Document:

EX-4.5

 Exhibit 4.5 
  

 
  
  

 
  

CORSAIR GAMING, INC. 
  

 
 INDENTURE

 Dated as of                     ,
20         
  

 

[            ] 

Trustee 
  

 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
	 Section 1.1.
	 	Definitions.	  	 	1	 
	 Section 1.2.
	 	Other Definitions.	  	 	4	 
	 Section 1.3.
	 	Incorporation by Reference of Trust Indenture Act.	  	 	4	 
	 Section 1.4.
	 	Rules of Construction.	  	 	5	 
		
	ARTICLE II. THE SECURITIES	  	 	5	 
	 Section 2.1.
	 	Issuable in Series.	  	 	5	 
	 Section 2.2.
	 	Establishment of Terms of Series of Securities.	  	 	6	 
	 Section 2.3.
	 	Execution and Authentication.	  	 	8	 
	 Section 2.4.
	 	Registrar, Paying Agent and Notice Agent.	  	 	9	 
	 Section 2.5.
	 	Paying Agent to Hold Money in Trust.	  	 	10	 
	 Section 2.6.
	 	Holder Lists.	  	 	10	 
	 Section 2.7.
	 	Transfer and Exchange.	  	 	10	 
	 Section 2.8.
	 	Mutilated, Destroyed, Lost and Stolen Securities.	  	 	11	 
	 Section 2.9.
	 	Outstanding Securities.	  	 	12	 
	 Section 2.10.
	 	Treasury Securities.	  	 	12	 
	 Section 2.11.
	 	Temporary Securities.	  	 	12	 
	 Section 2.12.
	 	Cancellation.	  	 	13	 
	 Section 2.13.
	 	Defaulted Interest.	  	 	13	 
	 Section 2.14.
	 	Global Securities.	  	 	13	 
	 Section 2.15.
	 	CUSIP Numbers.	  	 	15	 
		
	ARTICLE III. REDEMPTION	  	 	15	 
	 Section 3.1.
	 	Notice to Trustee.	  	 	15	 
	 Section 3.2.
	 	Selection of Securities to be Redeemed.	  	 	16	 
	 Section 3.3.
	 	Notice of Redemption.	  	 	16	 
	 Section 3.4.
	 	Effect of Notice of Redemption.	  	 	17	 
	 Section 3.5.
	 	Deposit of Redemption Price.	  	 	17	 
	 Section 3.6.
	 	Securities Redeemed in Part.	  	 	17	 
		
	ARTICLE IV. COVENANTS	  	 	17	 
	 Section 4.1.
	 	Payment of Principal and Interest.	  	 	17	 
	 Section 4.2.
	 	SEC Reports.	  	 	18	 
	 Section 4.3.
	 	Compliance Certificate.	  	 	18	 
	 Section 4.4.
	 	Stay, Extension and Usury Laws.	  	 	18	 
		
	ARTICLE V. SUCCESSORS	  	 	19	 
	 Section 5.1.
	 	When Company May Merge, Etc.	  	 	19	 
	 Section 5.2.
	 	Successor Corporation Substituted.	  	 	19	 
		
	ARTICLE VI. DEFAULTS AND REMEDIES	  	 	19	 
	 Section 6.1.
	 	Events of Default.	  	 	19	 

  
 i 

							
	 	 	 	  	Page	 
	 Section 6.2.
	 	Acceleration of Maturity; Rescission and Annulment.	  	 	21	 
	 Section 6.3.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	 	21	 
	 Section 6.4.
	 	Trustee May File Proofs of Claim.	  	 	22	 
	 Section 6.5.
	 	Trustee May Enforce Claims Without Possession of Securities.	  	 	23	 
	 Section 6.6.
	 	Application of Money Collected.	  	 	23	 
	 Section 6.7.
	 	Limitation on Suits.	  	 	23	 
	 Section 6.8.
	 	Unconditional Right of Holders to Receive Principal and Interest.	  	 	24	 
	 Section 6.9.
	 	Restoration of Rights and Remedies.	  	 	24	 
	 Section 6.10.
	 	Rights and Remedies Cumulative.	  	 	24	 
	 Section 6.11.
	 	Delay or Omission Not Waiver.	  	 	25	 
	 Section 6.12.
	 	Control by Holders.	  	 	25	 
	 Section 6.13.
	 	Waiver of Past Defaults.	  	 	25	 
	 Section 6.14.
	 	Undertaking for Costs.	  	 	26	 
		
	ARTICLE VII. TRUSTEE	  	 	26	 
	 Section 7.1.
	 	Duties of Trustee.	  	 	26	 
	 Section 7.2.
	 	Rights of Trustee.	  	 	27	 
	 Section 7.3.
	 	Individual Rights of Trustee.	  	 	28	 
	 Section 7.4.
	 	Trustee’s Disclaimer.	  	 	29	 
	 Section 7.5.
	 	Notice of Defaults.	  	 	29	 
	 Section 7.6.
	 	Reports by Trustee to Holders.	  	 	29	 
	 Section 7.7.
	 	Compensation and Indemnity.	  	 	29	 
	 Section 7.8.
	 	Replacement of Trustee.	  	 	30	 
	 Section 7.9.
	 	Successor Trustee by Merger, Etc.	  	 	31	 
	 Section 7.10.
	 	Eligibility; Disqualification.	  	 	31	 
	 Section 7.11.
	 	Preferential Collection of Claims Against Company.	  	 	31	 
		
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE	  	 	32	 
	 Section 8.1.
	 	Satisfaction and Discharge of Indenture.	  	 	32	 
	 Section 8.2.
	 	Application of Trust Funds; Indemnification.	  	 	33	 
	 Section 8.3.
	 	Legal Defeasance of Securities of any Series.	  	 	33	 
	 Section 8.4.
	 	Covenant Defeasance.	  	 	35	 
	 Section 8.5.
	 	Repayment to Company.	  	 	36	 
	 Section 8.6.
	 	Reinstatement.	  	 	36	 
		
	ARTICLE IX. AMENDMENTS AND WAIVERS	  	 	36	 
	 Section 9.1.
	 	Without Consent of Holders.	  	 	36	 
	 Section 9.2.
	 	With Consent of Holders.	  	 	37	 
	 Section 9.3.
	 	Limitations.	  	 	38	 
	 Section 9.4.
	 	Compliance with Trust Indenture Act.	  	 	38	 
	 Section 9.5.
	 	Revocation and Effect of Consents.	  	 	38	 
	 Section 9.6.
	 	Notation on or Exchange of Securities.	  	 	39	 
	 Section 9.7.
	 	Trustee Protected.	  	 	39	 
		
	ARTICLE X. MISCELLANEOUS	  	 	39	 
	 Section 10.1.
	 	Trust Indenture Act Controls.	  	 	39	 
	 Section 10.2.
	 	Notices.	  	 	39	 

  
 ii 

							
	 	 	 	  	Page	 
	 Section 10.3.
	 	Communication by Holders with Other Holders.	  	 	41	 
	 Section 10.4.
	 	Certificate and Opinion as to Conditions Precedent.	  	 	41	 
	 Section 10.5.
	 	Statements Required in Certificate or Opinion.	  	 	41	 
	 Section 10.6.
	 	Rules by Trustee and Agents.	  	 	42	 
	 Section 10.7.
	 	Legal Holidays.	  	 	42	 
	 Section 10.8.
	 	No Recourse Against Others.	  	 	42	 
	 Section 10.9.
	 	Counterparts.	  	 	42	 
	 Section 10.10.
	 	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.	  	 	43	 
	 Section 10.11.
	 	No Adverse Interpretation of Other Agreements.	  	 	43	 
	 Section 10.12.
	 	Successors.	  	 	43	 
	 Section 10.13.
	 	Severability.	  	 	43	 
	 Section 10.14.
	 	Table of Contents, Headings, Etc.	  	 	43	 
	 Section 10.15.
	 	Securities in a Foreign Currency.	  	 	44	 
	 Section 10.16.
	 	Judgment Currency.	  	 	44	 
	 Section 10.17.
	 	Force Majeure.	  	 	45	 
	 Section 10.18.
	 	U.S.A. Patriot Act.	  	 	45	 
		
	ARTICLE XI. SINKING FUNDS	  	 	45	 
	 Section 11.1.
	 	Applicability of Article.	  	 	45	 
	 Section 11.2.
	 	Satisfaction of Sinking Fund Payments with Securities.	  	 	45	 
	 Section 11.3.
	 	Redemption of Securities for Sinking Fund.	  	 	46	 

  
 iii 

 CORSAIR GAMING, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of                     ,
20         
  

					
	 § 310(a)(1)
	 		  	7.10
	 (a)(2)
	 		  	7.10
	 (a)(3)
	 		  	Not Applicable
	 (a)(4)
	 		  	Not Applicable
	 (a)(5)
	 		  	7.10
	 (b)
	 		  	7.10
	 § 311(a)
	 		  	7.11
	 (b)
	 		  	7.11
	 (c)
	 		  	Not Applicable
	 § 312(a)
	 		  	2.6
	 (b)
	 		  	10.3
	 (c)
	 		  	10.3
	 § 313(a)
	 		  	7.6
	 (b)(1)
	 		  	7.6
	 (b)(2)
	 		  	7.6
	 (c)(1)
	 		  	7.6
	 (d)
	 		  	7.6
	 § 314(a)
	 		  	4.2, 10.5
	 (b)
	 		  	Not Applicable
	 (c)(1)
	 		  	10.4
	 (c)(2)
	 		  	10.4
	 (c)(3)
	 		  	Not Applicable
	 (d)
	 		  	Not Applicable
	 (e)
	 		  	10.5
	 (f)
	 		  	Not Applicable
	 § 315(a)
	 		  	7.1
	 (b)
	 		  	7.5
	 (c)
	 		  	7.1
	 (d)
	 		  	7.1
	 (e)
	 		  	6.14
	 § 316(a)
	 		  	2.10
	 (a)(1)(A)
	 		  	6.12
	 (a)(1)(B)
	 		  	6.13
	 (b)
	 		  	6.8
	 § 317(a)(1)
	 		  	6.3
	 (a)(2)
	 		  	6.4
	 (b)
	 		  	2.5
	 § 318(a)
	 		  	10.1

  
 Note: This
reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

  
 iv 

 Indenture dated as of
                    , 20         between Corsair Gaming, Inc., a company incorporated under the laws of
Delaware (“Company”), and [            ] (“Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture. 
 ARTICLE I. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1.     Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified
herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under
common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any
person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means any day except a Saturday, Sunday or a legal holiday in the City of New York, New York (or in connection
with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents (however designated) of
corporate stock. 
 “Company” means the party named as such above until a successor replaces it and thereafter means the
successor. 
 “Company Order” means a written order signed in the name of the Company by an Officer and delivered to the
Trustee. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust
business related to this Indenture shall be principally administered. 

  
 1 

 “Default” means any event which is, or after notice, passage of time or
both would be, an Event of Default. 
 “Depositary” means, with respect to the Securities of any Series issuable or issued
in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at any time there is more
than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and
“$” means the currency of the United States of America. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of the United States of America. 
 “Foreign Government Obligations” means, with respect to Securities of any
Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and
which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means generally accepted accounting
principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form
established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Holder” means a person in whose name a Security is registered on the Registrar’s books. 

“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of
particular Series of Securities established as contemplated hereunder. 
 “interest” with respect to any Discount Security
which by its terms bears interest only after Maturity, means interest payable after Maturity. 

  
 2 

 “Maturity” when used with respect to any Security, means the date on which
the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary and any Vice President of the Company. 
 “Officer’s Certificate”
means a certificate signed by any Officer that meets the requirements of this Indenture. 
 “Opinion of Counsel” means a
written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 

“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock
company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “principal” of
a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security. 

“Responsible Officer” means any officer of the Trustee in its Corporate Trust Office having responsibility for administration
of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with a particular subject. 

“SEC” means the Securities and Exchange Commission. 

“Security” or “Securities” means the debentures, notes or other debt instruments of the Company of any
Series authenticated and delivered under this Indenture. 
 “Series” or “Series of Securities” means each
series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated
Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of
the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
person or one or more of the other Subsidiaries of that person or a combination thereof. 
 “TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended. 

  
 3 

 “Trustee” means the person named as the “Trustee” in the first
paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at
any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, the United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 
 Section 1.2.     Other Definitions. 

 

					
	 TERM
	  	DEFINED IN SECTION	 
	 “Agent Member”
	  	 	2.14.6	 
	 “Bankruptcy Law”
	  	 	6.1	 
	 “Custodian”
	  	 	6.1	 
	 “Event of Default”
	  	 	6.1	 
	 “Judgment Currency”
	  	 	10.16	 
	 “mandatory sinking fund payment”
	  	 	11.1	 
	 “New York Banking Day”
	  	 	10.16	 
	 “Notice Agent”
	  	 	2.4	 
	 “optional sinking fund payment”
	  	 	11.1	 
	 “Paying Agent”
	  	 	2.4	 
	 “Registrar”
	  	 	2.4	 
	 “Required Currency”
	  	 	10.16	 
	 “Specified Courts”
	  	 	10.10	 
	 “successor person”
	  	 	5.1	 

 Section 1.3.     Incorporation by Reference of
Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means
the SEC. 

  
 4 

 “indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined. 

Section 1.4.     Rules of Construction. 

Unless the context otherwise requires: 

(a)    a term has the meaning assigned to it; 

(b)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (c)    “or” is not exclusive; 

(d)    words in the singular include the plural, and in the plural include the singular; 

(e)    provisions apply to successive events and transactions; 

(f)    in the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including,” and the words “to” and “until” each mean “to but excluding”; and 

(g)    the phrase “in writing” as used herein shall be deemed to include PDFs, e-mails and other electronic means of transmission, unless otherwise indicated. 
 
ARTICLE II. 
 THE SECURITIES 

Section 2.1.     Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be
issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of
the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate 

  
 5 

 
or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the
benefits of the Indenture. 
 Section 2.2.     Establishment of Terms of
Series of Securities. 
 At or prior to the issuance of any Securities within a Series, the following shall be established (as to the
Series generally, in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in
the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1.    the
title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2.    the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the
Series will be issued; 
 2.2.3.    any limit upon the aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11,
3.6 or 9.6); 
 2.2.4.    the date or dates on which the principal of the Securities of the Series is payable; 

2.2.5.    the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine
such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall
accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

2.2.6.    the place or places where the principal of and interest, if any, on the Securities of the Series shall be
payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the
method of such payment, if by wire transfer, mail or other means; 
 2.2.7.    if applicable, the period or periods
within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 

2.2.8.    the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any
sinking fund or analogous provisions or at the option of a 

  
 6 

 
Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in
part, pursuant to such obligation; 
 2.2.9.    the dates, if any, on which and the price or prices at which the
Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10.    if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the
Securities of the Series shall be issuable; 
 2.2.11.    the forms of the Securities of the Series and whether the
Securities will be issuable as Global Securities; 
 2.2.12.    if other than the principal amount thereof, the portion
of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 

2.2.13.    the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and
if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

2.2.14.    the designation of the currency, currencies or currency units in which payment of the principal of and
interest, if any, on the Securities of the Series will be made; 
 2.2.15.    if payments of principal of or interest,
if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be
determined; 
 2.2.16.    the manner in which the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17.    the provisions, if any, relating to any security provided for the Securities of the Series; 

2.2.18.    any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series
and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19.    any addition to, deletion of or change in the covenants applicable to Securities of the Series; 

  
 7 

 2.2.20.    any Depositaries, interest rate calculation agents, exchange
rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein; 

2.2.21.    the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if
applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option of the Company, the events requiring an
adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22.    any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar
as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and 

2.2.23.    whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series,
including the terms of subordination, if any, of such guarantees. 
 All Securities of any one Series need not be issued at the same time
and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

Section 2.3.     Execution and Authentication. 

An Officer shall sign the Securities for the Company by manual, facsimile or electronic signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The Trustee shall at any
time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each
Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series outstanding at any
time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in
Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2)
shall be fully protected in relying on: (a) the Board Resolution, 

  
 8 

 
supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that
Series or of Securities within that Series, (b) an Officer’s Certificate complying with Sections 10.4 and 10.5, and (c) an Opinion of Counsel complying with Sections 10.4 and 10.5. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith determines that such action may expose the Trustee to personal liability. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of
the Company. 
 Section 2.4.     Registrar, Paying Agent and Notice
Agent. 
 The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such
Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer
or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The Registrar shall keep a register
with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar, Paying Agent or Notice Agent.
If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided, however, that any appointment of the Trustee as
the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 

The Company may also from time to time designate one or more co-registrars, additional paying agents
or additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent
and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name
or address of any such co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term
“Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 

The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice 

  
 9 

 
Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. The rights, powers,
duties, obligations and actions of each Agent under this Indenture are several and not joint or joint and several, and the Agents shall only be obliged to perform those duties expressly set out in this Indenture and shall have no implied duties.

 Section 2.5.     Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Holders of any Series of Securities or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities and will notify the Trustee in writing of any default by the Company in making
any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over
to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying Agent for the
Securities. For the avoidance of doubt, a Paying Agent and the Trustee shall be held harmless and have no liability with respect to payments or disbursements (including to the Holders) until they have confirmed receipt of funds sufficient to make
the relevant payment. No money held by an Agent needs to be segregated except as is required by law. 

Section 2.6.     Holder Lists. 

If it is serving as Registrar, the Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment
date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each Series of Securities. 

Every Holder, by receiving and holding Securities, agrees with the Company and the Trustee that neither the Company nor the Trustee or any
agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with TIA § 312, regardless of the source from which such information was
derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under TIA § 312(b). 

Section 2.7.     Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to
register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for 

  
 10 

 
such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any
such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 
 Neither the Company nor
the Registrar shall be required (a) to issue, register the transfer of or exchange Securities of any Series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of
that Series selected for redemption and ending at the close of business on the day such notice is sent, (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the
portion being redeemed of any such Securities selected, called or being called for redemption in part or (c) to register the transfer of or exchange Securities of any Series between a record date and payment date for such Series of Securities.

 Section 2.8.     Mutilated, Destroyed, Lost and Stolen Securities.

 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security
has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that Series duly issued hereunder. 

  
 11 

 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
 
Section 2.9.     Outstanding Securities. 
 The Securities outstanding at any time are all the
Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those
described in this Section as not outstanding. 
 If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until
the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series
cease to be outstanding and interest on them ceases to accrue. 
 The Company may purchase or otherwise acquire the Securities, whether by
open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 

Section 2.10.     Treasury Securities. 

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand,
authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on
any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

Section 2.11.     Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall

  
 12 

 
prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged,
temporary securities shall have the same rights under this Indenture as the definitive Securities. 

Section 2.12.     Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the
Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirements of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation. 

Section 2.13.     Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Holders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least ten days before the special record date, the
Company shall send to the Trustee and to each Holder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 

Section 2.14.     Global Securities. 

2.14.1.    Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2.    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of
the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if
(i) such Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case,
the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer’s Certificate to the effect that
such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms. 
 Except as provided in this
Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such 

  
 13 

 
Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a
successor Depositary. 
 None of the Trustee or any Agent shall have any obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants, members or beneficial
owners in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof. 
 None of the Trustee or any Agent shall have any
responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member
thereof, with respect to any ownership interest in any Security or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of optional redemption) or
the payment of any amount, under or with respect to such Security. 
 2.14.3.    Legends. Any Global Security
issued hereunder shall bear a legend in substantially the following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as the
Depository Trust Company (“DTC”) is the Depositary, each Global Security registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 

“UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE 

  
 14 

 
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

2.14.4.    Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to
give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

2.14.5.    Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

2.14.6.    Agent Members. The registered Holder of a Security will be treated as the owner of such Security for all
purposes and only registered Holders shall have rights under this Indenture and the Securities. Members of, or participants in, the Depositary (“Agent Members”) and persons who hold beneficial interests in a Global Security through
an Agent Member shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary. The Depositary may be treated by the Company, the Trustee, the Paying Agent, the Registrar and any agent of the
foregoing as the absolute owner of the Global Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent, the Registrar or any agent of the foregoing from giving
effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of
a Holder of a beneficial interest in any Global Security. 

Section 2.15.     CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained
in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 

ARTICLE III. 

REDEMPTION 
 
Section 3.1.     Notice to Trustee. 
 The Company may, with respect to any Series of Securities,
reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a
Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the
redemption 

  
 15 

 
date and the principal amount of the Series of Securities to be redeemed. The Company shall give the notice at least 15 days before the redemption date (or such shorter period as may be
acceptable to the Trustee). 
 Section 3.2.     Selection of Securities to
be Redeemed. 
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate, if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with
the procedures of the Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed or (c) if
not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of
Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of
the Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities
of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called
for redemption also apply to portions of Securities of that Series called for redemption. Neither the Trustee nor the Paying Agent shall be liable for any selection made by it in accordance with this paragraph (including the procedures of the
Depositary). 
 Section 3.3.     Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a)    the redemption date; 

(b)    the redemption price; 

(c)    the name and address of the Paying Agent; 

(d)    if any Securities are being redeemed in part, the portion of the principal amount of such Securities
to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon
cancellation of the original Security; 

  
 16 

 (e)    that Securities of the Series called for
redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f)    that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 

(g)    the “CUSIP” number, if any; and 

(h)    any other information as may be required by the terms of the particular Series or the Securities of
a Series being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at
its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice and the form of such notice. 

Section 3.4.     Effect of Notice of Redemption. 

Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent,
such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 

Section 3.5.     Deposit of Redemption Price. 

On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 

Section 3.6.     Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the
same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV.

 COVENANTS 
 
Section 4.1.     Payment of Principal and Interest. 
 The Company covenants and agrees for the
benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00
a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities
and this Indenture. 

  
 17 

 Section 4.2.     SEC
Reports. 
 To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it
files them with the SEC copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be
delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2. 
 Delivery of reports, information
and documents to the Trustee under this Section 4.2 is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). All such reports, information or documents referred
to in this Section 4.2 that the Company files with the SEC via the SEC’s EDGAR system shall be deemed to be filed with the Trustee and transmitted to Holders at the time such reports, information or documents are filed via the EDGAR system
(or any successor system). 
 Section 4.3.     Compliance Certificate.

 To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which the Officer may have knowledge). 

Section 4.4.     Stay, Extension and Usury Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the
extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted. 

  
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 ARTICLE V. 

SUCCESSORS 
 
Section 5.1.     When Company May Merge, Etc. 
 The Company shall not consolidate with or merge
with or into, or convey, transfer or lease all or substantially all of its properties and assets to, any person (a “successor person”) unless: 

(a)    the Company is the surviving entity or the successor person (if other than the Company) is a
corporation, partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes by supplemental indenture the Company’s obligations on the Securities and under this
Indenture; and 
 (b)    immediately after giving effect to the transaction, no Default or Event of
Default, shall have occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed
transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the
Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 
 
Section 5.2.     Successor Corporation Substituted. 
 Upon any consolidation or merger, or any
sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which
such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the
Company herein; provided, however, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities.

 ARTICLE VI. 

DEFAULTS AND REMEDIES 
 
Section 6.1.     Events of Default. 
 “Event of Default,” wherever used herein
with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate it is provided that such Series shall not have the benefit of said
Event of Default: 

  
 19 

 (a)    default in the payment of any interest on any
Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New
York City time, on the 30th day of such period); 

(b)    default in the payment of principal of any Security of that Series at its Maturity; 

(c)    default in the performance or breach of any covenant or warranty of the Company in this Indenture
(other than defaults pursuant to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that Series), which default continues uncured
for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a
written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 

(d)    the Company pursuant to or within the meaning of any Bankruptcy Law: 

(i)    commences a voluntary case, 

(ii)    consents to the entry of an order for relief against it in an involuntary case, 

(iii)    consents to the appointment of a Custodian of it or for all or substantially all of its property, 

(iv)    makes a general assignment for the benefit of its creditors, or 

(v)    generally is unable to pay its debts as the same become due; 

(e)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i)    is for relief against the Company in an involuntary case, 

(ii)    appoints a Custodian of the Company or for all or substantially all of its property, or 

(iii)    orders the liquidation of the Company, 

and the order or decree remains unstayed and in effect for 60 days; or 

  
 20 

 (f)    any other Event of Default provided with respect
to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 The Company
will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of
Default and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2.     Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration of acceleration with
respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13.

 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

Section 6.3.     Collection of Indebtedness and Suits for Enforcement by
Trustee. 
 The Company covenants that if: 

(a)    default is made in the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, 

  
 21 

 (b)    default is made in the payment of principal of any Security at
the Maturity thereof, or 
 (c)    default is made in the deposit of any sinking fund payment, if any, when and as due by
the terms of a Security, 
 then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the
whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents
and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an
express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such Securities and
collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee, subject to Article VII hereof, may
in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 6.4.     Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise, 
 (a)    to file and prove a claim for the whole amount of principal
and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(b)    to collect and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same, 

  
 22 

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for
the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 7.7. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any
plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.5.     Trustee May Enforce Claims Without Possession of
Securities. 
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee
without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such
judgment has been recovered. 
 Section 6.6.     Application of Money
Collected. 
 Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: 
 First:    To the payment of all amounts due the Trustee under Section 7.7; and 

Second:    To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of
which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 

Third:    To the Company. 

Section 6.7.     Limitation on Suits. 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(a)    such Holder has previously given written notice to the Trustee of a continuing Event of Default with
respect to the Securities of that Series; 

  
 23 

 (b)    the Holders of not less than 25% in principal
amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c)    such Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 

(d)    the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed
to institute any such proceeding; and 
 (e)    no direction inconsistent with such written request has
been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; 

it being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such
Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of the applicable Series. 

Section 6.8.     Unconditional Right of Holders to Receive Principal and
Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date) and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 
Section 6.9.     Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as
though no such proceeding had been instituted. 
 Section 6.10.     Rights
and Remedies Cumulative. 
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities in Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in 

  
 24 

 
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 
Section 6.11.     Delay or Omission Not Waiver. 
 No delay or omission of the Trustee or of any
Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.12.     Control by Holders. 

The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 

(a)    such direction shall not be in conflict with any rule of law or with this Indenture, 

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, 
 (c)    subject to the provisions of Section 7.1, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

(d)    prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled
to indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

Section 6.13.     Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all
the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of
such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
Default or impair any right consequent thereon. 

  
 25 

Section 6.14.     Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders, holding in
the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on or after the Maturity of such
Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 
 
ARTICLE VII. 
 TRUSTEE 
 
Section 7.1.     Duties of Trustee. 
 (a)    If an Event of
Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs. 
 (b)    Except during the continuance of an Event of
Default: 
 (i)    The Trustee need perform only those duties that are specifically set forth in this
Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee. 

(ii)    In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such
Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or
not they conform to the form requirements of this Indenture. 
 (c)    The Trustee may not be relieved
from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i)    This paragraph does not limit the effect of paragraph (b) of this Section. 

  
 26 

 (ii)    The Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 

(iii)    The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken
by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12. 

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph
(a), (b) and (c) of this Section. 
 (e)    The Trustee may refuse to perform any duty or exercise
any right or power unless it receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g)    No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur
any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction. 

(h)    The Paying Agent, the Notice Agent, the Registrar, any authenticating agent and the Trustee when
acting in any other capacity hereunder shall be entitled to the protections and immunities as are set forth in this Article VII. 

(i)    The rights, privileges, protections, immunities and benefits given to the Trustee, including its
right to be indemnified, are extended to, and will be enforceable by, the Trustee in each of its capacities under this Indenture. 
 
Section 7.2.     Rights of Trustee. 
 (a)    The Trustee may
rely on and shall be protected in acting or refraining from acting upon any document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document. 
 (b)    Before the Trustee acts or refrains from acting, it
may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

  
 27 

 (c)    The Trustee may act through agents and shall not
be responsible for the misconduct or negligence of any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee, and the Trustee shall not be responsible for any act or omission by any Depositary. 

(d)    The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers. 
 (e)    The Trustee may consult with counsel
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(f)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
 (g)    The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h)    The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer at the Corporate Trust Office of the Trustee, and such notice references the
Securities generally or the Securities of a particular Series and this Indenture. 
 (i)    In no event
shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such
loss or damage. 
 (j)    The permissive right of the Trustee to take the actions permitted by this
Indenture shall not be construed as an obligation or duty to do so. 
 (k)    The Trustee will not be
required to give any bond or surety in respect of the execution of this Indenture or otherwise. 

Section 7.3.     Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or
an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 

  
 28 

Section 7.4.     Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities. The Trustee shall not be accountable
for the Company’s use of the proceeds from the Securities and shall not be responsible for any statement in the Securities other than its certificate of authentication. 

Section 7.5.     Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send to each Holder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such
Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a committee
of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of that Series. The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless
written notice thereof has been received by a Responsible Officer, and such notice references the applicable Series of Securities and this Indenture and states on its face that a Default or Event of Default has occurred. 

Section 7.6.     Reports by Trustee to Holders. 

Within 60 days after each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Holders, as their names and
addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313. 

A copy of each report at the time of its mailing to Holders of any Series shall be filed with the SEC and each national securities exchange on
which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 

Section 7.7.     Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

The Company shall indemnify each of the Trustee and any predecessor Trustee (including for the cost of defending itself) against any cost,
expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or
Agent. The Trustee shall notify the Company promptly of any claim for which it 

  
 29 

 
may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced
thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any
settlement made without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 

The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence, as determined by a final decision of a court of competent jurisdiction. 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all
money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The
provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustee. 
 
Section 7.8.     Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 

The Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date of
the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect
to Securities of one or more Series if: 
 (a)    the Trustee fails to comply with Section 7.10;

 (b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law; 
 (c)    a Custodian or public officer takes charge of
the Trustee or its property; or 
 (d)    the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after 

  
 30 

 
the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by
the Company. 
 If a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent jurisdiction for the appointment
of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall send a notice of its
succession to each Holder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with
respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9.     Successor Trustee by Merger, Etc.  

Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or
entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under Section 7.10, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

Section 7.10.     Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always have
a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 

Section 7.11.     Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated. 

  
 31 

 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1.     Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to all
Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when 

(a)    either 

(i)    all Securities of such Series theretofore authenticated and delivered (other than Securities that
have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 

(ii)    all such Securities of such Series not theretofore delivered to the Trustee for cancellation: 

(1)    have become due and payable by reason of sending a notice of redemption or otherwise, 

(2)    will become due and payable at their Stated Maturity within one year, 

(3)    have been called for redemption or are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(4)    are deemed paid and discharged pursuant to Section 8.3, as applicable; 

and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an
amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund payments or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of principal or interest are due; 
 (b)    the
Company has paid or caused to be paid all other sums payable hereunder by the Company; and 
 (c)    the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with.

  
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 Notwithstanding the satisfaction and discharge of this Indenture, (x) the obligations
of the Company to the Trustee under Section 7.7, (y) if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5, and (z) the rights, powers, trusts
and immunities of the Trustee hereunder and the Company’s obligations in connection therewith shall survive. 
 
Section 8.2.     Application of Trust Funds; Indemnification. 

(a)    Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous
payments as contemplated by Sections 8.1, 8.3 or 8.4. 
 (b)    The Company shall pay and shall indemnify
the Trustee (which indemnity shall survive termination of this Indenture) against any tax, fee or other charge imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or
8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf of Holders. 

(c)    The Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S.
Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a
written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations or Foreign Government Obligations or
money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this Indenture. 

Section 8.3.     Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as
it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

  
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 (a)    the rights of Holders of Securities of such
Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or
installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture
and the Securities of such Series; 
 (b)    the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2,
8.3, 8.5 and 8.6; and 
 (c)    the rights, powers, trusts and immunities of the Trustee hereunder and
the Company’s obligations in connection therewith; 
 provided that, the following conditions shall have been satisfied: 

(d)    the Company shall have irrevocably deposited or caused to be deposited (except as provided in
Section 8.2(c)) with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
and/or U.S. Government Obligations or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in
cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and
interest, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due; 

(e)    such deposit will not result in a breach or violation of, or constitute a default under, this
Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

(f)    no Default or Event of Default with respect to the Securities of such Series shall have occurred and
be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of execution of this Indenture, there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such
deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

  
 34 

 (h)    the Company shall have delivered to the Trustee
an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(i)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Section 8.4.     Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental
indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants shall not constitute a Default or Event of Default with respect
to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated
as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied: 
 (a)    with reference to this
Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations or (ii) in the case of
Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will
provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund payments or analogous payments)
of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 

(b)    such deposit will not result in a breach or violation of, or constitute a default under, this
Indenture or any other agreement or instrument to which the Company is a party or by which it is bound; 

  
 35 

 (c)    no Default or Event of Default with respect to
the Securities of such Series shall have occurred and be continuing on the date of such deposit; 

(d)    the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel to the effect that the Holders of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to Federal income tax on the same
amount and in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(e)    The Company shall have delivered to the Trustee an Officer’s Certificate stating the deposit
was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(f)    The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 

Section 8.5.     Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed for two years. After that, Holders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another
person. 
 Section 8.6.     Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders. 

ARTICLE IX. 

AMENDMENTS AND WAIVERS 
 
Section 9.1.     Without Consent of Holders. 
 The Company and the Trustee may amend or supplement
this Indenture or the Securities of one or more Series without the consent of any Holder: 

  
 36 

 (a)    to cure any ambiguity, defect or inconsistency;

 (b)    to comply with Article V; 

(c)    to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d)    to add guarantees with respect to Securities of any Series or secure Securities of any Series; 

(e)    to surrender any of the Company’s rights or powers under this Indenture; 

(f)    to add covenants or events of default for the benefit of the holders of Securities of any Series;

 (g)    to comply with the applicable procedures of the applicable depositary; 

(h)    to make any change that does not adversely affect the rights of any Holder; 

(i)    to provide for the issuance of and establish the form and terms and conditions of Securities of any
Series as permitted by this Indenture; 
 (j)    to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee; or 
 (k)    to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA. 

Section 9.2.     With Consent of Holders. 

Subject to Section 9.3, the Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at
least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of each such Series. Except as provided in
Section 6.13, and subject to Section 9.3, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or
exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 

It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall send to the Holders of Securities

  
 37 

 
affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture or waiver. 

Section 9.3.     Limitations. 

Without the consent of each Holder affected, an amendment or waiver may not: 

(a)    reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or
waiver; 
 (b)    reduce the rate of or extend the time for payment of interest (including default
interest) on any Security; 
 (c)    reduce the principal or change the Stated Maturity of any Security
or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 

(d)    reduce the principal amount of Discount Securities payable upon acceleration of the maturity
thereof; 
 (e)    waive a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from
such acceleration); 
 (f)    make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security; 
 (g)    make any change in Sections 6.8, 6.13 or 9.3
(this sentence); or 
 (h)    waive a redemption payment with respect to any Security, provided that such
redemption is made at the Company’s option. 

Section 9.4.     Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5.     Revocation and Effect
of Consents. 
 Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder
of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any
Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes
effective. 

  
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 Any amendment or waiver once effective shall bind every Holder of each Series affected by
such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of
a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 The Company may, but shall not
be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously
given or take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.6.     Notation on or Exchange of Securities. 

The Company or the Trustee may, but shall not be obligated to, place an appropriate notation about an amendment or waiver on any Security of
any Series thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect
the amendment or waiver. 
 Section 9.7.     Trustee Protected. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, upon request, an Officer’s Certificate and/or an Opinion of Counsel complying with Sections 10.4 and 10.5 and (subject to Section 7.1) shall be fully
protected in relying upon such Officer’s Certificate and/or Opinion of Counsel. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need
not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture. 
 
ARTICLE X. 
 MISCELLANEOUS 

Section 10.1.     Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control. 

Section 10.2.     Notices. 

Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), email or overnight air courier guaranteeing next day delivery, to the others’ address:

  
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 if to the Company: 

Corsair Gaming, Inc. 

115 N. McCarthy Boulevard 

Milpitas, CA 95035 

Attention: Chief Financial Officer 

Telephone: (510) 657-8747 

with a copy to: 

Latham & Watkins LLP 

140 Scott Drive 

Menlo Park, CA 94025 

Attention: Jack Sheridan 

Telephone: (650) 328-4600 

if to the Trustee: 

[            ] 

[            ] 

Attention: [            ] 

Telephone: [            ] 

with a copy to: 

[            ] 

[            ] 

Attention: [            ] 

Telephone: [            ] 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 Any notice or communication to a Holder shall be sent electronically or by first-class mail or overnight air courier to his, her or its
address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Holder of any Series or any defect in it shall not affect its sufficiency with respect to other
Holders of that or any other Series. 
 If a notice or communication is sent or published in the manner provided above, within the time
prescribed, it is duly given, whether or not the Holder receives it. 
 If the Company sends a notice or communication to Holders, it shall
send a copy to the Trustee and each Agent at the same time. 

  
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 The Trustee shall not have any duty to confirm that the person sending any notice,
instruction or other communication by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic
signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature
provider acceptable to the Trustee) shall be deemed original signatures for all purposes. The Company assumes all risks arising out of the use of electronic signatures and electronic methods to send communications to the Trustee, including without
limitation the risk of the Trustee acting on an unauthorized communication, and the risk of interception or misuse by third parties. 

Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event
(including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such
Depositary. 
 Section 10.3.     Communication by Holders with Other
Holders. 
 Holders of any Series may communicate pursuant to TIA § 312(b) with other Holders of that Series or any other Series
with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 10.4.     Certificate and Opinion as to Conditions Precedent.

 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a)    an Officer’s Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with. 
 Section 10.5.     Statements Required in
Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

(a)    a statement that the person making such certificate or opinion has read such covenant or condition;

 (b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 

  
 41 

 (c)    a statement that, in the opinion of such person,
such person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d)    a statement as to whether or not, in the opinion of such person, such condition or covenant has been
complied with. 
 Section 10.6.     Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Holders of one or more Series. Any Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 10.7.     Legal
Holidays. 
 If a payment date for any payment made under this Indenture is not a Business Day, payment may be made on the next
succeeding Business Day, and no interest shall accrue for the intervening period. 

Section 10.8.     No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations of
the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities. 

Section 10.9.     Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf” or
“.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all purposes. 

Unless otherwise provided herein or in any other Securities, the words “execute”, “execution”, “signed” and
“signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other
modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature in ink or the use of a
paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act and any other similar state laws based on the Uniform Electronic Transactions Act. 

  
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Section 10.10.     Governing Law; Waiver of Jury Trial; Consent to
Jurisdiction. 
 THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR
THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 THE COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR
ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 Any legal suit, action or proceeding arising out of or based upon this Indenture or the
transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the
“Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or
document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The
Company, the Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

Section 10.11.     No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 10.12.     Successors. 

All agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor. 
 Section 10.13.     Severability. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 10.14.     Table of Contents, Headings, Etc. 

The Table of Contents, Cross Reference Table, headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

  
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Section 10.15.     Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series
or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which
shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the
purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than
Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 
 All decisions and
determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 

Section 10.16.     Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New York the Required Currency with the Judgment Currency on the
day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in the City of New
York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required Currency
(i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the
purpose of recovering in the Required Currency 

  
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the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in the City of New York on which banking institutions are
authorized or required by law, regulation or executive order to close. 

Section 10.17.     Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes, pandemics, epidemics or
other public health emergencies, or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 
Section 10.18.     U.S.A. Patriot Act. 
 The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

ARTICLE XI. 

SINKING FUNDS 
 
Section 11.1.     Applicability of Article. 
 The provisions of this Article shall be applicable
to any sinking fund for the retirement of the Securities of a Series if so provided by the terms of such Securities pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant to
this Indenture. 
 The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein
referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms
of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the
terms of the Securities of such Series. 
 Section 11.2.     Satisfaction
of Sinking Fund Payments with Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable 

  
 45 

 
(other than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable
and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional
sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s
Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption and shall be credited for such purpose by the Trustee at the price specified in such Securities
for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the
principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that
such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon
receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid
principal amount equal to the cash payment required to be released to the Company. 

Section 11.3.     Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities to be redeemed upon such sinking
fund payment date will be selected in the manner specified in Section 3.2, and the Company shall send or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in
and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6. 

  
 46 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written. 
  

			
	CORSAIR GAMING, INC. 
		
	By:	 	 
		 	Name:
		 	Its:

  

			
	[            ], as Trustee
		
	By:	 	 
		 	Name:
		 	Its:Exhibit 10.1

      

      

      FIRST AMENDED AND RESTATED CREDIT AGREEMENT

       

      by and between

       

      SOUTHWEST IOWA RENEWABLE ENERGY, LLC

       

      as Company,

       

      FARM CREDIT SERVICES OF AMERICA, FLCA

       

      and

       

      FARM CREDIT SERVICES OF AMERICA, PCA

       

      as Lender

       

      and

       

      COBANK, ACB

       

      as Cash Management Provider and Agent

        

      

      Dated as of July 18, 2022

       

      
        
          

      

      
      TABLE OF CONTENTS

       

      	 	 	
              Page No.

            
	
              ARTICLE 1

            	
              Certain Definitions and Rules of Construction.

            	
              1

            
	
              ARTICLE 2

            	
              The Credit Facilities.

            	
              1

            
	 	
              2.1

            	
              The Term Loan.

            	
              1

            
	 	
              2.2

            	
              The Revolving Term Loan.

            	
              2

            
	 	
              2.3

            	
              The Revolving Credit Loan.

            	
              2

            
	 	
              2.4

            	
              Availability and Payments Generally.

            	
              3

            
	 	
              2.5

            	
              Interest Payment Dates.

            	
              4

            
	 	
              2.6

            	
              Interest After Default.

            	
              4

            
	 	
              2.7

            	
              Right to Prepay.

            	
              5

            
	 	
              2.8

            	
              Failure to Select Interest Rate Options.

            	
              5

            
	 	
              2.9

            	
              Fees.

            	
              5

            
	
              ARTICLE 3

            	
              Increased Costs; Taxes; Illegality; Indemnity.

            	
              6

            
	 	
              3.1

            	
              Increased Costs.

            	
              6

            
	 	
              3.2

            	
              Taxes.

            	
              6

            
	 	
              3.3

            	
              Benchmark Unascertainable; Illegality; Etc.

            	
              7

            
	 	
              3.4

            	
              Indemnity.

            	
              8

            
	 	
              3.5

            	
              Benchmark Replacement Setting.

            	
              9

            
	
              ARTICLE 4

            	
              Conditions Precedent.

            	
              10

            
	 	
              4.1

            	
              Initial Loans.

            	
              10

            
	 	
              4.2

            	
              Each Loan.

            	
              11

            
	
              ARTICLE 5

            	
              Representations and Warranties.

            	
              12

            
	 	
              5.1

            	
              Compliance with Loan Documents.

            	
              12

            
	 	
              5.2

            	
              Subsidiaries.

            	
              12

            
	 	
              5.3

            	
              Organization; Compliance with Law; Ownership; Investment Companies.

            	
              12

            
	 	
              5.4

            	
              Power and Authority; Binding and Enforceable Agreement.

            	
              13

            
	 	
              5.5

            	
              Historical Financial Statements; Solvency.

            	
              13

            
	 	
              5.6

            	
              Litigation.

            	
              13

            
	 	
              5.7

            	
              Taxes.

            	
              13

            
	 	
              5.8

            	
              Margin Stock.

            	
              14

            
	 	
              5.9

            	
              No Conflict; Etc.

            	
              14

            
	 	
              5.10

            	
              Full Disclosure; Application is True and Correct.

            	
              14

            
	 	
              5.11

            	
              Insurance.

            	
              14

            
	 	
              5.12

            	
              Environmental Matters.

            	
              14

            
	 	
              5.13

            	
              ERISA.

            	
              15

            
	
              ARTICLE 6

            	
              Affirmative Covenants.

            	
              15

            
	 	
              6.1

            	
              Reporting Requirements.

            	
              15

            
	 	
              6.2

            	
              Lender Equity; Patronage; Statutory Lien.

            	
              17

            
	 	
              6.3

            	
              Collateral Security.

            	
              18

            
	 	
              6.4

            	
              Preservation of Existence; Eligibility to Borrow; Etc.

            	
              18

            
	 	
              6.5

            	
              Payment of Liabilities; Including Taxes; Etc.

            	
              19

            
	 	
              6.6

            	
              Maintenance of Insurance.

            	
              19

            
	 	
              6.7

            	
              Maintenance of Properties.

            	
              19

            
	 	
              6.8

            	
              Visitation and Inspection Rights.

            	
              19

            

      

      

      
        i

        
          

      

      	 	
              6.9

            	
              Keeping of Records and Books of Account.

            	
              20

            
	 	
              6.10

            	
              Compliance with Laws; Use of Proceeds.

            	
              20

            
	 	
              6.11

            	
              Updates to Schedules.

            	
              20

            
	 	
              6.12

            	
              Additional Item.

            	
              20

            
	 	
              6.13

            	
              Further Assurances.

            	
              20

            
	
              ARTICLE 7

            	
              Negative Covenants.

            	
              20

            
	 	
              7.1

            	
              Indebtedness.

            	
              20

            
	 	
              7.2

            	
              Liens.

            	
              21

            
	 	
              7.3

            	
              Guaranties.

            	
              22

            
	 	
              7.4

            	
              Loans and Investments.

            	
              22

            
	 	
              7.5

            	
              Liquidations; Mergers; Consolidations; Acquisitions.

            	
              22

            
	 	
              7.6

            	
              Dispositions of Assets or Subsidiaries.

            	
              22

            
	 	
              7.7

            	
              Dividends and Related Distributions / Payments on Certain Indebtedness.

            	
              22

            
	 	
              7.8

            	
              Affiliate Transactions.

            	
              23

            
	 	
              7.9

            	
              Subsidiaries; Partnerships; and Joint Ventures.

            	
              23

            
	 	
              7.10

            	
              Continuation of or Change in Business.

            	
              23

            
	 	
              7.11

            	
              Fiscal Year.

            	
              23

            
	 	
              7.12

            	
              Issuance of Stock.

            	
              24

            
	 	
              7.13

            	
              Changes in Organizational Documents or Risk Management Policy of the Company.

            	
              24

            
	 	
              7.14

            	
              Anti-Terrorism Laws.

            	
              24

            
	 	
              7.15

            	
              Operating Leases.

            	
              24

            
	 	
              7.16

            	
              Repurchase Agreements.

            	
              24

            
	
              ARTICLE 8

            	
              Financial Covenants.

            	
              24

            
	 	
              8.1

            	
              Working Capital.

            	
              24

            
	 	
              8.2

            	
              Debt Service Coverage Ratio.

            	
              24

            
	
              ARTICLE 9

            	
              Default.

            	
              24

            
	 	
              9.1

            	
              Events of Default.

            	
              25

            
	 	
              9.2

            	
              Remedies.

            	
              26

            
	
              ARTICLE 10

            	
              Agent.

            	
              27

            
	 	
              10.1

            	
              Appointment, Powers and Immunities of Agent.

            	
              27

            
	 	
              10.2

            	
              Reliance by Agent.

            	
              28

            
	 	
              10.3

            	
              Defaults.

            	
              28

            
	 	
              10.4

            	
              Indemnification of Agent.

            	
              28

            
	 	
              10.5

            	
              Non‐Reliance on Agent.

            	
              28

            
	 	
              10.6

            	
              Failure of Agent to Act.

            	
              29

            
	 	
              10.7

            	
              Resignation of Agent.

            	
              29

            
	 	
              10.8

            	
              Amendments Concerning Agency Function.

            	
              29

            
	 	
              10.9

            	
              Liability of Agent.

            	
              29

            
	 	
              10.10

            	
              Transfer of Agency Function.

            	
              29

            
	 	
              10.11

            	
              Non‐Receipt of Funds by Agent.

            	
              30

            
	 	
              10.12

            	
              Security Interests.

            	
              30

            
	 	
              10.13

            	
              Recovery of Erroneous Payments.

            	
              31

            
	
              ARTICLE 11

            	
              Miscellaneous.

            	
              31

            
	 	
              11.1

            	
              Amendments; Waivers; Severability.

            	
              31

            

      

      

      
        ii

        
          

      

      	 	
              11.2

            	
              Expenses; Indemnity; Damage Waiver.

            	
              31

            
	 	
              11.3

            	
              Holidays.

            	
              32

            
	 	
              11.4

            	
              Notices; Effectiveness; Electronic Communication.

            	
              33

            
	 	
              11.5

            	
              Duration; Survival.

            	
              33

            
	 	
              11.6

            	
              Successors and Assigns; Participations.

            	
              33

            
	 	
              11.7

            	
              Confidentiality.

            	
              34

            
	 	
              11.8

            	
              Counterparts; Integration; Effectiveness.

            	
              35

            
	 	
              11.9

            	
              Governing Law.

            	
              35

            
	 	
              11.10

            	
              SUBMISSION TO JURISDICTION; SERVICE OF PROCESS; VENUE; WAIVER OF JURY TRIAL.

            	
              35

            
	 	
              11.11

            	
              USA Patriot Act Notice.

            	
              35

            
	 	
              11.12

            	
              Keepwell.

            	
              35

            
	 	
              11.13

            	
              Effect of Restatement.

            	
              36

            

       

      

      
        iii

        
          

      

      ANNEXES, SCHEDULES AND EXHIBITS1

       

      	
              Annex A

            	
              -

            	 	
              Definitions and Rules of Construction

            
	
              Annex B

            	
              -

            	 	
              Real Property Collateral

            
	
              Schedule 5.2

            	 	
              -

            	
              Subsidiaries

            
	
              Schedule 7.1(d)

            	 	
              -

            	
              Existing Indebtedness of the Company

            
	
              Schedule 7.2(k)

            	 	
              -

            	
              Existing Liens of the Company

            
	 	 	 	 
	
              Exhibit A

            	
              -

            	 	
              Form of Term Note

            
	
              Exhibit B

            	
              -

            	 	
              Form of Revolving Term Note

            
	
              Exhibit C

            	
              -

            	 	
              Form of Revolving Credit Note

            
	
              Exhibit D

            	
              -

            	 	
              Form of Compliance Certificate

            

      

      

      1 NTD:  Schedules need to be updated, if applicable.

      

      
        iv

        
          

      

      FIRST AMENDED AND RESTATED CREDIT AGREEMENT

       

      THIS FIRST AMENDED AND RESTATED CREDIT AGREEMENT (as amended, restated, modified or supplemented from time to time, the “Agreement”) is dated as of July 18,
        2022, and is entered into by and between SOUTHWEST IOWA RENEWABLE ENERGY, LLC, a limited liability company organized and existing under the laws of Iowa (“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”), and amends and restates that certain Credit Agreement dated as of June 24, 2014 by and between the Company, Lender and Agent (as
        amended, restated, modified or otherwise supplemented, collectively the “Existing Credit Agreement”).

       

      Upon the request of the Company, Lender has agreed to provide the Company with the credit facilities described below and Cash Management Provider has agreed to provide the other financial
        accommodations described below.  In consideration thereof and of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company, Lender, Cash
        Management Provider and Agent hereby agree as follows:

       

      ARTICLE 1        Certain Definitions and Rules of Construction.  In addition to definitions established elsewhere in this Agreement, certain capitalized words and
        terms used in this Agreement are defined in Annex A to this Agreement, which is incorporated herein by reference and made a part hereof.  In addition, Annex A sets forth the rules of construction and certain accounting principles
        applicable to this Agreement.

       

      ARTICLE 2        The Credit Facilities.  Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein,
        Lender hereby establishes in favor of the Company the credit facilities, loans, and other financial accommodations described below (collectively, the “Facilities”).  The Facilities shall be subject to and governed and secured by the terms and
        conditions contained in this Agreement, the Notes, and the other Loan Documents.  The terms of each Note shall set forth the amount and duration of each Facility, the interest thereon, the fees applicable thereto, and the purpose thereof, as well
        as any other terms and conditions Agent may elect to set forth therein, and the Company shall be subject thereto.

       

      	

            	2.1	
              The Term Loan.   Lender agrees to continue to maintain a term loan to the Company, which was previously advanced as described in Section 2.1(c), the current outstanding principal balance of which
                is equal to the Term Loan Amount set forth in the Term Note (the “Term Loan”), in accordance with the terms of the Term Note and this Agreement.

            

       

      (a)           The Term Note.  The Term Loan shall be evidenced by a promissory note of the Company, substantially
        in the form of Exhibit A hereto and otherwise in form and substance satisfactory to Agent, payable to the order of Lender (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, the “Term Note”).  The terms and provisions of the Term Note are incorporated herein by reference and made a part hereof.  In the event of irreconcilable inconsistency between the terms hereof and the terms of the
        Term Note, the terms of the Term Note shall control.

       

      (b)           Payments.  All principal, interest and fees outstanding under the Term Loan shall be due and payable pursuant to the Term Note except to the
        extent otherwise provided for in this Agreement.

       

      
        
          

      

      
      (c)          Readvancement.  The principal amount of $30,000,000 was originally advanced to the Company on June 24, 2014 under the Term Note dated as of June
        24, 2014 by the Company to the order of the Lender in the original principal amount of $30,000,000.  The principal amount of $30,000,000 was re-advanced to the Company on or before December 15, 2019 under the First Amended and Restated Term Note
        dated as of November 8, 2019 by the Company to the order of the Lender in the original principal amount of $30,000,000.  No additional advances shall be permitted under this Facility.

       

      	

            	2.2	
              The Revolving Term Loan.  Lender hereby establishes in favor of the Company a revolving term credit facility as described below (the “Revolving Term Facility”).

            

       

      (a)          Loans; Limitations.  Subject to the terms and conditions of this Agreement, the Revolving Term Note and the other Loan Documents, prior to the
        Revolving Term Facility Expiration Date, upon the request of the Company, Lender shall make loans to the Company under the Revolving Term Facility (each, a “Revolving Term Loan”); provided, that in no event
        shall Lender be obligated to make a Revolving Term Loan that, when added to the then-current Revolving Term Facility Usage, would exceed at any time the Revolving Term Commitment.  Within such limits and subject to the other terms and conditions of
        this Agreement and the other Loan Documents, the Company may borrow, repay, and reborrow under the Revolving Term Facility.

       

      (b)           Revolving Term Note.  Amounts owed under the Revolving Term Facility shall be evidenced by a promissory note of the Company, substantially in
        the form of Exhibit B hereto and otherwise in form and substance satisfactory to Agent, payable to the order of Lender (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, the “Revolving Term Note”).  The terms and provisions of the Revolving Term Note are incorporated herein by reference and made a part hereof.  In the event of irreconcilable inconsistency between the terms hereof and
        the terms of the Revolving Term Note, the terms of the Revolving Term Note shall control.

       

      (c)           Payment Dates.  All principal, interest and fees outstanding under the Revolving Term Facility shall be due and payable pursuant to the
        Revolving Term Note except to the extent otherwise provided for in this Agreement.

       

      (d)          Protective Advances.  Lender is authorized by the Company (but shall have absolutely no obligation to), from time to time in Lender’s sole
        discretion, to make Revolving Term Loans to or on behalf of the Company that Lender and Agent deem necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount
        of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required to be paid by the Company pursuant to the terms of this Agreement, including payments of reimbursable expenses (including reasonable costs,
        fees, and expenses as described in Section 11.2) and other sums payable under the Loan Documents (any of such Revolving Term Loans are herein referred to as “Protective Advances”).  Protective Advances may be
        made even if the conditions precedent set forth in Section 4.2 have not been satisfied.  The Protective Advances shall be secured by the Collateral and shall constitute Obligations hereunder.  All Protective Advances shall be Daily Simple SOFR Rate
        Loans.

       

      (e)           Cash Management Arrangements.  The Company and Cash Management Provider may enter into a CoBank Cash Management Agreement providing for the
        automatic advance by Cash Management Provider of Revolving Term Loans under the conditions set forth in such agreement, which conditions shall be in addition to the conditions set forth herein.

       

      2.3       The Revolving Credit Loan.   Lender hereby establishes in favor of the Company a revolving credit facility as described below (the “Revolving
        Credit Facility”).

       

      
        2

        
          

      

      (a)          Loans; Limitations.  Subject to the terms and conditions of this Agreement, the Revolving Credit Note and the other Loan Documents, prior to
        the Revolving Credit Facility Expiration Date, upon the request of the Company, Lender shall make loans to the Company under the Revolving Credit Facility (each, a “Revolving Credit Loan”); provided, that in
        no event shall Lender be obligated to make a Revolving Credit Loan that, when added to the then-current Revolving Credit Facility Usage, would exceed at any time the Revolving Credit Commitment.  Within such limits and subject to the other terms
        and conditions of this Agreement and the other Loan Documents, the Company may borrow, repay, and reborrow under the Revolving Credit Facility.

       

      (b)          Revolving Credit Note.  Amounts owed under the Revolving Credit Facility shall be evidenced by a promissory note of the Company, substantially
        in the form of Exhibit C hereto and otherwise in form and substance satisfactory to Agent, payable to the order of Lender (as amended, restated, modified, supplemented, replaced, refinanced or renewed from time to time, the “Revolving Credit Note”).  The terms and provisions of the Revolving Credit Note are incorporated herein by reference and made a part hereof.  In the event of irreconcilable inconsistency between the terms hereof
        and the terms of the Revolving Credit Note, the terms of the Revolving Credit Note shall control.

       

      (c)           Payment Dates.  All principal, interest and fees outstanding under the Revolving Credit Facility shall be due and payable pursuant to the
        Revolving Credit Note except to the extent otherwise provided for in this Agreement.

       

      (d)          Protective Advances.  Lender is authorized by the Company (but shall have absolutely no obligation to), from time to time in Lender’s sole
        discretion, to make Revolving Credit Loans to or on behalf of the Company that Lender and Agent deem necessary or desirable (i) to preserve or protect the Collateral, or any portion thereof, (ii) to enhance the likelihood of, or maximize the amount
        of, repayment of the Loans and other Obligations, or (iii) to pay any other amount chargeable to or required to be paid by the Company pursuant to the terms of this Agreement, including payments of reimbursable expenses (including reasonable costs,
        fees, and expenses as described in Section 11.2) and other sums payable under the Loan Documents (any of such Revolving Credit Loans are herein referred to as “Protective Advances”).  Protective Advances may
        be made even if the conditions precedent set forth in Section 4.2 have not been satisfied.  The Protective Advances shall be secured by the Collateral and shall constitute Obligations hereunder.  All Protective Advances shall be Daily Simple SOFR
        Rate Loans.

       

      (e)           Cash Management Arrangements.  The Company and Cash Management Provider may enter into a CoBank Cash Management Agreement providing for the
        automatic advance by Cash Management Provider of Revolving Credit Loans under the conditions set forth in such agreement, which conditions shall be in addition to the conditions set forth herein.

       

      	

            	2.4	
              Availability and Payments Generally.

            

       

      (a)           Availability.  Loans and advances will be made available by wire transfer of immediately available funds to such account or accounts as may be
        authorized or directed by the Company on forms supplied or approved by Agent.  Agent shall be entitled to rely on (and shall incur no liability to the Company in acting on) any request, delegation or direction furnished by the Company in accordance
        with the terms of this Agreement, any Note, a Delegation Form or any other Loan Document.

       

      
        3

        
          

      

      (b)         Payments Generally.  All payments and prepayments to be made in respect of the Obligations shall be payable prior to 3:00 p.m. (Mountain time)
        on the date when due 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, and an action therefor shall immediately
        accrue.  Such payments or prepayments of Obligations shall be made (i) by wire transfer of immediately available funds to ABA No. 307088754 for advice to and credit of Agent for the account of Lender (or to such other account as Agent may direct by
        written notice) or (ii) by check or ACH transfer, to Agent for the account of Lender at its office located at 6340 S. Fiddler Green Circle, Greenwood Village, Colorado 80111 (or at such other place of payment designated by Agent to the Company) in
        U.S. dollars and in immediately available funds.  In the event that any payment on any Obligation is made by check by the Company, credit for payment by check shall be given as of the Business Day on which Agent receives the check at the address
        designated by Agent from time to time for delivery of payments by check.  All notices by the Company to Agent of payment or prepayment shall be irrevocable.  Agent’s statement of account, ledger, or other relevant record shall, in the absence of
        manifest error, be conclusive as the statement of the amount of principal, interest, and other Obligations owing under this Agreement, the Notes, and the other Loan Documents and shall be deemed an “account stated.”  Any payment received by Agent
        after 3:00 p.m. (Mountain time) shall be deemed received by Agent on the next succeeding Business Day.  All payments hereunder and under any Note, including all amounts designated as principal prepayments, shall be credited first to interest,
        costs, and lawful charges then accrued and the remainder to principal as provided herein or in any applicable Note or otherwise as Agent in its sole discretion may determine.

       

      	

            	2.5	
              Interest Payment Dates.   Interest on principal amounts subject to the Quoted Rate Option or Daily Simple SOFR Rate Option shall be: (a) calculated monthly in arrears as of the last day of each
                month and on the final maturity date of the Loans; and (b) due and payable monthly in arrears on the twentieth (20th) day of the following month (or on such other day in such month as Agent shall require in a written notice to the Company)
                and at maturity (whether at stated maturity, by acceleration or otherwise) and after maturity on demand, and on the date of any payment or prepayment of any principal amount on the amount paid.  Interest on Loans to which the Term SOFR Rate
                Option applies shall be due and payable in arrears on the last day of each Interest Period for such Loans and, in the case of Interest Periods of greater than three months, interest shall be paid on the date that is the three-month
                anniversary of the first day of such Interest Period and on the last day of such Interest Period, commencing on the first such date to occur after the date hereof, and at maturity (whether at stated maturity, by acceleration or otherwise),
                after maturity on demand, and on the date of any payment or prepayment of any such Loan on the amount paid.  Interest based on the Quoted Rate Option, Term SOFR Rate Option or Daily Simple SOFR Rate Option will be calculated in each case on
                the basis of the actual number of days elapsed in a year of 360 days.

            

       

      	

            	2.6	
              Interest After Default.   To the extent permitted by Law and notwithstanding any other term or condition of this Agreement, any Note or any other Loan Document, upon the occurrence of an Event of
                Default and until the time such Event of Default shall have been cured or waived in writing by Agent on behalf of Lender: (a) each Loan outstanding hereunder shall bear interest at a rate per annum equal to the sum of (i) the rate of
                interest that would otherwise be applicable pursuant to each Note or this Agreement plus (ii) an additional 4.0% per annum; (b) all fees otherwise applicable pursuant to this Agreement, any Note or any other Loan Document shall be increased
                by an additional 4.0% per annum; (c) each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of (i) the rate of interest applicable under the Daily Simple SOFR Rate Option plus (ii) an
                additional 4.0% per annum from the time such Obligation becomes due and payable and until it is paid in full; and (d) the Company acknowledges that the increase in rates referred to in this paragraph reflects, among other things, the fact
                that the Loans outstanding and other Obligations have become a substantially greater risk given their default status and that Lender is entitled to additional compensation for such risk.  All such interest shall be payable by the Company
                upon demand by Agent.

            

       

      
        4

        
          

      

      	

            	2.7	
              Right to Prepay.   The Company shall have the right at its option from time to time to prepay any of the Loans in whole or in part without premium or penalty, except as may be otherwise set forth
                in a Note and except as provided in Sections 3.1, 3.4 and 11.2.  Whenever the Company desires to prepay all or any part of the Loans, it shall provide a prepayment notice to Agent by 1:00 p.m. (Mountain time) at least three (3) Business
                Days prior to the date of prepayment of any Loans to which the Term SOFR Rate Option or the Quoted Rate Option applies and by 1:00 p.m. (Mountain time) at least one (1) Business Day prior to the date of prepayment of any Loans to which the
                Daily Simple SOFR Rate Option applies, setting forth in each case the following information: (a) the date, which shall be a Business Day, on which the proposed prepayment is to be made; (b) a statement indicating the application of the
                prepayment between the various Facilities (if more than one hereunder); (c) a statement indicating the application of the prepayment among Loans to which the Quoted Rate Option applies, Loans to which the Term SOFR Rate Option applies and
                Loans to which the Daily Simple SOFR Rate Option applies; and (d) the principal amount of such prepayment, which shall be in the minimum principal amount of the lesser of (i) $100,000 for each Loan or (ii) the then outstanding amount of the
                Loan being prepaid.

            

       

      Unless otherwise agreed to by Agent, all prepayment notices shall be irrevocable.  The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with
        respect to Loans to which the Daily Simple SOFR Rate Option applies, shall be due and payable on the date specified in such prepayment notice as the date on which the proposed prepayment is to be made.  If a Term Loan is included among the
        Facilities, all prepayments made under any Term Loan shall be applied (a) first, to the unpaid installments of principal thereunder scheduled to be paid within 365 days after such prepayment, in the order of scheduled maturities, and (b) second, to
        the unpaid installments of principal thereunder scheduled to be paid 366 days or more after such prepayment, in the inverse order of scheduled maturities.  Except as otherwise provided in this Agreement or a Note, if the Company prepays a Loan but
        fails to specify the applicable Loan which the Company is prepaying, the prepayment shall be applied (i) first to Loans made under the Revolving Credit Facility, second to the Revolving Term Facility, and third to the Term Loan; and (ii) after
        giving effect to the allocations in clause (i) above and in the preceding sentence, first to Loans to which the Daily Simple SOFR Rate Option applies, then to Loans to which the Term SOFR Rate Option applies and then to Loans to which the Quoted
        Rate Option applies.  Any prepayment of a Loan under the Term SOFR Rate Option or the Quoted Rate Option shall be subject to the Company’s obligation to indemnify Lender for break funding damages and costs to the extent provided in Section 3.4.

       

      	

            	2.8	
              Failure to Select Interest Rate Options.  If the Company fails to select a new Interest Period to apply to any Loans under the Term SOFR Rate Option under any Note at the expiration of an existing
                Interest Period applicable to such Loan in accordance with the provisions of such Note, the Company shall be deemed to have converted each such Loan to the Daily Simple SOFR Rate Option under such Note, commencing upon the last day of the
                existing Interest Period.

            

       

      	

            	2.9	
              Fees.   The Company shall pay Agent: (a) an administrative fee of $12,500 on each July 1; and (b) the Unused Commitment Fees in accordance with the terms of the Revolving Term Note and Revolving
                Credit Note.  Any such fees shall be fully earned when paid and shall not be refundable for any reason.

            

       

      
        5

        
          

      

      ARTICLE 3        Increased Costs; Taxes; Illegality; Indemnity.

       

      	

            	3.1	
              Increased Costs.

            

       

      (a)           Increased Costs Generally.  If any Change in Law shall:

       

       (i)          impose, modify, or deem applicable any reserve, special deposit, compulsory loan, insurance charge, or similar requirement against assets of, deposits with or for the account of, or
        credit extended or participated in by, any Lending Party;

       

       (ii)        subject any Lending Party to any Taxes of any kind whatsoever with respect to this Agreement, any Note, or any other Loan Document, or any Loan hereunder or any other Obligation, or
        change the basis of taxation of payments to a Lending Party in respect thereof (except for Indemnified Taxes or Other Taxes covered below and the imposition of, or any change in the rate of, any Excluded Tax payable by a Lending Party); or

       

       (iii)        impose on any Lending Party or the interbank market any other condition, cost, or expense (other than Taxes) affecting this Agreement, any Note, or any other Loan Document, or any
        Loan made by Lender;

       

      and the result of any of the foregoing shall be to increase the cost to Lender or any other Lending Party of making or maintaining any Loan hereunder (or of maintaining Lender’s obligation to make any such Loan), or
        to reduce the amount of any sum received or receivable by any Lending Party hereunder (whether of principal, interest or any other amount) then, upon request of Agent, the Company will pay to Agent for the account of each applicable Lending Party
        such additional amount or amounts as will compensate such a Lending Party for such additional costs incurred or reduction suffered.

       

      (b)         Certificates for Reimbursement.  A certificate of Agent setting forth the amount or amounts necessary to compensate each Lending Party as
        specified in this Section 3.1 and delivered to the Company shall be conclusive absent manifest error.  The Company shall pay Agent for the account of each applicable Lending Party the amount shown as due on any
          such certificate within ten (10) Business Days after receipt thereof.

       

      (c)         Delay in Requests.  Failure or delay on the part of Agent to demand compensation pursuant to this Section 3.1 shall not constitute a waiver of
        any Lending Party’s right to demand such compensation; provided that the Company shall not be required to compensate a Lending Party pursuant to this Section 3.1 for any increased costs incurred or reductions suffered more than 180 days prior to
        the date that Agent notifies the Company of the Change in Law giving rise to such increased costs or reductions or of Agent’s intention to claim compensation therefor on behalf of the applicable Lending Party (except that, if the Change in Law
        giving rise to such increased costs or reductions is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof).

       

      	

            	3.2	
              Taxes.

            

       

      (a)          Payments Free of Taxes.  Any and all payments by or on account of any Obligation of the Company hereunder or under any other Loan Document
        shall be made without deduction or withholding for any Taxes, except as required by applicable Law.  If any applicable Law (as determined in the good faith discretion of Agent) requires the deduction or withholding by Agent of any Tax from any such
        payment, then Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Official Body in accordance with applicable law and, if such Tax is an Indemnified Tax, then the
        sum payable by the Company shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.2) Agent receives an amount
        equal to the sum it would have received had no such deduction or withholding been made.

       

      
        6

        
          

      

      (b)          Payment of Other Taxes by the Company.  Without limiting the provisions of the foregoing clause (a) directly above, the Company shall timely
        pay to the relevant Official Body in accordance with applicable Law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes.

       

      (c)           Indemnification by the Company.  The Company shall indemnify each Lending Party, within ten (10) days after demand therefor, for the full
        amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.2) payable or paid by such Lending Party or required to be withheld or deducted from a payment to a Lending
        Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Official Body.  A certificate as to the amount of such payment or
        liability delivered by Agent to the Company shall be conclusive absent manifest error.

       

      (d)          Evidence of Payments.  As soon as practicable after any payment of Taxes by the Company to an Official Body, the Company shall deliver to Agent
        the original or a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.

       

      (e)          Treatment of Certain Refunds.  If a Lending Party determines, in its sole discretion, that it has received a refund of any Taxes as to which it
        has been indemnified by the Company or with respect to which the Company has paid additional amounts to Agent pursuant to this Section 3.2, it shall pay to the Company an amount equal to such refund (but only to the extent of indemnity payments
        made, or additional amounts paid, by the Company to Agent under this Section 3.2 with respect to the Taxes giving rise to such refund), net of all expenses (including Taxes) of such Lending Party, and without interest (other than any interest paid
        by the relevant Official Body to Agent with respect to such refund).  The Company, upon request of Agent, shall repay to Agent for the account of the applicable Lending Party any amount paid over pursuant to this paragraph (plus any penalties,
        interest or other charges imposed by the relevant Official Body) in the event such Lending Party is required to repay such refund to such Official Body.  Notwithstanding anything to the contrary in this paragraph, in no event will any Lending Party
        be required to pay any amount to the Company pursuant to this paragraph, the payment of which would place such Lending Party in a less favorable net after-Tax position than it would have been in if the indemnification payments or additional amounts
        giving rise to such refund had never been paid.  This paragraph shall not be construed to require any Lending Party to make available its tax returns (or any other information relating to its Taxes that it deems confidential) to the Company or any
        other person or entity.

       

      	

            	3.3	
              Benchmark Unascertainable; Illegality; Etc.

            

       

      (a)           Unascertainable.  Subject to Section 3.5, if, on any date on which a Benchmark would otherwise be determined, Agent shall have determined
        (which determination shall be conclusive and binding absent manifest error) that:

       

      	

            	(i)	
              for any reason (other than a Benchmark Transition Event) any Benchmark cannot be determined pursuant to the definition thereof, or

            

       

      
        7

        
          

      

      	

            	(ii)	
              for any reason in connection with any request for a Loan that is subject to an Interest Period or a conversion thereto or a continuation thereof that the Benchmark for any requested Interest Period with respect to a proposed Loan does
                not adequately and fairly reflect the cost of funding such Loans, or

            

       

      	

            	(iii)	
              for any reason in connection with any request for a Loan that is not subject to an Interest Period or a conversion thereto or a continuation thereof or the maintaining thereof that the Benchmark with respect to a proposed Loan or
                outstanding Loan does not adequately and fairly reflect the cost of funding or maintaining such Loans,

            

      

      

      then in any such case Agent and Lender shall have the rights specified in Section 3.3(c).

       

      (b)           Illegality.  If at any time Agent shall have determined that (i) the making, maintenance or funding of any Loan or (ii) the determination or
        charging of interest rates based upon any Benchmark has been made impracticable or unlawful by compliance by Agent in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any
        such Official Body (whether or not having the force of Law), then Agent and Lender shall have the rights specified in Section 3.3(c).

       

      (c)          Lender and Agent’s Rights.  In the case of an event specified in Section 3.3(a) or 3.3(b), Agent shall so notify the Company thereof, and in the
        case of an event specified in Section 3.3(b), such notice shall describe the specific circumstances of such event.  Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation
        of Lender to make such Loans, maintain such Loans (with respect to Loans that are not subject to an Interest Period), or to allow the Company to select, convert to or renew such Loans, shall be suspended (to the extent of the affected Loans or
        affected Interest Periods) until Agent shall have later notified the Company of Agent’s determination that the circumstances giving rise to such previous determination no longer exist.  If at any time Agent makes a determination under Section
        3.3(a), the Company may revoke any pending request for a borrowing of, conversion to or continuation of such Loans (to the extent of the affected Loans or affected Interest Periods) or, failing that, the Company will be deemed to have converted any such request into a request for a borrowing of, or conversion to or renewal of the Effective Prime Rate with respect to such Loans.  If Agent notifies the
        Company of a determination under Section 3.3(b), the Company shall, subject to the Company’s indemnification Obligations under Section 3.4, as to any affected Loan, on the date specified in such notice either prepay such Loan in accordance with
        Section 2.8 (if necessary to avoid illegality) or, if applicable, convert such Loan to the Effective Prime Rate.  Absent due notice from the Company of prepayment or conversion, the interest rate on such Loan shall automatically be converted to the
        Effective Prime Rate with respect to such Loan upon such specified date.

       

      	

            	3.4	
              Indemnity.   The Company hereby agrees that upon demand by Agent, the Company will indemnify Lender against any loss or expense that Lender may have sustained or incurred (including any net loss
                or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by Lender to fund or maintain any Loan subject to an Interest Period or Quoted Rate Option Loans) or that Lender may be deemed to have
                sustained or incurred, as reasonably determined by Agent, (a) as a consequence of any failure by the Company to make any payment when due of any amount due hereunder in connection with any Loan subject to an Interest Period or Quoted Rate
                Option Loans, (b) due to any failure of the Company to borrow or convert any Quoted Rate Option Loans on a date specified therefor in a notice thereof, or (c) due to any payment or prepayment of any Loan subject to an Interest Period or
                Quoted Rate Option Loans on a date other than the last day of the applicable Interest Period or period of such Quoted Rate for such Loan subject to an Interest Period or Quoted Rate Option Loan, as the case may be.  For this purpose, all
                Loan Requests shall be deemed to be irrevocable.  Notwithstanding the foregoing, in the event of a conflict between the provisions of this Section 3.4 and of the broken funding charge section of a forward fix agreement between Agent and the
                Company, for losses imputed by Agent, the provisions of the forward fix agreement shall control.

            

       

      
        8

        
          

      

      	

            	3.5	
              Benchmark Replacement Setting.  Notwithstanding anything to the contrary herein or in any other Loan Document (and any Interest Rate Hedge or other interest rate agreement shall be deemed not to
                be a “Loan Document” for purposes of this Section 3.5):

            

       

      (a)          Replacing Benchmarks. Upon the occurrence of a Benchmark Transition Event as to any Benchmark, the applicable Benchmark Replacement will replace
        the applicable then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any setting of such Benchmark at or after 3:00 p.m. (Mountain time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Company without any amendment to this Agreement or any other Loan Document, or further action or consent of the Company or any
        other Person.  At any time that the administrator of the applicable then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of
        such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the
        Company may revoke any request for a borrowing of, conversion to or continuation of any Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Company’s receipt of notice from Agent that a
        Benchmark Replacement has replaced such Benchmark, and, failing that, the Company will be deemed to have converted any such request into a request for a borrowing of or conversion to such Loans at the Effective Prime Rate.

       

      (b)         Benchmark Replacement Conforming Changes.  In connection with the implementation and administration of a Benchmark Replacement, Agent will have
        the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become
        effective without any further action or consent of the Company or any other Person.

       

      (c)           Notices; Standards for Decisions and Determinations.  Agent will promptly notify the Company of (i)
        the implementation of any Benchmark Replacement and (ii) the effectiveness of any Benchmark Replacement Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement.  Agent will promptly
        notify the Company of the removal or reinstatement of any tenor of a Benchmark pursuant to this Section 3.5(d).  Any determination, decision or election that may be made by Agent pursuant to this Section 3.5 will be conclusive and binding absent
        manifest error and may be made in its sole discretion and without consent from the Company or any other Person.

      

      

      (d)          Unavailability of Tenor of Benchmark.  At any time, (i) if the applicable then-current Benchmark is a
        term rate (including Term SOFR Rate), then Agent may remove any tenor of such Benchmark that is unavailable or non-representative for Benchmark (including Benchmark Replacement) settings and (ii) Agent may reinstate any such previously removed
        tenor for such Benchmark (including any applicable Benchmark Replacement) settings.

      

      

      
        9

        
          

      

      ARTICLE 4        Conditions Precedent.  The obligation of Lender to provide any Facility or to make, issue, renew, or convert any Loan under this Agreement, any
        Note or any other Loan Document is subject to the ongoing performance by the Company of its obligations to be performed under this Agreement, the Notes, and each other Loan Document and to the satisfaction of all conditions set forth in this
        Agreement, the Notes, and each other Loan Document, including the following conditions:

       

      	

            	4.1	
              Initial Loans.

            

       

      (a)           Deliveries.  No later than the Closing Date (or such later date as Agent shall specify in its sole discretion), Agent shall have received each
        of the following (which, in the case of instruments and documents, must (unless otherwise stated below) be originals, duly executed, and in form and substance satisfactory to Agent):

       

       (i)          This Agreement and the Notes duly executed by an Authorized Officer of the Company;

       

       (ii)         A Delegation Form;

       

       (iii)     (A) all resolutions and other corporate or other organizational action taken by the Company in connection with this Agreement and the other Loan Documents; (B) the names and titles of
        the Authorized Officers authorized to sign the Loan Documents and their true signatures; and (C) copies of the Organizational Documents of the Company as in effect on the Closing Date certified by the appropriate state official where such documents
        are filed in a state office together with certificates from the appropriate state officials as to the continued existence and good standing of the Company in each state where organized or qualified to do business;

       

       (iv)        A security agreement duly executed by an Authorized Officer of the Company granting to Agent, for the benefit of the Lending Parties, a first priority Lien, subject only to Permitted
        Liens, on all Personal Property Collateral of the Company, whether now owned or hereafter acquired, and a UCC-1 Financing Statement;

       

       (v)        Evidence, including a Lien search in acceptable scope from a provider satisfactory to Agent, that the security interests in and Liens on the Collateral are valid, enforceable, and
        properly perfected in a manner acceptable to Agent and prior to all other Liens (other than Permitted Liens);

       

       (vi)      An executed landlord’s waiver or other lien waiver agreement from the lessor, warehouse operator, or other applicable Person for each Collateral location as required under or in
        connection with any security agreement;

       

       (vii)      A mortgage or deed of trust in recordable form and duly executed by an Authorized Officer of the Company, in a face amount of no less than $132,000,000, granting to Lender a first
        priority Lien (subject only to Permitted Liens) on the Real Property Collateral;

       

       (viii)     An ALTA lender’s title insurance policy, in a form and from a title insurance company acceptable to Agent, in a face amount of no less than $66,000,000, insuring Lender’s first
        priority Lien on the Real Property Collateral, with only such exceptions as may be approved by Agent, together with such endorsements as Agent may require (the “Title Policy”);

       

      

      
        10

        
          

      

       (ix)       An appraisal of the Real Property Collateral which indicates that the Real Property Collateral has an appraised value of $110,000,000 or more and which is otherwise satisfactory to
        Agent;

       

       (x)        A survey of the Real Property Collateral satisfactory to Agent, with identification of each item with the corresponding exception number from the Title Policy, together with a
        certificate of the surveyor or other Person acceptable to Agent that the Real Property Collateral is or is not, as the case may be, in a special flood hazard area for purposes of the National Flood Insurance Program;

       

       (xi)        Evidence that the Company has taken all actions required under the Flood Laws or requested by Agent to assist in ensuring that Lender is in compliance with the Flood Laws applicable
        to the Collateral, including, but not limited to, providing Agent with the address or GPS coordinates of each structure on any real property that will be subject to mortgages or deeds of trust, and to the extent required under Section 6.6,
        obtaining flood insurance for such property, structures and contents prior to such property, structures and contents becoming Collateral;

       

       (xii)      A written opinion of counsel for the Company, dated no later than the Closing Date, in form and substance and from counsel reasonably satisfactory to Agent;

       

       (xiii)      Evidence that adequate insurance, including flood insurance on any Real Property Collateral, if applicable, required to be maintained under this Agreement or any other Loan Document
        is in full force and effect, with additional insured, mortgagee and lender loss payable special endorsements attached thereto in form and substance satisfactory to Agent and counsel (retained, engaged or employed by Agent) naming Agent, for the
        benefit of the Lending Parties, as additional insured, mortgagee and lender loss payee;

       

       (xiv)       Evidence of filing of all Official Body consents, approvals and filings, and all material third party consents and approvals required to effectuate the transactions contemplated
        hereby;

       

       (xv)     A Phase I environmental assessment of the Real Property Collateral performed by an environmental assessment firm satisfactory to Agent or other environmental assessments and due
        diligence satisfactory to Agent;

       

       (xvi)     Evidence of compliance with Section 6.2 and a favorable determination of eligibility of the Company to borrow from Lender;

       

       (xvii)     A copy of the Risk Management Policy of the Company; and

       

       (xviii)     All other Loan Documents as Agent or its counsel may request in connection with this Agreement or any of the foregoing documents, instruments, or agreements.

       

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

       

      	

            	4.2	
              Each Loan.   At the time of the making of any Loan (including the initial Loan) and after giving effect to each such proposed extension(s) of credit, the Company hereby certifies to Agent and
                Lender that at such time (and each request by the Company for a Loan is hereby deemed to be such certification):

            

       

      
        11

        
          

      

      (a)           the representations and warranties of the Company contained in this Agreement and the other Loan Documents are true and correct;

       

      (b)           no Event of Default or Default has occurred and is continuing;

       

      (c)           the making of the Loan does not contravene any Law applicable to Agent, any Lending Party, the Company or any Subsidiary of the Company;

       

      (d)           no Material Adverse Change has occurred since the date of the last audited financial statements of the Company delivered to Agent;

       

      (e)           the Company has satisfied any other conditions precedent set forth in each applicable Loan Document; and

       

      (f)           the Company has delivered to Agent a duly executed and completed Loan Request.

       

      ARTICLE 5        Representations and Warranties.   The Company represents and warrants to Agent and each of the Lending Parties, as of the date of this Agreement
        and as of the making of any Loan, as follows:

       

      	

            	5.1	
              Compliance with Loan Documents.   The Company is in compliance with all of the terms of this Agreement and the other Loan Documents, and no Event of Default or Default exists.

            

       

      	

            	5.2	
              Subsidiaries.   The Company has no Subsidiaries other than those which are set forth on Schedule 5.2, and all information provided on Schedule 5.2 is complete, true and correct. 
                All stock and other equity interests in the Company and in each Subsidiary are owned free and clear of all Liens other than Permitted Liens.  The stock or other equity interests of each Subsidiary of the Company has been duly authorized and
                validly issued and is fully paid and non-assessable.

            

       

      	

            	5.3	
              Organization; Compliance with Law; Ownership; Investment Companies.

            

       

      (a)          The Company and each of its Subsidiaries (i) is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization, (ii) has the lawful power to
        own or lease its properties and to engage in the business it conducts or proposes to conduct, and (iii) is duly qualified and in good standing in each jurisdiction where the property owned or leased by it or the nature of the business transacted by
        it makes such qualification necessary.

       

      (b)           The Company and each of its Subsidiaries is in compliance in all material respects with all applicable Laws.

       

      (c)          The Company and each of its Subsidiaries (i) has good and marketable title to or a valid leasehold interest in all of its properties, assets, and other rights it purports to own, free
        and clear of all Liens except Permitted Liens and (ii) owns or possesses all material patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises, permits, and rights necessary to own and operate its properties
        and to carry on its business as presently conducted and planned to be conducted, without known, possible, alleged, or actual conflict with the rights of others.  Neither the Company nor any of its Subsidiaries is an “investment company,” as defined
        in, or subject to regulation under, the Investment Company Act of 1940.

       

      
        12

        
          

      

      	

            	5.4	
              Power and Authority; Binding and Enforceable Agreement.

            

       

      (a)           The Company has full limited liability company power to enter into, execute, deliver, carry out, incur the indebtedness contemplated by, and perform its Obligations under, the Loan
        Documents to which it is a party, and all such actions have been duly authorized by all necessary proceedings on its part.

       

      (b)          This Agreement and each of the other Loan Documents (i) has been duly and validly executed and delivered by an Authorized Officer on behalf of the Company, to the extent it is a party
        thereto, and (ii) constitutes the legal, valid, and binding obligations of the Company, to the extent it is a party thereto, enforceable against the Company in accordance with its terms except to the extent that enforcement may be limited by
        applicable bankruptcy, insolvency, or similar laws or equitable principles affecting creditors’ rights generally.

       

      (c)           There exist no claims, deductions, defenses, or set-offs of any nature against any amount due or to become due under any Note or other Loan Document.

       

      	

            	5.5	
              Historical Financial Statements; Solvency.   The Company has delivered to Agent copies of its audited consolidated and consolidating, as applicable, year-end financial statements for and as of the
                end of the fiscal year ended September 30, 2021, together with copies of its unaudited consolidated and consolidating, as applicable, interim financial statements for the fiscal year to date and as of the month ended April 30, 2022 (all
                such annual and interim statements being collectively referred to as the “Statements”).  The Statements were compiled from the books and records maintained by the Company’s management, are correct and complete and fairly represent the
                consolidated financial condition of the Company and its Subsidiaries as of the respective dates thereof and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied,
                subject (in the case of the interim statements) to normal year end audit adjustments.  Neither the Company nor any Subsidiary of the Company has any liabilities, contingent or otherwise, or forward or long-term commitments that are not
                disclosed in the Statements or in the notes thereto, and except as disclosed therein there are no unrealized or anticipated losses from any commitments of the Company or any Subsidiary of the Company which may cause a Material Adverse
                Change.  Since September 30, 2021, no Material Adverse Change has occurred.  Before and after giving effect to the Loans made by Lender hereunder and under each Note, the Company is solvent.

            

       

      	

            	5.6	
              Litigation.   There are no actions, suits, proceedings, or investigations pending or, to the knowledge of the Company, threatened, against the Company or any Subsidiary of the Company at law or in
                equity which individually or in the aggregate may result in any Material Adverse Change.  Neither the Company nor any Subsidiary of the Company is in violation of any order, writ, injunction, or decree of any Official Body which may result
                in any Material Adverse Change.

            

       

      	

            	5.7	
              Taxes.   All federal, state, local, and other tax returns required to have been filed with respect to the Company and its Subsidiaries have been filed, and payment or adequate provision has been
                made for the payment of all taxes, fees, assessments, and other governmental charges which have or may become due pursuant to said returns or to assessments received, except to the extent that such taxes, fees, assessments, or other
                governmental charges are being contested in good faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made.

            

       

      
        13

        
          

      

      	

            	5.8	
              Margin Stock.   No part of the proceeds of any Loan made by Lender has been or will be used, whether directly or indirectly, for any purpose that has resulted or will result in a violation of
                Regulation U or X of the Board of Governors of the Federal Reserve System.

            

       

      	

            	5.9	
              No Conflict; Etc.   The execution, delivery, or performance of any Loan Document by the Company will not conflict with, constitute a default under or result in any breach of (a) the terms and
                conditions of any certificate or articles of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement, or other Organizational Documents of the Company
                or (b) any Law or any material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound or to which it is subject, or result in the creation or enforcement of any
                Lien whatsoever upon any property (now or hereafter acquired) of the Company or any of its Subsidiaries (other than Liens granted under the Loan Documents).  There is no default under any such material agreement (referred to above) and
                neither the Company nor any Subsidiary of the Company is bound by any contractual obligation, or subject to any restriction in any Organizational Document, or any requirement of Law which could result in a Material Adverse Change.  No
                consent, approval, exemption, order, or authorization of, or registration or filing with, any Official Body or any other Person is required by any Law or any agreement or Organizational Document in connection with the execution, delivery,
                or performance of any Loan Document.  The proceeds of each Loan made by Lender shall be used for the purposes set forth in the applicable Note and as permitted by applicable Law.

            

       

      	

            	5.10	
              Full Disclosure; Application is True and Correct.   No Loan Document nor any other certificate, statement, agreement, or document furnished to Agent or any Lending Party in connection with this
                Agreement or any other Loan Document contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein or therein, in light of the circumstances under which they
                were made, not misleading.  The Company is not aware of any Material Adverse Change which has not been disclosed in writing to Agent.  All representations and warranties set forth in the New Borrower Application for Credit (Cooperatives)
                given at any time and from time to time by the Company to Agent are and remain true and correct, except to the extent corrected or supplemented by this Agreement and the Schedules hereto.

            

       

      	

            	5.11	
              Insurance.

            

       

      (a)          The properties of the Company and of each of its Subsidiaries are insured pursuant to policies and other bonds that are valid and in full force and effect and that provide coverage
        meeting the requirements of Section 6.6.

       

      (b)          The Company, to the extent required under the Flood Laws, has obtained flood insurance for such structures and contents constituting Collateral located in a flood hazard zone pursuant
        to policies that are valid and in full force and effect and which provide coverage meeting the requirements of Section 6.6.

       

      	

            	5.12	
              Environmental Matters.

            

       

      
        14

        
          

      

      (a)          The facilities and properties currently or formerly owned, leased or operated by the Company (the “Properties”) do not contain any Hazardous
        Materials attributable to the Company’s ownership, lease or operation of the Properties in amounts or concentrations or stored or utilized which (i) constitute or constituted a violation of Environmental Laws, or (ii) could reasonably be expected
        to give rise to any Environmental Liability;

       

      (b)          The Company has not received any notice of violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with
        Environmental Laws with regard to their activities at any of the Properties or the business operated by the Company (the “Business”), or any prior business for which the Company has retained liability under
        any Environmental Law;

       

      (c)          Hazardous Materials have not been transported or disposed of from the Properties in violation of, or in a manner or to a location which could reasonably be expected to give rise to any
        Environmental Liability for the Company, nor have any Hazardous Materials been generated, treated, stored or disposed of by or on behalf of the Company at, on or under any of the Properties in violation of Environmental Laws, or in a manner that
        could reasonably be expected to give rise to, Environmental Liability; and

       

      (d)          The Company and each of its Subsidiaries is and has been in compliance with applicable Environmental Laws.

       

      	

            	5.13	
              ERISA.

            

       

      (a)          Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other federal or state Laws.  The Company and each ERISA Affiliate have made
        all required contributions to each Plan subject to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan.

       

      (b)          (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Plan has any unfunded pension liability (i.e. excess of benefit liabilities over the current value of that
        Plan’s assets, determined in accordance with the assumptions used for funding the Plan for the applicable plan year); (iii) neither the Company nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of
        ERISA with respect to any Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither the Company nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which,
        with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Company nor any ERISA Affiliate has engaged in a transaction that
        could be subject to Sections 4069 or 4212(c) of ERISA.

       

      ARTICLE 6        Affirmative Covenants.   The Company covenants and agrees that until Payment In Full, the Company shall be in compliance at all times with the
        following covenants:

       

      	

            	6.1	
              Reporting Requirements.   The Company shall furnish or cause to be furnished to Agent:

            

       

      
        15

        
          

      

      (a)          Monthly Financial Statements.  As soon as available and in any event within thirty (30) days after the end of each month, financial statements
        of the Company and its Consolidated Subsidiaries, if any, consisting of a consolidated and consolidating balance sheet as of the end of each such month and related consolidated and consolidating statements of income for the month then ended and the
        fiscal year through that date, and such other interim statements as Agent may specifically request, all in reasonable detail and certified (subject to normal year-end audit adjustments) by the Chief Executive Officer, President, Chief Financial
        Officer, Controller or comparable Authorized Officer of the Company as having been prepared in accordance with GAAP, consistently applied, and setting forth in comparative form the respective financial statements for the corresponding date and
        period in the previous fiscal year.

       

      (b)          Annual Financial Statements.  As soon as available and in any event within ninety (90) days after the end of each fiscal year of the Company,
        financial statements of the Company and its Consolidated Subsidiaries, if any, consisting of a consolidated and consolidating balance sheet as of the end of such fiscal year, and related consolidated and consolidating statements of income and cash
        flows for the fiscal year then ended and all notes and schedules relating thereto, all prepared in accordance with GAAP and in reasonable detail and setting forth in comparative form the financial statements as of the end of and for the preceding
        fiscal year, and audited by independent certified public accountants of nationally-recognized or industry-accepted standing and otherwise satisfactory to Agent.  The certificate or report of accountants shall be free of qualifications (other than
        any consistency qualification that may result from a change in the method used to prepare the financial statements as to which such accountants concur), shall not indicate the occurrence or existence of any event, condition or contingency which
        would materially impair the prospect of payment or performance of any covenant, agreement, or duty of the Company under any of the Loan Documents and shall otherwise be satisfactory to Agent.

       

      (c)         Certificate of the Company.  Together with each set of financial statements furnished to Agent pursuant to clauses (a) and (b) directly above, a
        certificate of the Company, substantially in the form of Exhibit D hereto and otherwise in form and content acceptable to Agent, signed by an Authorized Officer (i) setting forth calculations showing compliance with each of the financial
        covenants set forth in Article 8 as of the end of the period for which such statements are being furnished and (ii) certifying that no Event of Default or Default has occurred during the period covered by such financial statements or, if an Event
        of Default or Default has occurred, a description thereof and all actions taken or to be taken to remedy same (a “Compliance Certificate”).

       

      (d)           Notices.

       

      (i)         Material Adverse Change; Default.  Promptly after any officer of the Company has learned of the occurrence of a Material Adverse Change or an
        Event of Default or Default, notice of such Material Adverse Change or Event of Default or Default and the action which the Company proposes to take with respect thereto.

       

      (ii)          Litigation.  Promptly after the commencement thereof, notice of all actions, suits, proceedings, or investigations before or by any Official
        Body or any other Person against the Company or any Subsidiary of the Company which relates to any Collateral or which, if adversely determined, could constitute an Event of Default, Default, or Material Adverse Change.

       

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

       

      
        16

        
          

      

      (iv)        Erroneous Financial Information.  Immediately in the event that the Company or its accountants conclude or advise that any previously issued
        financial statement, audit report, or interim review should no longer be relied upon or that disclosure should be made or action should be taken to prevent future reliance, notice of the same.

       

      (v)         Ethanol or Distillers Grain Marketers.  Promptly after the occurrence thereof, notice of (A) any change in the marketers used by the Company
        for ethanol or distillers grain and (B) the entry into any agreement or other contract, or any amendment, restatement or other modification thereof, by the Company related to the marketing of ethanol or distillers grain, together with a duly
        executed copy thereof.

       

      (vi)         ERISA Event.  Immediately upon the occurrence of any ERISA Event, notice of the same.

       

      (vii)        Other Reports.  Promptly upon their becoming available to the Company (but in any event within the time period (if any) specified therefor
        below), and each in form and substance satisfactory to Agent:

       

      (1)           Management Letters.  Any reports including management letters submitted to the Company by independent accountants in connection with any
        annual, interim, or special audit, to be supplied not later than 30 days after receipt by the Company thereof; and

       

      (2)         SEC Reports; Shareholder Communications.  To the extent the Company is or becomes an SEC reporting company, reports, including Forms 10-K, 10-Q
        and 8-K, registration statements and prospectuses and other shareholder communications, filed by the Company with the Securities and Exchange Commission to be supplied not later than 30 days after the date of such filing; and

       

        (3)             Other Information.  Such other reports and information as Agent may from time to time reasonably request.

       

      	

            	6.2	
              Lender Equity; Patronage; Statutory Lien.

            

       

      (a)          Lender Equity.  So long as Lender is a lender hereunder, the Company will acquire equity in Lender in such amounts and at such times as Lender
        may require in accordance with Lender’s Bylaws and Capital Plan (as each may be amended from time to time), except that the maximum amount of equity that the Company may be required to purchase in Lender in connection with the Loans and other
        financial accommodations made hereunder by Lender may not exceed the maximum amount permitted by the Bylaws and the Capital Plan at the time this Agreement is entered into.  The Company acknowledges receipt of a copy of (i) Lender’s most recent
        annual report, and if more recent, Lender’s latest quarterly report, (ii) Lender’s Notice to Prospective Stockholders, and (iii) Lender’s Bylaws and Capital Plan, which describe the nature of all of the Company’s stock and other equities in Lender
        acquired by the Company in connection with its patronage loans from Lender (the “Lender Equities”) as well as Lender’s capitalization requirements, and agrees to be bound by the terms thereof.

       

      (b)         Patronage.  The Company acknowledges that Lender’s Bylaws and Capital Plan (as each may be amended from time to time) shall govern (x) the
        rights and obligations of the parties with respect to the Lender Equities and any patronage refunds or other distributions made on account thereof or on account of the Company’s patronage with Lender, (y) the Company’s eligibility for patronage
        distributions from Lender (in the form of Lender Equities and cash) and (z) patronage distributions, if any, in the event of a sale by Lender of a participation interest in the Loans and other financial accommodations made hereunder.  Lender
        reserves the right to assign or sell participations on a non-patronage basis in all or any part of its commitments or outstanding Loans and other financial accommodations made hereunder.

       

      
        17

        
          

      

      (c)          Statutory Lien.  The Company acknowledges that Lender has a statutory first Lien pursuant to the Farm Credit Act of 1971, as amended from time
        to time, on all Lender Equities that the Company may now own or hereafter acquire, which statutory Lien shall secure the Obligations due to Lender and be for Lender’s sole and exclusive benefit.  The Lender Equities shall not constitute security
        for obligations due to any other lender or participant hereunder (other than a Subsidiary or Affiliate of Lender).  To the extent that any of the Loan Documents creates a Lien on the Lender Equities or on patronage accrued by Lender for the account
        of the Company (including, in each case, proceeds thereof), such Lien shall be for Lender’s sole and exclusive benefit and shall not be subject to sharing with any other lender or participant hereunder (other than a Subsidiary or Affiliate of
        Lender to the extent any Obligations are owing by the Company to any of them).  Neither the Lender Equities nor any accrued patronage shall be offset against the Obligations except that, in the event of an Event of Default, Lender may elect to
        apply the cash portion of any patronage distribution or retirement of Lender Equities to amounts due to Lender under this Agreement.  The Company acknowledges that any corresponding tax liability associated with such application is the sole
        responsibility of the Company.  Lender shall have no obligation to retire the Lender Equities upon any Event of Default, Default, or any other breach or default by the Company, or at any other time, either for application to the Obligations or
        otherwise.

       

      	

            	6.3	
              Collateral Security.  Payment and performance of the Obligations shall be secured by first priority perfected Liens on all personal property of the Company and SIRE DISC, Inc. (the “Personal
                Property Collateral”) and by a first priority recorded Lien on the fee estate of the Company in the real property and improvements described in Annex B to this Agreement (the “Real Property Collateral”), in each case, whether now owned or
                hereafter acquired (the Personal Property Collateral and the Real Property Collateral are collectively referred to as the “Collateral”), subject only to Permitted Liens or other exceptions approved in writing by Agent.  Prior to or
                substantially contemporaneously with the date of this Agreement and at such other times as Agent may request (including each time the Company or SIRE DISC, Inc. acquires any real property or any personal property not already subject to the
                Lien required herein), the Company and SIRE DISC, Inc. shall execute and deliver to Agent such security agreements, pledge agreements, assignments, mortgages, deeds of trust, and other documents and agreements requested by Agent for the
                purpose of creating, perfecting, and maintaining a perfected Lien on the Collateral, subject only to Permitted Liens or other exceptions approved in writing by Agent.  The Company and SIRE DISC, Inc. hereby authorize Agent to file such
                Uniform Commercial Code financing statements as Agent reasonably determines are necessary or advisable to perfect the security interests in and Liens on the Collateral.

            

       

      	

            	6.4	
              Preservation of Existence; Eligibility to Borrow; Etc.  Except as expressly permitted by Section 7.5 or Section 7.6, the Company shall, and shall cause each of its Subsidiaries to, (a) maintain
                its legal existence in the form in which it exists as of the date of this Agreement in its jurisdiction of organization, and its qualification and good standing in each jurisdiction where such qualification is required; and (b) obtain and
                maintain all licenses, certificates, permits, authorizations, approvals, and the like which are material to the conduct of its business or required by Law.  The Company shall, at all times, be an entity eligible to borrow from Lender and
                shall comply in all material respects with the provisions of its Organizational Documents and any patron or member investment program it may have.

            

       

      
        18

        
          

      

      	

            	6.5	
              Payment of Liabilities; Including Taxes; Etc.  The Company shall, and shall cause each of its Subsidiaries to, duly pay and discharge all liabilities to which it is subject or which are asserted
                against it, promptly as and when the same shall become due and payable, including all Taxes, assessments, and governmental charges upon it or any of its properties, assets, income or profits, prior to the date on which penalties attach
                thereto, except to the extent that any such liabilities are being contested in good faith and by appropriate and lawful proceedings diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be
                required by GAAP shall have been made and provided further that such proceedings shall operate to stay levy and execution on any Collateral.

            

       

      	

            	6.6	
              Maintenance of Insurance.

            

       

      (a)          The Company shall, and shall cause each of its Subsidiaries to, insure its properties and assets against loss or damage by fire and such other insurable hazards as such assets are
        commonly insured (including fire, extended coverage, property damage, workers’ compensation, public liability and business interruption insurance) and against other risks (including errors and omissions) in such amounts as similar properties and
        assets are insured by prudent companies in similar circumstances carrying on similar businesses, and with reputable and financially sound insurers, including self-insurance to the extent customary, all as reasonably determined by Agent. Such
        insurance policies shall contain additional insured, mortgagee and lender loss payable special endorsements in form and substance satisfactory to Agent naming Agent, on behalf of the Lending Parties, additional insured, mortgagee and lender loss
        payee, as applicable, and providing Agent with notice of cancellation acceptable to Agent.

       

      (b)          The Company shall, to the extent required under the Flood Laws, obtain and maintain flood insurance for such structures and contents constituting Collateral located in a flood hazard
        zone, in such amounts as similar structures and contents are insured by prudent companies in similar circumstances carrying on similar businesses and otherwise reasonably satisfactory to Agent.  If the Company fails to obtain and maintain, at any
        time, such flood insurance, Agent may, in its sole discretion, obtain such flood insurance on behalf of the Company on such Collateral at the Company’s cost and expense.

       

      	

            	6.7	
              Maintenance of Properties.  The Company shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order, and condition (ordinary wear and tear excepted), all of those
                properties (regardless whether owned or leased) useful or necessary to its business.

            

       

      	

            	6.8	
              Visitation and Inspection Rights.  The Company shall, and shall cause each of its Subsidiaries to, permit any of the officers or authorized employees or representatives of Agent to visit and
                inspect any of its properties and to examine and make excerpts from its books and records and discuss its business affairs, finances, and accounts with its officers, employees, directors, and accountants, all in such detail and at such
                times and as often as Agent may reasonably request, provided that until the occurrence of an Event of Default or Default, Agent shall provide the Company with reasonable notice prior to any visit or inspection.  The Company will permit
                Agent or its agents to conduct on an annual basis a review of the Collateral, and the Company shall pay to Agent a reasonable collateral inspection fee designated by Agent and reimburse Agent for all reasonable costs and expenses incurred
                by Agent in connection therewith.  Upon the occurrence of an Event of Default or Default, Agent and its agents may conduct such collateral inspection reviews at any time and from time to time and the Company shall owe such collateral
                inspection fee and reimbursement obligation to Agent in connection with each such collateral inspection.

            

       

      
        19

        
          

      

      	

            	6.9	
              Keeping of Records and Books of Account.  The Company shall, and shall cause each of its Subsidiaries to, maintain and keep proper books of record and account in accordance with GAAP and as
                otherwise required by applicable Law, and in which full, true and correct entries shall be made.

            

       

      	

            	6.10	
              Compliance with Laws; Use of Proceeds.  The Company shall, and shall cause each of its Subsidiaries and all Persons occupying or present on its or their property, to, comply with all applicable
                Laws, including all Environmental Laws, in all material respects.  The Company shall, and shall cause each of its Subsidiaries to, use the proceeds of the Loans only for the purposes set forth in the applicable Note and as permitted by
                applicable Law.

            

       

      	

            	6.11	
              Updates to Schedules.  Should any of the information or disclosures provided on any of the Schedules hereto become outdated or incorrect in any material respect, the Company shall promptly provide
                Agent in writing with such revisions or updates to such Schedule as may be necessary or appropriate to update or correct the same.  No Schedule shall be deemed to have been amended, modified, or superseded by any such correction or update,
                nor shall any breach of warranty or representation resulting from the inaccuracy or incompleteness of any such Schedule be deemed to have been cured thereby, unless and until Agent, in its sole and absolute discretion, shall have accepted
                in writing such revisions or updates to such Schedule; provided, however, that the Company may update Schedule 5.2 without any approval by Agent in connection with any liquidation, disposition, formation, merger, or acquisition of a
                Subsidiary permitted under this Agreement.

            

       

      	

            	6.12	
              Additional Item.  No later than the date hereof (or such later date as Agent shall specify in its sole discretion), Agent shall have received payment of all fees and expenses of Agent and the
                Lending Parties, if any, as required by this Agreement or any other Loan Document.

            

       

      	

            	6.13	
              Further Assurances.  The Company shall from time to time, at its expense, do such other acts and things as Agent in its sole discretion may deem necessary or advisable from time to time in order
                to more fully carry out the provisions and purpose of this Agreement and the other Loan Documents including, but not limited to, execution and delivery of collateral assignments, subordination agreements, control agreements and other
                similar agreements.

            

       

      ARTICLE 7        Negative Covenants.  The Company covenants and agrees that until Payment In Full, the Company shall be in compliance at all times with the
        following covenants:

       

      	

            	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;

       

      
        20

        
          

      

      (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 $1,000,000 (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).

       

      	

            	7.2	
              Liens.  The Company shall not, and shall not permit any Subsidiary to, at any time create, incur, assume, or suffer to exist any Liens on any of its property or assets, tangible or intangible, now
                owned or hereafter acquired, or agree or become liable to do so, except for the following referred to collectively as “Permitted Liens”:

            

       

      (a)           Liens for Taxes incurred that are not yet due and payable and for which adequate reserves have been established;

       

      (b)           Pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to participate in any fund in connection with workmen’s compensation,
        unemployment insurance, old-age pensions or other social security programs, and good-faith pledges or deposits made in the ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed
        money) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal, indemnity, performance or other similar bonds required in the ordinary course of business, and Liens of a collecting bank
        arising in the ordinary course of business under Section 4‐210 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon;

       

      (c)          Liens of mechanics, material suppliers, warehouses, carriers, or other like Liens, securing obligations incurred in the ordinary course of business that are not yet due and payable and
        Liens of landlords securing obligations to pay lease payments that are not yet due and payable or in default and for which adequate reserves have been established;

       

      (d)          Encumbrances consisting of zoning restrictions, easements or other restrictions on the use of real property, none of which materially impairs the use of such property or the value
        thereof, and none of which is violated in any material respect by existing or proposed structures or land use;

       

      (e)           Liens in favor of Agent for the benefit of the Lending Parties or any of their Affiliates securing any of the Obligations;

       

      (f)            Liens securing the Indebtedness permitted under Section 7.1(c);

       

      (g)           Lender’s statutory Lien in the Lender Equities;

       

      (h)         Liens, claims, or encumbrances upon, and defects of title to, real or personal property other than the Collateral, including any attachment of personal or real property or other legal
        process prior to adjudication of a dispute on the merits (y) if the validity or amount thereof is being contested in good faith by appropriate and lawful proceedings diligently conducted so long as levy and execution thereon have been stayed and
        continue to be stayed or (z) if a final judgment is entered and such judgment is discharged within thirty (30) days of entry, and in either case they do not affect the Collateral or, in the aggregate, materially impair the ability of the Company to
        perform its Obligations hereunder or under the other Loan Documents;

       

      (i)            Liens on the FCL Storage Bins securing the obligations of the Company under the FCL Operating Lease;

       

      
        21

        
          

      

      (j)            Liens on the Real Property Collateral securing the obligations of the Company under the FCL Operating Lease; provided, that any such Liens are and remain at all times subordinate to
        Lender’s Lien position on the Real Property Collateral; and

       

      (k)           Existing Liens set forth on the attached Schedule 7.2(k).

       

      	

            	7.3	
              Guaranties.  The Company shall not, and shall not permit any Subsidiary to, at any time, directly or indirectly, become or be liable in respect of any obligation guarantying or in effect
                guarantying any liability or obligation of any other Person in any manner, whether directly or indirectly, including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and any
                other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business, or assume, guaranty, become surety for, endorse or otherwise agree, become or remain
                directly or contingently liable upon or with respect to any obligation or liability of any other Person.  Notwithstanding the foregoing, SIRE DISC, Inc. shall be permitted to guaranty the Obligations.

            

       

      	

            	7.4	
              Loans and Investments.  The Company shall not, and shall not permit any Subsidiary to, at any time make or suffer to exist any investments or capital contributions in, or other transfers of assets
                to, or loans, advances or other extensions of credit to any other Person, except: (a) trade credit extended on usual and customary terms in the ordinary course of business; (b) advance payments or deposits against purchases made in the
                ordinary course of business; (c) direct obligations of the United States of America; (d) temporary advances to employees to meet expenses incurred in the ordinary course of business; (e) the Lender Equities and any other stock or securities
                of, or investments in, Lender or its investment services or programs; (f) a capital contribution by the Company to SIRE DISC, Inc. in an aggregate amount not to exceed $2,500; (g) the investment by the Company of up to $500,000 (in cash
                and/or assets) in Midwest Methanol LLC; and (h) cash investments in, and loans to, any Person whose primary business is the acquisition, storage or processing of materials required for the production of ethanol or the production, storage,
                transportation or marketing of ethanol or co-products from the production of ethanol.

            

       

      	

            	7.5	
              Liquidations; Mergers; Consolidations; Acquisitions.  The Company shall not, and shall not permit any Subsidiary to, dissolve, liquidate or wind-up its affairs, or become a party to any merger or
                consolidation, or acquire by purchase, lease or otherwise all or a material portion of the assets or capital stock of any other Person.

            

       

      	

            	7.6	
              Dispositions of Assets or Subsidiaries.  The Company shall not, and shall not permit any Subsidiary to, sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or
                involuntarily, any of its properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse or of
                capital stock, shares of beneficial interest, partnership interests or limited liability company interests of a Subsidiary), except for transactions in the ordinary course of business.

            

       

      	

            	7.7	
              Dividends and Related Distributions / Payments on Certain Indebtedness.

            

       

      
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      (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; 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.

       

      (d)         Notwithstanding the restrictions set forth in Section 7.7(a) and (b), the Company shall be permitted to repurchase Class C and Class A membership units of the Company owned by ICM
        Investments, Inc. for the amount of $11,093,146 (the “ICM Unit Repurchase”) and to use proceeds from the Term
          Loan and/or the Revolving Term Loan for such purpose.

       

      	

            	7.8	
              Affiliate Transactions.  The Company shall not, and shall not permit any Subsidiary to, enter into or carry out any transaction with any Affiliate unless such transaction is entered into in the
                ordinary course of business upon fair and reasonable arm’s-length terms and conditions and is in accordance with all applicable Law.

            

       

      	

            	7.9	
              Subsidiaries; Partnerships; and Joint Ventures.  The Company shall not, and shall not permit any Subsidiary to, own or create directly or indirectly any domestic Subsidiary, except those which are
                set forth on Schedule 5.2.  Without the prior written consent of Agent, the Company shall not become or agree to become a party to a joint venture and the Company shall not own any Subsidiary organized under the laws of a foreign
                nation or political subdivision thereof.

            

       

      	

            	7.10	
              Continuation of or Change in Business.  The Company shall not, and shall not permit any of its Subsidiaries to, engage in any business other than the business substantially as conducted and
                operated by the Company or any Subsidiary of the Company on the date hereof or as presently proposed to be conducted.

            

       

      	

            	7.11	
              Fiscal Year.  The Company shall not, and shall not permit any Subsidiary of the Company to, change its fiscal year from that which is in effect on the date hereof.

            

       

      
        23

        
          

      

      	

            	7.12	
              Issuance of Stock.  The Company shall not, and shall not permit any of its Subsidiaries to, issue any additional membership interests or shares of its capital stock or any options, warrants or
                other rights in respect thereof except as may be required by Law or its Organizational Documents as in effect as of the date of this Agreement.

            

       

      	

            	7.13	
              Changes in Organizational Documents or Risk Management Policy of the Company.  The Company shall not, and shall not permit any of its Subsidiaries to, amend in any respect its Organizational
                Documents or the Risk Management Policy of the Company without providing at least thirty (30) calendar days’ prior written notice to Agent (together with copies of any such proposed amendments) and, in the event such change would be adverse
                to any Lending Party as determined in Agent’s sole discretion, obtaining the prior written consent of Agent on behalf of the Lending Parties.  The Company shall take such actions as Agent may reasonably request to protect the Lien of Agent,
                for the benefit of the Lending Parties, in the Collateral or otherwise to protect the interests of the Lending Parties as a lender hereunder, as a result in either case of any change in an Organizational Document or the Risk Management
                Policy of the Company.

            

       

      	

            	7.14	
              Anti-Terrorism Laws.  Neither the Company nor any Subsidiary shall be (a) a Person with whom any Lending Party is restricted from doing business under Executive Order No. 13224 or any other
                Anti-Terrorism Law, (b) engaged in any business involved in making or receiving any contribution of funds, goods or services to or for the benefit of such a Person or in any transaction that evades or avoids, or has the purpose of evading
                or avoiding, the prohibitions set forth in any Anti-Terrorism Law, or (c) otherwise in violation of any Anti-Terrorism Law.  The Company shall provide to Agent any certifications or information that Agent requests to confirm compliance by
                the Company and its Subsidiaries with any Anti-Terrorism Law.

            

       

      	

            	7.15	
              Operating Leases.  The Company and its Subsidiaries shall not make any payments in any fiscal year on account of Operating Leases exceeding $750,000 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).

            

       

      	

            	7.16	
              Repurchase Agreements.  The Company shall not, and it shall not cause or permit any Subsidiary to, enter into or be a party to any Repurchase Agreement.

            

       

      ARTICLE 8        Financial Covenants.

       

      	

            	8.1	
              Working Capital.  The Company will maintain the Working Capital of the Consolidated Group at not less than $20,000,000, measured as of the last day of each calendar month.

            

       

      	

            	8.2	
              Debt Service Coverage Ratio.  The Company will not permit the Debt Service Coverage Ratio of the Consolidated Group to be less than 1.20 to 1.00, measured as of the last day of each fiscal year of
                the Company.

            

       

      ARTICLE 9        Default.

       

      
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            	9.1	
              Events of Default.  An Event of Default shall mean the occurrence or existence of any one or more of the following events or conditions (whatever the reason therefor and whether voluntary,
                involuntary, or effected by operation of Law) (each an “Event of Default”):

            

       

      (a)           Payments Under Loan Documents.  The Company shall fail to pay any principal, interest, fee, or other amount owing hereunder or under any other
        Loan Document when due, whether by acceleration or otherwise, or should fail to purchase the Lender Equities as and when required by Lender’s Bylaws and Capital Plan or those of its parent association.

       

      (b)          Breach of Representation or Warranty.  Any representation or warranty made or deemed made at any time by the Company herein or in any other
        Loan Document shall be  false or misleading in any material respect as of the time it was made or deemed made.

       

      (c)           Breach of Negative Covenants or Certain Affirmative Covenants.  The Company shall default in the observance or performance of Article 7,
        Article 8, Sections 6.2, 6.8 or 6.10 or any other covenant pertaining to compliance with Laws or use of proceeds.

       

      (d)          Breach of Other Covenants.  The Company shall default in the observance or performance of any other covenant, condition, or provision hereof or
        of any other Loan Document or of any other agreement or instrument between the Company and any Lending Party or any Affiliate of any Lending Party, and such default shall remain unremedied after the expiration of the applicable grace period or, if
        there is no such applicable grace period, for a period of five (5) Business Days.

       

      (e)          Defaults in Indebtedness to Other Lenders.  A default or event of default shall occur at any time under the terms of any other Indebtedness
        under which the Company or any Subsidiary of the Company may be obligated (including as a borrower or guarantor), and such breach, default, or event of default consists of the failure to pay (beyond any period of grace permitted with respect
        thereto, whether waived or not) any Indebtedness when due (whether at stated maturity, by acceleration, or otherwise) or if such breach or default permits or causes the acceleration of any Indebtedness (whether or not such right shall have been
        exercised or waived) or the termination of any commitment to lend.

       

      (f)          Final Judgments or Orders.  Any final judgments or orders for the payment of money shall be entered against the Company by a court having
        jurisdiction in the premises, in an aggregate amount in excess of $250,000, which judgment is not discharged, vacated, bonded, or stayed pending appeal within thirty (30) days after the entry of such final judgment; or the Company’s or any of its
        Subsidiaries’ assets valued in an aggregate amount in excess of $250,000 are attached, seized, levied upon or subjected to a writ or distress warrant; or such come within the possession of any receiver, trustee, custodian or assignee for the
        benefit of creditors.

       

      (g)           Loan Document Unenforceable.  Any of the Loan Documents shall cease to be legal, valid, and binding agreements enforceable against the Company
        or shall in any way be terminated (except in accordance with its terms) or become or be declared ineffective or inoperative or Agent, on behalf of the Lending Parties, fails to have an enforceable first priority Lien (subject only to Permitted
        Liens) on or security interest in any Collateral given as security for any of the Obligations.

       

      (h)          Uninsured Losses.  There shall occur any uninsured damage to or loss, theft, or destruction of any Collateral for any of the Obligations valued
        in an aggregate amount in excess of $250,000; unless, within ten (10) Business Days of such damage, loss, theft or destruction, the Company deposits with Agent such amount as Agent, in its sole discretion, determines is necessary to correct or
        remedy the damage, loss, theft or destruction.

       

      
        25

        
          

      

      (i)           Events Relating to Plans and Benefit Arrangements.  (i) An ERISA Event occurs with respect to a Plan or Multiemployer Plan which has resulted
        or could reasonably be expected to result in liability of the Company under Title IV of ERISA to the Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $500,000, or (ii) the Company or any ERISA Affiliate fails to pay when
        due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $500,000.

       

      (j)            Change of Control.  There shall occur any Change of Control with respect to the Company.

       

      (k)           Material Adverse Change.  There shall occur any Material Adverse Change with respect to the Company.

       

      (l)           Relief Proceedings.  (i) Any proceeding seeking a decree or order for relief in respect of the Company or any Subsidiary of the Company in a
        voluntary or involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or
        similar official) of the Company or any Subsidiary of the Company for any material part of its property, or for the winding-up or liquidation of its affairs, or an assignment for the benefit of its creditors (each a “Relief Proceeding”) shall have been instituted against the Company or any Subsidiary of the Company and, in the case of any involuntary proceeding, such Relief Proceeding shall remain undismissed or unstayed and in effect for a
        period of sixty (60) consecutive days, or such court shall enter a decree or order granting any of the relief sought in such Relief Proceeding, (ii) the Company or any Subsidiary of the Company institutes, or takes any action in furtherance of, a
        Relief Proceeding, or (iii) the Company or any Subsidiary of the Company ceases to be solvent or admits in writing its inability to pay its debts as they come due or fails to pay its debts as they come due.

       

      	

            	9.2	
              Remedies.

            

       

      (a)          Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of Default specified under Sections 9.1(a)
        through 9.1(j) shall occur and be continuing, Lender: (i) shall be under no further obligation to extend credit hereunder or under any Note, and may discontinue doing so at any time without prior notice to the Company or other limitation; and (ii)
        may, in addition to any remedies allowed by any other Loan Document or Law, (A) by written notice to the Company (which may be provided by Agent), declare the unpaid principal amount of the Obligations then outstanding and all interest accrued
        thereon, any unpaid fees and all other Obligations and Indebtedness of the Company to Lender and Cash Management Provider hereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to Lender
        and Cash Management Provider, as applicable, without presentment, demand, protest, or any other notice of any kind, all of which are hereby expressly waived; and (B) require the Company to, and the Company shall thereupon, deposit in a
        non-interest-bearing account with or as directed by Agent, as cash collateral for its Obligations, an amount equal to such Obligations, and the Company hereby pledges to Agent, for the benefit of the Lending Parties, and grants to Agent, for the
        benefit of the Lending Parties, a security interest in, all such cash as security for such Obligations and the Company shall agree to do all things as reasonably requested by Agent in order to provide Agent, for the benefit of the Lending Parties,
        with a first priority security interest in such deposit account, including allowing the deposit to be in the name of Agent.

       

      
        26

        
          

      

      (b)          Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of Default specified under Section 9.1(l) shall occur, Lender shall be under
        no further obligations to extend credit hereunder or under any other Loan Document and the unpaid principal amount of the Obligations then outstanding and all interest accrued thereon, any unpaid fees and all other Obligations and Indebtedness of
        the Company to Lender and Cash Management Provider hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived.

       

      (c)          Set-off.  If an Event of Default shall have occurred and be continuing, Agent is hereby authorized at any time to the fullest extent permitted
        by applicable Law, to set off and apply any and all funds (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by any Lending Party or any
        Affiliate of any Lending Party to or for the credit or the account of the Company against any and all of the Obligations of the Company now or hereafter existing under this Agreement or any other Loan Document to such Lending Party or such
        Affiliate.  The rights of the Lending Parties and their Affiliates under this Section 9.2(c) are in addition to other rights and remedies (including other rights of setoff) that the Lending Parties or their Affiliates may have.  Agent agrees to
        notify the Company promptly after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application.

       

      (d)          Application of Proceeds.  From and after the date on which Agent has taken any action pursuant to this Section 9.2 and automatically following
        an acceleration under Section 9.2(b), and until Payment in Full, any and all proceeds received by Agent from any sale or other disposition of any Collateral for any of the Obligations, or any part thereof, or the exercise of any other remedy by
        Agent, shall be applied as set forth in Section 10.12, to the extent permitted by applicable law.

       

      ARTICLE 10      Agent.

       

      	

            	10.1	
              Appointment, Powers and Immunities of Agent.  The Lending Parties hereby appoint and authorize Agent to act as their agent under the Loan Documents with such powers as are specifically delegated
                to Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto.  Agent shall, on behalf of the Lending Parties, perform all of the loan servicing duties under the Loan Documents.  Agent shall
                have no duties or responsibilities except those expressly set forth in this Agreement and the Loan Documents, and shall not be a trustee or fiduciary for the Lending Parties regardless of whether a Default or Event of Default has occurred
                and is continuing.  Agent shall administer its duties and responsibilities in accordance with its customary practices and procedures with respect to similar loans for its own account.  Agent may employ agents and attorneys‐in‐fact and shall
                not be responsible, except as to money or securities received by it or its authorized agents, for the negligence or misconduct of any such agents or attorneys‐in‐fact selected by it with reasonable care.  Subject to the preceding sentence,
                neither Agent nor any of its respective directors, officers, employees or agents (each, a “Related Party” and collectively, the “Related Parties”) shall be liable or responsible for any action taken or omitted to be taken by it or them
                hereunder or under the Loan Documents or in connection herewith or therewith, except for its or their own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, nonappealable order; provided
                that in no event shall Agent or any Related Party be liable for any action taken or omitted to be taken by it with the consent or at the request of a Lending Party.  The Company shall pay any fee(s) with respect to Agent’s services
                hereunder.  The Company acknowledges the appointment of Agent and agrees that the provisions of this ARTICLE 10 are solely for the benefit of the Lending Parties and the Related Parties, and that the Company shall not have rights under this
                ARTICLE 10, including as a third party beneficiary.

            

       

      
        27

        
          

      

      	

            	10.2	
              Reliance by Agent.  Agent shall be entitled to rely upon any certification, notice or other communication (including any thereof by telephone, telex, facsimile, telegram or cable) believed by it
                to be genuine and correct and to have been signed or sent by or on behalf of the proper person or persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by Agent.

            

       

      	

            	10.3	
              Defaults.  Agent shall not be deemed to have knowledge of the occurrence of a Default or Event of Default unless Agent has received notice from a Lending Party or the Company specifying such
                Default or Event of Default and stating that such notice is a “Notice of Default.”  In the event that Agent receives such a Notice of Default from the Company, Agent shall give prompt notice thereof to the Lending Parties.  Agent shall take
                such action with respect to such Default or Event of Default which is continuing as determined by the Lending Parties.  Agent shall not be required to take any action which it or its counsel determines to be contrary to Law or any Loan
                Document, or that would expose Agent to liability.

            

       

      	

            	10.4	
              Indemnification of Agent.  The Lending Parties agree to indemnify Agent and each Related Party for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
                costs, expenses or disbursements of any kind and nature whatsoever (including reasonable attorneys’ fees) which may be imposed on, incurred by or asserted against Agent or such Related Party in any way relating to or arising out of Loan
                Documents, or any other documents contemplated by or referred to therein, or the transactions contemplated hereby or thereby (including, without limitation, the costs and expenses which the Company is obligated to pay under the Loan
                Documents) or under the applicable provisions of any of the Loan Documents or the enforcement of any of the terms hereof or thereof or of any such other documents or instruments; provided that the Lending Parties shall not be liable for any
                of the foregoing to the extent they arise from the gross negligence or willful misconduct of Agent or a Related Party as determined by a court of competent jurisdiction in a final, nonappealable order.  This indemnity shall be a continuing
                indemnity, contemplates all liabilities, losses, costs and expenses related to the execution, delivery and performance of this Agreement and the Loan Documents, and shall survive the satisfaction and payment of the Company’s obligations
                under the Loan Documents and the termination of this Agreement.

            

       

      	

            	10.5	
              Non‐Reliance on Agent.  Lender agrees that it has, independently and without reliance on Agent, and based on such documents and information as it has deemed appropriate, made its own credit
                analysis of the Company and the decision to enter into this Agreement and either originate the Loans or purchase a participation in the Loan Documents and that it will, independently and without reliance upon Agent, and based on such
                documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under this Agreement and the other Loan Documents.  Except as explicitly provided in the Loan
                Documents, none of Agent, Cash Management Provider nor any Related Party shall be responsible to Lender for, nor shall it have any duty to ascertain, inquire into or verify (a) any recitals, reports, statements, representations or
                warranties made in connection with this Agreement or the other Loan Documents, (b) the contents of any certificate, report, instrument or other document referred to, provided for or delivered under or in connection with this Agreement or
                the other Loan Documents, (c) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in this Agreement or the other Loan Documents or the occurrence of any Default or Event of Default or the
                failure of the Company to perform any of its obligations hereunder or thereunder, (d) the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or any document or instrument
                referred to or provided for herein or therein or (e) the creation, attachment, perfection or priority of any security interests or other liens purported to be granted to Lender pursuant to the Loan Documents. Except as explicitly provided
                in the Loan Documents, Agent shall not be required to file this Agreement, any other Loan Document or any document or instrument referred to herein or therein, or record or give notice of this Agreement or any other Loan Document or any
                document or instrument referred to herein or therein, to anyone.  Lender acknowledges and agrees that Agent only has the duties and responsibilities explicitly set forth herein and in the other Loan Documents.

            

       

      
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            	10.6	
              Failure of Agent to Act.  Except for action expressly required of Agent hereunder, Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall have received
                further assurances (which may include cash collateral) of the indemnification obligations under Section 10.4 in respect of any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such
                action.

            

       

      	

            	10.7	
              Resignation of Agent.  Subject to the appointment and acceptance of a successor Agent, as provided below, Agent may resign at any time by giving written notice thereof to the Lending Parties and
                the Company.  Upon any such resignation, the Lending Parties shall have the right to appoint a successor Agent, which must be located in the United States of America.  If no successor Agent shall have been so appointed and shall have
                accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lending Parties, appoint a successor agent which must be located in the United
                States of America.  The Lending Parties or the retiring Agent, as the case may be, shall upon the appointment of a successor agent promptly so notify the Company.  Upon the acceptance of any appointment as Agent hereunder by a successor
                agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent and the retiring Agent shall be discharged from its duties and obligations hereunder, except
                for any liability arising from gross negligence or willful misconduct prior to such discharge as determined by a court of competent jurisdiction in a final, nonappealable order.  After any retiring Agent’s resignation hereunder as Agent,
                the provisions of this Agreement shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent.

            

       

      	

            	10.8	
              Amendments Concerning Agency Function.  Agent shall not be bound by any waiver, amendment, supplement or modification of this Agreement or the other Loan Documents which affects its duties
                hereunder or thereunder unless it shall have given its prior consent thereto.

            

       

      	

            	10.9	
              Liability of Agent.  Agent shall not have any liabilities or responsibilities to the Company on account of the failure of a Lending Party to perform its obligations hereunder or to a Lending Party
                on account of the failure of the Company to perform its obligations hereunder or under the other Loan Documents.

            

       

      	

            	10.10	
              Transfer of Agency Function.  Without the consent of the Company or the Lending Parties, Agent may at any time or from time to time transfer its functions as Agent hereunder to any of its offices
                located in the United States of America, provided that Agent shall promptly notify the Company and the Lending Parties.

            

       

      
        29

        
          

      

      	

            	10.11	
              Non‐Receipt of Funds by Agent.

            

       

      (a)           Unless Agent shall have received notice from Lender prior to the date on which Lender is to provide funds to Agent for an advance to be made by Lender that Lender will not make
        available to Agent such funds, Agent may assume that Lender has made such funds available to Agent on the date of such advance in accordance with the terms of this Agreement and the other Loan Documents and Agent in its sole discretion may, but
        shall not be obligated to, in reliance upon such assumption, make available to the Company on such date a corresponding amount.  If and to the extent Lender shall not have made such funds available to Agent, Lender agrees to repay Agent forthwith
        on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Company until the date such amount is repaid to Agent, at the customary rate set by Agent for the correction of
        errors among banks for three (3) Business Days and thereafter at the Quoted Rate.  If Lender shall repay to Agent such corresponding amount, such amount so repaid shall constitute Lender’s advance for purposes of this Agreement and the other Loan
        Documents.  If Lender does not pay such corresponding amount forthwith upon Agent’s demand therefor, Agent shall promptly notify the Company, and the Company shall immediately pay such corresponding amount to Agent with the interest thereon, for
        each day from the date such amount is made available to the Company until the date such amount is repaid to Agent, at the rate of interest applicable at the time to such proposed advance.

       

      (b)         Unless Agent shall have received notice from the Company prior to the date on which any payment is due hereunder that the Company will not make such payment in full, Agent may assume
        that the Company has made such payment in full to Agent on such date and Agent in its sole discretion may, but shall not be obligated to, in reliance upon such assumption, cause to be distributed to Lender on such due date an amount equal to the
        amount then due Lender.  If and to the extent the Company shall not have so made such payment in full to Agent, Lender shall repay to Agent forthwith on demand such amount distributed to Lender together with interest thereon, for each day from the
        date such amount is distributed to Lender until the date Lender repays such amount to Agent at the customary rate set by Agent for the correction of errors among banks for three (3) Business Days and thereafter at the Quoted Rate.

       

      	

            	10.12	
              Security Interests.  The Lending Parties and Agent each agree that the security interests granted by the Company to Agent, on behalf of the Lending Parties under all security agreements, pledge
                agreements, assignments, mortgages, deeds of trust, and other documents and agreements granting security interests, among the Company, as Grantor, and Agent, for the benefit of the Lending Parties, to secure the obligations or indebtedness
                of the Company to the Lending Parties, shall secure the Lending Parties on a pari passu and pro rata basis.  After the occurrence of an Event of Default,
                any amounts collected on the Collateral or payments received under the Loan Documents shall be applied first, to the payment of all reasonable out-of-pocket costs and expenses incurred by the Lending Parties and Agent in enforcing its or
                their rights against the Company; second, to the payment of any fees owed to the Lending Parties and Agent; third, to the payment of all accrued and unpaid interest under the Loan Documents and amounts due as a result of cash management
                services performed by Cash Management Provider; fourth, to the payment of outstanding principal amounts of the Company’s Obligations under the Loan Documents; fifth, to the payment of any other of the Company’s obligations to the Lending
                Parties or Agent; and sixth, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus.  In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until
                exhausted prior to application to the next succeeding category; and (b) if the amounts received are insufficient to pay all amounts due within a particular category, then each party shall receive an amount equal to its pro rata share (based
                on the proportion that the amount owed to that party within such category bears to the aggregate amount due within that category) of amounts available to be applied pursuant to clauses “first,” “second,” “third,” “fourth,” and “fifth”
                above.

            

       

      
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            	10.13	
              Recovery of Erroneous Payments.  Without limitation of any other provision in this Agreement, if at any time Agent makes a payment hereunder in error to any Lending Party, whether or not in
                respect of an Obligation due and owing by the Company at such time (any such payment, an “Erroneous Payment”), then in any such event, each Lending Party receiving an Erroneous Payment severally agrees to repay to Agent promptly upon demand
                the Erroneous Payment received by such Lending Party in immediately available funds (and in the currency so received), with interest thereon for each day from and including the date such Erroneous Payment is received by it to but excluding
                the date of payment to Agent, at the greater of the Effective Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation. Each Lending Party irrevocably waives any and all defenses,
                including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Erroneous
                Payment. Agent shall inform each Lending Party promptly upon determining that any payment made to such Lending Party comprised, in whole or in part, an Erroneous Payment (and such determination shall be conclusive absent manifest error).

            

       

      ARTICLE 11          Miscellaneous.

       

      	

            	11.1	
              Amendments; Waivers; Severability.  NO MODIFICATION OR AMENDMENT TO ANY PROVISION OF THIS AGREEMENT SHALL BE EFFECTIVE UNLESS MADE IN WRITING IN AN AGREEMENT SIGNED BY THE COMPANY AND THE LENDING
                PARTIES.  No course of dealing or failure or delay of Agent or any Lending Party in exercising any power or right hereunder or under any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof,
                nor shall any single or partial exercise of any such right or power, or any failure to exercise or enforce such a right or power, preclude any other or further exercise thereof or any other right or power.  No notice to or demand on the
                Company in any case shall entitle the Company to any other or further notice or demand in similar or other circumstances.  No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by the Company
                herefrom or therefrom shall in any event be effective unless made specifically in writing by Agent and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given.  All rights and
                remedies of the Lending Parties pursuant to this Agreement, under any other Loan Document, or under Law shall be cumulative, and no such right or remedy shall be exclusive of any other such right or remedy.  The provisions of this Agreement
                and the other Loan Documents are intended to be severable.  If any provision of this Agreement or other Loan Document shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such
                jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any such jurisdiction.

            

       

      	

            	11.2	
              Expenses; Indemnity; Damage Waiver.

            

       

      
        31

        
          

      

      (a)           Costs and Expenses.  The Company shall pay all costs and expenses incurred by the Lending Parties and their Affiliates (including the
        reasonable fees, costs, charges and disbursements of counsel engaged or retained by the Lending Parties) in connection with the preparation, negotiation, execution, delivery, and administration of this Agreement and the other Loan Documents or any
        amendments, modifications, or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), including (i) all expenses incurred by the Lending Parties (including the reasonable
        fees, costs, charges and disbursements of any counsel engaged or retained by a Lending Party), (a) in connection with this Agreement and the other Loan Documents, or (b) in connection with the Loans or other Obligations and (ii) notwithstanding
        anything to the contrary contained herein, all expenses incurred by the Lending Parties (including the fees, costs, charges and disbursements of any counsel engaged or retained by a Lending Party) in connection with any workout or restructuring in
        respect of any such Loans or other Obligation, any enforcement of the Loan Documents or any realization on any of the Collateral or otherwise incurred by any Lending Party after the occurrence an Event of Default.

       

      (b)          Indemnification by the Company.  The Company shall indemnify each Lending Party and any Affiliate thereof and each of their respective officers,
        directors, employees, agents, and advisors (each an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, and related expenses (including the fees,
        costs, charges and disbursements of any counsel engaged or retained by any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Company arising out of, in connection with, or as a result of (i) the
        execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or nonperformance by the Company of its or their respective obligations hereunder or under the other
        Loan Documents or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) breach of representations, warranties, or covenants of the Company under any of the
        Loan Documents, or (iv) any actual or prospective claim, litigation, investigation, or proceeding relating to any of the foregoing, including any such items or losses relating to or arising under Environmental Laws or pertaining to environmental
        matters, whether based on contract, tort, or any other theory, whether brought by the Company or any third party, and regardless whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to an Indemnitee, be available to
        the extent that such losses, claims, damages, liabilities, or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
        Indemnitee.

       

      (c)          Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, the Company shall not assert, and hereby waives, any
        claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
        Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, any Loan relating hereto, or the use of the proceeds thereof.  To the fullest extent permitted by applicable law, no Indemnitee
        shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic, or other information transmission systems in connection with this
        Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

       

      (d)           Payments.  All amounts due under any of this Section 11.2 shall be payable not later than ten (10) days after demand therefor.

       

      
        32

        
          

      

      	

            	11.3	
              Holidays.  Whenever a payment to be made or taken on a Loan arising hereunder shall be due on a day which is not a Business Day, such payment shall be due on the next Business Day (except as
                provided in the definition of Interest Periods or in any Note with respect to Interest Periods) and such extension of time shall be included in computing interest and fees, except that such payments shall be due on the Business Day
                preceding the expiration or maturity date thereof if such date is not a Business Day.  Whenever any payment or action to be made or taken hereunder (other than payment of the Loans arising hereunder) shall be stated to be due on a day which
                is not a Business Day, such payment or action shall be made or taken on the next following Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment or action.

            

       

      	

            	11.4	
              Notices; Effectiveness; Electronic Communication.

            

       

      (a)          Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided
        in Section 11.4(b)), all notices and other communications to a Person provided for herein and in the other Loan Documents shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
        sent by telecopier to it at its address set forth on such Person’s signature page of this Agreement.

       

      Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received.  Notices sent by telecopier shall be deemed to have
        been given when sent (except that, if not given during normal business hours for the recipient, such notices shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices delivered through
        electronic communications to the extent provided in Section 11.4(b), shall be effective as provided in such section.

       

      (b)           Electronic Communications.  Notices and other communications between Agent and the Company may be made by email sent to an email address of
        such Person shown on such Person’s signature page to this Agreement and shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return
        email or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on
        the next Business Day for the recipient.

       

      (c)          Change of Address, Etc.  Either party hereto may change its address, email address or telecopier number for notices and other communications
        hereunder by notice to the other party hereto in accordance with the terms of this Section 11.4.

       

      	

            	11.5	
              Duration; Survival.  All representations and warranties of the Company contained herein or in any other Loan Document, or made in connection herewith or therewith, shall survive the execution and
                delivery of this Agreement and Payment in Full.  All covenants and agreements of the Company contained herein or in the Notes or in any other Loan Document relating to the payment of principal, interest, fees, premiums, additional
                compensation, expenses, or indemnification shall survive Payment In Full.  All other covenants and agreements of the Company shall continue in full force and effect from and after the date hereof and until Payment In Full.

            

       

      
        33

        
          

      

      	

            	11.6	
              Successors and Assigns; Participations.  This Agreement is entered into for the benefit of, and shall be binding upon, the parties hereto and their respective successors and assigns permitted
                hereby, except that the Company shall not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of Agent.  Lender may at any time sell, assign, securitize, or grant participations in all,
                or a portion of, Lender’s rights and obligations under this Agreement (including all or a portion of the Obligations).  No participation shall relieve Lender of any commitment made to the Company hereunder.  In connection with the
                foregoing, Agent and Lender may disclose information concerning the Company and its Subsidiaries, if any, to any assignee, participant, or prospective assignee or participant, provided that such assignee, participant, or prospective
                assignee or participant agrees, subject to qualifications contained in Section 11.7(a)(vi), to keep such information confidential.  A sale of a participation interest shall be subject to Section 6.2(b) and may include certain voting rights
                of the participants regarding the Loan Documents (including the administration, amendment and modification, servicing, and enforcement thereof).  Agent agrees to give written notification to the Company of any sale of a participation
                interest herein, provided that the failure to do so shall not adversely affect the rights of any Lender Party hereunder or under any other Loan Document.

            

       

      	

            	11.7	
              Confidentiality.

            

       

      (a)           General.  Agent and the Lending Parties agree to maintain the confidentiality of the information received from the Company or any of its
        Subsidiaries relating to the respective businesses of the Company or any of its Subsidiaries, other than any such information that is available to Agent or a Lending Party on a non‐confidential basis prior to disclosure by the Company or any of its
        Subsidiaries and other than any information received from the Company or any of its Subsidiaries after the date of this Agreement which is not clearly identified at the time of delivery as confidential, except that any information received from the
        Company or any of its Subsidiaries may be disclosed (i) to Affiliates of Agent or the Lending Parties and to their and their Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being
        understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information (to the extent so provided for herein) and instructed to keep such information confidential), (ii) to any regulatory
        authority having or purporting to have jurisdiction over Agent or any Lending Party, (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with
        the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing
        provisions substantially the same as those of this Section 11.7(a), to (A) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights or obligations under this Agreement or any other Loan Document, or (B)
        any actual or prospective counterparty (or its advisors) to any Interest Rate Hedge or other swap or derivative transaction relating to the Company and its obligations, (vii) with the consent of the Company or (viii) to the extent any such
        information (Y) becomes publicly available other than as a result of a breach of this Section 11.7(a) or (Z) becomes available to Agent or any Lending Party or any of their Affiliates on a non-confidential basis from a source other than the
        Company.  Any Person required to maintain the confidentiality of any Information as provided in this Section 11.7(a) shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain
        the confidentiality of such information as such Person would accord to its own confidential information.

       

      (b)           Sharing Information With Affiliates.  The Company acknowledges that from time to time financial advisory, investment banking, and other
        services may be offered or provided to the Company or one or more of its Affiliates (in connection with this Agreement or otherwise) by Agent or any Lending Party or by one or more of their Affiliates, and the Company authorizes Agent and each
        Lending Party to share any information delivered to Agent or any Lending Party by the Company and its Subsidiaries pursuant to this Agreement to any such Affiliate of Agent or any Lending Party subject to the provisions of Section 11.7(a).

       

      
        34

        
          

      

      	

            	11.8	
              Counterparts; Integration; 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 and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
                agreements and understandings, oral or written, relating to the subject matter hereof including any prior confidentiality agreements and commitments.  Except as provided in ARTICLE 4, this Agreement shall become effective when it shall have
                been executed by Agent and the Lending Parties 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, 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 Agent or the Lending Parties hereunder whatsoever).

            

       

      	

            	11.9	
              Governing Law.  This Agreement shall be deemed to be a contract under the Laws of the State of Colorado without regard to its conflict of laws principles.

            

       

      11.10     SUBMISSION TO JURISDICTION; SERVICE OF PROCESS; VENUE; WAIVER OF JURY TRIAL.  THE COMPANY HEREBY IRREVOCABLY CONSENTS TO THE NONEXCLUSIVE
        JURISDICTION OF ANY STATE OR FEDERAL COURT IN DENVER, COLORADO, AND CONSENTS THAT AGENT MAY EFFECT ANY SERVICE OF PROCESS IN THE MANNER AND AT THE COMPANY’S ADDRESS SET FORTH HEREIN FOR PROVIDING NOTICE OR DEMAND; PROVIDED THAT NOTHING CONTAINED IN
        THIS AGREEMENT WILL PREVENT AGENT OR ANY LENDING PARTY FROM BRINGING ANY ACTION, ENFORCING ANY AWARD OR JUDGMENT OR EXERCISING ANY RIGHTS AGAINST THE COMPANY INDIVIDUALLY, AGAINST ANY COLLATERAL OR AGAINST ANY PROPERTY OF THE COMPANY WITHIN ANY
        OTHER COUNTY, STATE OR OTHER FOREIGN OR DOMESTIC JURISDICTION.  THE COMPANY ACKNOWLEDGES AND AGREES THAT THE VENUE PROVIDED ABOVE IS THE MOST CONVENIENT FORUM FOR THE COMPANY, AGENT AND THE LENDING PARTIES.  THE COMPANY WAIVES ANY OBJECTION TO
        VENUE AND ANY OBJECTION BASED ON A MORE CONVENIENT FORUM IN ANY ACTION INSTITUTED UNDER THIS AGREEMENT.  THE COMPANY, AGENT AND THE LENDING PARTIES EACH HEREBY WAIVES TRIAL BY JURY IN CONNECTION WITH ANY ACTION INSTITUTED UNDER THIS AGREEMENT OR
        ANY OTHER LOAN DOCUMENT.

       

      	

            	11.11	
              USA Patriot Act Notice.  Agent hereby notifies the Company that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify, and record information that identifies the
                Company, which information includes the name and address of the Company and other information that will allow Agent to identify the Company in accordance with the USA Patriot Act.

            

       

      
        35

        
          

      

      11.12     Keepwell.   Each Obligor that is a Qualified ECP when its guaranty or other obligations with respect to, or grant of a security interest to
        secure, any Swap Obligation becomes effective hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Obligor with respect to such Swap Obligation as may be needed by such
        Obligor from time to time to honor all of its obligations under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified
        ECP’s obligations and undertakings under this Section 11.12 voidable under any applicable fraudulent transfer or conveyance act). The obligations and undertakings of each Qualified ECP under this Section 11.12 shall remain in full force and effect
        until payment of all Obligations. Each Obligor intends this Section 11.12 to constitute, and this Section 11.12 shall be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support or other agreement” for the benefit of, each
        Obligor for all purposes of the Commodity Exchange Act.

       

      	

            	11.13	
              Effect of Restatement.  This Agreement amends, restates and replaces in its entirety the Existing Credit Agreement.  All rights, benefits, indebtedness, interest, liabilities and obligations of
                the parties to the Existing Credit Agreement are hereby amended, restated, replaced and superseded in their entirety according to the terms and provisions set forth herein; provided, that all indemnification obligations of the Company
                pursuant to the Existing Credit Agreement shall survive the amendment and restatement of the Existing Credit Agreement pursuant to this Agreement.  The Company represents and warrants that as of the Closing Date there are no claims or
                offsets against, or defenses or counterclaims to, its obligations under the Existing Credit Agreement or any of the other agreements, documents or instruments executed in connection therewith.  To induce Agent and each Lending Party to
                enter into this Agreement, the Company waives any and all such claims, offsets, defenses and counterclaims, whether known or unknown, arising prior to the Closing Date and relating to the Existing Credit Agreement.

            

       

      [SIGNATURE PAGES FOLLOW]

       

      
        36

        
          

      

      [SIGNATURE PAGE TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT]

       

      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

            
	 	 
	 	
              Notice Address for the Company:

            
	 	 
	 	
              Southwest Iowa Renewable Energy, LLC

            
	 	
              10868 189th Street

            
	 	
              Council Bluffs, Iowa 51503

            
	 	
              Attention:   Michael D. Jerke

            
	 	
              Fax  No.:   (712) 366-0394

            
	 	
              Email Address: mike.jerke@sireethanol.com

            

      

      

      
        
          

      

      [SIGNATURE PAGE TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT]

       

      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

            
	 	 
	 	
              Notice Address for FLCA:

            
	 	 
	 	
              Farm Credit Services of America, FLCA

            
	 	
              5015 S. 118th Street

            
	 	
              Omaha, Nebraska 68137

            
	 	
              Attention:   Agribusiness Finance

            
	 	
              Fax  No.:   (402) 661-3669

            
	 	
              Email Address: Brian.Frevert@fcsamerica.com

            

      

      

      
        
          

      

      [SIGNATURE PAGE TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT]

       

      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

            
	 	 
	 	
              Notice Address for PCA:

            
	 	 
	 	
              Farm Credit Services of America, FLCA

            
	 	
              5015 S. 118th Street

            
	 	
              Omaha, Nebraska 68137

            
	 	
              Attention:   Agribusiness Finance

            
	 	
              Fax  No.:   (402) 661-3669

            
	 	
              Email Address: Brian.Frevert@fcsamerica.com

            

       

      

      
        
          

      

      [SIGNATURE PAGE TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT]

       

      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

            
	 	 
	 	
              Notice Address for Cash Management Provider and Agent:

            
	 	 
	 	
              6340 S. Fiddlers Green Circle

            
	 	
              Greenwood Village, Colorado 80111

            
	 	
              Attention: Credit Information Services

            
	 	
              Fax No.: (303) 224-6101

            
	 	
              Email Address: CIServices@CoBank.com

            

      

      

      
        
          

      

      
      ANNEX A

       

      Definitions and Rules of Construction

       

      A.          Defined Terms.  In this Agreement, capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the
        Notes and the following words and terms shall have the respective meanings set forth below:

       

      “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 5% or more of any class of the voting or other equity interests of such Person, or (iii) 5% 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.

       

      “Agent” means CoBank, in its capacity as administrative and collateral agent under the Loan Documents.

       

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

       

      “Anti-Terrorism Law” means any Law relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws comprising or implementing the
        Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s Office of Foreign Asset Control, as any of the foregoing Laws may from time to time be amended, renewed, extended, or replaced.

       

      “Authorized Officer” means an officer or other individual duly authorized to execute Loan Documents on behalf of Agent, each Lending Party, the Company or any Subsidiary, as
        the case may be, as designated from time to time in the case of the Company or any Subsidiary on forms supplied or approved by Agent.

       

      “Available Tenor” means, as of any date of determination and with respect to the applicable then-current Benchmark, as applicable, (a)
        if the applicable then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) otherwise, any payment period for interest calculated with reference to such
        Benchmark, as applicable, pursuant to this Agreement as of such date.

       

      “Benchmark” means, initially, the Daily Simple SOFR Rate and the Term SOFR Rate, as applicable; provided that if a Benchmark Transition Event has occurred with respect
        to any initial Benchmark or any then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement for such initial or then-current Benchmark to the extent that such Benchmark Replacement has replaced such prior benchmark rate
        pursuant to Section 3.5(a).  Any reference to a “Benchmark” shall include, as applicable, the published component used in the calculation thereof.

       

      “Benchmark Replacement” means, for any Available Tenor:

       

      	

            	(a)	
              for the Term SOFR Rate, the first alternative set forth below that can be determined by Agent:

            

       

      	

            	(i)	
              the sum of (A) Daily Simple SOFR Rate and (B) an adjustment (which may be a positive or negative value or zero) that has been selected by Agent as the replacement for such Available Tenor of such Benchmark, or

            

       

      
        Annex A - 1

        
          

      

      	

            	(ii)	
              the sum of (A) the alternate benchmark rate and (B) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by Agent as the replacement for such Available Tenor of such Benchmark; and

            

       

      	

            	(b)	
              for all other Benchmarks, the sum of (i) the alternate benchmark rate and (ii) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by Agent as the replacement for such Available Tenor
                of such Benchmark;

            

       

      provided that, if the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this
        Agreement and the other Loan Documents.

       

      “Benchmark Replacement Conforming Changes” means, with respect to either the use or administration of any initial Benchmark or the use, administration, adoption or
        implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Effective Prime Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities
        Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests
        or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 3.4 and other technical, administrative or operational matters) that Agent decides may be appropriate to reflect the
        adoption and implementation of any such rate or to permit the use and administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not
        administratively feasible or if Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as Agent decides is reasonably necessary in connection with the administration of this
        Agreement and the other Loan Documents).

       

      “Benchmark Transition Event” means, with respect to any then-current Benchmark, the occurrence of a public statement or publication of information by or on behalf of the
        administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction
        over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark,
        announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication,
        there is no successor administrator that will continue to provide any Available Tenor of such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such
        Benchmark is intended to measure and that representativeness will not be restored.

       

      “Brokerage Account” means any commodity account that is owned by the Company and maintained with a commodity intermediary for trading in
        Commodities Contracts.

       

      “Bunge” means Bunge North America, Inc., a New York corporation.

       

      “Business” is defined in Section 5.12(b).

       

      
        Annex A - 2

        
          

      

      “Business Day” means a day that is not a Saturday, a Sunday, or other day that is a legal holiday under the laws of the State of Colorado or is a day on which banking
        institutions in such state are authorized or required by Law to close and, if the applicable Business Day relates to a Loan to which the Quoted Rate Option applies, such day must also be a day on which the Federal Reserve Bank of New York (or any
        successor) is open.

       

      “Capital Lease” means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property of such Person that, in conformity
        with GAAP, is accounted for as a capital lease on the balance sheet of such Person.

       

      “Capital Stock” means, with respect to any corporation, partnership, limited liability company, cooperative or other entity, any capital stock, partnership interests, limited
        liability company interests, membership interests or other equity or ownership interests of or in such corporation, partnership, limited liability company, cooperative or other entity and any warrants, rights or options to purchase or acquire any
        such capital stock, partnership interests, limited liability company interests, membership interests or other equity or ownership interests.

       

      “Cash Management Provider” means CoBank, as provider of cash management services to the Company.

       

      “Change in Law” means the occurrence, after the date of this Agreement, of any of the following:  (i) the adoption or taking effect of any Law, (ii) any change in any Law or in
        the administration, interpretation or application thereof by any Official Body, or (iii) the making or issuance of any request, guideline or directive (whether or not having the force of Law) by any Official Body; provided that notwithstanding
        anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act, and all requests, regulations, rules, guidelines, directives, opinions, rulings, orders, interpretations, and the like promulgated or provided in
        connection therewith and (y) all requests, regulations, rules, guidelines, directives, opinions, rulings, orders, interpretations, and the like promulgated or provided by the Bank for International Settlements, the Basel Committee on Banking
        Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted, or
        issued.

       

      “Change of Control” means each and every issuance, sale, transfer or other disposition, directly or indirectly, of Voting Stock of or in (a) the Company which, after giving
        effect thereto, results in any Person owning, directly or indirectly, more than 50% of the Voting Stock of or in the Company, or (b) the Company which, after giving effect thereto, (i) results in the Company no longer being an entity eligible to
        borrow from Lender, or (ii) becoming ineligible to borrow from Lender at the amounts set forth in the Term Note, Revolving Term Note or Revolving Credit Note.

       

      “Closing Date” means the Business Day on which the first Loan is made hereunder.

       

      “CoBank” means CoBank, ACB, a federally-chartered instrumentality of the United States.

       

      “CoBank Cash Management Agreement” means the Master Agreement for Cash Management and Transaction Services between CoBank and the Company, including all exhibits, schedules and
        annexes thereto and including all related forms delivered by the Company to CoBank related to or in connection therewith.

       

      “Code” means the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time, and any successor statute of similar import, and the rules and
        regulations thereunder, as from time to time in effect.

       

      “Collateral” is defined in Section 6.3.

       

      
        Annex A - 3

        
          

      

      “Commodity Contract” means a commodity futures contract or an option on a commodity futures contract, a commodity option and any other
        commodity related contract, interest or transaction that a commodity intermediary transacts for the benefit of the Company.

       

      “Commodity Exchange Act” means the Commodity Exchange Act, as amended from time to time, and any successor statute.

       

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

       

      “Compliance Certificate” is defined in Section 6.1(c).

       

      “Consolidated Group” means the Company and its Consolidated Subsidiaries.

       

      “Consolidated Subsidiary” means at any time, any Subsidiary, the accounts of which are or should, in accordance with GAAP, be consolidated with those of the Company in its
        consolidated financial statements at such time.

       

      “Daily Simple SOFR Rate” means, for any day (a “Daily Simple SOFR Rate Day”), a rate per annum equal to the Daily Simple SOFR Rate
        Spread plus the greater of (a) SOFR for the day (such day “Daily Simple SOFR Determination Date”) that is five (5) U.S. Government Securities Business Days prior to (i) if such Daily Simple SOFR Rate Day is a
        U.S. Government Securities Business Day, such Daily Simple SOFR Rate Day or (ii) if such Daily Simple SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such Daily
        Simple SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website, and (b) the Floor.  If by 3:00 p.m. (Mountain time) on the second U.S. Government Securities Business Day immediately
        following any Daily Simple SOFR Determination Date has not been published on the SOFR Administrator’s Website and a Benchmark Transition Event with respect to the Daily Simple SOFR Rate has not occurred, then the SOFR for such Daily Simple SOFR
        Determination Date will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant to
        this sentence shall be utilized for purposes of calculation of Daily Simple SOFR Rate for no more than three (3) consecutive Daily Simple SOFR Rate Days.  Any change in the Daily Simple SOFR Rate due to a change in SOFR shall be effective from and
        including the effective date of such change in SOFR without notice to the Company.

       

      “Daily Simple SOFR Rate Loan” means a Loan bearing interest at the Daily Simple SOFR Rate Option.  A Daily Simple SOFR Rate Loan is a Loan not subject to an Interest Period.

       

      “Daily Simple SOFR Rate Option” means the option of the Company to have Loans bear interest at the Daily Simple SOFR Rate.

       

      “Daily Simple SOFR Rate Spread” shall have the meaning set forth in the applicable Note.

       

      “Debt Service Coverage Ratio” means, with respect to any Person as of any date of determination, the following (all as calculated for the most recently completed fiscal year in
        accordance with GAAP consistently applied): (1) net income (after taxes), plus any amount which, in the determination of net income, has been deducted for depreciation and amortization expense and any non-recurring non-cash charges, losses or
        expenses approved by Agent, minus any amount which, in the determination of net income, has been added for any non-cash income or gains (including non-cash income or gains on dividends received) and any extraordinary, unusual or non-recurring
        income or gains (including income or gains on asset sales); divided by (2) $7,500,000.

       

      
        Annex A - 4

        
          

      

      “Default” means any event or condition which with notice or passage of time, or both, would constitute an Event of Default.

       

      “Delegation Form” means Agent’s Delegation and Wire and Electronic Transfer Form, or any substitute form therefor used by Agent from time to time.

       

      “Effective Federal Funds Rate” means for any day the rate per annum (based on a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100,000 of 1%
        (i.e., the fifth digit after the decimal)) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds brokers on the
        previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the “Effective Federal Funds
        Rate” as of the date of this Agreement; provided that if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Effective Federal Funds Rate” for such day shall be the Effective Federal Funds Rate for the last day
        on which such rate was announced.  Notwithstanding the foregoing, if the Effective Federal Funds Rate as determined under any method above would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for purposes of
        this Agreement.

       

      “Effective Prime Rate” means the Prime Rate plus a spread of 0.25% per annum.

       

      “Environmental Laws” means all applicable Laws issued by or entered into with an Official Body pertaining or relating to: (i) pollution or pollution control; (ii) protection of
        human health from exposure to hazardous or regulated substances; (iii) protection of the environment or natural resources; (iv) employee safety in the workplace; (v) the presence, use, management, generation, manufacture, processing, extraction,
        treatment, recycling, refining, reclamation, labeling, packaging, sale, transport, storage, collection, distribution, disposal, or release or threat of release of hazardous or regulated substances; (vi) the presence of contamination; (vii) the
        protection of endangered or threatened species; or (viii) the protection of environmentally sensitive areas.

       

      “Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or
        indemnities), of the Company directly or indirectly resulting from or based upon (i) violation of any Environmental Law; (ii) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials; (iii) exposure
        to any Hazardous Materials; (iv) the release or threatened release of any Hazardous Materials into the environment; or (v) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any
        of the foregoing.

       

      “ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be amended or supplemented from time to time, and any successor statute of similar import,
        and the rules and regulations thereunder, as from time to time in effect.

       

      “ERISA Affiliate” means, at any time, any trade or business (whether or not incorporated) under common control with the Company and treated as a single employer under Section
        414 of the Code.

       

      “ERISA Event” means (i) a reportable event (under Section 4043 of ERISA) with respect to a Plan; (ii) a withdrawal by the Company or any ERISA Affiliate from a Plan subject to
        Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (iii) a complete or
        partial withdrawal by the Company or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (iv) the filing of a notice of intent to terminate, the treatment of a Plan amendment as a
        termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or Multiemployer Plan; (v) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or
        the appointment of a trustee to administer, any Plan or Multiemployer Plan; or (vi) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Company or any
        ERISA Affiliate.

       

      
        Annex A - 5

        
          

      

      “Erroneous Payment” is defined in Section 10.13.

       

      “Event of Default” is defined in Section 9.1.

       

      “Excluded Swap Obligation” means, with respect to any Obligor, any Swap Obligation if, and to the extent that, all or a portion of the guaranty or other obligations of such
        Obligor with respect to, or the grant by such Obligor of a security interest to secure, such Swap Obligation (or any guaranty or other obligations with respect thereto) is or becomes illegal under the Commodity Exchange Act or any rule, regulation
        or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Obligor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
        Exchange Act and the regulations thereunder at the time the guaranty or other obligations of such Obligor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master
        agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such guaranty or other obligations or security interest is or becomes illegal.

       

      “Excluded Taxes” means (i) taxes imposed on or measured by the overall net income of each Lending Party (however denominated), and franchise taxes imposed on each Lending Party
        (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the Laws of which each Lending Party is organized or in which its principal office is located or in which its applicable lending office is located, and
        (ii) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Company is located.

       

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

       

      “Facilities” is defined in ARTICLE 2.

       

      “FCL” means Farm Credit Leasing Services Corporation, a federally chartered corporation.

      

      

      “FCL Operating Lease” means that certain operating lease arrangement to be entered into whereby FCL shall lease the FCL Storage Bins to the Company; provided, that (a) the term
        of such lease does not exceed seven (7) years and (b) the obligations of the Company under such lease do not exceed $4,750,000.

      

      

      “FCL Storage Bins” means the two (2) 500,000 bushel grain storage bins and related grain handling equipment, to be (a) constructed on the Real Property Collateral in 2015, (b)
        owned by FCL and (c) leased to the Company pursuant to the FCL Operating Lease.

      

      

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

      

      

      “Flood Laws” means, collectively, (i) the National Flood Insurance Act of 1968, (ii) the Flood Disaster Protection Act of 1973, (iii) the National Flood Insurance Reform Act of
        1994 and (iv) the Flood Insurance Reform Act of 2004, in each case, as now or hereinafter in effect, and any successor statute thereto, and all such other applicable Laws related thereto.

       

      
        Annex A - 6

        
          

      

      “Floor” means a rate of interest equal to 0.00%.

       

      “GAAP” means generally accepted accounting principles in the United States of America in effect from time to time and consistently applied from period to period.

       

      “Hazardous Materials” means (i) any explosive or radioactive substances, materials or wastes, and (ii) any hazardous or toxic substances, materials or wastes, defined or
        regulated as such in or under, or that could reasonably be expected to give rise to liability under, any applicable Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls, urea-formaldehyde insulation, gasoline or
        petroleum (including crude oil or any fraction thereof) or petroleum products.

       

      “ICM” means ICM Investments, LLC, a Kansas limited liability company.

       

      “ICM Unit Repurchase” is defined in Section 7.7(d).

       

      “Indebtedness” means any and all indebtedness, obligations, or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or
        contingent, or joint or several) for or in respect of: (i) borrowed money, (ii) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (iii) any letter of credit or any bankers or trade acceptance
        arrangement, (iv) obligations under any Interest Rate Hedge, or under any currency, commodity, or other swap agreement or other hedging or risk management device, (v) any other transaction (including forward sale or purchase agreements, capitalized
        leases, or conditional sales agreements) having the commercial effect of a borrowing of money (but not including trade payables or accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other
        evidence of indebtedness and which are not more than sixty (60) days past due), or (vi) any guaranty of Indebtedness for borrowed money.

       

      “Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Company under any Loan
        Document and (ii) to the extent not otherwise described in (i), Other Taxes.

       

      “Indemnitee” is defined in Section 11.2(b).

       

      “Interest Period” means the period of time selected by the Company in connection with (and to apply to) any election, permitted under any Note, by the Company to have Loans
        bear interest under the Term SOFR Rate Option.  Such period shall be one, three or six months as selected from time to time by the Company pursuant to a Loan Request.  Such Interest Period shall commence on the effective date of such Interest Rate
        Option, which shall be (i) the proposed Business Day of borrowing if the Company is requesting to borrow the Loan, or (ii) the date of renewal of or conversion to the Term SOFR Rate Option if the Company is renewing or converting to the Term SOFR
        Rate Option with respect to an outstanding Loan.  Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next succeeding Business Day unless such
        Business Day falls in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (B) the Company shall not select, convert to, or renew an Interest Period for any Loan that would end after the
        expiration or maturity date of the relevant Facility or require that the balance subject to the Term SOFR Rate Option be repaid prior to the last day of the Interest Period in order to pay any installment of principal, and (C) the Company may not
        select any Interest Period for a Loan under any Facility if, after giving effect to such selection, the aggregate principal amount of all Loans thereunder, having Interest Periods ending after any date on which an installment on a Loan or portion
        of a commitment under such Facility is scheduled to be repaid or reduced, would exceed the aggregate principal amount of the Facility scheduled or permitted to be outstanding after giving effect to such repayment or reduction.  Each Interest Period
        for a Loan occurring after the initial Interest Period therefor shall commence on the day on which the immediately preceding Interest Period expires.

       

      
        Annex A - 7

        
          

      

      “Interest Rate Hedge” means any interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or similar agreement.

       

      “Interest Rate Option” means the Company’s option to have Loans under a Facility bear interest at the Term SOFR Rate Option, Daily Simple SOFR Rate Option or Quoted Rate
        Option, in each case, pursuant to and as permitted by the terms of the applicable Note.

       

      “IRS” means the Internal Revenue Service.

       

      “Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, release, ruling, order, injunction, writ, decree, bond,
        judgment, consent, authorization, approval, lien or award of or by, or any settlement agreement with, any Official Body.

       

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

       

      “Lender Equities” is defined in Section 6.2(a).

       

      “Lending Parties” means, collectively, Lender and Cash Management Provider.

       

      “Lending Party” means, individually, Lender or Cash Management Provider.

       

      “Lien” means any mortgage, deed of trust, pledge, lien, security interest (including a purchase money security interest), charge or other encumbrance or security arrangement of
        any nature whatsoever, whether voluntarily or involuntarily given, including any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed
        financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing).

       

      “Loan” means, unless the context indicates otherwise, each Loan as such term is defined in each Note.

       

      “Loan Documents” means this Agreement and each Note, Interest Rate Hedge, and each other agreement, guaranty, security agreement, pledge, mortgage, deed of trust, instrument,
        agreement, certificate, application, invoice and document executed or delivered in connection herewith or therewith.

       

      “Loan Request” has the meaning set forth in each Note.

       

      “Material Adverse Change” means any set of circumstances or events which (i) has or could reasonably be expected to have any material adverse effect whatsoever upon the
        validity or enforceability of this Agreement or any other Loan Document, (ii) is or could reasonably be expected to be material and adverse to the business, properties, assets, financial condition, results of operations, or prospects of the Company
        taken as a whole, (iii) impairs materially or could reasonably be expected to impair materially the ability of the Company taken as a whole to duly and punctually pay or perform any of the Obligations, or (iv) impairs materially or could reasonably
        be expected to impair materially the ability of Agent or any Lending Party, to the extent permitted, to enforce its legal remedies pursuant to this Agreement or any other Loan Document, and the same has not been caused by the action or inaction of
        Agent or any Lending Party.

       

      
        Annex A - 8

        
          

      

      “Multiemployer Plan” means any employee benefit plan which is a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA and to which the Company or any ERISA
        Affiliate is then making or accruing an obligation to make contributions or, within the preceding five Plan years, has made or had an obligation to make such contributions.

       

      “Note” means each promissory note issued in connection with this Agreement at any time.

       

      “Obligations” means all obligations, indebtedness, and liabilities to Lender, Cash Management Provider or any Subsidiary or Affiliate of Lender or Cash Management Provider, of
        any nature whatsoever arising at any time and from time to time including those arising under this Agreement, any Note, or any other Loan Document and including those arising under Interest Rate Hedges, Swap Obligations or agreements governing
        other financial services or products (including cash management services) provided by Lender, Agent or one of their Subsidiaries or Affiliates to the Company, but excluding, as to any Obligor, its Excluded Swap Obligations.

       

      “Obligor” means Borrower and each Subsidiary that gives a guaranty or other obligation with respect to, or grants a security interest to secure, the Obligations.

       

      “Official Body” means the government of the United States of America or any other nation or tribe, or of any political subdivision thereof, whether state, local, tribal or
        territorial, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory, or administrative powers or functions of or pertaining to government and
        any group or body charged with setting financial accounting or regulatory capital rules or standards (including  the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any
        successor or similar authority to any of the foregoing).

       

      “Operating Lease” means, with respect to any Person, any leasing or similar arrangement of such Person for the lease or use of any equipment or other personal property assets
        for a period in excess of one year, which, in conformity with GAAP, would not be characterized as a Capital Lease.

       

      “Organizational Documents” means (i) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive
        documents with respect to any non-U.S. jurisdiction), (ii) with respect to any limited liability company, the certificate of formation or articles of organization and the operating agreement or limited liability company agreement and (iii) with
        respect to any partnership, cooperative, joint venture, trust or other form of business entity, the partnership, cooperative, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice
        with respect thereto filed in connection with its formation or organization with the applicable Official Body in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such
        entity.

       

      “Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the
        execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement, any Note, or any other Loan Document.

       

      “Payment in Full” means the completion of the transactions hereunder and the indefeasible payment in full in cash of all Obligations hereunder and the termination of all
        commitments hereunder.

       

      
        Annex A - 9

        
          

      

      “PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A or Title IV of ERISA or any successor.

       

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

       

      “Permitted Indebtedness” is defined in Section 7.1.

       

      “Permitted Liens” is defined in Section 7.2.

       

      “Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation,
        institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency.

       

      “Personal Property Collateral” is defined in Section 6.3.

       

      “Plan” means at any time an employee pension benefit plan (including a Multiple Employer Plan, but not a Multiemployer Plan) subject to Title IV of ERISA or Section 412 of the
        Code or Section 302 of ERISA and in respect of which the Company or any ERISA Affiliate is (or if such plan were terminated, would under 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(S) of ERISA.

       

      “Prime Rate” means a variable rate of interest per annum equal to the “U.S. prime rate” as reported on such day in the Money Rates Section
          of the Eastern Edition of The Wall Street Journal, or if the Eastern Edition of The Wall Street Journal is not published on such day, such rate as last published in the Eastern Edition of The Wall Street Journal. In the event the Eastern Edition of The Wall Street Journal ceases to publish such rate or an equivalent on a regular basis, the Administrative Agent shall notify
        the Borrower and the Agent and the Company will agree upon a substitute regularly published average prime rate to be used to determine the “Prime Rate”.  Any change in Prime Rate shall be automatic, without the necessity of notice provided to the
        Borrower or any other Obligor.

       

      “Properties” is defined in Section 5.12(a).

       

      “Protective Advance” is defined in Sections 2.2(d) and 2.3(d).

       

      “Qualified ECP” means each Obligor that has total assets exceeding $10,000,000 or that constitutes an “eligible contract participant” under the Commodity Exchange Act or any
        regulations promulgated thereunder and can cause another Person to qualify as an “eligible contract participant” by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

       

      “Quoted Rate” means a fixed rate per annum quoted to the Company by Agent to be applicable for a period determined by Agent, in its sole discretion in each instance.

       

      “Quoted Rate Option” means the option of the Company to have Loans bear
          interest at the Quoted Rate.

       

      “Quoted Rate Option Loan” means a Loan bearing interest at the Quoted Rate Option.  A Quoted Rate Option Loan is a Loan not subject to an Interest Period.

       

      “Real Property Collateral” is defined in Section 6.3.

       

      “Related Parties” is defined in Section 10.1.

       

      “Related Party” is defined in Section 10.1.

       

      
        Annex A - 10

        
          

      

      “Relief Proceeding” is defined in Section 9.1(l).

       

      “Repurchase Agreement” means an agreement between the Company or any Subsidiary and a counterparty pursuant to which the Company or any Subsidiary agrees to repurchase from
        such counterparty on a future date any commodity sold by the Company or any Subsidiary to such counterparty.

       

      “Revolving Credit Commitment” shall have the meaning set forth in the Revolving Credit Note.

       

      “Revolving Credit Facility” is defined in Section 2.3.

       

      “Revolving Credit Facility Expiration Date” shall have the meaning set forth in the Revolving Credit Note.

       

      “Revolving Credit Facility Usage” means, as of the date of determination, the aggregate principal amount of all outstanding Revolving Credit Loans.

       

      “Revolving Credit Loan” is defined in Section 2.3(a).

       

      “Revolving Credit Note” is defined in Section 2.3(b).

       

      “Revolving Term Commitment” shall have the meaning set forth in the Revolving Term Note.

       

      “Revolving Term Facility” is defined in Section 2.1.

       

      “Revolving Term Facility Expiration Date” shall have the meaning set forth in the Revolving Term Note.

       

      “Revolving Term Facility Usage” means, as of the date of determination, the aggregate principal amount of all outstanding Revolving Term Loans.

       

      “Revolving Term Loan” is defined in Section 2.2(a).

       

      “Revolving Term Note” is defined in Section 2.2(b).

       

      “SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

       

      “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

       

      “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the
        secured overnight financing rate identified as such by the SOFR Administrator from time to time.

       

      “Statements” is defined in Section 5.5.

       

      “Subsidiary” means a corporation, trust, partnership, limited liability company, or other business entity (a) of which shares of stock or similar interests having ordinary
        voting power to elect a majority of the board of directors, trustees, or other managers of such entity (regardless of any contingency which does or may suspend or dilute the voting rights) are owned or controlled, directly or indirectly, by the
        Company or one of its Subsidiaries, or (b) which is directly or indirectly controlled or capable of being controlled by the Company or one or more of the Company’s Subsidiaries.

       

      
        Annex A - 11

        
          

      

      “Swap Obligation” means, with respect to any Obligor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning
        of Section 1a(47) of the Commodity Exchange Act.

       

      “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any
        Official Body, including any interest, additions to tax or penalties applicable thereto.

       

      “Term Loan” is defined in Section 2.1.

       

      “Term Loan Availability Expiration Date” shall have the meaning set forth in the Term Note.

       

      “Term Note” is defined in Section 2.1(a).

       

      “Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Agent in its
        reasonable discretion).

       

      “Term SOFR Rate” means, for any calculation with respect to a Term SOFR Rate Loan, a rate per annum equal to the Term SOFR Rate Spread
        plus the greater of (a) the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government
        Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 3:00 p.m. (Mountain time) on any Periodic Term SOFR Determination Day the
        Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Transition Event with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR Rate will be the Term SOFR
        Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as
        such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and (b) the Floor.

       

      “Term SOFR Rate Loan” means a Loan bearing interest at the Term SOFR Rate Option.  A Term SOFR Rate Loan is a Loan subject to an Interest Period.

       

      “Term SOFR Rate Option” means the option of the Company to have Loans bear interest at the Term SOFR Rate.

       

      “Term SOFR Rate Spread” shall have the meaning set forth in the applicable Note.

       

      “Term SOFR Reference Rate” means the forward-looking term rate based on SOFR.

       

      “Title Policy” is defined in Section 4.1(a)(viii).

       

      “Unused Commitment Fees” means the Unused Commitment Fee (as such term is defined in the Revolving Term Note and Revolving Credit Note).

       

      “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association
        recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

       

      
        Annex A - 12

        
          

      

      “Voting Stock” means, with respect to any corporation, partnership, limited liability company, cooperative or other entity, any Capital Stock of or in such corporation, limited
        liability company, partnership, cooperative or other entity whose holders are entitled under ordinary circumstances to vote for the election of directors (or Persons performing similar functions) of such corporation, limited liability company,
        partnership, cooperative or other entity (irrespective of whether at the time Capital Stock of any other class or classes shall have or might have voting power by reason of the happening of any contingency).

       

      “Working Capital” means, with respect to any Person as of any date of determination, the excess of current assets over current liabilities (as determined in accordance with
        GAAP).  For purposes of determining the current assets, any amount available under the Revolving Term Facility (less the amount that would be considered a current liability under GAAP if fully advanced) may be included.  For purposes of determining
        the current liabilities, any amount under an operating lease that would be considered a current liability under GAAP shall be excluded.

       

      B.          Rules of Construction.  Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this
        Agreement and each of the other Loan Documents: (i) references to the plural include the singular (and vice versa), the plural, the part and the whole, and the words “include,” “includes,” and “including” shall be deemed to be followed by the
        phrase “without limitation”; (ii) the words “hereof,” “herein,” “hereunder,” “hereto,” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan Document as a whole; (iii) article, section,
        subsection, clause, schedule, and exhibit references are to this Agreement or other Loan Document, as the case may be, unless otherwise specified; (iv) reference to any Person includes such Person’s successors and assigns; (v) reference to any
        document, instrument, or agreement, including this Agreement and any other Loan Document together with the schedules and exhibits hereto or thereto, means such document, instrument, or agreement as amended, restated, replaced, refinanced,
        supplemented, substituted, increased, extended, superseded, or otherwise modified from time to time; (vi) relative to the determination of any period of time, “from” means “from and including,” “to” means “to but excluding,” and “through” means
        “through and including;” (vii) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract
        rights; (viii) section headings herein and in each other Loan Document are included for convenience only and shall not affect the interpretation of this Agreement or such Loan Document; (ix) references to any Loan Document or any other document,
        instrument, or agreement is deemed to include a reference to all annexes, schedules, and exhibits thereto, and (x) unless otherwise specified, all references herein to times of day shall be references to prevailing Mountain Time.

       

      
        Annex A - 13

        
          

      

      C.          Accounting Principles.  Except as otherwise provided in this Agreement, all computations and determinations as to accounting or financial matters
        and all financial statements to be delivered pursuant to this Agreement shall be made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings
        ascribed to such terms by GAAP; provided, however, that all accounting terms used in Article 8 (and all defined terms used in the definition of any accounting term used in such Article) shall have the meaning given to such terms (and defined terms)
        under GAAP as in effect on the date hereof applied on a basis consistent with those used in preparing the Statements referred to in Article 5.  In the event of any change after the date hereof in GAAP, and if such change would affect the
        computation of any of the financial covenants set forth in Article 8, then the parties hereto agree to endeavor, in good faith, to agree upon an amendment to this Agreement that would adjust such financial covenants in a manner that would preserve
        the original intent thereof, but would allow compliance therewith to be determined in accordance with the Company’s financial statements at that time, provided that, until so amended, such financial covenants shall continue to be computed in
        accordance with GAAP prior to such change therein.  Notwithstanding any provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall
        be made, without giving effect to any change in accounting for leases pursuant to GAAP resulting from the implementation of Financial Accounting Standards Board ASU No. 2016-02, Leases (Topic 842), to the extent such adoption would require treating
        any lease (or similar arrangement conveying the right to use ) as a Capital Lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect prior to implementation of Financial Accounting
        Standards Board ASU No. 2016-02, Leases (Topic 842).

       

      
        Annex A - 14

        
          

      

      
      ANNEX B

       

      Real Property Collateral

       

      TRACT A:

      

      

      A parcel of land being a portion of the East One Half of Section 31, Township 74 North, Range 43 West of the Fifth Principal Meridian, Pottawattamie County, Iowa, more fully described as follows:

      

      

      Beginning at the North quarter corner of said Sec. 31; thence along the North line of said Sec. 31, South 88 Degrees, 17 Minutes 16 Seconds East, 2270.71 feet to a point on the Westerly right-of-way line of Interstate 29: thence along said
        Westerly right-of-way line, the following seven (7) courses:

      

      

      1. South 00 Degrees 45 Minutes 10 Seconds West, 468.19 feet;

      2. South 00 Degrees 41 Minutes 04 Seconds East, 200.06 feet;

      3. South 00 Degrees 44 Minutes 56 Seconds West, 1964.84 feet;

      4. South 00 Degrees 45 Minutes 02 Seconds West, 1635.16 feet;

      5. South 01 Degree 13 Minutes 56 Seconds West, 593.52 feet;

      6. South 00 Degrees 07 Minutes 12 Seconds East, 353.62 feet;

      7. South 01 Degree 49 Minutes 08 Seconds West, 50.00 feet to a point on the Southerly line of said Sec. 31;

      

      

      thence along said Southerly line, North 88 Degrees 10 Minutes 52 Seconds West, 2276.52 feet to the South quarter corner of said Sec. 31; thence along the North-South centerline of said Sec. 31, North 00 Degrees 45 Minutes 27 Seconds East,
        2629.84 feet to the center of said Sec. 31, thence continuing along said North-South centerline, North 00 Degrees 46 Minutes 14 Seconds East, 2631.10 feet to the point of beginning;

      

      

      EXCEPT that portion described as Parcel "A" of the NW 1/4 of the NE 1/4 of Section 31, Township 74 North, Range 43 as depicted in the Plat of Survey filed in Book 2007, Page 013866, of the Records of Pottawattamie County, Iowa, contained
        therein;

      

      

      AND Together with the benefits of that certain Construction and Access Easement filed May 23, 2008, as instrument number 2008-007519, of the Records of Pottawattamie County, Iowa;

      

      

      AND Together with the benefits and subject to the burdens of that certain Easement for Railroad Trackage filed March 28, 2007, in Book 2007, Page 005108, of the Records of Pottawattamie County, Iowa;

      

      

      AND Together with the benefits and subject to the burdens of that certain Easement for Railroad Trackage filed March 28, 2007, in Book 2007, Page 005109, of the Records of Pottawattamie County, Iowa;

      

      

      AND Together with the benefits and subject to the burdens of that certain Operating Easement Agreement filed March 28, 2007, in Book 2007, Page 005110, of the Records of Pottawattamie County, Iowa;

      

      

      AND Together with the benefits and subject to the burdens of that certain Pipeline Easement filed March 28, 2007, in Book 2007, Page 005111, of the Records of Pottawattamie County, Iowa;

      

      

      AND Together with the benefits and subject to the burdens of that certain Easement Agreement filed August 23, 2007, in Book 2007, Page 013637, of the Records of Pottawattamie County, Iowa.

      

      

      
        Annex B - 1

        
          

      

      TRACT B-1:

      

      

      Parcel "A" of the SW1/4 SE1/4 of Section 19, Township 74 North, Range 43 West of the 5 Principal Meridian, Pottawattamie County, Iowa, being more fully described as follows:  Commencing at the NW corner of said SW1/4 SE1/4; thence along the
        North line of said SW1/4 SE1/4, South 88 Degrees 15 Minutes 27 Seconds East a distance of 113.56 feet to the true point of beginning; thence continuing along said North line South 88 Degrees 15 Minutes 27 Seconds East a distance of 200 feet; thence
        South 12 Degrees 06 Minutes 23 Seconds East a distance of 549.14 feet; thence South 77 Degrees 46 Minutes 56 Seconds West a distance of 204.39 feet; thence South 68 Degrees 35 Minutes 49 Seconds West a distance of 105.34 feet to a point on the East
        right of way line of Mosquito Creek Drainage District No. 22; thence along said East right of way line, North 01 Degree 34 Minutes 53 Seconds West a distance of 624.94 feet to the true point of beginning;

      

      

      Together with the rights of ingress and egress as disclosed by that certain Easement for Railroad Trackage filed March 28, 2007, in Book 2007, Page 005109, of the Records of Pottawattamie County, Iowa.

      

      

      TRACT B-2:

      

      

      A tract of land located in the SW1/4 SE1/4 in Section 18, Township 74 North, Range 43 West of the 5th Principal Meridian, Pottawattamie County, Iowa, more fully described as follows:  Commencing at the SE corner of said Sec. 18; thence South 89
        Degrees 44 Minutes 04 Seconds West along the South line of said Sec. 18 a distance of 1,573.21 feet to the point of beginning; thence continuing South 89 Degrees 44 Minutes 04 Seconds West along the South line of said Sec. 18 a distance of 242.14
        feet to a point on the Easterly right of way line of Mosquito Creek Drainage District No. 22; thence North 31 Degrees 26 Minutes 27 Seconds East along said Easterly right of way line a distance of 317.26 feet; thence South 58 Degrees 33 Minutes 33
        Seconds East a distance of 206.00 feet; thence South 31 Degrees 26 Minutes 27 Seconds West and parallel to said Easterly right of way line a distance of 190.00 feet to the point of beginning;

      

      

      Together with the rights of ingress and egress as disclosed by that certain Easement for Railroad Trackage filed March 28, 2007, in Book 2007, Page 005108, of the Records of Pottawattamie County, Iowa.

      

      

      
        Annex B - 2

        
          

      

      SCHEDULE 5.2

       

      Subsidiaries

       

      This is Schedule 5.2 to that certain First Amended and Restated Credit Agreement dated July 18, 2022 between Southwest Iowa Renewable Energy, LLC, Farm Credit Services of America, FLCA, Farm Credit Services of
        America, PCA and CoBank, ACB (as amended, restated, modified or supplemented from time to time, the “Credit Agreement”).  Capitalized terms defined in the Credit Agreement and not defined in this Schedule 5.2
        shall have the respective meanings ascribed to them by the Credit Agreement.

       

      	
              Legal Name of the Company

            	
              Jurisdiction of organization and type of entity

              [for example, Delaware limited liability company,

              Colorado corporation, etc.]

            
	
              Southwest Iowa Renewable Energy, LLC

            	
              Iowa limited liability company

            

      

      

      	
              Legal Name of Subsidiary

            	
              Is the

              Subsidiary a

              Guarantor?

              [Yes or No]

            	
              Jurisdiction of organization and

              type of entity

            
	
              SIRE DISC, Inc.

            	
              Yes

            	
              Iowa corporation

            

      

      

      
        
          

      

      SCHEDULE 7.1(d)

      

      

      Existing Indebtedness of the Company

      

      

      None

      

      

      
        
          

      

      SCHEDULE 7.2(k)

      

      

      Existing Liens of the Company

      

      

      None

       

      

      
        
          

      

      EXHIBIT A

      

      

      Form of Term Note

       

      

      
        
          

      

      EXHIBIT B

      

      

      Form of Revolving Term Note

       

      

      
        
          

      

      EXHIBIT C

      

      

      Form of Revolving Credit Note

       

      

      
        
          

      

      EXHIBIT D

      

      

      Form of Compliance Certificate

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