Document:

Exhibit 10.1

      

     

      

    
      AMENDMENT NO. 1

       

      TO

       

      FIRST AMENDED AND RESTATED CREDIT AGREEMENT

       

      THIS AMENDMENT NO. 1 TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT, dated as of September 21, 2022 (this “Agreement”), is entered into by and between SOUTHWEST IOWA RENEWABLE ENERGY, LLC, a limited liability company organized and existing under the laws of Iowa (the “Company”), FARM CREDIT SERVICES OF AMERICA, FLCA, a federally-chartered instrumentality of the United States (“FLCA”), FARM CREDIT SERVICES OF
        AMERICA, PCA, a federally-chartered instrumentality of the United States (“PCA”, and together with FLCA, individually and collectively, the “Lender”), and COBANK, ACB, a federally-chartered instrumentality of the United States (“Cash Management Provider” or “Agent”).  Capitalized terms not defined herein shall have the meanings set forth in the Existing Credit Agreement.

       

      BACKGROUND:

       

      WHEREAS, the Company, Lender
          and Agent are parties to a First Amended and Restated Credit Agreement dated as of July 18, 2022 (as the same may from time to time be amended, restated, modified or otherwise supplemented, the “Existing Credit Agreement”), and the other Loan Documents;

       

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

       

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

       

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

       

      ARTICLE 1        Definitions.

       

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

       

      “Agent” is defined in the preamble to this Agreement.

       

      “Agreement” is defined in the preamble to this Agreement.

       

      “Cash Management Provider” is defined in the preamble to this Agreement.

       

      “Company” is defined in the preamble to this Agreement.

       

      “Effective Date” is defined in Article 4.

       

      “Existing Credit Agreement” is defined in the first recital to this Agreement.

       

      
        
          

      

      
      “FLCA” is defined in the preamble to this Agreement.

       

      “Lender” is defined in the preamble to this Agreement.

       

      “PCA” is defined in the preamble to this Agreement.

       

      “Third Amended and Restated Revolving Term Note” is defined in Section 2.1 of this Agreement.

       

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

       

      ARTICLE 2        Amendments.

       

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

       

      2.1        Revolving Term Note.  The Revolving Term Note referenced in Section 2.2(b) of the Existing Credit Agreement, and attached to the Existing Credit Agreement as Exhibit B, has been amended and restated in its
            entirety and is in the form attached hereto as Exhibit A, the terms and provisions of which are incorporated into the Existing Credit Agreement by reference and made a part thereof
            (the “Third Amended and Restated Revolving Term Note”).

       

      2.2         Amendment to Section 7.1 of the Existing Credit Agreement.  Section 7.1 of the Existing Credit Agreement is hereby amended by deleting Section 7.1 in its entirety and substituting the following Section 7.1
            in its place:

       

      “7.1       Indebtedness.  The Company shall not, and shall not permit any Subsidiary to, at any time create, incur, assume or suffer to exist any Indebtedness, except for the following referred to as “Permitted Indebtedness”:

       

      (a)          Indebtedness of the Company under the
            Loan Documents;

       

      (b)         Any Interest Rate Hedge utilized
            solely for hedging interest rate risks (and not in any event for speculative purposes) provided by any Lending Party;

       

      (c)          Other Indebtedness of the Company not
            otherwise permitted under this Section 7.1 in an aggregate principal amount outstanding at any time not to exceed $5,000,000 (less the current balance of the Indebtedness of the Company set forth on the attached Schedule 7.1(d)); and

       

      (d)          Existing Indebtedness of the Company
            set forth on the attached Schedule 7.1(d).”

       

      2.3          Amendment to Section 7.7 of the Existing Credit Agreement.  Section 7.7 of the Existing Credit Agreement is hereby amended by deleting Section 7.7 in its entirety and substituting the following Section 7.7
            in its place:

       

      
        2

        
          

      

      “7.7          Dividends and Related Distributions / Payments on Certain Indebtedness.

       

      (a)         The Company shall not, and shall not
            permit any of its Subsidiaries to, make or pay, or agree to become or remain liable to make or pay, any dividend or other distribution of any nature (whether in cash, property, securities or otherwise) on account of or in respect of its shares
            of capital stock, partnership interests or limited liability company interests or on account of the purchase, redemption, retirement or acquisition of its shares of capital stock (or warrants, options or rights therefor), partnership interests
            or limited liability company interests, except dividends or other distributions payable by the Company to its members holding limited liability company interests with respect to any fiscal year of the Company; provided, that (i) the aggregate
            amount of such payments with respect to any fiscal year of the Company does not exceed 50% of the net income of the Company for such fiscal year, (ii) the Company has delivered its audited financial statements for such fiscal year to Agent in
            accordance with Section 6.1(b) and (iii) no Event of Default or Default has occurred or would result therefrom.

       

      (b)       Notwithstanding the restrictions set
            forth in Section 7.7(a), the Company shall be permitted to make or pay additional dividends or other distributions to its members holding limited liability company interests (including the purchase, redemption, retirement or acquisition of such
            limited liability company interests); provided, that (i) the Company has delivered its audited financial statements for the most recently-completed fiscal year to Agent in accordance with Section 6.1(b), (ii) no Event of Default or Default has
            occurred or would result therefrom (on a pro-forma basis after giving effect to any dividend or other distribution proposed to be made pursuant to this Section 7.7(b)), (iii) the net income of the Company was $1 or more for the most
            recently-completed fiscal year, (iv) the Company reasonably projects that the net income of the Company will be $1 or more for the then-current fiscal year and (v) the Working Capital of the Company was $30,000,000 or more as of the last day of
            the most recently- reported fiscal year, is $30,000,000 or more as of the time any dividend or other distribution is proposed to be made pursuant to this Section 7.7(b) and will be $30,000,000 or more immediately after any dividend or other
            distribution is actually made pursuant to this Section 7.7(b).

       

      (c)          Notwithstanding the restrictions set
            forth in Section 7.7(a), SIRE DISC, Inc. shall be permitted to make or pay dividends or other distributions to the Company.”

       

      2.4         Amendment to Section 7.15 of the Existing Credit Agreement.  Section 7.15 of the Existing Credit Agreement is hereby amended by deleting Section 7.15 in its entirety and substituting the following Section
            7.15 in its place:

       

      “7.15    Operating Leases.  The Company and its Subsidiaries shall not make any payments in any fiscal year on account of Operating Leases exceeding $1,000,000 in the aggregate (other than (a) payments pursuant to
            leases for rail cars and (b) payments pursuant to Operating Leases entered into with FCL (including the FCL Operating Lease)).  The Company and its Subsidiaries shall not enter into or otherwise become a party to any Operating Leases for rail
            cars which provide for a remaining lease term (whether initially or through extension) of over 60 months (other than Operating Leases for up to 625 rail cars).”

       

      
        3

        
          

      

      2.5         Amendment to Section A of Annex A of the Existing Credit Agreement.  Section A of Annex A of the Existing Credit Agreement is hereby amended by deleting the following defined terms and substituting the
            following defined terms in their place:

       

      ““Affiliate” means, with respect to any Person, any other Person (i) which directly or
        indirectly controls, is controlled by, or is under common control with such Person, (ii) which beneficially owns or holds 20% or more of any class of the voting or other equity interests of such Person, or (iii) 20% or more of any class of voting
        interests or other equity interests of which is beneficially owned or held, directly or indirectly, by such Person. Each of Farm Credit Leasing Services Corporation and CoBank, FCB are “Affiliates” of Agent for all purposes under this Agreement.

       

      “ICM Unit Repurchase” means the repurchase of membership units of the Company owned by ICM
        Investments, LLC.  The repurchases have been completed and proceeds of Loans may no longer be used for such purpose.”

       

      2.6         Amendment to Section A of Annex A of the Existing Credit Agreement.  Section A of Annex A of the Existing Credit Agreement is hereby amended by deleting the following defined terms: “Bunge” and “ICM”.

       

      ARTICLE 3        Representations

            and Warranties.

       

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

       

      ARTICLE 4        Conditions to
            Effectiveness.

       

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

       

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

       

      4.2          Revolving Term Note.  Agent shall have received a duly executed Third Amended and Restated Revolving Term Note.

       

      
        4

        
          

      

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

       

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

       

      ARTICLE 5        Miscellaneous.

       

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

       

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

       

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

       

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

       

      [Signature Pages Follow]

       

      
        5

        
          

      

      [SIGNATURE PAGE TO CREDIT AGREEMENT AMENDMENT]

       

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

       

      	 	
              COMPANY:

            
	 	 
	 	
              SOUTHWEST IOWA RENEWABLE ENERGY, LLC

            
	 	 
	 	 
	 	
              By:

            	/s/ Michael D. Jerke 
	 	
              Name:

            	
              Michael D. Jerke

            
	 	
              Title:

            	
              Chief Executive Officer

            

      

      

      
        6

        
          

      

      [SIGNATURE PAGE TO CREDIT AGREEMENT AMENDMENT]

       

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

       

      	 	
              LENDER:

            
	 	 
	 	
              FARM CREDIT SERVICES OF AMERICA, FLCA

            
	 	 
	 	
              By:

            	/s/ Brian Frevert 
	 	
              Name: 

              

            	Brian Frevert
	 	
              Title:

            	Vice President

            

      

      

      
        7

        
          

      

      [SIGNATURE PAGE TO CREDIT AGREEMENT AMENDMENT]

       

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

       

      	 	
              LENDER:

            
	 	 
	 	
              FARM CREDIT SERVICES OF AMERICA, PCA

            
	 	 
	 	 
	 	
              By:

            	/s/ Brian Frevert
	 	
              Name:

            	Brian Frevert
	 	
              Title:

            	Vice President

      

      

      
        8

        
          

      

      [SIGNATURE PAGE TO CREDIT AGREEMENT AMENDMENT]

       

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

       

      	 	
              CASH MANAGEMENT PROVIDER AND

              AGENT:

            
	 	 
	 	
              COBANK, ACB

            
	 	 
	 	 
	 	
              By:

            	/s/ Brook Stromer
	 	Name:	Brook Stromer
	 	Title:

            	Vice President

      

      

      
        9

        
          

      

      [GUARANTOR’S CONSENT PAGE TO CREDIT AGREEMENT AMENDMENT]

       

      GUARANTOR’S CONSENT

       

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

       

      	 	
              SIRE DISC, INC.

            
	 	 
	 	
              By:

            	/s/ Michael D. Jerke
	 	Name: 

            	Michael D. Jerke
	 	Title:	Chairman

      

      

      
        10

        
          

      

      EXHIBIT A

       

      Form of Third Amended and Restated Revolving Term Note

       

      [see attached]

       

       

      

       11Exhibit 10.2

      

     

      

    
      THIRD AMENDED AND RESTATED REVOLVING TERM NOTE

       

      	
              $40,000,000

            	
              Greenwood Village, Colorado

            
	

            	
              September 21, 2022

            

      

      

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

       

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

       

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

       

      
        
          

      

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

       

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

       

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

       

      6.         Interest Rate Options.  The Company shall have the right to select from the following interest rate
          options with respect to the Loans (each, an “Interest Rate Option”):  (a) upon the selection of a Daily Simple SOFR Rate Option, the Daily Simple SOFR Rate with a Daily Simple SOFR Rate Spread of 3.25% per
          annum (the “Daily Simple SOFR Rate Spread”) or (b) upon the selection of a Quoted Rate Option, the Quoted Rate with such Quoted Rate to remain fixed for such period as is confirmed to the Company by the
          Agent, but in no event shall such period be less than 365 days.

       

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

       

      
        2

        
          

      

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

       

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

       

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

       

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

       

      10.         Miscellaneous.

       

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

       

      
        3

        
          

      

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

       

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

       

      [SIGNATURE PAGE FOLLOWS]

       

      

      
        4

        
          

      

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

       

      	 	
              SOUTHWEST IOWA RENEWABLE

              ENERGY, LLC

            
	 	

            
	 	
              By:

            	/s/ Michael D. Jerke

      	 	
              Name:

            	
              Michael D. Jerke

            
	 	
              Title:

            	
              Chief Executive Officer

            
	 	 

      

      

      	
              AGREED AND ACCEPTED:

            	 
	 	 
	
              COBANK, ACB

            	 
	 	 
	
              By:

            	/s/ Brook Stromer	 	 
	 	
              Name:  Brook Stromer

            	 
	 	
              Title:  Vice President

            	 
	 	 
	
              FARM CREDIT SERVICES OF AMERICA, FLCA

            	 
	 	 
	
              By:

            	/s/ Brian Frevert	 	 
	 	
              Name: Brian Frevert

            	 
	 	
              Title: Vice President

              

            	 

      

      

      
        [Third Amended and Restated Revolving Term Note Signature Page]

      

      
        
          

      

      EXHIBIT A

       

      FORM OF REVOLVING TERM LOAN REQUEST

       

      [          ], 20[  ]

       

      	To:	
              CoBank, ACB (the “Agent”)

            

       

      	From:	
              Southwest Iowa Renewable Energy, LLC (the “Company”)

            

       

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

            

       

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

       

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

            

       

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

            

       

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

            

       

      	

            	☐ 

            	
              Daily Simple SOFR Rate Option; or

            

       

      	

            	☐ 

            	
              Quoted Rate Option.

            

       

      	 	
              SOUTHWEST IOWA RENEWABLE ENERGY, LLC

            
	 	 
	 	
              By:

            	 	 
	 	
              Name:

            	 	 
	 	
              Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]