Document:

Revolving Term Loan Supplement, dated September 28, 2011

 Exhibit 10.4 
 REVOLVING TERM LOAN SUPPLEMENT 
 THIS SUPPLEMENT to the Master Loan
Agreement dated September 28, 2011 (the “MLA”), is entered into as of September 28, 2011 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and GREEN PLAINS SHENANDOAH LLC, Shenandoah,
Iowa (the “Company”), and amends and restates the Supplement dated January 30, 2006 and numbered RI0355T02, as previously amended. 
 SECTION 1. The 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 the date hereof, up
to and including November 1, 2016, 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 5 (the
“Commitment”). Within the limits of the Commitment, the Company may borrow, repay, and reborrow. 
 SECTION 2.
Purpose. The purpose of the Commitment is to provide working capital to the Company. 
 SECTION 3. Term.
Intentionally Omitted. 
 SECTION 4. Interest. The Company agrees to pay interest on the unpaid balance of the loan(s) in
accordance with one or more of the following interest rate options, as selected by the Company: 
 (A) One-Month LIBOR
Index Rate. At a rate (rounded upward to the nearest 1/100th and adjusted for reserves required on “Eurocurrency Liabilities” [as hereinafter defined] for banks subject to “FRB Regulation D” [as hereinafter defined] or
required by any other federal law or regulation) per annum equal at all times to 3.10% above the rate quoted by the British Bankers Association (the “BBA”) at 11:00 a.m. London time for the offering of one (1)-month U.S. dollars
deposits, as published by Bloomberg or another major information vendor listed on BBA’s official website on the first “U.S. Banking Day” (as hereinafter defined) in each week, with such rate to change weekly on such day. The rate
shall be reset automatically, without the necessity of notice being provided to the Company or any other party, on the first “U.S. Banking Day” of each succeeding week, and each change in the rate shall be applicable to all balances
subject to this option. Information about the then-current rate shall be made available upon telephonic request. For purposes hereof: (1) “U.S. Banking Day” shall mean a day on which Agent (as that term is defined in the MLA) is open
for business and banks are open for business in New York, New York; (2) “Eurocurrency Liabilities” shall have the meaning as set forth in “FRB Regulation D”; and (3) “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. 
 (B) 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. 

(C) LIBOR. At a fixed rate per annum equal to “LIBOR” (as hereinafter defined) plus 3.10%. 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 three 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 two Banking Days before the 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. 

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 for periods expiring after the maturity date of the loans and 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 fix is for a period longer than three 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. 
 SECTION 5. 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	 
	 November 1, 2013
	  	$	 14,600,000.00	  
	 May 1, 2014
	  	$	 12,200,000.00	  
	 November 1, 2014
	  	$	 9,800,000.00	  
	 May 1, 2015
	  	$	 7,400,000.00	  
	 November 1, 2015
	  	$	 5,000,000.00	  
	 May 1, 2016
	  	$	 2,600,000.00	  
	 November 1, 2016
	  	$	 0.00	  

 Provided, however, that if Multiple Advance Term Loan Supplement No. RI0355T01D dated September 28,
2011, as amended, has been repaid prior to its maturity date of May 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 RI0355T01D, 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 payment shall be made 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 4 hereof. This note replaces and supersedes, but does not constitute
payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby. 

SECTION 6. Security. The Company’s obligations hereunder and, to the extent related hereto, the MLA, including without
limitation any future advances under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA. 
 SECTION 7. 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 at the rate of
0.50% 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 8. Amendment Fee. In consideration of the amendment, the Company agrees to pay to Agent on the
execution hereof a fee in the amount of $20,000.00. 
 (Signatures on following page) 

 IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their
duly authorized officers as of the date shown above. 
  

									
	FARM CREDIT SERVICES OF AMERICA, FLCA	 		 	GREEN PLAINS SHENANDOAH LLC         
					
	By:	 	/s/ Kathryn J. Frahm        	 		 	By:	 	/s/ Ron B. Gillis
	 Title:
	 	VP - Commercial Lender	 		 	 Title:
	 	EVP Finance, TreasurerMultiple Advance Term Loan Supplement, dated September 28, 2011

 Exhibit 10.5 
 MULTIPLE ADVANCE TERM LOAN SUPPLEMENT 
 THIS SUPPLEMENT to the
Master Loan Agreement dated September 28, 2011 (the “MLA”), is entered into as of September 28, 2011 between FARM CREDIT SERVICES OF AMERICA, FLCA (“Farm Credit”) and GREEN PLAINS SHENANDOAH LLC,
Shenandoah, Iowa (the “Company”), and amends and restates the Supplement dated August 26, 2010 and numbered RI0355T01C. 
 SECTION 1. The Term Loan Commitment. As of the date hereof, Farm Credit’s obligation to extend credit to the Company has expired and the unpaid principal balance of the loans is $7,267,534.00
(the “Commitment”). 
 SECTION 2. Purpose. The purpose of the Commitment was and remains to partially finance
the Company’s construction of a 50 million gallon (annual) dry mill ethanol plant and to provide working capital to the Company. 
 SECTION 3. Term. Intentionally Omitted. 
 SECTION 4. Interest. The
Company agrees to pay interest on the unpaid balance of the loan(s) in accordance with one or more of the following interest rate options, as selected by the Company: 
 (A) One-Month LIBOR Index Rate. At a rate (rounded upward to the nearest 1/100th and adjusted for reserves required on “Eurocurrency Liabilities” [as hereinafter defined] for banks
subject to “FRB Regulation D” [as hereinafter defined] or required by any other federal law or regulation) per annum equal at all times to 3.10% above the rate quoted by the British Bankers Association (the “BBA”) at 11:00
a.m. London time for the offering of one (1)-month U.S. dollars deposits, as published by Bloomberg or another major information vendor listed on BBA’s official website on the first “U.S. Banking Day” (as hereinafter defined) in each
week, with such rate to change weekly on such day. The rate shall be reset automatically, without the necessity of notice being provided to the Company or any other party, on the first “U.S. Banking Day” of each succeeding week, and each
change in the rate shall be applicable to all balances subject to this option. Information about the then-current rate shall be made available upon telephonic request. For purposes hereof: (1) “U.S. Banking Day” shall mean a day on
which Agent (as that term is defined in the MLA) is open for business and banks are open for business in New York, New York; (2) “Eurocurrency Liabilities” shall have the meaning as set forth in “FRB Regulation D”; and
(3) “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. 
 (B) 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 180 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. 
 (C) LIBOR. At a fixed rate per annum equal to “LIBOR” (as hereinafter
defined) plus 3.10%. 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 $500,000.00 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 three 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 two Banking Days before the
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. 

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 for periods expiring after the maturity date of the loans and 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 fix is for a period longer than three 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. 

 SECTION 5. Promissory Note. The Company promises to repay the loans as follows:
(1) in six equal, consecutive quarterly installments of $1,200,000.00, with the first such installment due on November 20, 2011, and the last such installment due on February 20, 2013; and (2) followed by a final installment in
an amount equal to the remaining unpaid principal balance of the loans on May 20, 2013. 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 4 hereof. This note replaces and supersedes, but
does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby. 
 In addition, for each fiscal year end, the Company shall also, within ninety (90) days after the end of such fiscal year, make a special payment of an amount equal to 65% of the “Free Cash
Flow” (as defined below) of the Company, such payment not to exceed $2,500,000.00 in any fiscal year of the Company; provided, however that: (1) if such payment would result in a covenant default under this Supplement or the MLA, the
amount of the payment shall be reduced to an amount which would not result in a covenant default; (2) if such payment would result in a breakage of a fixed interest rate, the applicable broken funding surcharges would still apply; and
(3) the aggregate of such payments shall not exceed $8,000,000.00. The term “Free Cash Flow” is defined as the Company’s annual profit before taxes, plus the respective fiscal year’s depreciation and amortization
expense, minus allowable capitalized expenditures of $500,000.00 for fixed assets, allowed distributions to members/owners, and scheduled term loan payments to Agent. This special payment shall be applied to the principal installments in the
inverse order of their maturity. 
 SECTION 6. Prepayment. Subject to the broken funding surcharge provision of the MLA,
the Company may on one Business Day’s prior written notice prepay all or any portion of the loan(s). Unless otherwise agreed by Agent, all prepayments will be applied to principal installments in the inverse order of their maturity and to such
balances, fixed or variable, as Agent shall specify. 
 SECTION 7. Security. The Company’s obligations hereunder
and, to the extent related hereto, the MLA, including without limitation any future advances under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA. 

IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their duly authorized officers as of the date shown
above. 
  

									
	FARM CREDIT SERVICES OF AMERICA, FLCA	 		 	GREEN PLAINS SHENANDOAH LLC
					
	By:	 	/s/ Kathryn J. Frahm	 		 	By:	 	/s/ Ron B. Gillis
	 Title:
	 	VP - Commercial Lender	 	 Title:
	 	EVP Finance, Treasurer

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