Document:

Exhibit
10.1

REGISTRATION RIGHTS
AGREEMENT

This REGISTRATION
RIGHTS AGREEMENT dated March 27, 2007 (the “Agreement”) is entered into by and
among Aventine Renewable Energy Holdings, Inc., a Delaware Corporation (the
“Company”), Aventine Renewable Energy, LLC, Aventine Renewable Energy, Inc.,
Aventine Renewable Energy — Aurora West, LLC, Aventine Renewable Energy — Mt.
Vernon, LLC, and Aventine Power, LLC (the “Guarantors”), and J.P. Morgan
Securities Inc. (“JPMorgan”), Goldman, Sachs & Co. and UBS Securities LLC.
(the “Initial Purchasers”).

The Company, the
Guarantors and the Initial Purchasers are parties to the Purchase Agreement
dated March 21, 2007 (the “Purchase Agreement”), which provides for the sale by
the Company to the Initial Purchasers of $300,000,000 aggregate principal
amount of the Company’s 10% Senior Notes due 2017 (the “Securities”) which will
be guaranteed on an unsecured senior basis by each of the Guarantors.  As an inducement to the Initial Purchasers to
enter into the Purchase Agreement, the Company and the Guarantors have agreed
to provide to the Initial Purchasers and their direct and indirect transferees
the registration rights set forth in this Agreement.  The execution and delivery of this Agreement
is a condition to the closing under the Purchase Agreement.

In consideration
of the foregoing, the parties hereto agree as follows:

1.             Definitions.  As used in this Agreement, the following
terms shall have the following meanings:

“Additional Guarantor” shall mean any subsidiary of the Company that
executes a Subsidiary Guarantee under the Indenture after the date of this
Agreement.

“Business Day” shall mean any day that is not a Saturday, Sunday or other
day on which commercial banks in New York City are authorized or required by
law to remain closed.

“Company” shall
have the meaning set forth in the preamble and shall also include the Company’s
successors.

“Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time.

“Exchange Dates”
shall have the meaning set forth in Section 2(a)(ii) hereof.

“Exchange Offer”
shall mean the exchange offer by the Company and the Guarantors of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof.

“Exchange Offer
Registration” shall mean a registration under the Securities Act effected
pursuant to Section 2(a) hereof.

“Exchange Offer
Registration Statement” shall mean an exchange offer registration statement on
Form S-4 (or, if applicable, on another appropriate form) and all amendments
and supplements to such registration statement, in each case including the
Prospectus contained therein or deemed a part thereof, all exhibits thereto and
any document incorporated by reference therein.

“Exchange
Securities” shall mean senior notes issued by the Company and guaranteed by the
Guarantors under the Indenture containing terms identical to the Securities
(except that the Exchange Securities will not be subject to restrictions on
transfer or to any increase in annual interest rate for failure to comply with
this Agreement) and to be offered to Holders of Securities in exchange for
Securities pursuant to the Exchange Offer.

“Free Writing
Prospectus” means each free writing prospectus (as defined in Rule 405 under
the Securities Act) prepared by or on behalf of the Company or used or referred
to by the Company in connection with the sale of the Securities or the Exchange
Securities.

“Guarantors” shall
have the meaning set forth in the preamble and shall also include any
Guarantor’s successors and any Additional Guarantors.

“Holders” shall
mean the Initial Purchasers, for so long as they own any Registrable
Securities, and each of their successors, assigns and direct and indirect
transferees who become owners of Registrable Securities under the Indenture;
provided that for purposes of Sections 4 and 5 of this Agreement, the term
“Holders” shall include Participating Broker-Dealers.

“Indemnified
Person” shall have the meaning set forth in Section 5(c) hereof.

“Indemnifying
Person” shall have the meaning set forth in Section 5(c) hereof.

“Indenture” shall
mean the Indenture relating to the Securities dated as of March 27, 2007 among
the Company, the Guarantors and Wells Fargo Bank, N.A., as trustee, and as the
same may be amended from time to time in accordance with the terms thereof.

“Initial
Purchasers” shall have the meaning set forth in the preamble.

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“Inspector” shall
have the meaning set forth in Section 3(a)(xiii) hereof.

“Issuer
Information” shall have the meaning set forth in Section 5(a) hereof.

“JPMorgan” shall
have the meaning set forth in the preamble.

“Majority Holders”
shall mean the Holders of a majority of the aggregate principal amount of the
outstanding Registrable Securities; provided that whenever the consent or
approval of Holders of a specified percentage of Registrable Securities is
required hereunder, any Registrable Securities owned directly or indirectly by
the Company or any of its affiliates shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage or amount; and provided, further, that if the Company shall issue
any additional Securities under the Indenture prior to consummation of the
Exchange Offer or, if applicable, the effectiveness of any Shelf Registration
Statement, such additional Securities and the Registrable Securities to which
this Agreement relates shall be treated together as one class for purposes of
determining whether the consent or approval of Holders of a specified
percentage of Registrable Securities has been obtained.

“Participating
Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof.

“Person” shall
mean an individual, partnership, limited liability company, corporation, trust
or unincorporated organization, or a government or agency or political
subdivision thereof.

“Prospectus” shall
mean the prospectus included in, or, pursuant to the rules and regulations of
the Securities Act, deemed a part of, a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by
any prospectus supplement, including a prospectus supplement with respect to
the terms of the offering of any portion of the Registrable Securities covered
by a Shelf Registration Statement, and by all other amendments and supplements to
such prospectus, and in each case including any document incorporated by
reference therein.

“Purchase
Agreement” shall have the meaning set forth in the preamble.

“Registrable
Securities” shall mean the Securities; provided that the Securities shall cease
to be Registrable Securities (i) when a Registration Statement with respect to
such Securities has become effective under the Securities Act and such
Securities have been exchanged or disposed of pursuant to such Registration
Statement, (ii) when such Securities are eligible to be sold pursuant to Rule
144(k) (or any similar provision then in force, but not Rule 144A) under the
Securities Act or (iii) when such Securities cease to be outstanding.

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“Registration
Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company and the Guarantors with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees, (ii) all fees and expenses
incurred in connection with compliance with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for any Underwriters or
Holders in connection with blue sky qualification of any Exchange Securities or
Registrable Securities), (iii) all expenses of any Persons in preparing or
assisting in preparing, word processing, printing and distributing any
Registration Statement, any Prospectus and any amendments or supplements
thereto, any underwriting agreements, securities sales agreements and any other
documents relating to the performance of and compliance with this Agreement,
(iv) all rating agency fees, (v) all fees and disbursements relating to the
qualification of the Indenture under applicable securities laws, (vi) the fees
and disbursements of the Trustee and its counsel, (vii) the fees and
disbursements of counsel for the Company and the Guarantors and, in the case of
a Shelf Registration Statement, the reasonable fees and disbursements of one
counsel for the Holders (which counsel shall be selected by the Majority
Holders and which counsel may also be counsel for the Initial Purchasers) and
(viii) the reasonable fees and disbursements of the independent public
accountants of the Company and the Guarantors, including the expenses of any
special audits or “comfort” letters required by or incident to the performance
of and compliance with this Agreement, but excluding fees and expenses of
counsel to the Underwriters (other than fees and expenses set forth in clause
(ii) above) or the Holders and underwriting discounts and commissions,
brokerage commissions and transfer taxes, if any, relating to the sale or
disposition of Registrable Securities by a Holder.

“Registration
Statement” shall mean any registration statement of the Company and the
Guarantors that covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement and all amendments and supplements
to any such registration statement, including post-effective amendments, in
each case including the Prospectus contained therein or deemed a part thereof,
all exhibits thereto and any document incorporated by reference therein.

 “SEC” shall mean the United States Securities
and Exchange Commission.

“Securities” shall
have the meaning set forth in the preamble.

 “Securities Act” shall mean the Securities Act
of 1933, as amended from time to time.

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“Shelf Additional
Interest Date” shall have the meaning set forth in Section 2(d) hereof.

“Shelf
Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof.

“Shelf
Registration” shall mean a registration effected pursuant to Section 2(b)
hereof.

“Shelf
Registration Statement” shall mean a “shelf” registration statement of the
Company and the Guarantors that covers all or a portion of the Registrable
Securities (but no other securities unless approved by a majority of the
Holders whose Registrable Securities are to be covered by such Shelf
Registration Statement) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all
amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained
therein or deemed a part thereof, all exhibits thereto and any document
incorporated by reference therein.

“Shelf Request”
shall have the meaning set forth in Section 2(b) hereof.

“Subsidiary
Guarantees” shall mean the guarantees of the Securities and Exchange Securities
by the Guarantors under the Indenture.

“Staff” shall mean
the staff of the SEC.

“Target
Registration Date” shall have the meaning set forth in Section 2(d) hereof.

“Trust Indenture
Act” shall mean the Trust Indenture Act of 1939, as amended from time to time.

“Trustee” shall
mean the trustee with respect to the Securities under the Indenture.

“Underwriter”
shall have the meaning set forth in Section 3(e) hereof.

“Underwritten
Offering” shall mean an offering in which Registrable Securities are sold to an
Underwriter for reoffering to the public.

2.             Registration Under the
Securities Act.  (a)  To the extent not prohibited by any
applicable law or applicable interpretations of the Staff, the Company and the
Guarantors shall use their reasonable best efforts to (i) cause to be filed an
Exchange Offer Registration Statement covering an offer to the 

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Holders to exchange all
the Registrable Securities for Exchange Securities and (ii) have such
Registration Statement remain effective until the closing of the Exchange Offer
unless extended pursuant to Section 4. 
The Company and the Guarantors shall commence the Exchange Offer
promptly after the Exchange Offer Registration Statement is declared effective
by the SEC and use their reasonable best efforts to complete the Exchange Offer
not later than 60 days after such effective date.

The Company and
the Guarantors shall commence the Exchange Offer by mailing the related
Prospectus, appropriate letters of transmittal and other accompanying documents
to each Holder stating, in addition to such other disclosures as are required
by applicable law, substantially the following:

(i)                                     that
the Exchange Offer is being made pursuant to this Agreement and that all
Registrable Securities validly tendered and not properly withdrawn will be
accepted for exchange;

(ii)                                  the
dates of acceptance for exchange (which shall be a period of at least 20
Business Days from the date such notice is mailed) (the “Exchange Dates”);

(iii)                               that
any Registrable Security not tendered will remain outstanding and continue to
accrue interest but will not retain any rights under this Agreement, except as
otherwise specified herein;

(iv)                              that
any Holder electing to have a Registrable Security exchanged pursuant to the
Exchange Offer will be required to surrender such Registrable Security, together
with the appropriate letters of transmittal, to the institution and at the
address (located in the Borough of Manhattan, The City of New York) and in the
manner specified in the notice prior to the close of business on the last
Exchange Date; and

(v)                                 that
any Holder will be entitled to withdraw its election, not later than the close
of business on the last Exchange Date, by sending to the institution and at the
address (located in the Borough of Manhattan, The City of New York) specified
in the notice, a telegram, telex, facsimile transmission or letter setting
forth the name of such Holder, the principal amount of Registrable Securities
delivered for exchange and a statement that such Holder is withdrawing its
election to have such Securities exchanged.

As
a condition to participating in the Exchange Offer, a Holder will be required
to represent to the Company and the Guarantors that (i) any Exchange Securities
to be received by it will be acquired in the ordinary course of its business,
(ii) at the time of the commencement of the Exchange Offer it has no
arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Securities in
violation 

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of
the provisions of the Securities Act, (iii) it is not an “affiliate” (within
the meaning of Rule 405 under the Securities Act) of the Company or any
Guarantor and (iv) if such Holder is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Registrable Securities that were
acquired as a result of market-making or other trading activities, then such
Holder will deliver a Prospectus (or, to the extent permitted by law, make
available a Prospectus to purchasers) in connection with any resale of such
Exchange Securities.

As soon as
practicable after the last Exchange Date, the Company and the Guarantors shall:

(i)                                     accept
for exchange Registrable Securities or portions thereof validly tendered and
not properly withdrawn pursuant to the Exchange Offer; and

(ii)                                  deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable
Securities or portions thereof so accepted for exchange by the Company and the
Guarantors issue, and cause the Trustee to promptly authenticate and deliver to
each Holder, Exchange Securities equal in principal amount to the principal
amount of the Registrable Securities tendered by such Holder.

The Company and
the Guarantors shall use their reasonable best efforts to complete the Exchange
Offer as provided above and shall comply with the applicable requirements of
the Securities Act, the Exchange Act and other applicable laws and regulations
in connection with the Exchange Offer. 
The Exchange Offer shall not be subject to any conditions, other than
that the Exchange Offer does not violate any applicable law or applicable
interpretations of the Staff.

(b)           In the event that (i) the Company and
the Guarantors determine that the Exchange Offer Registration provided for in
Section 2(a) above is not available or may not be completed as soon as
practicable after the last Exchange Date because it would violate any
applicable law or applicable interpretations of the Staff, (ii) the Exchange
Offer is not for any other reason completed by October 23, 2007, or (iii) upon
receipt of a written request (a “Shelf Request”) from any Initial Purchaser
representing that it holds Registrable Securities and it has been advised by
counsel that such Registrable Securities are or were ineligible to be exchanged
in the Exchange Offer, the Company and the Guarantors shall use their
reasonable best efforts to cause to be filed as soon as practicable after such
determination, date or Shelf Request, as the case may be, a Shelf Registration
Statement providing for the sale of all the Registrable Securities by the
Holders thereof and to have such Shelf Registration Statement become effective.

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In the event that
the Company and the Guarantors are required to file a Shelf Registration
Statement solely as a result of the matters referred to in clause (iii) of the
preceding sentence, the Company and the Guarantors shall use their reasonable
best efforts to file and have become effective both an Exchange Offer
Registration Statement pursuant to Section 2(a) with respect to all Registrable
Securities and a Shelf Registration Statement (which may be a combined
Registration Statement with the Exchange Offer Registration Statement) with
respect to offers and sales of Registrable Securities held by the Initial
Purchasers after completion of the Exchange Offer.

The Company and
the Guarantors agree to use their reasonable best efforts to keep the Shelf
Registration Statement continuously effective until the expiration of the
period referred to in Rule 144(k) (or any similar rule then in force, but not
Rule 144A) under the Securities Act with respect to the Registrable Securities
or such shorter period that will terminate when all the Registrable Securities
covered by the Shelf Registration Statement have been sold pursuant to the
Shelf Registration Statement (the “Shelf Effectiveness Period”).  The Company and the Guarantors further agree
to supplement or amend the Shelf Registration Statement and the related
Prospectus if required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or
by the Securities Act or by any other rules and regulations thereunder or if
reasonably requested by a Holder of Registrable Securities with respect to
information relating to such Holder, and to use their reasonable best efforts
to cause any such amendment to become effective, if required, and such Shelf
Registration Statement and Prospectus to become usable as soon as thereafter
practicable.  The Company and the
Guarantors agree to furnish to the Holders of Registrable Securities copies of
any such supplement or amendment 
promptly after its being used or filed with the SEC.

(c)           The Company and the Guarantors shall
pay all Registration Expenses in connection with any registration pursuant to
Section 2(a) or Section 2(b) hereof. 
Each Holder shall pay all underwriting discounts and commissions,
brokerage commissions and transfer taxes, if any, relating to the sale or
disposition of such Holder’s Registrable Securities pursuant to the Shelf
Registration Statement.

(d)           An Exchange Offer Registration
Statement pursuant to Section 2(a) hereof will not be deemed to have become
effective unless it has been declared effective by the SEC.  A Shelf Registration Statement pursuant to
Section 2(b) hereof will not be deemed to have become effective unless it has
been declared effective by the SEC or is automatically effective upon filing
with the SEC as provided by Rule 462 under the Securities Act.

 

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In the event that
either the Exchange Offer is not completed or the Shelf Registration Statement,
if required pursuant to Section 2(b)(i) or 2(b)(ii) hereof, has not become
effective on or prior to October 23, 2007, (the “Target Registration Date”),
the interest rate on the Registrable Securities will be increased by (i) 0.25%
per annum for the first 90-day period immediately following the Target
Registration Date and (ii) an additional 0.25% per annum with respect to each
subsequent 90-day period, in each case until the Exchange Offer is completed or
the Shelf Registration Statement, if required hereby, becomes effective or the
Securities become freely tradable under the Securities Act, up to a maximum
increase of 1.00% per annum.  In the
event that the Company receives a Shelf Request pursuant to Section 2(b)(iii),
and the Shelf Registration Statement required to be filed thereby has not
become effective by the later of August 24, 2007 or 90 days after delivery of
such Shelf Request (such later date, the “Shelf Additional Interest Date”),
then the interest rate on the Registrable Securities will be increased by (i)
0.25% per annum for the first 90-day period payable commencing from one day
after the Shelf Additional Interest Date and (ii) an additional 0.25% per annum
with respect to each subsequent 90-day period, in each case until the Shelf
Registration Statement becomes effective or the Securities become freely
tradable under the Securities Act, up to a maximum increase of 1.00% per annum.

If the Shelf Registration
Statement, if required hereby, has become effective and thereafter either
ceases to be effective or the Prospectus contained therein ceases to be usable,
in each case whether or not permitted by this Agreement, at any time during the
Shelf Effectiveness Period, and such failure to remain effective or usable
exists for more than 30 days (whether or not consecutive) in any 12-month
period, then the interest rate on the Registrable Securities will be increased
by 0.25% per annum for the first 90-day period commencing on the 31st day in such 12-month period and increasing by
an additional 0.25% per annum with respect to each subsequent 90-day period and
ending on such date that the Shelf Registration Statement has again become
effective or the Prospectus again becomes usable, up to a maximum increase of
1.00% per annum.

(e)           Without limiting the remedies
available to the Initial Purchasers and the Holders, the Company and the
Guarantors acknowledge that any failure by the Company or the Guarantors to comply
with their obligations under Section 2(a) and Section 2(b) hereof may result in
material irreparable injury to the Initial Purchasers or the Holders for which
there is no adequate remedy at law, that it will not be possible to measure
damages for such injuries precisely and that, in the event of any such failure,
the Initial Purchasers or any Holder may obtain such relief as may be required
to specifically enforce the Company’s and the Guarantors’ obligations under
Section 2(a) and Section 2(b) hereof.

(f)            The Company represents, warrants and
covenants that it (including its agents and representatives) will not prepare,
make, use, authorize, approve or refer to any Free Writing Prospectus.

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3.             Registration Procedures.  (a) In connection with their obligations
pursuant to Section 2(a) and Section 2(b) hereof, the Company and the
Guarantors shall as expeditiously as possible:

(i)            prepare and file with the SEC a
Registration Statement on the appropriate form under the Securities Act, which
form (x) shall be selected by the Company and the Guarantors, (y) shall, in the
case of a Shelf Registration, be available for the sale of the Registrable
Securities by the selling Holders thereof and (z) shall comply as to form in
all material respects with the requirements of the applicable form and include
all financial statements required by the SEC to be filed therewith; and use
their reasonable best efforts to cause such Registration Statement to become
effective and remain effective for the applicable period in accordance with
Section 2 hereof;

(ii)           prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may
be necessary to keep such Registration Statement effective for the applicable
period in accordance with Section 2 hereof and cause each Prospectus to be
supplemented by any required prospectus supplement and, as so supplemented, to
be filed pursuant to Rule 424 under the Securities Act; and keep each
Prospectus current during the period described in Section 4(3) of and Rule 174
under the Securities Act that is applicable to transactions by brokers or
dealers with respect to the Registrable Securities or Exchange Securities;

(iii)          in the case of a Shelf Registration,
furnish to each Holder of Registrable Securities, to counsel for the Initial
Purchasers, to counsel for such Holders and to each Underwriter of an
Underwritten Offering of Registrable Securities, if any, without charge, as
many copies of each Prospectus or preliminary prospectus, and any amendment or supplement
thereto, as such Holder, counsel or Underwriter may reasonably request in order
to facilitate the sale or other disposition of such Registrable Securities; and
the Company and the Guarantors consent to the use of such Prospectus,
preliminary prospectus and any amendment or supplement thereto in accordance
with applicable law by each of the selling Holders of Registrable Securities
and any such Underwriters in connection with the offering and sale of the
Registrable Securities covered by and in the manner described in such
Prospectus, preliminary prospectus or any amendment or supplement thereto in
accordance with applicable law;

(iv)          use their reasonable best efforts to
register or qualify the Registrable Securities under all applicable state
securities or blue sky laws of such jurisdictions as any Holder of Registrable
Securities covered by a Registration Statement shall reasonably request in
writing by the time the applicable Registration Statement becomes effective;
cooperate with such Holders in connection with any filings required to be made
with the National Association of Securities Dealers, Inc.; and do any and all
other acts and things that may be reasonably necessary or advisable to enable
each Holder to 

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complete the disposition
in each such jurisdiction of the Registrable Securities owned by such Holder; provided
that neither the Company nor any Guarantor shall be required to (1) qualify as
a foreign corporation or other entity or as a dealer in securities in any such
jurisdiction where it would not otherwise be required to so qualify, (2) file
any general consent to service of process in any such jurisdiction or (3)
subject itself to taxation in any such jurisdiction if it is not so subject;

(v)           notify counsel for the Initial
Purchasers and, in the case of a Shelf Registration, notify each Holder of
Registrable Securities and counsel for such Holders promptly and, if requested
by any such Holder or counsel, confirm such advice in writing (1) when a
Registration Statement has become effective, when any post-effective amendment
thereto has been filed and becomes effective and when any supplement to the
Prospectus has been filed pursuant to Rule 424(b) under the Securities Act, (2)
of any request by the SEC or any state securities authority for amendments and
supplements to a Registration Statement or Prospectus or for additional
information after the Registration Statement has become effective, (3) of the
issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, including the receipt by the Company of any
notice of objection of the SEC to the use of a Shelf Registration Statement or
any post-effective amendment thereto pursuant to Rule 401(g)(2) under the
Securities Act, (4) if, between the applicable effective date of a Shelf
Registration Statement and the closing of any sale of Registrable Securities
covered thereby, the representations and warranties of the Company or any
Guarantor contained in any underwriting agreement, securities sales agreement
or other similar agreement, if any, relating to an offering of such Registrable
Securities cease to be true and correct in all material respects or if the
Company or any Guarantor receives any notification with respect to the
suspension of the qualification of the Registrable Securities for sale in any
jurisdiction or the initiation of any proceeding for such purpose, (5) of the
happening of any event during the period a Registration Statement is effective
that makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or that requires the making of any
changes in such Registration Statement or Prospectus in order to make the
statements therein not misleading and (6) of any determination by the Company
or any Guarantor that a post-effective amendment to a Registration Statement or
any supplement to the Prospectus pursuant to Rule 424 (b) under the Securities
Act would be appropriate;

(vi)          use their reasonable best efforts to
obtain the withdrawal of any order suspending the effectiveness of a
Registration Statement or, in the case of a Shelf Registration, the resolution
of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an
amendment to such Shelf Registration Statement on the proper form, at the
earliest possible moment and provide immediate notice to each Holder of the
withdrawal of any such order or such resolution;

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(vii)         in the case of a Shelf Registration,
upon request, furnish to each Holder of Registrable Securities, without charge,
at least one conformed copy of each Registration Statement and any
post-effective amendment thereto (without any documents incorporated therein by
reference or exhibits thereto, unless requested);

(viii)        in the case of a Shelf Registration,
cooperate with the selling Holders of Registrable Securities to facilitate the
timely preparation and delivery of certificates representing Registrable
Securities to be sold and not bearing any restrictive legends and enable such
Registrable Securities to be issued in such denominations and registered in
such names (consistent with the provisions of the Indenture) as such selling
Holders may reasonably request at least two Business Days prior to the closing
of any sale of Registrable Securities;

(ix)           in the case of a Shelf Registration,
upon the occurrence of any event contemplated by Section 3(a)(v)(5) hereof, use
their reasonable best efforts to prepare and file with the SEC a supplement or
post-effective amendment to such Shelf Registration Statement or the related
Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered (or, to the extent permitted
by law, made available) to purchasers of the Registrable Securities, such
Prospectus will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; and the Company
and the Guarantors shall notify the Holders of Registrable Securities to
suspend use of the Prospectus as promptly as practicable after the occurrence
of such an event, and such Holders hereby agree to suspend use of the
Prospectus until the Company and the Guarantors have amended or supplemented
the Prospectus to correct such misstatement or omission;

(x)            a reasonable time prior to the
filing of any Registration Statement, any Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or of any
document that is to be incorporated by reference into a Registration Statement
or a Prospectus after initial filing of a Registration Statement, provide
copies of such document to the Initial Purchasers and their counsel (and, in
the case of a Shelf Registration Statement, to the Holders of Registrable
Securities and their counsel) and make such of the representatives of the
Company and the Guarantors as shall be reasonably requested by the Initial
Purchasers or their counsel (and, in the case of a Shelf Registration
Statement, the Holders of Registrable Securities or their counsel) available
for discussion of such document; and the Company and the Guarantors shall not,
at any time after initial filing of a Registration Statement, use or file any
Prospectus, any amendment of or supplement to a Registration Statement or a
Prospectus, or any document that is to be incorporated by reference into a
Registration Statement or a Prospectus, of which the Initial Purchasers and
their 

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counsel (and, in the case
of a Shelf Registration Statement, the Holders of Registrable Securities and
their counsel) shall not have previously been advised and furnished a copy or
to which the Initial Purchasers or their counsel (and, in the case of a Shelf
Registration Statement, the Holders of Registrable Securities or their counsel)
shall object; except for any amendment or supplement or document (a copy of
which has been previously furnished to the Initial Purchasers and their counsel
(and, in the case of a Shelf Registration Statement, the Holders and their
counsel)) which counsel to the Company shall advise the Company in writing is
required in order to comply with applicable law;

(xi)           obtain a CUSIP number for all
Exchange Securities or Registrable Securities, as the case may be, not later
than the initial effective date of a Registration Statement;

(xii)          cause the Indenture to be qualified
under the Trust Indenture Act in connection with the registration of the Exchange
Securities or Registrable Securities, as the case may be; cooperate with the
Trustee and the Holders to effect such changes to the Indenture as may be
required for the Indenture to be so qualified in accordance with the terms of
the Trust Indenture Act; and execute, and use their reasonable best efforts to
cause the Trustee to execute, all documents as may be required to effect such
changes and all other forms and documents required to be filed with the SEC to
enable the Indenture to be so qualified in a timely manner;

(xiii)         in the case of a Shelf Registration,
upon reasonable request, make available for inspection by a representative of
the Holders of the Registrable Securities (an “Inspector”), any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement,
any attorneys and accountants designated by a majority in principal amount of
the Holders of Registrable Securities to be included in such Shelf Registration
and any attorneys and accountants designated by such Underwriter, at reasonable
times and in a reasonable manner, all pertinent financial and other records,
documents and properties of the Company and its subsidiaries, and cause the
respective officers, directors and employees of the Company and the Guarantors to
supply all information reasonably requested by any such Inspector, Underwriter,
attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any
Guarantor as being confidential or proprietary, each Person receiving such
information shall take such actions as are reasonably necessary to protect the
confidentiality of such information to the extent such action is otherwise not
inconsistent with, an impairment of or in derogation of the rights and
interests of any Inspector, Holder or Underwriter);

(xiv)        use their reasonable best efforts to
cause all Registrable Securities to be listed on any securities exchange or any
automated quotation system on which the Securities are then listed if requested
by the Majority Holders, to the extent such Registrable Securities satisfy
applicable listing requirements;

 13
 

(xv)         if reasonably requested by any Holder
of Registrable Securities covered by a Shelf Registration Statement, promptly
include in a Prospectus supplement or post-effective amendment such information
with respect to such Holder as such Holder reasonably requests to be included
therein and make all required filings of such Prospectus supplement or such
post-effective amendment as soon as the Company has received notification of
the matters to be so included in such filing;

(xvi)        in the case of a Shelf Registration,
enter into such customary agreements and take all such other actions in
connection therewith (including those requested by the Holders of a majority in
principal amount of the Registrable Securities being sold in order to expedite
or facilitate the disposition of such Registrable Securities including, but not
limited to, an Underwritten Offering and in such connection, (1) to the extent
possible, make such representations and warranties to the Holders and any
Underwriters of such Registrable Securities with respect to the business of the
Company and its subsidiaries and the Registration Statement, Prospectus and
documents incorporated by reference or deemed incorporated by reference, if
any, in each case, in form, substance and scope as are customarily made by
issuers to underwriters in underwritten offerings and confirm the same if and
when requested, (2) obtain opinions of counsel to the Company and the
Guarantors (which counsel and opinions, in form, scope and substance, shall be
reasonably satisfactory to the Holders and such Underwriters and their
respective counsel) addressed to each selling Holder and Underwriter of
Registrable Securities, covering the matters customarily covered in opinions
requested in underwritten offerings, (3) obtain “comfort” letters from the
independent certified public accountants of the Company and the Guarantors
(and, if necessary, any other certified public accountant of any subsidiary of
the Company or any Guarantor, or of any business acquired by the Company or any
Guarantor for which financial statements and financial data are or are required
to be included in the Registration Statement) addressed to each selling Holder
(to the extent permitted by applicable professional standards) and Underwriter
of Registrable Securities, such letters to be in customary form and covering
matters of the type customarily covered in “comfort” letters in connection with
underwritten offerings, including but not limited to financial information
contained in any preliminary prospectus or Prospectus and (4) deliver such
documents and certificates as may be reasonably requested by the Holders of a
majority in principal amount of the Registrable Securities being sold or the
Underwriters, and which are customarily delivered in underwritten offerings, to
evidence the continued validity of the representations and warranties of the
Company and the Guarantors made pursuant to clause (1) above and to evidence
compliance with any customary conditions contained in an underwriting
agreement; and

 14
 

(b)           In the case of a Shelf Registration
Statement, the Company may require each Holder of Registrable Securities to
furnish to the Company such information regarding such Holder and the proposed
disposition by such Holder of such Registrable Securities as the Company and
the Guarantors may from time to time reasonably request in writing.

(c)           In the case of a Shelf Registration
Statement, each Holder of Registrable Securities covered in such Shelf
Registration Statement agrees that, upon receipt of any notice from the Company
and the Guarantors of the happening of any event of the kind described in
Section 3(a)(v)(3) or 3(a)(v)(5) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to the Shelf Registration
Statement until such Holder’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 3(a)(ix) hereof and, if so directed
by the Company and the Guarantors, such Holder will deliver to the Company and
the Guarantors all copies in its possession, other than permanent file copies
then in such Holder’s possession, of the Prospectus covering such Registrable
Securities that is current at the time of receipt of such notice.

(d)           If the Company and the Guarantors
shall give any notice to suspend the disposition of Registrable Securities
pursuant to a Registration Statement, the Company and the Guarantors shall
extend the period during which such Registration Statement shall be maintained
effective pursuant to this Agreement by the number of days during the period
from and including the date of the giving of such notice to and including the
date when the Holders of such Registrable Securities shall have received copies
of the supplemented or amended Prospectus necessary to resume such
dispositions. All such suspensions shall not exceed 90 days in aggregate during
any 365-day period.

(e)           The Holders of Registrable Securities
covered by a Shelf Registration Statement who desire to do so may sell such
Registrable Securities in an Underwritten Offering.  In any such Underwritten Offering, the
investment bank or investment banks and manager or managers (each an
“Underwriter”) that will administer the offering will be selected by the
Holders of a majority in principal amount of the Registrable Securities
included in such offering.

4.             Participation of Broker-Dealers
in Exchange Offer.  (a)  The Staff has taken the position that any
broker-dealer that receives Exchange Securities for its own account in the
Exchange Offer in exchange for Securities that were acquired by such
broker-dealer as a result of market-making or other trading activities (a
“Participating Broker-Dealer”) may be deemed to be an “underwriter” within the
meaning of the Securities Act and must deliver a prospectus  meeting
the requirements of the Securities Act in connection with any resale of such
Exchange Securities.

 15
 

The Company and
the Guarantors understand that it is the Staff’s position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means
by which Participating Broker-Dealers may resell the Exchange Securities,
without naming the Participating Broker-Dealers or specifying the amount of
Exchange Securities owned by them, such Prospectus may be delivered by
Participating Broker-Dealers (or, to the extent permitted by law, made
available to purchasers) to satisfy their prospectus delivery obligation
under the Securities Act in connection with resales of Exchange Securities for
their own accounts, so long as the Prospectus otherwise meets the requirements
of the Securities Act.

(b)           In light of the above, and
notwithstanding the other provisions of this Agreement, the Company and the
Guarantors agree to amend or supplement the Prospectus contained in the
Exchange Offer Registration Statement for a period of up to 120 days after the
last Exchange Date (as such period may be extended pursuant to Section 3(d) of
this Agreement), in order to expedite or facilitate the disposition of any
Exchange Securities by Participating Broker-Dealers consistent with the
positions of the Staff recited in Section 4(a) above.  The Company and the Guarantors further agree
that Participating Broker-Dealers shall be authorized to deliver such
Prospectus (or, to the extent permitted by law, make available) during such
period in connection with the resales contemplated by this Section 4.

(c)           The Initial Purchasers shall have no
liability to the Company, any Guarantor or any Holder with respect to any
request that they may make pursuant to Section 4(b) above.

5.             Indemnification and Contribution.  (a) 
The Company and each Guarantor, jointly and severally, agree to
indemnify and hold harmless each Initial Purchaser and each Holder, their
respective affiliates, directors and officers and each Person, if any, who
controls any Initial Purchaser or any Holder within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act, from and against any
and all losses, claims, damages and liabilities (including, without limitation,
legal fees and other expenses reasonably incurred in connection with any suit,
action or proceeding or any claim asserted, as such fees and expenses are
incurred), joint or several, that arise out of, or are based upon, (1) any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or any omission or alleged omission to state therein
a material fact required to be stated therein or necessary in order to make the
statements therein not misleading, or (2) any untrue statement or alleged
untrue statement of a material fact contained in any Prospectus, any Free
Writing Prospectus used in violation of this Agreement or any “issuer
information” (“Issuer Information”) filed or required to be filed pursuant to
Rule 433(d) under the Securities Act, or any omission or alleged omission to
state

 16

therein a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, in each case except
insofar as such losses, claims, damages or liabilities arise out of, or are
based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating
to any Initial Purchaser or information relating to any Holder furnished to the
Company in writing through JPMorgan or any selling Holder, respectively
expressly for use therein.  In connection
with any Underwritten Offering permitted by Section 3, the Company and the
Guarantors, jointly and severally, will also indemnify the Underwriters, if
any, selling brokers, dealers and similar securities industry professionals
participating in the distribution, their respective affiliates and each Person
who controls such Persons (within the meaning of the Securities Act and the
Exchange Act) to the same extent as provided above with respect to the
indemnification of the Holders, if requested in connection with any
Registration Statement, any Prospectus, any Free Writing Prospectus or any
Issuer Information.

(b)           Each Holder agrees, severally and not
jointly, to indemnify and hold harmless the Company, the Guarantors, the
Initial Purchasers and the other selling Holders, the directors of the Company
and the Guarantors, each officer of the Company and the Guarantors who signed
the Registration Statement and each Person, if any, who controls the Company,
the Guarantors, any Initial Purchaser and any other selling Holder within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act
to the same extent as the indemnity set forth in paragraph (a) above, but only
with respect to any losses, claims, damages or liabilities that arise out of,
or are based upon, any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with any information
relating to such Holder furnished to the Company in writing by such Holder
expressly for use in any Registration Statement and any Prospectus.

(c)           If any suit, action, proceeding
(including any governmental or regulatory investigation), claim or demand shall
be brought or asserted against any Person in respect of which indemnification
may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified
Person”) shall promptly notify the Person against whom such indemnification may
be sought (the “Indemnifying Person”) in writing; provided that the
failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have under this Section 5 except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided, further, that the
failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this
Section 5.  If any such proceeding shall
be brought or asserted against an Indemnified Person and it shall have notified
the Indemnifying Person thereof, the Indemnifying Person shall retain
counsel reasonably satisfactory to the Indemnified Person to represent the
Indemnified Person and any others entitled to indemnification

 17
 

pursuant to this Section
5 that the Indemnifying Person may designate in such proceeding and shall pay
the fees and expenses of such proceeding and shall pay the fees and expenses of
such counsel related to such proceeding, as incurred.  In any such proceeding, any Indemnified
Person shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Person unless
(i) the Indemnifying Person and the Indemnified Person shall have mutually
agreed to the contrary; (ii) the Indemnifying Person has failed within a
reasonable time to retain counsel reasonably satisfactory to the Indemnified
Person; (iii) the Indemnified Person shall have reasonably concluded that there
may be legal defenses available to it that are different from or in addition to
those available to the Indemnifying Person; or (iv) the named parties in any
such proceeding (including any impleaded parties) include both the Indemnifying
Person and the Indemnified Person and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing
interests between them.  It is understood
and agreed that the Indemnifying Person shall not, in connection with any
proceeding or related proceeding in the same jurisdiction, be liable for the
fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Persons, and that all such fees and expenses shall
be reimbursed as they are incurred.  Any
such separate firm (x) for any Initial Purchaser, its affiliates, directors and
officers and any control Persons of such Initial Purchaser shall be designated
in writing by JPMorgan, (y) for any Holder, its directors and officers and any
control Persons of such Holder shall be designated in writing by the Majority
Holders and (z) in all other cases shall be designated in writing by the
Company.  The Indemnifying Person shall
not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified
Person from and against any loss or liability by reason of such settlement or
judgment.  No Indemnifying Person shall,
without the written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person
is or could have been a party and indemnification could have been sought
hereunder by such Indemnified Person, unless such settlement (A) includes an
unconditional release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, from all liability on
claims that are the subject matter of such proceeding and (B) does not include
any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any Indemnified Person.

(d)           If the indemnification provided for
in paragraphs (a) and (b) above is unavailable to an Indemnified Person or
insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each Indemnifying Person under such paragraph, in lieu of
indemnifying such Indemnified Person thereunder, shall contribute to the amount
paid or payable by such Indemnified Person as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the
relative benefits received by the

 18
 

Company and the
Guarantors from the offering of the Securities and the Exchange Securities, on
the one hand, and by the Holders from receiving Securities or Exchange
Securities registered under the Securities Act, on the other hand, or (ii) if
the allocation provided by clause (i) is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) but also the relative fault of the Company and the
Guarantors on the one hand and the Holders on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations.  The relative fault of the Company and the
Guarantors on the one hand and the Holders on the other shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company and the Guarantors
or by the Holders and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

(e)           The Company, the Guarantors and the
Holders agree that it would not be just and equitable if contribution pursuant
to this Section 5 were determined by pro  rata allocation (even if
the Holders were treated as one entity for such purpose) or by any other method
of allocation that does not take account of the equitable considerations
referred to in paragraph (d) above.  The
amount paid or payable by an Indemnified Person as a result of the losses,
claims, damages and liabilities referred to in paragraph (d) above shall be
deemed to include, subject to the limitations set forth above, any legal or
other expenses incurred by such Indemnified Person in connection with any such
action or claim.  Notwithstanding the
provisions of this Section 5, in no event shall a Holder be required to
contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by
such Holder exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. 
No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation.  The Holders’ obligations to contribute
pursuant to this Section 5 are several and not joint.

(f)            The remedies provided for in this
Section 5 are not exclusive and shall not limit any rights or remedies that may
otherwise be available to any Indemnified Person at law or in equity.

(g)           The indemnity and contribution
provisions contained in this Section 5 shall remain operative and in full force
and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of the Initial Purchasers or any Holder or
any Person controlling any Initial Purchaser or any Holder, or by or on behalf
of the Company or the Guarantors or the officers or directors of or any Person
controlling the Company or the Guarantors, (iii)

 19
 

acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities pursuant to a
Shelf Registration Statement.

6.             General.

(a)           No Inconsistent
Agreements.   The Company and the Guarantors represent,
warrant and agree that (i) the rights granted to the Holders hereunder do not
in any way conflict with and are not inconsistent with the rights granted to
the holders of any other outstanding securities issued or guaranteed by the
Company or any Guarantor under any other agreement and (ii) neither the Company
nor any Guarantor has entered into, or on or after the date of this Agreement will
enter into, any agreement that is inconsistent with the rights granted to the
Holders of Registrable Securities in this Agreement or otherwise conflicts with
the provisions hereof.

(b)           Amendments and
Waivers.   The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given unless the Company and the Guarantors have obtained the written consent
of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or consent; provided that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities
unless consented to in writing by such Holder. 
Any amendments, modifications, supplements, waivers or consents pursuant
to this Section 6(b) shall be by a writing executed by each of the parties
hereto.

(c)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, telecopier, or any courier guaranteeing
overnight delivery (i) if to a Holder, at the most current address given by
such Holder to the Company by means of a notice given in accordance with the
provisions of this Section 6(c), which address initially is, with respect to
the Initial Purchasers, the address set forth in the Purchase Agreement; (ii)
if to the Company and the Guarantors, initially at the Company’s address set
forth in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this Section 6(c); and
(iii) to such other persons at their respective addresses as provided in the
Purchase Agreement and thereafter at such other address, notice of which is
given in accordance with the provisions of this Section 6(c).  All such notices and communications shall 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 answered back, if telexed; when receipt is acknowledged,
if telecopied; and on the next Business Day if timely delivered to an air
courier guaranteeing overnight delivery. 
Copies of all such notices, demands or other communications shall be

 20
 

concurrently delivered by
the Person giving the same to the Trustee, at the address specified in the
Indenture.

(d)           Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors,
assigns and transferees of each of the parties, including, without limitation
and without the need for an express assignment, subsequent Holders; provided
that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Securities in violation of the terms of the Purchase
Agreement or the Indenture.  If any transferee
of any Holder shall acquire Registrable Securities in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held
subject to all the terms of this Agreement, and by taking and holding such
Registrable Securities such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof.  The Initial Purchasers (in their capacity as
Initial Purchasers) shall have no liability or obligation to the Company or the
Guarantors with respect to any failure by a Holder to comply with, or any
breach by any Holder of, any of the obligations of such Holder under this
Agreement.

(e)           Third Party Beneficiaries.  Each Holder shall be a third party
beneficiary to the agreements made hereunder between the Company and the
Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and
shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of
other Holders hereunder.

(f)            Counterparts.
This Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

(g)           Headings.  The headings in this Agreement are
for convenience of reference only, are not a part of this Agreement and shall
not limit or otherwise affect the meaning hereof.

(h)           Governing Law.  This Agreement shall be governed
by and construed in accordance with the laws of the State of New York.

(j)            Entire Agreement;
Severability.  This Agreement contains the entire agreement
between the parties relating to the subject matter hereof and supersedes all
oral statements and prior writings with respect thereto.  If any term, provision, covenant or
restriction contained in this Agreement is held by a court of competent jurisdiction
to be invalid, void or unenforceable or against public policy, the remainder of
the terms, provisions, covenants and restrictions contained herein shall remain
in full force and effect and shall in no way be

 21
 

affected, impaired or invalidated.  The Company, the Guarantors and the Initial
Purchasers shall endeavor in good faith negotiations to replace the invalid,
void or unenforceable provisions with valid provisions the economic effect of
which

comes
as close as possible to that of the invalid, void or unenforceable provisions.

 22

IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first written above.

 

	
  

  	
  AVENTINE RENEWABLE

  
	
   

  	
  ENERGY HOLDINGS,

  INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay Sabherwal                  

  
	
   

  	
  Name:  Ajay Sabherwal

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AVENTINE RENEWABLE

  
	
   

  	
  ENERGY, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay Sabherwal                 

  
	
   

  	
  Name:  Ajay Sabherwal

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AVENTINE RENEWABLE

  
	
   

  	
  ENERGY, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay Sabherwal                  

  
	
   

  	
  Name:  Ajay Sabherwal

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AVENTINE RENEWABLE ENERGY —

  
	
   

  	
  AURORA WEST, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay Sabherwal                     

  
	
   

  	
  Name:  Ajay Sabherwal

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  

 

 23
 

 

	
  

  	
  AVENTINE RENEWABLE ENERGY —

  
	
   

  	
  MT. VERNON, LLC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay Sabherwal                       

  
	
   

  	
  Name:  Ajay Sabherwal

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AVENTINE POWER, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay Sabherwal                      

  
	
   

  	
  Name:  Ajay Sabherwal

  	
   

  
	
   

  	
  Title:  Chief Financial Officer

  

 

 

 

Confirmed and accepted as
of the date first above written:

J.P. MORGAN SECURITIES
INC.

For itself and on behalf of the

several Initial
Purchasers

By:  /s/ Gerry Murray

Authorized
Signatory

 24

SIGNATURES

 

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

 

	
  

  	
  AVENTINE RENEWABLE ENERGY HOLDINGS,

  	 

	
   

  	
  INC.

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:  /s/ Ajay
  Sabherwal                  

  	 

	
   

  	
  Name:  Ajay
  Sabherwal

  	
   

  	 

	
   

  	
  Title:  Chief
  Financial Officer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  AVENTINE RENEWABLE ENERGY, LLC

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:  /s/ Ajay
  Sabherwal                 

  	 

	
   

  	
  Name:  Ajay
  Sabherwal

  	
   

  	 

	
   

  	
  Title:  Chief
  Financial Officer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  AVENTINE RENEWABLE ENERGY, INC.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:  /s/ Ajay Sabherwal

  	
   

  	 

	
   

  	
  Name:  Ajay
  Sabherwal

  	
   

  	 

	
   

  	
  Title:  Chief
  Financial Officer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  AVENTINE POWER, LLC

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:  /s/ Ajay
  Sabherwal                      

  	 

	
   

  	
  Name:  Ajay
  Sabherwal

  	
   

  	
   

  
	
   

  	
  Title:  Chief
  Financial Officer

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  AVENTINE RENEWABLE ENERGY — AURORA

  	 

	
   

  	
  WEST, LLC

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:  /s/ Ajay
  Sabherwal                     

  	 

	
   

  	
  Name:  Ajay
  Sabherwal

  	
   

  	 

	
   

  	
  Title:  Chief
  Financial Officer

  	 

 

 S-1
 

 

	
  

  	
  AVENTINE RENEWABLE ENERGY — MT.

  
	
   

  	
  VERNON, LLC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Ajay
  Sabherwal                       

  
	
   

  	
  Name:  Ajay
  Sabherwal

  
	
   

  	
  Title:  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NA.

  
	
   

  	
     as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:  /s/ Jeffrey
  Rose                           

  
	
   

  	
  Name:  Jeffrey
  Rose

  	
   

  
	
   

  	
  Title:  

  	
   

  

 

 S-2Exhibit 10.25

LOAN
AGREEMENT

This AGREEMENT made and entered into this 6th day of March, 2007, by and between the BROOKINGS COUNTY REGIONAL RAILROAD AUTHORITY,
duly executed to do business in the State of South Dakota, hereinafter called “AUTHORITY”,
and the STATE OF SOUTH DAKOTA, a
body politic, by and through its South Dakota State Railroad Board, hereinafter
called “STATE”, and SOUTH DAKOTA SOYBEAN
PROCESSORS LLC, hereinafter called “INDUSTRY”.

RECITALS

WHEREAS, INDUSTRY is constructing an expansion and rehabilitation of
their industrial siding at Volga, South Dakota, and

WHEREAS, project will include the construction of 3,300 feet of new
rail and installation of industrial turnouts to allow 100 car unit trains to
provide for new and expanded market access; and

NOW, THEREFORE, AUTHORITY, STATE and INDUSTRY do hereby mutually agree
as follows:

1.                                       STATE agrees to loan One Million Eight Hundred Ten Thousand Dollars ($1,810,000)
to AUTHORITY for the construction of the above trackage as shown on Exhibit 1, subject
to the terms and conditions hereinafter set forth:

a.                                       AUTHORITY agrees to pay back loan within ten
(10) years, together with interest at the rate of 4.875% per annum on the unpaid balance. Payments shall be made

annually in accordance with the terms of the attached promissory note
with the first payment due October 1, 2008. The
AUTHORITY shall execute the attached promissory note in accordance with the
foregoing provisions.

b.                                      Interest will be calculated based on the date
actual payment is received by the STATE. The AUTHORITY shall have full right of
prepayment.

c.                                       INDUSTRY agrees to guarantee AUTHORITY’s loan
in Section 13 below.

2.                                       INDUSTRY will construct industrial siding to
at least a FRA Class I Track Safety Standard.

3.                                       STATE, INDUSTRY, and Dakota, Minnesota and
Eastern Railroad Corporation shall conduct a joint inspection of the work
performed upon its completion.  STATE
must concur that all work has been satisfactorily accomplished.  Any decisions regarding the acceptability of
work or materials performed under this AGREEMENT shall be referred to the
Program Manager, Office of Local Transportation Programs, South Dakota
Department of Transportation.

4.                                       STATE may place an engineer and/or other
inspection personnel on the project work site, at STATE’s expense, to monitor
work activities.

5.                                       STATE may make progressive payment upon
completion of 50 % of the construction of the industrial siding.

6.                                       STATE may withhold the remaining loan
proceeds until such time as all work has been completed, inspected and
approved, including the corrections of any deficiencies noted by STATE during
its inspection.

7.                                       AUTHORITY shall keep detailed records,
accounts, and supporting documents

 2
 

pertaining to all project costs to be paid with proceeds of the loan
provided for herein, and shall make the same available for audit by STATE upon
reasonable advance notice.

8.                                     Any officers or employees of AUTHORITY,
INDUSTRY or subcontractors shall not in any manner be deemed employees of
STATE.

9.                                       All disputes which may arise as to the
quality and acceptability of services; manner of performance; or rate of
progress as to the completion of the AGREEMENT shall be decided by the Program
Manager, Office of Local Transportation Programs, South Dakota Department of
Transportation.

10.                                 This AGREEMENT shall be governed by and
construed in accordance with the laws of the State of South Dakota.

11.                                 All notices, communications and payments
under this AGREEMENT shall be in wilting and sent by first-class mail, postage
prepaid, as follows:

a.                                       If to the AUTHORITY, to the Brookings County Regional
Railroad Authority, 601 4th Street, Suite 101, Brookings, South Dakota 57006.

b.                                      If to the STATE, to the Program Manager,
Office of Local Transportation Programs, South Dakota Department Transportation,
700 East Broadway Avenue, Pierre, South Dakota 57501-2586.

c.                                       If to the INDUSTRY, to the South Dakota
Soybean Processors LLC, P0 Box 500, Volga, South Dakota 57071-0500.

12.                                 This AGREEMENT may be amended only by written
agreement between the

 3
 

contract parties.

13.                                 INDUSTRY hereby guarantees payment of
AUTHORITY’s loan, subject to any defenses available to AUTHORITY for the
payment of such loan.

14.                                 This AGREEMENT shall be governed by and
construed in accordance with the laws of the State of South Dakota.

15.                                 INDUSTRY agrees to provide services in
compliance with the Americans with Disabilities Act of 1990.

The
parties have executed this AGREEMENT.

	
  BROOKINGS COUNTY REGIONAL RAILROAD AUTHORITY
  (LOANEE)

  
	
   

  	
   

  
	
   

  	
   

  
	
  BY

  	
  /s/ Donald
  Larson

  	
   

  
	
   

  
	
  SOUTH DAKOTA SOYBEAN PROCESSORS LLC (LOAN GUARANTOR)

  
	
   

  
	
   

  
	
  BY

  	
  /s/ Rodney Christianson

  	
   

  
	
   

  	
   

  	
   

  
	
  SOUTH DAKOTA DEPARTMENT OP TRANSPORTATION

  
	
  DIVISION OF FINANCE AND MANAGEMENT (LOANER)

  
	
   

  	
   

  
	
   

  	
   

  
	
  BY

  	
   

  	
   

  
	
   Director,
  Division of Finance and Management

  
	
   

  
	
  SOUTH DAKOTA DEPARTMENT OF TRANSPORTATION

  
	
  Approved as to
  form

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  BY

  	
   

  	
   

  	
  By

  	
   

  	
   

  
	
  Judith M. Payne, Secretary

  	
  Karla Engle

  
	
   

  	
  Assistant Attorney General

  
						

 

 4
 

ACKNOWLEDGED

	
  STATE OF SOUTH DAKOTA)

  
	
   

  	
  :SS

  
	
  COUNTY OF BROOKINGS

  	
  )

  

 

On this 27th day of
February, 2007, before me, a Notary Public within and for said County and
State, personally appeared Don Larson, known to me to be the person who
executed the above document and acknowledged to me that he did sign the
foregoing document for the purposes herein stated.

	
  

  	
   

  
	
   

  	
  NOTARY PUBLIC

  
	
  (SEAL)

  	
  My Commission Expires:

  	
  March 8, 2012

  	
   

  

 

ACKNOWLEDGED

	
  STATE OF SOUTH DAKOTA

  	
  )

  
	
   

  	
  :SS

  
	
  COUNTY OF BROOKINGS

  	
  )

  

 

On this 6th day of
March, 2007 , before me, a Notary Public within and for said County and State,
personally appeared Rodney Christianson, known to me to be the person who
executed the above document and acknowledged to me that he did sign the
foregoing document for the purposes herein stated.

	
  

  	
  /s/ Beverly Kleinjan

  
	
   

  	
  NOTARY PUBLIC

  
	
  (SEAL)

  	
  My Commission Expires:

  	
  October 20, 2012

  	
   

  

 

ACKNOWLEDGED

	
  STATE OF SOUTH DAKOTA)

  
	
   

  	
  :SS

  
	
  COUNTY OF HUGHES

  	
  )

  
			

 

On this day of        day of                     ,
20  , before me, a Notary Public within and for said County and
State, personally appeared ROXANNE R. RICE, DIRECTOR, DIVISION OF FINANCE AND
MANAGEMENT, known to me to be the person who is described in and who executed
the within and foregoing instrument and acknowledged to me that he executed the
same freely.

	
  

  	
   

  
	
   

  	
  NOTARY PUBLIC

  
	
  (SEAL)

  	
  My Commission Expires:

  	
   

  	
   

  

 

 5
 

ACKNOWLEDGED

	
  STATE OF SOUTH DAKOTA)

  
	
   

  	
  :SS

  
	
  COUNTY OF HUGHES

  	
  )

  

 

On this     day of                  ,
20  , before me, a Notary Public within and for said County and
State, personally appeared JIJD1TH M. PAYNE, SECRETARY, SOUTH DAKOTA DEPARTMENT
OF TRANSPORTATION, known to me to be the person who is described in and who
executed the within and foregoing instrument and acknowledged to me that he
executed the same freely.

	
  

  	
   

  
	
   

  	
  NOTARY PUBLIC

  
	
  (SEAL)

  	
  My Commission Expires:

  	
   

  	
   

  

 

 6

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