Exhibit 10.15.2
Aventine Renewable Energy,
Inc.
Aventine Renewable Energy – Mt
Vernon, LLC
Aventine Renewable Energy –
Aurora West, LLC
1300 South Second Street
Pekin,
Illinois 61554
Attention:
Mr. Ron Miller, C hief Executive
Officer
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Credit Agreement dated as of March
23, 2007 (as amended, the “ Credit Agreement
”), among Aventine Renewable Energy, Inc., a Delaware
corporation, Aventine Renewable Energy, Mt. Vernon, LLC, a Delaware
limited liability company, Aventine Renewable Energy - Aurora West,
LLC, a Delaware limited liability company, JPMorgan Chase Bank,
N.A., as Administrative Agent, and the financial institutions now
or hereafter party thereto as lenders (the “ Lenders
”). Unless otherwise indicated, all capitalized
terms used herein, but not otherwise defined, shall have the same
meanings herein as in the Credit Agreement.
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Borrowers have advised Administrative Agent and
Lenders that as a result of the existence of certain
mechanic’s and other like Liens imposed by law and
Borrowers’ delinquency in making payments to Kiewit Energy
Company and other contractors, in each case solely with respect to
the construction projects located at 2157 Bluff Road, Mount Vernon,
Indiana 47620 and 2103 Harvest Drive, Aurora, Nebraska 68818,
Borrowers are in breach of Section 4.16 of the Senior Indenture,
which breach shall become an “event of default” under
and as defined in the Senior Indenture upon such breach continuing
for a period of 60 consecutive days after written notice thereof is
received by Borrowers from the trustee or the holders of 25% or
more in aggregate principal amount of the Senior Notes (the “
Indenture Violation ”). The Indenture
Violation is an immediate Event of Default under Article VII(g) of
the Credit Agreement (the “ Specified Default ”)
and Borrowers hereby request that the Required Lenders execute this
letter agreement (this “ Letter Agreement ”) to,
inter alia, evidence Lenders’ limited waiver of the Specified
Default from the date hereof through the earlier of (i) April 15,
2009 or (ii) the occurrence of any Default or Event of Default
(other than the Specified Default) under the Credit Agreement (the
“ Specified Period ”). In reliance on the
representations and warranties of Borrowers contained herein, and
subject to the limitations set forth herein, Lenders hereby waive
the Specified Default solely for the Specified Period.
The limited waiver granted pursuant to this
Letter Agreement is limited solely to the Specified Default and
solely for the Specified Period, as applicable, and nothing
contained herein shall be deemed a consent to, or waiver of, any
other action or inaction of Borrowers which constitutes (or would
constitute) a violation of any provision of the Credit Agreement or
any other Loan Document, or which results (or would result) in a
Default or Event of Default under the Credit Agreement or any other
Loan Document. Neither Lenders nor Administrative Agent
shall be obligated to grant any future waivers, conse
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