Document:

Loan No. RI0355T02

                 CONSTRUCTION AND REVOLVING TERM LOAN SUPPLEMENT

         THIS SUPPLEMENT to the Master Loan Agreement dated January 30, 2006,
(the "MLA"), is entered into as of January 30, 2006, and effective February 1,
2007 (the "Effective Date") between FARM CREDIT SERVICES OF AMERICA, FLCA ("Farm
Credit") and GREEN PLAINS RENEWABLE ENERGY, INC., Shenandoah, Iowa (the
"Company").

         SECTION 1. The Construction and Revolving Term Loan Commitment. On the
terms and conditions set forth in the MLA and this Supplement, Farm Credit
agrees to make loans to the Company from time to time during the period set
forth below in an aggregate principal amount not to exceed, at any one time
outstanding, $17,000,000.00 less the amounts scheduled to be repaid during the
period set forth below in Section 6 (the "Commitment"). Requests for advances
which are for the purpose of paying the costs to construct the ethanol plant
described below shall be accompanied by documentation evidencing such costs.
Within the limits of the Commitment, the Company may borrow, repay and reborrow.

The Company may, in its sole discretion, elect to permanently reduce the amount
of the Commitment by giving Agent (as that term is defined in the MLA) ten (10)
days prior written notice. Said election shall be made only if the Company is
not in default at the time of the election and will remain in compliance with
all fmancial covenants after such reduction. Any such reduction shall be treated
as an early, voluntary reduction of the Commitment amount and shall not delay or
reduce the amount of any scheduled Commitment reduction under Section 6 hereof
(which reductions shall continue in the increments and on the dates determined
in accordance with Section 6), but rather shall result in an earlier expiration
of the Commitment and final maturity of the loans.

         SECTION 2. Purpose. The purpose of the Commitment is to partially
fmance the Company's construction of a 50 million gallon (annual) dry mill
ethanol plant, (the "Improvements") identified in the plans and specifications
provided to and approved by Agent pursuant to Section 7(A)(xiv) of the MLA (as
the same may be amended pursuant to Section 12(A) herein, the "Plans"), on real
property owned by the Company near Shenandoah, Iowa (the "Property") and to
provide working capital to the Company. The Company agrees to utilize the
proceeds of the Commitment for these purposes only.

         SECTION 3. Term. The term of the Commitment shall be from the Effective
Date hereof (or, if requested by Company, such earlier date as Agent may, in its
sole discretion, authorize in writing), up to and including November 1, 2017, or
such later date as Agent may, in its sole discretion, authorize in writing.

         SECTION 4. Disbursements of Proceeds.

         (A) Disbursement Procedures.

                  (1) Limits on Construction Related Advances. Agent shall not
be required to advance funds: (i) for any category or line item of acquisition
or construction cost an amount greater than the amount specified therefor in the
Project Budget (as defined in Section 7(A)(xiv) of the MLA); or (ii) for any
services not yet performed or for materials or goods not yet incorporated into
the Improvements or delivered to and properly stored on the Property. No advance
hereunder shall exceed 100% of the aggregate costs actually paid or currently
due and payable and represented by invoices accompanying a Request for
Construction Loan Advance submitted pursuant to Section 9(A) herein less the

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      2
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

amount of retainage ("Retainage") set out in the construction contract dated
January 17, 2006, between the Company and Fagen, Inc., and other construction
contracts of the Company for the Improvements.

                  (2) Advance of Retainage. The Retainage (but in no case
greater than the unused balance of the Commitment allocated for construction)
will be advanced by Agent to the Company pursuant to the conditions set forth in
such construction contracts, upon written request by the Company certifying the
satisfaction of such conditions precedent for payment of Retainage.

                  (3) Advances for Working Capital Purposes. Company may request
advances for pre-production expenses or working capital purposes at any time
upon written verification to Agent of the purpose of such advance request.

         (B) Payments to Third Parties. At its option and without further
authorization from the Company, Agent is authorized to make advances under the
Commitment by paying, directly or jointly with the Company, any person to whom
Agent in good faith determines payment is due and any such advance shall be
deemed made as of the date on which Agent makes such payment and shall be
secured under the deed of trust/mortgage securing the Commitment and any other
loan documents securing the Commitment as fully as if made directly to the
Company.

         SECTION 5. Interest and Fees.

              (A) Interest. The Company agrees to pay interest on the unpaid
principal balance of the loans in accordance with one or more of the following
interest rate options, as selected by the Company:

                  (1) Agent Base Rate. At a rate per annum equal at all times to
the rate of interest established by Agent from time to time as its Agent Base
Rate, which Rate is intended by Agent to be a reference rate and not its lowest
rate plus the Performance Pricing Adjustments, if any, set forth in Section
5(A)(4) below. The Agent Base Rate will change on the date established by Agent
as the effective date of any change therein and Agent agrees to notify the
Company of any such change.

                  (2) Quoted Rate. At a fixed rate per annum to be quoted by
Agent in its sole discretion in each instance. Under this option, rates may be
fixed on such balances and for such periods, as may be agreeable to Agent in its
sole discretion in each instance, provided that: (1) the minimum fixed period
shall be 30 days; (2) amounts may be fixed in increments of $100,000.00 or
multiples thereof; and (3) the maximum number of fixes in place at any one time
shall be five (5).

                  (3) LIBOR. At a fixed rate per annum equal to "LIBOR" (as
hereinafter defined) plus the Performance Pricing Adjustments, if any, set forth
in Section 5(A)(4) below. Under this option: (1) rates may be fixed for
"Interest Periods" (as hereinafter defined) of 1, 3, 6 or 9 months as selected
by the Company; (2) amounts may be fixed in increments of $100,000.00 or
multiples thereof; (3) the maximum number of fixes in place at any one time
shall be five; and (4) rates may only be fixed on a "Banking Day" (as
hereinafter defined) on 3 Banking Days' prior written notice. For purposes
hereof: (a) "LIBOR" shall mean the rate (rounded upward to the nearest sixteenth
and adjusted for reserves required on "Eurocurrency Liabilities" (as hereinafter
defined) for banks subject to "FRB Regulation D" (as herein defined) or required
by any other federal law or regulation) quoted by the British Bankers
Association (the "BBA") at 11:00 a.m. London time 2 Banking Days before the

<PAGE>

 Construction and Revolving Term Loan Supplement RI0355T02                     3
 Green Plains Renewable Energy, Inc.
 Shenandoah, Iowa

commencement of the Interest Period for the offering of U.S. dollar deposits in
the London interbank market for the Interest Period designated by the Company;
as published by Bloomberg or another major information vendor listed on BBA's
official website; (b) "Banking Day" shall mean a day on which Agent is open for
business, dealings in U.S. dollar deposits are being carried out in the London
interbank market, and banks are open for business in New York City and London,
England; (c) "Interest Period" shall mean a period commencing on the date this
option is to take effect and ending on the numerically corresponding day in the
next calendar month or the month that is 3, 6 or 9 months thereafter, as the
case may be; provided, however, that: (i) in the event such ending day is not a
Banking Day, such period shall be extended to the next Banking Day unless such
next Banking Day falls in the next calendar month, in which case it shall end on
the preceding Banking Day; and (ii) if there is no numerically corresponding day
in the month, then such period shall end on the last Banking Day in the relevant
month; (d) "Eurocurrency Liabilities" shall have meaning as set forth in "FRB
Regulation D"; and (e) "FRB Regulation D" shall mean Regulation D as promulgated
by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as
amended.

                  (4) Performance Pricing Adjustments. The interest rate spread
parameters set forth in Subsections (A)(1) and (3) above shall be either
increased or decreased in accordance with the following schedule:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                                      Total Equity/                Total Equity/                Total Equity/
                                      Total Assets                 Total Assets                 Total Assets
                                     Less than 0.50     Greater than 0.50 to Less than 0.60    Greater than 0.60
----------------------------------------------------------------------------------------------------------------------
<S>                                       <C>                          <C>                           <C>
 Agent Base Rate                         +50 BP                       +25 BP                        +0 BP
----------------------------------------------------------------------------------------------------------------------
 LIBOR                                   +335 BP                      +310 BP                      +285 BP
----------------------------------------------------------------------------------------------------------------------
</TABLE>

The applicable interest rate adjustment shall:
(i)   be considered as of each fiscal quarter end based on interim fmancial
      information provided by the Company within 20 working days of quarter end;
(ii)  become effective as of the first day of the month following receipt of
      such information by Agent, and
(iii) shall be effective on a prospective basis only and shall not affect
      existing fixed rate pricing.

The Company shall select the applicable rate option at the time it requests a
loan hereunder and may, subject to the limitations set forth above, elect to
convert balances bearing interest at the variable rate option to one of the
fixed rate options. Upon the expiration of any fixed rate period, interest shall
automatically accrue at the variable rate option unless the amount fixed is
repaid or fixed for an additional period in accordance with the terms hereof.
Notwithstanding the foregoing, rates may not be fixed in such a manner as to
cause the Company to have to break any fixed rate balance in order to pay any
installment of principal. All elections provided for herein shall be made
electronically (if applicable), telephonically or in writing and must be
received by Agent not later than 12:00 Noon Company's local time in order to be
considered to have been received on that day; provided, however, that in the
case of LIBOR rate loans, all such elections must be confirmed in writing upon
Agent's request. Interest shall be calculated on the actual number of days each
loan is outstanding on the basis of a year consisting of 360 days and shall be
payable monthly in arrears by the 20th day of the following month or on such
other day in such month as Agent shall require in a written notice to the
Company; provided, however, in the event the Company elects to fix all or a
portion of the indebtedness outstanding under the LIBOR interest rate option
above, at Agent's option upon written notice to the Company, interest shall be
payable at the maturity of the Interest Period and if the LIBOR interest rate

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      4
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

fix is for a period longer than 3 months, interest on that portion of the
indebtedness outstanding shall be payable quarterly in arrears on each
three-month anniversary of the commencement date of such Interest Period, and at
maturity.

         (B) Commitment Fee. In consideration of the Commitment, the Company
agrees to pay to Agent a commitment fee on the average daily unused portion of
the Commitment (as permanently reduced by the Company, if applicable, under
Section 1 above) at a rate of 1/2 of 1% per annum (calculated on a 360 day
basis), payable monthly in arrears by the 20th day following each month. Such
fee shall be payable for each month (or portion thereof) occurring during the
original or any extended term of the Commitment.

         SECTION 6. Promissory Note. The Company promises to repay on the dates
set forth below, the outstanding principal, if any, that is in excess of the
listed amounts:

              Payment Date                Reducing Commitment Amount
              ------------------------------------------------------
              May 1, 2014                        $14,600,000.00
              November 1, 2014                   $12,200,000.00
              May 1, 2015                        $ 9,800,000.00
              November 1, 2015                   $ 7,400,000.00
              May 1,2016                         $ 5,000,000.00
              November 1, 2016                   $ 2,600,000.00
              May 1,2017                         $   200,000.00
              November 1, 2017                   $         0.00

Provided, however, that if Construction and Term Loan Supplement No. RI0355T01
dated January 30, 2006, has been repaid prior to its maturity date of November
20, 2013, then repayment for this loan shall begin on the first day of the month
that is six months after the first day of the month following the repayment of
RI0355T01, and reductions in principal as noted above shall occur every six
months thereafter. If any installment due date is not a day on which Agent is
open for business, then such installment shall be due and payable on the next
day on which Agent is open for business. In addition to the above, the Company
promises to pay interest on the unpaid principal balance hereof at the times and
in accordance with the provisions set forth in Section 5 hereof.

         SECTION 7. Prepayment. Subject to the broken funding surcharge
provision of the MLA, prepayment of any outstanding principal balance due to
refinancing, or refinancing of any =advanced Commitment, up to and including
January 1, 2009, will result in a 3% prepayment charge in addition to any broken
funding surcharges which may be applicable, based on the amounts prepaid and on
the total amount of the Commitments in effect at such time.

         SECTION 8. Security. Security is set forth in the MLA.

         SECTION 9. Additional Conditions Precedent. Agent's obligation to make
each advance hereunder, including the initial advance, is subject to the
satisfaction of each of the following additional conditions precedent on or
before the date of such advance:

         (A) Request for Loan Advance. That Agent receives an executed request
for loan advance from the Company in the form of Exhibit A attached hereto (the

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      5
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

"Request for Loan Advance"), together with all items called for therein
including a designation therein if the advance is for construction or working
capital purposes.

              (B) Construction Advances. If one of the purposes in a Request for
Loan Advance is for construction, the following additional conditions precedent
shall be applicable:

                  (1) Construction Certificate. If an independent inspector has
been employed by Agent pursuant to Section 14(D), a certificate or report of
such inspector to the effect that the construction of the Improvements to the
date thereof has been performed in a good and workmanlike manner and in
accordance with the Plans, stating the estimated total cost of construction of
the Improvements, stating the percentage of in-place construction of the
Improvements, and stating that the remaining non-disbursed portion of the
Commitment is adequate to complete the construction of the Improvements.

                  (2) List of Permits. Receipt by Agent of a detailed list of
all permits required for both the construction of the improvements and the
operation of the facility setting forth for each listed permit whether such
permit is required for commencement of construction or required for commencement
of operation, and identifying to Agent's satisfaction whether such permits have
been issued or can reasonably be expected to be issued. This additional
condition shall be required only with any initial construction advance
hereunder.

                  (3) Construction Permits. Receipt by Agent of evidence of
issuance of all permits that are required to be obtained prior to the
commencement of construction of the improvements. This additional condition
shall be required only with any initial construction advance hereunder.

         SECTION 10. Representations and Warranties. In addition to the
representations and warranties contained in the MLA, the Company represents and
warrants as follows:

         (A) Project Approvals; Consents; Compliance. The Company has obtained
all Project Approvals relating to the construction and operation of the
Improvements, except those the Company has disclosed to Agent in writing. All
such Project Approvals heretofore obtained remain in full force and effect and
the Company has no reason to believe that any such Project Approval not
heretofore obtained will not be obtained by the Company in the ordinary course
during or following completion of the construction of the Improvements. To the
extent that any Project Approval may terminate or become void or voidable or
terminable, upon any sale, transfer or other disposition of the Property or the
Improvements, including any transfer pursuant to foreclosure sale under the
Mortgage, the Company will cooperate with Agent to obtain any replacement
Project Approvals. No consent, permission, authorization, order, or license of
any governmental authority is necessary in connection with the execution,
delivery, performance, or enforcement of the loan documents to which the Company
is a parry, except such as have been obtained and are in full force and effect.
The Company is in compliance in all material respects with all Project Approvals
having application to the Property or the Improvements except as the Company has
disclosed to Agent in writing. Without limiting the foregoing, there are no
unpaid or outstanding real estate or other taxes or assessments on or against
the Property or the Improvements or any part thereof (except only real estate
taxes not yet due and payable). The Company has received no notice nor has any
knowledge of any pending or contemplated assessments against the Property or the
Improvements which have not been disclosed to Agent in writing.

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      6
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

         (B) Environmental Compliance. Without limiting the provisions of the
MLA, all property owned or leased by the Company, including, without limitation,
the Property and the Improvements, and all operations conducted by it are in
compliance in all material respects with all Laws and all Project Approvals
relating to environmental protection, the failure to comply with which could
have a material adverse effect on the condition, fmancial or otherwise,
operations, properties, or business of the Company, or on the ability of the
Company to perform its obligations under the loan documents except as the
Company has disclosed to Agent in writing.

         (C) Feasibility. Each of the Project Budget, the Project Schedule and
the Disbursement Schedule is realistic and feasible.

         SECTION 11. Affirmative Covenants. In addition to the affirmative
covenants contained in the MLA, the Company agrees to:

              (A) Reports and Notices. Furnish to Agent:

                  (1) Regulatory and Other Notices. Promptly after receipt
thereof, copies of any notices or other communications received from any
governmental authority with respect to the Property, the Improvements, or any
matter or proceeding the effect of which could have a material adverse effect on
the condition, financial or otherwise, operations, properties, or business of
the Company, or the ability of the Company to perform its obligations under the
loan documents.

                  (2) Notice of Nonpayment. Promptly after the filing or receipt
thereof, a description of or a copy of any lien filed by or any notice, whether
oral or written, from any laborer, contractor, subcontractor or materialman to
the effect that such laborer, contractor, subcontractor or materialman has not
been paid when due for any labor or materials furnished in connection with the
construction of the Improvements.

                  (3) Notice of Suspension of Work. Prompt notice of any
suspension in the construction of the Improvements, regardless of the cause
thereof, in excess of ten (10) days and a description of the cause for such
suspension.

         (B) Construction Liens. Pay or cause to be removed, within fifteen (15)
days after notice from Agent, any lien on the Improvements or Property,
provided, however, that Company shall have the right to contest in good faith
and with reasonable diligence the validity of any such lien or claim.

         (C) Identity of Contractors, etc. Furnish to Agent from time to time on
request by Agent, in a form acceptable to Agent, correct lists of all
contractors, subcontractors and suppliers of labor and material supplied in
connection with construction of the Improvements and true and correct copies of
all executed contracts, subcontracts and supply contracts. Agent may contact any
contractor, subcontractor or supplier to verify any facts disclosed in the lists
and contracts. All contracts and subcontracts relating to construction of the
Improvements must contain provisions authorizing or not prohibiting the Company
to supply to Agent the listed information and copies of contracts or not
otherwise prohibiting any transfers.

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      7
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

         (D) Lien Waivers. Furnish to Agent, at any time and from time to time
upon the request of Agent, lien waivers bearing a then current date and prepared
on a form satisfactory to Agent from such contractor, subcontractor, or supplier
as Agent shall designate.

         (E) Operating Permits. Furnish to Agent, unless as otherwise consented
to in writing by Agent, as soon as possible but prior to the commencement of
operation of the constructed facility, evidence of the issuance of all necessary
permits for such operation.

         SECTION 12. Negative Covenants. In addition to the negative covenants
contained in the MLA, the Company will not:

         (A) Change Orders. Allow any substantial deviation, addition, extra, or
change order to the Plans, Project Budget or Project Schedule the cost of which
in the aggregate exceeds $100,000.00, without Agent's prior written approval.
All requests for substantial changes shall be made using a Change Order Request
in the form of Exhibit B attached hereto. Agent will have a reasonable time to
evaluate any requests for its approval of any changes referred to in this
covenant, and will not be required to consider approving any changes unless all
other approvals that may be required have been obtained. Agent may approve or
disapprove changes in its discretion. All contracts and subcontracts relating to
the construction of the Improvements must contain provisions satisfactory to
Agent implementing the above provisions of this covenant. Company shall promptly
provide to Agent copies of all change orders that, pursuant to the above
described procedures, did not require Agent's prior written approval.

         (B) Materials. Purchase or install any materials, equipment, fixtures
or articles of personal property for the Improvements if such shall be covered
under any security agreement or other agreement where the seller reserves or
purports to reserve title or the right of removal or repossession, or the right
to consider them personal property after their incorporation in the
Improvements.

         SECTION 13. Casualties.

         (A) Right to Elect To Apply Proceeds. In case of material loss or
damage to the Property or to the Improvements by fire, by a taking by
condemnation for public use or the action of any governmental authority or
agency, or the transfer by private sale in lieu thereof, either temporarily or
permanently, or otherwise, if in the sole judgment of Agent there is reasonable
doubt as to Company's ability to complete construction of the Improvements on or
before May 1, 2007, by reason of such loss or damage or because of delays in
making settlements with governmental agencies or authorities or with insurers,
Agent may terminate its obligations to make advances hereunder and elect to
collect, retain and apply to the Commitment all proceeds of the taking or
insurance after deduction of all expense of collection and settlement, including
attorneys' and adjusters' fees and charges. In the event such proceeds are
insufficient to pay the Commitment in full, Agent may declare the balance
remaining unpaid on the Commitment to be due and payable forthwith and avail
itself on any of the remedies afforded thereby as in any case of default.

         (B) Election Not To Apply Proceeds. In case Agent does not elect to
apply such proceeds to the Commitment, Company will:

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      8
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

                  (1) Settle. Proceed with diligence to make settlement with the
governmental agencies or authorities or the insurers and cause the proceeds of
insurance to be paid to Company.

                  (2) Resume Construction. Promptly proceed with the resumption
of construction of the Improvements, including the repair of all damage
resulting from such fire or other cause and restoration to its former condition.

         (C) Use of Proceeds. All such proceeds shall be fully used before the
disbursement of any further proceeds of the Commitment.

         SECTION 14. Other Rights of Agent.

         (A) Right to Inspect. Agent or its agent may enter on the Property at
any time and inspect the Improvements. If the construction of the Improvements
is not reasonably satisfactory to Agent, Agent may reasonably and in good faith
stop the construction and order its replacement or the correction thereof or
additions thereto, whether or not said unsatisfactory construction has been
incorporated in the Improvements, and withhold all advances hereunder until such
construction is satisfactory to Agent. Such construction shall promptly be made
satisfactory to Agent.

         (S) Obligation of Agent. Neither Agent nor any inspector hired pursuant
to Subsection (D) below is obligated to construct or supervise construction of
the Improvements. Inspection by Agent or such inspector thereof is for the sole
purpose of protecting Agent's security and is not to be construed as a
representation that there will be compliance on anyone's part with the Plans or
that the construction will be free from faulty material or workmanship. Neither
Agent nor such inspector shall be liable to the Company or any other person
concerning the quality of construction of the Improvements or the absence
therefrom of defects. The Company will make or cause to be made such other
independent inspections as it may desire for its own protection.

         (C) Right to Complete Upon Event of Default. Upon any Event of Default
hereunder, Agent may complete construction of the Improvements, subject to
Agent's right at any time to discontinue any work without liability, and apply
the proceeds of the Commitment to such completion, and may demand such
additional sums from the Company as may be necessary to complete construction,
which sums the Company shall promptly pay to Agent. In connection with any
construction of the Improvements undertaken by Agent pursuant to this
Subsection, Agent may (i) enter upon the Property; (ii) employ existing
contractors, architects, engineers and subcontractors or terminate them and
employ others; (iii) make such addition, changes and corrections in the Plans as
shall, in the judgment of Agent, be necessary or desirable; (iv) take over and
use any personal property, materials, fixtures, machinery, or equipment of the
Company to be incorporated into or used in connection with the construction or
operation of the Improvements; (v) pay, settle, or compromise all existing or
future bills and claims which are or may be liens against the Property or the
Improvements; and (vi) take such other action, as Agent may in its sole
discretion determine, to complete the construction of the Improvements. The
Company shall be liable to Agent for all costs paid or incurred for construction
of the Improvements, and all payments made hereunder shall be deemed advances by
Agent, shall be evidenced by the Note and shall be secured by the Mortgage and
any other loan document securing the Commitment (including any amounts in excess
of the Commitment).

<PAGE>

Construction and Revolving Term Loan Supplement RI0355T02                      9
Green Plains Renewable Energy, Inc.
Shenandoah, Iowa

         (D) Right to Employ Independent Engineer. Agent reserves the right to
employ an independent construction engineer, among other things, to review the
Project Budget, the Project Schedule and the Plans, inspect all construction of
the Improvements and the periodic progress of the same, and review all Draw
Requests and change orders, the cost therefor to be the sole responsibility of
the Company and shall be paid by the Company upon demand by Agent.

         (E) Indemnification and Hold Harmless. The Company shall indemnify and
hold Farm Credit and Agent harmless from and against all liability, cost or
damage arising out of this Agreement or any other loan document or the
transactions contemplated hereby and thereby, including, without limitation, (i)
any alleged or actual violation of any Law or Project Approval relating to the
Property or the Improvements and (ii) any condition of the Property or the
Improvements whether relating to the quality of construction or otherwise and
whether Agent elects to complete construction upon an Event of Default or
discontinues or suspends construction pursuant to this Section 14. Agent may
commence, appear in or defend any such action or proceeding or any other action
or proceeding purporting to affect the rights, duties or liabilities of the
parties hereunder, or the Improvements, or the Property, or the payment of the
Commitment, and the Company agrees to pay all of Agent's costs and expenses,
including its reasonable attorneys' fees, in any such actions. The obligations
of the Company under this Subsection 14(E) shall survive the termination of this
Agreement. As to any action or inaction taken by Agent hereunder, Agent shall
not be liable for any error of judgment or mistake of fact or law, absent gross
negligence or willful misconduct on its part. The Company's obligation to
indemnify and hold Agent harmless hereunder will exclude any liability, cost, or
damage related to Agent's breach of this Agreement or for Agent's gross
negligence or willful misconduct.

         SECTION 15. Notice of Completion. Company irrevocably appoints Agent as
Company's agent to file of record any notice of completion, cessation of labor
or any other notice that Agent deems necessary to file to protect any of the
interests of Agent. Agent, however, shall have no duty to make such filing.

         SECTION 16. Signs and Publicity. At Farm Credit's and Agent's request,
Company will allow Farm Credit and Agent to post signs on the Property at the
construction site for the purpose of identifying Farm Credit and Agent as the
"Construction Lenders". At the request of Farm Credit and Agent, Company will
use its best efforts to identify Farm Credit and Agent as the construction
lenders in publicity concerning the project.

         SECTION 17. Cooperation. Company will cooperate at all times with Agent
in bringing about the timely completion of the Improvements, and Company will
resolve all disputes arising during the work of construction in a manner which
will allow work to proceed expeditiously.

         SECTION 18. Events of Default. In addition to the events of default set
forth in the MLA, each of the following shall constitute an "Event of Default"
hereunder:

         (A) Cessation of Construction. Any cessation at any time in the
construction of the Improvements for more than thirty (30) consecutive days,
except for strikes, acts of God, or other causes beyond the Company's control,
or any cessation at any time in construction of the Improvements for more than
thirty (30) consecutive days, regardless of the cause.

         (B) Insufficiency of Loan Proceeds. Agent, in its sole discretion shall
determine that the remaining undisbursed portion of the Commitment is or will be
insufficient to fully complete Improvements in accordance with the Plans.

FARM CREDIT SERVICES
OF AMERICA, FLCA                          GREEN PLAINS RENEWABLE ENERGY, INC.

By: /s/ Gary Mazour                       By: /s/ Barry A. Ellsworth
   --------------------                      -----------------------------
   Its: V.P.                                 Its: CEO & PresidentFARM CREDIT SERVICES OF AMERICA, FLCA
                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT is executed and delivered by GREEN PLAINS
RENEWABLE ENERGY, INC. (the "Debtor"), an Iowa corporation, having its place of
business (or chief executive office if more than one place of business) located
at 119 South Elm, Shenandoah, Iowa 51601 9635 Irvine Bay Court, Las Vegas,
Nevada 89147, to FARM CREDIT SERVICES OF AMERICA, FLCA (the "Secured Party"), a
federally chartered instrumentality of the United States, whose mailing address
is P.O. Box 2409, Omaha, Nebraska 68103-2409.

         SECTION 1. GRANT OF SECURITY INTEREST. For valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Debtor hereby
grants to the Secured Party a security interest in all of the personal property
of the Debtor, wherever located and whether now existing or hereafter acquired,
together with all accessions and additions thereto, and all products and
proceeds thereof, including:

         accounts; inventory (including without limitation, returned or
         repossessed goods); goods; as-extracted collateral; chattel paper;
         electronic chattel paper; instruments; investment property (including,
         without limitation, certificated and uncertificated securities,
         security entitlements, securities accounts, commodity contracts, and
         commodity accounts); letters of credit; letter-of-credit rights;
         documents; equipment; farm products; fixtures; general intangibles
         (including, without limitation, payment intangibles, choses or things
         in action, litigation rights and resulting judgments, goodwill,
         patents, trademarks and other intellectual property, tax refunds,
         miscellaneous rights to payment, investments and other interests in
         entities not included in the definition of investment property
         (including, without limitation, all equities and patronage rights in
         all cooperatives and all interests in partnerships and joint ventures),
         margin accounts, computer programs, software, invoices, books, records
         and other information relating to or arising out of the Debtor's
         business); and, to the extent not covered by the above, all other
         personal property of the Debtor of every type and description,
         including without limitation, supporting obligations, interests or
         claims in or under any policy of insurance, commercial tort claims,
         deposit accounts, money, and judgments (the "Collateral").

Where applicable, all terms used herein shall have the same meaning as presently
and as hereafter defined in the Uniform Commercial Code (the "UCC").

         SECTION 2. THE OBLIGATIONS. The security interest granted hereunder
shall secure the payment of all indebtedness and the performance of all
obligations of the Debtor to the Secured Party of every type and description,
whether now existing or hereafter arising, fixed or contingent, as primary
obligor or as guarantor or surety, acquired directly or by assignment or
otherwise, liquidated or unliquidated, regardless of how they arise or by what
agreement or instrument they may be evidenced, including without limitation all
loans, advances and other extensions of credit and all covenants, agreements,
and provisions contained in all loan and other agreements between the parties
(the "Obligations").

         SECTION 3. REPRESENTATIONS, WARRANTIES AND COVENANTS. The Debtor
represents, warrants and covenants as follows:

<PAGE>

         A. Title to Collateral. Except as permitted by any other written
agreement between the parties, and except for any security interest in favor of
the Secured Party, the Debtor has clear title to all Collateral free of all
adverse claims, interests, liens, or encumbrances. Without the prior written
consent of the Secured Party, the Debtor shall not create or permit the
existence of any adverse claims, interests, liens, or other encumbrances against
any of the Collateral. The Debtor shall provide prompt written notice to the
Secured Party of any future adverse claims, interests, liens, or encumbrances
against all Collateral, and shall defend diligently the Debtor's and the Secured
Party's interests in all Collateral.

         B. Validity of Security Agreement; Corporate Authority. This Security
Agreement is the valid and binding obligation of the Debtor, enforceable in
accordance with its terms. The Debtor has the corporate power to execute,
deliver and carry out the terms and provisions of this Security Agreement and
all related documents, and has taken all necessary corporate action to authorize
the execution, delivery and performance of this Security Agreement and all
related documents.

         C. Location of the Debtor. The Debtor's place of business (or chief
executive office if more than one place of business) is located at the address
shown above. The Debtor's state of incorporation or formation is as shown above.
D. Location of Collateral. All equipment and inventory are now at the location
or locations specified on Schedule A attached hereto and made a part hereof. All
farm products and fixtures are now at the location or locations specified on
Schedule B attached hereto and made a part hereof.

         E. Name, Identity, and Corporate Structure. The Debtor's exact legal
name is as set forth above. Except as otherwise disclosed to the Secured Party
in writing, the Debtor has not within the past ten years changed its name,
identity or corporate structure through incorporation, merger, consolidation,
joint venture or otherwise.

         F. Change in Name, State of Debtor's Location, Location of Collateral,
Etc. Without giving at least thirty days' prior written notice to the Secured
Party, the Debtor shall not change its name, identity or corporate structure,
the location of its place of business (or chief executive office if more than
one place of business), its state of incorporation or formation, or the location
of the Collateral.

G. Further Assurances. Upon the request of the Secured Party, the Debtor shall
do all acts and things as the Secured Party may from time to time deem necessary
or advisable to enable it to perfect, maintain, and continue the perfection and
priority of the security interest of the Secured Party in the Collateral, or to
facilitate the exercise by the Secured Party of any rights or remedies granted
to the Secured Party hereunder or provided by law. Without limiting the
foregoing, the Debtor agrees to execute, in form and substance satisfactory to
the Secured Party, such financing statements, amendments thereto, supplemental
agreements, assignments, notices of assignments, and other instruments and
documents as the Secured Party may from time to time request. In addition, in
the event the Collateral or any part thereof consists of instruments, documents,
chattel paper, or money (whether or not proceeds of the Collateral), the Debtor
shall, upon the request of the Secured Party, deliver possession thereof to the
Secured Party (or to an agent of the Secured Party retained for that purpose),
together with any appropriate endorsements and/or assignments. Where Collateral
is in the possession of a third party, the Debtor will join with the Secured
Party in notifying the third party of the Secured Party's security interest and
obtaining an acknowledgment from the third party that it is holding the
Collateral for the benefit of the Secured Party. The Debtor will cooperate with
the Secured Party in obtaining control with respect to Collateral consisting of
deposit accounts (that are not held by the Secured Party as depositary
institution), investment property, letter-ofcredit rights and electronic chattel
paper. The Secured Party shall use reasonable care in the custody and
preservation of such Collateral in its possession, but shall not be required to
take any steps necessary to preserve rights against prior parties. All costs and

<PAGE>

expenses incurred by the Secured Party to establish, perfect, maintain,
determine the priority of, or release the security interest granted hereunder
(including the cost of all filings, recordings, and taxes thereon and the fees
and expenses of any agent retained by Secured Party) shall become part of the
Obligations secured hereby and be paid by the Debtor on demand.

         H. Insurance. The Debtor shall maintain such property and casualty
insurance with such insurance companies, in such amounts, and covering such
risks, as are at all times satisfactory to the Secured Party. All such policies
shall provide for loss payable clauses or endorsements in form and content
acceptable to the Secured Party. Upon the request of the Secured Party, all
policies (or such other proof of compliance with this Section as may be
satisfactory to the Secured Party) shall be delivered to the Secured Party. The
Debtor shall pay all insurance premiums when due. In the event of loss, damage,
or injury to any insured Collateral, the Secured Party shall have full power to
collect any and all insurance proceeds due under any of such policies, and may,
at its option, apply such proceeds to the payment of any of the Obligations
secured hereby, or may apply such proceeds to the repair or replacement of such
Collateral.

         I. Taxes, Levies, Etc. The Debtor has paid and shall continue to pay
when due all taxes, levies, assessments, or other charges which may become an
enforceable lien against the Collateral.

         J. Disposition and Use of Collateral by the Debtor. Without the prior
written consent of the Secured Party and provided the Debtor is not in default
hereunder, the Debtor shall not at any time sell, transfer, lease, abandon, or
otherwise dispose of any Collateral except in the ordinary course of its
business. The Debtor shall not use any of the Collateral in any manner which
violates any statute, regulation, ordinance, rule, decree, order, or insurance
policy.

         K. Receivables. The Debtor shall preserve, enforce, and collect all
accounts, chattel paper, electronic chattel paper, instruments, documents and
general intangibles, whether now owned or hereafter acquired or arising (the
"Receivables"), in a diligent fashion. If there is an Event of Default or
Potential Default (as such terms are defined in the parties' Master Loan
Agreement of even date herewith) that is not cured within ten (10) days after
written notice from Secured Party to Debtor, then and, upon the request of the
Secured Party, the Debtor shall execute an agreement in form and substance
satisfactory to the Secured Party by which the Debtor shall direct all account
debtors and obligors on instruments to make payment to a lock box deposit
account under the exclusive control of the Secured Party.

         L. Condition of Collateral. All tangible Collateral is now in good
repair and condition and the Debtor shall at all times hereafter, at its own
expense, maintain all such Collateral in good repair and condition.

         M. Condition of Books and Records. The Debtor has maintained and shall
maintain complete, accurate and up-to-date books, records, accounts, and other
information relating to all Collateral in such form and in such detail as may be
satisfactory to the Secured Party, and shall allow the Secured Party or its
representatives at any reasonable time to examine and copy such books, records,
accounts, and other information.

         N. Right of Inspection. At all reasonable times upon the request of the
Secured Party, the Debtor shall allow the Secured Party or its representatives
to visit any of the Debtor's properties or locations so that the Secured Party
or its representatives may confirm, inspect and appraise any of the Collateral.

         SECTION 4. DEFAULT. The breach of any of the Obligations secured
hereby, and/or the breach of any representation, warranty, covenant, or
agreement contained in this Security Agreement, shall constitute default
hereunder.

<PAGE>

         SECTION 5. RIGHTS AND REMEDIES. Upon the Debtor's default and at any
time thereafter, the Secured Party may declare all Obligations to be immediately
due and payable and may exercise any and all rights and remedies of the Secured
Party in the enforcement of its security interest under the UCC, this Security
Agreement, or any other applicable law. Without limiting the foregoing:

         A. Disposition of Collateral. The Secured Party may sell, lease, or
otherwise dispose of all or any part of the Collateral, in its then present
condition or following any commercially reasonable preparation or processing
thereof, whether by public or private sale or at any brokers' board, in lots or
in bulk, for cash, on credit or otherwise, with or without representations or
warranties, and upon such other terms as may be acceptable to the Secured Party,
and the Secured Party may purchase at any public sale. At any time when advance
notice of sale is required, the Debtor agrees that ten days' prior written
notice shall be reasonable. In connection with the foregoing, the Secured Party
may:

                  1. require the Debtor to assemble the Collateral and all
records pertaining thereto and make such Collateral and records available to the
Secured Party at a place to be designated by the Secured Party which is
reasonably convenient to both parties;

                  2. enter the premises of the Debtor or premises under the
Debtor's control and take possession of the Collateral;

                  3. without charge, use or occupy the premises of the Debtor or
premises under the Debtor's control, including without limitation, warehouse and
other storage facilities;

                  4. without charge, use any patent, trademark, tradename, or
other intellectual property or technical process used by the Debtor in
connection with any of the Collateral; and

                  5. rely conclusively upon the advice or instructions of any
one or more brokers or other experts selected by the Secured Party to determine
the method or manner of disposition of any of the Collateral and, in such event,
any disposition of the Collateral by the Secured Party in accordance with such
advice or instructions shall be deemed to be commercially reasonable.

         B. Collection of Receivables. The Secured Party may, but shall not be
obligated to, take all actions reasonable or necessary to preserve, enforce or
collect the Receivables, including without limitation, the right to notify
account debtors and obligors on Receivables to make direct payment to the
Secured Party, to permit any extension, compromise, or settlement of any of the
Receivables for less than face value, or to sue on any Receivable, all without
prior notice to the Debtor.

         C. Proceeds. The Secured Party may collect and apply all proceeds of
the Collateral, and may endorse the name of the Debtor in favor of the Secured
Party on any and all checks, drafts, money orders, notes, acceptances, or other
instruments of the same or a different nature, constituting, evidencing, or
relating to the Collateral. The Secured Party may receive and open all mail
addressed to the Debtor and remove there from any cash or non-cash items of
payment constituting proceeds of the Collateral.

         D. Insurance Adjustments. The Secured Party may adjust, settle, and
cancel any and all insurance covering any Collateral, endorse the name of the
Debtor on any and all checks or drafts drawn by any insurer, whether
representing payment for a loss or a return of unearned premium, and execute any
and all proofs of claim and other documents or instruments of every kind
required by any insurer in connection with any payment by such insurer.

         The net proceeds of any disposition of the Collateral may be applied by
the Secured Party, after deducting its reasonable expenses incurred in such
disposition, to the payment in whole or in part of the Obligations in such order

<PAGE>

as the Secured Party may elect. The enumeration of the foregoing rights and
remedies is not intended to be exhaustive, and the exercise of any right and/or
remedy shall not preclude the exercise of any other rights or remedies, all of
which are cumulative and non-exclusive.

         SECTION 6. OTHER PROVISIONS.

         A. Amendment, Modification, and Waiver. Without the prior written
consent of the Secured Party, no amendment, modification, or waiver of, or
consent to any departure by the Debtor from, any provision hereunder shall be
effective. Any such amendment, modification, waiver, or consent shall be
effective only in the specific instance and for the specific purpose for which
given. No delay or failure by the Secured Party to exercise any remedy hereunder
shall be deemed a waiver thereof or of any other remedy hereunder. A waiver on
any one occasion shall not be construed as a bar to or waiver of any remedy on
any subsequent occasion.

         B. Costs and Attorneys' Fees. Except as prohibited by law, if at any
time the Secured Party employs counsel in connection with the creation,
perfection, preservation, or release of the Secured Party's security interest in
the Collateral or the enforcement of any of the Secured Party's rights or
remedies hereunder, all of the Secured Party's reasonable attorneys' fees
arising from such services and all expenses, costs, or charges relating thereto
shall become part of the Obligations secured hereby and be paid by the Debtor on
demand.

         C. No Obligation to Make Loans. Nothing contained herein or in any
financing statement or other document executed or filed in connection herewith
shall be construed to obligate the Secured Party to make any loans or advances
to the Debtor, whether pursuant to a commitment or otherwise. This Section 6.C.
shall not amend or alter Secured Party's obligations to lend funds under the
terms and conditions described in the parties' Master Loan Agreement, of even
date herewith.

         D. Revival of Obligations. To the extent the Debtor or any third party
makes a payment or payments to the Secured Party or the Secured Party enforces
its security interest or exercises any right of setoff, and such payment or
payments or the proceeds thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside, and/or required to be repaid to a
trustee, receiver, or any other party under any bankruptcy, insolvency or other
law or in equity, then, to the extent of such recovery, the Obligations or any
part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment or payments had not been made, or
such enforcement or setoff had not occurred.

         E. Performance by the Secured Party. In the event the Debtor shall at
any time fail to pay or perform punctually any of its duties hereunder, the
Secured Party may, at its option and without notice to or demand upon the
Debtor, without obligation and without waiving or diminishing any of its other
rights or remedies hereunder, fully perform or discharge any of such duties. All
costs and expenses incurred by the Secured Party in connection therewith,
together with interest thereon at the Secured Party's Agent Base Rate plus four
percent per annum, shall become part of the Obligations secured hereby and be
paid by the Debtor upon demand.

         F. Indemnification, Etc. The Debtor hereby expressly indemnifies and
holds the Secured Party harmless from any and all claims, causes of action, or
other proceedings, and from any and all liability, loss, damage, and expense of
every nature, arising by reason of the Secured Party's enforcement of its rights
and remedies hereunder, or by reason of the Debtor's failure to comply with any
environmental or other law or regulation. As to any action taken by the Secured
Party hereunder, the Secured Party shall not be liable for any error of judgment
or mistake of fact or law, absent gross negligence or willful misconduct on its
part.

<PAGE>

         G. Power of Attorney. The Debtor hereby appoints the Secured Party or
the Secured Party's designee as its attorney-in-fact, which appointment is
irrevocable, durable, and coupled with an interest, with full power of
substitution, in the name of the Debtor or in the name of the Secured Party, to
take any action which the Debtor is obligated to perform hereunder or which the
Secured Party may deem necessary or advisable to accomplish the purposes of this
Security Agreement. In taking any action in accordance with this Section, the
Secured Party shall not be deemed to be the agent of the Debtor. The powers
conferred upon the Secured Party in this Section are solely to protect its
interest in the Collateral and shall not impose any duty upon the Secured Party
to exercise any such powers.

         H. Continuing Effect. This Security Agreement, the Secured Party's
security interest in the Collateral, and all other documents or instruments
contemplated hereby shall continue in full force and effect until all of the
Obligations have been satisfied in full, the Secured Party has no commitment to
make any further advances to the Debtor, and the Debtor has sent a valid written
demand to the Secured Party for termination of this Security Agreement.

         I. Binding Effect. This Security Agreement shall be binding upon and
inure to the benefit of the Debtor and the Secured Party and their respective
successors and assigns.

         J. Security Agreement as Financing Statement and Authorization to File.
A photographic copy or other reproduction of this Security Agreement may be used
as a financing statement. In addition, the Debtor authorizes the Secured Party
to prepare and file financing statements describing the Collateral, amendments
thereto, and continuation statements and file any financing statement, amendment
thereto or continuation statement electronically. In addition, the Debtor
authorizes the Secured Party to file financing statements describing any
agricultural liens or other statutory liens held by the Secured Party.

         K. Governing Law. Subject to any applicable federal law, this Security
Agreement shall be construed in accordance with and governed by the laws of the
State of Colorado, except to the extent that the UCC provides for the
application of the law of another state.

         L. Notices. All notices, requests, demands, or other communications
required or permitted hereunder shall be in writing and shall be deemed to have
been given when sent by registered or certified mail, return receipt requested,
addressed to the other party at the respective addresses given above, or to such
other person or address as either party designates to the other in the manner
herein prescribed.

         M. Severability. The determination that any term or provision of this
Security Agreement is unenforceable or invalid shall not affect the
enforceability or validity of any other term or provision hereof.

         IN WITNESS WHEREOF, the Debtor has executed this Security Agreement by
its duly authorized officer as of the day and year shown below.

DATED: January 30, 2006         DEBTOR: GREEN PLAINS RENEWABLE ENERGY, INC.,
                                        an Iowa corporation

                                        By:  /s/ Barry A. Ellsworth
                                           -------------------------------------
                                           Title: President & CEO

<PAGE>

                                   SCHEDULE A

         To Security Agreement Dated: January 30, 2006

                                Executed By: GREEN PLAINS RENEWABLE ENERGY, INC.
                                             (Name of Debtor)

         Set forth below are the present locations (by county and state) of the
Debtor's inventory and equipment.

<PAGE>

                                   SCHEDULE B

         To Security Agreement Dated: January 30, 2006

                                Executed By: GREEN PLAINS RENEWABLE ENERGY, INC.
                                             (Name of Debtor)

         Set forth below are the present locations (by county and state) of the
Debtor's fixtures and farm products.

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