<SEC-DOCUMENT>0001144204-13-064719.txt : 20131129
<SEC-HEADER>0001144204-13-064719.hdr.sgml : 20131128
<ACCEPTANCE-DATETIME>20131127174405
ACCESSION NUMBER:		0001144204-13-064719
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131125
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131129
DATE AS OF CHANGE:		20131127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BioFuel Energy Corp.
		CENTRAL INDEX KEY:			0001373670
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				205952523
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33530
		FILM NUMBER:		131248722

	BUSINESS ADDRESS:	
		STREET 1:		1801 BROADWAY, SUITE 1060
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		303-592-8110

	MAIL ADDRESS:	
		STREET 1:		1801 BROADWAY, SUITE 1060
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v361666_8k.htm
<DESCRIPTION>8-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>

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<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):
<B>November 25, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BioFuel Energy Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 33%; padding: 0; text-align: center"><font style="font-size: 10pt; color: windowtext"><b>Delaware</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 32%; padding: 0; text-align: center"><font style="font-size: 10pt"><b>001-33530</b></font></td>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 33%; padding: 0; text-align: center"><font style="font-size: 10pt"><b>20-5952523</b></font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center"><font style="font-size: 10pt; color: windowtext">(State or Other Jurisdiction</font></td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center"><font style="font-size: 10pt; color: windowtext">(Commission File Number)</font></td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center"><font style="font-size: 10pt; color: windowtext">(IRS Employer</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center"><font style="font-size: 10pt; color: windowtext">of Incorporation)</font></td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; padding: 0; text-align: center">&nbsp;</td>
    <TD STYLE="vertical-align: top; padding: 0; text-align: center"><font style="font-size: 10pt; color: windowtext">Identification Number)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 100%; padding-right: 0.7pt; padding-left: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>1600 Broadway, Suite 1740</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Denver, CO 80202</b></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><font style="font-size: 10pt; color: windowtext">(Address of Principal Executive Offices) (Zip Code)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: windowtext">Registrant&rsquo;s
telephone number, including area code: </FONT><B>(303) 640-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former Name or Former Address, if Changed
Since Last Report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1<FONT STYLE="text-transform: uppercase">.01.</FONT></B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 25, 2013, BioFuel Energy Corp.
(the &ldquo;Company&rdquo;) and certain of its subsidiaries entered into an Undertaking and Release Agreement dated as of November
22, 2013 (the &ldquo;Release Agreement&rdquo;) with First National Bank of Omaha, as Administrative Agent and Collateral Agent
(collectively, the &ldquo;Agent&rdquo;) under the secured Credit Agreement dated as of September 25, 2006 (as amended and supplemented
from time to time, the &ldquo;Credit Agreement&rdquo;) among those subsidiaries (the &ldquo;Borrowers&rdquo;) and various financial
institutions as lenders (the &ldquo;Lenders&rdquo;). The Agent waived the requirement under
Section 3(a) of the Release Agreement that the Company and its subsidiaries execute and deliver the Release Agreement on
November 22, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Under the terms of the Release Agreement, subject to the satisfaction of certain conditions, the Lenders
have agreed to pay to the Company an aggregate of $3,330,000 in full satisfaction of any obligations of the Lenders to the
Company under that certain Deed in Lieu of Foreclosure Agreement and Joint Escrow Instructions dated as of April 11, 2013
(the &ldquo;Deed in Lieu Agreement&rdquo;) among the Borrowers, the Lenders and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The above description is only
a summary of the terms of the Release Agreement and does not purport to be complete. You are advised to refer to the
actual Release Agreement, which is attached to this report as Exhibit 10.1 and incorporated by reference herein, and to the
terms of the Deed in Lieu Agreement, which was filed with the SEC on May 14, 2013 as Exhibit 10.2 to the Company&rsquo;s
Quarterly Report on Form 10-Q for the quarterly period ending March 31, 2013, for the full details of the
terms thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#9;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 18%; border-bottom: windowtext 1pt solid; padding: 0 0 0 10pt; text-indent: 0"><font style="font-size: 10pt"><b>Exhibit No.</b></font></td>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 80%; border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0 0 0 10pt; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0 0 0 10pt; text-align: justify; text-indent: 0"><font style="font-size: 10pt">10.1</font></td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Undertaking and Release Agreement dated as of November 22, 2013<font style="font-size: 10pt">
        between BioFuel Energy Corp., BioFuel Energy, LLC, </font>BFE Operating Company, LLC, Buffalo Lake Energy, LLC and Pioneer Trail
        Energy, LLC, on the one hand, and First National Bank of Omaha, as Administrative Agent and as Collateral Agent, on the other.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt"><b>BIOFUEL ENERGY CORP.</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 49%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 6%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 45%; padding: 0; text-indent: 0">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt">Date: November 27, 2013</font></td>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">/s/ Scott H. Pearce</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt">Name:</font></td>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt">Scott H. Pearce</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt">Title:</font></td>
    <TD STYLE="padding: 0; text-indent: 0"><font style="font-size: 10pt">President and CEO</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td>
    <td style="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit Index</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0 0 0 10pt; text-indent: 0; width: 18%"><font style="font-size: 10pt"><b>Exhibit No.</b></font></td>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 80%; border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0"><font style="font-size: 10pt"><b>Description</b></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</td></tr>
</table>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding: 0 0 0 10pt; text-align: justify; text-indent: 0; width: 18%"><font style="font-size: 10pt">10.1</font></td>
    <TD STYLE="width: 2%; padding: 0; text-indent: 0">&nbsp;</td>
    <TD STYLE="width: 80%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Undertaking and Release Agreement dated as of November 22, 2013<font style="font-size: 10pt">
        between BioFuel Energy Corp., BioFuel Energy, LLC, </font>BFE Operating Company, LLC, Buffalo Lake Energy, LLC and Pioneer Trail
        Energy, LLC, on the one hand, and First National Bank of Omaha, as Administrative Agent and as Collateral Agent, on the other.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v361666_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">EXECUTION COPY</P></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNDERTAKING AND RELEASE AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THIS UNDERTAKING
AND RELEASE AGREEMENT </B>(this &ldquo;Agreement&rdquo;) is entered into as of November 22, 2013, by and among <FONT STYLE="text-transform: uppercase"><B>bfe
operating company, llc</B>, </FONT>a Delaware limited liability company (&ldquo;Opco&rdquo;), <B>BUFFALO LAKE ENERGY, LLC</B>,
a Delaware limited liability company (&ldquo;Buffalo Lake&rdquo;), <B>PIONEER TRAIL ENERGY, LLC</B>, a Delaware limited liability
company (&ldquo;Pioneer Trail&rdquo;; Pioneer Trail, Buffalo Lake and Opco, each, a &ldquo;Borrower&rdquo; and, collectively, &ldquo;Borrowers&rdquo;),
as borrowers, Opco, as Borrowers&rsquo; agent (&ldquo;Borrowers&rsquo; Agent&rdquo;), <FONT STYLE="text-transform: uppercase"><B>BioFuel
Energy, LLC</B></FONT>, a Delaware limited liability company (&ldquo;BioFuel LLC&rdquo;), <FONT STYLE="text-transform: uppercase"><B>BioFuel
Energy Corp.</B></FONT>, a Delaware corporation (&ldquo;BioFuel Corp.&rdquo;; Borrowers, Borrowers&rsquo; Agent, BioFuel LLC and
BioFuel Corp., each, a &ldquo;BFE Party&rdquo; and, collectively, &ldquo;BFE Parties&rdquo;), and <B>FIRST NATIONAL BANK OF OMAHA</B>,
a national banking association, as administrative agent under the Credit Agreement described below (&ldquo;Administrative Agent&rdquo;),
and as collateral agent under the Credit Agreement (&ldquo;Collateral Agent&rdquo;; Collateral Agent and Administrative Agent,
each, an &ldquo;Agent&rdquo; and, together, &ldquo;Agents&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>RECITALS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&#9;Pursuant to that
certain Credit Agreement dated as of September 25, 2006 (as amended and supplemented from time to time, the &ldquo;Credit Agreement&rdquo;)
among Borrowers, Borrowers&rsquo; Agent, Agents and various financial institutions, as lenders (together with their successors
and assigns, the &ldquo;Lenders&rdquo;), the Lenders made certain loans to Borrowers (collectively, the &ldquo;Loans&rdquo;), subject
to the terms and conditions set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&#9;Pursuant to certain
Deed in Lieu of Foreclosure Agreement and Joint Escrow Instructions dated as of April&nbsp;11, 2013 (the &ldquo;Deed in Lieu Agreement&rdquo;)
among Borrowers, Agents and the Lenders and acknowledged by BioFuel LLC and BioFuel Corp., Borrowers agreed to convey to Collateral
Agent, or one or more designees of Collateral Agent, the Facilities and the other assets of Borrowers which Administrative Agent
and Collateral Agent may elect to acquire pursuant to the Deed in Lieu Agreement (collectively, the &ldquo;Deed in Lieu Assets&rdquo;),
and Agents and Lenders have agreed to accept such conveyance, on the terms and conditions set forth in the Deed in Lieu Agreement
and the other Deed in Lieu Documents, in lieu of Agents and the Lenders exercising their rights and remedies under the Financing
Documents on account of the Acknowledged Events of Default. Capitalized terms used herein without definition shall have the meanings
assigned to such terms in the Deed in Lieu Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&#9;Pursuant to that
certain Asset Purchase Agreement dated effective as of November 1, 2013 (as amended, modified, supplemented, extended or renewed
from time to time, the &ldquo;Purchase Agreement&rdquo;) by and among Ethanol Holding Company, LLC (&ldquo;DIL Seller&rdquo;),
as seller, and Green Plains Renewable Energy, Inc. (&ldquo;GPRE&rdquo;), Green Plains Wood River LLC (&ldquo;GPRE-Wood River&rdquo;)
and Green Plains Fairmont LLC (&ldquo;GPRE-Fairmont&rdquo;; GPRE Fairmont, GPRE Wood River and GPRE, each, a &ldquo;GPRE Party&rdquo;
and, collectively, &ldquo;GPRE Parties&rdquo;), as buyers, DIL Seller, as designee of Collateral Agent and an Acquiring Entity
under the Deed in Lieu Agreement, has agreed to sell to Buyers the Deed in Lieu Assets (as defined in the Purchase Agreement) upon
the terms and conditions set forth in the Purchase Agreement, concurrently with the acquisition by DIL Seller of such Deed in Lieu
Assets from Borrowers the Closing. The conveyance of the Deed in Lieu Assets from Borrowers to DIL Seller pursuant to the Deed
in Lieu Documents, the sale of the Deed in Lieu Assets by DIL Seller to GPRE Parties pursuant to the Purchase Agreement and the
other transactions contemplated under the Deed in Lieu Documents and the Purchase Agreement are referred to herein, collectively,
as the &ldquo;Transaction&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;D.&#9;BFE Parties, Agents and the Lenders
are entering into this Agreement for purposes of setting forth certain agreements of such parties relating to the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the foregoing premises, which are incorporated herein by reference, and the mutual promises contained herein and
intending to be legally bound, it is hereby agreed among the parties as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AGREEMENT:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#9;Section 1.</B>&#9;<B>Recitals; BFE
Party Acknowledgements and Agreements. </B>The Recitals set forth above are a part of and are hereby incorporated in this Agreement
by this reference. As in inducement to Agents and the Lenders to enter into this Agreement, each BFE Party hereby represents, warrants,
acknowledges and agrees as follows: (a) the Obligations under the Financing Documents are due and owing to the Lenders, (b) the
Acknowledged Events of Default have occurred and are continuing under the Financing Documents, (c) as a result of the Acknowledged
Events of Default, Agents and the Lenders are presently entitled to exercise all available rights and remedies under the Deed in
Lieu Agreement, that certain Agreement dated as of April&nbsp;11,&nbsp;2013 among Borrowers, Agents and the Lenders (the &ldquo;Escrow
Agreement&rdquo;) and the other Financing Documents, (d) a Release Event (as defined in the Escrow Agreement) has occurred and
no BFE Party has any right, title and interest in or to the Escrow Deposit (as defined in the Escrow Agreement), (e) no BFE Party
has any defenses, counterclaims or rights of set off with respect to the Acknowledged Events of Default, the Obligations or any
other obligations otherwise owed to any Agent or the Lenders under the Deed in Lieu Agreement, the Escrow Agreement or any of the
other Financing Documents. Each BFE Party further acknowledges and agrees that the agreements of Agents and the Lenders hereunder
are in no way intended as nor shall the same be construed as an admission as to the amounts due and payable under the Deed in Lieu
Agreement, the Escrow Agreement or any of the other Financing Documents or a waiver by any Agent or Lender of its respective rights
and remedies under the Deed in Lieu Agreement, the Escrow Agreement or any of the other Financing Documents. Each BFE Party hereby
waives and disclaims any and all rights, title and interest in and to the Escrow Deposit. <B>EACH BFE PARTY HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL DEFENSE THAT SUCH BFE PARTY NOW HAS OR IN THE FUTURE MAY HAVE, WHETHER KNOWN OR UNKNOWN,
TO THE ENFORCEMENT OF ITS CONTRACTUAL OBLIGATIONS UNDER THE DEED IN LIEU AGREEMENT, THE ESCROW AGREEMENT AND THE OTHER FINANCING
DOCUMENTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 2. BFE Party
Undertakings. </B>Without limitation of any of the representations, warranties, covenants and obligations of BFE Parties under
the Deed in Lieu Documents, all of which are hereby ratified and confirmed by BFE Parties, each BFE Party hereby represents, warrants,
covenants and agrees to and for the benefit of Agents and the Lenders as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#9;Each
BFE Party will cooperate with and will assist GPRE Parties, Agents and the Lenders in connection with the consummation of the Transaction
and with such post-closing matters relating to the transfer of the Deed in Lieu Assets as Agents or GPRE Parties may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#9;Except
as required by applicable law, no BFE Party, nor any directors, officers or agents of any BFE Party, shall make or issue any (i)
public statements or disclosures regarding the Transaction or (ii) any disparagement of any GPRE Parties, Agents, Lenders or any
directors, officers or agents of the foregoing, or with respect to the Transactions. BFE Parties hereby agree that the Confidentiality
Agreement dated August 2, 2013 by GPRE Parties for the benefit of BFE Parties is hereby terminated and of no further force and
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#9;BFE
Parties will execute (as applicable) and deliver, or cause the applicable party noted below to execute (as applicable) and deliver,
the following documents, information and other to items in connection with the closing of the Transaction (including on a post-closing
basis, if requested by Agents or GPRE Parties), in each case, in form and substance acceptable to Administrative Agent in its sole
discretion and at such times as Administrative Agent may request:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&#9;a termination
and mutual release agreement with respect to all contracts and agreements between or among a BFE Party and Cargill, Inc. or any
of its affiliates, or any other Project Documents as Administrative Agent may designate, pursuant to which, among other things,
all such contracts or agreements are terminated as of the date of Closing and all amounts payable to a BFE Party thereunder are
paid to Administrative Agent at closing, subject to specified offsets and post-closing adjustments (without payment of any termination
fees or other penalties on account of such termination), in substantially the form attached hereto as Exhibit A (with such modifications
or amendments as may be required by Cargill, Inc., its affiliates or Administrative Agent);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&#9;an
assignment, assumption and modification agreement with respect to the TIF Indebtedness, pursuant to which, among other things,
the TIF Indebtedness (including all of the Series B TIF Indebtedness) and all of the other rights and obligations under the Redevelopment
Contract are assigned to a GPRE Party, in substantially the form attached hereto as Exhibit B (with such modifications or amendments
as may be required by the holders of the TIF Indebtedness, the GPRE Parties assuming such TIF Indebtedness or Administrative Agent);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&#9;an
estoppel and consent agreement with respect to the Corn Oil Leases, in substantially the form attached hereto as Exhibit C (with
such modifications or amendments as may be required by the lessor thereunder, the GPRE Parties assuming such Corn Oil Leases or
Administrative Agent);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&#9;such
estoppels and consents from contract counterparties as Administrative Agent or any GPRE Party may require with respect to any document,
instrument or agreement comprising a part of the Deed in Lieu Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&#9;such
estoppels and consents as any title insurance company insuring title to the Facilities in connection with the Transaction may require
from a BFE Party as a condition to the issuance of title insurance in a form acceptable to Administrative Agent and GPRE Parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)&#9;letters
to the Environmental Protection Agency that appoint the applicable GPRE Parties as &ldquo;Responsible Corporate Officers&rdquo;
for RIN purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)&#9;copies
of all existing permits relating to the Facilities, together with such additional information as Administrative Agent or any GPRE
Party may request in connection therewith;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)&#9;copies
of all documents, agreements and other information relating to the &ldquo;Zero Discharge Obligations&rdquo; with the State of Minnesota;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)&#9;copies
and summaries of any and all open contracts (with pricing details), for the sale of ethanol, DDG, corn oil and corn purchases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)&#9;schedules
of all employees of Borrowers, together with an identification of their roles at the Facilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)&#9;the
scheduling of and the participation by Borrowers in such meetings at the Facilities as GPRE Parties may request for purposes of
evaluating and interviewing current and former employees of Borrowers for potential employment with a GPRE Party; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)&#9;periodic
updates (at such frequency as Administrative Agent or any GPRE Party may request) regarding the status of water removal at the
Buffalo Lake Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 3. Closing
Payment. </B>In the event that (a) BFE Parties shall have executed and delivered this Agreement to Administrative Agent on or before
11:30 a.m. (Central Standard Time), on November 22, 2013, (b) BFE Parties shall have satisfied and complied with and fully performed
all of the covenants and obligations set forth in this Agreement and the Deed in Lieu Documents (including, without limitation,
the obligations of BFE Parties under Section 2 above) and, as to obligations relating to future performance, BFE Parties shall
perform such obligations as and when required hereunder or under the Deed in Lieu Documents, (c) the Transaction closes and (d)&nbsp;no
Event of Default (other than the Acknowledged Events of Default) shall have occurred and be continuing as of the date (the &ldquo;Transaction
Closing Date&rdquo;) on which the Transaction closes (the conditions described in the foregoing subclauses (a) through (d), the
&ldquo;Payment Conditions&rdquo;), the Lenders shall pay to Opco, on the Transaction Closing Date, the following: (i) the sum of
$2,880,000 and (ii) 50% of the agreed upon estimated projected EDITDA for the Facilities for the 5-day period following the Transaction
Closing Date in the amount of $450,000 (the &ldquo;Closing Payment&rdquo;), and Opco shall accept such Closing Payment in full
and final satisfaction of all obligations of Agents, the Lenders and DIL Seller under the Escrow Agreement and Sections 13(b),
(c) and (d) of the Deed in Lieu Agreement (collectively, the &ldquo;Waived Obligations&rdquo;). Effective as of the date hereof,
all of the Waived Obligations are hereby waived and disclaimed by each BFE Party and shall be of no force or effect. Without limitation
of the foregoing, each BFE Party hereby acknowledges and agrees that no BFE Party shall (a) have any rights, title or interest
in or to the Escrow Deposit or any other amounts at any time payable under the Escrow Agreement, (b) receive any membership interests,
warrants or other form of equity ownership or interest in DIL Seller or any other Acquiring Entity or (c) receive any compensation
for the performance of the Transition Employment Obligation (which Transition Employment Obligation remains in full force and effect
in accordance with Section 13(f) of the Deed in Lieu Agreement, is hereby ratified and confirmed by each of the BFE Parties and
shall be fully performed by BFE Parties in accordance with the terms of the Deed in Lieu Agreement). Without limitation of the
terms of Section 5 below, and except as expressly provided in this Section 3, no other obligations of Agents, Acquiring Entities
or Lenders are waived or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 4. Release.
</B>As an inducement to Agents and the Lenders to enter into this Agreement, each BFE Party hereby releases each Agent, Lender,
GPRE Party and their respective affiliates, subsidiaries, officers, directors, employees, shareholders, agents and representatives,
as well as their respective successors and assigns, from any and all claims, obligations, rights, causes of action, and liabilities,
of whatever kind or nature, whether known or unknown, whether foreseen or unforeseen, which any BFE Party ever had, now have or
hereafter can, shall or may have for, upon or by reason of any matter, cause or thing whatsoever, which are based upon, arise under
or are related to this Agreement, the Deed in Lieu Agreement, the Escrow Agreement, the other Deed in Lieu Documents and Financing
Documents or the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 5. No Modification
or Waiver; Conflict. </B>Except as expressly set forth in Section 3 above, this Agreement shall not modify, amend or waive the
terms or conditions of the Escrow Agreement or any other Deed in Lieu Document or Financing Document. In the event of any conflict
between the terms of this Agreement and the terms of the Escrow Agreement or any other Deed in Lieu Document or Financing Document,
the terms of this Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 6. Governing
Law; Wavier of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE CONFLICT OF LAW RULES THEREOF (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).</B>
<B>EACH OF THE PARTIES HERETO, TO THE EXTENT PERMITTED BY APPLICABLE LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT,
OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY.
THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 7.&#9;Voidability
of Agreement. </B>In the event that all of the Payment Conditions have not been satisfied on or before January 31, 2014 (or such
later date as DIL Seller and GPRE Parties may agree to extend the closing of the Transaction), this Agreement shall, at Administrative
Agent&rsquo;s option, be considered null and void and of no force or effect (other than the provisions of Section 4 above and the
waiver by BFE Parties of the Waived Obligations pursuant to Section 3 above, which shall survive).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 8.</B>&#9;<B>Binding
Effect. </B>This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors
and permitted assigns and no other parties; <I>provided, however, </I>that e<FONT STYLE="color: black">ach of the parties hereto
acknowledges and agrees that DIL Seller and each of the GPRE Parties is an express third-party beneficiary of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Section 9.</B>&#9;<B>Miscellaneous.
</B>This Agreement contains the entire understanding and agreement of BFE Parties, Agents and the Lenders in respect of the subject
matter hereof and supersedes all prior representations, warranties, agreements and understandings. No provision of this Agreement
may be changed, discharged, supplemented, terminated or waived except in a writing signed by BFE Parties and Administrative Agent.
The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable
in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity
or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or
the remaining provisions of this Agreement in any jurisdiction. Time is of the essence in this Agreement. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one
and the same document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">EXECUTION
PAGE FOLLOWS]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
executed this Agreement by their duly authorized officers as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BORROWERS:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BFE OPERATING COMPANY, </B>a Delaware limited <BR>
liability company,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 4%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 46%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BUFFALO LAKE ENERGY, LLC, </B>a Delaware <BR>
limited liability company, as Borrower</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PIONEER TRAIL ENERGY, LLC, </B>a Delaware <BR>
limited liability company, as Borrower</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BIOFUEL CORP AND BIOFUEL LLC:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BIOFUEL ENERGY CORP., </B>a Delaware <BR>
corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BIOFUEL ENERGY, LLC, </B>a Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ADMINISTRATIVE AGENT AND COLLATERAL AGENT:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FIRST NATIONAL BANK OF OMAHA, </B>a <BR>
national banking association, as Administrative <BR>
Agent and Collateral Agent</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: center; text-indent: 0">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[EXECUTION PAGE OF UNDERTAKING AND RELEASE
AGREEMENT] <FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>



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