Document:

FIRST
      AMENDMENT TO 

    CONSTRUCTION
      AND TERM LOAN AGREEMENT

    

    THIS
      AMENDMENT TO CONSTRUCTION AND TERM LOAN AGREEMENT
      (“Amendment”) dated as of June 2, 2008, is entered into by and between
SHOW
      ME ETHANOL, LLC, a
      Missouri limited liability company (the “Borrower”)
      and
FCS
      FINANCIAL, PCA,
      as agent
      (the “Agent”)
      for
      itself and on behalf of the other Banks. 

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      that as of March 1, 2007, the parties hereto, along with the Banks, entered
      into
      that certain Construction and Term Loan Agreement (the “Loan Agreement”),
      wherein, among other things, Agent provided funds to Borrower in connection
      with
      the construction of the Project; and

    

    WHEREAS,
      in connection with Borrower’s construction of the Project, Borrower experienced
      cost overruns which required Borrower to obtain or raise additional funds to
      complete the Project; and

    

    WHEREAS,
      Borrower has secured additional funds from various persons that are “Accredited
      Investors” in an amount not less than Three Million Dollars ($3,000,000.00) to
      assist in completion of the Project (the “Member Loan”); and

    

    WHEREAS,
      the Banks and the Agent have agreed to allow Borrower to obtain the Member
      Loan
      in accordance with the provisions of this Amendment; and 

    

    WHEREAS,
      Borrower and Agent hereby desire to amend the Loan Agreement as set forth
      hereinafter provided;

    

    NOW,
      THEREFORE, in consideration of the foregoing and of the terms and conditions
      contained in this Amendment, and of any loans or extensions of credit or other
      financial accommodations at any time made to or for the benefit of Borrower
      by
      the Banks, the Borrower, the Banks and Agent agree as follows:

     

    1. Certain
      Defined Terms.
      The
      parties hereto acknowledge and agree that the following items of Section
      1.01“Certain
      Defined Terms” shall be deleted in their entirety and amended as
      follows:

    

    “Excess
      Cash Flow”
means,
      with respect to a fiscal year of the Borrower, the amount of cash flow from
      operations that exceeds Net Income plus depreciation for said fiscal year less
      (Capital Expenditures, scheduled Term Loan principal payments, scheduled Member
      Loan payments and Distributions for said fiscal year).”

    

    “Member
      Loan”
means
      those certain loans from persons, who are “Accredited Investors” to Borrower, as
      evidenced by that certain Loan and Security Agreement by and among the Borrower
      and the contributing person.”

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    “Member
      Loan Documents”
means
      those certain documents, including without limitation, the Loan and Security
      Agreement by and among the Borrower and the contributing Members, evidencing
      the
      Member Loan.”

    

    “Member
      Loan Lender”
means
      those parties making the Member Loan as set forth in the Member Loan Documents
      and on the Member Loan Subordination Agreement.”

    

    “Member
      Loan Subordination Agreement”
means
      that certain Intercreditor/Subordination Agreement by and among the Borrower,
      Agent and the Member Loan Lender dated June 2, 2008.”

    

    “Subordinated
      Debt”
means
      any and all Debt of Borrower held by any Person other than Agent, and Bank,
      or
      the Revolving Credit Lender pursuant to either this Agreement or the Revolving
      Credit Agreement, including, without limitation the Member Loan.”

    

    “Working
      Capital”
means
      current assets of the Borrower less current liabilities of the Borrower;
      provided, however, the Member Loan shall be excluded as a Debt in the
      determination of Working Capital until such time as the Member Loan is then
      currently due and owing.”

    

    2. Revolving
      Credit Facility.
      The
      parties hereto acknowledge and agree that Section
      2.11(f)“Revolving
      Credit Facility” shall be deleted in its entirety and replaced with
      the following:

    

    “Revolving
      Credit Facility.
      The
      parties acknowledge and agree effective as of November 6, 2007, Revolving Credit
      Lender and Borrower entered into the Revolving Credit Facility to provide
      Borrower with funds for use in the operation of the Project, as amended, in
      the
      maximum principal amount of Eight Million Dollars ($8,000,000.00). Additionally,
      the Banks agree and acknowledge that all or a portion of the Collateral shall
      be
      secured equally and ratably with the Revolving Credit Facility on the same
      lien
      priority basis.”

    

    3. Conditions
      Precedent to this Amendment.
      The
      parties hereto acknowledge and agree that following shall be condition precedent
      to the execution and delivery of this Amendment by the Banks and
      Agent:

    

    3.1 Execution
      of the Member Loan Subordination Agreement.
      The
      Member Loan Lender (by and through the Collateral Agent, State Bank of Slater,
      Missouri), Borrower and Agent shall have executed and delivered the Member
      Loan
      Subordination Agreement.

    

    3.2. Execution
      of the First Amendment to Revolving Credit Agreement.
      The
      Borrower and Revolving Credit Lender shall have entered into that certain First
      Amendment to Revolving Credit Agreement, among other things increasing the
      amount of the Revolving Credit Facility from Five Million Dollars
      ($5,000,000.00) to Eight Million Dollars ($8,000,000.00).

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.3 Funding
      of the Member Loan.
      The
      Agent shall have received written confirmation that the Member Loan Lenders
      have
      funded the Member Loan.

    

    4. Consent
      to Member Loan.
      By
      execution of this Amendment, the Banks and Agent consent to the Member Loan
      and
      the creation of additional indebtedness there under by Borrower.

    

    5. Multiple
      Counterparts.
      This
      Amendment 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.

    

    6. Reaffirmation
      of Previous Terms and Conditions.
      All of
      the remaining terms and conditions of the Agreement, as amended, where not
      inconsistent with the above, shall remain the same and are hereby republished,
      reaffirmed and restated as of the date hereof.

    

    [remainder
      of this page intentionally left blank]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
      by
      their respective officers and duly authorized, as of the date first above
      written.

    

    
      	
              BORROWER:

            
	 
	
              SHOW
                ME ETHANOL, LLC,

            
	
              a
                Missouri limited liability company

            
	 
	  
              
	
              By:

            	  
              
	
              Title:

            	   
              
	 
	
              AGENT,
                for itself and on behalf of the Banks:

            
	 
	
              FCS
                FINANCIAL, PCA

            
	 
	  
              
	By:	
               
                

            
	
              Title: 

            	
                
                

            

    

    
      
         

      

      
        4FIRST
      AMENDMENT TO

    REVOLVING
      CREDIT AGREEMENT

    

    THIS
      AMENDMENT TO REVOLVING CREDIT AGREEMENT (this “Amendment”) is made as of the
      2nd
      day of
      June, 2008 by and between SHOW
      ME ETHANOL, LLC, a
      Missouri limited liability company (the “Borrower”) and FCS
      FINANCIAL, PCA,
      a
      federally chartered instrumentality (hereinafter referred to as “Lender”)
      (Lender and Borrower sometimes hereinafter collectively the
“Parties”).

    

    W
      I T N E S S E T H:

     

    WHEREAS,
      on November 6, 2007, the parties hereto entered into that certain Revolving
      Credit Agreement, wherein, among other things, Lender provided funds to Borrower
      in connection with Project and the operation thereof; and

    

    WHEREAS,
      in connection with Borrower’s construction of the Project, Borrower experienced
      cost overruns which required Borrower to obtain or raise additional funds to
      complete the Project; and

    

    WHEREAS,
      while Borrower has secured additional funds from various persons that are
“Accredited Investors” in an amount not less than Three Million Dollars
      ($3,000,000.00) to assist in completion of the Project (the “Member Loan”);
      and

    

    WHEREAS,
      Borrower has also requested that Lender increase the revolving commitment
      hereunder from Five Million Dollars ($5,000,000.00) to Eight Million Dollars
      ($8,000,000.00), and the Lender is willing to do so on the terms and conditions
      herein set forth;

    

    WHEREAS,
      Borrower and Lender hereby desire to amend the Revolving Credit Agreement as
      set
      forth herein;

     

    NOW,
      THEREFORE, in consideration of the foregoing and of the terms and conditions
      contained in this Amendment, and of any loans or extensions of credit or other
      financial accommodations at any time made to or for the benefit of Borrower
      by
      the Lenders, the Borrower and Lender agree as follows:

    

    1. General
      Definitions.
      The
      parties hereto acknowledge and agree that Section
      1.1“General
      Definitions” shall be deleted in their entirety and amended as
      follows:

    

    “LC
      Commitment”
shall
      mean $8,000,000.00, as such amount may be reduced or terminated from time to
      time pursuant to Section
      4.4 or 11.1,
      less
      payments received with respect to the LC Obligations.”

    

    “Matured
      Default”
shall
      mean the occurrence or existence of any one or more of the following
      events:

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    (a) any
      default by Borrower under the terms of the Member Loan Documents.”

    

    “Maturity
      Date”
shall
      mean June 2, 2009.”

    

    “Member
      Loan”
means
      those certain loans from persons, who are “Accredited Investors” to Borrower as
      evidenced by that certain Loan and Security Agreement by and among the Borrower
      and the contributing person.”

    

    “Member
      Loan Documents”
means
      those certain documents, including without limitation, the Loan and Security
      Agreement by and among the Borrower and the contributing person, evidencing
      the
      Member Loan.”

    

    “Member
      Loan Lender”
means
      those parties making the Member Loan as set forth in the Member Loan Documents
      and on the Member Loan Subordination Agreement.”

    

    “Revolving
      Loan Commitment”
shall
      mean $8,000,000.00, as such amount may be reduced or terminated from time to
      time pursuant to Section
      4.4 or 11.1.”

    

    “Subordinated
      Debt”
shall
      mean any and all Debt of Borrower held by any person other than Lender or any
      Term Lender, including, without limitation the Member Loan.”

    

    2. LOAN.
      The
      parties hereto acknowledge and agree that the following items in Section
      2“LOANS”
      shall be deleted in their entirety and replaced with the following:

    

    “2.1 Revolving
      Loan.

    

    (a) Subject
      to the terms and conditions and relying upon the representations and warranties
      herein set forth, Lender agrees to extend a revolving credit loan (the
“Revolving Loan”) to the Borrower by making loans to the Borrower on a revolving
      basis on any one or more Business Days prior to the Maturity Date, up to an
      aggregate principal amount not exceeding the Revolving Loan Available Amount
      on
      such Business Day. Within such limits and during such period and subject to
      the
      terms and conditions of this Agreement, the Borrower may borrow, repay and
      reborrow the Revolving Loan. Subject to Section
      2.3
      hereof,
      loans extended with respect to the Revolving Loan shall be comprised of
      Revolving Base Rate Loans and/or Revolving LIBOR Rate Loans as selected by
      the
      Borrower. The principal amount outstanding under the Revolving Loan Commitment
      shall not, at any time, exceed the Borrowing Base. If at any time the principal
      amount outstanding under the Revolving Loan Commitment exceeds the Borrowing
      Base, then the amount of such excess shall be immediately due and payable by
      the
      Borrower to the Lender. Notwithstanding the foregoing, the parties have agreed
      until December 31, 2008 Borrower may, request and obtain Five Million Dollars
      ($5,000,000.00) of the Revolving Loan Commitment without the requirement of
      sufficient Borrowing Base; provided, however, any request for funds under the
      Revolving Loan Commitment above Five Million Dollars ($5,000,000.00) of
      principal, outstanding at any time, shall not exceed the then available
      Borrowing Base. For purposes of illustration, should Borrower request an
      additional Seven Million Dollars ($7,000,000.00) under the Revolving Loan
      Commitment, Borrower shall be required to document to Lender a Borrowing Base
      of
      Seven Million Dollars, to receive the requested funds.”

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    “2.2 LCs.

    

    (a) Subject
      to the terms and conditions of this Agreement, the Borrower may from time to
      time request that the Lender issue one or more LCs for the Borrower’s account
      for any purpose acceptable to the Lender in its reasonable discretion;
provided,
      however,
      that
      the Lender shall not issue any such LC if (i) such issuance would cause the
      LC
      Obligations to exceed $8,000,000.00 at the time of such issuance, (ii) the
      face
      amount of such LC exceeds the Revolving Loan Available Amount at the time of
      such issuance, or (iii) the proposed expiry date for the LC is on or after
      a
      date which is the earlier of (A) twelve (12) months after its date of issuance
      or (B) the Maturity Date.”

    

    3. Borrower
      Base Certificate.
      The
      parties hereto acknowledge and agree that the Borrowing Base Certificate
      attached hereto as Exhibit
      “B”
      shall
      replace the Borrowing Base Certificate attached to the Revolving Credit
      Agreement as Exhibit “1B”.

    

    4. Conditions
      Precedent to this Amendment.
      The
      parties hereto acknowledge and agree that following shall be condition precedent
      to the execution and delivery of this Amendment by the Banks and
      Agent:

    

    4.1 Execution
      of the First Amendment to Construction and Term Credit Agreement.
      The
      Borrower and Term Loan Lender shall have entered into that certain First
      Amendment to Construction and Term Credit Agreement.

    

    4.2 Funding
      of the Member Loan.
      The
      Agent shall have received written confirmation that the Member Loan Lenders
      have
      funded the Member Loan.

    

    4.3 Execution
      of the Amendment to Revolving Note.
      Borrower shall have executed and delivered to Lender the Amendment to Revolving
      Note, in the form attached hereto as Exhibit
      “A”.

    

    5. Consent
      to Member Loan.
      By
      execution of this Amendment, Lender consents to the Member Loan and the creation
      of additional indebtedness there under by Borrower.

    

    6. Treatment
      as Equity.
      For
      purposes of Sections
      9.4,
      9.5,
      9.6
      and
9.7
      of the
      Revolving Credit Agreement, the Member Loan shall be treated as equity rather
      than Debt.

    

    7. Multiple
      Counterparts.
      This
      Amendment 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.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    8. Reaffirmation
      of Previous Terms and Conditions.
      All of
      the remaining terms and conditions of the Agreement, as amended, where not
      inconsistent with the above, shall remain the same and are hereby republished,
      reaffirmed and restated as of the date hereof.

    

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

    

    
      	
              BORROWER:

            
	 	 
	
              SHOW
                ME ETHANOL, LLC

            
	 	 
	
              By
                

            	 
	
              Name
                

            	 
	
              Title
                

            	 
	 	 
	
              LENDER:

            
	 	 
	
              FCS
                FINANCIAL, PCA

            
	 	 
	
              By
                

            	 
	
              Name

            	 
	
              Title

            	 

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    EXHIBIT
      “A”

    

    Amendment
      to Revolving Note

     

    AMENDMENT
      TO REVOLVING NOTE

    

    THIS
      AMENDMENT TO REVOLVING NOTE (“Amendment”) is entered into as of the _____ day of
      May, 2008, by and between SHOW ME ETHANOL, LLC, a Missouri limited liability
      company (hereinafter referred to as “Borrower”), and FCS Financial, PCA,
      (hereinafter referred to as “Lender”)

    

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      Lender is the owner and holder of a Revolving Note dated November 9, 2007,
      in
      the principal amount of up to Five Million Dollars ($5,000,000.00) and made
      payable by Borrower to Lender (the “Revolving Note”). Except as otherwise
      defined herein or unless the context otherwise requires, capitalized terms
      not
      defined herein shall have the meanings given such terms in the Revolving Note,
      or if not defined therein, then the meanings given those terms in the Revolving
      Credit Agreement (defined below); and

     

    WHEREAS,
      the Revolving Note evidences advances under the Revolving Note made pursuant
      to
      the terms of that certain Revolving Credit Agreement
      dated November 6, 2007 (the “Revolving Credit Agreement”) between Borrower and
      Lender; and

     

    WHEREAS,
      the parties hereto are executing an Amendment
      to Revolving Credit Agreement
      dated of
      even date herewith, pursuant to which Lender increased the Revolving Loan
      Commitment from Five Million Dollars ($5,000,000.00) to Eight Million Dollars
      ($8,000,000.00) and to shorten the term of the Revolving Loan; and

     

    WHEREAS,
      Borrower and Lender now wish to amend the Revolving Note to the extent necessary
      to reflect the above-described change;

     

    NOW,
      THEREFORE, in consideration of the foregoing premises and the mutual covenants
      hereinafter stated, and for other good and valuable consideration, the receipt
      and sufficiency of which are hereby acknowledged, and intending to be legally
      bound, the parties agree as follows:

     

    1. Increase
      in Revolving Loan Amount.
      The
      Revolving Note is hereby amended by deleting the first full paragraph of the
      Revolving Note and by inserting in lieu of the deleted paragraph the following
      paragraph:

    

    “FOR
      VALUE RECEIVED, the undersigned, SHOW ME ETHANOL, LLC, a Missouri limited
      liability company (hereinafter referred to as “Borrower”), promises to pay to
      the order of FCS Financial, PCA, (hereinafter referred to as “Lender”), at such
      place as Lender may designate, in lawful money of the United States of America,
      the principal sum of Eight Million Dollars ($8,000,000.00) or so much thereof
      as
      may be advanced and be outstanding, together with interest on any and all
      principal amounts outstanding calculated in accordance with the provisions
      set
      forth below. This Note is issued under that certain Revolving Loan Agreement
      dated November 9, 2007, as amended by that certain First Amendment to Revolving
      Loan Agreement dated June 2, 2008 (as the same may be amended, replaced,
      restated and/or supplemented from time to time, the “Credit Agreement”) between
      Borrower and Lender.”

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    2. Modification
      of Maturity Date.
      The
      parties acknowledge and agree that the Maturity Date, as set forth in the
      Revolving Note, shall be deleted in its entirety and the following insert in
      its
      place:

    

    ““Maturity
      Date”:
      shall
      mean June 2, 2009.”

     

    3. Ratification
      of Revolving Note.
      Borrower and Lender hereby ratify and confirm the Revolving Note, as amended
      hereby, in all respects; and, except as amended hereby, the Revolving Note
      shall
      remain in full force and effect.

     

    4. Attachment
      of this Amendment to Revolving Note.
      This
      Amendment may be attached to and shall form a part of the Revolving Note for
      all
      purposes.

     

    5. Counterpart
      Execution.
      This
      Amendment may be executed in counterparts, and any number of counterparts shall
      constitute one original. 

     

    6. Definitions.
      Except
      as otherwise defined herein or unless the context otherwise requires,
      capitalized terms not defined herein shall have the meanings given those terms
      in the Revolving Credit Agreement. 

    

    
      	
              SHOW
                ME ETHANOL, LLC

            
	
              a
                Missouri limited liability company

            
	 	 
	
              By:

            	 
	
              Name:

            	 
	
              Title:

            	 
	 	 
	
              “Borrower”

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      “B”

    

    Borrowing
      Base Certificate

    

    This
      Borrowing Base Certificate is hereby prepared and delivered in accordance with
      the terms of the Credit Agreement
      dated               (the
      "Credit Agreement"), as may be amended from time to time, between Show Me
      Ethanol, LLC (the "Borrower"), FCS Financial, PCS (the "Lender")

    

    For
      the
      Fiscal Period Ending:
      _______________________                          
Date Prepared:___________________________

     

      
        

      

    

    

    
      	 	 	
              Lower
                of

            	 	 	 	 	 
	 	 	
              Cost or Market

            	 	
               

            	 	
              Availability

            	 
	
              A.
                Accounts Receivables

            	 	 	 	 	 	 	 	 	 	 
	
              Less
                Accounts Greater than 30 days 

            	 	 	    
 	 	 	
                 
                75%

            	
               

            	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              B.
                Corn and Distiller's Grain Inventory 

            	 	 	    
 	 	 	
                 
                75%

            	
               

            	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              C.
                Production Inventories

            	 	 	   
 	 	 	
                 
                75%

            	
               

            	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              D.
                Ethanol Inventories 

            	 	 	   
 	 	 	
                 
                75%

            	
               

            	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              D.
                Total Collateral 

            	 	 	 	 	 	 	 	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              E.
                Less accounts payable

            	 	 	 	 	 	 	 	 	  
 	 
	 	 	 	 	 	 	 	 	 	 	 
	
              F.
                Total Borrowing Base (D minus E) 

            	 	 	 	 	 	 	 	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              G.
                Total Revolving Line of Credit Commitment 

            	 	 	 	 	 	 	 	
              $

            	
              8,000,000.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              H.
                Maximum Borrowings on the Borrowing Base (lesser of Line F or Line
                G)

            	 	 	 	 	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              I.
                Outstanding Revolving Line of Credit balance and Letters of
                Credit

            	 	 	 	 	 	 	 	 	 
    
 	 
	 	 	 	 	 	 	 	 	 	 	 
	
              J.
                Availability on the Borrowing Base (Line H minus Line I) 

            	 	 	 	 	 	 	 	
              $

            	
              0.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              K.
                Open Commitment 

            	 	 	 	 	 	 	 	
              $

            	
              5,000,000.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              L.
                Availability on the Open Commitment (Line K minus Line I)

            	 	 	 	 	 	 	 	
              $

            	
              5,000,000.00

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              M.
                Total Availability (greater of line J or L) 

            	 	 	 	 	 	 	 	
              $

            	
              5,000,000.00

            	 

    

    

    The
      Borrower does hereby warrant (a) the Borrowing Base Certificate and attached
      supporting documents
      are true and accurate, (b) no information has been omitted that would cause
      the
      Borrowing Base
      Certificate to be misleading in any material manner, (c) n

    

    On
      behalf
      of the Borrower, I hereby certify the information contained herein as true
      and
      complete.

     

    Show
      Me
      Ethanol, LLC

    

    
      	
              By:

            	 
	 	Chief Financial
              Officer

    

     

     

    
      
        
        

      

      
        7

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