Master Loan Agreement, dated September 28, 2011



 Exhibit 10.3 
 MASTER LOAN AGREEMENT 
 THIS MASTER LOAN AGREEMENT is entered into
as of September 28, 2011, between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and GREEN PLAINS SHENANDOAH LLC, Shenandoah, Iowa (the “Company”). 

BACKGROUND 
 Farm Credit and the Company are parties to a Master Loan Agreement dated August 26, 2010 (the “Existing Agreement”). Pursuant to the terms of the Existing Agreement, the parties entered
into one or more Supplements thereto. Farm Credit and the Company now desire to amend and restate the Existing Agreement and to apply such new agreement to the existing Supplements, as well as any new Supplements that may be issued thereunder. For
that reason and for valuable consideration (the receipt and sufficiency of which are hereby acknowledged), Farm Credit and the Company hereby agree that the Existing Agreement shall be amended and restated to read as follows: 

SECTION 1. Supplements. In the event the Company desires to borrow from Farm Credit and Farm Credit is willing to lend to the
Company, or in the event Farm Credit and the Company desire to consolidate any existing loans hereunder, the parties will enter into a Supplement to this agreement (a “Supplement”). Each Supplement will set forth the amount of the loan,
the purpose of the loan, the interest rate or rate options applicable to that loan, the repayment terms of the loan, and any other terms and conditions applicable to that particular loan. Each loan will be governed by the terms and conditions
contained in this agreement and in the Supplement relating to the loan. As of the date hereof, the following Supplements are outstanding hereunder and shall be governed by the terms and conditions hereof: (A) the Multiple Advance Term Loan
Supplement dated September 28, 2011 and numbered RI0355T01D; and (B) the Revolving Term Loan Supplement dated September 28, 2011 and numbered RI0355T02C. 
 SECTION 2. Sale of Participation Interests and Appointment of Administrative Agent. The Company acknowledges that concurrent with the execution of this Master Loan Agreement and related
Supplements, Farm Credit is selling a participation interest in this Master Loan Agreement and Supplements executed concurrently herewith to CoBank, ACB (“CoBank”) (up to a 100% interest). Pursuant to an Administrative Agency Agreement
dated January 30, 2006, (the “Agency Agreement”), Farm Credit and CoBank appointed CoBank to act as Administrative Agent (“Agent”) to act in place of Farm Credit hereunder and under the Supplements and any security documents
to be executed thereunder. All funds to be advanced hereunder shall be made by Agent, all repayments by the Company hereunder shall be made to Agent, and all notices to be made to Farm Credit hereunder shall be made to Agent. Agent shall be solely
responsible for the administration of this agreement, the Supplements and the security documents to be executed by the Company thereunder and the enforcement of all rights and remedies of Farm Credit hereunder and thereunder. Company acknowledges
the appointment of the Agent and consents to such appointment. 
 SECTION 3. Availability. Loans will be made available
on any day on which Agent and the Federal Reserve Banks are open for business upon the telephonic or written request of the Company. Requests for loans must be received no later than 12:00 Noon Company’s local time on the date the loan is
desired. Loans will be made available by wire transfer of immediately available funds to such account or accounts as may be authorized by the Company. The Company shall furnish to Agent a duly completed and executed copy of a CoBank Delegation and
Wire and Electronic Transfer Authorization Form, and Agent shall be entitled to rely on (and shall incur no liability to the Company in acting on) any request or direction furnished in accordance with the terms thereof. 







 SECTION 4. Repayment. The Company’s obligation to repay each loan shall be
evidenced by the promissory note set forth in the Supplement relating to that loan or by such replacement note as Agent shall require. Agent shall maintain a record of all loans, the interest accrued thereon, and all payments made with respect
thereto, and such record shall, absent proof of manifest error, be conclusive evidence of the outstanding principal and interest on the loans. All payments shall be made by wire transfer of immediately available funds, by check, or by automated
clearing house or other similar cash handling processes as specified by separate agreement between the Company and Agent. Wire transfers shall be made to ABA No. 307088754 for advice to and credit of Agent (or to such other account as Agent may
direct by notice). The Company shall give Agent telephonic notice no later than 12:00 Noon Company’s local time of its intent to pay by wire and funds received after 3:00 p.m. Company’s local time shall be credited on the next business
day. Checks shall be mailed to CoBank, Department 167, Denver, Colorado 80291-0167 (or to such other place as Agent may direct by notice). Credit for payment by check will not be given until the later of: (A) the day on which Agent receives
immediately available funds; or (B) the next business day after receipt of the check. 
 SECTION 5. Capitalization.
The Company agrees to purchase voting (Class D) or non-voting (Class E) stock in Farm Credit Services of America, ACA (currently a minimum of $1,000.00 worth of stock consisting of at least 200 shares of $5.00 par value stock) as required under the
policy of Farm Credit at the time of acquisition. Farm Credit policy may change from time to time. Farm Credit shall have a first lien on the stock for payment of any liability of the Company to Farm Credit. Said stock shall be owned as follows:

 Owner Name: Green Plains Shenandoah
LLC                    SSN/TIN: 26-1905438 
 The Company authorizes and appoints the following to act on behalf of all owners, to vote the Class D stock, and to accept, receive and receipt for any dividends declared on the stock: 

Jerry Peters, voter 
 SECTION 6. Security. The Company’s obligations under this agreement, all Supplements (whenever executed), and all instruments and documents contemplated hereby or thereby, shall be secured by
a statutory first lien on all equity which the Company may now own or hereafter acquire in Farm Credit. In addition, the Company’s obligations under each Supplement (whenever executed) and this agreement shall be secured by a first lien
(subject only to exceptions approved in writing by Agent) pursuant to all security agreements, mortgages, and deeds of trust executed by the Company in favor of Farm Credit, whether now existing or hereafter entered into. As additional security for
those obligations: (A) the Company agrees to grant to Farm Credit, by means of such instruments and documents as Agent shall reasonably require a first priority lien on such of its other assets, whether now existing or hereafter acquired, as
Agent may from time to time require; and (B) the Company agrees to grant to Farm Credit, by means of such instruments and documents as Agent shall reasonably require, a first priority lien on all realty which the Company may from time to time
acquire after the date hereof. Farm Credit may at its discretion assign collateral to the Agent under the Agency Agreement. 

SECTION 7. Conditions Precedent. 
 (A) Conditions to Initial Supplement. Farm Credit’s obligation to extend credit under the initial Supplement hereto is subject to the conditions precedent that Agent receive, in form and
content satisfactory to Agent, each of the following: 







 This Agreement, Etc. A duly executed copy of this agreement and all instruments and
documents contemplated hereby. 
 (B) Conditions to Each Supplement. Farm Credit’s obligation to extend credit under
each Supplement, including the initial Supplement, is subject to the conditions precedent that Agent receive, in form and content satisfactory to Agent, each of the following: 
 (1) Supplement. A duly executed copy of the Supplement and all instruments and documents contemplated thereby. 
 (2) Evidence of Authority. Such certified board resolutions, certificates of incumbency, and other evidence that Agent may require that the Supplement, all instruments and documents executed in
connection therewith, and, in the case of initial Supplement hereto, this agreement and all instruments and documents executed in connection herewith, have been duly authorized and executed. 

(3) Fees and Other Charges. All fees and other charges provided for herein or in the Supplement. 

(4) Evidence of Perfection, Etc. Such evidence as Agent may require that Farm Credit has a duly perfected first priority lien on
all security for the Company’s obligations, and that the Company is in compliance with Section 9(D) hereof. 
 (C)
Conditions to Each Loan. Farm Credit’s obligation under each Supplement to make any loan to the Company thereunder is subject to the condition that no “Event of Default” (as defined in Section 12 hereof) or event which with
the giving of notice and/or the passage of time would become an Event of Default hereunder (a “Potential Default”), shall have occurred and be continuing. 
 SECTION 8. Representations and Warranties. 
 (A) This Agreement. The
Company represents and warrants to Farm Credit and Agent that as of the date of this agreement: 
 (1) Compliance. The
Company and, to the extent contemplated hereunder, each “Subsidiary” (as defined below), is in compliance with all of the terms of this agreement, and no Event of Default or Potential Default exists hereunder. 

(2) Subsidiaries. The Company has no “Subsidiary(ies)” (as defined below). For purposes hereof, a “Subsidiary”
shall mean a corporation of which shares of stock having ordinary voting power to elect a majority of the board of directors or other managers of such corporation are owned, directly or indirectly, by the Company. 

(B) Each Supplement. The execution by the Company of each Supplement hereto shall constitute a representation and warranty to Agent
that: 
 (1) Applications. Each representation and warranty and all information set forth in any application or other
documents submitted in connection with, or to induce Farm Credit to enter into, such Supplement, is correct in all material respects as of the date of the Supplement. 







 (2) Conflicting Agreements, Etc. This agreement, the Supplements, and all security
and other instruments and documents relating hereto and thereto (collectively, at any time, the “Loan Documents”), do not conflict with, or require the consent of any party to, any other agreement to which the Company is a party or by
which it or its property may be bound or affected, and do not conflict with any provision of the Company’s bylaws, articles of incorporation, or other organizational documents. 

(3) Compliance. The Company and, to the extent contemplated hereunder, each Subsidiary, is in compliance with all of the terms of
the Loan Documents (including, without limitation, Section 9(A) of this agreement on eligibility to borrow from Farm Credit). 
 (4) Binding Agreement. The Loan Documents create legal, valid, and binding obligations of the Company which are enforceable in accordance with their terms, except to the extent that enforcement may
be limited by applicable bankruptcy, insolvency, or similar laws affecting creditors’ rights generally. 
 SECTION 9.
Affirmative Covenants. Unless otherwise agreed to in writing by Agent while this agreement is in effect, the Company agrees to and with respect to Subsections 9(B) through 9(G) hereof, agrees to cause each Subsidiary to: 

(A) Eligibility. Maintain its status as an entity eligible to borrow from Farm Credit pursuant to the terms of the Farm Credit Act
of 1971, as amended, 12 USC 2001, et seq. 
 (B) Corporate Existence, Licenses, Etc. (1) Preserve and keep in full
force and effect its existence and good standing in the jurisdiction of its incorporation or formation; (2) qualify and remain qualified to transact business in all jurisdictions where such qualification is required; and (3) obtain and
maintain all licenses, certificates, permits, authorizations, approvals, and the like which are material to the conduct of its business or required by law, rule, regulation, ordinance, code, order, and the like (collectively, “Laws”).

 (C) Compliance with Laws. Comply in all material respects with all applicable Laws, including, without limitation, all
Laws relating to environmental protection and any patron or member investment program that it may have. In addition, the Company agrees to cause all persons occupying or present on any of its properties, and to cause each Subsidiary to cause all
persons occupying or present on any of its properties, to comply in all material respects with all environmental protection Laws. 
 (D) Insurance. Maintain insurance with insurance companies or associations acceptable to Agent in such amounts and covering such risks as are usually carried by companies engaged in the same or
similar business and similarly situated, and make such increases in the type or amount of coverage as Agent may request. All such policies insuring any collateral for the Company’s obligations to Farm Credit shall have mortgagee or lender loss
payable clauses or endorsements in form and content acceptable to Agent. At Agent’s request, all policies (or such other proof of compliance with this Subsection as may be satisfactory to Agent) shall be delivered to Agent. 

(E) Property Maintenance. Maintain all of its property that is necessary to or useful in the proper conduct of its business in good
working condition, ordinary wear and tear excepted. 
 (F) Books and Records. Keep adequate records and books of account
in which complete entries will be made in accordance with generally accepted accounting principles (“GAAP”) consistently applied. 
 (G) Inspection. Permit Agent or its agents, upon reasonable notice and during normal business hours or at such other times as the parties may agree, to examine its properties, books, and records,
and to discuss its affairs, finances, and accounts, with its respective officers, directors, employees, and independent certified public accountants. 







 (H) Reports and Notices. Furnish to Agent: 

(1) Annual Financial Statements. As soon as available, but in no event more than 90 days after the end of each fiscal year of Green
Plains Renewable Energy, Inc. (“Green Plains”) occurring during the term hereof, annual consolidated and consolidating financial statements of Green Plains and its consolidated Subsidiaries, including Green Plains Shenandoah LLC, prepared
in accordance with GAAP consistently applied. Such financial statements shall: (a) be audited by independent certified public accountants selected by the Company and acceptable to Agent; (b) be accompanied by a report of such accountants
containing an opinion thereon acceptable to Agent; (c) be prepared in reasonable detail and in comparative form; and (d) include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flows, and all
notes and schedules relating thereto, and be accompanied by written communication from the auditor identifying passed audit adjustments and material deficiencies pertaining to the Company, as may reasonably be requested by Agent. 

(2) Interim Financial Statements. As soon as available, but in no event more than 30 days after the end of each month, a
consolidated balance sheet of the Company and its consolidated Subsidiaries, if any, as of the end of such month, a consolidated statement of income for the Company and its consolidated Subsidiaries, if any, for such period and for the period year
to date, and such other interim statements as Agent may reasonably request, all prepared in reasonable detail and in comparative form in accordance with GAAP consistently applied and, if required by written notice from Agent, certified by an
authorized officer or employee of the Company acceptable to Agent. 
 (3) Notice of Default. Promptly after becoming
aware thereof, notice of the occurrence of an Event of Default or a Potential Default. 
 (4) Notice of Non-Environmental
Litigation. Promptly after the commencement thereof, notice of the commencement of all actions, suits, or proceedings before any court, arbitrator, or governmental department, commission, board, bureau, agency, or instrumentality affecting the
Company or any Subsidiary which, if determined adversely to the Company or any such Subsidiary, could have a material adverse effect on the financial condition, properties, profits, or operations of the Company or any such Subsidiary. 

(5) Notice of Environmental Litigation, Etc. Promptly after receipt thereof, notice of the receipt of all pleadings, orders,
complaints, indictments, or any other communication alleging a condition that may require the Company or any Subsidiary to undertake or to contribute to a cleanup or other response under environmental Laws, or which seek penalties, damages,
injunctive relief, or criminal sanctions related to alleged violations of such Laws, or which claim personal injury or property damage to any person as a result of environmental factors or conditions. 

(6) Formation Documents. Intentionally Omitted. 
 (7) Budgets. As soon as available, but in no event more than 90 days after the end of any fiscal year of the Company occurring during the term hereof, copies of the Company’s board-approved
annual budgets and forecasts of operations and capital expenditures. 
 (8) Compliance Certificates. As soon as available,
but in no event more than 30 days after the end of each fiscal quarter of the Company, a certificate of an officer or employee of the Company acceptable to Agent setting forth calculations showing compliance with each of the financial covenants that
require compliance at the end of the period for which the statements are being furnished. 







 (9) Other Information. Such other information regarding the condition or operations,
financial or otherwise, of the Company or any Subsidiary as Agent may from time to time reasonably request, including but not limited to copies of all pleadings, notices, and communications referred to in Subsections 9(H)(4) and (5) above.

 SECTION 10. Negative Covenants. Unless otherwise agreed to in writing by Agent, while this agreement is in effect the
Company will not: 
 (A) Borrowings. Create, incur, assume, or allow to exist, directly or indirectly, any indebtedness or
liability for borrowed money (including trade or bankers’ acceptances), letters of credit, or the deferred purchase price of property or services (including capitalized leases), except for: (1) debt to Farm Credit; (2) accounts
payable to trade creditors incurred in the ordinary course of business; (3) current operating liabilities (other than for borrowed money) incurred in the ordinary course of business; (4) debt of the Company to miscellaneous creditors in an
amount not to exceed $1,600,000.00, on terms and conditions satisfactory to Agent; and (5) unsecured indebtedness of the Company to Green Plains in an amount not to exceed $10,000,000.00, and all extensions, renewals, and refinancings thereof,
provided that such indebtedness is documented with terms and conditions satisfactory to Agent. 
 (B) Liens. Create,
incur, assume, or allow to exist any mortgage, deed of trust, pledge, lien (including the lien of an attachment, judgment, or execution), security interest, or other encumbrance of any kind upon any of its property, real or personal (collectively,
“Liens”). The forgoing restrictions shall not apply to: (1) Liens in favor of Farm Credit; (2) Liens for taxes, assessments, or governmental charges that are not past due; (3) Liens and deposits under workers’
compensation, unemployment insurance, and social security Laws; (4) Liens and deposits to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), and like obligations arising in the ordinary course of
business as conducted on the date hereof; (5) Liens imposed by Law in favor of mechanics, materialmen, warehousemen, and like persons that secure obligations that are not past due; (6) easements, rights-of-way, restrictions, and other
similar encumbrances which, in the aggregate, do not materially interfere with the occupation, use, and enjoyment of the property or assets encumbered thereby in the normal course of its business or materially impair the value of the property
subject thereto; (7) Liens in favor of miscellaneous creditors to secure indebtedness permitted hereunder, with priority of such Liens acceptable to Agent; and (8) purchase money security interests in favor of Danisco US Inc. 

(C) Mergers, Acquisitions, Etc. Merge or consolidate with any other entity or acquire all or a material part of the assets of any
person or entity, or form or create any new Subsidiary or affiliate, or commence operations under any other name, organization, or entity, including any joint venture. 
 (D) Transfer of Assets. Sell, transfer, lease, or otherwise dispose of any of its assets, except in the ordinary course of business. 

(E) Loans and Investments. Make any loan or advance to any person or entity, or purchase any capital stock, obligations or other
securities of, make any capital contribution to, or otherwise invest in any person or entity, or form or create any partnerships or joint ventures except trade credit extended in the ordinary course of business. 

(F) Contingent Liabilities. Assume, guarantee, become liable as a surety, endorse, contingently agree to purchase, or otherwise be
or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any creditor against loss), for or on account of the
obligation of any person or entity, except by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of the Company’s business. 







 (G) Change in Business. Engage in any business activities or operations substantially
different from or unrelated to the Company’s present business activities or operations. 
 (H) Dividends, Etc.
Declare or pay any dividends, or make any distribution of assets to the member/owners, or purchase, redeem, retire or otherwise acquire for value any of its equity, or allocate or otherwise set apart any sum for any of the foregoing, except that a
distribution may be accrued to the Company’s members/owners of up to 40% of the year-to-date net profit before taxes (according to GAAP) and payment of this accrued amount may be made after the end of each fiscal quarter, provided that the
Company has been and will remain in compliance with all loan covenants, terms and conditions. Furthermore, after receipt of the audited financial statements for the pertinent fiscal year, and provided that the required “Free Cash Flow”
payment has been made to the Agent for such fiscal year as provided in the Multiple Advance Term Loan Supplement dated September 28, 2011 and numbered RI0355T01D and any renewals, restatements and amendments thereof, additional distributions
may be made in excess of the quarterly distribution(s) so long as aggregate distributions do not exceed 100% of the net profit before taxes for such fiscal year, and the Company will remain in compliance with all other loan covenant, terms and
conditions. 
 (I) Capital Expenditures. During any fiscal year of the Company, expend, in the aggregate, more than
$1,250,000.00 for the acquisition of fixed or capital assets (including all obligations under capitalized leases authorized under the terms of this agreement, but excluding obligations under operating leases). Notwithstanding the foregoing,
additional expenditures over $1,250,000.00 are allowed so long as they are 100% financed by certified cash injections of equity capital. 
 (J) Leases. Create, incur, assume, or permit to exist any obligation as lessee under operating leases or leases which should be capitalized in accordance with GAAP for the rental or hire of any
real or personal property except railcar leases with a lease term of not more than five years for up to and including 100 railroad cars, under terms and conditions acceptable to Agent, and except leases which do not in the aggregate require the
Company to make scheduled payments to the lessors in any fiscal year of the Company in excess of $100,000.00. 
 (K) Changes
to Operating Agreements, Etc. Amend or otherwise make any material changes to the Company’s Articles of Organization, Operating Agreement, management contracts and ethanol and/or distillers grain marketing contracts. 

SECTION 11. Financial Covenants. Unless otherwise agreed to in writing, while this agreement is in effect: 

(A) Working Capital. The Company will have at the end of each period for which financial statements are required to be furnished
pursuant to Section 9(H) hereof an excess of current assets over current liabilities (both as determined in accordance with GAAP consistently applied) of not less than $6,000,000.00, except that in determining current assets, any amount
available under the Revolving Term Loan Supplement (less the amount that would be considered a current liability under GAAP if fully advanced) hereto may be included. 
 (B) Net Worth. The Company will have at the end of each period for which financial statements are required to be furnished pursuant to Section 9(H) hereof an excess of total assets over total
liabilities (both as determined in accordance with GAAP consistently applied) of not less than $54,000,000.00. 







 (C) Debt Service Coverage Ratio. The Company will have at the end of each fiscal year
of the Company a “Debt Service Coverage Ratio” (as defined below) for such year of not less than 1.25 to 1.00. For purposes hereof, the term “Debt Service Coverage Ratio” shall mean the following (all as calculated for the most
current year end in accordance with GAAP consistently applied): (1) net income (before taxes), plus depreciation and amortization; plus new equity injection(s) (except equity used to fund capital expenditures); divided by $4,800,000.00.

 SECTION 12. Events of Default. Each of the following shall constitute an “Event of Default” under this
agreement: 
 (A) Payment Default. The Company should fail to make any payment to Agent, or to purchase any equity in,
Farm Credit within ten (10) days of when due. 
 (B) Representations and Warranties. Any representation or warranty
made or deemed made by the Company herein or in any Supplement, application, agreement, certificate, or other document related to or furnished in connection with this agreement or any Supplement, shall prove to have been false or misleading in any
material respect on or as of the date made or deemed made. 
 (C) Certain Affirmative Covenants. The Company or, to the
extent required hereunder, any Subsidiary should fail to perform or comply with Sections 9(A) through 9(H)(2), 9(H)(7) through 9(H)(8) or any reporting covenant set forth in any Supplement hereto, and such failure continues for 15 days after written
notice thereof shall have been delivered by Agent to the Company. 
 (D) Other Covenants and Agreements. The Company or,
to the extent required hereunder, any Subsidiary should fail to perform or comply with any other covenant or agreement contained herein or in any other Loan Document or shall use the proceeds of any loan for an unauthorized purpose, provided,
however, that the Company shall have thirty (30) days after the date of any required financial statement issued under Section 9(H)(1) or 9(H)(2) above that is timely received by the Agent to cure any shortfall under a Financial Covenant
set forth in Section 11 above. 
 (E) Cross-Default. The Company should, after any applicable grace period, breach or
be in default under the terms of any other agreement between the Company and Farm Credit, or between the Company and any affiliate of Farm Credit, including without limitation Farm Credit Leasing Services Corporation. 

(F) Other Indebtedness. The Company or any Subsidiary should fail to pay when due any indebtedness to any other person or entity
for borrowed money or any long-term obligation for the deferred purchase price of property (including any capitalized lease), or any other event occurs which, under any agreement or instrument relating to such indebtedness or obligation, has the
effect of accelerating or permitting the acceleration of such indebtedness or obligation, whether or not such indebtedness or obligation is actually accelerated or the right to accelerate is conditioned on the giving of notice, the passage of time,
or otherwise. 
 (G) Judgments. A judgment, decree, or order for the payment of money shall be rendered against the
Company or any Subsidiary and either: (1) enforcement proceedings shall have been commenced; (2) a Lien prohibited under Section 10(B) hereof shall have been obtained; or (3) such judgment, decree, or order shall continue
unsatisfied and in effect for a period of 20 consecutive days without being vacated, discharged, satisfied, or stayed pending appeal. 







 (H) Insolvency, Etc. The Company or any Subsidiary shall: (1) become insolvent
or shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they come due; or (2) suspend its business operations or a material part thereof or make an assignment for the benefit of creditors; or
(3) apply for, consent to, or acquiesce in the appointment of a trustee, receiver, or other custodian for it or any of its property or, in the absence of such application, consent, or acquiescence, a trustee, receiver, or other custodian is so
appointed; or (4) commence or have commenced against it any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, or liquidation Law of any jurisdiction. 

(I) Material Adverse Change. Any material adverse change occurs, as reasonably determined by Agent, in the Company’s financial
condition, results of operation, or ability to perform its obligations hereunder or under any instrument or document contemplated hereby. 
 (J) Revocation of Guaranty. Any guaranty, suretyship, subordination agreement, maintenance agreement, or other agreement furnished in connection with the Company’s obligations hereunder and
under any Supplement shall, at any time, cease to be in full force and effect, or shall be revoked or declared null and void, or the validity or enforceability thereof shall be contested by the guarantor, surety or other maker thereof (the
“Guarantor”), or the Guarantor shall deny any further liability or obligation thereunder, or shall fail to perform its obligations thereunder, or any representation or warranty set forth therein shall be breached, or the Guarantor shall
breach or be in default under the terms of any other agreement with Agent (including any loan agreement or security agreement), or a default set forth in Subsections (F) through (H) hereof shall occur with respect to the Guarantor.

 SECTION 13. Remedies. Upon the occurrence and during the continuance of an Event of Default or any Potential Default,
Farm Credit shall have no obligation to continue to extend credit to the Company and may discontinue doing so at any time without prior notice. For all purposes hereof, the term “Potential Default” means the occurrence of any event which,
with the passage of time or the giving of notice or both would become an Event of Default. In addition, upon the occurrence and during the continuance of any Event of Default, Farm Credit or Agent may, upon notice to the Company, terminate any
commitment and declare the entire unpaid principal balance of the loans, all accrued interest thereon, and all other amounts payable under this agreement, all Supplements, and the other Loan Documents to be immediately due and payable. Upon such a
declaration, the unpaid principal balance of the loans and all such other amounts shall become immediately due and payable, without protest, presentment, demand, or further notice of any kind, all of which are hereby expressly waived by the Company.
In addition, upon such an acceleration: 
 (A) Enforcement. Farm Credit or Agent may proceed to protect, exercise, and
enforce such rights and remedies as may be provided by this agreement, any other Loan Document or under Law. Each and every one of such rights and remedies shall be cumulative and may be exercised from time to time, and no failure on the part of
Farm Credit or Agent to exercise, and no delay in exercising, any right or remedy shall operate as a waiver thereof, and no single or partial exercise of any right or remedy shall preclude any other or future exercise thereof, or the exercise of any
other right. Without limiting the foregoing, Agent may, upon the occurrence and during the continuance of any Event of Default, hold and/or set off and apply against the Company’s obligation to Farm Credit the proceeds of any equity in Farm
Credit or Agent, any cash collateral held by Farm Credit or Agent, or any balances held by Farm Credit or Agent for the Company’s account (whether or not such balances are then due). 

(B) Application of Funds. Agent may apply all payments received by it to the Company’s obligations to Farm Credit in such
order and manner as Agent may elect in its sole discretion. 







 In addition to the rights and remedies set forth above: (1) upon the occurrence and during the
continuance of an Event of Default, then at Agent’s option in each instance, the entire indebtedness outstanding hereunder and under all Supplements shall bear interest from the date of such Event of Default until such Event of Default shall
have been waived or cured in a manner satisfactory to Agent at 4.00% per annum in excess of the rate(s) of interest that would otherwise be in effect on that loan; and (2) after the maturity of any loan (whether as a result of acceleration
or otherwise), the unpaid principal balance of such loan (including without limitation, principal, interest, fees and expenses) shall automatically bear interest at 4.00% per annum in excess of the rate(s) of interest that would otherwise be in
effect on that loan. All interest provided for herein shall be payable on demand and shall be calculated on the basis of a year consisting of 360 days. 
 SECTION 14. Broken Funding Surcharge. Notwithstanding any provision contained in any Supplement giving the Company the right to repay any loan prior to the date it would otherwise be due and
payable, the Company agrees to provide three Business Days’ prior written notice for any prepayment of a fixed rate balance and that in the event it repays any fixed rate balance prior to its scheduled due date or prior to the last day of the
fixed rate period applicable thereto (whether such payment is made voluntarily, as a result of an acceleration, or otherwise), the Company will pay to Agent a surcharge in an amount equal to the greater of: (A) an amount which would result in
Farm Credit, Agent, and all subparticipants being made whole (on a present value basis) for the actual or imputed funding losses incurred by Farm Credit, Agent, and all subparticipants as a result thereof; or (B) $300.00. Notwithstanding the
foregoing, in the event any fixed rate balance is repaid as a result of the Company refinancing the loan with another lender or by other means, then in lieu of the foregoing, the Company shall pay to Agent a surcharge in an amount sufficient (on a
present value basis) to enable Farm Credit, Agent, and all subparticipants to maintain the yield they would have earned during the fixed rate period on the amount repaid. Such surcharges will be calculated in accordance with methodology established
by Farm Credit, Agent, and all subparticipants (a copy of which will be made available to the Company upon request). 

SECTION 15. Complete Agreement, Amendments. This agreement, all Supplements, and all other instruments and documents contemplated
hereby and thereby, are intended by the parties to be a complete and final expression of their agreement. No amendment, modification, or waiver of any provision hereof or thereof, and no consent to any departure by the Company herefrom or therefrom,
shall be effective unless approved by Agent and contained in a writing signed by or on behalf of Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. In the event this
agreement is amended or restated, each such amendment or restatement shall be applicable to all Supplements hereto. 

SECTION 16. Other Types of Credit. From time to time, Farm Credit may issue letters of credit or extend other types of credit to
or for the account of the Company. In the event the parties desire to do so under the terms of this agreement, such extensions of credit may be set forth in any Supplement hereto and this agreement shall be applicable thereto. 

SECTION 17. Applicable Law. Without giving effect to the principles of conflict of laws and except to the extent governed by
federal law, the Laws of the State of Colorado, without reference to choice of law doctrine, shall govern this agreement, each Supplement and any other Loan Documents for which Colorado is specified as the applicable law, and all disputes and
matters between the parties to this agreement, including all disputes and matters whatsoever arising under, in connection with or incident to the lending and/or leasing or other business relationship between the parties, and the rights and
obligations of the parties to this agreement or any other Loan Documents by and between the parties for which Colorado is specified as the applicable law. 







 SECTION 18. Notices. All notices hereunder shall be in writing and shall be deemed to
be duly given upon delivery if personally delivered or sent by telegram or facsimile transmission, or three days after mailing if sent by express, certified or registered mail, to the parties at the following addresses (or such other address for a
party as shall be specified by like notice): 
 (Continued on next page) 

 

			
	 If to Agent, as follows:

 
 For general correspondence
purposes:
 CoBank, ACB

P.O. Box 5110
 Denver, Colorado 80217-5110
  
 For direct delivery purposes, when desired:
 CoBank,
ACB
 5500 South Quebec Street

Greenwood Village, Colorado 80111-1914

 
 Attention: Credit Information
Services
 Fax No.: (303) 224-6101
	 	 If to the Company, as follows:
  

Green Plains Shenandoah LLC
 450 Regency
Parkway
 Omaha, Nebraska 68114
  

Attention: Executive Vice President & Treasurer
 Fax No.: (402) 884-8776
  
 With
copy to:
  
 Green Plains Shenandoah LLC

450 Regency Parkway
 Omaha, Nebraska
68114
  
 Attention: General Counsel


 SECTION 19. Taxes and Expenses. To the extent allowed by law, the Company agrees to pay all
reasonable out-of-pocket costs and expenses (including the fees and expenses of counsel retained or employed by Agent, including expenses of in-house counsel of Agent) incurred by Agent and any participants from Farm Credit in connection with the
origination, administration, collection, and enforcement of this agreement and the other Loan Documents, including, without limitation, all costs and expenses incurred in perfecting, maintaining, determining the priority of, and releasing any
security for the Company’s obligations to Farm Credit, and any stamp, intangible, transfer, or like tax payable in connection with this agreement or any other Loan Document. 

SECTION 20. Effectiveness and Severability. This agreement shall continue in effect until: (A) all indebtedness and
obligations of the Company under this agreement, all Supplements, and all other Loan Documents shall have been paid or satisfied; (B) Farm Credit has no commitment to extend credit to or for the account of the Company under any Supplement; and
(C) either party sends written notice to the other terminating this agreement. Any provision of this agreement or any other Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof. 

SECTION 21. Successors and Assigns. This agreement, each Supplement, and the other Loan Documents shall be binding upon and inure
to the benefit of the Company and Farm Credit and their respective successors and assigns, except that the Company may not assign or transfer its rights or obligations under this agreement, any Supplement or any other Loan Document without the prior
written consent of Agent. 
 SECTION 22. Participations, Etc. From time to time, Farm Credit may sell to one or more
banks, financial institutions, or other lenders a participation in one or more of the loans or other extensions of credit made pursuant to this agreement. However, no such participation shall relieve Farm Credit of any commitment made to the Company
hereunder. In connection with the foregoing, Farm Credit may disclose information concerning the Company and its Subsidiaries, if any, to any participant 







 
or prospective participant, provided that such participant or prospective participant agrees to keep such information confidential. Farm Credit agrees that all Loans that are made by Farm Credit
and that are retained for its own account or repurchased may be entitled to patronage distributions in accordance with the bylaws of Farm Credit and its practices and procedures related to patronage distribution. Accordingly, all Loans that are
included in a sale of participation interest and not retained or repurchased shall not be entitled to patronage distributions from Farm Credit. A sale of a participation interest may include certain voting rights of the participants regarding the
loans hereunder (including without limitation the administration, servicing, and enforcement thereof). Farm Credit agrees to give written notification to the Company of any sale of a participation interest. 

SECTION 23. Administrative Fee. The Company agrees to pay to Agent on each November 20, for as long as the Company has
commitments from Farm Credit, an administrative fee in the amount of $25,000.00. 
 SECTION 24. Counterpart Signatures.
This agreement, each Supplement and any other Loan Document may be executed in any number of counterparts and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original and shall be
binding upon all parties and their respective permitted successors and assigns, and all of which taken together shall constitute one and the same agreement. 
 IN WITNESS WHEREOF, the parties have caused this agreement to be executed by their duly authorized officers as of the date shown above. 

 

									
	FARM CREDIT SERVICES OF AMERICA, FLCA	 		 	GREEN PLAINS SHENANDOAH LLC
					
	By:	 	/s/ Kathryn J. Frahm        	 		 	By:	 	/s/ Ron B. Gillis
	 Title:
	 	VP - Commercial Lender	 		 	Title:	 	EVP Finance, Treasurer