Exhibit 10.26 (k)

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made as of
January 6, 2012, among GREEN PLAINS GRAIN COMPANY LLC, a Delaware limited
liability company, GREEN PLAINS GRAIN COMPANY TN LLC, a Delaware limited
liability company, GREEN PLAINS ESSEX INC., an Iowa corporation (collectively,
jointly and severally, the “Borrower”), the lenders party to this Amendment (the
“Required Lenders”), BNP PARIBAS, a bank organized under the laws of France, as
Administrative Agent, an Issuing Bank, and a Bank (the “Administrative Agent”),
and the Required Lenders (as defined in the Credit Agreement defined below)
party hereto.

WHEREAS, the Borrower, the Administrative Agent, and each Lender entered into
the Credit Agreement effective as of October 28, 2011 (as amended, the “Credit
Agreement”); and

WHEREAS, the Borrower has requested that the Required Lenders agree to certain
amendments to the Credit Agreement as set forth herein, and the Administrative
Agent and the Required Lenders have agreed to such changes in the Credit
Agreement;

NOW, THEREFORE, in consideration of the premises herein contained and other good
and valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:

1. Defined Terms. All capitalized terms used but not otherwise defined in this
Amendment shall have the meaning ascribed to them in the Credit Agreement.
Unless otherwise specified, all section references herein refer to sections of
the Credit Agreement.

2. Amendments to Credit Agreement. The Credit Agreement is hereby amended as
follows:

2.1 Definitions. Section 1.01 of the Credit Agreement is hereby amended to add
the following definition of “Interim Borrowing Base Rate” in appropriate
alphabetical order:

“‘Interim Borrowing Base Report’: a report certified by a Responsible Officer,
substantially in the form of Exhibit A-1, with appropriate insertions and
schedules, showing the Borrowing Base as of the date set forth therein after
giving effect to the Extensions of Credit requested in relation to such Interim
Borrowing Base Report (including the Eligible Cash Collateral and outstanding
Loans). Such report shall show the basis on which it was calculated, together
with the following supporting information:

(a) for Eligible Cash Collateral, Eligible Net Liquidation Value in Brokerage
Accounts, and Eligible Net Liquidation Value in Third Party Brokerage Accounts
copies of summary account statements for each bank or broker where such assets
are held, as of the applicable reporting date, and cash reconciliations
(together with an estimated account balance after giving effect to the
Extensions of Credit requested in relation to such Interim Borrowing Base
Report);

 

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(b) a schedule of Eligible Accounts Receivable;

(c) for Eligible Grain Inventory, a schedule of market value and Inventory
quantities by location and type of product;

(d) a schedule of payables related to Grain Inventory which are subject to any
statutory liens;

(e) a summary report showing the total amount outstanding under each Type of
Extension of Credit (after giving effect to the proposed Extensions of Credit
related to such Interim Borrowing Base Report); and

(f) a summary report showing Eligible Net Unrealized Gain on Forward Contracts.”

2.2 Interim Borrowing Base Report. Notwithstanding anything contained in the
Credit Agreement to the contrary, at any time during the period between required
deliveries of Borrowing Base Reports, Borrower may deliver an Interim Borrowing
Base Report to Administrative Agent, and, subject to Administrative Agent’s sole
discretion, the Borrowing Base as calculated therein shall for all purposes be
the Borrowing Base as defined in the Credit Agreement, and the Interim Borrowing
Base Report shall for all purposes constitute the then applicable Borrowing Base
Report until the next scheduled Borrowing Base Report or Interim Borrowing Base
Report is delivered.

2.3 Exhibits. Exhibit A-1 attached to this Agreement is hereby added to the
Credit Agreement as Exhibit A-1.

2.4 Purposes of Extensions of Credit. Section 5.19 of the Credit Agreement is
hereby amended to add the following sentence at the end of such section:

“Notwithstanding the foregoing, Extensions of Credit and the proceeds thereof
related to any Interim Borrowing Base Report shall be used for (i) the purchase
of Grain Inventory and Non-Grain Inventory and (ii) the reduction of payables
related to Grain Inventory.”

3. Effectiveness of Amendment. This Amendment shall be effective upon receipt by
the Administrative Agent of a copy of this Amendment executed by the Borrower,
the Administrative Agent and the Required Lenders.

4. Ratifications, Borrower Representations and Warranties.

4.1 The terms and provisions set forth in this Amendment shall modify and
supersede all inconsistent terms and provisions set forth in the Credit
Agreement and, except as expressly modified and superseded by this Amendment,
the terms and provisions of the Credit Agreement are ratified and confirmed and
shall continue in full force and effect. The Borrower and the Required Lenders
agree that the Credit Agreement and the Loan Documents, as amended hereby, shall
continue to be legal, valid, binding and enforceable in accordance with their
respective terms.

 

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4.2 To induce the Required Lenders to enter into this Amendment, the Borrower
ratifies and confirms each representation and warranty set forth in the Credit
Agreement as if such representations and warranties were made on the even date
herewith, and further represents and warrants (i) that there has occurred since
the date of the last financial statements delivered to the Administrative Agent
no event or circumstance that has resulted or could reasonably be expected to
result in a Material Adverse Effect, (ii) that no Event of Default exists on the
date hereof, and (iii) that the Borrower is fully authorized to enter into this
Amendment.

5. Benefits. This Amendment shall be binding upon and inure to the benefit of
the Lenders and Borrower, and their respective successors and assigns; provided,
however, that Borrower may not, without the prior written consent of the
Required Lenders, assign any rights, powers, duties or obligations under this
Amendment, the Credit Agreement or any of the other Loan Documents.

6. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS
PRINCIPLES THEREOF).

7. Invalid Provisions. If any provision of this Amendment is held to be illegal,
invalid or unenforceable under present or future laws, such provision shall be
fully severable and the remaining provisions of this Amendment shall remain in
full force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or by its severance.

8. Entire Agreement. The Credit Agreement, as amended by this Amendment,
contains the entire agreement among the parties regarding the subject matter
hereof and supersedes all prior written and oral agreements and understandings
among the parties hereto regarding same.

9. Reference to Credit Agreement. The Credit Agreement and any and all other
agreements, documents or instruments now or hereafter executed and delivered
pursuant to the terms hereof or pursuant to the terms of the Credit Agreement,
as amended hereby, are hereby amended so that any reference in the Credit
Agreement to the Credit Agreement shall mean a reference to the Credit Agreement
as amended hereby.

10. Counterparts. This Amendment may be separately executed in any number of
counterparts, each of which shall be an original, but all of which, taken
together, shall be deemed to constitute one and the same agreement. Delivery of
an executed signature page to this Amendment by facsimile transmission or
electronic photocopy (e.g., a “.pdf”) shall be as effective as delivery of a
manually signed counterpart.

[The Remainder of this Page is Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

BORROWER:

GREEN PLAINS GRAIN COMPANY LLC,

a Delaware limited liability company

By:  

GREEN PLAINS RENEWABLE

ENERGY, INC., an Iowa corporation,

its sole Member

 

  By:   /s/ Jerry L. Peters   Name:   Jerry Peters   Title:   Chief Financial
Officer

 

GREEN PLAINS GRAIN COMPANY TN LLC,

a Delaware limited liability company

By:  

GREEN PLAINS GRAIN COMPANY LLC,

a Delaware limited liability company,

its sole Member

 

  By:   /s/ Jerry L. Peters   Name:   Jerry Peters   Title:   Chief Financial
Officer

 

GREEN PLAINS ESSEX INC.,

an Iowa corporation

 

By:   /s/ Jerry L. Peters Name:   Jerry Peters Title:   Chief Financial Officer

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ADMINISTRATIVE AGENT:

 

BNP PARIBAS By:   /s/ Lloyd G. Cox          Name:   Lloyd G. Cox Title:  
Managing Director

 

By:   /s/ Jeffry S. Millican          Name:   Jeffry S. Millican Title:  
Director

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LENDERS:

 

BNP PARIBAS By:   /s/ Lloyd G. Cox          Name:   Lloyd G. Cox Title:  
Managing Director

 

By:   /s/ Jeffry S. Millican          Name:   Jeffry S. Millican Title:  
Director

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BANK OF THE WEST

as a Lender

By:   /s/ Charles Greenway          Name:   Charles Greenway Title:   Vice
President

 

By:     Name:     Title:    

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ABN AMRO CAPITAL USA LLC,

as a Lender

By:   /s/ Laurence Guguen          Name:   Laurence Guguen Title:   Director

 

By:   /s/ Urvashi Zutshi          Name:   Urvashi Zutshi Title:   Managing
Director

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RABO AGRIFINANCE, INC.,

as a Lender

By:   /s/ Todd Hansen          Name:   Todd Hansen Title:   Sr. Vice President

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FARM CREDIT BANK OF TEXAS,

as a Lender

By:   /s/ Alan Robinson        Name:   Alan Robinson Title:   Vice President

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U.S. BANK NATIONAL ASSOCIATION,

as a Lender

By:   /s/ Scott Meradith        Name:   Scott Meradith Title:   Vice President

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MACQUARIE BANK LIMITED,

as a Lender

By:   /s/ Andrew McGrath        Name:   Andrew McGrath Title:   Division
Director

 

By:   /s/ Robert McRobbie        Name:   Robert McRobbie Title:   Division
Director – Legal Risk Management (Macquarie POA Ref: #594/10 dated 25 November
2010, signed in Sydney)

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AGCOUNTRY FARM CREDIT SERVICES,

PCA,

as a Lender

By:   /s/ James F. Baltezore        Name:   James F. Baltezore Title:   Vice
President

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BOKF, N.A. dba BANK OF OKLAHOMA,

as a Lender

By:   /s/ PeterArendt Name:   Peter Arendt Title:   Senior Vice President

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EXHIBIT A-1

FORM OF INTERIM BORROWING BASE REPORT

Date: [                    ], 20[        ]

BNP Paribas, as Administrative Agent

15455 N. Dallas Parkway, Suite 1400

Addison, Texas 75001

Attention: Mr. Jeff Millican

For: Credit Agreement, dated as of October 28, 2011

Ladies and Gentlemen:

This certificate is delivered pursuant to the Credit Agreement, dated as of
October 28, 2011 (as amended, restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), by and among Green Plains Grain Company
LLC, Green Plains Grain Company TN LLC, and Green Plains Essex Inc.
(collectively, jointly and severally, the “Borrower”), the Lenders from time to
time parties thereto, BNP Paribas, as Administrative Agent and Collateral Agent
(in such capacity, together with its successors and assigns, the “Administrative
Agent”). Capitalized terms used herein and not otherwise defined herein shall
have the meanings given to them in the Credit Agreement.

The undersigned Responsible Officer hereby certifies to the Administrative Agent
and the Lenders that:

(a) such Responsible Officer is qualified and acting in the office of the
Borrower indicated below such Responsible Officer’s name below;

(b) the information reflected on the reports and schedules attached hereto are
true and correct in all material respects as of the date hereof (except as noted
below);

(c) the amounts indicated on Annex I attached hereto were, to the best of my
knowledge, true and accurate as of the date of preparation (except as noted
below); and

(d) the Borrower has not exceeded the maximum allowed Consolidated Net Position
for any type of Grain Inventory individually or all Grain Inventory in the
aggregate.

[Remainder of page intentionally blank; signature page follows.]

 

EXHIBIT A-1 - 1

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The foregoing certifications together with the supporting information and
reports with respect to which this Borrowing Base Report is delivered, are made
and delivered as of the date first written above.

 

GREEN PLAINS GRAIN COMPANY LLC,

a Delaware limited liability company

By:     Name:     Title:    

 

GREEN PLAINS GRAIN COMPANY TN LLC,

a Delaware limited liability company

By:     Name:     Title:    

 

GREEN PLAINS GRAIN ESSEX INC.,

an Iowa corporation

By:     Name:     Title:    

 

 

c/o Green Plains Grain Company LLC

450 Regency Parkway, Suite 400

Omaha, Nebraska 68114

Attention: Mr. Jerry Peters

Fax: (402) 884-8776

Phone: (402) 315-1603

Email: jerry.peters@gpreinc.com

 

EXHIBIT A-1 - 2

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ANNEX I

TO

BORROWING BASE REPORT

Borrowing Base

As of [                ], 20[        ]

 

     Gross Value     Advance
Rate     Borrowing
Base Value  

I. Collateral Type1

      

1. Eligible Cash Collateral (after giving effect to the proposed Extensions of
Credit related to this Interim Borrowing Base Report), less unpaid checks,
overdrafts, or other unpaid amounts related thereto for which any Person has a
prior unpaid claim, plus

   $ [                 ]      100 %    $ [                 ] 

2. Eligible Net Liquidation Value in Brokerage Accounts, plus

   $ [                 ]      100 %    $ [                 ] 

3. Eligible Net Liquidation Value in Third Party Brokerage Accounts, plus

   $ [                 ]      90 %    $ [                 ] 

4. Eligible Accounts Receivable, plus

   $ [                 ]      85 %    $ [                 ] 

5. Eligible Accounts Receivable that are backed by a letter of credit in a form
and from an issuing bank, in each case, as approved by the Administrative Agent
in its Permitted Discretion, plus

   $ [                 ]      90 %    $ [                 ] 

6. Eligible Grain Inventory evidenced by warehouse receipts, plus

   $ [                 ]      90 %    $ [                 ] 

7. Eligible Grain Inventory not evidenced by warehouse receipts, plus

   $ [                 ]      85 %    $ [                 ] 

8. Eligible Non-Grain Inventory, subject to permitted product approval by the
Administrative Agent, plus

   $ [                 ]      75 %    $ [                 ] 

9. Eligible Prepayments to Suppliers, plus

   $ [                 ]      75 %    $ [                 ] 

10. Eligible Grain Inventory In Transit (lesser of 10(a) or 10(b)), plus

       $ [                 ]2 

(a) Unadjusted Eligible Grain Inventory In Transit

   $ [                 ]      85 %    $ [                 ] 

(b) 10% of Borrowing Base

   $ [                 ]     

11. Eligible Net Unrealized Gain on Forward Contracts3 (lesser of 11(a) or
11(b))

       $ [                 ]4 

 

1 

In no event shall any amounts described in categories I.1 through I.11 above
which may fall into more than one of such categories be counted more than once
when making the calculation of Borrowing Base.

2 

In no event shall the aggregate amount of Eligible Grain Inventory In Transit,
after giving effect to the applicable advance rate, exceed an amount equal to
ten percent (10%) of the Borrowing Base.

3 

In no event shall any Commodity Contracts be included in any category in the
Borrowing Base other than Eligible Net Unrealized Gain on Forward Contracts. Any
Commodity Contracts must have a tenor of not more than eighteen (18) months.

 

ANNEX I - 1

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(a) Unadjusted Eligible Net Unrealized Gain on Forward Contracts

   $ [                 ]      75 %    $ [                 ] 

(b) 30% of Borrowing Base

   $ [                 ]     

12. Less, all payables related to Grain Inventory which are subject to any
statutory liens

   $ [                 ]      100 %    $ [                 ] 

13. Less, all prepayments from Borrower’s customers

   $ [                 ]      100 %    $ [                 ] 

14. Less, the amount of any Obligations owed to a Swap Party under a Swap
Contract with Borrower which Obligations are secured pursuant to the Security
Agreement

   $ [                 ]      100 %    $ [                 ] 

15. Less, the amount of any excess Eligible Accounts Receivable of Affiliates
and Eligible Net Unrealized Gain on Forward Contracts of Affiliates over the
applicable cap (15(d) minus 15(e), to the extent the difference is a positive
number)

       100 %    $ [                 ] 

(a) Eligible Accounts Receivable of Affiliates

   $ [                 ]      85 %    $ [                 ] 

(b) Eligible Accounts Receivable of Affiliates that are backed by a letter of
credit in a form and from an issuing bank, in each case, as approved by the
Administrative Agent in its Permitted Discretion

   $ [                 ]      90 %    $ [                 ] 

(c) Eligible Net Unrealized Gain on Forward Contracts of Affiliates

   $ [                 ]      75 %    $ [                 ] 

(d) Aggregate total of Eligible Accounts Receivable and Eligible Net Unrealized
Gain on Forward Contracts of Affiliates (Sum of 15(a) plus 15(b) plus 15(c))

       $ [                 ] 

(e) Applicable cap

       $ 10,000,000   

16. Total Collateral

(Sum of I.1 through I.11, minus I.12 through I.15)

       $ [                 ] 

II. Extensions of Credit (after giving effect to the proposed Extensions of
Credit related to this Interim Borrowing Base Report)

      

1. Letters of Credit

       $ [                 ] 

2. Revolving Loans

       $ [                 ] 

3. Swing Line Loans

       $ [                 ] 

4. Subtotal (II.1 + II.2 + II.3)

       $ [                 ] 

 

4 

In no event shall the aggregate amount of Eligible Net Unrealized Gain on
Forward Contracts, after giving effect to the applicable advance rate, exceed an
amount equal to thirty percent (30%) of the Borrowing Base.

 

ANNEX I - 2

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ANNEX II

TO

BORROWING BASE REPORT

Enclosed with this Borrowing Base Report are all necessary schedules, supporting
information, and reports with details for the above, pursuant to the
requirements under Section 1.1 of the Credit Agreement.

 

ANNEX II - 1