Document:

EXHIBIT
10.2

    THIRD AMENDMENT
TO

    REVOLVING CREDIT
AGREEMENT

    

    THIS THIRD AMENDMENT TO REVOLVING
CREDIT AGREEMENT (this “Third Amendment”) is made as of the 31st day of March,
2009 (the “Effective Date”), by and between SHOW ME ETHANOL, LLC, a
Missouri limited liability company (the “Borrower”) and FCS FINANCIAL, PCA, a
federally chartered instrumentality (hereinafter referred to as “Lender”)
(Lender and Borrower sometimes hereinafter collectively the
“Parties”).

    

    WITNESSETH:

    

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

    

    WHEREAS, on June 2, 2008, the Parties
entered into that certain First Amendment to Revolving Credit Agreement (“First
Amendment”), and on December 12, 2008, the Parties entered into that certain
Second Amendment to Revolving Credit Agreement (the “Second Amendment”);
and

    

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

    

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

    

    1.           General
Definitions.  The Parties hereto acknowledge and agree that the
following defined terms shall be deleted from Section 1.1 “General
Definitions” and amended as follows:

    

    ““EBITDA” shall mean
Borrower’s earnings before interest, taxes, depreciation, and
amortization.

    

    “Equity Drive” shall
mean Borrower’s voluntary request of its members for the contribution of a
minimum of $5,700,000.00 in cash or other form of equity on or before April 1,
2009.

    

    “Existing Corn
Contracts” shall mean those certain forward corn purchase contracts by
and between the Borrower and Ray-Carroll as set forth on Exhibit B attached to the
Third Amendment.

    

    “Fixed Charge Coverage
Ratio” shall mean the ratio of the Borrower’s EBITDA to the Borrower’s
current portion of long term debt, interest expense, tax distributions,
dividends and capital expenditures.

     

    
      
        
        

      

      
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    “Hedging Policy” shall
mean the Borrower’s policy regarding the purchase and sale of corn, DDG, ethanol
and/or natural gas, as approved by Borrower’s board of managers.

    

    “Maturity Date” shall
mean June 2, 2010.

    

    “Minimum Equity
Percentage” shall mean the percentage value of Borrower’s equity divided
by Borrower’s total assets.

    

    “Railroad Spur
Easement” shall mean that certain Railroad Spur Easement dated January 9,
2007, by and between Ray-Carroll and Borrower.

    

    “Ray-Carroll Subordinated
Loan” shall mean a loan in the amount of approximately $12,000,000
evidenced by a Subordinated Secured Promissory Note due in March of 2014 between
Ray-Carroll and Borrower to settle the Existing Corn Contracts.

    

    “Working Capital”
means current assets of the Borrower, less current liabilities (excluding the
then current portion of the Long Term Debt) of the Borrower; provided, however,
the Member Loan and the Ray-Carroll Subordinated Loan shall each be excluded as
a Debt in the determination of Working Capital until such time as the Member
Loan or the Ray-Carroll Subordinated Loan is then currently due and
owing.”

    

    Additionally, a new subsection (v) of
the “Matured Default” definition shall be inserted and read as
follows:

    

    “(v)           Any
default under the Ray-Carroll Subordinated loan beyond the applicable cure
periods.”

    

    Furthermore, the definition of
“Subordinated Debt” shall be deleted in its entirety and replaced with the
following:

    

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

    

    2.           Affirmative
Covenants.  The Parties hereto acknowledge and agree that the
following items in Section 9
“AFFIRMATIVE COVENANTS” shall be deleted in their entirety and replaced with the
following:

    

    “9.4           Net
Worth.  Maintain as of the Closing Date Total Net Worth not
less than $31,995,000.00.  Thereafter, from the Closing Date until
September 29, 2008, maintain at all times Total Net Worth measured on a
quarterly basis at the end of each quarter of not less than $28,000,000.00, and
for the period between September 30, 2008 and March 31, 2009, Total Net
Worth not less than $14,000,000.00 as measured on a monthly
basis.  Following April 1, 2009 through the Maturity Date, Borrower
shall not be required to maintain a minimum Total Net Worth.

     

    
      
        
        

      

      
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    9.5           Minimum Fixed Charge
Coverage Ratio. Maintain a minimum Fixed
Charge Coverage Ratio of (a) not less than.70:1.00 for the period of January 1,
2009 through December 31, 2009 and (b) not less than 1.05:1:00 for the period of
January 1, 2010 through the Maturity Date.

    

    9.6           Minimum Working
Capital. From April 1, 2009
through and including December 31, 2009, maintain Working Capital in an amount
not less than $3,000,000.00, and from January 1, 2010 through the Maturity Date
in an amount not less than $3,500,000.00.

    

    9.7           Minimum Equity
Percentage.  Maintain a Minimum Equity Percentage of greater
than thirty-five percent (35%) for those periods measured between the Closing
Date and September 29, 2008, and for the period September 30, 2008 through March
31, 2009, maintain a Minimum Equity Percentage of no less than seventeen percent
(17%), as measured on a monthly basis.  Following April 1, 2009
through the Maturity Date, Borrower shall not be required to maintain a Minimum
Equity Percentage.”

    

    The
Parties hereto acknowledge and agree that Section 9 shall be
amended by adding the following additional affirmative covenants to the
Agreement and shall read as follows:

    

    “9.19       Financing/Equity
Opportunities.  On or before December 31, 2010, Borrower shall
retain a financial advisor to assist the Borrower in evaluating potential
financing or sale transactions.

    

    9.20         Plant
Manager.  On or before May 1, 2009, Borrower must either (i)
retain a plant manager to operate the Project; or (ii) enter into a consulting
agreement with an individual or company to provide ongoing assistance with the
operation of the Project.

    

    9.21         Risk
Management.  On or before May 1, 2009, Borrower must retain a
risk manager to assist the Borrower in managing the Borrower’s commodity risk
and assist in compliance with the Hedging Policy.

    

    9.22         Amendment to Air
Permit.  On or before December 31, 2009, Borrower shall prepare
a report outlining the feasibility obtaining an individual and permanent air
permit with the State of Missouri on terms and conditions as shall be reasonably
acceptable Lender.”

    

    3.           Negative
Covenants.  The Parties hereto acknowledge and agree that Section 10 “Negative
Covenants” shall be amended as follows:

    

    “10.12     Engage
in any activity which materially violates the Hedging Policy, including, but not
limited to, entering into any forward contracts with Ray-Carroll, without proper
risk management authorization; provided, however, the failure
of Borrower to maintain compliance with the Hedging Policy, as reported to
Lender on a weekly basis, shall only be an Matured Default in the event Borrower
fails to maintain compliance in three (3) consecutive weeks or in more than
seven (7) weeks in a given twelve (12) month period.

     

    
      
        
        

      

      
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    10.13       Suspend,
eliminate or materially modify or amend the Hedging Policy without Agent’s prior
written consent; provided, however, on or before
July 1, 2009, the Borrower, with the mutual agreement of the Agent and the
advice of Borrower’s risk manager shall prepare an updated Hedging Policy which
shall take into account Borrower’s increased capacity and current
efficiencies.  Following completion of the updated Hedging Policy and
notwithstanding the foregoing, upon delivery of advanced written notice to
Agent, Borrower may temporarily suspend, modify or amend the Hedging Policy for
a period of not to exceed fifteen (15) days for a business reason in the sole
judgment of the Borrower’s Board of Managers and following the temporary
suspension, modification or amendment of the Hedging Policy the Borrower and
Agent shall, if required, mutually agree upon provisions implementing the
temporary suspension, modification or amendment.”

    

    4.           Reporting
Requirements.  The Parties hereto acknowledge and agree that
subsections (m) and (n) of Section 9.3 shall be
amended to read as follows:

    

    
      	
               
      

            	
              “(m)

            	
              As
      soon as reasonably available, Borrower's updated weekly rolling thirteen
      (13) week cash flow analysis in a form and substance reasonably acceptable
      to Lender.

            

    

    

    
      	
               
      

            	
              (n)

            	
              As
      soon as reasonably available, Borrower’s updated weekly detailed report of
      Borrower’s hedging positions and a certificate of compliance with the
      Hedging Policy from an authorized officer of
  Borrower.”

            

    

    

    5.           Consent to Additional
Indebtedness.  By execution of this Third Amendment, Lender
hereby consents to Borrower incurring additional Indebtedness in the form of the
Ray-Carroll Subordinated Loan.

    

    6.           Conditions Precedent to this
Third Amendment.  The Parties hereto acknowledge and agree that
following shall be conditions precedent to the execution and delivery of this
Amendment by Lender:

    

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

    

    6.2           Updated Borrower’s Cash Flow
Analysis.  Borrower shall have delivered to Lender Borrower’s
updated weekly rolling thirteen (13) week cash flow analysis in a form
acceptable to Lender.

     

    
      
        
        

      

      
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    6.3           Current Hedging Report;
Hedging Policy.  Borrower shall have delivered to Lender,
Borrower’s current report on its hedging positions in a form and substance
reasonably acceptable to Lender and a copy of the Hedging Policy.

    

    6.4           Completion of Equity
Drive.  Completion of the Equity Drive and the placement of all
contributed funds in a designated Borrower bank account.

    

    6.5           Settlement of Existing Corn
Contracts.  Borrower and Ray-Carroll shall have entered into an
agreement, on terms reasonably acceptable to Lender and the Term Loan Lender,
for the cancellation or settlement of the amounts owed and the delivery of all
remaining bushels of corn under the Existing Corn Contracts.

    

    6.6           Intercreditor Agreement with
Ray-Carroll.  Term Loan Lender, Borrower and Ray-Carroll shall
have entered into an intercreditor agreement, acceptable to Lender and the Term
Loan Lender.

    

    6.7           Financial
Forecasts.  Borrower shall have delivered to Lender Borrower’s
revised twelve (12) month financial forecast and Borrower’s five (5) year
financial forecast, both of which shall be acceptable to Lender, in its sole
discretion.

    

    7.           SUBMISSION TO JURISDICTION;
WAIVER OF BOND AND TRIAL BY JURY.  The Parties hereto
acknowledge and agree that Section 12.13
“Submission to Jurisdiction; Waiver of Bond and Trial by Jury” shall be amended
by deleting the first full sentence thereof and inserting the
following:

    

    “THE
BORROWER CONSENTS TO THE JURISDICTION OF ANY LOCAL, STATE, OR FEDERAL COURT
LOCATED WITHIN THE COUNTY OF SAINT LOUIS, MISSOURI AND WAIVES ANY OBJECTION
WHICH THE BORROWER MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS
TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT.”

    

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

    

    9.           Statutory Notice Pursuant to
RSMO § 432.047.3(1).  “Oral agreements or commitments to
loan money, extend credit or to forbear from enforcing repayment of a debt
including promises to extend or renew such debt are not enforceable, regardless
of the legal theory upon which it is based that is in any way related to the
credit agreement.  To protect you (borrower(s)) and us (creditor) from
misunderstanding or disappointment, any agreements we reach covering such
matters are contained in this writing, which is the complete and exclusive
statement of the agreement between us, except as we may later agree in writing
to modify it.”

    

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

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                	 
      	BORROWER:
	 	 	 
	 
      	SHOW
      ME ETHANOL, LLC
	 
      	 
      	 
      
	 
      	
                                                                        By

                                                                      	
                                                                         

                                                                      
	 
      	
                                                                        Name

                                                                      	
                                                                         

                                                                      
	 
      	
                                                                        Title

                                                                      	
                                                                         

                                                                      
	 
      	 
      	 
      
	 
      	LENDER:
	 
      	 
      	 
      
	 
      	FCS
      FINANCIAL, PCA
	 
      	 
      	 
      
	 
      	
                                                                        By
      

                                                                      	
                                                                         

                                                                      
	 
      	
                                                                        Name

                                                                      	
                                                                         

                                                                      
	 
      	
                                                                        Title

                                                                      	
                                                                         

                                                                      

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
         

      

      
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    EXHIBIT
A

    

    Amendment
to Revolving Note

    

    THIRD AMENDMENT TO REVOLVING
NOTE

    

    THIS THIRD AMENDMENT TO REVOLVING NOTE
(“Third Amendment”) is entered into as of the 31st day of March, 2009, by and
between SHOW ME ETHANOL, LLC, a Missouri limited liability company (hereinafter
referred to as “Borrower”), and FCS FINANCIAL, PCA, (hereinafter referred to as
“Lender”)

    

    WITNESSETH:

     

    WHEREAS,
Lender is the owner and holder of a Revolving Note dated November 6, 2007, as
amended, in the principal amount of up to Five Million Dollars ($5,000,000.00)
and made payable by Borrower to Lender (the “Revolving Note”).  Except
as otherwise defined herein or unless the context otherwise requires,
capitalized terms not defined herein shall have the meanings given such terms in
the Revolving Note, or if not defined therein, then the meanings given those
terms in the Revolving Credit Agreement (defined below); and

     

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

     

    WHEREAS,
the Parties hereto are executing a Third Amendment to Revolving Credit Agreement
dated of even date herewith, pursuant to which Lender extended the Maturity Date
from June 2, 2009 to June 2, 2010; and

     

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

     

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

     

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

    

    “FOR
VALUE RECEIVED, the undersigned, SHOW ME ETHANOL, LLC, a Missouri limited
liability company (hereinafter referred to as “Borrower”), promises to pay to
the order of FCS FINANCIAL, PCA, (hereinafter referred to as “Lender”), at such
place as Lender may designate, in lawful money of the United States of America,
the principal sum of Five Million Dollars ($5,000,000.00) or so much thereof as
may be advanced and be outstanding, together with interest on any and all
principal amounts outstanding calculated in accordance with the provisions set
forth below.  This Note is issued under that certain Revolving Credit
Agreement dated November 9, 2007, as amended by that certain First Amendment to
Revolving Credit Agreement dated June 2, 2008 and as further amended by that
certain Second Amendment to Revolving Credit Agreement dated December 12, 2008
and that certain Third Amendment to Revolving Credit Agreement dated March 31,
2009 (as the same may be amended, replaced, restated and/or supplemented from
time to time, the “Credit Agreement”), between Borrower and
Lender.”

     

    
      
        
        

      

      
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    2.           Modification of Maturity
Date.  The Parties acknowledge and agree that the fourth
(4th)
paragraph of the note, “Maturity Date”, shall be deleted in its entirety and the
following inserted in its place:

    

    ““Maturity
Date”: shall mean June 2, 2010.”

     

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

     

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

     

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

     

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

    
       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	 
      	SHOW
      ME ETHANOL, LLC
	 	a
      Missouri limited liability company
	 
      	 	 
      
	 
      	
                                                By:

                                              	
                                                 

                                              
	 
      	Name:	
                                                    

                                              
	 
      	
                                                Title:
      

                                              	
                                                 

                                              
	 
      	 	 
      
	 
      	 	 
      	
                                                “Borrower”

                                              

                                      

                                    

                                  

                                

                              

                            

                             

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
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      EXHIBIT
B

      

      Existing
Corn ContractsEXHIBIT
10.3

    CONVERSION
AGREEMENT

    

    THIS CONVERSION AGREEMENT (the
“Agreement”), dated as of March 31, 2009, is entered into by and between Ray-Carroll County Grain Growers,
Inc., a Missouri cooperative association (“Ray-Carroll”); and Show Me Ethanol, LLC
(“SME”).

    

    WHEREAS, Ray-Carroll is the owner of
one hundred percent (100%) of the issued and outstanding Class B membership
interests in SME.  Pursuant to that certain Grain Supply Agreement
dated March 7, 2007 by and between the SME and Ray-Carroll (the “Grain Supply
Agreement”), SME entered into forward purchase contracts of corn, as provided on
Exhibit A attached hereto with Ray-Carroll (the “Forward
Contracts”).

    

    WHEREAS,
Ray-Carroll simultaneously entered into corresponding back-to-back transactions
related to the Forward Contracts.  However, SME failed to enter into
forward ethanol sales contracts.  Due to reductions in the price of
corn since the entry of the Forward Contracts, SME now owes approximately
$15,500,000 more thereon than the current market price of the corn covered
thereby.  The parties have agreed to fix SME’s liability with respect
to the Forward Contracts at $15,500,000 (the “Contract Liability”) regardless of
any change in the liability that may have been relevant due to changes in corn
prices.

    

    WHEREAS,
SME does not possess the financial resources to satisfy the Contract Liability
in a lump sum payment.  In addition, SME demands that the Contractual
Liability be liquidated and converted to a fixed promissory note indebtedness to
prevent additional loss to SME should corn market prices decline
further.

    

    WHEREAS,
the parties have entered into this Agreement to liquidate the Contract Liability
and provide for its repayment through the means more particularly set forth
herein.  In addition, the parties have resolved various operating
issues that exist with respect to the ethanol operations of SME and its company
governance.

    

    WHEREAS,
in consideration of the mutual promises and undertaking made and exchanged
herein, the sufficiency and receipt of which is hereby acknowledged by SME and
Ray-Carroll, the parties agree as follows:

    

    ARTICLE
I

    REPRESENTATIONS OF
RAY-CARROLL

    

    SECTION 1.01.  Representations and
Warranties.  Ray-Carroll hereby represents and warrants to
SME that this Agreement has been duly executed and delivered by
Ray-Carroll, and is the valid and binding obligation of Ray-Carroll, enforceable
against it in accordance with its terms.

    

    
      
        
        

      

      
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    ARTICLE
II

    REPRESENTATIONS OF
SME

    

    SECTION 2.01.  Representations and
Warranties.  SME hereby represents and warrants to Ray-Carroll
that this Agreement has been duly executed and delivered by SME through a
representative duly authorized by SME to enter this Agreement and is the valid
and binding obligation of SME, enforceable against it in accordance with its
terms.

    

    ARTICLE
III

    PAYMENT OF FUNDS FROM
ESCROW

    

    SECTION
3.01.  Payment Of Earmarked
Funds.  SME has raised approximately $4,000,000 in cash through
contributions of capital from existing owners of equity in SME (the “Escrow”),
of which $1,500,000 of the Escrow has been earmarked and dedicated by SME for
delivery to Ray-Carroll in partial satisfaction of the Contractual
Liability.  The Escrow is held pursuant to that certain Escrow
Agreement between SME and State Bank of Slater (the “Escrow Agreement”) dated as
of January 26, 2009.  SME shall direct the Escrow Agent, as designated
under the Escrow Agreement, to deliver $1,500,000 from the Escrow to Ray-Carroll
or, in the alternative, to immediately deliver $1,500,000 received from the
Escrow to Ray-Carroll in reduction of the Contract Liability.

    

    ARTICLE
IV

    CAPITAL CONTRIBUTION THROUGH
CONTRACT CANCELLATION

    

    SECTION 4.01.  Levered Forward Contract
Cancellation.  Ray-Carroll shall satisfy its voluntary capital
contribution to SME by, in lieu of cash, cancelling $2,000,000 of the Contract
Liability.  SME acknowledges this reduction has been accounted for in
addition to credit for receipt of $1,500,000 from the Escrow Agreement in
determining that $12,000,000 shall remain owing on the Contract Liability and be
converted to indebtedness under the Subordinated Note (as defined
below).

    

    ARTICLE
V

    CONVERSION OF CONTRACTUAL
LIABILITY TO PROMISSORY NOTE

    

    SECTION 5.01.  Promissory
Note.  In consideration of the cancellation of the remaining
$12,000,000 Contract Liability owed to Ray-Carroll after credit for (a) the
$1,500,000 in cash to be paid from the Escrow to Ray-Carroll and (b) the
$2,000,000 cancellation of such contractual liability as Ray-Carroll’s
additional capital contribution, SME agrees to execute a promissory note in the
form attached hereto as Exhibit B (the “Subordinate Note”).

    

    SECTION 5.02.  Subordinate Deed of
Trust.  In consideration of the foregoing and to secure
repayment of the Subordinate Note, SME agrees to execute and consents to the
recording of a subordinate deed of trust, assignment of rents, security
agreement in the form attached hereto as Exhibit C (the “Deed of
Trust”).

     

    
      
        
        

      

      
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    SECTION 5.03.  Financing
Statement.  SME further consents to Ray-Carroll filing a
financing statement in the Office of the Secretary of State of Missouri and any
other location necessary to further perfect the liens granted in the Deed of
Trust.

    

    SECTION 5.04.  Lien
Subordination.  Ray-Carroll acknowledges that the liens granted
by the Deed of Trust are expressly subordinate and junior to the liens securing
repayment of the SME’s obligations to FCS Financial, PCA, for itself and as
administrative agent (“FCS”) and the various 9% Subordinated Secured Promissory
Notes from SME dated as of June 5, 2008, in the cumulative original principal
sum of $3,590,000 (the “Slater Debt”) as stated in the Deed of Trust and the
Intercreditor Agreement between SME, Ray-Carroll and FCS of even date
herewith.

    

    SECTION 5.05.  Cancellation Of Contract
Liability.  In consideration of the foregoing, Ray-Carroll
cancels the Forward Contracts and hereby releases SME from liability for payment
of any amount remaining owing pursuant to the Contract Liability, save and
except as provided herein.

    

    ARTICLE
VI

    WAIVER OF RIGHT TO SETOFF
DDG PROCEEDS

    

    SECTION
6.01.  Waiver of Setoff
Rights.  Ray-Carroll agrees that it will not assert the right
to setoff any amount owing by Ray-Carroll to SME on account of sale of
Distillers’ Grains by Ray-Carroll pursuant to and as defined in that certain
Distillers’ Grains Marketing Agreement (the “DDG Contract”).  Upon
sale of these Distillers’ Grains, Ray-Carroll shall pay the amount owing
pursuant to the DDG Contract to SME without setoff against any amount owed by
SME to Ray-Carroll under the Subordinated Note, or otherwise.

    

    ARTICLE
VII

    NO SETOFF OF NOTE OR SUPPLY
AGREEMENT PAYMENTS FOR CLAIMS

    

    SECTION
7.01.  Setoff Against Subordinated
Note Payments.  SME agrees that it shall not be entitled to
setoff against any payment due to Ray-Carroll on the Subordinated Note or Grain
Supply Agreement any amount claimed by SME to be owed by Ray-Carroll for any
claim or cause of action that is not the subject of a final judgment entered in
favor of SME against Ray-Carroll by a court of competent jurisdiction which is
no longer subject to appeal.

    

    SECTION
7.02.  Effect Of Default Under
Subordinated Note On Grain Supply Agreement.  SME acknowledges
that the Subordinated Note represents the obligation owed to Ray-Carroll for
unpaid amounts incurred under the Grain Supply Agreement.  Ray-Carroll
agrees that it may not cease performance under the Grain Supply Agreement by
virtue of the non-payment of the Forward Contracts due to their substitution by
the Subordinated Note. Similarly, SME acknowledges that a default under the
Subordinated Note constitutes a default under the Grain Supply Agreement and
shall entitle, but not obligate, Ray-Carroll to cease performance under the
Grain Supply Agreement.

    

    
      
        
        

      

      
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    ARTICLE
VIII

    DEFERRAL OF RAY-CARROLL’S
SLATER NOTE MATURITY DATE

    

    SECTION
8.01.  Deferral Of Maturity
Date.  Ray-Carroll is the holder of that certain 9%
Subordinated Secured Promissory Note in the original principal sum of $1,000,000
dated as of June 5, 2008 (the “Slater Note”) issued pursuant to that Loan and
Security Agreement of even date therewith between SME and State Bank of Slater
(the “Loan Agreement”).  The maturity date of the Slater Note is June
5, 2010.  Ray-Carroll agrees that the maturity date of the Slater Note
is hereby deferred to June 5, 2011 if SME does not have Excess Quarterly Cash in
excess of $12,000,000 as defined in the Subordinate Note on that
date.  In addition, Ray-Carroll shall further use its best efforts to
persuade other holders of promissory notes issued under the Loan Agreement to
defer the maturity dates of those respective obligations; provided, however,
that a default by SME in the payment of any other promissory note or
indebtedness owing under the Loan Agreement shall constitute a cross-default of
the Slater Note notwithstanding deferral of the maturity date of the Slater
Note.

    

    SECTION
8.02.  Amendment To Promissory
Note. Ray-Carroll shall execute the Amendment of Promissory Note attached
hereto as Exhibit D to evidence the foregoing.

    

    SECTION
8.03.  No
Interim Equity Distributions. SME shall not make distributions on account
of ownership of member interests in SME prior to the satisfaction of the Slater
Note.

    

    ARTICLE
IX

    CHANGES TO SME
GOVERNANCE

    

    SECTION 9.01.  Amendments to Operating
Agreement.  Ray-Carroll shall vote its member interests in SME
in favor of an amendment to the Operating Agreement of Show Me Ethanol, LLC,
dated as of January 24, 2006, to (1) change the definition of “Super Majority
Interest” therein from 81% to 70% of the Percentage Interests held by all
Members or in the case of Managers, from at least 9 votes to 8 votes if no more
than 10 Managers are currently designated or elected; provided, however, that
the figure shall remain at 9 votes if 11 Managers are designated or
elected.

    

    ARTICLE
X

    REMOVAL OF SME PERSONAL
PROPERTY

    

    SECTION
10.01.  SME shall remove the construction tent located on Ray-Carroll
real property on or before August 1, 2009, at the sole expense of SME and in
such a manner as to avoid damage to the Ray-Carroll real property on which such
personal property is located or across which such personal property is
transported. SME shall remove any other personal property of SME’s located on
Ray-Carroll real estate unless SME agrees not to assert adverse possession by
virtue of such usage. In consideration of the mutual promises exchanged herein,
the sufficiency of which is hereby acknowledged, SME hereby assigns and conveys
to Ray-Carroll any personal property remaining on Ray-Carroll real property on
or after August 1, 2009, which is not excused pursuant to this
provision.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    ARTICLE
XI

    MISCELLANEOUS

    

    SECTION 11.01.  Amendments,
etc.  No amendment of any provision of this Agreement shall in
any event be effective unless the same shall be in writing and signed by SME and
Ray-Carroll.

    

    SECTION 11.02.  Waiver. Any waiver of
a right provided under this Agreement or a breach of this Agreement must be
express and written.  The waiver by either of SME or Ray-Carroll of
any breach of any provision hereof by the other party shall not be construed to
be a waiver of any succeeding breach of such provision or a waiver of the
provision itself.  Selection by SME or Ray-Carroll of a specific
remedy does not constitute, and shall not be interpreted to constitute, a waiver
of any other remedy of such party, and failure to select a specific remedy does
not constitute, and shall not be interpreted to constitute, a waiver of such
remedy.  Either party’s failure at any time to enforce any of the
terms, provisions or conditions of this Agreement shall not constitute or be
construed as a waiver of the same and any single or partial exercise by such
party of any right under this Agreement shall not preclude any further or other
exercise of the same or any other right.

    

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

    

    SECTION 11.04.  Addresses for
Notices.  All notices and other communications provided for
under this Agreement shall be in writing  and mailed, faxed, or
delivered at the addresses set forth below, or at such other address as such
party may specify by written notice to the other parties hereto:

    

    
      
        	
                If
      to the SME:

              	
                Show
      Me Ethanol, LLC

              
	 
      	
                Post
      Office Box 9

              
	 
      	
                26530
      E. Hwy 24

              
	 
      	
                Carrollton,
      Missouri 64633

              
	 
      	
                Attention:  Dennis
      M. Alt

              
	 
      	
                Telephone:
      (660) 542-6493

              
	 
      	
                Facsimile:
      (660) 542-6392

              

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      
        	
                With
      a copy to:

              	
                Bryan
      Cave LLP

              
	 
      	
                3500
      One Kansas City Place

              
	 
      	
                1200
      Main Street

              
	 
      	
                Kansas
      City, MO  64105

              
	 
      	
                Attention:  Laurence
      Frazen

              
	 
      	
                Telephone:  (816)
      374-3200

              
	 
      	
                Facsimile:  (816)
      374-3300

              

      

    

    

    
      
        	
                If
      to Ray-Carroll:

              	
                Ray-Carroll
      County Grain Growers, Inc.

              
	 
      	
                807
      West Main, P. O. Box 158

              
	 
      	
                Richmond,
      MO 64085

              
	 
      	
                Telephone:  (816)
      776-2291

              
	 
      	
                Facsimile:
      (816) 776-3213

              
	 
      	
                Attention:
      Mike Nordwald

              

      

    

    

    
      
        	
                With
      a copy to:

              	
                Stinson
      Morrison Hecker LLP

              
	 
      	
                1201
      Walnut, Suite 2900

              
	 
      	
                Kansas
      City, MO 64106

              
	 
      	
                Telephone:  (816)
      842-8600

              
	 
      	
                Facsimile:  (816)
      691-3495

              
	 
      	
                Attention:
      Mark S. Carder

              

      

    

    

    SECTION 11.05.  Governing
Law.  This Agreement shall be governed by, and construed in
accordance with, federal law, and to the extent applicable, the internal laws of
the State of Missouri.

    

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

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

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

    

    [remainder
of this page intentionally left blank]

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

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

    

    
      
        
          
            
              
                
                  
                    
                      	
                              RAY-CARROLL
      COUNTY GRAIN GROWERS, INC.

                            
	 
      	 
      
	
                              By:

                            	 
      
	
                              Name:

                            	 
      
	
                              Title:

                            	 
      
	 
      	 
      
	 
      	
                              “Ray-Carroll”

                            

                    

                  

                

              

            

          

        

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            SHOW
      ME ETHANOL, LLC

                          
	 
      	 
      
	
                            By:

                          	 
      
	
                            Name:

                          	 
      
	
                            Title:

                          	 
      
	 
      	 
      
	 
      	
                            “SME”

                          

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
A

    Forward
Corn Contracts

    

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

     

    PAYMENTS
OF PRINCIPAL AND INTEREST IN RESPECT OF THIS NOTE ARE SUBJECT TO THE
INTERCREDITOR AGREEMENT DATED AS OF MARCH 31, 2009 BY AND AMONG SHOW ME ETHANOL,
LLC, THE MAKER, FCS FINANCIAL, PCA, AND EACH OF THE OTHER PERSONS SUBJECT TO
SUCH AGREEMENT, TO PAYMENTS OF CERTAIN SENIOR INDEBTEDNESS OF
MAKER.

     

      
        

      

    

     

    SUBORDINATED
SECURED PROMISSORY NOTE DUE MARCH 31, 2014

     

    
      
        
          	
                  $12,000,000.00

                	
                  March
      31, 2009

                

        

      

    

     

    FOR VALUE
RECEIVED, the undersigned, Show Me Ethanol, LLC, a Missouri limited liability
company ("Maker"), promises to pay to the order of Ray Carroll County Grain
Growers, Inc. ("Payee") and any subsequent holder(s) hereof (hereinafter
referred to collectively as "Holder"), the principal sum of Twelve Million and
00/100 Dollars ($12,000,000.00) ("Principal"), together with interest on the
outstanding Principal balance hereof from the date hereof at the rate of LIBOR
plus 4.5 percent (4.5%) per annum (the “Contract Rate”), computed on the basis
of a 360-day year for the actual number of days elapsed, on March 31, 2014 (the
"Maturity Date").

     

    “LIBOR” shall mean the
floating interest rate per annum (rounded upwards to the next 1/16 of 1%) equal
to the rate for U.S. dollar deposits with one month maturities which appears on
Telerate Page 3750 as of 11:00 am, London time on the related Determination
Date; provided,
however, that
if such rate does not appear on Telerate Page 3750, LIBOR shall mean a rate per
annum equal to the rate at which U.S. dollar deposits in an amount approximately
equal to $10,000,000 with one month maturities are offered in immediately
available funds in the London Interbank Market to the London office of National
Westminster Bank, Plc by leading banks in the Eurodollar market at 11:00 a.m.,
London time.  “Telerate Page 3750”
means the display designated as “Page 3750” on the
Associated Press-Dow Jones Telerate Service (or such other page as may replace
Page 3750 on the Associated Press-Dow Jones Telerate Service or such other
service as may be nominated by the British Bankers’ Association as the
information vendor for the purpose of displaying British Banker’s Association
interest settlement rates for U.S. Dollar deposits).  Any LIBOR
determined on the basis of the rate displayed on Telerate Page 3750 in
accordance with the provisions hereof shall be subject to corrections, if any,
made in such rate and displayed by the Associated Press-Dow Jones Telerate
Service within one (1) hour of the time when such rate is first displayed by
such service.  For purposes hereof, (i) “Determination Date”
shall mean the date which is two Eurodollar Business Days prior to the
commencement of the time period covered by the subject interest accrual period;
and (ii) “Eurodollar Business
Day” shall mean any day other than a Saturday, Sunday or other day on
which banks in the City of London, England are closed for interbank or foreign
exchange.

     

    Interest
on the outstanding Principal balance hereof shall be due and payable quarterly,
in arrears, with the first installment being payable on July 1, 2009 and
thereafter to the Maturity Date, at which time the entire outstanding Principal
balance, together with all accrued and unpaid interest, shall be immediately due
and payable in full.  The rate of interest shall be recalculated for
each quarter in which any Principal is outstanding.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    Excess
Quarterly Cash shall be calculated for each quarter commencing April 1,
2009.  “Excess Quarterly
Cash” shall  mean any amount in excess of the greater of
(i) $2,500,000 plus the amount of the Reserve Required as shown for such month
plus the amount of the largest deficit balance in Available Cash-All Cash
Accounts for any month in the next twelve (12) months or (ii) the Available
Cash-All Cash Accounts for such month that is the end of such current calendar
quarter, plus the amount of the Reserve Required as shown for such month plus
the amount of the largest deficit balance in Available Cash-All Cash Accounts of
the Maker in the next twelve (12) months.  “Reserve Required” and
“Available Cash-All Cash Accounts” for calculation of Excess Quarterly Cash
shall be determined by reference to Maker’s then current rolling thirteen (13)
week cash flow analysis, (also referred to by the Maker as the “Four Month Cash
Forecast”) (herein, the “Forecast”).  Notwithstanding the foregoing,
Excess Quarterly Cash shall not include any amounts received in a lump
sum that represent revenue or income already included in the
Forecast.  Notwithstanding the foregoing, if at the end of any
quarter, Available Cash-All Cash Accounts exceeds $12,000,000.00,
then "Excess
Quarterly Cash" shall instead mean the amount of such excess. Absent
an Event of Default, as defined in the Senior Debt pursuant to the Intercreditor
Agreement, principal shall be due and payable fifteen (15) days following the
end of each calendar quarter commencing with the calendar quarter beginning
January 1, 2011, in which Maker possesses Excess Quarterly Cash.  In
that event, fifty percent (50%) of Excess Quarterly Cash shall be paid to Holder
and be applied against the Principal outstanding on this
note.  Notwithstanding the foregoing, upon an Event of Default, as
defined in the Senior Debt as defined in and pursuant to the Intercreditor
Agreement, if Excess Quarterly Cash exists, principal shall be due and
payable pursuant to the terms of the Intercreditor Agreement. Payment of the
entire unpaid Principal balance shall be due and payable on the Maturity Date
regardless of the existence of Excess Quarterly Cash.

    

    Payments
of Principal and/or interest shall be made in lawful money of the United States
of America to the Holder of this note at P.O. Box 158, Richmond, Missouri
64085.

     

    This note
is issued pursuant to the Conversion Agreement to the Maker and Payee dated
March 31, 2009.

     

    The Maker
may prepay outstanding Principal on this note at any time and from time to
time.

     

    Each of
the following shall constitute an “Event of Default”
under this note:  (a)failure of Maker to make any payment of Principal
or interest or any other amount due under this note or any Loan Document, as
defined below;  (b) failure of Maker to make any payment when due
(including any applicable notice or grace periods) in accordance with the terms
of any prior or subordinate mortgage or deed of trust or the notes secured
thereby, or failure to perform any of the other terms, covenants and conditions
of any prior or subordinate mortgage or deed of trust, or the notes secured
thereby, on or before the date for such performance (including any applicable
cure or grace periods);  (c) failure of Maker to observe or perform
any nonmonetary covenant or agreement contained in the Loan Documents, as
defined below;  (d) failure of Maker to observe or perform any other
obligation to, or covenant or agreement with Payee or Holder on or before the
date for such performance (including any applicable cure or grace periods); (e)
appointment of a receiver, trustee or liquidator (or other similar official) of
Maker or of the real estate securing repayment of this note or any portion
thereof in any proceeding or by any federal or state officer or agency and such
appointee is not discharged within sixty (60) days after such appointment or
Maker’s consent to such appointment;  (f) Maker files a petition in
bankruptcy or for reorganization or for an arrangement under state law, now or
hereafter in effect, or Maker makes an assignment for the benefit of its
creditors, or admits in writing its inability to pay its debts generally as they
become due, or suspends payment of obligations or takes any action in
furtherance of any of the foregoing;  (g) a petition seeking an
involuntary order for relief in bankruptcy is filed against Maker, now or
hereafter in effect, and (1) Maker consents to such filing, or (2) fails to
obtain a final order dismissing such petition or claim within thirty (30) days
after the such filing; (h) Maker contracts to sell or convey or sells or conveys
all or substantially all of its assets; or (i) Maker gives any notice pursuant
to Section 443.055 of the Revised Statutes of Missouri, as amended, or otherwise
by which Maker elects to terminate the operation of the Deed of Trust, as
defined below, as security for future advances or future obligations made or
incurred after the date Holder receives such notice, or Maker takes any other
action for the purpose of limiting or attempting to limit the operation of the
Deed of Trust as such security.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Maker
acknowledges this is a commercial credit agreement for purposes of Mo. Rev.
Stat. § 432.047.

     

    Upon the
occurrence of any Event of Default, Holder at its option, may, without notice to
Maker, accelerate the maturity of the indebtedness evidenced hereby and declare
this note to be immediately due and payable.  Subject to the terms of
the Intercreditor Agreement, upon the occurrence of any such Event of Default
and the acceleration of the maturity of the indebtedness evidenced by this
note:  (a) Holder shall be immediately entitled to exercise any and
all rights and remedies possessed by Holder pursuant to the terms of this note,
the Security Agreement between Maker and Payee dated March 31, 2009, and the
Missouri Deed of Trust, Assignment of Rents and Security Agreement between Maker
and SMF Registered Services, Inc., Trustee dated March 31, 2009 (the “Deed of Trust”)
(collectively the "Loan Documents"); and
(b) Holder shall have any and all other rights and remedies that it may now or
hereafter possess at law, in equity or by statute, including (without
limitation) the Uniform Commercial Code.

     

    Following
any Event of Default, all of Maker's obligations under this note shall bear
interest until paid at an annual rate (the "Default Rate") equal to the lesser
of (i) the rate that is five percentage points (5%) in excess of the Contract
Rate, or (ii) the maximum rate of interest allowed to be charged under
applicable law (the "Maximum Rate"), regardless of whether or not there has been
an acceleration of the payment of Principal.  All such interest shall
be paid at the time of and as a condition precedent to the curing of any such
Event of Default if the Event of Default is one subject to cure
hereunder.

     

    In the
event this note is placed in the hands of an attorney for collection or to be
otherwise enforced, or if Holder incurs any costs incident to the collection of
the indebtedness evidenced hereby, Maker agrees to pay to Holder an amount equal
to all such costs, including without limitation, all reasonable attorneys' fees
and all court costs.

     

    Presentment
for payment, demand, protest and notice of demand, protest and nonpayment are
hereby waived by Maker. No failure to accelerate the indebtedness evidenced
hereby by reason of an Event of Default hereunder, acceptance of a past-due
installment or other indulgences granted from time to time, shall be construed
as a novation of this note or as a waiver of such right of acceleration or of
the right of Holder thereafter to insist upon strict compliance with the terms
of this note or to prevent the exercise of such right of acceleration or any
other right granted hereunder or by applicable law.  No extension of
the time for payment of the indebtedness evidenced hereby or any installment due
hereunder made by agreement with any person now or hereafter liable for payment
of the indebtedness evidenced hereby, shall operate to release, discharge,
modify, change or affect the original liability of Maker hereunder or that of
any other person now or hereafter liable for payment of the indebtedness
evidenced hereby, either in whole or in part, unless Holder agrees otherwise in
writing. This note may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification or discharge is sought.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    The
indebtedness and other obligations evidenced by this note are further evidenced
by (i) the Conversion Agreement, (ii) the Loan Documents and (iii) certain other
instruments and documents, as may be required to protect and preserve the rights
of Maker and Payee, as more specifically described in the Conversion
Agreement.

     

    All
agreements herein made are expressly limited so that in no event whatsoever,
whether by reason of advancement of proceeds hereof, acceleration of maturity of
the unpaid balance hereof or otherwise, shall the amount paid or agreed to be
paid to Holder for the use of the money advanced or to be advanced hereunder
exceed the Maximum Rate. If, from any circumstances whatsoever, the fulfillment
of any provision of this note or any other agreement or instrument now or
hereafter evidencing, securing or in any way relating to the indebtedness
evidenced hereby shall involve the payment of interest in excess of the Maximum
Rate, then, ipso facto, the obligation to pay interest hereunder shall be
reduced to the Maximum Rate; and if from any circumstance whatsoever, Holder
shall ever receive interest, the amount of which would exceed the amount
collectible at the Maximum Rate, such amount as would be excessive interest
shall be applied to the reduction of the Principal balance remaining unpaid
hereunder and not to the payment of interest. This provision shall control every
other provision in any and all other agreements and instruments existing or
hereafter arising between Maker and Holder with respect to the indebtedness
evidenced hereby.

     

    THIS NOTE
SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED UNDER, THE LAWS
OF THE STATE OF MISSOURI, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW
OF SUCH STATE.

     

    EACH
PARTY TO THIS NOTE HEREBY IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS NOTE OR ANY AGREEMENTS OR TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT IN THE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF MISSOURI AND OF ALL MISSOURI
STATE COURTS SITTING IN CARROLL COUNTY, MISSOURI, AND HEREBY EXPRESSLY SUBMITS
TO THE PERSONAL JURISDICTION AND VENUE OF SUCH COURTS FOR THE PURPOSES THEREOF
AND EXPRESSLY WAIVES ANY CLAIM OF IMPROPER VENUE AND ANY CLAIM THAT SUCH COURTS
ARE AN INCONVENIENT FORUM. IT IS FURTHER AGREED THAT VENUE FOR ANY SUCH ACTION
SHALL LIE EXCLUSIVELY WITH COURTS SITTING IN CARROLL COUNTY, MISSOURI, UNLESS
HOLDER AGREES TO THE CONTRARY IN WRITING. EACH PARTY HEREBY IRREVOCABLY CONSENTS
TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT;
ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN THE LOAN AND SECURITY
AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE 10 DAYS AFTER SUCH
MAILING.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    EACH
PARTY TO THIS NOTE HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY
ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS NOTE OR ANY
OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER
OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. THE MAKER CERTIFIES THAT
NEITHER HOLDER NOR ANY REPRESENTATIVE OR ATTORNEY OF HOLDER HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT HOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVERS.

     

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

     

    As used
herein, the terms "Maker" and "Holder" shall be deemed to include their
respective successors, legal representatives and assigns, whether by voluntary
action of the parties or by operation of law.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, this note is executed on the date first above
written.

     

    
      
        
          
            
              
                
                  
                    
                      	
                              MAKER:

                            
	
                              SHOW
      ME ETHANOL, LLC

                            
	 
      	 
      
	
                              By:

                            	 
      
	
                              Name:

                            	 
      
	
                              Title:

                            	 
      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
C

    

    PREPARED
BY AND UPON

    RECORDATION
RETURN TO:

    Stinson
Morrison Hecker LLP

    1201
Walnut, Suite 2900

    Kansas
City, Missouri  64105

    Attention:  Mark
S. Carder

    
       

      
        

      

    

    (space
above reserved for Recorder’s use)

    MISSOURI
LEASEHOLD DEED OF TRUST,

    ASSIGNMENT
OF RENTS AND SECURITY AGREEMENT

    

    SHOW
ME ETHANOL, LLC,

    a
Missouri limited liability company,

    as
Grantor

    to

    SMF
REGISTERED SERVICES, INC.,

    a
Missouri corporation,

    as
Trustee

    for
the benefit of

    RAY-CARROLL
COUNTY GRAIN GROWERS, INC.,

    as
Grantee (Creditor)

    Dated
as of March 31, 2009

     

    
      
        
          
            
              
                	
                        Location:

                      	
                        Carroll
      County, Missouri

                      
	
                        Grantee’s
      Address:

                      	
                        Ray-Carroll
      County Grain Growers, Inc., Highway 10 West, P.O. Box
  158

                      
	 
      	
                        Richmond,
      MO 64085, Attention:  Mike Nordwald

                      
	
                        Legal
      Description:

                      	
                        See
      Exhibit A
      attached
hereto

                      

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    THIS
AGREEMENT SECURES AMONG OTHER THINGS FUTURE ADVANCES AND OBLIGATIONS AND IS TO
BE GOVERNED BY THE PROVISIONS OF SECTION 443.055 OF THE MISSOURI REVISED
STATUTES.  THE TOTAL AMOUNT OF OBLIGATIONS THAT MAY BE SECURED
HEREUNDER IS $12,000,0000.

    MISSOURI
LEASEHOLD DEED OF TRUST,

    ASSIGNMENT
OF RENTS AND

    SECURITY
AGREEMENT

    THIS MISSOURI LEASEHOLD DEED OF
TRUST, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (“Deed of Trust”) is made and
executed as of the 31st day of March, 2009, by SHOW ME ETHANOL, LLC, a
Missouri limited liability company, whose address 26530 Highway 24 East,
Carrollton, MO 64633, (“Grantor”), SMF REGISTERED SERVICES, INC.,
a Missouri corporation, with an address of c/o Stinson Morrison Hecker LLP, 1201
Walnut, Suite 2900, Kansas City, Missouri 64105 (the “Trustee”), for the benefit of
RAY-CARROLL COUNTY GRAIN
GROWERS, INC., with an address of Highway 10 West, P.O. Box 158,
Richmond, MO 64085, Attention: Mike Nordwald (“Creditor”).

    

    A.           Debt.  Grantor has
entered into a Subordinated Secured Promissory Note in the original principal
sum of $12,000,000.00 (the “Subordinated Note”). Grantor
has entered into that certain Security Agreement dated March 31, 2009 (“Security Agreement”) to secure
its obligation under the Subordinated Note. Grantor is granting of this Deed of
Trust by Grantor as additional security for the obligations of Grantor under the
Subordinated Note.  This Deed of Trust, the Security Agreement and all
other instruments and documents evidencing, securing or relating to the
indebtedness evidenced by the Subordinated Note are referred to herein as the
“Loan
Documents.”

     

    B.           Grant.  Grantor, in
consideration of the debt and trust herein described, and the sum of Ten Dollars
($10.00) and other good and valuable consideration to it paid by the Creditor,
the receipt and sufficiency of which are hereby acknowledged, does by these
presents GRANT, BARGAIN AND
SELL, CONVEY AND CONFIRM unto the Trustee all of Grantor’s right, title
and interest in that certain leasehold estate which is evidenced by that certain
Lease Agreement, by and between Carroll County, Missouri, a third class township
and political subdivision of the State of Missouri, as grantor/lessor
thereunder, and Grantor, as grantee/lessee thereunder, (collectively, the “Lease”), which affects the
property located in Carroll County, Missouri, whether now owned or acquired in
the future, and described on Exhibit A attached to and
incorporated into this Deed of Trust by this reference, for the use and benefit
of Creditor.

     

    TOGETHER WITH all the
improvements now or in the future erected on the property, and all tenements,
hereditaments and appurtenances belonging or appertaining to such property and
improvements, all fixtures, furnishings, equipment, appliances, machinery and
other personal property now or in the future located on or used in connection
with such property and all easements, leases, rents, profits, insurance and
condemnation proceeds, royalties, mineral, oil and gas rights and profits, water
rights and water stock now or in the future becoming a part of or relating to
such property, and all replacements, substitutions, additions to and proceeds
and products of the foregoing.  All of the property, real, personal or
mixed, described in this paragraph is referred to in this Deed of Trust as the
“Mortgaged
Property.”

    
      
         

      

      
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    C.           TO HAVE AND TO HOLD the
Mortgaged Property unto the Trustee, and its successors and assigns, in
accordance with the provisions contained herein, for the use and benefit of
Creditor.

     

    D.           NOW, THEREFORE, if Grantor
pays and performs its obligations under the Loan Documents and complies with
each and every agreement, condition and covenant contained and set forth in this
Deed of Trust and all related documents, then this Deed of Trust will be
released, without warranty, at the request and cost of Grantor.

     

    E.           Secured
Obligations.  This Deed of Trust secures to Creditor: (a) the
performance of all obligations evidenced by the Subordinated Note; (b) the
payment of all other sums now or in the future advanced by Creditor under the
Subordinated Note, this Deed of Trust or the other Loan Documents, and the
performance of all future obligations of Grantor to Creditor under the Loan
Documents, provided that at no time will the total principal amount secured by
this Deed of Trust, not including sums advanced to protect the security of this
Deed of Trust, or for any other purposes specified in Section 443.055 of the
Revised Statutes of Missouri, as amended, exceed the principal sum stated on the
face of this Deed of Trust; and (c) the payment and performance of Grantor’s
other covenants, agreements and obligations under this Deed of Trust and under
the other Loan Documents (all referred to as the “Secured
Obligations”).

     

    F.           Representations, Covenants and
Warranties.  Grantor represents, covenants, and
warrants:

     

    (a)    that the
Lease is in full force and effect and has not been modified or amended in any
manner whatsoever;

     

    (b)    that there
are no defaults under the Lease, and no event has occurred, that, with the
giving of notice, the passage of time, or both, would constitute a default under
the Lease;

     

    (c)    that all
rents, additional rents, and other sums due and payable under the Lease have
been paid in full to the extent they were payable before the date of this Deed
of Trust;

     

    (d)    that neither
Grantor nor the landlord under the Lease has commenced any action or given or
received any notice for the purpose of terminating the Lease;

     

    (e)    that the
interest of the tenant under the Lease is vested in the Grantor;

     

    (f)     the quiet and
peaceful possession of Lender and Creditor;

     

    (g)    that the
Grantor will defend the leasehold estate created by the Lease for the entire
remainder of the term set forth in the Lease, against all and every person or
persons lawfully claiming, or who may claim the same or any part of the Lease,
subject only to the payment of the rents reserved in the Lease and to the
performance and observance of all the terms, covenants, conditions and
warranties of the Lease, subject in each case to the permitted encumbrances (the
“Permitted
Encumbrances”) set forth on Exhibit B.

    
      
         

      

      
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    G.           Assignment of Leases and
Rents.  Grantor hereby assigns to Creditor all leases and other
agreements, written or oral, now in existence or hereafter arising for the use
or occupancy of all or any portion of the Mortgaged Property, and all the rents,
issues, and profits of all or any part of the Mortgaged Property and all funds
received by Grantor for any use, sale, or lease of all or any part of the
Mortgaged Property, as further security for the payment and performance of the
Secured Obligations, and Grantor grants to Creditor the right to enter upon and
to take possession of the Mortgaged Property and every part thereof for the
purpose of collecting the same and to let the Mortgaged Property or any part
thereof, and to apply the rents, issues, and profits, after payment of all
necessary charges and expenses, on account of the Loan
Documents.  This assignment and grant will continue in effect until
this Deed of Trust is released.  Notwithstanding the foregoing,
Grantor will have the right, under a license now granted by Creditor to Grantor,
to collect and receive said rents, issues, and profits until the occurrence of
an Event of Default (as defined below); and Grantor agrees to use such rents,
issues, and profits in payment of principal, interest and other obligations
becoming due under the Loan Documents and in payment of taxes, assessments,
sewer rates, water rents, and carrying charges becoming due against the
Mortgaged Property, but such right of Grantor will be revoked automatically upon
the occurrence of an Event of Default.  Grantor will not, without the
written consent of Creditor, receive or collect rent from any tenant of all or
any part of the Mortgaged Property for a period of more than one month in
advance, and if an Event of Default occurs, Grantor will pay monthly in advance
to Creditor, or to any receiver appointed to collect such rents, issues, and
profits, the higher of the fair and reasonable rental value or the rent reserved
in any written lease for the use and occupation of the Mortgaged Property or of
such part of the Mortgaged Property as may be in the possession of Grantor, and
upon default in any such payment will, at the option of Creditor, vacate and
surrender the possession of the Mortgaged Property to Creditor or to such
receiver, and if Grantor fails to do so, Grantor may be evicted by summary
proceedings.  Upon demand, Grantor will execute and deliver to
Creditor such further assignments and other documents and instruments as
Creditor may deem advisable to carry out or evidence the assignment set forth in
this section.

     

    H.           Security
Agreement.  This Deed of Trust, in addition to being a lien on
real estate, also is a security agreement by and between Grantor, as debtor, and
Creditor, as secured party, with respect to all of the Mortgaged Property which
is personal property (the “Personal Property”), and this
Deed of Trust creates and grants to Creditor a lien and security interest in all
Personal Property (subject only to the Permitted Encumbrances) until the Secured
Obligations are paid in full.  Grantor hereby grants to Creditor a
security interest in all of the Personal Property as security for the payment
and performance of the Secured Obligations.  Upon the occurrence of
any Event of Default, Creditor will have all the rights and remedies of a
secured party under the Uniform Commercial Code and any other applicable
laws.  This Deed of Trust will also constitute a Uniform Commercial
Code financing statement for purposes of perfecting Creditor’s interest in the
Personal Property and fixtures described herein.

     

    GRANTOR AND CREDITOR FURTHER COVENANT
AND AGREE AS FOLLOWS:

     

    1.           Payment and Performance of
Obligations.  Grantor must promptly pay and perform when due
all of the Secured Obligations.

     

    2.           Claims Against Mortgaged
Property.  Grantor will pay, from time to time when the same
become due, all claims and demands of mechanics, materialmen, laborers, and
others which, if unpaid, might result in, or permit the creation of, a lien on
all or any part of the Mortgaged Property, whether prior or subordinate to this
Deed of Trust, or on the revenues, rents, issues, income, and profits arising
from the Mortgaged Property, and in general will do or cause to be done
everything necessary so that the priority of this Deed of Trust will be fully
preserved, at the cost of Grantor, without expense to
Creditor.  Creditor at its option may be subrogated for further
security to the lien of any prior encumbrance, mechanic’s lien, or vendor’s lien
on the Mortgaged Property paid out of the proceeds of the Note, even though the
same be released of record.

    
      
         

      

      
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    3.           Deed of Trust On
Fee.  Grantor covenants and agrees that, should it be
determined that Grantor owns the real estate described on Exhibit A in fee
rather than as leasehold or should Grantor later acquire such fee estate,
Grantor shall execute and deliver a deed of trust in form similar to this Deed
of Trust granting a lien upon the fee.

     

    4.           Preservation and Maintenance of
Mortgaged Property.  Grantor covenants and agrees not to permit
or commit any waste on or of the Mortgaged Property and to maintain the
Mortgaged Property at all times in a state of good repair and condition; to
comply with, or cause to be complied with, all statutes, ordinances, and
requirements of any governmental or other authority relating to the Mortgaged
Property; and to do or permit to be done to the Mortgaged Property nothing that
will alter or change the use and character of the Mortgaged Property or in any
way impair or weaken the security of this Deed of Trust or otherwise diminish
the value of the Mortgaged Property.  In case of the refusal, neglect,
or inability of Grantor to repair and maintain the Mortgaged Property, Creditor
may, at its option, make such repairs or cause repairs to be made, and advance
money to do so.

     

    5.           Taxes and Public
Charges.  Grantor will pay and discharge, before delinquency,
all taxes (including real and personal property taxes and income, franchise,
withholding, profits, and gross receipts taxes); all general and special
assessments, levies, permits, inspection, and license fees; all water and sewer
rents and charges; and all other public charges, whether of a like or different
nature, imposed upon or assessed against Grantor or all or any part of the
Mortgaged Property or upon the revenues, rents, issues, income, and profits of
the Mortgaged Property or arising in respect of the occupancy, use, or
possession of the Mortgaged Property.  Grantor will, upon the request
of Creditor, deliver to Creditor receipts evidencing the payment of all such
taxes, assessments, and other public charges.

     

    6.           Insurance.

     

    (a)          Grantor
agrees to maintain in force at all times (i) comprehensive, general liability
insurance, including premises, operations, and products liability, with limits
and deductibles satisfactory to Creditor; and (ii) “all risk” property
insurance, including, without limitation, fire, windstorm, explosion, such other
risks usually insured against by owners of like properties, and such other
coverages as Creditor may from time to time require on the Mortgaged Property,
in an amount equal to the full replacement cost of the portion of the Mortgaged
Property constituting improvements and Personal Property and must be sufficient
to prevent the application of coinsurance provisions, and with only such
deductibles as Creditor may approve.  If any of the Mortgaged Property
is designated as a flood prone or a flood risk area, as defined by the Flood
Disaster Protection Act of 1973, as amended, Grantor will maintain flood
insurance in an amount and with such deductibles to be determined by Creditor
from time to time, and also must comply with any additional requirements of the
National Flood Insurance Program as set forth in said Act.  Grantor
must maintain in force at all times workers’ compensation insurance respecting
all employees of Grantor as required by law.

    
      
         

      

      
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    (b)          All
such insurance must be written by companies, on forms and with endorsements all
satisfactory to Creditor, all with satisfactory loss-payable and standard
non-contribution mortgagee clauses attached in favor of Creditor (or, in case of
a foreclosure sale, in favor of the owner of the certificate of
sale).  Grantor must promptly deliver to Creditor a certificate of
insurance on all policies and endorsements, and all renewals.  All
such policies must provide for, among other things, thirty (30) days’ prior
written notice to Creditor of their expiration or any cancellation or
modification.  Not less than ten (10) days prior to the expiration of
any such policy, a certified copy of an appropriate renewal policy must be
delivered to Creditor.

     

    7.           Escrows.  Upon an
Event of Default, Creditor may require that a sum equal to 1/12th of the
total estimated amount of the current year’s taxes and assessments against the
Mortgaged Property and estimated insurance premiums for insurance coverages
required to be provided by Grantor be paid monthly in advance to Creditor on the
first day of each month.  If the fund created by such payments exceeds
the actual amount of taxes, assessments and premiums, the excess will be
credited to Grantor and applied to future taxes, assessments and premiums, or to
interest or principal, as Creditor may elect.  The waiving of such
monthly payments at any time will not bar Creditor from later requiring Grantor
to make such payments.  No interest will be paid by Creditor on any of
such funds.  The funds provided for in this Section are solely for the
added protection of Creditor and entail no responsibility on Creditor’s part
beyond the allowing of due credit, without interest, for the sums actually
received by it.  Upon any assignment of this Deed of Trust by
Creditor, any funds on hand will be turned over to the assignee and any
responsibility of Creditor with respect to such funds will
terminate.

     

    8.           Condemnation.  If
all or any part of the Mortgaged Property is taken or damaged by the exercise of
the power of eminent domain, Grantor may contest the same in good faith so long
as Grantor is not in default under any of the Loan Documents, but the award for
any property so taken is hereby assigned to Creditor, and Creditor, upon such
award becoming final, is authorized, in the name of Grantor or Creditor, as
appropriate, to execute and deliver acquittances for, and release of, any such
award and to collect and apply the proceeds, after the payment of all of
Creditor’s expenses in connection with such proceedings (including attorneys’
fees), to the payment of the Secured Obligations (such application to be in such
order as Creditor may elect), and the remainder, if any, will be paid to
Grantor.

     

    9.           Casualty Loss.  If
any of the Mortgaged Property is destroyed or damaged by fire or any other
cause, whether insured or uninsured, and if such damage is Substantial Damage,
Grantor will, at Creditor’s option, either (i) restore or rebuild the damaged
Mortgaged Property or (ii) apply any insurance or other proceeds to the payment
of the Secured Obligations.  If any damage occurs that is not
Substantial Damage, Grantor must promptly restore or rebuild the damaged
Mortgaged Property so that it is at least of equal value and substantially the
same character as prior to the damage or destruction.  If Creditor
elects to require Grantor to rebuild the damaged Mortgaged Property or if such
damage is not Substantial Damage, then Creditor will make any insurance or other
proceeds that have been paid to Creditor available to Grantor in accordance with
such reasonable disbursement procedures as Creditor may impose.  Any
surplus that remains out of the insurance proceeds after payment of such cost of
rebuilding or restoration may, at the option of Creditor, (i) be applied on
account of the Secured Obligations or such portion as Creditor will determine,
in such order of maturity as Creditor may determine, but without any change in
the amount of the monthly payments due under the Note, or (ii) be paid to
Grantor.  If the Mortgaged Property is acquired by Creditor or, as the
result of a foreclosure, by anyone else, Grantor’s right to any insurance
policies and proceeds resulting from damage to the Mortgaged Property prior to
the acquisition will pass to Creditor or the other party, as the case may
be.

    
      
         

      

      
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    10.           Protection of Creditor’s
Security.  Creditor may, at its option, and without waiving its
right to accelerate the Secured Obligations and to foreclose this Deed of Trust,
pay either before or after default any or all of those certain obligations
required by the terms of this Deed of Trust to be paid by Grantor for the
protection of the Deed of Trust security or for the collection of any of the
Secured Obligations or may bring or intervene in any legal proceeding for the
protection of the Deed of Trust security.  All sums so advanced, paid
or expended by Creditor (including, to the extent permitted by law, attorneys’
fees and expenses) will become part of the Secured Obligations, and will bear
interest from the date thereof at the interest rates set forth in the Note, and
become an integral part of the Secured Obligations, subject in all respects to
the terms, conditions, and covenants of the Loan Documents, as fully and to the
same extent as though a part of the original indebtedness evidenced by the Note
and secured by this Deed of Trust, except that such sums will be repaid to
Creditor upon demand.

     

    11.           Inspection.  Creditor
or its agent may enter upon and inspect the Mortgaged Property at reasonable
times upon reasonable notice.

     

    12.           Grantor Not Released; Forbearance by
Creditor Not a Waiver.  Extension of the time for payment of
the sums secured by this Deed of Trust granted by Creditor to Grantor or any
successor in interest will not operate to release Grantor or Grantor’s
successors in interest from liability under this Deed of
Trust.  Creditor will not be required to commence proceedings against
any successor in interest or refuse to extend time for payment of the sums
secured by this Deed of Trust by reason of any demand made by the original
Grantor or Grantor’s successors in interest.  Any forbearance by
Creditor in exercising any right or remedy will not be a waiver of or preclude
the exercise of any right or remedy.

     

    13.           Loan Charges.  In no
event will the total of all amounts payable under the Loan Documents, whether of
interest or of other charges which may or might be characterized as interest,
exceed the maximum rate or amount permitted to be charged under applicable
law.  If Creditor receives any payment that is or would be in excess
of the interest or other charge permitted to be charged under applicable law,
the portion of the payment which is in excess of the permissible amount will
have been, and will be deemed to have been, a payment in reduction of the
principal balance of the Note, or, if such portions exceed the unpaid principal
balances, the excess will be refunded to Grantor.

     

    14.           Reserved.

     

    15.           Notices.  All
notices or other communications required or permitted to be given pursuant to
the provisions of this Deed of Trust will be deemed to have been duly given or
made: if by hand, immediately upon delivery; if by telex, immediately upon
confirmation of receipt; if by express mail or any other public, semi-public, or
private overnight delivery service, one (1) day after dispatch; and if mailed by
certified mail, postage prepaid and return receipt requested, three (3) days
after deposit in the mail.  All such notices and communications will
be given to the parties at their respective addresses set forth in this Deed of
Trust, or to such other addresses as either party may designate by notice in
accordance with the terms of this section.

    
      
         

      

      
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    16.           Governing Law; Severability;
Conformity.  This Deed of Trust will be governed by the law of
Missouri (the “State”).  In the
event that any provision or clause of the Loan Documents conflicts with
applicable law, such conflict will not affect other provisions of the Loan
Documents which can be given effect without the conflicting
provision.  To this end, the provisions of the Loan Documents are
declared to be severable.  To the extent Missouri law may now or
hereafter impose requirements or set limitations on Creditor’s rights under the
Loan Documents, the Loan Documents will be conformed to comply in all respects
to the law as it may from time to time be amended.

     

    17.           Events of
Default.  Each of the following will constitute an “Event of
Default” under this Deed of Trust:  (a) failure of Grantor to make any
payment of principal or interest or any other amount due under the Loan
Documents, when the same become due and payable, whether at maturity, or by
acceleration as provided in the Loan Documents;  (b) failure of
Grantor to make any payment when due (including any applicable notice or grace
periods) in accordance with the terms of any prior or subordinate mortgage or
deed of trust or the notes secured thereby, or failure to perform any of the
other terms, covenants and conditions of any prior or subordinate mortgage or
deed of trust, or the notes secured thereby, on or before the date for such
performance (including any applicable cure or grace periods);  (c)
failure of Grantor to observe or perform any nonmonetary covenant or agreement
contained in the Loan Documents;  (d) failure of Grantor to observe or
perform any other obligation to, or covenant or agreement with Creditor on or
before the date for such performance (including any applicable cure or grace
periods); (e) appointment of a receiver, trustee or liquidator (or other similar
official) of Grantor or of the Mortgaged Property or any portion thereof in any
proceeding or by any federal or state officer or agency and such appointee is
not discharged within sixty (60) days after such appointment or Grantor’s
consent to such appointment;  (f) Grantor files a petition in
bankruptcy or for reorganization or for an arrangement under state law, now or
hereafter in effect, or Grantor makes an assignment for the benefit of its
creditors, or admits in writing its inability to pay its debts generally as they
become due, or suspends payment of obligations or takes any action in
furtherance of any of the foregoing;  (g) a petition or claim of
involuntary bankruptcy is filed against Grantor under the Bankruptcy Code or any
similar federal or state law, now or hereafter in effect, and  (1)
Grantor consents to such filing, or (2) fails to obtain a final order dismissing
such petition or claim within thirty (30) days after the such filing; or (h)
Grantor gives any notice pursuant to Section 443.055 of the Revised Statutes of
Missouri, as amended, or otherwise by which Grantor elects to terminate the
operation of this Deed of Trust as security for future advances or future
obligations made or incurred after the date Creditor receives such notice, or
Grantor takes any other action for the purpose of limiting or attempting to
limit the operation of this Deed of Trust as such security.  Grantor
acknowledges, represents and warrants that this Deed of Trust is collateral for
a loan given in a business transaction, as contemplated by Section 443.055(10)
of the Revised Statutes of Missouri, as amended.

     

    18.           Remedies. At any time after an
Event of Default has occurred, the whole of the obligations set forth in the
Security Agreement and the other Secured Obligations will become due at
Creditor’s option immediately or at any time thereafter at the continuing option
of Creditor, and this Deed of Trust will remain in force, and Creditor may
exercise any right, power or remedy permitted to it by law or by contract, and
in particular, without limiting the generality of the foregoing, Creditor will
have the absolute right, at its option, to pursue one or more of the following
remedies:

    
      
         

      

      
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    (a)           Creditor
will be entitled, immediately or thereafter, without notice or demand, to the
extent permitted by the laws of the State, (i) to institute suit to enforce the
rights of Creditor and (ii) to enforce, at Creditor’s continuing option, payment
of all Secured Obligations by action to foreclose this Deed of Trust, either or
both, concurrently or otherwise; and one action or suit will not abate or be a
bar to or waiver of the Creditor’s right to institute or maintain the other,
provided that Creditor will have only one payment and satisfaction of the
Secured Obligations.

     

    (b)           Creditor
will have the right from time to time to take action to recover any sums,
whether interest, principal or any installment of either, or any other sums
required to be paid under the Loan Documents, as the same become due, without
regard to whether or not the principal sum secured or any other Secured
Obligations will be due, and without prejudice to the right of Creditor
thereafter to bring an action of foreclosure, or any other action, or commence
foreclosure proceedings under the power of sale, for a default or Event of
Default by Grantor existing at the time such earlier action was
commenced.

     

    (c)           The
Trustee may proceed to sell all or any part of the Mortgaged Property, at public
vendue, to the highest bidder, at the customary place in the county in which the
Mortgaged Property is located, for cash, first giving the public notice required
by law of the time, terms and place of sale, and of the property to be sold; and
upon such sale will execute and deliver a deed of conveyance of the property
sold to the purchaser or purchasers of the property, and any statement or
recital of fact in such deed in relation to the nonpayment of indebtedness
hereby secured, existence of the indebtedness so secured, notice of
advertisement, sale, receipt of money, and the happening of any of the events by
which any successor trustee became successor as herein provided, will be prima
facie evidence of the truth of such statement or recital; and the Trustee will
receive the proceeds of such sale, and the Trustee covenants faithfully to
perform the trust herein created.  Until a sale is held hereunder, the
Trustee hereby lets the Mortgaged Property to Grantor upon the following terms
and conditions:  Grantor, and any and all persons claiming or
possessing the Mortgaged Property, and any part thereof, by, through, or under
it will pay rent therefor at the rate of one cent per month, payable monthly
upon demand and will surrender peaceable possession of the Mortgaged Property
and any and every part thereof to the Trustee, any of its successors or assigns,
or purchasers thereof, without notice or demand therefor, upon the occurrence of
any Event of Default.

     

    (d)           Any
court of competent jurisdiction may, at any time or times, either before or
after a foreclosure sale, without notice and without requiring bond, without
regard to the solvency or insolvency of any person liable for payment of the
Secured Obligations, and without regard to whether Creditor has exercised or is
exercising any other available remedy, appoint, as a matter of strict right and
as an admitted equity, a receiver for the benefit of Creditor, with power to
collect the rents, issues, and profits of the Mortgaged Property, due and to
become due.  These provisions for the appointment of a receiver and
assignment of rents are an express condition upon which the loan to Grantor and
the financial accommodations to Grantor have been made.  The receiver,
out of such rents, issues, and profits when collected, may pay all attorneys’
fees and expenses; may pay all costs and operating expenses incurred in the
management and operation of the Mortgaged Property; may pay and secure the
release of prior or coordinate liens, if any; may pay taxes, assessments, water
and other utility charges, and insurance premiums, then due or thereafter
accruing; may make and pay for any repairs to the Mortgaged Property deemed
advisable to Creditor; and may pay all or any part of the Secured Obligations
then due and payable, or other sums secured hereby or any deficiency decree
entered in any foreclosure proceedings or otherwise as Creditor may direct, all
in such order of application as Creditor may direct.

    
      
         

      

      
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    (e)           Creditor
will have all the rights and remedies of a secured party under the Uniform
Commercial Code and any other applicable laws.  Creditor may appoint
or delegate any one or more persons as Creditor to perform any act or acts
necessary or incident to any sale held by Creditor, including the sending of
notices and the conduct of the sale, but in the name and on behalf of
Creditor.  Further, Creditor may proceed as set forth in Section 9-604
of the Uniform Commercial Code which provides that if a security agreement
covers both real and personal property, as is the case herein, Creditor may
proceed against only the personal property or proceed against both the real and
personal property in accordance with the rights and remedies in respect of the
real property, in which case the provisions of the Uniform Commercial Code do
not apply.  Creditor is hereby authorized to direct the Trustee to
foreclose the personal property in accordance with the real property rights and
remedies as set forth herein.

     

    (f)           Creditor
may exercise any and all other remedies available at law or in
equity.

     

    19.
         Substitute
Trustee.  Creditor, at its option, may from time to time remove
Trustee and appoint a successor trustee to any Trustee appointed hereunder by an
instrument recorded in the county in which this Deed of Trust is
recorded.  Without conveyance of the Mortgaged Property, the successor
trustee will succeed to all the title, power and duties conferred upon Trustee
herein and by applicable law.

     

    20.          Lender in
Possession.  Upon any default with respect to the Secured
Obligations or upon abandonment of the Mortgaged Property by Grantor, Creditor
(in person, by agent or by judicially appointed receiver) will be entitled, at
Creditor’s option, to enter upon, take possession of and manage the Mortgaged
Property and to collect the rents of the Mortgaged Property, including those
past due.  Any rents collected by Creditor or the receiver will be
applied first to payment of the costs of management of the Mortgaged Property
and collection of rents, including, but not limited to, receiver’s fees,
premiums on receiver’s bonds and reasonable attorneys’ fees, and then to the
Secured Obligations.

     

    21.          Costs and
Expenses.  Grantor agrees to pay all fees and charges incurred
in the procuring and making of this Deed of Trust or in the perfection of the
lien and security interests created by this Deed of Trust.  Grantor
further agrees to pay each and all of the costs, charges and expenses,
including, to the extent permitted by law, attorneys’ fees and abstract and
title insurance costs, reasonably incurred or paid at any time by Creditor
because of the failure of Grantor to perform, comply with, and abide by each and
every of the agreements, conditions, and covenants of any of the Loan
Documents.

     

    22.          Waivers.  To the
extent permitted by law, Grantor agrees not at any time to insist upon, plead,
claim or take any benefit or advantage, in any way whatsoever, whether now or in
the future, of any of the following: (a) any law providing for the valuation or
appraisal of all or any part of the Mortgaged Property prior to or after any
sale or sales made pursuant to this Deed of Trust, or pursuant to the decree,
judgment, or order of any court of competent jurisdiction; or (b) any right
under any statute to redeem all or any part of the property so
sold.  Grantor wholly waives, for Grantor and those who claim under
Grantor (a) all rights and periods of redemption provided under Missouri law,
and (b) all right to have the Mortgaged Property or any other assets which
secure the Secured Obligations marshaled upon any foreclosure under this Deed of
Trust.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    23.           Subordinate
Priority.  Creditor acknowledges the prior recording and
priority of the Deed of Trust and Security Agreement dated as of March 1, 2007,
from Grantor to Husch Trustee, Inc., for the benefit of FCS Financial, PCA, as
Administrative Agent for the Banks (“FCS”), recorded on March 19, 2007, in Book
720, Page 957 of the Office of the Recorder of Deeds of Carroll County,
Missouri, and the Missouri Leasehold Deed of Trust, Assignment of Rents and
Security Agreement dated as of June 5, 2008, from Grantor to Thomas F. Kreamer,
Trustee, for the benefit of State Bank of Slater, as Grantee (Agent), recorded
on June 10, 2008, in Book 732, Page 393 of the Office of Recorder of Deeds of
Carroll County, Missouri.  Creditor acknowledges that, notwithstanding
the rights granted herein, enforcement of such rights is subject to the
provisions of the Intercreditor Agreement executed by Grantor, Creditor and
FCS.

     

    24.           Successors and
Assigns;  Joint and Several Liability.  The covenants
and agreements of this Deed of Trust will benefit the Creditor and Creditor’s
successors and assigns.  Grantor’s covenants and agreements are joint
and several.

     

    (Remainder
of this page intentionally left blank)

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    BY SIGNING BELOW, Grantor
accepts and agrees to the terms and covenants contained in this Deed of
Trust.

     

    
      
        
          
            
              	 
      	
                      GRANTOR:

                    
	 
      	
                      SHOW ME ETHANOL,
      LLC,

                    
	 
      	
                      a
      Missouri limited liability company

                    
	 
      	
                      By:

                    	 
      
	 
      	
                      Name:

                    	 
      
	 
      	
                      Title:

                    	 
      

            

          

        

      

    

    

    ACKNOWLEDGMENT

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  STATE
      OF

                                	 	 	
                                  )

                                
	 
      	 	 	
                                  )
      ss.

                                
	
                                  COUNTY
      OF

                                	 	 	
                                  )

                                

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    On this,
the _____ day of __________________ in the year 2009, before me,
____________________, a Notary Public in and for said state, personally appeared
_____________________, Manager of Show Me Ethanol, LLC, a Missouri limited
liability company, known to me to be the person who executed the within
instrument in behalf of said limited liability company and acknowledged to me
that he/she executed the same for the purposes therein stated.

     

    IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my notorial seat at my
office in ______________________________, ________________________, the day and
year last above written.

    

    
      
        
          
            
              
                	 
      	 
      	 
      
	 
      	 
      	 
      
	 	 	 
	 
      	 
      	
                        Notary
      Public in and for

                      
	 
      	 
      	
                        said
      County and State

                      
	
                        My
      commission expires:

                      	 
      	 
      
	 
      	 
      	 
      

              

            

          

        

      

    

    (The
Notary Public must type or print his/her name immediately beneath his/her
signature)

    
      
         

      

      
        S-1

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    The
following real estate located in Carroll County, Missouri:

    That
portion of the North half of Section 35, Township 53 North of the base line,
Range 23 West of the Fifth Principal Meridian, Carroll County, Missouri,
described as follows:  Beginning at a point on the East line of the
Northwest Quarter in said Section 35 that is North 01°50’28” East, 70.82 feet
from the center of said Section 35, said point being on the Northerly right of
way line of Missouri Highway 24; thence Westerly along a curve to the right,
having a radius of 1597.02 feet, though a central angle of 12°15’59”, an arc length of
341.90 feet along said R.O.W. line; thence North 87°48’53” West, 43.20 feet
along said R.O.W. line; thence North 02°11’07” East, 5.00 feet
along said R.O.W. line; thence North 87°48’53” West, 99.87 feet
along said R.O.W. line; thence North 00°28’54” West, 482.81 feet;
thence South 83°30’24”
West, 677.88 feet; thence North 07°56’29” West, 255.90 feet;
thence North 81°47’56”
East, 346.62 feet; thence North 49°30’21” East, 62.47 feet;
thence North 13°53’07”
East, 378.24 feet; thence North 23°25’30” East, 129.10 feet;
thence North 07°49’59”
West, 208.97 feet; thence South 74°43’16” East, 333.68 feet;
thence South 76°58’57”
East, 108.16 feet; thence North 89°54’09” East, 169.98 feet;
thence North 75°36’56”
East, 302.17 feet; thence South 47°13’25” East, 294.66 feet;
thence South 15°58’29”
West, 876.92 feet; thence North 77°34’13” West, 164.41 feet to
the West line of the Northeast Quarter in said Section 35; thence South 01°50’28” West, 384.70 feet
along said West line and along said East line to the point of
beginning.

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    PERMITTED
ENCUMBRANCES

    

    
      	
              1.

            	
              General
      taxes for State/County for the year 2008 and all subsequent years, and
      special assessments due or payable
therewith.

            

    

    
      	
              2.

            	
              Lease
      Agreement, between Carroll County, Missouri, as lessor, and Show Me
      Ethanol, LLC, as lessee, as evidenced by a Memorandum of
      Lease.

            

    

    
      	
              3.

            	
              Deed
      of Trust and Security Agreement, by Show Me Ethanol, LLC, to Husch
      Trustee, Inc., a trustee for FCS Financial, PCA, as administrative
      Creditor, dated March 1, 2007, filed March 19, 2007, in Book 720, Page
      957, in the Recorder’s Office located in Carroll County, Missouri
      (“Record’s Office”).

            

    

    
      	
              4.

            	
              Assignment
      of Leases and Rents, by Show Me Ethanol, LLC, to FCS Financial, PCA, as
      administrative Creditor, filed March 19, 2007, in Book 720, Page 984 in
      the Record’s Office.

            

    

    
      	
              5.

            	
              Missouri
      Leasehold Deed of Trust, Assignment of Rents and Security Agreement dated
      as of June 5, 2008, from Grantor to Thomas F. Kreamer, Trustee, for the
      benefit of State Bank of Slater, as Grantee (Agent), recorded on June 10,
      2008, in Book 732, Page 393 of the Record’s
  Office.

            

    

    
      	
              6.

            	
              Other
      encumbrances of record as of the date
hereof.

            

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    EXHIBIT
D

     

    AMENDMENT
TO 9% SUBORDINATED SECURED PROMISSORY NOTE

    

    THIS AMENDMENT TO 9% SUBORDINATED
SECURED PROMISSORY NOTE (this “Amendment”) is made as of the 31st day of March,
2009, by and between SHOW ME
ETHANOL, LLC, a Missouri limited liability company (the “Maker”) and
RAY-CARROLL COUNTY GRAIN
GROWERS, INC., a Missouri cooperative association (hereinafter referred
to as “Lender”).

    

    WITNESSETH:

     

    WHEREAS, on June 5, 2008, Maker
executed that certain 9% Subordinated Secured Promissory Note Due June 4, 2010
in the original principal sum of $1,000,000.00 (the “2008 Note”) in favor of
Lender, wherein, among other things, Maker is obligated to pay all amounts due
on June 4, 2010 (the “Maturity Date”); and

    

    WHEREAS, on March 31, 2009, Maker and
Lender entered into that certain Conversion Agreement, wherein Lender agreed
that, should the Maker not have “Excess Quarterly Cash” (as defined in that
certain Subordinated Secured Promissory Note dated March 31, 2009 in the
original principal sum of $12,000,000.00 from Maker to Lender) in excess of
$12,000,000.00, Lender will defer the Maturity Date of the 2008 Note to June 4,
2011; and

    

    WHEREAS, Maker and Lender hereby desire
to amend the 2008 Note as contemplated by the Conversion Agreement;

    

    NOW,
THEREFORE, in consideration of mutual promises,  the sufficiency and
receipt of which is hereby acknowledged, the Maker and Lender
agree:

    

    1.       
     The 2008 Note shall be amended to add to
substitute the following for the first sentence thereof:

    

    “FOR
VALUE RECEIVED, the undersigned, Show Me Ethanol, LLC, a Missouri limited
liability company (“Maker”), promises to pay to the order of Ray-Carroll County
Grain Growers, Inc. (“Payee”, Payee and any subsequent holder(s) hereof are
hereinafter referred to collectively as “Holder”), the principal sum of One
Million and 00/100 Dollars ($1,000,000), together with interest on the
outstanding Principal balance hereof from the date hereof at the rate of nine
percent (9%) per annum (computed on the basis of a 360-day year for the actual
number of days elapsed), on June 4, 2010 (the “Maturity Date”); provided,
however, that should the Maker on that date not have “Excess Quarterly Cash” (as
defined in that certain Subordinated Secured Promissory Note dated March 31,
2009 in the original principal sum of $12,000,000.00 from Maker to Payee) in
excess of $12,000,000.00, “Maturity Date” shall instead mean June 4,
2011.  Notwithstanding the foregoing, a default by Maker in the
payment of any other promissory note or indebtedness issued to other holders in
the same series as this note by Maker shall constitute a cross-default of this
note notwithstanding any deferral of the original Maturity Date of this
note.”

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    2.           Maker
and Lender hereby ratify and confirm the 2008 Note, as amended hereby, in all
respects; and, except as amended hereby, the 2008 Note shall remain in full
force and effect.

     

    3.           This
Amendment may be attached to and shall form a part of the 2008 Note for all
purposes.

     

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

    

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

    

    
      
        
          
            
              
                
                  
                    	 
      	
                            MAKER:

                          
	 
      	 
      
	 
      	
                            SHOW
      ME ETHANOL, LLC

                          
	 
      	 
      
	 
      	
                            By

                          	 
      
	 
      	
                            Name

                          	 
      
	 
      	
                            Title

                          	 
      
	 
      	 
      
	 
      	
                            LENDER:

                          
	 
      	 
      
	 
      	
                            RAY-CARROLL
      COUNTY GRAIN GROWERS,

                            INC.

                          
	 
      	 
      
	 
      	
                            By

                          	 
      
	 
      	
                            Name

                          	 
      
	 
      	
                            Title

                          	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
        2

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