# EDGAR Filing Document

**Accession Number:** 0001424844
**File Stem:** 0001140361-23-014477
**Filing Date:** 2023-3
**Character Count:** 62090
**Document Hash:** 32e4bae8843da5db2d1286b29bc21cfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-014477.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001140361-23-014477

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230328

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOUTHWEST IOWA RENEWABLE ENERGY, LLC
- **CENTRAL INDEX KEY:** 0001424844
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **IRS NUMBER:** 202735046
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-53041
- **FILM NUMBER:** 23774217

**BUSINESS ADDRESS:**
- **STREET 1:** 10868 189TH STREET
- **CITY:** COUNCIL BLUFFS
- **STATE:** IA
- **ZIP:** 51503
- **BUSINESS PHONE:** 712-366-0392

**MAIL ADDRESS:**
- **STREET 1:** 10868 189TH STREET
- **CITY:** COUNCIL BLUFFS
- **STATE:** IA
- **ZIP:** 51503

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported) <u> March 29, 2023 (March 28, 2023) </u>

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| |
|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC**<br>|
| (Exact Name of Registrant as Specified in Its Charter) |

---

<u> IOWA </u> <u> 000-53041 </u> <u> 20-2735046 </u> <br> (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

<u> 10868 189th Street, Council Bluffs, Iowa </u>   <u> 51503 </u> <br> (Address of Principal Executive Offices) (Zip Code)

<u> (712) 366-0392 </u> <br> (Registrant's Telephone Number, Including Area Code)

<br> (Former Name or Former Address, if Changed Since Last Report)

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:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.** |

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Effective March 28, 2023, Southwest Iowa Renewable Energy, LLC (the "Company") entered into Amendment No. 2 (the "Amendment") to the First Amended and Restated Credit Agreement with Farm Credit Services of America, FLCA ("FLCA"), Farm Credit Services of America, PCA ("PCA") and CoBank, ACB ("CoBank") to amend the Company's existing Credit Agreement dated as of July 18, 2022, as amended by Amendment No. 1 dated as of September 21, 2022 (the "Credit Agreement").

The Amendment amended and restated the Company's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third Amended and Restated Term Note dated July 18, 2022 (the " Existing Term Note ") in its entirety, replacing it with the Fourth Amended
 and Restated Term Note dated March 28, 2023 (the " Restated Term Note ") to make the following modifications:

reduce the maximum principal amount from $18,750,000 to $11,250,000;<br>

decrease the Daily Simple SOFR Rate Spread from 3.25% to 3.15% per annum; and<br>

provide for a single principal payment of $3,750,000 due and payable on September 1, 2023 with all other outstanding amounts due upon the maturity date which remains November 15, 2024.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third Amended and Restated Revolving Term Note dated September 21, 2022 (the " Existing Revolving Term Note ") in its entirety, replacing it
 with the Fourth Amended and Restated Revolving Term Note dated March 28, 2023 (the " Restated Revolving Term Note ") to decrease the Daily Simple SOFR Rate Spread from 3.25% to 3.15%
 per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fourth Amended and Restated Revolving Credit Note dated July 18, 2022 (the " Existing Revolving Credit Note ") in its entirety, replacing it
 with the Fifth Amended and Restated Revolving Credit Note dated March 28, 2023 (the " Restated Revolving Credit Note ") to make the following modifications:

- extend the maturity date from February 1, 2023 to April 1, 2024;

- incorporate a one-year renewal option period exercisable by CoBank upon approval by PCA by written notice to the Company prior to the maturity date; and

decrease the Daily Simple SOFR Rate Spread from 3.10% to 3.00% per annum.<br>

The foregoing description of the Amendment, the Restated Term Note, the Restated Revolving Term Note, and the Restated Revolving Credit Note do not purport to be complete and are qualified in their entirety by reference to the full text of these documents, which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form 8-K and incorporated herein by reference.

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| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

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The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03, as if fully set forth herein.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits** |

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(d) Exhibits

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| | |
|:---|:---|
| **<u>Exhibit</u>** <br> **<u>Number</u>** | **<u>Description</u>** |
| [10.1](brhc10050423_ex10-1.htm) | Second Amended and Restated Credit Agreement dated March 28, 2023 by and among Southwest Iowa Renewable Energy, LLC, Farm Credit Services of America, FLCA, Farm Credit Services of America, PCA and CoBank, ACB as amended by Amendment No. 1 dated as of September 21, 2022 |
| [10.2](brhc10050423_ex10-2.htm) | Fourth Amended and Restated Term Note dated March 28, 2023 |
| [10.3](brhc10050423_ex10-3.htm) | Fourth Amended and Restated Revolving Term Note dated March 28, 2023 |
| [10.4](brhc10050423_ex10-4.htm) | Fifth Amended and Restated Revolving Credit Note dated March 28, 2023 |

---

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#### SIGNATURES
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.

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| | | |
|:---|:---|:---|
|  | **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** | **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| Date: March 28, 2023 | By: | /s/ Ann Reis |
|  |  | Ann Reis |
|  |  | Chief Financial Officer |

---

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## Exhibit 10.1

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#### Exhibit 10.1

#### AMENDMENT NO. 2

#### TO

#### FIRST AMENDED AND RESTATED CREDIT AGREEMENT
THIS AMENDMENT NO. 2 TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 28, 2023 (this "**Agreement**"), is entered into by and between SOUTHWEST IOWA RENEWABLE ENERGY, LLC, a limited liability company organized and existing under the laws of Iowa (the "**Company**"), FARM CREDIT SERVICES OF AMERICA, FLCA, a federally-chartered instrumentality of the United States ("**FLCA**"), FARM CREDIT SERVICES OF AMERICA, PCA, a federally-chartered instrumentality of the United States ("**PCA**", and together with FLCA, individually and collectively, the "**Lender**"), and COBANK, ACB, a federally-chartered instrumentality of the United States ("**Cash Management Provider**" or "**Agent**"). Capitalized terms not defined herein shall have the meanings set forth in the Existing Credit Agreement.

#### BACKGROUND:
**WHEREAS**, the Company, Lender and Agent are parties to a First Amended and Restated Credit Agreement dated as of July 18, 2022 and Amendment No. 1 to First Amended and Restated Credit Agreement dated as of September 21, 2022 (as the same may from time to time be amended, restated, modified or otherwise supplemented, collectively the "**Existing Credit Agreement**"), and the other Loan Documents;

**WHEREAS**, the Company has requested that, as of the Effective Date, the Existing Credit Agreement be amended as herein provided; and

**WHEREAS**, Lender and Agent are willing, subject to the terms and conditions hereinafter set forth, to make such amendments;

**NOW, THEREFORE**, in consideration of the agreements herein contained, the parties hereby agree as follows:

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| | |
|:---|:---|
| **ARTICLE 1** | **Definitions.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Certain Definitions**. The following terms when used in the Agreement shall have the following meanings:

"**Agent**" is defined in the preamble to this Agreement.

"**Agreement**" is defined in the preamble to this Agreement.

"**Cash Management Provider**" is defined in the preamble to this Agreement.

"**Company**" is defined in the preamble to this Agreement.

"**Effective Date**" is defined in Article 4.

"**Existing Credit Agreement**" is defined in the first recital to this Agreement.

"**Fifth Amended and Restated Revolving Credit Note**" is defined in Section 2.3 of this Agreement.

------

"**FLCA**" is defined in the preamble to this Agreement.

"**Fourth Amended and Restated Revolving Term Note**" is defined in Section 2.2 of this Agreement.

"**Fourth Amended and Restated Term Note**" is defined in Section 2.1 of this Agreement.

"**Lender**" is defined in the preamble to this Agreement.

"**PCA**" is defined in the preamble to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Definitions**. Unless otherwise defined or the context otherwise requires, terms used herein (including in the preamble and recitals hereto) have the meanings provided for in the Existing Credit Agreement.

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| | |
|:---|:---|
| **ARTICLE 2** | **Amendments.** |

---

Effective on (and subject to the occurrence of) the Effective Date, the Existing Credit Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 &nbsp;&nbsp;&nbsp;&nbsp; **Term Note.** The Term Note referenced in Section Section 2.1(a) of the Existing Credit Agreement, and attached to the Existing Credit Agreement as Exhibit A, has been amended and restated in its entirety and is in the form attached hereto as <u>Exhibit A</u>, the terms and provisions of which are incorporated into the Existing Credit Agreement by reference and made a part thereof (the "**Fourth Amended and Restated Term Note**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Revolving Term Note.** The Revolving Term Note referenced in Section 2.2(b) of the Existing Credit Agreement, and attached to the Existing Credit Agreement as Exhibit B, has been amended and restated in its entirety and is in the form attached hereto as <u>Exhibit B</u>, the terms and provisions of which are incorporated into the Existing Credit Agreement by reference and made a part thereof (the "**Fourth Amended and Restated Revolving Term Note**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Revolving Credit Note.** The Revolving Credit Note referenced in Section 2.3(b) of the Existing Credit Agreement, and attached to the Existing Credit Agreement as Exhibit C, has been amended and restated in its entirety and is in the form attached hereto as <u>Exhibit C</u>, the terms and provisions of which are incorporated into the Existing Credit Agreement by reference and made a part thereof (the "**Fifth Amended and Restated Revolving Credit Note**").

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| | |
|:---|:---|
| **ARTICLE 3** | **Representa**t**ions and Warranties.** |

---

In order to induce Lender and Agent to make the amendments provided for in Article 2, the Company hereby (a) represents and warrants that (i) each of the representations and warranties of the Company contained in the Existing Credit Agreement and in the other Loan Documents are true and correct in all material respects on and as of the date hereof, except that such representations and warranties (A) that relate solely to an earlier date shall be true and correct in all material respects as of such earlier date and (B) shall be true and correct in all respects to the extent they are qualified by a materiality standard and (ii) no Default or Event of Default has occurred and is continuing; and (b) agrees that the incorrectness in any respect of any representation and warranty contained in the preceding clause (a) shall constitute an immediate Event of Default. Without limiting the foregoing, the Company hereby (x) ratifies and confirms all of the terms, covenants and conditions set forth in the Loan Documents and hereby agrees that it remains unconditionally liable to Lender and Agent in accordance with the respective terms, covenants and conditions set forth in the Loan Documents, and all Collateral in favor of Lender and Agent continues unimpaired and in full force and effect, and (y) waives all defense, claims, counterclaims, rights of recoupment or set-off against any of its obligations.

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| | |
|:---|:---|
| **ARTICLE 4** | **Conditions to Effectiveness.** |

---

This Agreement shall become effective on such date (the "**Effective Date**") when the following conditions have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Representations and Warranties**. The representations and warranties made by the Company pursuant to Article 3 as of the Effective Date shall be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Notes.** Agent shall have received a duly executed Fourth Amended and Restated Term Note, Fourth Amended and Restated Revolving Term Note and Fifth Amended and Restated Revolving Credit Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp; **Other Requests.** Agent shall have received such other certificates, instruments, documents, agreements, information and reports as may be requested by Agent, in form and substance satisfactory to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Payment of Fees and Expenses.** The Company shall have paid all fees and expenses of Agent and the Lending Parties, if any, payable on or before the Effective Date as required by this Agreement or any other Loan Document.

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| | |
|:---|:---|
| **ARTICLE 5** | **Miscellaneous.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp; **Loan Document Pursuant to Existing Credit Agreement**. This Agreement is a Loan Document executed pursuant to the Existing Credit Agreement. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions contained in the Existing Credit Agreement and each other Loan Document shall remain unamended and otherwise unmodified and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp; **Limitation of Amendments**. The amendments set forth in Article 2 shall be limited precisely as provided for herein and shall not be deemed to be a waiver of, amendment of, consent to or modification of any other term or provision of the Existing Credit Agreement or any term or provision of any other Loan Document or of any transaction or further or future action on the part of the Company which would require the consent of Agent under the Existing Credit Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Counterparts; Effectiveness**. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it shall have been executed by Agent and when Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or email shall be as effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp; **Incorporation of Existing Credit Agreement Provisions**. The provisions of Article 11 of the Existing Credit Agreement shall apply to this Agreement, mutatis mutandis.

*[Signature Pages Follow]*

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#### [SIGNATURE PAGE TO CREDIT AGREEMENT AMENDMENT]
IN WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth above.

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| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** | **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: | /s/ Michael D. Jerke |

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Name: Michael D. Jerke <br> Title: Chief Executive Officer

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IN WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth above.

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| | |
|:---|:---|
| **LENDER:** | **LENDER:** |
| **FARM CREDIT SERVICES OF AMERICA, FLCA** | **FARM CREDIT SERVICES OF AMERICA, FLCA** |
| By: | /s/ Curt A. Brown |

---

Name: Curt A. Brown <br> Title: Vice President

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IN WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth above.

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| | |
|:---|:---|
| **LENDER:** | **LENDER:** |
| **FARM CREDIT SERVICES OF AMERICA, PCA** | **FARM CREDIT SERVICES OF AMERICA, PCA** |
| By: | /s/ Curt A. Brown |

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Name: Curt A. Brown <br> Title: Vice President

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IN WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth above.

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| | |
|:---|:---|
| **CASH MANAGEMENT PROVIDER AND AGENT:** | **CASH MANAGEMENT PROVIDER AND AGENT:** |
| **COBANK, ACB** | **COBANK, ACB** |
| By: | /s/ Brook Stromer |

---

Name: Brook Stromer <br> Title: Vice President

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#### [GUARANTOR'S CONSENT PAGE TO CREDIT AGREEMENT AMENDMENT]

#### GUARANTOR'S CONSENT
The undersigned SIRE DISC, INC., an Iowa corporation (the "**Guarantor**"), hereby (a) consents to this Agreement and the transactions contemplated hereby, (b) reaffirms its obligations under that certain Continuing Guarantee dated February 11, 2015 by Guarantor in favor of Agent, for the benefit of the Lending Parties (the "**Continuing Guarantee**"), including, without limitation, the unconditional guarantee to Agent, for the benefit of the Lending Parties, of the full and prompt payment of the Indebtedness (as defined in the Continuing Guarantee), whether now existing or hereafter arising, and (c) represents and warrants that (i) the Continuing Guarantee continues to constitute the legal, valid and binding obligation of Guarantor enforceable against Guarantor in accordance with its terms, (ii) there exists no Event of Default or Default and (iii) there are no, and shall not be any, defenses to or counterclaims or rights of set-off against any of Agent's or the Lending Parties' rights under the Continuing Guarantee.

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| | |
|:---|:---|
| **SIRE DISC, INC.** | **SIRE DISC, INC.** |
| By: | /s/ Michael D. Jerke |

---

Name: Michael D. Jerke <br> Title: Chairman

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#### EXHIBIT A

#### Form of Fourth Amended and Restated Term Note

#### [ see attached ]

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#### EXHIBIT B

#### Form of Fourth Amended and Restated Revolving Term Note

#### [ see attached ]

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#### EXHIBIT C

#### Form of Fifth Amended and Restated Revolving Credit Note

#### [ see attached ]

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## Exhibit 10.2

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**Exhibit 10.2**<br>

**** 

<br> #### FOURTH AMENDED AND RESTATED TERM NOTE

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| | |
|:---|:---|
| $11250000 | Greenwood Village, Colorado |
|  | March 28, 2023 |

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**FOR VALUE RECEIVED**, SOUTHWEST IOWA RENEWABLE ENERGY, LLC, a limited liability company organized and existing under the laws of Iowa (the "**Company**"), hereby promises to pay to the order of FARM CREDIT SERVICES OF AMERICA, FLCA (which, together with its endorsees, successors, and assigns, is referred to herein as the "**Bank**"), at the office of CoBank, ACB (the "**Agent**") located at 6340 S. Fiddlers Green Circle, Greenwood Village, Colorado 80111 (or at such other place of payment designated by the holder hereof to the Company), the principal sum of ELEVEN MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($11,250,000) (such amount, the "**Term Loan Amount**") (each loan and any one or more portions of any loan being referred to herein as a "**Loan**"), and to pay interest, as set forth below, from the date hereof until Payment in Full on the principal amount remaining from time to time outstanding at the rates set forth below, in lawful money of the United States of America in immediately available funds, payable with interest thereon, as set forth below, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Company, and without set-off, counterclaim or other deduction of any nature. This Fourth Amended and Restated Term Note (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, this "**Note**") is given pursuant to that First Amended and Restated Credit Agreement dated as of July 18, 2022, Amendment No. 1 to First Amended and Restated Credit Agreement dated as of September 21, 2022 and Amendment No. 2 to First Amended and Restated Credit Agreement dated as of even date herewith, in each case, between the Company, the Bank, Farm Credit Services of America, PCA and the Agent (as amended, restated, modified or supplemented from time to time, collectively the "**Agreement**"). Capitalized terms not otherwise defined in this Note shall have the respective meanings ascribed to them by the Agreement, including Annex A thereto, and the Rules of Construction set forth in such Annex A shall apply to this Note. This Note amends and restates, but does not constitute payment of the indebtedness evidenced by, the Third Amended and Restated Term Note dated as of July 18, 2022 by the Company to the order of the Bank in the original principal amount of $18,750,000.

*1.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Borrowing Availability*. The principal amount of $30,000,000 was originally advanced to the Company on June 24, 2014 under the Term Note dated as of June 24, 2014 by the Company to the order of the Bank. The principal amount of $30,000,000 was re-advanced to the Company on or before December 15, 2019 (the "**Term Loan Availability Expiration Date**") under the First Amended and Restated Term Note dated as of November 8, 2019 by the Company to the order of the Bank. No additional advances shall be permitted under this Note. As of the date hereof, the remaining principal balance of the Loan is $11,250,000.

*2.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purpose of Term Loan*. The proceeds of the Term Loan shall be used to (a) finance capital expenditures and (b) provide Working Capital for the Company, and the Company shall use the Term Loan for no other purpose.

*3.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Principal Payments*. Principal hereunder shall be due and payable in one (1) installment of $3,750,000 on September 1, 2023. On November 15, 2024 (the "**Maturity Date**"), the entire remaining indebtedness evidenced by this Note, if not sooner paid in accordance with the terms of the Agreement and this Note, shall be due and payable.

*4.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Payments.* The Company hereby further promises to pay to the order of the Agent, at the times and on the dates provided in the Agreement, interest on the unpaid principal amount of the Loans from the date hereof until the Payment in Full of all of the Loans at the rate or rates comprising the Interest Rate Option(s) (defined below), which the Company shall select in accordance with the terms hereof to apply to each Loan, it being understood that, subject to the provisions of this Note and the Agreement, the Company may select different Interest Rate Options to apply to the Loans and may convert to or renew one or more Interest Rate Options with respect to any one or more of the Loans; provided that in the event the Company shall fail to timely select an Interest Rate Option to apply to any one or more Loans, such Loans shall bear interest at the Daily Simple SOFR Rate Option, and provided further that if an Event of Default or Default exists and is continuing, the Company may not request, convert to, or renew the Quoted Rate Option for any Loans, and the Agent may demand that all existing Loans bearing interest under the Quoted Rate Option shall be converted immediately to the Daily Simple SOFR Rate Option, and the Company shall be obligated to pay the Agent any indemnity, costs, and expenses arising in connection with such conversion.

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*5.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate Options*. The Company shall have the right to select from the following interest rate options with respect to the Loans (each, an "**Interest Rate Option**"): (a) upon the selection of a Daily Simple SOFR Rate Option, the Daily Simple SOFR Rate with a Daily Simple SOFR Rate Spread of 3.15% per annum (the "**Daily Simple SOFR Rate Spread**") or (b) upon the selection of a Quoted Rate Option, the Quoted Rate with such Quoted Rate to remain fixed for such period as is confirmed to the Company by the Agent, but in no event shall such period be less than 365 days.

*6.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loan Requests*. Subject to the terms and conditions of this Note and the Agreement, the Company may from time to time prior to the Maturity Date request the Agent to renew or convert the Interest Rate Option applicable to an existing Loan, by delivering, in accordance with the notice provisions of the Agreement, to the Agent not later than 12:00 noon (Denver time) the same Business Day as the proposed Business Day of the renewal or conversion of the Interest Rate Option with respect to a Loan to which the Quoted Rate Option will apply or the last day of the preceding Quoted Rate period with respect to the conversion to or renewal of the Quoted Rate Option for a Loan, a duly completed request therefor substantially in the form of <u>Exhibit A</u> hereto (or a request made by CoLink or by telephone, but subject to the same deadline and containing substantially the same information, and in the case of a telephone request, immediately confirmed in writing substantially in the form of <u>Exhibit A</u> and delivered in accordance with the terms hereof) by physical delivery, facsimile, or electronic mail (each such request, whether telephonic or written and regardless how delivered, a "**Loan Request**"), it being understood that the Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the amount of the proposed Loan and the Interest Rate Option to be applicable thereto (each Quoted Rate applicable to a Loan shall remain fixed for such period as is confirmed to the Company by the Agent), which amounts shall be in integral multiples of $500,000 for each Loan under the Quoted Rate Option. All notices and requests hereunder shall be given, and all conversions or renewals of Interest Rate Options shall occur, only on Business Days.

*7.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans; Limitations*. Under the Quoted Rate Option, a Quoted Rate may be fixed on such balance and for such period, and shall be subject to such rules and requirements as may be established by the Agent in its sole discretion in each instance, provided that: (1) the minimum fixed period hereunder shall be 365 days; (2) at no time shall more than 10 Loans to which the Quoted Rate Option applies be outstanding at any one time; and (3) amounts may be fixed in increments of $500,000 or integral multiples thereof. The Agent's determination of the Quoted Rate shall be conclusive and binding upon the Company absent manifest error

*8.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Incomplete Loan Requests; Consequences*. If no Interest Rate Option is timely selected when a Loan is requested or with respect to the end of any applicable Quoted Rate period for a Loan or prior to a requested conversion to a Quoted Rate Option for a Loan previously subject to a different Interest Rate Option, the Company shall be deemed to have selected a Daily Simple SOFR Rate Option for such Loan. In no event shall the interest rate(s) applicable to principal outstanding hereunder exceed the maximum rate of interest allowed by applicable Law, as amended from time to time; any payment of interest or in the nature of interest in excess of such limitation shall be credited as a payment of principal unless the Company requests the return of such amount.

------

*9.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note is the Term Note referred to in, and is entitled to the benefits of, the Agreement and the other Loan Documents referred to therein. Reference is made to the Agreement for a description of the relative rights and obligations of the Company, the Bank and the Agent, including rights and obligations of prepayment, collateral securing payment hereof, Events of Default, and rights of acceleration of maturity upon the occurrence of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No delay on the part of the holder hereof in exercising any of its options, powers, or rights, or partial or single exercise thereof, shall constitute a waiver thereof. The options, powers, and rights specified herein of the holder hereof are in addition to those otherwise created or permitted by Law, the Agreement, and the other Loan Documents. There are no claims, set-offs, or deductions of any nature as of the date hereof that could be made or asserted by the Company against the Bank and / or the Agent or against any amount due or to become due under this Note; all such claims, set-offs, or deductions are hereby waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Delivery of an executed signature page of this Note by telecopy or email (as a .*pdf* attachment thereto or otherwise) shall be as effective as delivery of a manually executed counterpart of this Note, but shall in any event be promptly followed by delivery of the original manually executed signature page (provided, however, that the failure to do so shall in no event adversely affect the rights of the Bank and / or the Agent hereunder whatsoever). THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

#### [SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF and intending to be legally bound hereby, the Company has executed this Note as of the date hereof by its duly Authorized Officer.

---

| | |
|:---|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** | **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: | /s/ Michael D. Jerke |

---

<br> Name: Michael D. Jerke <br> Title: Chief Executive Officer

---

| | |
|:---|:---|
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| **COBANK, ACB** | **COBANK, ACB** |
| By: | /s/ Brook Stromer |

---

<br> Name: Brook Stromer <br> Title: Vice President

---

| | |
|:---|:---|
| **FARM CREDIT SERVICES OF AMERICA, FLCA** | **FARM CREDIT SERVICES OF AMERICA, FLCA** |
| By: | /s/ Curt A. Brown |

---

<br> Name: Curt A. Brown <br> Title: Vice President

[Fourth Amended and Restated Term Note Signature Page]

------

<u>EXHIBIT A</u>

FORM OF TERM LOAN REQUEST

[_____________], 20[__]

To: CoBank, ACB (the "**Agent**")

From: Southwest Iowa Renewable Energy, LLC (the "**Company**")

---

| | |
|:---|:---|
|  Re: | First Amended and Restated Credit Agreement (as amended, restated, modified or supplemented from time to time, the "**Credit Agreement**"), dated as of July 18, 2022, by and between the Company, Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA, as Lender, and the Agent |

---

Pursuant to Section 2.1 of the Credit Agreement, the Company hereby gives notice of its desire to receive a Term Loan in accordance with the terms set forth below (all capitalized terms used herein and not defined herein shall have the meaning given them in the Credit Agreement):

(a) The Term Loan requested pursuant to this Loan Request shall be made on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_________], 20[__].

(b) The aggregate principal amount of the Term Loan requested hereunder is [_____________] Dollars&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($[_________]).

(c) The Term Loan requested hereunder shall initially bear interest at the *[select one]:*

☐ Daily Simple SOFR Rate Option; or <br>☐ Quoted Rate Option.

---

| |
|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: |

---

Name:   <br> Title:  

------

## Exhibit 10.3

------

**Exhibit 10.3**<br>

**** 

<br> #### FOURTH AMENDED AND RESTATED REVOLVING TERM NOTE

---

| | |
|:---|:---|
| $40000000 | Greenwood Village, Colorado |
|  | March 28, 2023 |

---

**FOR VALUE RECEIVED**, SOUTHWEST IOWA RENEWABLE ENERGY, LLC, a limited liability company organized and existing under the laws of Iowa (the "**Company**"), hereby promises to pay to the order of FARM CREDIT SERVICES OF AMERICA, FLCA (which, together with its endorsees, successors, and assigns, is referred to herein as the "**Bank**"), at the office of CoBank, ACB (the "**Agent**") located at 6340 S. Fiddlers Green Circle, Greenwood Village, Colorado 80111 (or at such other place of payment designated by the holder hereof to the Company), the lesser of (i) the principal sum of FORTY MILLION DOLLARS ($40,000,000) (as such amount may be reduced from time to time pursuant to Section 1 hereof, the "**Revolving Term Commitment**"), or (ii) the aggregate unpaid principal balance of all loans made under the Revolving Term Commitment by the Bank to or for the benefit of the Company (each loan and any one or more portions of any loan being referred to herein as a "**Loan**") pursuant to that First Amended and Restated Credit Agreement dated as of July 18, 2022, Amendment No. 1 to First Amended and Restated Credit Agreement dated as of September 21, 2022 and Amendment No. 2 to First Amended and Restated Credit Agreement dated as of even date herewith, in each case, between the Company, the Bank, Farm Credit Services of America, PCA and the Agent (as amended, restated, modified or supplemented from time to time, collectively the "**Agreement**"), in lawful money of the United States of America in immediately available funds, payable together with interest thereon, as set forth below, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Company, and without set-off, counterclaim or other deduction of any nature at the earlier of September 1, 2027 (the "**Revolving Term Facility Expiration Date**"), or as otherwise set forth below or in the Agreement. Capitalized terms not otherwise defined in this Fourth Amended and Restated Revolving Term Note (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, this "**Note**") shall have the respective meanings ascribed to them by the Agreement, including Annex A thereto, and the Rules of Construction set forth in such Annex A shall apply to this Note. This Note amends and restates, but does not constitute payment of the indebtedness evidenced by, the Third Amended and Restated Revolving Term Note dated as of September 21, 2022 by the Company to the order of the Bank.

*1.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Commitment Reductions*. The Company shall have the right, in its sole discretion, to permanently reduce the Revolving Term Commitment by giving the Agent ten (10) days prior written notice; provided that no Event of Default or Default has occurred or would result therefrom. Any such permanent reduction by the Company shall be made in increments of $500,000.

*2.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Principal Payments and Prepayments*. Payments and prepayments of principal shall be due and payable as set forth in the Agreement and this Note. The entire remaining indebtedness evidenced by this Note, if not sooner paid in accordance with the terms of the Agreement or this Note, shall be due and payable on the Revolving Term Facility Expiration Date. If at any time, the aggregate principal amount of Loans outstanding exceeds the Revolving Term Commitment at such time, the Company shall immediately notify the Agent and shall immediately prepay the principal amount of the outstanding Loans in an amount sufficient to eliminate such excess.

*3.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purpose of Revolving Term Facility.* The proceeds of the Revolving Term Loan shall be used to (a) finance capital expenditures and (b) provide Working Capital for the Company, and the Company shall use the Revolving Term Loan for no other purpose.

------

*4.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unused Commitment Fee*. Accruing from the date hereof until the Revolving Term Facility Expiration Date, the Company agrees to pay to the Agent a nonrefundable commitment fee (the "**Unused Commitment Fee**") equal to 0.50% per annum (computed on the basis of a year of 360 days for the actual number of days elapsed) multiplied by the average daily positive difference between the amount of (i) the Revolving Term Commitment <u>minus</u> (ii) the aggregate principal amount of all Loans then outstanding. All Unused Commitment Fees shall accrue to the first day of each month and be payable monthly in arrears on the 20th day of each month hereafter and on the Revolving Term Facility Expiration Date.

*5.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Payments.* The Company hereby further promises to pay to the order of the Agent, at the times and on the dates provided in the Agreement, interest on the unpaid principal amount of the Loans from the date hereof until the Payment in Full of all of the Loans at the rate or rates comprising the Interest Rate Option(s) (defined below), which the Company shall select in accordance with the terms hereof to apply to each Loan, it being understood that, subject to the provisions of this Note and the Agreement, the Company may select different Interest Rate Options to apply to the Loans and may convert to or renew one or more Interest Rate Options with respect to any one or more of the Loans; provided that in the event the Company shall fail to timely select an Interest Rate Option to apply to any one or more Loans, such Loans shall bear interest at the Daily Simple SOFR Rate Option, and provided further that if an Event of Default or Default exists and is continuing, the Company may not request, convert to, or renew the Quoted Rate Option for any Loans, and the Agent may demand that all existing Loans bearing interest under the Quoted Rate Option shall be converted immediately to the Daily Simple SOFR Rate Option, and the Company shall be obligated to pay the Agent any indemnity, costs, and expenses arising in connection with such conversion.

*6.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Rate Options*. The Company shall have the right to select from the following interest rate options with respect to the Loans (each, an "**Interest Rate Option**"): (a) upon the selection of a Daily Simple SOFR Rate Option, the Daily Simple SOFR Rate with a Daily Simple SOFR Rate Spread of 3.15% per annum (the "**Daily Simple SOFR Rate Spread**") or (b) upon the selection of a Quoted Rate Option, the Quoted Rate with such Quoted Rate to remain fixed for such period as is confirmed to the Company by the Agent, but in no event shall such period be less than 365 days.

*7.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loans; Limitations*. Under the Quoted Rate Option, a Quoted Rate may be fixed on such balance and for such period, and shall be subject to such rules and requirements as may be established by the Agent in its sole discretion in each instance, provided that: (1) the minimum fixed period hereunder shall be 365 days; (2) at no time shall more than 10 Loans to which the Quoted Rate Option applies be outstanding at any one time; and (3) amounts may be fixed in increments of $500,000 or integral multiples thereof. The Agent's determination of the Quoted Rate shall be conclusive and binding upon the Company absent manifest error.

------

*8.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loan Requests*. Subject to the terms and conditions of this Note and the Agreement, the Company may prior to the Revolving Term Facility Expiration Date request the Bank to make Loans and the Company may from time to time prior to the Revolving Term Facility Expiration Date request the Agent to renew or convert the Interest Rate Option applicable to an existing Loan, by delivering, in accordance with the notice provisions of the Agreement, to the Agent not later than 12:00 noon (Denver time),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the same Business Day as the proposed Business Day of borrowing with respect to a Loan to which the Daily Simple SOFR Rate Option will apply, and (b) the same Business Day as the proposed Business Day of the renewal or conversion of the Interest Rate Option with respect to a Loan to which the Quoted Rate Option will apply or the last day of the preceding Quoted Rate period with respect to the conversion to or renewal of the Quoted Rate Option for a Loan,

a duly completed request therefor substantially in the form of <u>Exhibit A</u> hereto (or a request made by CoLink or by telephone, but subject to the same deadline and containing substantially the same information, and in the case of a telephone request, immediately confirmed in writing substantially in the form of <u>Exhibit A</u> and delivered in accordance with the terms hereof) by physical delivery, facsimile, or electronic mail (each such request, whether telephonic or written and regardless how delivered, a "**Loan Request**"), it being understood that the Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the amount of the proposed Loan and the Interest Rate Option to be applicable thereto (each Quoted Rate applicable to a Loan shall remain fixed for such period as is confirmed to the Company by the Agent), which amounts shall be in integral multiples of $500,000 for each Loan under the Quoted Rate Option. All notices and requests hereunder shall be given, and all borrowings and all conversions or renewals of Interest Rate Options shall occur, only on Business Days.

*9.*&nbsp;&nbsp;&nbsp;&nbsp; *Incomplete Loan Requests; Consequences*. If no Interest Rate Option is timely selected when a Loan is requested or with respect to the end of any applicable Quoted Rate period for a Loan or prior to a requested conversion to a Quoted Rate Option for a Loan previously subject to a different Interest Rate Option, the Company shall be deemed to have selected a Daily Simple SOFR Rate Option for such Loan. In no event shall the interest rate(s) applicable to principal outstanding hereunder exceed the maximum rate of interest allowed by applicable Law, as amended from time to time; any payment of interest or in the nature of interest in excess of such limitation shall be credited as a payment of principal unless the Company requests the return of such amount.

*10.*&nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note is the Revolving Term Note referred to in, and is entitled to the benefits of, the Agreement and the other Loan Documents referred to therein. Reference is made to the Agreement for a description of the relative rights and obligations of the Company, the Bank and the Agent, including rights and obligations of prepayment, collateral securing payment hereof, Events of Default, and rights of acceleration of maturity upon the occurrence of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No delay on the part of the holder hereof in exercising any of its options, powers, or rights, or partial or single exercise thereof, shall constitute a waiver thereof. The options, powers, and rights specified herein of the holder hereof are in addition to those otherwise created or permitted by Law, the Agreement, and the other Loan Documents. There are no claims, set-offs, or deductions of any nature as of the date hereof that could be made or asserted by the Company against the Bank and / or the Agent or against any amount due or to become due under this Note; all such claims, set-offs, or deductions are hereby waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Delivery of an executed signature page of this Note by telecopy or email (as a .*pdf* attachment thereto or otherwise) shall be as effective as delivery of a manually executed counterpart of this Note, but shall in any event be promptly followed by delivery of the original manually executed signature page (provided, however, that the failure to do so shall in no event adversely affect the rights of the Bank and / or the Agent hereunder whatsoever). THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

#### [ SIGNATURE PAGE FOLLOWS ]

------

IN WITNESS WHEREOF and intending to be legally bound hereby, the Company has executed this Note as of the date hereof by its duly Authorized Officer.

---

| | |
|:---|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** | **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: | /s/ Michael D. Jerke |

---

Name: Michael D. Jerke <br> Title: Chief Executive Officer

---

| |
|:---|
| AGREED AND ACCEPTED: |
| **COBANK, ACB** |

---

---

| | |
|:---|:---|
| By:<br>| /s/ Brook Stromer |

---

---

| | | |
|:---|:---|:---|
|  | Name: | Brook Stromer |
|  | Title: | Vice President |
| **FARM CREDIT SERVICES OF AMERICA, FLCA** | **FARM CREDIT SERVICES OF AMERICA, FLCA** | **FARM CREDIT SERVICES OF AMERICA, FLCA** |

---

---

| | |
|:---|:---|
| By:<br>| /s/ Curt A. Brown |

---

<br> Name: Curt A. Brown <br> Title: Vice President

[Fourth Amended and Restated Revolving Term Note Signature Page]

------

<u>EXHIBIT A</u>

FORM OF REVOLVING TERM LOAN REQUEST

[_____________], 20[__]

To: CoBank, ACB (the "**Agent**")

From: Southwest Iowa Renewable Energy, LLC (the "**Company**")

---

| | |
|:---|:---|
|  Re: | First Amended and Restated Credit Agreement (as amended, restated, modified or supplemented from time to time, the "**Credit Agreement**"), dated as of July 18, 2022, by and between the Company, Farm Credit Services of America, FLCA, as Lender, and the Agent |

---

Pursuant to Section 2.2(a) of the Credit Agreement, the Company hereby gives notice of its desire to receive a Revolving Term Loan in accordance with the terms set forth below (all capitalized terms used herein and not defined herein shall have the meaning given them in the Credit Agreement):

(a) The Revolving Term Loan requested pursuant to this Revolving Term Loan Request shall be made on [________], 20[__].

(b) The aggregate principal amount of the Revolving Term Loan requested hereunder is [_____________] Dollars ($[_________]).

(c) The Revolving Term Loan requested hereunder shall initially bear interest at the *[select one]:*

☐ Daily Simple SOFR Rate Option; or <br>☐ Quoted Rate Option.

---

| |
|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: |
| Name: |
| Title: |

---

------

## Exhibit 10.4

------

**Exhibit 10.4**<br>

**** 

<br> #### FIFTH AMENDED AND RESTATED REVOLVING CREDIT NOTE

---

| | |
|:---|:---|
| $10000000 | Greenwood Village, Colorado |
|  | March 28, 2023 |

---

**FOR VALUE RECEIVED**, SOUTHWEST IOWA RENEWABLE ENERGY, LLC, a limited liability company organized and existing under the laws of Iowa (the "**Company**"), hereby promises to pay to the order of FARM CREDIT SERVICES OF AMERICA, PCA (which, together with its endorsees, successors, and assigns, is referred to herein as the "**Bank**"), at the office of CoBank, ACB (the "**Agent**") located at 6340 S. Fiddlers Green Circle, Greenwood Village, Colorado 80111 (or at such other place of payment designated by the holder hereof to the Company), the lesser of (i) the principal sum of TEN MILLION DOLLARS ($10,000,000) (the "**Revolving Credit Commitment**") or (ii) the aggregate unpaid principal balance of all loans made under the Revolving Credit Commitment by the Bank to or for the benefit of the Company (each loan and any one or more portions of any loan being referred to herein as a "**Loan**") pursuant to that First Amended and Restated Credit Agreement dated as of July 18, 2022, Amendment No. 1 to First Amended and Restated Credit Agreement dated as of September 21, 2022 and Amendment No. 2 to First Amended and Restated Credit Agreement dated as of even date herewith, in each case, between the Company, Farm Credit Services of America, FLCA, the Bank and the Agent (as amended, restated, modified or supplemented from time to time, collectively the "**Agreement**"), in lawful money of the United States of America in immediately available funds, payable together with interest thereon, as set forth below, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Company, and without set-off, counterclaim or other deduction of any nature at the earlier of April 1, 2024 (the "**Revolving Credit Facility Expiration Date**"), or as otherwise set forth below or in the Agreement. Capitalized terms not otherwise defined in this Fifth Amended and Restated Revolving Credit Note (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, this "**Note**") shall have the respective meanings ascribed to them by the Agreement, including Annex A thereto, and the Rules of Construction set forth in such Annex A shall apply to this Note. This Note amends and restates, but does not constitute payment of the indebtedness evidenced by, the Fourth Amended and Restated Revolving Credit Note dated as of July 18, 2022 by the Company to the order of the Bank.

*1.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Renewal*. Notwithstanding anything the contrary set forth herein, the Revolving Credit Commitment shall be renewed for an additional one-year period if, on or before the Revolving Credit Facility Expiration Date, the Agent, upon approval of the Bank, provides to the Company a written notice of renewal for an additional one-year period (a "**Renewal Notice**"). If on or before the Revolving Credit Facility Expiration Date, the Agent and/or the Bank grant a short-term extension of the Revolving Credit Commitment, the Revolving Credit Commitment will be renewed for an additional one-year period only if the Agent provides the Renewal Notice to the Company on or before such extended expiration date.

*2.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Principal Payments and Prepayments*. Payments and prepayments of principal shall be due and payable as set forth in the Agreement and this Note. The entire remaining indebtedness evidenced by this Note, if not sooner paid in accordance with the terms of the Agreement or this Note, shall be due and payable on the Revolving Credit Facility Expiration Date. If at any time, the aggregate principal amount of Loans outstanding exceeds the Revolving Credit Commitment at such time, the Company shall immediately notify the Agent and shall immediately prepay the principal amount of the outstanding Loans in an amount sufficient to eliminate such excess.

*3.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Purpose of Revolving Credit Facility.* The proceeds of the Revolving Credit Facility shall be used to finance the operating needs of the Company and for any other lawful purpose.

*4.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unused Commitment Fee*. Accruing from the date hereof until the Revolving Credit Facility Expiration Date, the Company agrees to pay to the Agent a nonrefundable commitment fee (the "**Unused Commitment Fee**") equal to 0.20% per annum (computed on the basis of a year of 360 days for the actual number of days elapsed) multiplied by the average daily positive difference between the amount of (i) the Revolving Credit Commitment <u>minus</u> (ii) the aggregate principal amount of all Loans then outstanding. All Unused Commitment Fees shall accrue to the first day of each month and be payable monthly in arrears on the 20th day of each month hereafter and on the Revolving Credit Facility Expiration Date.

------

*5.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest Payments; Interest Rate.* The Company hereby further promises to pay to the order of the Agent, at the times and on the dates provided in the Agreement, interest on the unpaid principal amount of the Loans from the date hereof until the Payment in Full of all of the Loans at the Daily Simple SOFR Rate with a Daily Simple SOFR Rate Spread of 3.00% per annum (the "**Daily Simple SOFR Rate Spread**"). All Loans shall be deemed to be Daily Simple SOFR Rate Loans.

*6.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Loan Requests*. Subject to the terms and conditions of this Note and the Agreement, the Company may prior to the Revolving Credit Facility Expiration Date request the Bank to make Loans by delivering, in accordance with the notice provisions of the Agreement, to the Agent not later than 12:00 noon (Denver time), the same Business Day as the proposed Business Day of borrowing, a duly completed request therefor substantially in the form of <u>Exhibit A</u> hereto (or a request made by CoLink or by telephone, but subject to the same deadline and containing substantially the same information, and in the case of a telephone request, immediately confirmed in writing substantially in the form of <u>Exhibit A</u> and delivered in accordance with the terms hereof) by physical delivery, facsimile, or electronic mail (each such request, whether telephonic or written and regardless how delivered, a "**Loan Request**"), it being understood that the Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation. Each Loan Request shall be irrevocable and shall specify the amount of the proposed Loan. All notices and requests hereunder shall be given, and all borrowings shall occur, only on Business Days.

*7.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Usury*. In no event shall the interest rate(s) applicable to principal outstanding hereunder exceed the maximum rate of interest allowed by applicable Law, as amended from time to time; any payment of interest or in the nature of interest in excess of such limitation shall be credited as a payment of principal unless the Company requests the return of such amount.

*8.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Miscellaneous*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Note is the Revolving Credit Note referred to in, and is entitled to the benefits of, the Agreement and the other Loan Documents referred to therein. Reference is made to the Agreement for a description of the relative rights and obligations of the Company, the Bank and the Agent, including rights and obligations of prepayment, collateral securing payment hereof, Events of Default, and rights of acceleration of maturity upon the occurrence of an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No delay on the part of the holder hereof in exercising any of its options, powers, or rights, or partial or single exercise thereof, shall constitute a waiver thereof. The options, powers, and rights specified herein of the holder hereof are in addition to those otherwise created or permitted by Law, the Agreement, and the other Loan Documents. There are no claims, set-offs, or deductions of any nature as of the date hereof that could be made or asserted by the Company against the Bank and / or the Agent or against any amount due or to become due under this Note; all such claims, set-offs, or deductions are hereby waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Delivery of an executed signature page of this Note by telecopy or email (as a .*pdf* attachment thereto or otherwise) shall be as effective as delivery of a manually executed counterpart of this Note, but shall in any event be promptly followed by delivery of the original manually executed signature page (provided, however, that the failure to do so shall in no event adversely affect the rights of the Bank and / or the Agent hereunder whatsoever). THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES.

#### [ SIGNATURE PAGE FOLLOWS ]

------

IN WITNESS WHEREOF and intending to be legally bound hereby, the Company has executed this Note as of the date hereof by its duly Authorized Officer.

---

| | |
|:---|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** | **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: | /s/ Michael D. Jerke |

---

Name: Michael D. Jerke <br> Title: Chief Executive Officer

---

| | |
|:---|:---|
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| **COBANK, ACB** | **COBANK, ACB** |
| By:<br>| /s/ Brook Stromer |

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| | | |
|:---|:---|:---|
|  | Name: | Brook Stromer |
|  | Title: | Vice President |
| **FARM CREDIT SERVICES OF AMERICA, PCA** | **FARM CREDIT SERVICES OF AMERICA, PCA** | **FARM CREDIT SERVICES OF AMERICA, PCA** |

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| | |
|:---|:---|
| By:<br>| /s/ Curt A. Brown |

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<br> Name: Curt A. Brown <br> Title: Vice President

[Fifth Amended and Restated Revolving Credit Note Signature Page]

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<u>EXHIBIT A</u>

FORM OF REVOLVING CREDIT LOAN REQUEST

[_____________], 20[__]

To: CoBank, ACB (the "**Agent**")

From: Southwest Iowa Renewable Energy, LLC (the "**Company**")

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| | |
|:---|:---|
|  Re: | First Amended and Restated Credit Agreement (as amended, restated, modified or supplemented from time to time, the "**Credit Agreement**"), dated as of July 18, 2022, by and between the Company, Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA, as Lender, and the Agent |

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Pursuant to Section 2.3(a) of the Credit Agreement, the Company hereby gives notice of its desire to receive a Revolving Credit Loan in accordance with the terms set forth below (all capitalized terms used herein and not defined herein shall have the meaning given them in the Credit Agreement):

(a) The Revolving Credit Loan requested pursuant to this Revolving Credit Loan Request shall be made on [________], 20[__].

(b) The aggregate principal amount of the Revolving Credit Loan requested hereunder is [_____________] Dollars ($[_________]).

(c) The Revolving Credit Loan requested hereunder shall bear interest at the Daily Simple SOFR Rate Option.

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| |
|:---|
| **SOUTHWEST IOWA RENEWABLE ENERGY, LLC** |
| By: |
| Name: |
| Title: |

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