Exhibit 10.1*Farm Credit Services of America***FIRST AMENDMENT TO CREDIT AGREEMENT**This First Amendment to Credit Agreement (“Amendment”) is made and entered into effectivethe 27th day of October, 2006, by and between the undersigned (hereinafter referred to as“Borrower”) and **Farm Credit Services of America, FLCA**(hereinafter referred to as “Lender”) toamend and modify the Credit Agreement dated May 4, 2006 (hereinafter referred to as the “CreditAgreement”). The Credit Agreement, underlying Notes and related Security Documents are modifiedonly to the extent necessary to give effect to the terms of this Amendment, and the remaining termsof said documents, not otherwise inconsistent herewith, are ratified by the parties. Capitalizedterms used but not otherwise defined herein have the respective meanings given to them in theCredit Agreement.In consideration of the mutual agreements, provisions and covenants herein contained, andfurthermore to induce Lender to consider financial accommodations for the Borrower under the termsand provisions of the Credit Agreement, the parties hereby agree as follows:**The Agreement is amended by adding as an additional Lender thereto, Farm CreditServices of America, PCA.****Article*****2*****is amended with the addition of the following Credit Facility:****Section 2.2.1****Credit Facility C (138039-101).** Lender agrees to advance sums toBorrower up to the amount of $3,500,000.00 (Maximum Principal Balance) until November 1, 2007(Final Advancement Date). Each Advance made will reduce the funds available for future advances bythe amount of the Advance. Repayments of principal will be available for subsequent Advances. Theproceeds of said Loan will be used by Borrower for financing grain, ethanol, inventory,receivables, grain hedging activity and letters of credit (Purpose) and Borrower agrees not torequest or use such proceeds for any other purpose.     **(a) ****Interest.** Borrower hereby promises to pay interest on the principal indebtednessoutstanding from time to time on each Advance from and including the date of such Advance and otherwise in accordance withstatements issued by Lender. Interest shall be payable on the following dates, each such date an “InterestPayment Date”, provided that interest accruing at the Default Rate, if applicable, shall be payable on demand.Said interest shall be payable on the 1st day of each month commencing on December 1, 2006 at thefollowing rate per annum.**Libor Rate**Libor Rate interest shall accrue from the date of each Advance at a variable rate perannum equivalent to the Libor Short Term Index Rate plus 3.00% (the‘Variable Rate’). Interest rateshall be adjusted higher or lower on November 15, 2006, and every 3 months thereafter with anychange in the Libor Rate and this higher or lower rate will thereafter apply to the outstandingprincipal indebtedness and remain in effect until a different rate of interest is established. Theamount of any subsequent payments will be increased or decreased accordingly to reflect thedifferent rate of interest without in any manner changing the due date of the payments. There isno limitation on the frequency or the amount of the change in the interest rate.The Libor Short Term Index Rate is the three-month London InterBank Offered Rates in the Londonmarket based on the Libor rate published on the last business day of the month as published in theWall Street Journal, rounded to the nearest 0.05%. **(b)** **Principal.** Borrower hereby promises to pay principal, plus all accrued interestand any unpaid fees, costs or expenses in full on November 1, 2007.     **The following Sections are amended to read as follows:****Section 2.4.3.1****Non-Use Fee .** Borrower agrees to pay Lender an additional fee in the eventthat the average outstanding principal balance on Credit Facility C is less than the MaximumPrincipal Balance of said facility. This fee will be equal to .35% per annum of the differencebetween the Maximum Principal Balance and the actual usage. The actual usage will be calculated asthe average outstanding principal balance for the 12 month period from the Closing Date toMaturity Date. The fee shall be due and payable at Maturity Date.**Section 6.12.11 Grain Hedging.**Borrower agrees to execute a Security Agreement and Assignment ofHedging Account on a form provided or approved by Lender to be acknowledged by all brokersinvolved in Borrower’s hedging program. Until Substantial Completion, when the amount of creditavailable on Credit Facility C shall be governed by a Borrowing Base as provided herein, Borroweragrees that the amount of credit available for Grain Hedging shall not
 

 
exceed $3,000,000. Within this credit limit, however, Borrower may enter into hedging contractswith the Chicago Board of Trade totaling up to 4,000,000 bushels (800 contracts at 5,000 bushelsper contract)     **The following Section is added:****Section 6.13****Borrowing Base.** Beginning 30 days after the month ending in which SubstantialCompletion occurs, the Borrower agrees to maintain a minimum margin between the value and advancerate of certain secured assets and the amount of certain liabilities (Borrowing Base). Said marginwill be computed according to a Borrowing Base Report acceptable to Lender, an example of which isattached hereto as **Exhibit ‘D’.**Borrower agrees to provide Lender with such Borrowing Base Report monthly (Reporting Period), ormore often at the discretion of Lender, during the term of the Loan(s). Said Borrowing Base Reportshall be dated the last day of the Reporting Period (Report Date) and reflect true and accurateinventory of Borrowing Base Assets and Borrowing Base Liabilities current through the end of theReporting Period. Said Borrowing Base Report shall be completed by Borrower and provided to Lenderno later than the 20th day following the Report Date, by ordinary mail, fax, or e-mailagribusinessfinance@fcsamerica.com and shall be in default if not provided within 30 days aftersaid Report Date.THE TOTAL BORROWING BASE LIABILITIES SHALL NOT EXCEED THE BORROWING VALUE OF THE TOTALBORROWING BASE ASSETS.Upon receipt of the Borrowing Base Report, Lender will determine the Borrower’s creditavailability based on the value of the inventory and assets owned by Borrower on each Report Dateand whether Borrower is in compliance with their Borrowing Base. Should the total Borrowing BaseLiabilities exceed the Borrowing value of Borrowing Base Assets, Borrower agrees to restorecompliance with the Borrowing Base margin within 30 days from the Report Date and that during saidrestoration period Lender may advance credit to Borrower as Lender may deem adequate to protect itscollateral. It is agreed that if Borrower cannot, or will not, reduce the Total Borrowing BaseLiabilities to an amount equal to or less than the borrowing value of the Total Borrowing BaseAssets within said restoration period, Lender may deem said failure to be a material breach of thisAgreement and an Event of Default.Borrower hereby represents and warrants to the Lender that, after giving effect to this Amendment,(i) no Default or Event of Default exists under the Credit Agreement or any of the other LoanDocuments and (ii) the representations and warranties set forth in the Credit Agreement are trueand correct in all material respects as of the date hereof (except for those which expresslyrelate to an earlier date).Borrowerhereby ratifies the Credit Agreement and acknowledges and reaffirms (i) that it is boundby all terms of the Credit Agreement applicable to it and (ii) that it is responsible for theobservance and full performance of its respective obligations.Borrower hereby certifies that the person(s) executing this Amendment on behalf of Borrower is/areduly authorized to execute such document in behalf of Borrower and that there have been no changesin the name, ownership, control, organizational documents, or legal status of the Borrower sincethe last application, loan, or loan servicing action; that all resolutions, powers and authoritiesremain in full force and effect, and that the information provided by Borrower is and remains trueand correct.This Amendment may be executed by the parties hereto in several counterparts, each of which shallbe deemed to be an original and all of which shall constitute one and the same agreement. Deliveryof executed counterparts of this Amendment by telecopy shall be effective as an original and shallconstitute a representation that an original shall be delivered.THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWSOF THE STATE OF NEBRASKA.This Amendment shall be binding upon and inure to the benefit of the parties hereto andtheir respective successors and assigns.IN WITNESS WHEREOF, the parties hereto have set their hand effective the day and year first abovewritten.**The Internal Revenue Service does not require your consent to any provision of this document otherthan the following certification required to avoid backup withholding. Under penalties of perjury,I/we certify that the Taxpayer Identification Number shown herein is correct and that I/we am/arenot subject to backup withholding**
 

 
**either because I/we are exempt, have not been notified that I/we are subject to backupwithholding due to failure of reporting interest or dividends, or the Internal Revenue Service hasnotified me/us that I/we am/are no longer subject to backup withholding. I/we am/are a U.S. person(including U.S. resident alien):**     **Siouxland Ethanol, LLC**                    **223902184****BORROWER:****Siouxland Ethanol, LLC**     By: /s/ Thomas Lynch         Thomas Lynch, President       By: /s/ Shennen Saltzman         Shennen Saltzman, Director  Address for Notice: P.O. Box 147                     Jackson, NE 68743**LENDER:****Farm Credit Services of America, FLCAFarm Credit Services of America, PCA**     By: /s/ Shane Frahm     Shane Frahm, Vice President