Document:

EXHIBIT
10.4

     

    
      

      

    

    SECURITY
AGREEMENT

     

    by
and between

     

    RAY
CARROLL COUNTY GRAIN GROWERS, INC.,
as Creditor

     

    SHOW
ME ETHANOL, LLC, as Borrower

    

    DATED
AS OF MARCH 31, 2009

     

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TABLE
OF CONTENTS

    

    
      
        
          	 
      	 
      	 
      	
                  Page

                
	 
      	 
      	 
      	 
      
	
                  1.

                	
                  DEFINITIONS.

                	
                  1

                
	 
      	 
      	 
      	 
      
	
                  2.

                	
                  SUBORDINATED
      NOTE.

                	
                  4

                
	 
      	 
      	 
      
	 
      	
                  2.1.

                	
                  Subordinated
      Debt.

                	
                  4

                
	 
      	 
      	 
      	 
      
	
                  3.

                	
                  COLLATERAL.

                	
                  4

                
	 
      	 
      	 
      
	 
      	
                  3.1.

                	
                  Grant
      of Security Interest to Creditor.

                	
                  4

                
	 
      	
                  3.2.

                	
                  Leasehold
      Deed of Trust.

                	
                  5

                
	 
      	
                  3.3.

                	
                  Other
      Security.

                	
                  5

                
	 
      	 
      	 
      	 
      
	
                  4.

                	
                  PRESERVATION
      OF COLLATERAL AND PERFECTION OF SECURITY INTERESTS
THEREIN.

                	
                  6

                
	 
      	 
      	 
      
	 
      	
                  4.1.

                	
                  Creditor’s
      Enforcement Rights with Respect to Accounts.

                	
                  6

                
	 
      	
                  4.2.

                	
                  Information.

                	
                  6

                
	 
      	 
      	 
      	 
      
	
                  5.

                	
                  REPRESENTATIONS
      AND WARRANTIES.

                	
                  7

                
	 
      	 
      	 
      
	 
      	
                  5.1.

                	
                  Locations.

                	
                  7

                
	 
      	
                  5.2.

                	
                  Organization,
      Authority and No Conflict.

                	
                  7

                
	 
      	
                  5.3.

                	
                  Names
      and Trade Names.

                	
                  7

                
	 
      	
                  5.4.

                	
                  Enforceability.

                	
                  8

                
	 
      	 
      	 
      	 
      
	
                  6.

                	
                  AFFIRMATIVE
      COVENANTS.

                	
                  8

                
	 
      	 
      	 
      
	 
      	
                  6.1.

                	
                  Maintenance
      of Records.

                	
                  8

                
	 
      	
                  6.2.

                	
                  Notices.

                	
                  8

                
	 
      	
                  6.3.

                	
                  Insurance.

                	
                  9

                
	 
      	
                  6.4.

                	
                  Collateral.

                	
                  10

                
	 
      	
                  6.5.

                	
                  Taxes.

                	
                  10

                
	 
      	
                  6.6.

                	
                  Intellectual
      Property.

                	
                  11

                
	 
      	 
      	 
      	 
      
	
                  7.

                	
                  DEFAULT.

                	
                  11

                
	 
      	 
      	 
      
	 
      	
                  7.1.

                	
                  Payment.

                	
                  11

                
	 
      	
                  7.2.

                	
                  Breach
      of this Agreement and the Other Loan Documents.

                	
                  11

                
	 
      	
                  7.3.

                	
                  Breaches
      of Other Obligations.

                	
                  11

                
	 
      	
                  7.4.

                	
                  Breach
      of Representations and Warranties.

                	
                  11

                
	 
      	
                  7.5.

                	
                  Loss
      of Collateral.

                	
                  12

                
	 
      	
                  7.6.

                	
                  Levy,
      Seizure or Attachment.

                	
                  12

                
	 
      	
                  7.7.

                	
                  Bankruptcy
      or Similar Proceedings.

                	
                  12

                
	 
      	
                  7.8.

                	
                  Appointment
      of Receiver.

                	
                  12

                

        

      

    

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 
      	
                  7.9.

                	
                  Judgment.

                	
                  12

                
	 
      	
                  7.10.

                	
                  Dissolution
      of Borrower.

                	
                  12

                
	 
      	
                  7.11.

                	
                  Material
      Adverse Effect.

                	
                  13

                
	 
      	 
      	 
      	 
      
	
                  8.

                	
                  REMEDIES
      UPON AN EVENT OF DEFAULT; APPLICATION OF PROCEEDS.

                	
                  13

                
	 
      	 
      	 
      
	 
      	
                  8.1.

                	
                  Acceleration
      of Liabilities.

                	
                  13

                
	 
      	
                  8.2.

                	
                  Other
      Rights and Remedies.

                	
                  13

                
	 
      	
                  8.3.

                	
                  Rights
      and Remedies Cumulative.

                	
                  14

                
	 
      	
                  8.4.

                	
                  Application
      of Proceeds.

                	
                  14

                
	 
      	 
      	 
      	 
      
	
                  9.

                	
                  INTENTIONALLY
      LEFT BLANK.

                	
                  14

                
	 
      	 
      	 
      
	
                  10.

                	
                  AMENDMENTS.

                	
                  14

                
	 
      	 
      	 
      
	
                  11.

                	
                  INDEMNIFICATION.

                	
                  15

                
	 
      	 
      	 
      
	
                  12.

                	
                  NOTICE.

                	
                  15

                
	 
      	 
      	 
      
	
                  13.

                	
                  CHOICE
      OF GOVERNING LAW; CONSTRUCTION; FORUM SELECTION.

                	
                  16

                
	 
      	 
      	 
      
	
                  14.

                	
                  HEADINGS
      OF SUBDIVISIONS.

                	
                  17

                
	 
      	 
      	 
      
	
                  15.

                	
                  POWER
      OF ATTORNEY.

                	
                  17

                
	 
      	 
      	 
      
	
                  16.

                	
                  CONFIDENTIALITY.

                	
                  18

                
	 
      	 
      	 
      
	
                  17.

                	
                  COUNTERPARTS.

                	
                  18

                
	 
      	 
      	 
      
	
                  18.

                	
                  WAIVER
      OF JURY TRIAL; OTHER WAIVERS.

                	
                  18

                
	 
      	 
      	 
      
	
                  19.

                	
                  STATUTORY
      NOTICE.

                	
                  19

                

        

      

    

    

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

    

    SECURITY
AGREEMENT

    

    THIS
SECURITY AGREEMENT (as amended, modified or supplemented
from time to time, this “Agreement”) made this 31st day
of March, 2009 (the “Closing
Date”) by and between Ray-Carroll County Grain Growers, Inc. as Creditor
(“Creditor”), and Show
Me Ethanol, LLC, having its principal place of business at 26530 Highway 24
East, Carrollton, MO 64633 (“Borrower”).

     

    WITNESSETH:

     

    WHEREAS,
Borrower has executed a Subordinated Secured Promissory Note in the original
principal sum of $12,000,000.00 of even date herewith in favor of Creditor (the
“Subordinated Note”) and
the parties wish to provide security for Borrower’s obligation in connection
therewith on the terms and conditions set forth herein.

     

    NOW,
THEREFORE, in consideration of the Subordinated Note between Borrower and
Creditor, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by Borrower, the parties agree as
follows:

     

    
      	
              1.

            	
              DEFINITIONS.

            

    

     

    “Account” shall have the
meaning ascribed to such term in the UCC.

     

    “Account Debtor” shall have the
meaning ascribed to such term in the UCC.

     

    “Assignment and Acceptance”
shall have the meaning in Section
11 hereof.

     

    “Business Day” shall mean any
day other than a Saturday, a Sunday or any day on which banks in Kansas City,
Missouri are required or permitted to close.

     

    “Chattel Paper” shall have the
meaning ascribed to such term in the UCC.

     

    “Collateral” shall mean all of
the property of Borrower described herein, together with all other real or
personal property of Borrower or any other Person now or hereafter pledged to
Creditor, for the benefit of Creditor and Lenders, to secure, either directly or
indirectly, repayment of any of the Liabilities.

     

    “Creditor” shall mean
Ray-Carroll County Grain Growers, Inc.

     

    “Deposit Accounts” shall have
the meaning ascribed to such term in the UCC.

     

    “Documents” shall have the
meaning ascribed to such term in the UCC.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Environmental Laws” shall mean
all federal, state, district, local and foreign laws, rules, regulations,
ordinances, and consent decrees relating to health, safety, hazardous
substances, pollution and environmental matters, as now or at any time hereafter
in effect, applicable to Borrower’s business or facilities owned or operated by
Borrower, including laws relating to emissions, discharges, releases or
threatened releases of pollutants, contamination, chemicals, or hazardous, toxic
or dangerous substances, materials or wastes into the environment (including,
without limitation, ambient air, surface water, ground water, land surface or
subsurface strata) or otherwise relating to the generation, manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of Hazardous Materials.

     

    “Equipment” shall have the
meaning ascribed to such term in the UCC.

     

    “Event of Default” shall have
the meaning specified in Section
7 hereof.

     

     “Fixtures” shall have the
meaning ascribed to such term in the UCC.

     

    “General Intangibles” shall
have the meaning ascribed to such term in the UCC.

     

    “Goods” shall have the meaning
ascribed to such term in the UCC.

     

    “Hazardous Materials” shall
mean any hazardous, toxic or dangerous substance, materials and wastes,
including, without limitation, hydrocarbons (including naturally occurring or
man-made petroleum and hydrocarbons), flammable explosives, asbestos, urea
formaldehyde insulation, radioactive materials, biological substances,
polychlorinated biphenyls, pesticides, herbicides and any other kind and/or type
of pollutants or contaminants (including, without limitation, materials which
include hazardous constituents), sewage, sludge, industrial slag, solvents
and/or any other similar substances, materials, or wastes and including any
other substances, materials or wastes that are or become regulated under any
Environmental Law (including, without limitation any that are or become
classified as hazardous or toxic under any Environmental Law).

     

    “Indemnified Party” shall have
the meaning specified in Section
14 hereof.

     

    “Instruments” shall have the
meaning ascribed to such term in the UCC.

     

    “Intercreditor Agreement” shall
mean that Intercreditor Agreement by and among FCS Financial, PCA, the Borrower
and Creditor dated the date hereof.

     

    “Inventory” shall have the
meaning ascribed to such term in the UCC.

     

    “Investment Property” shall
have the meaning ascribed to such term in the UCC.

     

    “Leasehold Dead of Trust”
shall mean that Missouri Leasehold Deed of Trust, Assignment of Rents and
Security Agreement by and among the trustee named therein and Borrower as
grantor, dated the date hereof.

     

    “Liabilities” shall mean the
indebtedness owed by Borrower to Creditor pursuant to the Subordinated
Note.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    “Loan Documents” shall mean
this Agreement, the Subordinated Note, Leasehold Deed of Trust and all other
agreements, instruments and documents, including, without limitation,
guaranties, mortgages, trust deeds, pledges, powers of attorney, consents,
assignments, contracts, notices, security agreements, leases, financing
statements, bank account agreements, banking and related services or cash
management agreements and all other writings heretofore, now or from time to
time hereafter executed by or on behalf of Borrower or any other Person and
delivered to Creditor and/or any Lender or to any parent, Affiliate or
subsidiary of Creditor and/or any Lender in connection with the transactions
contemplated hereby, as each of the same may be amended, modified or
supplemented from time to time.

     

    “Material Adverse Effect” shall
mean (i) a material adverse change in, or a material adverse effect on the
business, property, assets, operations or prospects of Borrower as determined by
Creditor in its sole discretion, determined in good faith, (ii) a material
impairment of the ability of Borrower to perform any of its obligations under
the Loan Documents as determined by Creditor in its sole discretion, determined
in good faith, (iii) a material adverse effect upon the Collateral or its value
as determined by Creditor in its sole discretion, determined in good faith, or
(iv) a material impairment of the enforceability or priority of Creditor’s liens
upon the Collateral or the legality, validity, binding effect or enforceability
of the Loan Documents as determined by Creditor in their sole discretion,
determined in good faith.

     

    “Other Agreements” shall mean
the Loan Documents.

     

    “Person” shall mean any
individual, sole proprietorship, partnership, joint venture, trust,
unincorporated organization, association, corporation, limited liability
company, institution, entity, party or foreign or United States government
(whether federal, state, county, city, municipal or otherwise), including,
without limitation, any instrumentality, division, agency, body or department
thereof.

     

    “Proceeds” shall have the
meaning ascribed to such term in the UCC.

     

    “Register” shall have the
meaning set forth in subsection
11(d) hereof.

     

    “Senior Loan Agreements” shall
mean that certain Construction and Term Loan Agreement by and among Borrower,
FCS Financial, PCA, as administrative Creditor, and the banks named therein,
dated as of March 1, 2007 and that certain Revolving Creditor Agreement by and
between Borrower and FCS Financial, PCA, dated November 6, 2007, as they
may  be amended.

     

    “Senior Loan Documents” shall
mean the Senior Loan Agreements, the promissory note evidencing the loan made by
the Senior Loan Agreements, a deed of trust in support of the loan made under
the Senior Loan Agreement, and all other instruments and documents executed and
delivered by Borrower, as amended from time to time, and any renewal and
extensions thereof.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Subordinated Note” in the
original principal sum of $12,000,000.00 from Borrower to Creditor of even date
herewith.

     

     “Subsidiary” shall mean any
corporation of which more than fifty percent (50%) of the outstanding capital
stock having ordinary voting power to elect a majority of the board of directors
of such corporation (irrespective of whether at the time stock of any other
class of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time, directly or indirectly, owned by
Borrower, or any partnership, joint venture or limited liability company of
which more than fifty percent (50%) of the outstanding equity interests are at
the time, directly or indirectly, owned by Borrower or any partnership of which
Borrower is a general partner.

     

    “Supporting Obligations” shall
have the meaning ascribed to such term in the UCC.

     

    “UCC” shall mean the Uniform
Commercial Code as in effect in Missouri from time to time.

     

    
      	
              2.

            	
              SUBORDINATED
      NOTE.

            

    

     

    
      	
            	
              2.1. 

            	
              Subordinated
      Debt.

            

    

     

    The
Liabilities shall be performed in accordance with the provisions of the
Subordinated Note.

     

    
      	
              3.

            	
              COLLATERAL.

            

    

     

    
      	
            	
              3.1. 

            	
              Grant of Security
      Interest to Creditor.

            

    

     

    As
security for the payment and performance of all Liabilities of Borrower
hereunder and under the Subordinated Note, Borrower hereby assigns to Creditor
and grants to Creditor, a continuing security interest in the following property
of Borrower, whether now or hereafter owned, existing, acquired or arising and
wherever now or hereafter located:

     

    (a)           all
Accounts and all Goods whose sale, lease or other disposition by Borrower has
given rise to Accounts and have been returned to, or repossessed or stopped in
transit by, Borrower;

     

    (b)           all
Chattel Paper, Instruments, Documents and General Intangibles (including,
without limitation, all patents, patent applications, trademarks, trademark
applications, trade names, trade secrets, goodwill, copyrights, copyright
applications, registrations, licenses, software, franchises, customer lists, tax
refund claims, claims against carriers and shippers, guarantee claims, contract
rights, payment intangibles, security interests, security deposits and rights to
indemnification);

     

    (c)           all
Inventory;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (d)           all
Goods (other than Inventory), including, without limitation, Equipment, vehicles
and Fixtures;

     

    (e)           all
Investment Property;

     

    (f)           all
Deposit Accounts, bank accounts, deposits and cash;

     

    (g)           Commercial
Tort Claims;

     

    (h)           All
Supporting Obligations;

     

    (i)           any
other property of Borrower now or hereafter in the possession, custody or
control of Creditor or any parent, affiliate or subsidiary of Creditor, for any
purpose (whether for safekeeping, deposit, collection, custody, pledge,
transmission or otherwise); and

     

    (j)           all
additions and accessions to, substitutions for, and replacements, products and
Proceeds of the foregoing property, including, without limitation, proceeds of
all insurance policies insuring the foregoing property, and all of Borrower’s
books and records relating to any of the foregoing and to Borrower’s
business.

     

    
      	
            	
              3.2. 

            	
              Leasehold Deed of
      Trust.

            

    

     

    In
addition to the foregoing Collateral, the Liabilities shall be secured by a
Leasehold Deed of Trust, to be executed, delivered at the time of entry into
this Agreement.

     

    
      	
            	
              3.3. 

            	
              Other
      Security.

            

    

     

    Creditor,
in its sole discretion, without waiving or releasing any obligation, liability
or duty of Borrower under this Agreement or the other Loan Documents or any
Event of Default, may at any time or times hereafter, but shall not be obligated
to, pay, acquire or accept an assignment of any security interest, lien,
encumbrance or claim asserted by any Person in, upon or against the
Collateral.  All sums paid by Creditor in respect thereof and all
costs, fees and expenses including, without limitation, reasonable attorney
fees, all court costs and all other charges relating thereto incurred by
Creditor shall constitute Liabilities, payable by Borrower to Creditor on
demand.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              PRESERVATION
      OF COLLATERAL AND PERFECTION OF SECURITY INTERESTS THEREIN.

            

    

     

    Borrower
shall, at Creditor’s request, at any time and from time to time, authenticate,
execute and deliver to Creditor such financing statements, documents and other
agreements and instruments (and pay the cost of filing or recording the same in
all public offices deemed necessary or desirable by Creditor) and do such other
acts and things or cause third parties to do such other acts and things as
Creditor may deem necessary or desirable in its sole discretion in order to
establish and maintain a valid, attached and perfected security interest in the
Collateral in favor of Creditor  to secure payment of the Liabilities,
and in order to facilitate the collection of the Collateral.  Borrower
irrevocably hereby makes, constitutes and appoints Creditor (and all Persons
designated by Creditor for that purpose) as Borrower’s true and lawful attorney
and Creditor-in-fact to execute and file such financing statements, documents
and other agreements and instruments and do such other acts and things as may be
necessary to preserve and perfect Creditor’s security interest in the
Collateral.  Borrower further ratifies and confirms the prior filing
by Creditor of any and all financing statements which identify Borrower as
debtor, Creditor as secured party and any or all Collateral as
collateral.  Borrower shall deliver to Creditor any and all evidence
of ownership of any of the Equipment including, without limitation, certificates
of title and applications of title and shall take all actions and execute all
documents required to cause the security interest of Creditor hereunder to be
noted upon any such certificates of title. Borrower shall indicate on its
records concerning the Collateral a notation, in form satisfactory to Creditor,
of the security interest of Creditor hereunder.  Notwithstanding the
foregoing, Borrower shall not be obligated to record the Creditor on
certificates of title for rolling stock or motor vehicles.

     

    
      	
            	
              4.1.

            	
              Creditor’s
      Enforcement Rights with Respect to
  Accounts.

            

    

     

    Creditor
may, at any time and from time to time after the occurrence and during the
continuance of an Event of Default, whether before or after notification to any
Account Debtor and whether before or after the maturity of any of the
Liabilities, (i) enforce collection of any of each Borrower’s Accounts or
other amounts owed to Borrower by suit or otherwise; (ii) exercise all of
Borrower’s rights and remedies with respect to proceedings brought to collect
any Accounts or other amounts owed to Borrower; (iii) surrender, release or
exchange all or any part of any Accounts or other amounts owed to Borrower, or
compromise or extend or renew for any period (whether or not longer than the
original period) any indebtedness thereunder; (iv) sell or assign any
Account of Borrower or other amount owed to Borrower upon such terms, for such
amount and at such time or times as Creditor deems advisable; (v) prepare,
file and sign Borrower’s name on any proof of claim in bankruptcy or other
similar document against any Account Debtor or other Person obligated to
Borrower; and (vi) do all other acts and things which are necessary, in
Creditor’s sole discretion, to fulfill Borrower’s obligations under this
Agreement and the other Loan Documents and to allow Creditor to collect the
Accounts or other amounts owed to Borrower.  In addition to any other
provision hereof, Creditor may at any time, after the occurrence and during the
continuance of an Event of Default, at Borrower’s expense, notify any parties
obligated on any of the Accounts to make payment directly to Creditor of any
amounts due or to become due thereunder.

     

    
      	
            	
              4.2. 

            	
              Information.

            

    

     

    Promptly
following request therefore by Creditor, Borrower shall deliver to Creditor such
business or financial data, reports, appraisals and projections as Creditor may
reasonably request.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              REPRESENTATIONS
      AND WARRANTIES.

            

    

     

    Borrower
hereby represents and warrants to Creditor, which representations and warranties
(whether appearing in this Section
or elsewhere) shall be true at the time of Borrower’s execution hereof and the
closing of the transactions described herein or related hereto, shall remain
true until the repayment in full and satisfaction of all the Liabilities and
termination of this Agreement, provided, that representations and warranties
made as of a particular date shall be true and correct as of such
date.

     

    
      	
            	
              5.1. 

            	
              Locations.

            

    

     

    The
offices where Borrower keeps its books, records and accounts (or copies thereof)
concerning the Collateral, Borrower’s principal place of business and all of
Borrower’s other places of business, locations of Collateral and post office
boxes and locations of bank accounts are as set forth in Exhibit
A.  The Collateral, including, without limitation, the
Equipment (except any part thereof which Borrower shall have advised Creditor in
writing consists of Collateral normally used in more than one state) is kept,
or, in the case of vehicles, based, only at the addresses set forth on Exhibit
A.

     

    
      	
            	
              5.2. 

            	
              Organization,
      Authority and No Conflict.

            

    

     

    Borrower
is a duly organized, validly existing and in good standing in its state of
organization and duly qualified and in good standing in all states where the
nature and extent of the business transacted by it or the ownership of its
assets makes such qualification necessary or if Borrower is not so qualified,
Borrower may cure any such failure without losing any of its rights, incurring
any liens or material penalties, or otherwise affecting Creditor’s
rights.  Borrower’s state of organization, form of organization and
organizational identification number is set forth on Schedule
5.2 hereto.  Borrower has the right and power and is duly
authorized and empowered to enter into, execute and deliver this Agreement and
the other Loan Documents and perform its obligations hereunder and
thereunder.  Borrower’s execution, delivery and performance of this
Agreement and the other Loan Documents does not conflict with the provisions of
the organizational documents of Borrower, any statute, regulation, ordinance or
rule of law, or any agreement, contract or other document which may now or
hereafter be binding on Borrower, except for conflicts with agreements,
contracts or other documents which would not have a Material Adverse Effect, and
Borrower’s execution, delivery and performance of this Agreement and the other
Loan Documents shall not result in the imposition of any lien or other
encumbrance upon any of Borrower’s property under any existing indenture,
mortgage, deed of trust, loan or Creditor agreement or other agreement or
instrument by which Borrower or any of its property may be bound or
affected.

     

    
      	
            	
              5.3. 

            	
              Names and Trade
      Names.

            

    

     

    Borrower’s
name has always been as set forth on the first page of this Agreement and
Borrower uses no trade names, assumed names, fictitious names or division names
in the operation of its business.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              5.4. 

            	
              Enforceability.

            

    

     

    This
Agreement and the other Loan Documents to which Borrower is a party are the
legal, valid and binding obligations of such Borrower and are enforceable
against Borrower in accordance with their respective terms.

     

    
      	
              6.

            	
              AFFIRMATIVE
      COVENANTS.

            

    

     

    Until
payment and satisfaction in full of all Liabilities and termination of this
Agreement, unless Borrower obtains Creditor’s prior written consent waiving or
modifying any of such Borrower’s covenants hereunder in any specific instance,
Borrower covenants and agrees as follows:

     

    
      	
            	
              6.1. 

            	
              Maintenance of
      Records.

            

    

     

    Borrower
shall at all times keep accurate and complete books, records and accounts with
respect to all of Borrower’s business activities, in accordance with sound
accounting practices and generally accepted accounting principles consistently
applied, and shall keep such books, records and accounts, and any copies
thereof, only at the addresses indicated for such purpose on Exhibit
A.

     

    
      	
            	
              6.2. 

            	
              Notices.

            

    

     

    Borrower
shall:

     

    (a)           Locations.  Promptly
(but in no event less than ten (10) days prior to the occurrence thereof) notify
Creditor of the proposed opening of any new place of business or new location of
Collateral, the closing of any existing place of business or location of
Collateral, any change in the location of Borrower’s books, records and accounts
(or copies thereof), or, if any of the Collateral consists of Goods of a type
normally used in more than one state, the use of any such Goods in any state
other than a state in which Borrower has previously advised Creditor that such
Goods will be used.

     

    (b)           Names and Trade
Names.  Notify Creditor within ten (10) days of the change of
its name or the use of any trade name, assumed name, fictitious name or division
name not previously disclosed to Creditor in writing.

     

    (c)           Default; Material Adverse
Effect.  Promptly advise Creditor of the occurrence of or any
event which has a Material Adverse Effect on Borrower, the occurrence of any
Event of Default hereunder or the occurrence of any event which, if uncured,
will become an Event of Default after notice or lapse of time (or
both).

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              6.3. 

            	
              Insurance.

            

    

     

    Borrower
shall:

     

    (a)           Keep
the Collateral properly housed and insured for the full insurable value thereof
against loss or damage by fire, theft, explosion, sprinklers, collision (in the
case of motor vehicles) and such other risks as are customarily insured against
by Persons engaged in businesses similar to that of Borrower, and shall maintain
business interruption insurance policies.  Original (or certified)
copies of such policies of insurance have been or shall be, within ninety (90)
days of the date hereof, delivered to Creditor, together with evidence of
payment of all premiums therefore, and shall contain an endorsement, in form and
substance acceptable to Creditor, showing loss under such insurance policies
payable to Creditor, for the benefit of Creditor and Lenders.  Such
endorsement, or an independent instrument furnished to Creditor, shall provide
that the insurance company shall give Creditor at least thirty (30) days written
notice before any such policy of insurance is altered or canceled and that no
act, whether willful or negligent, or default of Borrower or any other Person
shall affect the right of Creditor to recover under such policy of insurance in
case of loss or damage.  In addition, Borrower shall cause to be
executed and delivered to Creditor an assignment of proceeds of its business
interruption insurance policies.  Borrower hereby directs all insurers
under all policies of insurance to pay all proceeds payable thereunder directly
to Creditor.  Borrower irrevocably makes, constitutes and appoints
Creditor (and all officers, employees or Creditors designated by Creditor) as
Borrower’s true and lawful attorney (and Creditor-in-fact) for the purpose of
making, settling and adjusting claims under such policies of insurance,
endorsing the name of Borrower on any check, draft, instrument or other item of
payment for the proceeds of such policies of insurance and making all
determinations and decisions with respect to such policies of insurance,
provided however, that if no Event of Default shall have occurred and is
continuing, Borrower may make, settle and adjust claims involving less than
$50,000.00 in the aggregate without Creditor’s consent.

     

    (b)           Maintain,
at its expense, such public liability and third party property damage insurance
as is customary for Persons engaged in businesses similar to that of Borrower
with such companies and in such amounts, with such deductibles and under
policies in such form as shall be satisfactory to Creditor and original (or
certified) copies of such policies have been or shall be, within ninety (90)
days after the date hereof, delivered to Creditor, together with evidence of
payment of all premiums therefore; each such policy shall contain an endorsement
showing Creditor on behalf of Lenders as additional insured thereunder and
providing that the insurance company shall give Creditor at least thirty (30)
days written notice before any such policy shall be altered or
canceled.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    If
Borrower at any time or times hereafter shall fail to obtain or maintain any of
the policies of insurance required above or to pay any premium relating thereto,
then Creditor, without waiving or releasing any obligation or default by
Borrower hereunder, may (but shall be under no obligation to) obtain and
maintain such policies of insurance and pay such premiums and take such other
actions with respect thereto as Creditor deems advisable upon notice to
Borrower.  Such insurance, if obtained by Creditor, may, but need not,
protect Borrower’s interests or pay any claim made by or against Borrower with
respect to the Collateral.  Such insurance may be more expensive than
the cost of insurance Borrower may be able to obtain on its own and may be
cancelled only upon Borrower providing evidence that it has obtained the
insurance as required above.  All sums disbursed by Creditor in
connection with any such actions, including, without limitation, court costs,
expenses, other charges relating thereto and reasonable attorneys’ fees, shall
constitute Loans hereunder, shall be payable on demand by Borrower to Creditor
and, until paid, shall bear interest at the highest rate then applicable to
Loans hereunder.  At or prior to closing of this Agreement, Borrower
shall deliver to Creditor, certificates (in form and substance acceptable to
Creditor), or such other evidence as may be satisfactory to Creditor, evidencing
the fact that the insurance required by this Section is in
existence.

     

    
      	
            	
              6.4. 

            	
              Collateral.

            

    

     

    Borrower
shall keep the Collateral in good condition, repair and order and shall make all
necessary repairs to the Equipment and replacements thereof so that the
operating efficiency and the value thereof shall at all times be preserved and
maintained in all material respects.  Borrower shall permit Creditor
and Lenders to examine any of the Collateral at any time and wherever the
Collateral may be located and, Borrower shall, immediately upon request
therefore by Creditor, deliver to Creditor any and all evidence of ownership of
any of the Equipment including, without limitation, certificates of title and
applications of title.  Borrower shall, at the request of Creditor,
indicate on its records concerning the Collateral a notation, in form
satisfactory to Creditor, of the security interest of Creditor
hereunder.

     

    
      	
            	
              6.5. 

            	
              Taxes.

            

    

     

    Borrower
shall file all required tax returns and pay all of its taxes when due, subject
to any extensions granted by the applicable taxing authority, including, without
limitation, taxes imposed by federal, state or municipal agencies, and shall
cause any liens for taxes to be promptly released; provided, that Borrower shall
have the right to contest the payment of such taxes in good faith by appropriate
proceedings so long as (a) the amount so contested is shown on Borrower’s
financial statements; and (b) the contesting of any such payment does not
give rise to a lien for taxes.  If Borrower fails to pay any such
taxes and in the absence of any such contest by Borrower, Creditor may (but
shall be under no obligation to) advance and pay any sums required to pay any
such taxes and/or to secure the release of any lien therefore, and any sums so
advanced by Creditor shall constitute Liabilities hereunder, shall be payable by
Borrower to Creditor on demand, and, until paid, shall bear interest at the
highest rate then applicable to Loans hereunder.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              6.6. 

            	
              Intellectual
      Property.

            

    

     

    Borrower
shall maintain adequate licenses, patents, patent applications, copyrights,
service marks, trademarks, trademark applications, trade styles and trade names
to continue its business as heretofore conducted by it or as hereafter conducted
by it unless the failure to maintain any of the foregoing could not reasonably
be expected to have a Material Adverse Effect.

     

    
      	
              7.

            	
              DEFAULT.

            

    

     

    The
occurrence of any one or more of the following events shall constitute an “Event of Default” by Borrower
hereunder:

     

    
      	
            	
              7.1. 

            	
              Payment.

            

    

     

    The
failure of Borrower to pay or perform when due or declared due any of the
Liabilities.

     

    
      	
            	
              7.2.

            	
              Breach
      of this Agreement and the Other Loan
  Documents.

            

    

     

    The
failure of Borrower to perform, keep or observe any of the covenants,
conditions, promises, agreements or obligations of Borrower under this Agreement
and such failure shall continue for fifteen (15) days; provided that such
fifteen (15) day period shall not apply in the event that (i) such failure
is not capable of being cured within such fifteen (15) day period, (ii)
such failure was the subject of a prior failure within six (6) months prior to
the current failure or (iii) such failure was the result of an intentional
breach by Borrower, or (b) under any of the other provisions of this Agreement
or any of the other Loan Documents.

     

    
      	
            	
              7.3. 

            	
              Breaches of Other
      Obligations.

            

    

     

    The
failure of Borrower to perform, keep or observe (after any applicable notice and
cure period) any of the covenants, conditions, promises, agreements or
obligations of Borrower under the Senior Loan Documents or any other failure of
Borrower to perform, keep or observe (after any applicable notice and cure
period) any of the covenants, conditions, promises, agreements or obligations of
Borrower under any other agreement with any Person if such failure might have a
Material Adverse Effect.

     

    
      	
            	
              7.4. 

            	
              Breach of
      Representations and
Warranties.

            

    

     

    The
making or furnishing by Borrower to Creditor of any representation, warranty,
certificate, schedule, report or other communication within or in connection
with this Agreement or the other Loan Documents or in connection with any other
agreement between Borrower and Creditor, which is untrue or misleading in any
material respect as of the date made.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              7.5. 

            	
              Loss of
      Collateral.

            

    

     

    The
loss, theft, damage or destruction of, or (except as permitted hereby) sale,
lease or furnishing under a contract of service other than in the ordinary
course of Borrower’s business of, any of the Collateral having a value in excess
of $250,000 in the aggregate for all such events during any year during the term
hereof.

     

    
      	
            	
              7.6. 

            	
              Levy, Seizure or
      Attachment.

            

    

     

    The
making or any attempt by any Person to make any levy, seizure or attachment upon
any of the Collateral.

     

    
      	
            	
              7.7. 

            	
              Bankruptcy or Similar
      Proceedings.

            

    

     

    The
commencement of any proceedings in bankruptcy by or against Borrower or for the
liquidation or reorganization of Borrower, or alleging that Borrower is
insolvent or unable to pay its debts as they mature, or for the readjustment or
arrangement of Borrower’s debts, whether under the United States Bankruptcy Code
or under any other law, whether state or federal, now or hereafter existing, for
the relief of debtors, or the commencement of any analogous statutory or
non-statutory proceedings involving Borrower; provided, however, that if such
commencement of proceedings against a Borrower is involuntary, such action shall
not constitute an Event of Default unless such proceedings are not dismissed
within forty-five (45) days after the commencement of such
proceedings.

     

    
      	
            	
              7.8. 

            	
              Appointment of
      Receiver.

            

    

     

    The
appointment of a receiver or trustee for Borrower, for any of the Collateral or
for any substantial part of Borrower’s assets or the institution of any
proceedings for the dissolution, or the full or partial liquidation, or the
merger or consolidation, of Borrower; provided, however, that if such
appointment or commencement of proceedings against Borrower is involuntary, such
action shall not constitute an Event of Default unless such appointment is not
revoked or such proceedings are not dismissed within forty-five (45) days
after the commencement of such proceedings.

     

    
      	
            	
              7.9. 

            	
              Judgment.

            

    

     

    The
entry of any judgment or order against Borrower involving in excess of $250,000
in the aggregate which remains unsatisfied or undischarged and in effect for
thirty (30) days after such entry without a stay of enforcement or execution or
if any such judgment or order provides equitable relief that has a Material
Adverse Effect on such Borrower.

     

    
      	
            	
              7.10. 

            	
              Dissolution of
      Borrower.

            

    

     

    The
dissolution of Borrower.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              7.11. 

            	
              Material Adverse
      Effect.

            

    

     

    The
occurrence of a Material Adverse Effect.

     

    
      	
              8.

            	
              REMEDIES
      UPON AN EVENT OF DEFAULT; APPLICATION OF PROCEEDS.

            

    

     

    
      	
            	
              8.1.

            	
              Acceleration
      of Liabilities.

            

    

     

    Upon
the occurrence and during the continuance of an Event of Default, all of the
Liabilities shall immediately and automatically become due and payable, without
notice of any kind.

     

    
      	
            	
              8.2.

            	
              Other
      Rights and Remedies.

            

    

     

    Upon
the occurrence and during the continuance of an Event of Default, Creditor may
exercise from time to time any rights and remedies available to it under the
Uniform Commercial Code and any other applicable law in addition to, and not in
lieu of, any rights and remedies expressly granted in this Agreement or in any
of the other Loan Documents.  In particular, but not by way of
limitation of the foregoing, Creditor may, without notice, demand or legal
process of any kind, take possession of any or all of the Collateral (in
addition to Collateral of which it already has possession), wherever it may be
found, and for that purpose may pursue the same wherever it may be found, and
may enter onto any of Borrower’s premises where any of the Collateral may be,
and search for, take possession of, remove, keep and store any of the Collateral
until the same shall be sold or otherwise disposed of, and Creditor shall have
the right to store the same at any of Borrower’s premises without cost to
Creditor.  At Creditor’s request, Borrower shall, at Borrower’s
expense, assemble the Collateral and make it available to Creditor at one or
more places to be designated by Creditor and reasonably convenient to Creditor
and Borrower.  Borrower recognizes that if Borrower fails to perform,
observe or discharge any of its Liabilities under this Agreement or the other
Loan Documents, no remedy at law will provide adequate relief to Creditor, and
agrees that Creditor shall be entitled to temporary and permanent injunctive
relief in any such case without the necessity of proving actual
damages.  Any notification of intended disposition of any of the
Collateral required by law will be deemed to be a reasonable authenticated
notification of disposition if given at least ten (10) days prior to such
disposition and such notice shall (i) describe Creditor and Borrower,
(ii) describe the Collateral that is the subject of the intended
disposition, (iii) state the method of the intended disposition,
(iv) state that Borrower is entitled to an accounting of the Liabilities
and state the charge, if any, for an accounting and (v) state the time and
place of any public disposition or the time after which any private sale is to
be made.  Creditor  may disclaim any warranties that might
arise in connection with the sale, lease or other disposition of the Collateral
and has no obligation to provide any warranties at such time.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              8.3.

            	
              Rights
      and Remedies Cumulative.

            

    

     

    The
rights and remedies of Creditor under this Agreement and the other Loan
Documents shall be cumulative.  Creditor shall have all other rights
and remedies not inconsistent herewith as provided in the UCC or the Uniform
Commercial Code as in effect in any other applicable jurisdiction, by applicable
law, or in equity.  No exercise by Creditor of one right or remedy
shall be deemed an election, and no waiver by Creditor of any Event of Default
shall be deemed a continuing waiver.  No delay by Creditor shall
constitute a waiver, election or acquiescence by Creditor.

     

    
      	
            	
              8.4.

            	
              Application
      of Proceeds.

            

    

     

    Notwithstanding
anything to the contrary contained in this Agreement, upon the occurrence and
during the continuance of an Event of Default, Creditor shall have the
continuing and exclusive right to apply and to reapply any and all payments
received at any time or times after the occurrence and during the continuance of
an Event of Default against the Liabilities in such manner as Creditor may deem
advisable notwithstanding any previous application by Creditor and the proceeds
of any sale of, or other realization upon, all or any party of the Collateral
shall be applied:  first, to all fees, costs and expenses incurred by
or owing to Creditor with respect to this Agreement, the other Loan Documents or
the Collateral; second, to accrued and unpaid interest (including any interest
which but for the provisions of the United States Bankruptcy Code, would have
accrued on such amounts) on the Liabilities; third, to the principal amount of
the Liabilities outstanding; and fourth to any other Liabilities.  Any
balance remaining shall be delivered to Borrower or to whomever may be lawfully
entitled to receive such balance or as a court of competent jurisdiction may
direct.

     

    
      	
              9.

            	
              INTENTIONALLY
      LEFT BLANK.

            

    

     

    
      	
              10.

            	
              AMENDMENTS.

            

    

     

    No
amendment or waiver of any provision of this Agreement or any of the other Loan
Documents, nor consent to any departure by Borrower therefrom, shall in any
event be effective unless the same shall be in writing and signed by Creditor
and each such amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, that
no amendment, waiver or consent shall, unless in writing and signed by Creditor,
do any of the following:  (i)  reduce the principal of, or
interest on, the Loans (other than as expressly permitted herein) or any fees
hereunder, (ii) postpone any date fixed for any payment in respect of
principal of, or interest on, the Loan or any fees hereunder, (iii) amend
or waive this Section, except in
connection with the financing, refinancing, sale or other disposition of any
asset of Borrower permitted under this Agreement, release or subordinate any
liens in favor of Creditor, for the benefit of Creditor,  on any of
the Collateral and provided further, that no amendment, waiver or consent
affecting the rights or duties of Creditor under this Agreement or any other
Loan Document shall in any event be effective, unless in writing and signed by
Creditor.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              11.

            	
              INDEMNIFICATION.

            

    

     

    Borrower
agrees to defend (with counsel satisfactory to Creditor), protect, indemnify and
hold harmless Creditor, each affiliate or subsidiary of Creditor, and each of
their respective shareholders, members, officers, directors, managers,
employees, attorneys and creditors (each an “Indemnified Party”) from and against any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, expenses and disbursements of any kind or
nature (including, without limitation, the disbursements and the reasonable fees
of counsel for each Indemnified Party in connection with any investigative,
administrative or judicial proceeding, whether or not the Indemnified Party
shall be designated a party thereto), which may be imposed on, incurred by, or
asserted against, any Indemnified Party (whether direct, indirect or
consequential and whether based on any federal, state or local laws or
regulations, including, without limitation, securities laws and regulations,
Environmental Laws and commercial laws and regulations, under common law or in
equity, or based on contract or otherwise) in any manner relating to or arising
out of this Agreement or any other Loan Documents, or any act, event or
transaction related or attendant thereto, the making or issuance and the
management of the Loans or the use or intended use of the proceeds of the Loans;
provided, however, that Borrower shall not have any obligation hereunder to any
Indemnified Party with respect to matters caused by or resulting from the
willful misconduct or gross negligence of such Indemnified Party.  To
the extent that the undertaking to indemnify set forth in the preceding sentence
may be unenforceable because it is violative of any law or public policy,
Borrower shall satisfy such undertaking to the maximum extent permitted by
applicable law.  Any liability, obligation, loss, damage, penalty,
cost or expense covered by this indemnity shall be paid to each Indemnified
Party on demand, and, failing prompt payment, shall, together with interest
thereon at the highest rate then applicable to Loans hereunder from the date
incurred by each Indemnified Party until paid by Borrower, be added to the
Liabilities and be secured by the Collateral.  The provisions of this
Section shall
survive the satisfaction and payment of the other Liabilities and the
termination of this Agreement.

     

    
      	
              12.

            	
              NOTICE.

            

    

     

    All
notices, demands and other communications relating to this Agreement or any
other Loan Document shall be in writing and (except for financial statements and
other informational documents which may be sent by first-class mail, postage
prepaid) shall be personally delivered or sent by registered or certified mail
(postage prepaid, return receipt request), overnight courier, electronic mail
(at such email addresses as Borrower or Creditor, as applicable, may designate
to each other in accordance herewith), or telecopy, as the case may be, at its
address set forth below:

     

    
      
        
          	
                  If
      to Borrower:

                	
                  Show
      Me Ethanol, LLC

                  26530
      Highway 24 East

                  Carrollton,
      MO 64633

                  Attn:  General
      Manager

                

        

      

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              	
                      with
      copies to:

                    	
                      Bryan
      Cave LLP

                      3500
      One Kansas City Place

                      1200
      Main Street

                      Kansas
      City, Missouri 64105

                      Attn:  Laurence
      Frazen

                      Fax
      No.:  816-374-3300

                    
	 	 
	
                      If
      to Creditor:

                    	
                      Ray-Carroll
      County Grain Growers, Inc.

                      Highway
      10 West

                      P.O.
      Box 158

                      Richmond,
      MO 64085

                      Attention:  Mike
      Nordwald

                    
	 	 
	
                      with
      copies to:

                    	
                      Stinson
      Morrison Hecker LLP

                      1201
      Walnut, Suite 2900

                      Kansas
      City, MO  64106

                      Attn:  Mark
      Carder

                      Fax
      No.:  816-691-3415

                    

            

          

        

      

    

     

    Each
party hereto may change the address at which they are to receive notices
hereunder, by notice in writing in the foregoing manner given to the other
parties.  All notices or demands sent in accordance with this Section, other than
notices by Creditor in connection with enforcement rights against the Borrower
or Collateral under the provisions of the Uniform Commercial Code, shall be
deemed received (i) with respect to notices sent by first-class, registered or
certified mail, on the date of actual receipt (or refusal), (ii) with respect to
notices sent by overnight courier, on the date of actual receipt or refusal and
(iii) with respect to notices sent by electronic mail or telecopy, upon
confirmation of receipt thereof.  Borrower acknowledges and agrees
that notices sent by Creditor in connection with exercise of enforcement rights
against Collateral under the provisions of the Uniform Commercial Code shall be
deemed sent when deposited in the mail or personally delivered, or, where
permitted by law, transmitted by telecopy or any other method set forth
above.

     

    
      	
              13.

            	
              CHOICE
      OF GOVERNING LAW; CONSTRUCTION; FORUM SELECTION.

            

    

     

    This
Agreement and the other Loan Documents are submitted by Borrower to Creditor for
their acceptance or rejection at Creditor’s principal place of business as an
offer by Borrower to borrow monies from Creditor now and from time to time
hereafter, and shall not be binding upon Creditor under or become effective
until accepted by Creditor on behalf of Lenders, in writing, at said place of
business.  If so accepted by Creditor, this Agreement and the other
Loan Documents shall be deemed to have been made at said place of
business.  THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED AND CONTROLLED BY THE
INTERNAL LAWS OF THE STATE OF MISSOURI AS TO INTERPRETATION, ENFORCEMENT,
VALIDITY, CONSTRUCTION, EFFECT, AND IN ALL OTHER RESPECTS, INCLUDING, WITHOUT
LIMITATION, THE LEGALITY OF THE INTEREST RATE AND OTHER CHARGES, BUT EXCLUDING
PERFECTION OF THE SECURITY INTERESTS IN COLLATERAL LOCATED OUTSIDE OF THE STATE
OF MISSOURI, WHICH SHALL BE GOVERNED AND CONTROLLED BY THE LAWS OF THE RELEVANT
JURISDICTION IN WHICH SUCH COLLATERAL IS LOCATED.  If any
provision of this Agreement shall be held to be prohibited by or invalid under
applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or remaining provisions of this Agreement.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    To
induce Creditor to accept this Agreement, Borrower irrevocably agrees that,
subject to Creditor’s sole and absolute election, ALL ACTIONS OR PROCEEDINGS IN ANY
WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR RELATED TO THIS AGREEMENT, THE
OTHER LOAN DOCUMENTS OR THE COLLATERAL SHALL BE LITIGATED IN COURTS HAVING SITUS
WITHIN THE CITY OF CARROLLTON, STATE OF MISSOURI.  BORROWER HEREBY
CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURTS
LOCATED WITHIN SAID CITY AND STATE.  BORROWER HEREBY WAIVES PERSONAL
SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY
BE MADE UPON BORROWER BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED,
ADDRESSED TO BORROWER AT THE ADDRESS SET FORTH FOR NOTICE IN THIS AGREEMENT AND
SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN
POSTED.  BORROWER HEREBY WAIVES ANY RIGHT IT
MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST
BORROWER BY CREDITOR IN
ACCORDANCE WITH THIS SECTION.

     

    
      	
              14.

            	
              HEADINGS
      OF SUBDIVISIONS.

            

    

     

    The
headings of subdivisions in this Agreement are for convenience of reference
only, and shall not govern the interpretation of any of the provisions of this
Agreement.

     

    
      	
              15.

            	
              POWER
      OF ATTORNEY.

            

    

     

    Borrower
acknowledges and agrees that its appointment of Creditor as its attorney and
Creditor-in-fact for the purposes specified in this Agreement is an appointment
coupled with an interest and shall be irrevocable until all of the Liabilities
are satisfied and paid in full and this Agreement is terminated.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      	
              16.

            	
              CONFIDENTIALITY.

            

    

     

    Borrower
and Creditor hereby agree to use commercially reasonable efforts to assure that
any and all information relating to Borrower which is (i) furnished by
Borrower to Creditor (or to any affiliate of Creditor); and
(ii) non-public, confidential or proprietary in nature, shall be kept
confidential by Creditor or such affiliate in accordance with applicable law;
provided, however, that such information and other Creditor information relating
to Borrower may be distributed by such party to such party’s directors,
officers, employees, attorneys, affiliates, assignees, participants, auditors,
Creditors and regulators, to Creditor and upon the order of a court or other
governmental agency having jurisdiction over Creditor such affiliate, to any
other party.  In addition such information and other Creditor
information may be distributed by Creditor to potential assignees of any portion
of the Liabilities, provided, that such potential assignee agrees to follow the
confidentiality requirements set forth herein.  Borrower and Creditor
further agree that this provision shall survive the termination of this
Agreement.

     

    
      	
              17.

            	
              COUNTERPARTS.

            

    

     

    This
Agreement, any of the other Loan Documents and any amendments, waivers, consents
or supplements may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which, when so executed and
delivered, shall be deemed an original, but all of which counterparts together
shall constitute but one agreement.

     

    
      	
              18.

            	
              WAIVER
      OF JURY TRIAL; OTHER WAIVERS.

            

    

     

    (a)       BORROWER AND CREDITOR EACH HEREBY
WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING WHICH PERTAINS
DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, ANY OF THE OTHER LOAN DOCUMENTS, THE
LIABILITIES, THE COLLATERAL, ANY ALLEGED TORTUOUS CONDUCT BY BORROWER OR
CREDITOR OR WHICH, IN ANY WAY, DIRECTLY OR INDIRECTLY, ARISES OUT OF OR RELATES
TO THE RELATIONSHIP AMONG BORROWER AND CREDITOR.

     

    (b)       Borrower
hereby waives demand, presentment, protest and notice of nonpayment, and further
waives the benefit of all valuation, appraisal and exemption laws.

     

    (c)       Borrower
hereby waives the benefit of any law that would otherwise restrict or limit
Creditor or any affiliate of Creditor in the exercise of its rights, which is
hereby acknowledged and agreed to, to set-off against the Liabilities, without
notice at any time hereafter, any indebtedness, matured or unmatured, owing by
Creditor or such affiliate of Creditor to Borrower.

     

    (d)       BORROWER HEREBY WAIVES ALL RIGHTS TO
NOTICE AND HEARING OF ANY KIND PRIOR TO THE EXERCISE BY CREDITOR OF ITS RIGHTS
TO REPOSSESS THE COLLATERAL OF BORROWER WITHOUT JUDICIAL PROCESS OR TO REPLEVY,
ATTACH OR LEVY UPON SUCH COLLATERAL, PROVIDED, THAT IN THE EVENT THAT CREDITOR
SEEKS TO ENFORCE ITS RIGHTS HEREUNDER BY JUDICIAL PROCESS OR SELF HELP, CREDITOR
SHALL PROVIDE BORROWER WITH SUCH NOTICES AS ARE REQUIRED BY
LAW.

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (e)       Creditor’s
failure, at any time or times hereafter, to require strict performance by
Borrower of any provision of this Agreement or any of the other Loan Documents
shall not waive, affect or diminish any right of Creditor thereafter to demand
strict compliance and performance therewith.  Any suspension or waiver
by Creditor of an Event of Default under this Agreement or any default under any
of the other Loan Documents shall not suspend, waive or affect any other Event
of Default under this Agreement or any other default under any of the other Loan
Documents, whether the same is prior or subsequent thereto and whether of the
same or of a different kind or character.  No delay on the part of
Creditor in the exercise of any right or remedy under this Agreement or any
other Loan Documents shall preclude other or further exercise thereof or the
exercise of any right or remedy.  None of the undertakings,
agreements, warranties, covenants and representations of Borrower contained in
this Agreement or any of the other Loan Documents and no Event of Default under
this Agreement or default under any of the other Loan Documents shall be deemed
to have been suspended or waived by Creditor unless such suspension or waiver is
in writing, signed by a duly authorized officer of Creditor, as required herein,
and directed to Borrower specifying such suspension or waiver.

     

    
      	
              19.

            	
              INTERCREDITOR
      AGREEMENT.

            

    

     

    Notwithstanding any to contrary herein, the priority of
the security interests granted to Creditor herein and the enforcement of those
security interests by Creditor are subject to the terms of the Intercreditor
Agreement.

     

    
      	
              20.

            	
              STATUTORY
      NOTICE.

            

    

     

    ORAL
AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT
ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH IT IS BASED THAT
IS IN ANY WAY RELATED TO THIS PROMISSORY NOTE OR ANY LOAN
DOCUMENT.  TO PROTECT YOU (BORROWER) AND US (CREDITOR) FROM
MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THOSE WRITINGS, WHICH ARE THE COMPLETE AND EXCLUSIVE
STATEMENTS OF THE AGREEMENTS BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING
TO MODIFY IT.

     

    [Signature
page follows]

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    

    IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
date first written above.

     

    
      
        
          
            
              
                
                  
                    	
                            BORROWER:

                             

                          
	
                            SHOW
      ME ETHANOL, LLC, a Missouri limited liability company

                          
	 
      	 
      
	
                            By 

                          	 
      

                  

                

              

              
                
                  
                    	
                            Print Name: 

                          	 
      

                  

                

              

              
                
                  
                    	
                            Title 

                          	 
      

                  

                

              

            

          

        

      

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        
          
            
              	
                      CREDITOR:

                    
	
                      RAY-CARROLL
      COUNTY GRAIN GROWERS, INC.

                    
	 
      	 
      
	
                      By 

                    	 
      

            

          

        

      

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
A — BUSINESS AND COLLATERAL LOCATIONS

    

    Attached
to and made a part of that certain Security Agreement of even date herewith
among SHOW ME ETHANOL, LLC, a Missouri limited liability company (“Borrower”) and Ray-Carroll
County Grain Growers, Inc., as Creditor.

     

    
      	
              A.

            	
              Business
      locations (please indicate which location is the principal place of
      business and at which locations originals and all copies of books, records
      and accounts are kept).

            

    

     

    
      1. Show
Me Ethanol, LLC, P. O. Box 9, 26530 E. Highway 24, Carrollton, Missouri
64633

    

     

    
      	
              B.

            	
              Other
      locations of Collateral (including, without limitation, warehouse
      locations, processing locations, consignment locations) and all post
      office boxes.  Please indicate the relationship of such location
      to Borrower (i.e. public warehouse, processor,
  etc.).

            

    

     

    
      	
               
      

            	
              1.

            	
              Borrower:

            	
              N/A

            

    

     

    
      	
              C.

            	
              Bank
      Accounts:

            

    

     

    
      
        
          
            
              
                	 
      	
                        Bank (with address)

                      	 	
                        Account Number

                      	 	
                        Type of Account

                      
	 	 	 	 	 	 
	
                        1.  Borrower:

                      	
                        FCS
      Financial

                        Three
      City Place Drive

                        Suite
      870

                         

                        St
      Louis, MO 63141

                         

                      	 	
                        1178302700

                      	 	
                        DDA

                      
	
                           (i)

                      	
                        Bank
      Midwest, NA

                        1111
      Main St

                        Kansas
      City, MO 64105

                      	 	
                        5406000673

                      	 	
                        DDA

                      

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
5.2

     

    
      
        
          
            
              	
                      State
      of organization:

                    	
                      Missouri

                    
	 
      	 
      
	
                      Form
      of organization:

                    	
                      Limited
      liability company

                    
	 
      	 
      
	
                      Organizational
      identification number:

                    	
                      LC0712521EXHIBIT
10.5

    INTERCREDITOR
AGREEMENT

    

    THIS INTERCREDITOR AGREEMENT (the
“Agreement”), dated as of March 31, 2009, is entered into by and between FCS Financial, PCA (“Lender”),
for itself and as administrative agent with respect to the Senior Loan
Agreements, as defined below; Ray-Carroll County Grain Growers,
Inc., a Missouri cooperative association (“Ray-Carroll”); and Show Me Ethanol, LLC
(“Borrower”).

    

    ARTICLE
I

    DEFINITIONS

    

    SECTION 1.01.  Definitions.  As
used herein, the following terms shall have the meanings specified
below:

    

    “Collateral” has the meaning specified
in the Senior Loan Documents between Borrower and Lender.

    

    “Collateral Assignment of Grain Supply
Agreement” means that certain Collateral Assignment of Grain Supply Agreement
entered into by Borrower and Lender and acknowledged and consented to by
Ray-Carroll on March 7, 2007.

    

    “Default” shall mean any Event of
Default specified in the Senior Loan Documents or under the Ray-Carroll Loan
Documents, or any other event that, with the giving of notice or lapse of time
or both, would constitute an Event of Default under the Senior Loan Documents or
the Ray-Carroll Loan Documents.

    

    "Default
Notice" shall mean a notice delivered pursuant to Section 7.04 hereof: (i) by
Lender to Ray-Carroll notifying Ray-Carroll of the occurrence of a Default under
the Senior Loan Documents, and (ii) by Ray-Carroll to Lender notifying Lender of
the occurrence of a Default under the Ray-Carroll Loan Documents.  A
notice shall not be effective unless the allegations on which the notice is
based are factually accurate.

    

    "Grain Supply Agreement" that certain
Grain Supply Agreement dated March 7, 2007 by and between the Borrower and
Ray-Carroll, as the same may be amended from time to time.

    

    "Grain Supply Agreement Obligations"
shall mean all amounts incurred within the terms of the Grain Supply Agreement
subject to the limitation set forth in section 6.01(d) due from Borrower to
Ray-Carroll under the Grain Supply Agreement.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    “Insolvency
Event” means when (i) Borrower shall (a) commence a voluntary case under the
federal bankruptcy laws (as now or hereafter in effect), (b) commence a
proceeding seeking to take advantage of any other laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding up or composition
for adjustment of debts, (c) consent to or fail to contest in a timely and
appropriate manner any petition filed against it in an involuntary case under
such bankruptcy laws or other laws, (d) apply for or consent to, or fail to
contest in a timely and appropriate manner, the appointment of, or the taking of
possession by, a receiver, custodian, trustee or liquidator of itself or of a
substantial part of its property, domestic or foreign, (e) make a general
assignment for the benefit of creditors, or (f) take any corporate action for
the purpose of authorizing any of the foregoing; or (ii) a case or other
proceeding shall be commenced against Borrower in any court of competent
jurisdiction seeking (a) relief under the federal bankruptcy laws (as now or
hereafter in effect) or under any other laws, domestic or foreign, relating to
bankruptcy, insolvency, reorganization, winding up or adjustment of debts, or
(b) the appointment of a trustee, receiver, custodian, liquidator or the like of
Borrower or of all or any substantial part of the assets, domestic or foreign,
of Borrower, and such case or proceeding shall continue undismissed or unstayed
for a period of 60 consecutive calendar days, or an order granting the relief
requested in such case or proceeding against Borrower (including, but not
limited to, an order for relief under such federal bankruptcy laws) shall be
entered.

     

    “Lender” shall mean FCS Financial, PCA,
and any other holder from time to time of the Senior Debt.

    

    “Non-Payment Default” shall mean a
Default by Borrower under the Senior Loan Agreements other than a failure to pay
principal and interest when due.

    

    "Non-Payment
Default Remedy Forbearance Period" shall mean the period commencing with the
delivery of a Default Notice to Ray-Carroll and ending on the earlier to occur
of (1) the 90th day
following the occurrence of the Non-Payment Default; (2) waiver or cure of the
Non-Payment Default; or (3) an Insolvency Event.

    

    “Payment
Default” shall mean a Default by Borrower under the Senior Loan Agreements for
failure to pay principal or interest when due.

    

    “Payment
Default Remedy Forbearance Period” shall mean the period commencing with
the delivery of a Default Notice to Ray-Carroll and ending on the earlier to
occur of (1) the 120th day
following the occurrence of the Payment Default; (2) waiver or cure of the
Payment Default; or (3) an Insolvency Event..

    

    “Ray-Carroll
Loan Agreement” shall mean that certain Conversion and Loan Agreement by and
among Ray-Carroll and Borrower, dated as of March 31, 2009;

    

    “Ray-Carroll Loan Documents” shall mean
the Ray-Carroll Note, and all other instruments and documents executed and
delivered by Borrower, as amended from time to time, and any renewal and
extensions thereof, with respect to the Ray-Carroll Note Debt.

    

    “Ray-Carroll Note” shall mean those
certain promissory note issued by Borrower to Ray-Carroll in the amount of dated
as of March 31, 2009

    

    “Ray-Carroll
Note Debt” shall mean all obligations of Borrower to Ray-Carroll under the
Ray-Carroll Loan Documents, but shall not include the Grain Supply Agreement
Obligations.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    "Remedy
Forbearance Period" shall mean collectively the Payment Default Remedy
Forbearance Period and the Non-Payment Default Forbearance Period.

    

    “Senior Notes” shall mean all notes of
Borrower payable to Lender evidencing all or part of the Senior Debt, and any
amendments, modifications, renewals or extensions thereof.

    

    “Senior Debt” shall mean all
obligations of Borrower to Lender now or hereafter existing under the Senior
Loan Documents, whether for principal or interest (including interest accruing
after the occurrence of an Insolvency Event), and whether or not the same is
allowed as a claim, prepayment premium, fees, expenses or
otherwise.

    

    “Senior Loan Agreements” shall mean
that certain Construction and Term Loan Agreement by and among Borrower, Lender,
as administrative agent, and the Banks named therein, dated as of March 1, 2007
and that certain Revolving Credit Agreement by and between Borrower and Lender
dated November 6, 2007, both as amended.

    

    “Senior Loan Documents” shall mean the
Senior Loan Agreements, the Note, the Deed of Trust, and all other instruments
and documents executed and delivered by Borrower, as amended from time to time,
and any renewal and extensions thereof, with respect to the Senior
Debt.

    

    ARTICLE
II

    REPRESENTATIONS OF
RAY-CARROLL

    

    SECTION 2.01.  Representations and
Warranties.  Ray-Carroll hereby represents and warrants to
Lender as follows:

    

    (a)  There are no existing
agreements or understandings relating to the Ray-Carroll Note Debt between
Borrower and Ray-Carroll or the relationship between Borrower and Ray-Carroll
under the Grain Supply Agreement that are not fully and accurately described in
the Ray-Carroll Loan Documents or the Grain Supply Agreement.

    

    (b)  This Agreement has been
duly executed and delivered by Ray-Carroll, and is the valid and binding
obligation of Ray-Carroll, enforceable against it in accordance with its
terms.

    

    (c) Ray-Carroll is the owner of one
hundred percent (100%) of the issued and outstanding Class B membership
interests in Borrower and is not relying in anyway on Lender to provide or
otherwise distribute information to Ray-Carroll regarding Borrower, save and
except any agreements or understandings between Borrower and Lender that are not
stated in the Senior Loan Documents.

    

    ARTICLE
III

    REPRESENTATIONS OF
LENDER

    

    SECTION 3.01.  Representations and
Warranties.  Lender hereby represents and warrants to
Ray-Carroll as follows:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (a)  This
Agreement has been duly executed and delivered by the Lender through a
representative duly authorized by Lender to enter this Agreement for itself with
respect to the Revolving Credit Agreement by and between Borrower and Lender
dated November 6, 2007, as amended, and as administrative agent with respect to
the Construction and Term Loan Agreement by and among Borrower, Lender, as
administrative agent, and the Banks named therein, dated as of March 1, 2007, as
amended, and is the valid and binding obligation of Lender in those capacities,
enforceable against it in accordance with its terms.

    

    (b)  There
are no existing agreements or understandings relating to the Senior Debt between
Borrower and Lender, for itself with respect to the Revolving Credit Agreement
by and between Borrower and Lender dated November 6, 2007, as amended, and as
administrative agent with respect to the Construction and Term Loan Agreement by
and among Borrower, Lender, as administrative agent, and the Banks named
therein, dated as of March 1, 2007, as amended, that are not fully and
accurately described in the Senior Loan Documents.

    

    ARTICLE
IV

    REPRESENTATIONS OF
BORROWER

    

    SECTION 4.01.  Representations and
Warranties.  Borrower hereby represents and warrants to Lender
and Ray-Carroll as follows:

    

    (a)  This
Agreement has been duly executed and delivered by Borrower through a
representative duly authorized by Borrower to enter this Agreement and is the
valid and binding obligation of Borrower, enforceable against it in accordance
with its terms.

    

    (b)  There
are no existing agreements or understandings relating to the Senior Debt between
Borrower and Lender, Lender for itself with respect to the Revolving Credit
Agreement by and between Borrower and Lender dated November 6, 2007, as amended,
and as administrative agent with respect to the Construction and Term Loan
Agreement by and among Borrower, Lender, as administrative agent, and the Banks
named therein, dated as of March 1, 2007, as amended, that are not fully and
accurately described in the Senior Loan Documents.

    

    (c)  There
are no existing agreements or understandings relating to the Ray-Carroll Loan
Agreement between Borrower and Ray-Carroll with respect to payment or security
for repayment of the Ray-Carroll Note Debt that are not fully and accurately
described in the Ray-Carroll Loan Documents.

    

    ARTICLE
V

    SUBORDINATION TO LIENS OF
SENIOR DEBT

    

    SECTION 5.01.  Lien
Subordination.

    

    (a)  General.  The
liens securing repayment of the Ray-Carroll Note Debt are, except as otherwise
set forth in this Agreement, made expressly subordinate and junior to the liens
securing repayment of the Senior Debt to the extent and in the manner set forth
in this Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    SECTION
5.02.  Priorities,
Remedies, and
Payment Over of Proceeds in Certain Events.

    

    (a)  Payment Default under Senior
Loan Agreements.  Subject to section 5.02(g), if a Payment
Default exists and is continuing, Borrower shall make no direct or indirect
payment of the Ray-Carroll Debt, and Ray-Carroll further agrees that it will not
accept such payment until expiration of the Payment Default Remedy Forbearance
Period.

    

    (b)  Non-Payment Default under Senior Loan Agreements.  Subject
to section 5.02(g), if a Non-Payment Default exists and is continuing, or if the
Senior Debt has matured, Borrower shall make no direct or indirect payment of
the Ray-Carroll Debt, and Ray-Carroll further agrees that it will not accept
such payment during the Non-Payment Default Remedy Forbearance
Period.

    

    (c)           Suspension of
Remedies.  Subject to section 5.02(g), in addition to the
restrictions on payment to Ray-Carroll and/or on Ray-Carroll’s acceptance of
payments from Borrower, so long as a Remedy Forbearance Period shall exist and
be continuing, Ray-Carroll shall not (i) seek, pursue, ask, demand, or sue for
any payment, distribution or any other remedy in respect of the Ray-Carroll
Debt, any collateral securing the Ray-Carroll Debt, or otherwise available under
the Ray-Carroll Loan Documents, (ii) demand, ask for or apply to any court for
the appointment of a receiver to own or operate the Borrower, any of its
properties or any of its businesses, or (iii) commence, or join with any other
creditor (other than Lender) in commencing, any Insolvency Event.

    

    (d)  Certain Payments Held in
Trust.  In the event that, notwithstanding the foregoing
provisions prohibiting such payment, Ray-Carroll shall have received any payment
or distribution in respect of the Ray-Carroll Debt contrary to such provisions,
then and in such event such payment or distribution shall be received and held
in trust for Lender and shall be paid over or delivered to Lender for
application to the Senior Debt.

    

    (e) Permitted Payments to
Ray-Carroll.  Except as expressly set forth in this Section
5.02, Lender specifically acknowledges and agrees that Borrower shall be
permitted to make, and Ray-Carroll shall be entitled to receive, interest and
permitted principal payments on the Ray-Carroll Debt in accordance with the
Ray-Carroll Loan Documents.  Neither the interruption of payments to
Ray-Carroll or the suspension of remedies pursuant to this Section 5.02 shall be
interpreted to constitute a general subordination in priority of
payment.

    

    (f)  Default Notices; Remedy
Notices.  Promptly upon learning of an Event of Default under
the Senior Loan Agreement, Lender shall give notice to Ray-Carroll of such
Default.  Likewise, promptly upon learning of an Event of Default
under the Ray-Carroll Loan Documents, Ray-Carroll shall give notice to Lender of
such Default.  If either Lender or Ray-Carroll should (i) seek,
pursue, ask, demand, or sue for any payment, exercise of any right as a secured
party, disposition of property or conduct of trustee’s sale, distribution or any
other remedy in respect of the Borrower's respective obligations, any collateral
securing such obligations, or otherwise available under the applicable loan
agreements, (ii) demand, ask for or apply to any court for the appointment of a
receiver to own or operate the Borrower, any of its properties or any of its
businesses, or (iii) commence, or join with any other creditor in commencing,
any Insolvency Event, then, and in such event, the party so moving shall provide
prompt notice of such action to the non-moving party.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (g)           Limitation on Exercise of
Payment and Remedy Blocks.  Notwithstanding anything to the
contrary, the Lender may not invoke Sections 5.02(a) or (b) to suspend
Ray-Carroll's right to receive payments under the Ray Carroll Loan Documents or
invoke Section 5.02(c) to block Ray-Carroll's exercise of its remedies if
Section 5.02(a), (b), or (c) has been invoked at any time in the preceding 365
days..

    

    Section 5.03.  Additional Credit to
Borrower.    Aside from advances under the Senior
Loan Agreements that are necessary to preserve and protect the Collateral, the
Lender may not extend additional credit to Borrower in excess of the amounts
authorized by the Senior Loan Agreements without Ray-Carroll's prior
consent.  Notwithstanding anything to the contrary contained herein,
Lender shall be permitted to lend additional amounts to Borrower in connection
with an Insolvency Event, and nothing herein shall be deemed to impair
Ray-Carroll's rights to object to this additional lending in connection with an
Insolvency Event.

    

    SECTION 5.04.  Rights Not to be
Impaired.  No right of Lender or Ray-Carroll to enforce their
respective rights as herein provided shall at any time in any way be prejudiced
or impaired by any noncompliance by Borrower with the terms and provisions and
covenants herein regardless of any knowledge thereof Lender or Ray-Carroll,
respectively, may have or otherwise be charged with.  The provisions
of this Article V are intended to be for the benefit of, and shall be
enforceable directly by, Lender and Ray-Carroll, respectively. Lender, Borrower
and Ray-Carroll expressly reserve all of their rights with respect to
characterize of the Grain Supply Agreement as part of, or separate from, as the
case may be, the forward contracts entered into prior to the date hereof and the
Ray-Carroll Note Debt..

    

    SECTION 5.05.  Further
Assurances.  Ray-Carroll will take reasonable steps to mark its
books of account in such a manner as shall be effective to give proper notice of
the effect of this Agreement, and will, in the case of any Ray-Carroll Note Debt
which is evidenced by any instrument, upon Lender’s reasonable request cause
such Ray-Carroll Note Debt to be evidenced by an appropriate instrument or
instruments endorsed with a legend evidencing this
Agreement.  Ray-Carroll will, at its reasonable expense and at any
time and from time to time, promptly execute and deliver all further instruments
and documents, and take all further action, that Lender may reasonably request,
in order to protect any right or interest expressly granted or purported to be
granted hereby or to enable Lender to exercise and enforce its rights and
remedies expressly granted hereunder.

    

    SECTION 5.06 Miscellaneous.

    

    (a)  All rights and interests
of Lender under this Article V, and all agreements and obligations of
Ray-Carroll under this Article V, shall remain in full force and effect
irrespective of:

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (i)  any lack of validity or
enforceability of any Senior Loan Document, and Note or any other agreement or
instrument relating thereto or to any other Senior Debt;

    

    (ii)  any change in the time,
manner or place of payment of, or in any other term of, all or any of the Senior
Debt, or any other amendment or waiver of or any consent to departure from any
Senior Loan Document any Note or any other agreement or instrument relating
thereto or to the Senior Debt, save and except any attempt to increase the
principal amount owing on the Senior Debt except as may be granted consent
pursuant to Section 5.03 hereof; or

    

    (iii)  any exchange, release
or non-perfection of any collateral, or any release or amendment or waiver of or
consent to departure from any guaranty, for all or any of the Senior Debt;
or

    

    (iv)  any other circumstance
that might otherwise constitute a defense available to, or a discharge of,
Borrower or a subordinated creditor.

    

    Notwithstanding
the foregoing, this section 5.06(a) shall inure only to the benefit of Lender or
its participants, successors or assignees and shall not be binding upon any
party other than Ray-Carroll and its successors and assigns.

    

    (b)  The provisions of this
Article V shall continue to be effective or be reinstated, as the case may be,
if at any time any payment of any of the Senior Debt is rescinded or must
otherwise be returned by Lender, as the case may be, upon the insolvency,
bankruptcy or reorganization of Borrower or otherwise, all as though such
payment had not been made.

    

    (c)  The provisions of this
Article V constitute a continuing agreement and shall (i) remain in full force
and effect until the Senior Debt shall have been indefeasibly paid in full, (ii)
be binding upon Ray-Carroll and its heirs, personal representatives, successors
and assigns, and (iii) be binding upon and inure to the benefit of and be
enforceable by Lender and its successors, transferees and
assigns.  Without limiting the generality of the foregoing clause
(iii), Lender may assign or otherwise transfer any Senior Note or portion
thereof held by it, or grant any participation in any of its rights or
obligations under the Senior Loan Documents, to any other person or entity, and
such other person or entity shall thereupon become vested with all the rights in
respect thereof granted to Lender herein or otherwise.  Lender and any
owner of a participation in any Senior Debt will take reasonable steps to mark
its books of account in such a manner as shall be effective to give proper
notice of the effect of this Agreement, and will, in the case of the Senior
Notes which is evidenced by any instrument, cause such Senior Notes to be
evidenced by an appropriate instrument or instruments endorsed with a legend
evidencing this Agreement.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    ARTICLE
VI

    COVENANTS

    

    SECTION 6.01.  Covenants of
Ray-Carroll.  Ray-Carroll covenants and agrees with Lender
that, unless Lender shall otherwise agree in writing, prior to the termination
of the Senior Loan Documents and payment in full of the Senior
Debt:

    

    (a)  Ray-Carroll will not
sell, assign, pledge, encumber or otherwise dispose of any of the Ray-Carroll
Note Debt held by it unless such sale, assignment, pledge, encumbrance or
disposition is made expressly subject to this Agreement.

    

    (b)  Ray-Carroll will not
permit the terms of any of the Ray-Carroll Note Debt held by it to be amended or
modified in such a manner as to have any adverse effect upon the rights or
interests of Lender hereunder.

    

    (c)  Except for the
Ray-Carroll Loan Documents, Ray-Carroll will not secure the payment of any
Ray-Carroll Note Debt or any other obligation of Borrower to Ray-Carroll, or
obtain a lien, security interest or other charge or encumbrance of any nature
whatsoever against Borrower's property, whether now owned or hereafter acquired;
provided, however, that this paragraph shall not apply to Grain Supply Agreement
Obligations.

    

    (d)           Ray-Carroll
shall not enter into any forward contracts with Borrower for the sale of corn
with a delivery date more than seven (7) days later than the date of any such
contract without Lender’s prior advance written consent unless offsetting
ethanol sales are made.

    

    (e)  Ray-Carroll shall not at
anytime contest the validity, perfection, priority or enforceability of any lien
or security interest granted to Lender, save and except any lien securing
repayment of the Grain Supply Agreement Obligations.

    

    SECTION
6.02.  Covenants Regarding Grain
Supply Agreement.  The parties hereto acknowledge Borrower and
Lender entered into a Collateral Assignment of Grain Supply Agreement, and
Ray-Carroll acknowledged and consented to such Collateral Assignment of Grain
Supply Agreement by execution of the Acknowledgement and Consent of Supplier
also dated March 7, 2007.  Furthermore, as of the date hereof, the
Collateral Assignment of Grain Supply Agreement and Ray-Carroll’s consent and
acknowledgement thereto remain in full force and effect.  In the event
that Lender exercises its rights under the Collateral Assignment of Grain Supply
Agreement, it shall be obligated to cure immediately any then existing payment
defaults under the Grain Supply Agreement (but not under the Ray-Carroll Note),
provided, however, that Ray-Carroll shall not be obligated to perform under the
Grain Supply Agreement for more than 180 days after Lender exercises its rights
under the Collateral Assignment of Grain Supply Agreement unless Lender cures
all then existing payment defaults under the Ray-Carroll Note.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    ARTICLE
VII

    MISCELLANEOUS

    

    SECTION 7.01.  Amendments,
etc.  No amendment of any provision of this Agreement shall in
any event be effective unless the same shall be in writing and signed by
Borrower, Lender and Ray-Carroll.

    

    SECTION 7.02.  Waiver. Any waiver of
a right provided under this Agreement or a breach of this Agreement must be
express and written.  The waiver by either of the Lender or
Ray-Carroll of any breach of any provision hereof by the other Party shall not
be construed to be a waiver of any succeeding breach of such provision or a
waiver of the provision itself.  Selection by Lender or Ray-Carroll of
a specific remedy does not constitute, and shall not be interpreted to
constitute, a waiver of any other remedy of such party, and failure to select a
specific remedy does not constitute, and shall not be interpreted to constitute,
a waiver of such remedy.  Lender’s or Ray-Carroll’s failure at any
time to enforce any of the terms, provisions or conditions of this Agreement
shall not constitute or be construed as a waiver of the same and any single or
partial exercise by such party of any right under this Agreement shall not
preclude any further or other exercise of the same or any other
right.

    

    SECTION
7.03 Expenses.  In
the event of any action by either the Lender or Ray-Carroll to enforce any
provision of this Agreement, or on account of any default under or breach of
this Agreement, the prevailing party, as determined by a court of competent
jurisdiction, in such action will be entitled to recover, in addition to all
other relief, from the other party all legal fees incurred by the prevailing
party, in connection with such action (including, but not limited to, any appeal
thereof).

    

    SECTION 7.04.  Addresses for
Notices.  All notices and other communications provided for
under this Agreement shall be in writing  and mailed, faxed, or
delivered at the addresses set forth below, or at such other address as such
party may specify by written notice to the other parties hereto:

    

    
      
        
          	
                  If
      to the Borrower:

                	
                  Show
      Me Ethanol, LLC

                
	 
      	
                  807
      West Main

                
	 
      	
                  Post
      Office Box 158

                
	 
      	
                  Richmond,
      Missouri  64085

                
	 
      	
                  Attention:  Dennis
      M. Alt

                
	 
      	
                  Telephone:
      (816) 776-2291

                
	 
      	
                  Facsimile:
      (816) 776-3213

                
	 
      	 
      
	
                  With
      a copy to:

                	
                  Bryan
      Cave LLP

                
	 
      	
                  3500
      One Kansas City Place

                
	 
      	
                  1200
      Main Street

                
	 
      	
                  Kansas
      City, MO  64105

                
	 
      	
                  Attention:  Laurence
      Frazen

                
	 
      	
                  Telephone:  (816)
      374-3200

                

        

      

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      
        	 
      	
                Facsimile:  (816)
      374-3300

              
	 
      	 
      
	
                If
      to Ray-Carroll:

              	
                Ray-Carroll
      County Grain Growers, Inc.

              
	 
      	
                807
      West Main, P. O. Box 158

              
	 
      	
                Richmond,
      MO 64085

              
	 
      	
                Telephone:  (816)
      776-2291

              
	 
      	
                Facsimile:
      (816) 776-3213

              
	 
      	
                Attention:
      Mike Nordwald

              
	 
      	 
      
	
                With
      a copy to:

              	
                Stinson
      Morrison Hecker LLP

              
	 
      	
                1201
      Walnut, Suite 2900

              
	 
      	
                Kansas
      City, MO 64106

              
	 
      	
                Telephone:  (816)
      842-8600

              
	 
      	
                Facsimile:  (816)
      691-3495

              
	 
      	
                Attention:
      Mark S. Carder

              
	 
      	 
      
	
                If
      to the Lender:

              	
                FCS
      Financial, PCA

              
	 
      	
                Three
      City Place Drive, Suite 870

              
	 
      	
                St.
      Louis, MO 63141

              
	 
      	
                Telephone:
      314-432-4278

              
	 
      	
                Facsimile:
       314-567-4678

              
	 
      	
                Attention:  Lee
      Fuchs

              
	 
      	 
      
	
                With
      a copy to:

              	
                Husch
      Blackwell Sanders LLP

              
	 
      	
                1949
      E. Sunshine St., Suite 2-300

              
	 
      	
                Springfield,
      MO 65804

              
	 
      	
                Telephone:  (417)
      862-6246

              
	 
      	
                Facsimile:  (417)
      862-6948

              
	 
      	
                Attention:  Gary
      A. Powell

              

      

    

    

    SECTION 7.05.  Governing
Law.  This Agreement shall be governed by, and construed in
accordance with, federal law, and to the extent applicable, the internal laws of
the State of Missouri.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    SECTION
7.06. CONSENT TO
JURISDICTION.  BY EXECUTION OF THIS AGREEMENT, THE PARTIES
HERETO CONSENT TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURT LOCATED
WITHIN THE COUNTY OF ST. LOUIS, MISSOURI AND WAIVE ANY OBJECTION WHICH THAT
PARTY MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS
TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT.  EACH PARTY
FURTHER COVENANTS AND AGREES THAT AT ALL TIMES IT SHALL HAVE AT LEAST ONE
REGISTERED AGENT WITHIN THE CONTINENTAL UNITED STATES OF AMERICA, WHICH AGENT
SHALL ACCEPT ANY AND ALL SERVICE OF PROCESS UPON THAT PARTY, AND THAT IN THE
EVENT THAT PARTY FAILS AT ANY TIME TO HAVE SUCH A REGISTERED AGENT, OR SUCH
REGISTERED AGENT REFUSES SUCH SERVICE OF PROCESS FOR ANY REASON WHATSOEVER, THEN
SERVICE OF ANY AND ALL SUCH PROCESS UPON THAT PARTY MAY BE MADE BY MAIL OR
MESSENGER DIRECTED TO THAT PARTY’S ADDRESS SET FORTH IN SECTION
7.04.  SERVICE SO MADE SHALL BE DEEMED TO CONSTITUTE PERSONAL
SERVICE UPON THAT PARTY, AND SHALL BE DEEMED COMPLETED UPON THE EARLIER OF
ACTUAL RECEIPT OR THREE DAYS AFTER THE SAME SHALL HAVE BEEN POSTED TO THAT
PARTY’S ADDRESS.  FURTHERMORE, EACH PARTY HERETO WAIVES, TO THE EXTENT
PERMITTED BY LAW, TRIAL BY JURY, AND WAIVES ANY BOND OR SURETY OR SECURITY UPON
SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED BY APPLICABLE LAW.
NOTHING IN THIS PARAGRAPH SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE
LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF THE
PARTIES HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST THE OTHER PARTIES OR
THAT PARTY’S PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION.”

     

    SECTION 7.07.  Management of
Credit.  Except as otherwise provided in this Agreement, Lender
shall be entitled to manage and supervise the obligations of Borrower to it in
accordance with applicable law and practices in effect from time to time without
regard to the existence of Ray-Carroll, and Lender shall have no liability to
Ray-Carroll for (i) any and all actions which Lender, in good faith, takes or
omits to take in connection with its credit arrangement with Borrower, including
without limitation with respect to the creation, perfection or continuation of
liens in any Collateral, the occurrence of default, the foreclosure upon, sale,
release or depreciation of, or a failure to realize upon, any Collateral and the
collection of any indebtedness or of any claim from any account debtor,
guarantor (or any other party), and (ii) any election of the application of
Section 1111(b)(2) of the Federal Bankruptcy Code.  Each party agrees
that it shall and will, upon reasonable request of the other party, execute and
deliver such other and further documents and instruments that may be necessary
or desirable to carry out more effectively the provisions and purposes of this
Agreement.

    

    SECTION
7.08.  Multiple
Counterparts.  This Agreement may be executed simultaneously in
two or more counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one and the same instrument.

    

    SECTION
7.09  Borrower
Consent.  By its execution of this Agreement, Borrower
evidences its consent and agreement to the terms and conditions of this
Agreement and stipulates that Lender and Ray-Carroll have relied upon such
consent in determining to advance credit to Borrower and forbear from
enforcement of existing obligations of Borrower that are presently in
default.

    

    SECTION
7.10  No
Third Party Beneficiary.  By execution hereof, the parties
hereto acknowledge and agree that this Agreement is solely between the parties
hereto and no other person or entity not a party to this Agreement shall have
any rights hereunder, either as a third party beneficiary or
otherwise.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    SECTION
7.11.  Other
Payments.  Neither Ray-Carroll nor the Lender shall be entitled
to receive any Excess Quarterly Cash payments during calendar years 2009 or
2010.  Thereafter, Borrower shall pay (i) pay one-half of any Excess
Quarterly Cash to Ray Carroll as more particularly described in the Ray-Carroll
Note, and (ii) at the same time, pay the other one-half of the Excess Quarterly
Cash to Lender.  Notwithstanding anything to the contrary herein, if
there is a Default under the Ray-Carroll Note and at the time of such Default
Borrower has Excess Quarterly Cash, then Ray-Carroll and the Lender shall share
equally all such Excess Quarterly Cash.  Any Excess Quarterly Cash
paid at any time to Ray-Carroll shall be applied to the Ray-Carroll Note and any
Excess Quarterly Cash paid at any time to the Lender shall be applied to the
Senior Debt.  For purposes of this Section, the term "Excess Quarterly
Cash" shall have the same meaning as set forth in the Ray-Carroll
Note.

     

    SECTION
7.12.  Memorandum of
Agreement.  Simultaneous with the execution hereof, the parties
shall also execute and deliver a short form memorandum of this Agreement, in the
form attached hereto as Exhibit
“A”, for the purpose of recording the same in the real estate records of
Carroll County, Missouri.

    

    [remainder
of this page intentionally left blank]

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, Ray-Carroll, Lender
and Borrower have caused this Agreement to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date first above
written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                              FCS
      FINANCIAL, PCA

                                            
	 
      
	
                                              By:

                                            	 
      
	
                                              Name:

                                            	 
      
	
                                              Title:

                                            	 
      
	 
      	 
      
	
                                              “Lender”

                                            
	 
      	 
      
	
                                              RAY-CARROLL
      COUNTY GRAIN GROWERS, INC.

                                            
	 
      	 
      
	
                                              By:

                                            	 
      
	
                                              Name:

                                            	 
      
	
                                              Title:

                                            	 
      
	 
      	 
      
	
                                              “Ray-Carroll”

                                            
	 
      	 
      
	
                                              SHOW
      ME ETHANOL, LLC

                                            
	 
      	 
      
	
                                              By:

                                            	 
      
	
                                              Name:

                                            	 
      
	
                                              Title:

                                            	 
      
	 
      
	
                                              “Borrower”

                                            

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
“A”

    

    Memorandum
of Intercreditor Agreement

    

    MEMORANDUM OF INTERCREDITOR
AGREEMENT

    

    MEMORANDUM OF INTERCREDITOR AGREEMENT
(“Memorandum”), dated as of March 31, 2009, is entered into by and between FCS Financial, PCA (“Lender”),
for itself and as administrative agent with respect to the Lender Loans, as
defined below; Ray-Carroll
County Grain Growers, Inc., a Missouri cooperative association
(“Ray-Carroll”); and Show Me
Ethanol, LLC a Missouri limited liability company
(“Borrower”).

    

    WITNESSETH:

    

    WHEREAS, Lender and Borrower are
parties to that certain Construction and Term Loan Agreement by and among
Borrower, Lender, as administrative agent, and the Banks named therein, dated as
of March 1, 2007 and that certain Revolving Credit Agreement by and between
Borrower and Lender dated November 6, 2007, both as amended (the “Lender
Loans”);

    

    WHEREAS, Ray-Carroll and Borrower are
parties to that certain Conversion and Subordinated Secured Promissory Note by
and among Ray-Carroll and Borrower, dated as of March 31, 2009 (the “Ray-Carroll
Loan”);

    

    WHEREAS, both Lender, in connection
with the Lender Loans, and Ray-Carroll, in connection with the Ray-Carroll Loan,
have recorded a deed of trust/security interest in Borrower’s interest the
property described on Exhibit
“A” as collateral for their respective loans (the
“Property”);

    

    WHEREAS, Ray-Carroll, Borrower and
Lender are parties to that certain Intercreditor Agreement dated as of the date
hereof (the “Intercreditor Agreement”) wherein the parties agreed to certain
procedures, rights and remedies in the event of a default under either the
Lender Loans or the Ray-Carroll Loan; and

    

    WHEREAS, Lender and Ray-Carroll require
that this Memorandum be recorded in the Carroll County, Missouri Recorder’s
Office for the purpose of giving notice of certain of the existence of the
Intercreditor Agreement.

    

    NOW, THEREFORE, in consideration of the
premises and the mutual promises set forth herein and in the Intercreditor
Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as
follows:

    

    1.           This
instrument is merely a memorandum of the Intercreditor Agreement and is subject
to all of the terms, conditions and provisions of the Intercreditor
Agreement.  In the event of any inconsistency between the terms of the
Intercreditor Agreement and this Memorandum, the terms of the Intercreditor
Agreement shall govern and control.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    2.           This
Memorandum shall be recorded in the real estate records for Carroll County,
Missouri, in lieu of recordation of the Intercreditor Agreement.

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, Ray-Carroll, Lender
and Borrower have caused this Memorandum to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date first above
written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                            FCS
      FINANCIAL, PCA

                                          
	 
      	 
      
	
                                            By:

                                          	 
      
	
                                            Name:

                                          	 
      
	
                                            Title:

                                          	 
      
	 
      	 
      
	
                                            “Lender”

                                          
	 
      	 
      
	
                                            RAY-CARROLL
      COUNTY GRAIN GROWERS, INC.

                                          
	 
      	 
      
	
                                            By:

                                          	 
      
	
                                            Name:

                                          	 
      
	
                                            Title:

                                          	 
      
	 
      	 
      
	
                                            “Ray-Carroll”

                                          
	 
      	 
      
	
                                            SHOW
      ME ETHANOL, LLC

                                          
	 
      	 
      
	
                                            By:

                                          	 
      
	
                                            Name:

                                          	 
      
	
                                            Title:

                                          	 
      
	 
      
	
                                            “Borrower”

                                          

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
      OF MISSOURI

              	
                )

              	 
      
	 
      	
                )

              	
                SS.

              
	
                COUNTY
      OF ______________

              	
                )

              	 
      

      

    

    

    On this __________ day of March, 2009,
before me appeared __________________________, to me personally known, who being
by me duly sworn did say that he is the __________________________ of
________________________, a ________________________ corporation, and that said
instrument was signed and sealed in behalf of said corporation by authority of
its Board of Directors, and he acknowledged said instrument to be the free act
and deed of said corporation.

    

    IN WITNESS WHEREOF, I have hereunto set
my hand and affixed my official seal in the City and State aforesaid, the day
and year first above written.

    
      
        
          
            
              
                
                  
                    	 
      	 	
                             

                          
	 
      	
                            Notary
      Public

                          
	
                            My
      Commission Expires:

                          	 
      
	 	 
      	 
      

                  

                

              

            

          

        

      

    

    

    
      
        	
                STATE
      OF MISSOURI

              	
                )

              	 
      
	 
      	
                )

              	
                SS.

              
	
                COUNTY
      OF ______________

              	
                )

              	 
      

      

    

    

    On this ________ day of March, 2009,
before me appeared __________________________, to me personally known, who being
by me duly sworn did say that he is the __________________________ of
________________________, a ________________________ corporation, and that said
instrument was signed and sealed in behalf of said corporation by authority of
its Board of Directors, and he acknowledged said instrument to be the free act
and deed of said corporation.

    

    IN WITNESS WHEREOF, I have hereunto set
my hand and affixed my official seal in the City and State aforesaid, the day
and year first above written.

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	 	 
      
	 
      	
                                  Notary
      Public

                                
	
                                  My
      Commission Expires:

                                	 	 
      
	 	 	 

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
      
        	
                STATE
      OF MISSOURI 

              	
                )

              	 
      
	 
      	
                )

              	
                SS.

              
	
                COUNTY
      OF ______________

              	
                )

              	 
      

      

    

    

    On this ________ day of March, 2009,
before me appeared __________________________, to me personally known, who being
by me duly sworn did say that he is the __________________________ of
________________________, a ________________________ corporation, and that said
instrument was signed and sealed in behalf of said corporation by authority of
its Board of Directors, and he acknowledged said instrument to be the free act
and deed of said corporation.

    

    IN WITNESS WHEREOF, I have hereunto set
my hand and affixed my official seal in the City and State aforesaid, the day
and year first above written.

    
      
        
          
            
              
                
                  
                    
                      	 
      	 	
                               

                            
	 
      	
                              Notary
      Public

                            
	
                              My
      Commission Expires:

                            	 
      
	 	 	 

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
“A”

    

    Property

     

    
      
        
        

      

      
        19

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