVCO, INC., a Nevada corporation 
 HOSPITALITY HEADQUARTERS, INC., a Texas corporation 
 HOUSTON AQUARIUM, INC.,
a Texas corporation 
 INN AT THE BALLPARK CATERING, INC., a Texas corporation 
 LANDRY’S CRAB SHACK, INC., a Texas corporation 
 LANDRY’S DEVELOPMENT, INC, a Texas corporation 
 LANDRY’S DOWNTOWN AQUARIUM, INC., a Colorado corporation 
 LANDRY’S
G.P., INC., a Delaware corporation 
 LANDRY’S HARLOWS, INC, a Texas corporation 
 LANDRY’S LIMITED, INC., a Delaware corporation 
 LANDRY’S PESCE, INC., a Texas corporation 
 LANDRY’S SEAFOOD & STEAK HOUSE–CORPUS CHRISTI, INC., a Texas corporation 
 LANDRY’S SEAFOOD HOUSE – ALABAMA, INC., an Alabama corporation 
 LANDRY’S SEAFOOD HOUSE – ARLINGTON,
INC., a Texas corporation 
 LANDRY’S SEAFOOD HOUSE – BILOXI, INC., a Mississippi corporation 
 LANDRY’S SEAFOOD HOUSE – COLORADO, INC., a Colorado corporation 
 LANDRY’S SEAFOOD HOUSE – FLORIDA, INC., a Florida corporation 
 LANDRY’S SEAFOOD HOUSE – LAFAYETTE, INC., a Louisiana
corporation 
 LANDRY’S SEAFOOD HOUSE – MEMPHIS, INC., a Tennessee corporation 
 LANDRY’S SEAFOOD HOUSE – MINNESOTA, INC., a Minnesota corporation 
 LANDRY’S SEAFOOD HOUSE – MISSOURI,
INC., a Missouri corporation 
 LANDRY’S SEAFOOD HOUSE – NEVADA, INC., a Nevada corporation 
 LANDRY’S SEAFOOD HOUSE – NEW MEXICO, INC., a New Mexico corporation 
 LANDRY’S SEAFOOD HOUSE – NEW ORLEANS, INC., a Louisiana corporation 
 LANDRY’S SEAFOOD HOUSE – NORTH CAROLINA, INC., a North
Carolina corporation 
 LANDRY’S SEAFOOD HOUSE – OHIO, INC., an Ohio corporation 
 LANDRY’S SEAFOOD HOUSE – SAN LUIS, INC., a Texas corporation 
 LANDRY’S SEAFOOD HOUSE – SOUTH CAROLINA,
INC., a South Carolina corporation 
 LANDRY’S SEAFOOD INN & OYSTER BAR – GALVESTON, INC., a Texas corporation 
  

					
	By:	 	  
	 	,
		 	on behalf of each of the above identified entities	 	
	Name:	 	Rick H. Liem	 	
	Title:	 	Vice President of each of the above identified entities	 	

 Indenture 

 GUARANTORS 
 LANDRY’S SEAFOOD INN & OYSTER BAR – KEMAH, INC., a Texas corporation 
 LANDRY’S SEAFOOD INN & OYSTER BAR – SAN
ANTONIO, INC., a Texas corporation 
 LANDRY’S SEAFOOD INN & OYSTER BAR – SUGAR CREEK, INC., a Texas corporation 
 LANDRY’S SEAFOOD INN & OYSTER BAR II, INC., a Texas corporation 
 LANDRY’S SEAFOOD INN & OYSTER BAR, INC., a Texas corporation 
 LANDRY’S SEAFOOD KEMAH, INC., a Texas corporation 
 LANDRY’S TRADEMARK, INC., a Delaware corporation 
 LCH ACQUISITION, INC.,
a Delaware corporation 
 LSRI HOLDINGS, INC., a Delaware corporation 
 MARINA ACQUISITION CORPORATION OF FLORIDA, INC., a Florida corporation 
 NASHVILLE AQUARIUM, INC., a Texas corporation 
 OCEAN BLUE INDUSTRIES, INC., a Delaware corporation 
 RAINFOREST CAFE, INC., a
Minnesota corporation 
 RAINFOREST CAFE, INC. – CHA CHA, a Texas corporation 
 RAINFOREST CAFE, INC. – KANSAS, a Kansas corporation 
 RAINFOREST TRADEMARK, INC., a Delaware corporation 
 SALTGRASS, INC., a Texas corporation 
 SEAFOOD HOLDING SUPPLY, INC., a
Delaware corporation 
 SUMMIT AIRCRAFT SERVICES, INC., a Delaware corporation 
 SUMMIT ONE NETWORK, INC., a Delaware corporation 
 SUMMIT SEAFOOD SUPPLY, INC., a Delaware corporation 
 SUMMIT SUPPLY, INC., a Delaware corporation 
 THE HOFBRAU, INC., a Texas
corporation 
 T-REX CAFE – KANSAS CITY, INC., a Kansas corporation 
 T-REX CAFE – ORLANDO, INC., a Florida corporation 
 T-REX CAFE – RENO, INC., a Nevada corporation 
 T-REX CAFE, INC., a Delaware corporation 
 WEST END SEAFOOD, INC., a Texas
corporation 
 WILLIE G’S GALVESTON, INC, a Texas corporation 
 WILLIE G’S POST OAK, INC., a Texas corporation 
  

					
	By:	 	  
	 	,
		 	on behalf of each of the above identified entities	 	
	Name:	 	Rick H. Liem	 	
	Title:	 	Vice President of each of the above identified entities	 	

 Indenture 

 GUARANTORS 
 CHLN-MARYLAND, INC., a Maryland corporation 
 RAINFOREST CAFÉ, INC. – BALTIMORE COUNTY, a Maryland corporation 
 FSI RESTAURANT DEVELOPMENT LIMITED, a Texas limited partnership 
     By: Saltgrass, Inc., its Sole General Partner 
 LANDRY’S MANAGEMENT, L.P., a Delaware limited partnership 

    By: Landry’s G.P., Inc., its Sole General Partner 
 WSI FISH LIMITED, a Texas limited partnership 
     By: Saltgrass, Inc., its Sole General Partner 
  

					
	By:	 	  
	 	,
		 	on behalf of each of the above identified entities	 	
	Name:	 	Steven L. Scheinthal	 	
	Title:	 	Vice President of each of the above identified entities	 	

 Indenture 

 TRUSTEE AND COLLATERAL AGENT 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee and Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 Indenture

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]