Document:

ASSET PURCHASE AGREEMENT

 Exhibit 10.2 

 
  

 
 ASSET PURCHASE AGREEMENT

 Dated as of April 19, 2010 

by and among 

GREEN PLAINS GRAIN COMPANY TN LLC, 

as the Buyer, 

and 
 FARMERS
GRAIN OF TRENTON LLC 
 FARMERS GRAIN CROP INSURANCE, LLC 

AND 
 WILSON STREET
PROPERTIES L.L.C. 
 Collectively as the Seller 
  

 
  

 Table of Contents 

 

					
	 	  	 	  	Page
	ARTICLE I PURCHASE AND SALE OF ASSETS	  	1
			
	 Section 1.01
	  	Purchase and Sale of Assets	  	1
	 Section 1.02
	  	Purchase Price	  	3
	 Section 1.03
	  	Payment of Purchase Price	  	4
	 Section 1.04
	  	Allocation of Purchase Price	  	4
	 Section 1.05
	  	Further Assurances	  	4
		
	ARTICLE II CLOSING	  	5
			
	 Section 2.01
	  	The Closing	  	5
	 Section 2.02
	  	Instruments of Conveyance, Transfer, Assumption, Etc.	  	5
		
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER	  	6
			
	 Section 3.01
	  	Organization, Standing and Power	  	6
	 Section 3.02
	  	Authority; Execution and Delivery; Enforceability	  	6
	 Section 3.03
	  	No Conflicts; Consents	  	7
	 Section 3.04
	  	Financial Statements; Undisclosed Liabilities	  	7
	 Section 3.05
	  	Absence of Certain Changes or Events	  	7
	 Section 3.06
	  	Sufficiency of Acquired Assets	  	7
	 Section 3.07
	  	Taxes	  	8
	 Section 3.08
	  	Litigation	  	9
	 Section 3.09
	  	Compliance with Applicable Laws	  	9
	 Section 3.10
	  	Environmental Matters	  	9
	 Section 3.11
	  	Intellectual Property	  	10
	 Section 3.12
	  	Contracts	  	11
	 Section 3.13
	  	Indebtedness	  	11
	 Section 3.14
	  	Permits	  	11
	 Section 3.15
	  	Brokers	  	12
	 Section 3.16
	  	Title to Real Property; Entire Business	  	12
	 Section 3.17
	  	Tangible Personal Property	  	13
	 Section 3.18
	  	Transactions with Affiliates	  	13
	 Section 3.19
	  	Employees and Benefit Plans	  	14
	 Section 3.20
	  	Capitalization of Seller; No Subsidiaries	  	14
	 Section 3.21
	  	Insurance	  	14
	 Section 3.22
	  	Accuracy of Information	  	14
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER	  	15
			
	 Section 4.01
	  	Organization, Standing and Power	  	15
	 Section 4.02
	  	Authority; Execution and Delivery; Enforceability	  	15
	 Section 4.03
	  	No Conflicts; Consents	  	15

  

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	 Section 4.04
	  	Brokers	  	15
	 Section 4.05
	  	Accuracy of Information	  	15
		
	ARTICLE V	  	16
			
	 Section 5.01
	  	Release of Encumbrances	  	16
	 Section 5.02
	  	Advise of Changes	  	16
	 Section 5.03
	  	Employee Matters	  	16
	 Section 5.04
	  	Expenses	  	16
	 Section 5.05
	  	Press Releases	  	16
	 Section 5.06
	  	Tax Matters	  	16
	 Section 5.07
	  	Affiliate Contracts	  	16
	 Section 5.08
	  	Confidentiality	  	17
	 Section 5.09
	  	Names Following Closing	  	17
	 Section 5.10
	  	Title and Survey	  	17
		
	ARTICLE VI CONDITIONS PRECEDENT	  	18
			
	 Section 6.01
	  	Conditions to Each Party’s Obligation to Effect the Closing	  	18
	 Section 6.02
	  	Conditions to Obligations of the Buyer	  	18
	 Section 6.03
	  	Conditions to Obligation of the Seller	  	19
		
	 ARTICLE VII INDEMNIFICATION
	  	19
			
	 Section 7.01
	  	Indemnification by the Seller	  	19
	 Section 7.02
	  	Indemnification by the Buyer	  	20
	 Section 7.03
	  	Claims	  	20
	 Section 7.04
	  	Certain Limitations	  	21
	 Section 7.05
	  	Survival	  	21
		
	ARTICLE VIII SURVIVAL OF REPRESENTATIONS AND WARRANTIES	  	21
			
	 Section 8.01
	  	Survival of Representations and Warranties	  	21
	 Section 8.02
	  	Survival	  	21
		
	ARTICLE IX GENERAL PROVISIONS	  	21
			
	 Section 9.01
	  	Notices	  	21
	 Section 9.02
	  	Definitions	  	22
	 Section 9.03
	  	Severability	  	22
	 Section 9.04
	  	Counterparts	  	22
	 Section 9.05
	  	Entire Agreement; No Third-Party Beneficiaries	  	22
	 Section 9.06
	  	Amendments	  	22
	 Section 9.07
	  	Assignment; Successors in Interest	  	23
	 Section 9.08
	  	Governing Law	  	23
	 Section 9.09
	  	Resolution of Conflicts	  	23
	 Section 9.10
	  	Risk of Loss	  	24
	 Section 9.11
	  	Interpretation	  	24
	 Section 9.12
	  	Waiver	  	24

  

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	 EXHIBITS
	  	 
		
	Exhibit A	  	Acquired Assets Bill of Sale
	Exhibit B	  	Selling Parties Non-Competition Agreement
	Exhibit C	  	Form of Warranty Deeds
	Exhibit D	  	Promissory Note
	Exhibit E	  	Transition Services Agreement

  

			
	 SCHEDULES
	  	 
		
	Schedule 1.01(a)(i)	  	Real Property
	Schedule 1.01(a)(ii)	  	Machinery and Equipment
	Schedule 1.01(a)(iii)	  	Technology
	Schedule 1.01(a)(v)	  	Assumed Contracts
	Schedule 1.01(a)(vi)	  	Permits
	Schedule 1.01(a)(xi)	  	Grain Inventory & Grain Contracts
	Schedule 1.01(b)(i)	  	Excluded Assets
	Schedule 1.02(c)	  	Retained Liabilities
	Schedule 1.04	  	Purchase Price Allocation
	Schedule 3.03	  	Consents and Filings - Seller
	Schedule 3.04(a)	  	Financial Statements
	Schedule 3.04(b)	  	Undisclosed Liabilities
	Schedule 3.05	  	Absence of Certain Changes or Events
	Schedule 3.06	  	Sufficiency of Acquired Assets
	Schedule 3.07	  	Taxes
	Schedule 3.11(a)	  	Intellectual Property
	Schedule 3.11(b)(i)-(iv)	  	Agreements Affecting Intellectual Property
	Schedule 3.12	  	Contracts
	Schedule 3.13	  	Indebtedness
	Schedule 3.14	  	Permits
	Schedule 3.15	  	Brokers
	Schedule 3.16	  	Title to Real Property; Entire Business
	Schedule 3.17	  	Tangible Personal Property
	Schedule 3.18	  	Transactions with Affiliates
	Schedule 3.19	  	Employees; Employee Benefits
	Schedule 3.20	  	Capitalization of Seller
	Schedule 5.01	  	Release of Encumbrances
	Schedule 9.02	  	Definitions

  

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 ASSET PURCHASE AGREEMENT 

This ASSET PURCHASE AGREEMENT (herein, together with the Annexes, Schedules and Exhibits attached hereto, referred to as this
“Agreement”), dated as of April 19, 2010, by and among GREEN PLAINS GRAIN COMPANY TN LLC, a Delaware limited liability company (the “Buyer”), FARMERS GRAIN OF TRENTON LLC, a Tennessee limited liability company,
FARMERS GRAIN CROP INSURANCE, LLC, a Tennessee limited liability company and WILSON STREET PROPERTIES L.L.C., a Tennessee limited liability company (each a Seller, and collectively the “Seller” or the “Selling
Parties”) (capitalized terms used in this Agreement are defined or otherwise referenced in Schedule 9.02), 

W I T N E S S E T H : 

WHEREAS, the Seller owns certain grain elevators in Tennessee (the “Business”); and 

WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to acquire from the Seller, the Acquired Assets upon the terms
and conditions hereinafter set forth; and 
 WHEREAS, as a condition and inducement to the Buyer to enter into this Agreement
and incur the obligations set forth herein, concurrently with the execution and delivery of this Agreement, Eric Partee has entered into the Selling Parties Non-Competition Agreement; and 

NOW, THEREFORE, in consideration of the mutual representations and warranties and covenants made herein, the Buyer and the Selling
Parties, each intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

PURCHASE AND SALE OF ASSETS 

Section 1.01 Purchase and Sale of Assets. 

(a) At the Closing provided for in Section 2.01, on the terms and subject to the conditions set forth in this
Agreement, the Seller shall sell, convey, transfer, assign and deliver to the Buyer, free and clear of any and all Encumbrances (except for Permitted Encumbrances and Permitted Liens), and the Buyer shall purchase and acquire from the Seller all of
the right, title and interest of the Seller in and to the Acquired Assets. The term “Acquired Assets” means all business, properties, assets, goodwill and rights of the Seller of whatever kind and nature, real or personal, tangible
or intangible, that are owned, leased or licensed by the Seller on the Closing Date other than the Excluded Assets, including, without limitation, all of the right, title and interest of the Seller as of the Closing Date in and to: 

(i) the real property and interests therein owned by the Seller included the real property as more particularly described
on Schedule 1.01(a)(i), including land, improvements, leasehold interests, appurtenant easements, fixtures, structures, and personal property affixed to such Real Property (the “Real Property”); 

(ii) all machinery, equipment, furniture, furnishings, vehicles and other tangible personal property and interests
therein of the Seller used or held for use in connection with the Acquired Assets or the Business and all usable spare parts relating thereto including, without limitation, the machinery, equipment and usable spare parts set forth on
Schedule 1.01(a)(ii); 
 (iii) all past, current and developmental formulations, forms,
specifications, processes, trade secrets, inventions and invention disclosures for which no Patents are pending, industrial 

 
rights and technological know-how, technical data and customer lists, databases and all documentation related to the foregoing, owned or used by or on behalf of the Seller relating to any of the
Acquired Assets or the Business (the “Technology”), including, but not limited to, those set forth on Schedule 1.01(a)(iii); 

(iv) all books, records, files and other data (including those stored electronically) of the Seller relating to any of
the Acquired Assets or the Business; 
 (v) all non-grain Contracts for the lease of personal property or for
use, services, storage, handling, throughput, management, operations, marketing and sales used or held for use in connection with the Acquired Assets or the Business, including, without limitation, the Contracts set forth on
Schedule 1.01(a)(v) (the “Assumed Contracts”); 
 (vi) all approvals, consents,
permits, licenses, registrations, certificates, ratifications, permissions, confirmations, endorsements, certifications, qualifications, authorizations and clearances of any Governmental Entity issued or granted to the Seller including, without
limitation, those required to be obtained or filed pursuant to Environmental Laws, relating, in each case, to any of the Acquired Assets or the Business (the “Permits”) including, but not limited to, the Permits set forth on
Schedule 1.01(a)(vi); 
 (vii) all Intellectual Property including the goodwill associated therewith, and
the Seller’s right to sue for, and remedies against, past, present or future infringements thereof, and rights of priority and protection of interest therein; 

(viii) all non-grain inventories of the Seller including, without limitation, inputs, raw materials, feed stocks,
chemical and other inputs, works in progress, consigned goods, finished goods, supplies, parts, spare parts (including, without limitation, any of the foregoing held for the benefit of the Seller and in the possession of others) used or held for use
in connection with the Acquired Assets or the Business as of the Closing Date, except for Fertilizer and Seed Inventory (“Inventory”); 

(ix) all fertilizer and seed inventory which includes diesel fuel, propane, fertilizer-liquid, fertilizer- dry bulk,
fertilizer-hardware, prepaid fertilizer, chemicals and seed, for which Seller has none (“Fertilizer and Seed Inventory”); 

(x) all prepaid expenses, advances or deposits, including, without limitation, any prepaid expenses, advances, or any
security deposits for the Acquired Assets, with or paid to third parties of the Seller relating to this Business; 

(xi) the names “Farmers Grain of Trenton and Farmers Grain Crop Insurance” and all goodwill of the Seller and
its Affiliates associated with the Acquired Assets or the Business; and 
 (xii) all non-wheat grain inventory
and grain contracts, as set forth on Schedule 1.01(a)(xi) (“Grain Inventory and Grain Contracts”). 

(b) Notwithstanding anything in this Agreement to the contrary, specifically excluded from the Acquired Assets are the
right, title and interest of the Seller in or to all assets specifically set forth in Schedule 1.01(b)(i) (collectively, the “Excluded Assets”). 
  

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 Section 1.02 Purchase Price. 

(a) In consideration of the sale, conveyance, transfer, assignment and delivery of the Acquired Assets by the Seller,
pursuant to Section 1.01(a), the Buyer agrees to pay to the Seller, in accordance with Section 1.03, the Purchase Price. 

(b) On the terms and subject to the conditions set forth in this Agreement and the Acquired Assets Bill of Sale, at the
Closing, the Seller shall assign to the Buyer all of its rights under the Real Property, the Assumed Contracts and the Permits and all of its obligations under the Contracts listed on Schedule 1.01(a)(v) and the Permits listed on Schedule
1.01(a)(vi), in each case to the extent such obligations arise after the Closing, and the Buyer shall accept the assignment of all of the Seller’s rights thereunder and shall assume all of the Seller’s obligations thereunder, to the
extent such obligations arise after the Closing. To the extent that Applicable Law permits such an assignment and the notice to or consent of any Person is required, the Seller shall deliver to, and obtain from, the applicable Person the required
consent or notice in accordance with the terms and conditions of the applicable Assumed Contract or Permit, and shall use best efforts to obtain any required consents, upon terms substantially similar to those enjoyed by the Seller under such
Assumed Contract or Permit, prior to the Closing Date. To the extent that (i) Seller is unable to obtain any such required consents to assignment or (ii) Applicable Law does not permit the Seller to assign any Assumed Contract or Permit
that would otherwise constitute a Purchased Asset, the Seller shall (A) provide to the Buyer, at the request of the Buyer, the benefits of any such Contract or Permit, and (B) enforce and perform, at the request and reasonable expense of
the Buyer, for the account of the Buyer, any rights or obligations of the Seller arising from any such Contract against or in respect of any third party, including the right to elect to terminate any Contract in accordance with the terms thereof
upon the advice of the Buyer, or otherwise enter into with the Buyer such other arrangements sufficient to provide equivalent benefits and burdens to the Buyer. 

(c) Notwithstanding anything in this Agreement to the contrary, the Buyer shall not assume, and the Seller shall be
responsible for the payment, satisfaction, performance and discharge of any and all liabilities, obligations, claims, demands, expenses, damages or responsibilities of the Seller, whether known or unknown, absolute, accrued, contingent or otherwise
and whether due or to become due. Such liabilities are including, but not limited to, those terms set forth on Schedule 1.02(c) (collectively, the “Retained Liabilities”). 

(d) Notwithstanding anything contained herein to the contrary, (i) the Seller or the Buyer, as the case may be, shall
receive credit for the current installment of real estate taxes and assessments (including any assessment imposed by private covenant) paid by the Seller on or before the Closing Date and applicable to the Seller’s period of ownership or
applicable to the Buyer’s period of ownership, respectively, even if such taxes and assessments are not yet due and payable and (ii) the following assets and liabilities of the Real Property shall be apportioned between the Seller and the
Buyer as of the Closing Date, as if the Buyer were vested with title to the Acquired Assets during the entire day on which the Closing occurs (income and expenses for the period before the day of Closing shall be for the account of the Seller and
income and expenses for the period on and after the day of the Closing shall be for the account of the Buyer): 

(A) gas, electricity and other utility charges for which Seller is liable, if any, such charges to be apportioned at the
Closing on the basis of the most recent meter reading occurring prior to the Closing; and 
 (B) any other
operating expenses or other items pertaining to the Acquired Assets or the Real Property which are customarily prorated between a buyer and a seller in the area in which the business is located. 

If the amount of any such expenses, taxes and assessments for the year or period in which the Closing occurs are not yet known or fixed,
the most recent amount of such expenses, charges, taxes and assessments shall be used for such proration and either party shall be entitled to a post-Closing adjustment when the actual amount is finally determined, which adjustment shall be
reflected in the First Installment Payment. 
  

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 (e) For purposes of the Retained Liabilities, whenever reference is made to
liabilities and obligations, such reference shall be deemed to include any liabilities, obligations, claims, demands, expenses, damages or responsibilities pertaining thereto, whether known or unknown, absolute, accrued, contingent or otherwise, and
whether due or to become due. 
 Section 1.03 Payment of Purchase Price. In exchange for all of the undivided
interests in the Acquired Assets, the Buyer shall deliver to the Seller the Purchase Price comprised of the Closing Payment and the First Installment Payment as follows: 

(a) At least three (3) Business Days prior to the Closing Date, the Seller shall prepare or cause to be prepared and
delivered to the Buyer a statement setting forth a reasonable estimate of the Grain Inventory and Grain Contracts. The Grain Inventory and Grain Contracts shall be valued based on actual value as set forth in accordance with Schedule 1.01(a)(xi) and
the Fertilizer and Seed Inventory shall be valued based on the lower of Seller’s cost or market, as determined under GAAP. At the Closing, the Buyer shall (i) pay to the Seller in cash by wire transfer to an account or accounts (designated
by the Seller in writing at least three (3) Business Days prior to the Closing Date) an amount equal to $2,806,000, and (ii) pay the agreed upon amount for the Grain Inventory and Contracts and the Fertilizer and Seed Inventory (such
amounts in (i) and (ii), the “Closing Payment”) and (iii) deliver a promissory note, in the form attached hereto as Exhibit D, in the amount of $287,650, at the rate and subject to the setoff terms provided therein
(the “Promissory Note”). Within five (5) Business Days following the Closing, there shall be a true-up valuation of the amount paid under (ii) of this subsection of the Grain Inventory and Grain Contracts and Fertilizer
and Seed Inventory, based on a USDA measurement of the Grain Inventory, and mutual agreement with respect to the Grain Contracts, Fertilizer and Seed Inventory. To the extent, (a) Buyer has underpaid for such assets, Buyer shall pay to Seller
in cash by wire transfer to the account designated by Seller, such true-up amount, and (b) Buyer has overpaid for such assets, Seller shall pay to Buyer in cash by wire transfer to the account designated by Buyer, such true-up amount.

 (b) Subject to the Buyer’s right of setoff as provided in this Agreement and in the Promissory Note, on
or before the first annual anniversary of the Closing Date, the Buyer shall deliver to the Seller the payment on the Promissory Note, an amount equal to $287,650 plus accrued interest at a simple rate of five percent (5%) per annum (such
amount, the “First Installment Payment”) by wire transfer to an account or accounts designated by the Seller in writing at least three (3) Business Days prior to the first anniversary of the Closing. 

Section 1.04 Allocation of Purchase Price. The Purchase Price, as adjusted by the provisions of this Agreement, shall be
allocated as mutually agreed to by the parties as soon as practical following the Closing substantially consistent with the guidelines set forth on Schedule 1.04 hereto. Neither the Seller nor the Buyer shall take any position on any return,
declaration, report or information return or statement relating to Taxes inconsistent with such allocation, unless so required by Applicable Law. Notwithstanding any other provision of this Agreement, the agreement set forth in this
Section 1.04 shall survive the Closing Date indefinitely. 
 Section 1.05 Further Assurances. At the Closing
and from time to time after the Closing, at the reasonable request of the Buyer and without further consideration, the Seller shall promptly execute and deliver to the Buyer such agreements, certificates and other instruments of sale, conveyance,
assignment and transfer, and take such other action, as may be reasonably requested by the Buyer more effectively to sell, convey, assign and transfer to and vest in the Buyer (or to put the Buyer in possession of) any of the Acquired Assets. In
addition, at 
  

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the Closing and from time to time after the Closing, at the reasonable request of the Buyer and without further consideration, the Seller shall take, or cause to be taken, all actions, and do, or
cause to be done, and assist and cooperate with the Buyer in doing, all things necessary, proper or advisable in connection with the preparation and filing with the appropriate Governmental Entities of all documents required to be prepared and filed
in connection with the transfer of the Permits to the Buyer pursuant to this Agreement. 
 ARTICLE II 

CLOSING 

Section 2.01 The Closing. The closing of the transaction contemplated hereby (the “Closing”) shall take
place within 48 hours of the signing of this Agreement (which signing is deemed to occur at 4:00 PM on Monday, April 19, 2010), at the offices of Ed Wallis, attorney for Seller, or such other location as designated by the parties, except for
the purchase and sale of the Real Property shall take place as set forth below. The time and date upon which the Closing occurs is herein referred to as the “Closing Date”. The purchase and sale of the Real Property shall
be deemed to be part of the Closing hereunder and completed in accordance with the provisions hereof and shall occur through the Title Company, at its office concurrently with the Closing hereunder. 

Section 2.02 Instruments of Conveyance, Transfer, Assumption, Etc. 

(a) The Seller shall execute, if applicable, and deliver, or cause the Title Company, as appropriate, to execute, if
applicable, and deliver, to the Buyer at the Closing (or prior to the Closing as may be necessary in order to convey title to the Real Property at the Closing): 

(i) the Acquired Assets Bill of Sale in the form attached hereto as Exhibit A (the “Acquired Assets Bill
of Sale”); 
 (ii) the Warranty Deeds for the Real Property; 

(iii) a receipt for the Purchase Price; 

(iv) the Buyer’s Title Policy and the Lender’s Title Policy; 

(v) the Non-Competition Agreement in the form attached hereto as Exhibit B executed by Eric Partee (the
“Selling Parties Non-Competition Agreement”); 
 (vi) the documents required to be filed with
and issued by the appropriate Governmental Entities in connection with the transfer to the Buyer of the Permits; 

(vii) an assignment of any trademarks, copyrights, Patents and any and all documents, agreements, certificates and other
instruments as may be necessary to register the Intellectual Property in the name of the Buyer in any jurisdiction requested by the Buyer, in a form reasonably satisfactory to the Buyer; 

(viii) appropriate state, county and city transfer tax returns with respect to the real property; 

(ix) a certificate of an officer of each Seller certifying that the resolutions adopted by its managing body were duly
and validly adopted and are in full force and effect, and authorize the execution and delivery by the Seller of this Agreement and the other Transaction Agreements to which the Seller is a party, and the performance by the Seller of its obligations
hereunder and thereunder; 
  

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 (x) a certificate of an officer of each Seller as to the incumbency of
certain of the Seller’s officers and certifying that the copies of the Seller’s Governing Documents attached thereto are true and correct; 

(xi) each of the certificates and other documents contemplated by Section 6.02 hereof; and 

(xii) such other agreements, certificates and other instruments required to be delivered by the Seller under this
Agreement or any of the other Transaction Agreements or as the Buyer or its counsel may reasonably request to consummate the transactions contemplated by this Agreement or the other Transaction Agreements, including but not limited to a Transition
Services Agreement in substantially the form set forth in Exhibit E. 
 (b) The Buyer shall execute, if
applicable, and deliver to the Seller at the Closing: 
 (i) the Closing Payment in accordance with
Section 1.03(a); 
 (ii) the Acquired Assets Bill of Sale; 

(iii) the Selling Parties Non-Competition Agreement; 

(iv) a certificate of the Secretary of the Buyer certifying that the resolutions adopted by the Buyer’s member
attached thereto were duly and validly adopted and are in full force and effect, and authorize the execution and delivery by the Buyer of this Agreement and the other Transaction Agreements to which it is a party, and the performance by the Buyer of
its obligations hereunder and thereunder; and 
 (v) each of the certificates and other documents contemplated
by Section 6.03 hereof. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE SELLER 

Each Seller hereby represents and warrants to the Buyer as follows: 

Section 3.01 Organization, Standing and Power. Each Seller is duly organized, validly existing and in good standing under the
laws of the State in which it was organized and has full power and authority and possesses all governmental franchises, licenses, permits, authorizations and approvals necessary or desirable to enable it to own, lease or otherwise hold its
properties and assets and to conduct its businesses as presently conducted. Each Seller is duly qualified to do business in each jurisdiction where the nature of its business or the ownership or leasing of its properties make such qualification
necessary or where the failure to so qualify could not reasonably be expected, individually or in the aggregate with all other such failures, to have a Seller Material Adverse Effect. 

Section 3.02 Authority; Execution and Delivery; Enforceability. Each Seller has all requisite power and authority to execute
this Agreement and each of the other Transaction Agreements to which such Seller is (or will be) a party and to consummate the transactions contemplated hereby and thereby. The execution and delivery by each Seller of this Agreement and of each of
the other Transaction Agreements to which such Seller is (or will be) a party and the consummation by each Seller of the transactions contemplated hereby and thereby, has been duly authorized by all necessary action on the part of such Seller,
including, without limitation, approval of its members, shareholders or other authorized parties, as the case may be. Each Seller has duly executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of

  

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each Seller, enforceable against such Seller in accordance with its terms, and each other Transaction Agreement to which such Seller is (or will be) a party, when duly executed and delivered,
will constitute a legal, valid and binding obligation of such Seller, enforceable against each Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ rights generally or by general equitable principles. 
 Section 3.03 No Conflicts; Consents. Except
as set forth in Schedule 3.03, the execution and delivery by each Seller of this Agreement and each of the other Transaction Agreements to which such Seller is (or will be) a party does not, and the consummation of any transaction and
compliance with the terms hereof and thereof will not, conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of any
obligation or to loss of a benefit under, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under, or result in the creation of any Encumbrance upon assets of such Seller (including, without limitation, the
Acquired Assets) under, any provision of (a) the Seller’s Governing Documents, (b) any Contract listed on Schedule 1.01(a)(v) and any Permit listed on Schedule 1.01(a)(vi), or (c) subject to the filings and other
matters referred to in the following sentence, (i) any judgment, order, injunction, award, decree or writ (“Judgment”), (ii) any federal, state, local or foreign statute, law (including, common law), code, ordinance, rule
or regulation enacted, adopted, issued or promulgated by any Governmental Entity (“Applicable Law”) applicable to the Seller or any of its assets (including, without limitation, the Acquired Assets) or (iii) any written or oral
request of any Governmental Entity. No consent, approval, license, permit, order or authorization (“Consent”) of, or registration, declaration or filing with, or notice to (“Filing”), any federal, state, local or
foreign government or any court of competent jurisdiction, administrative agency or regulatory authority or commission or other governmental authority or instrumentality, domestic or foreign (a “Governmental Entity”) or any Person
party to any Assumed Contract or other issuer of any Permit, is required to be obtained or made by or with respect to such Seller in connection with the execution, delivery and performance of any transaction contemplated by this Agreement or any
other Transaction Agreements, other than the Consents and Filings set forth in Schedule 3.03. 
 Section 3.04
Financial Statements; Undisclosed Liabilities. 
 (a) Set forth as Schedule 3.04(a) are the
financial statements of the Selling Parties (the “Seller Financial Statements”). Except as noted therein, all such Seller Financial Statements (including, without limitation, the balance sheet dated December 31, 2009 (the
“Reference Balance Sheet”)) are true, complete and correct, were prepared in accordance with United States generally accepted accounting principles (“GAAP”) consistently applied throughout the periods indicated and
present fairly the financial position of the Seller at and as of such dates and the results of operations and cash flows for the periods then ended. 

(b) There are no liabilities, debts, obligations or claims relating to the business of any nature, absolute or contingent,
except (i) as and to the extent reflected or reserved against on the Reference Balance Sheet; (ii) incurred since the date of the Reference Balance Sheet in the ordinary course of business consistent with prior practice; (iii) open
purchase or sales orders or agreements for delivery of goods and services in the ordinary course of business consistent with prior practice and with respect to which, as of the Closing Date, such Seller is not in default; or (iv) items set
forth in Schedule 3.04(b). 
 Section 3.05 Absence of Certain Changes or Events. Except as disclosed in
Schedule 3.05, since the Reference Balance Sheet Date, there has not been any Seller Material Adverse Change; each Seller has conducted the Business only in the ordinary course and in substantially the same manner as previously
conducted. 
 Section 3.06 Sufficiency of Acquired Assets. The Acquired Assets include, except as set forth in
Schedule 3.06, all the assets reflected on the Seller Financial Statements (other than receivables and consumable assets used in the ordinary course of business). The Acquired Assets constitute all the assets necessary for the conduct of the
Business by the Buyer immediately following the Closing in the same manner as conducted on the date of the Reference Balance Sheet Date and as conducted by the Seller as of the date hereof. 

 

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 Section 3.07 Taxes. 

(a) For purposes of this Agreement, (i) “Tax” or “Taxes” shall mean all federal,
state, local, provincial, school and fire district, foreign, withholding, payroll, employment, unemployment, disability, social security or excise taxes and similar assessments, including all interest, penalties and additions imposed with respect to
such amounts; (ii) “Pre-Closing Tax Period” shall mean all taxable periods through the Closing Date and the portion of any taxable period through the Closing Date that includes (but does not end on) the Closing Date; and
(iii) “Returns” shall mean returns, reports or forms, including information returns. 
 (b)
(i) each Seller has filed or caused to be filed all Returns required to be filed by or on behalf of such Seller on or prior to the Closing Date; (ii) each such Return was duly and timely filed (after giving effect to any valid extensions); and
(iii) each such Return is true, correct and complete. The liabilities in relation to Taxes reflected in such Returns are the only liabilities with respect to Taxes to which such Seller is subject, for the periods covered by such Returns. All
Taxes in relation to the Business and Acquired Assets which such Seller incurs up to and including the Closing Date (whether or not shown on any Return) have been or will be paid by such Seller. 

(c) All Taxes and other assessments that each Seller is required by law to withhold or collect, including, but not limited
to, sales, use, value added and goods and services Taxes, and amounts required to be withheld by such Seller with respect to employees, creditors, independent contractors or Members, have been duly withheld or collected and either have been paid
over or will be paid over within the applicable time period to the proper taxing authority or are held in separate bank accounts for such purpose. 

(d) There are no Liens upon any of the assets or properties of each Seller which arose in connection with any failure to
pay any Taxes. 
 (e) Except as set forth in Schedule 3.07: (i) no Seller is a party to, or otherwise
bound by, any tax sharing, tax indemnity or similar agreement; (ii) each Seller has no liability (by contract, operation of law or otherwise) for the Taxes of any other Person; and (iii) the Buyer shall not, as a result of the consummation
of the transactions contemplated herein, become liable for any such Taxes. 
 (f) Except for the Acquired Assets
disclosed in this Agreement or the Schedules hereto as leased to the Seller, each Seller owns for Tax purposes all of the Acquired Assets. 

(g) Except as set forth in Schedule 3.07, with respect to the Business and the Acquired Assets, there have not been
(i) any audits or investigations of any Seller by any Tax authority, and no Seller has received any notice that any such audit or investigation will be commenced, (ii) any rulings by any Tax authority requested by or issued to any Seller
or (iii) any elections filed by any Seller to change any Tax accounting methods. No Seller has executed or entered into a closing agreement pursuant to Section 7121 of the Code or any similar provision of state or local law. 

(h) Seller has not executed or filed with the IRS or any other Governmental Entity any agreement or document extending, or
having the effect of extending, the period for assessment or collection of any Taxes. 
 (i) No claim has been
received by any Seller from any authority in any jurisdiction where such Seller does not file Returns, stating that such Seller is, or may be, subject to taxation by such jurisdiction. Seller has not entered into any transactions that are required
to be disclosed pursuant to Treasury Regulation Section 1.6011-4 or Section 6011 of the Code or any analogous provision of state law. 
  

 8 

 (j) Seller has at all times since its date of formation been classified and
treated for U.S. Federal, state and local income tax purposes as an entity, in the same form in which it conducts business at this time. Since its formation, no jurisdiction in which any Seller files or has filed Returns treats, or has ever treated,
any Seller as an entity other than its current entity status for income Tax purposes. No Seller, other than Dyer Gin Company, Inc. has ever made an election to be excluded from the provisions of subchapter K of the Code, or is (or ever has been)
classified as an association taxable as a corporation or a publicly traded partnership under Section 7704 of the Code. 

Section 3.08 Litigation. There is (a) no outstanding Judgment of any Governmental Entity against any Seller relating to
the Business or any of the Acquired Assets, (b) no suit, action, claim, dispute or legal, governmental, administrative, arbitration or regulatory proceeding (“Proceeding”) pending or, to the best knowledge of Seller, threatened
against any Seller relating to the Business or any of the Acquired Assets, (c) no investigation by any Governmental Entity pending or, to the best knowledge of Seller, threatened against any Seller relating to the Business or any of the
Acquired Assets and (d) there are no facts or circumstances that could reasonably be expected to give rise to any Judgment or Proceeding that would be required to be disclosed pursuant to this Section 3.08 if a Judgment or Proceeding were
commenced with respect thereto. 
 Section 3.09 Compliance with Applicable Laws. 

(a) Seller has not received any communication or otherwise has knowledge of any facts which have, or reasonably should
have, led the Seller to believe that any of the licenses, permits, registrations, approvals, concessions, franchises and authorizations issued by any Governmental Entity and required to be held by the Seller under Applicable Laws are not currently
in good standing. The Seller is not nor has at any time been nor has received any notice that it is or has been in violation of or in default under any Applicable Laws. This Section 3.09 does not relate to matters with respect to Taxes,
Environmental Matters, Real Property or Employees and Benefit Plans, which are the subject of Sections 3.07, 3.10, 3.16 and 3.19, respectively. 

(b) No Governmental Entity has commenced or to the best knowledge of the Seller, threatened to commence, (i) any
action to withdraw approvals, licenses, registrations, permits, or authorizations for the products of the Business or (ii) any action to enjoin the use of the Seller’s assets or the production of any product of the Business, nor has the
Seller received any written notice to such effect. 
 (c) The Seller has delivered to the Buyer copies of all
(i) inspection observations, (ii) inspection reports, (iii) warning letters and (iv) other correspondence relating to compliance with any Applicable Laws or regulatory requirements, in each case to the extent received by the
Seller from any Governmental Entity relating to any of the products of the Business and/or arising out of the conduct or operation of the Business. 

Section 3.10 Environmental Matters. 

(a) The Seller has provided the Buyer with all environmental reports, assessments and audits prepared by or on behalf of
the Seller or any Governmental Entity relating to the Business, or otherwise relating to the operations at the Real Property or any other manufacturing or other facility or property of the Seller used primarily in connection with the Business.

 (b) Buyer will not have liability under any Environmental Law, including any liability or responsibility for
remediation of Hazardous Materials, following the Closing as a result of any facts, events or 
  

 9 

 
circumstances, including any Release by the Seller, involving or relating to the Business or the Acquired Assets and occurring prior to the Closing. The Seller has no knowledge of any proposed
regulatory action, condition or change in the law that could cause the Acquired Assets or Business to incur capital expenditures and/or increases in operating and maintenance costs exceeding $25,000 individually or $50,000 in the aggregate, the
Seller has no knowledge of any soil or groundwater contamination associated with the Acquired Assets, the Seller has not received any written notice of a pending or threatened action, demand, investigation or inquiry by any Governmental Entity or
other Person relating to any actual or alleged violations by the Seller or the Business of Environmental Laws or any actual or potential obligation to investigate or take any other action relative to the Release or threatened Release of any
Hazardous Materials (as defined herein) generated, disposed of, treated, stored, shipped or otherwise handled by the Business and the Business has at all times been conducted in compliance in all material respects with all Environmental Laws, and
the Seller has not entered into or agreed to any court decree or order or is subject to any Judgment relating to compliance by the Business with any Environmental Law or to the investigation or cleanup by the Business of Hazardous Materials. As used
in this Agreement, the term “Environmental Laws” means any and all applicable federal, state, local and foreign law, treaty, regulation, ordinance, judicial decision, judgment, order, decree, injunction, permit or agreement entered
into, issued, or promulgated by any Governmental Entity, relating to the environment, preservation or reclamation of natural resources, or to the management, Release or threatened Release of Hazardous Materials or to human health and safety. As used
in this Agreement, the term “Hazardous Materials” means any pollutant, contaminant or waste, or any toxic, radioactive or hazardous substance, chemical, material, petroleum product, constituent or waste regulated, or classified as
such, in each case under any Environmental Law. As used in this Agreement, the term “Release” means any release, discharge, emission or disposal to air, water, land or groundwater. 

Section 3.11 Intellectual Property. 

(a) Schedule 3.11(a) sets forth a true and complete list of all Patents, copyrights, copyright registrations and
applications, trademarks, trade names, domain names, URLs, service marks, common law marks, trade dress registrations and applications , royalty rights and other intellectual property and proprietary rights, whether or not subject to statutory
registration or protection, owned, used, filed by or licensed to the Seller that relate to any Purchased Asset, that are owned, used, filed by, applied for or licensed to the Seller in connection with the Business or the Acquired Assets, or that
relate in any manner to the products of the Business or the names set forth on Schedule 3.11(a) or are or were otherwise used, previously used or created in contemplation of use for the conduct of the Business (collectively, the
“Intellectual Property”). 
 (b) None of the Intellectual Property or Technology violates,
misappropriates, conflicts with or infringes any Patents, trademarks, trade names, service marks, common law marks, domain names, trade dress, industrial property, trade secrets, copyrights or any other intellectual property or proprietary rights
and applications therefore of any other Person. No claims are pending or threatened against the Seller by any Person with respect to the ownership, validity, enforceability, effectiveness or use of any Intellectual Property or Technology and the
Seller has not received any communications alleging that the Seller has violated, misappropriated or infringed any rights relating to any Patents, design Patents, trademarks, trade names, service marks, common law marks, domain names, trade dress,
trade secrets, industrial property and copyrights or any other intellectual property or proprietary rights and applications therefore of any Person or asserting any infringement, dilution, unfair competition or conflict with the asserted rights of
any other Person in connection with the use by the Seller of any of the Intellectual Property or Technology. 
  

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 Section 3.12 Contracts. Except as set forth in Schedule 1.01(a)(v), Schedule
1.01(a)(xi) and Schedule 3.12 (or, in the case of oral Contracts or oral Grain Contracts, true and complete summaries of the material terms of which are set forth in Schedule 3.12), the Seller is not a party to or bound by any
agreement, contract, lease, option, license, commitment, instrument or any other binding obligation or arrangement (oral or written) by or to which any of the Acquired Assets are bound or subject or which are material to the conduct of the Business
(collectively, the “Contracts”) including, without limitation, any: 
 (a) covenant not to
compete or other covenant of the Seller (i) limiting or restricting the development, manufacture, marketing, distribution or sale of any of the products of the Business or any future line extension of such products into other forms or
(ii) limiting or restricting the ability of the Seller from entering into any market or line of business or competing with any Person in connection with the Business; 

(b) Contracts with any Affiliate of the Seller or any Manager, officer, or employee of the Seller (excluding the Buyer);

 (c) continuing Contract for the future purchase or price of commodities, raw materials, supplies or equipment;

 (d) Contracts with distributors or other sales representative, customers or suppliers; 

(e) management, employment, service, consulting, severance or other similar type of Contract (other than Contracts with
the Buyer); 
 (f) mortgage, pledge, security agreement, deed of trust, loan agreement, credit agreement,
indenture, conditional sale or title retention agreement, equipment financing obligation or other instrument, in any case, granting an Encumbrance upon any of the Acquired Assets; 

(g) collective bargaining agreement or other Contract with any labor union or association representing employees;

 (h) Contracts for (i) the purchase or lease of any real or personal property or (ii) the sale or
lease by the Seller of any real or personal property (including, without limitation, the Real Property); 
 (i)
Contracts regarding the Release, transportation or disposal of Hazardous Materials, or the clean-up, abatement or other action relating to Hazardous Materials or Environmental Laws; 

(j) Contracts establishing or creating any partnership, joint venture, limited liability company, limited liability
partnership or similar entity; 
 (k) Contracts to make any capital expenditures or capital additions or
improvements; 
 (l) Contracts relating to the storage or warehousing of any Inventory or products of the
Business, or the charter or purchase of transportation or shipping services; 
 (m) guarantees or other Contracts
in respect of any Indebtedness of any Person; or 
 (n) any other Contract by or to which any of the Acquired
Assets are bound or subject. 
 Section 3.13 Indebtedness. Schedule 3.13 contains a true, accurate and
complete description of all outstanding Indebtedness issued or guaranteed, directly or indirectly, by the Seller in connection with the Business or any of the Acquired Assets. 

Section 3.14 Permits. Except as set forth in Schedule 3.14, the Seller has not received any notice that any issued or
pending Permits, in each case issued or granted to the Seller by any Governmental Entity and used by the Seller at any time in connection with the conduct of the Business and the use of the Acquired Assets, are under review by any Governmental
Entity or subject to termination, suspension, modification, 
  

 11 

 
revocation or non-renewal for any reason, or that they will be subject to termination, suspension, modification, revocation or non-renewal as a result of the execution, delivery and performance
of this Agreement or any of the other Transaction Agreements or for any other reason. 
 Section 3.15 Brokers.
Except as set forth in Schedule 3.15, no broker, investment banker, financial advisor or other Person, is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or commission in connection with the
transactions contemplated hereby or by any of the other Transaction Agreements based upon arrangements made by or on behalf of the Seller or any of its Affiliates. 

Section 3.16 Title to Real Property; Entire Business. 

(a) Schedule 3.16 contains a legal description of each parcel of Real Property owned as of the date of this
Agreement by the Seller. The Seller does not lease, sublease, license, occupy, or use any real property or interests therein used in connection with, or necessary for, the operation of the Business as presently conducted, other than the Real
Property. The Seller has not granted to any third party a right to use or occupy any portion of the Real Property nor are there any parties in possession of any portion of the Real Property, whether as tenants, subtenants, trespassers or otherwise,
except the Seller. 
 (b) The Seller has good and marketable fee simple title to the Real Property, free and
clear of all Encumbrances, except Permitted Encumbrances. Schedule 3.16 lists all Permitted Encumbrances with respect to the Real Property. The Seller has paid, discharged or reserved for, all lawful claims which, if unpaid, could become a
Lien against the Real Property or any portion thereof. 
 (c) With respect to each parcel of Real Property and
the buildings, structures, improvements and fixtures thereon: 
 (i) No condemnation of the Real Property, or
any portion thereof, has occurred. There is no pending, and to the best knowledge of the Seller, threatened or contemplated, appropriation, condemnation or like proceeding affecting the Real Property or any part thereof or of any sale or other
disposition of the Real Property or any part thereof in lieu of condemnation. 
 (ii) Except for assessments
occurring on a regular basis in accordance with Applicable Laws, there is no pending or, to the best knowledge of the Seller, contemplated reassessment of any parcel included in the Real Property that is reasonably expected to increase the real
estate tax assessment for such properties. 
 (iii) There is no pending, or to the best knowledge of the Seller,
contemplated proceeding to rezone any parcel of the Real Property. To the best knowledge of the Seller, the uses for which each parcel of the Real Property are zoned do not restrict, or in any manner impair, the current use of the Real Property or
the proposed use by the Buyer. To the best knowledge of the Seller, the Seller has not received notice of any violation of any applicable zoning law, regulation or other Applicable Law, related to or affecting the Real Property. 

(iv) To the best knowledge of the Seller, all buildings, structures and other improvements on the Real Property,
including but not limited to driveways, garages, landscaped areas and sewer systems, and all means of access to the Real Property, are located completely within the boundary lines of the Real Property and do not encroach upon or under the property
of any other Person or entity. No buildings, structures or improvements constructed on the property of any other Person encroach upon or under the Real Property. 

 

 12 

 (v) The use of the Real Property, or any portion thereof, does not violate
or conflict with (i) any covenants, conditions or restrictions applicable thereto or (ii) the terms and provisions of any contractual obligations relating thereto. 

(vi) None of the Real Property is subject to any right of first offer, right of first refusal, option or other agreement
for the sale or lease thereof. 
 (vii) The Seller has good and valid rights of ingress and egress to and from
all of the Real Property (including between separate parcels included within the Real Property) from and to rail lines, rail spurs, pipelines and the public street systems for all usual street, road and utility purposes and other purposes necessary
or incidental to the operation of the Business. 
 (viii) To the best knowledge of the Seller, all utilities
required for or useful in the operation of the Business either enter the Real Property through adjoining streets and roads, or if they pass through adjoining private land, they do so in accordance with valid public easements. All necessary utilities
(including without limitation, water, sewer, electricity and telephone facilities) are available to the Real Property and there exists, to the best knowledge of the Seller, no proposed limitation in or reduction of the quality or quantity of utility
services to be furnished to the Real Property. Permanent adequate sewage and water systems and connections are available to the Real Property as currently operated. 

(ix) No Proceeding is pending or, to the best knowledge of the Seller, is threatened, to revoke, suspend, modify or limit
any of the Permits required under Applicable Law with respect to its ownership of, leasehold interest in, and use and occupancy of, the Real Property. No Permit will be subject to revocation, suspension, modification or limitation as a result of
this Agreement or the consummation of the transactions contemplated hereby. 
 (x) Upon consummation of the
transactions contemplated herein, the Seller will have transferred, conveyed and assigned, and the Buyer will have acquired or assumed fee title to the Real Property, free and clear of all Encumbrances other than Permitted Encumbrances. 

(d) The Seller does not lease or sublease any real property to or from any Person in the operation of the Business nor
does the Seller have any right, title or interest in or to any lease or sublease for real property. 
 (e) The
Seller is not, and at no time has the Seller ever been, a United States “real property holding corporation” as such term is defined in Section 897(c) of the Code. 

Section 3.17 Tangible Personal Property. Except as set forth or described in Schedule 3.17, the Seller (a) owns
and has good and marketable title to all of the machinery and equipment included in the Acquired Assets purported to be owned by it and (b) has valid and subsisting leasehold interests in all of the Acquired Assets purported to be leased by it,
in each case, free and clear of any Encumbrances other than Permitted Encumbrances. 
 Section 3.18 Transactions with
Affiliates. Except as set forth or otherwise described in Schedule 3.18 (or, in the case of oral Affiliate Contracts, the material terms of which are described in Schedule 3.18), there are no agreements, contracts, leases, options,
licenses, commitments, instruments or any other binding obligations or arrangements (oral or written) between the Seller, on the one hand, and any of its Affiliates, on the other hand, relating to the Acquired Assets or the Business (the
“Affiliate Contracts”). Except as set forth on Schedule 3.18, all Affiliate Contracts will be terminated as of the Closing Date and thereafter will be of no further force or effect. 

 

 13 

 Section 3.19 Employees and Benefit Plans 

(a) Schedule 3.19 attached hereto sets forth: (i) the name, current annual compensation rate (including bonus
and commissions), title, current base salary rate, accrued bonus, accrued sick leave, accrued severance pay and accrued vacation benefits of each present employee of the Business (each a “Business Employee”);
(ii) organizational charts of the Business; (iii) collective bargaining, union or other employee association agreements; (iv) employment, severance, termination, compensation, managerial, advisory and consulting agreements;
(v) employee confidentiality or other agreements protecting intellectual property, formulae or information; (vi) any employee handbook(s); (vii) any reports and/or plans prepared or adopted pursuant to the Equal Employment Opportunity
Act of 1972, as amended; (viii) each Benefit Plan sponsored, maintained, or to which contributions are made, or to which an obligation to contribute is incurred by the Seller or an ERISA Affiliate; and (ix) the amount of any retirement or
medical liabilities arising under any plan, fund or arrangement and the identity of the plan, fund or arrangement giving rise thereto. 

(b) No Benefit Plan is subject to Title IV of ERISA or Section 412 of the Code, and neither the Seller nor any ERISA
Affiliate has incurred or could be expected to incur any liability (contingent or otherwise) with respect to any such Benefit Plan or any other plan or arrangement subject to Title IV of ERISA. 

(c) Except as set forth on Schedule 3.19, the Seller (i) is not a party to any employment or consulting
agreement covering any Transferred Employee and (ii) has not announced or otherwise made a commitment to create any bonus, option, deferred compensation, pension, profit-sharing, salary continuation, welfare benefit, severance, fringe benefit
or retirement plan or arrangement covering any Transferred Employee. 
 (d) The Seller has complied in all
respects with ERISA, the Code and the regulations thereunder and all other applicable federal or state statutes or regulations governing the Benefit Plans. 

Section 3.20 Capitalization of Seller; No Subsidiaries. 

(a) Schedule 3.20 sets forth a complete and accurate list of the holders of the issued and outstanding ownership
interests, shares or units of each Seller. In the case of limited liability company and corporate entities, the outstanding units and shares are all duly and validly authorized and issued, fully paid and nonassessable. Except as set forth on
Schedule 3.20, there are no outstanding options, warrants, rights (including conversion or preemptive rights) or agreements for the acquisition or purchase from the Seller of any units, shares or ownership interests. 

Section 3.21 Insurance. 

The Seller has heretofore delivered to the Buyer complete and correct copies of its insurance policies and agreements. 

Section 3.22 Accuracy of Information. Neither this Agreement nor any schedule, exhibit, statement, list, document,
certificate or other information furnished or to be furnished by or on behalf of the Seller in connection with this Agreement or any of the transactions contemplated by this Agreement contains any untrue statement of a material fact or omits to
state a material fact necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading. 
  

 14 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer hereby represents and warrants to the Seller as follows: 

Section 4.01 Organization, Standing and Power. The Buyer is duly organized, validly existing and in good standing under the
laws of the State of Delaware and has full power and authority to conduct its businesses as presently conducted. The Buyer is duly qualified to do business in each jurisdiction where the nature of its business or the ownership or leasing of its
properties make such qualification necessary or where the failure to so qualify could not reasonably be expected, individually or in the aggregate, to have a material adverse effect on the Buyer. 

Section 4.02 Authority; Execution and Delivery; Enforceability. The Buyer has all requisite corporate power and authority to
execute each of the Transaction Agreements to which it is (or will be) a party and to consummate the transactions contemplated hereby and thereby. The execution and delivery by the Buyer of this Agreement, and of each of the other Transaction
Agreements to which it is (or will be) a party, and the consummation by it of the transactions contemplated hereby and thereby, including the issuance, sale and delivery of the Purchased Shares issuable hereunder, have been duly authorized by all
necessary corporate action on the part of the Buyer. The Buyer has executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally or by general equitable principles. 

Section 4.03 No Conflicts; Consents. The execution and delivery by the Buyer of the Transaction Agreements to which it is a
party, does not, and the consummation of any transaction and compliance with the terms hereof and thereof will not, conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a
right of termination, cancellation or acceleration of any obligation or to loss of a benefit under, or to increased, additional, accelerated or guaranteed rights or entitlements of any Person under, or result in the creation of any Encumbrance upon
any of its properties or assets under, any provision of (a) the Buyer’s certificate of incorporation or by-laws, (b) any material contract, lease, license, indenture, mortgage, note, bond, agreement, permit, concession, franchise or
other instrument to which the Buyer is a party or by which any of its properties or assets is bound or (c) subject to the filings and other matters referred to in the following sentence, any Judgment or Applicable Law applicable to the Buyer or
its properties or assets. No Consent of, or Filing with, any Governmental Entity is required to be obtained or made by or with respect to the Buyer in connection with the execution, delivery and performance the Agreement or the consummation of the
transaction. 
 Section 4.04 Brokers. No broker, investment banker, financial advisor or other Person, is entitled
to any broker’s, finder’s, financial advisor’s or other similar fee or commission in connection with the transactions contemplated hereby or by any of the other Transaction Agreements based upon arrangements made by or on behalf of
the Buyer or any of its Affiliates. 
 Section 4.05 Accuracy of Information. Neither this Agreement nor any
schedule, exhibit, statement, list, document, certificate or other information furnished or to be furnished by or on behalf of the Buyer in connection with this Agreement or any of the transactions contemplated by this Agreement contains any untrue
statement of a material fact or omits to state a material fact necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading. 

 

 15 

 ARTICLE V 

ADDITIONAL AGREEMENTS 

Section 5.01 Release of Encumbrances. Except as set forth on Schedule 5.01, any and all Encumbrances recorded
against or in any way affecting the Acquired Assets, including, but not limited to, the Real Property, and any mortgages, deeds of trust, leasehold deeds of trust, financing statements, assignments and subordination agreements granted by the Seller,
shall have been satisfied; the Buyer shall have received satisfactory evidence thereof; and the Seller shall have duly executed and delivered for recordation all required releases of Liens, termination statements and satisfactions with respect to
Encumbrances being repaid on or before the Closing. 
 Section 5.02 Advise of Changes. The Seller shall promptly
advise the Buyer orally and in writing of any occurrence, change or event prior to the Closing which, if it occurred or existed on or prior to the date hereof, would have been required to have been disclosed on any of the Schedules to be delivered
by the Seller to the Buyer pursuant to Article III. 
 Section 5.03 Employee Matters. 

(a) The Buyer shall offer employment to those employees of Seller as it determines in its sole discretion, commencing as
of the Closing Date. Such offers of employment shall require such individuals to resign their employment with the Seller as a condition precedent for employment with the Buyer. All such individuals who accept offers of employment with the Buyer as
of the Closing shall be referred to herein as “Transferred Employees”. The Seller shall assist the Buyer in effecting such Transferred Employees’ change of employment as of the Closing Date in an orderly fashion. 

Section 5.04 Expenses 

(a) The Buyer and the Seller will bear their own expenses in connection with this Agreement and its performance hereunder.

 (b) The Buyer will pay one-half and the Seller will pay one-half of the amounts payable to the Title Company
in respect of the Title Commitments, copies of exceptions and the Buyer’s Title Policy, including premiums (including premiums for endorsements) and search fees. 

Section 5.05 Press Releases Except as required by law, any public announcements regarding the transactions contemplated
hereby shall be made only with the mutual consent of the Seller and the Buyer. 
 Section 5.06 Tax Matters

 (a) All transfer Taxes, realty documentary stamp Taxes, sales, use, value added, goods and services or similar
Taxes, if any, payable by reason of this transaction or the sale, transfer or delivery of the Acquired Assets shall be paid and borne by the Seller. Notwithstanding the foregoing and the provisions of Section 5.04(b) or any other statement in
this Agreement, Seller shall not be obligated to pay more than $5,000 for amounts payable under Section 5.06(a) and 5.04 (b). 

(b) All income or franchise Taxes payable by reason of this transaction shall be reported and paid by the Selling Parties.

 Section 5.07 Affiliate Contracts. Prior to the Closing, the Seller shall terminate each of the Affiliate
Contracts set forth or otherwise described in Schedule 3.18, which termination shall not result in any liability or obligation to the Buyer or result in any Encumbrance on any of the Acquired Assets. 

 

 16 

 Section 5.08 Confidentiality. 

(a) From and after the date of this Agreement, the Selling Parties shall not, and shall cause their respective Affiliates
not to, disclose, divulge, furnish or make accessible to any Person, any confidential or proprietary information regarding the Business including, without limitation, the Intellectual Property, the Technology, sales, profits, markets, products,
clients, key personnel, pricing policies, operation methods, technical processes, designs, business affairs and methods, trade secrets and any other information not readily available to the public (collectively, the “Confidential
Information”). The Selling Parties agree to keep, and cause their respective Affiliates to keep, in strict confidence and not directly or indirectly disclose, divulge, furnish, make accessible or use any of the Confidential Information. The
obligations of the Selling Parties under this Section 5.08 are in addition to, and not in limitation or preemption of, all other obligations of confidentiality which the Selling Parties may have to the Buyer hereunder. 

(b) Notwithstanding anything herein to the contrary and except as reasonably necessary to comply with any applicable
federal and state securities laws, the Selling Parties (and each employee, representative, or other agent of the Selling Parties) may not disclose to any Person, without limitation of any kind, the U.S. Federal tax treatment and tax structure of the
transaction and all materials of any kind (including opinions or other tax analyses) that are provided to the Selling Parties, as the case may be, relating to such U.S. Federal tax treatment and tax structure. For this purpose, “tax
structure” is any fact that may be relevant to understanding the U.S. Federal tax treatment of the transaction. 

Section 5.09 Names Following Closing. 

(a) Immediately following the Closing, the Sellers shall each amend or terminate any Governing Documents and amend or
terminate any certificate of assumed name or d/b/a filings so as to eliminate the names or any name that, in the judgment of the Buyer, is similar to or includes any of the following names Farmers Grain of Trenton and Farmers Grain Crop Insurance ,
and none of the Seller or any of its Affiliates shall thereafter use those names or names confusingly similar thereto; provided, however, the Seller may reference such names in communications to their members, owners, shareholders or other third
parties relating to or referencing the transactions contemplated by this Agreement. 
 (b) As soon as reasonably
practicable (and in any event within two months) after the Closing Date, the Sellers shall cease to use any written or electronic materials, including without limitation, letterhead, advertising materials, forms, and Internet and e-mail addresses
which include the words “Farmers Grain of Trenton or Farmers Grain Crop Insurance”. 
 Section 5.10 Title and
Survey. Prior to Closing, the Seller shall have, at its expense, (i) obtain from the Title Company and deliver to the Buyer a preliminary title report covering the Real Property (the “Title Commitment”) and a copy of each
document referenced in the Title Commitment as an exception to title to the Real Property and (ii) obtain and deliver to the Buyer an existing ALTA survey of the Real Property made after the date of this Agreement (the
“Survey”). The Buyer shall have five (5) Business Days after the date of receipt of the Title Commitment or the Survey, whichever is later (the “Title Exam Deadline”) to review the Title Commitment and the
Survey and to notify Seller, in writing, of such objections as the Buyer may have to anything affecting the Real Property contained in the Title Commitment or the Survey. Any item contained in the Title Commitment or any matter shown on the Survey
to which the Buyer does not object prior to the Title Exam Deadline shall be deemed a Permitted Encumbrance. In the event the Buyer shall notify the Seller of objections to title or to matters shown on the Title Commitment or the Survey prior to the
Title Exam Deadline, the Seller shall use its best efforts to cure such objections and take all steps to eliminate such objections as exceptions to the Buyer’s Title Policy. Notwithstanding anything in this Agreement to the contrary, all Liens
that relate to Retained Liabilities shall not be Permitted Encumbrances, Buyer objects to all such Liens, and the Seller shall pay and discharge all such Liens at or prior to Closing. Nothing herein waives the Buyer’s right to claim a breach of
Section 3.16 or to claim a right to indemnification as provided in Article VII if the Buyer suffers Damages as a result of a misrepresentation with respect to the title of the Real Property. 

 

 17 

 ARTICLE VI 

CONDITIONS PRECEDENT 

Section 6.01 Conditions to Each Party’s Obligation to Effect the Closing. The respective obligation of each party to
effect and complete the Closing is subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: 

(a) No Injunctions or Restraints. No action, suit or Proceeding before any Governmental Entity shall be pending, no
investigation by any Governmental Entity shall have been commenced, and no action, suit or proceeding by any Governmental Entity shall have been threatened, against the Buyer or the Seller or any of the principals, officers or directors of any of
them, seeking to restrain, prevent or change the transactions contemplated hereby or questioning the legality or validity of any such transactions or seeking damages in connection with any such transactions. 

(b) Transaction Agreements. All the Transaction Agreements shall have been executed and delivered to the respective
parties to such agreements. 
 (c) Member/Shareholder/Owner Approval. Each of the Sellers shall have
obtained the requisite approval of this Agreement and the transactions contemplated hereby by their respective governing body under their Governing Documents and Applicable Law. 

Section 6.02 Conditions to Obligations of the Buyer. The obligations of the Buyer to effect and complete the Closing are
further subject to the following conditions: 
 (a) Representations and Warranties. All representations
and warranties of the Seller set forth in this Agreement qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, in each case as of the date hereof and as of the Closing
Date as though made as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties qualified as to materiality shall be true and correct, and
those not so qualified shall be true and correct in all material respects, as of such earlier date). The Buyer shall have received a certificate of the Seller signed on behalf of the Seller by a duly authorized officer of the Seller to such effect.

 (b) Performance of Obligations of the Selling Parties. The Selling Parties shall have performed in all
respects all of its obligations required to be performed by each of them under this Agreement on or prior to the Closing Date. The Buyer shall have received a certificate of each Selling Party signed on behalf of the Selling Party by a duly
authorized officer of the Selling Party to such effect. 
 (c) Absence of Seller Material Adverse Effect.
Since the date of the Referenced Balance Sheet there shall not have been any event, change, effect or development that, individually or in the aggregate, has had or could reasonably be expected to have a Seller Material Adverse Effect. 

(d) Consents and Approvals. All Consents with respect to any Governmental Entity set forth in Schedule 3.03
shall have been obtained and be in full force and effect and all Filings set forth in Schedule 3.03 shall have been made with the appropriate Person, and the Buyer shall have been furnished with written evidence satisfactory to it of the
granting of such Consents or the submission of such Filings, as the case may be. 
  

 18 

 (e) Satisfaction with Title Policy. On the Closing Date, (i) the
Title Company and the Buyer’s lender (“Lender”) shall have received an ALTA survey of the Real Property, in form and substance reasonably satisfactory to both of them and (ii) the Title Company shall be prepared to issue
(A) to the Buyer ALTA owners’ policies of title insurance insuring that the Buyer, as of the Closing Date, will be vested with fee title to the Real Property and containing exceptions only for (A) Permitted Encumbrances, (B) any
other matters created, permitted or approved by the Buyer, and (C) otherwise in form reasonably acceptable to the Buyer (the “Buyer’s Title Policy”) and (B) to the Lender an ALTA lenders’ title insurance policy
(the “Lender’s Title Policy”) insuring the matters described in the Buyer’s Title Policy and that any mortgage the Lender shall receive on the Real Property as security for the Buyer’s obligations to the Lender shall
be a valid first encumbrance on the Real Property, after consummating the transactions under this Agreement, with such endorsements thereto as reasonably requested by the Lender and containing exceptions to title reasonably acceptable to the Lender.

 (f) Permits. The Buyer shall have obtained (through assignment or otherwise) all of the approvals,
consents, permits, licenses, registrations, authorizations and clearances of any Governmental Entity that the Buyer, in its sole discretion, deems reasonably necessary or appropriate for the Buyer to operate the Business consistent with past
practice and in accordance with the Buyer’s reasonable expectations. 
 (g) Selling Parties
Non-Competition Agreement. The Selling Parties Non-Competition Agreement shall have been executed and delivered by each of the Selling Parties and shall be in full force and effect. 

Section 6.03 Conditions to Obligation of the Seller. The obligation of the Seller to effect and complete the Closing is
further subject to the following conditions: 
 (a) Representations and Warranties. The representations
and warranties of the Buyer set forth in this Agreement qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, in each case as of the date hereof and as of the Closing
Date as though made as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties qualified as to materiality shall be true and correct, and
those not so qualified shall be true and correct in all material respects, as of such earlier date). The Seller shall have received a certificate signed on behalf of the Buyer by a duly authorized officer of the Buyer to such effect. 

(b) Performance of Obligations of the Buyer. The Buyer shall have performed in all material respects all
obligations required to be performed by it under this Agreement at or prior to the Closing Date, and the Seller shall have received a certificate signed on behalf of the Buyer by a duly authorized officer of the Buyer to such effect. 

ARTICLE VII 

INDEMNIFICATION 

Section 7.01 Indemnification by the Seller. From and after the Closing, the Selling Parties agree to defend, indemnify and
hold harmless the Buyer, its Affiliates and their respective officers, directors, stockholders, employees, agents and representatives (individually, a “Buyer Indemnitee” and, collectively, the “Buyer Indemnitees”),
against and in respect of any and all actions, suits, proceedings, losses, damages, claims, liabilities, demands, assessments, judgments, costs (including capital costs), penalties, sanctions and expenses, including reasonable attorneys’ fees
(“Damages”) caused by or resulting or arising from, (a) any breach of any representation or warranty set forth in Article III or in any certificate or agreement delivered by the Seller in connection herewith, (b) any
failure by the Seller to perform or otherwise fulfill or comply with any covenant, undertaking, agreement or obligation hereunder or in any certificate or agreement delivered by the Seller in connection herewith, (c) Retained Liabilities, or
(d) the operation of the Business or the Acquired Assets prior to the Closing. 
  

 19 

 Section 7.02 Indemnification by the Buyer. From and after the Closing, the Buyer
agrees to defend, indemnify and hold harmless the Seller and its Affiliates, and their respective officers, Managers, members, stockholders, employees, agents and representatives (individually, a “Seller Indemnitee” and
collectively, the “Seller Indemnitees”), against and in respect of Damages caused by or resulting or arising from, any breach of any representation or warranty set forth in Article IV or in any certificate or agreement delivered by
Buyer in connection herewith. 
 Section 7.03 Claims. 

(a) Payments. The indemnification required by Sections 7.01 and 7.02 shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received or Damages are incurred; provided however such Damages shall need to exceed a deductible of $10,000 on a cumulative basis on all claims before any claim
may be made. The Buyer and the Selling Parties acknowledge that any amount of indemnification paid or setoff pursuant to this Article VII shall be considered adjustments to the Purchase Price. 

(b) Setoff. 

(i) The right to setoff against the First Installment Payment shall be available, in accordance with the provisions of
subsections (ii) and (iii) below, to compensate each Buyer Indemnitee for all Damages subject to indemnification pursuant to this Article VII, incurred or sustained by such Buyer Indemnitee; provided, however, that any such
claim for setoff against the First Installment Payment shall be subject to the limitations set forth in Sections 7.04 and 8.02. 

(ii) In the event of a claim against the First Installment Payment, the Buyer shall give notice (a “Setoff
Notice”) to the Seller specifying in reasonable detail the nature and dollar amount (or a good faith estimate of the dollar amount) of any Damages it has or may have sustained under this Article VII. If the Seller gives notice to the
Buyer disputing any Damages (a “Counter Notice”) within fifteen (15) Business Days following receipt by the Seller of the Setoff Notice, such dispute will be resolved as provided in subsection (iii) below. If no Counter
Notice is received by the Buyer within such fifteen-day (15-day) period, then the dollar amount of Damages claimed by the Buyer as set forth in its Setoff Notice shall be conclusively deemed a liability of the Seller for purposes of this Agreement
and Buyer shall deduct the amount claimed in the Setoff Notice from the First Installment Payment. The Buyer may make more than one claim of Damages with respect to any underlying state of facts. If a Counter Notice is given with respect to a claim
for setoff against the First Installment Payment, the parties shall resolve the conflict in accordance with the procedures set forth in Section 9.09. 

(iii) On the applicable date for payment of the First Installment Payment, the Buyer shall pay and distribute the First
Installment Payment (less any amounts established for setoff pursuant to the provisions of this subsection 7.03(b) or in accordance with the procedures set forth in Section 9.09), unless any claims against the First Installment Payment are then
pending, in which case an amount equal to the aggregate dollar amount (or a good faith estimate of the dollar amount) of such claims (as shown in the Setoff Notice with respect to such claims) shall be retained by the Buyer until the conflict is
resolved in accordance with the procedures set forth in Section 12.09 and the balance of the First Installment Payment shall be paid to the Seller. 
  

 20 

 (iv) In the event the Buyer retains any portion of the First Installment
Payment that is later established (pursuant to the provisions of this subsection 7.03(b) or in accordance with the procedures set forth in Section 9.09) to be payable to the Seller (any such amount, the “Installment Balance”),
the Buyer shall promptly pay to the Seller in cash an amount equal to the Installment Balance plus interest on the Installment Balance at a simple rate of five percent (5%) per annum commencing on the date set for payment of the First
Installment Payment and the date the Buyer delivers the Installment Balance to the Seller. 
 (v) Except as set
forth in Sections 7.04 and 9.09, the Selling Parties and the Buyer agree that from and after the Closing claims for setoff against the First Installment Payment are the exclusive remedy of the Buyer for any breach of this Agreement by the Selling
Parties. 
 Section 7.04 Certain Limitations. The aggregate amount of Damages recoverable, pursuant to the
provisions of this Article VII, by the Buyer Indemnitees shall be limited to the value of the First Installment Payment, and the aggregate amount of Damages recoverable by the Seller Indemnitees shall be limited to $100,000. Notwithstanding the
foregoing, no such amounts shall be limited to the extent such Damages arise on the basis of fraud or an intentional violation of law or warranty or representation contained herein. 

Section 7.05 Survival. Subject to the limitations set forth in Section 8.02, this Article VII shall survive
termination of this Agreement without limitation. 
 ARTICLE VIII 

SURVIVAL OF REPRESENTATIONS AND WARRANTIES 

Section 8.01 Survival of Representations and Warranties. The representations and warranties contained in this Agreement shall
survive the Closing and shall terminate at the close of business on the date for payment of the First Installment Payment. 

Section 8.02 Survival. After the expiration period, if any, has lapsed with respect to such representations and warranties as
described in Section 8.01, neither the Seller nor the Buyer shall have any further obligations with respect to such representations and warranties under Section 7.01(a) and Section 7.02, except for claims for Damages in respect of
which written notice has been given. 
 ARTICLE IX 

GENERAL PROVISIONS 

Section 9.01 Notices. All notices, requests, claims, demands and other communications required or permitted to be given under
this Agreement shall be in writing and shall be delivered by hand or sent by confirmed facsimile (with the original to follow by first class mail, postage prepaid) or sent, postage prepaid, by registered or certified mail or internationally
recognized overnight courier service and shall be deemed given when so delivered by hand or facsimile, or if mailed, three (3) days after mailing (one (1) Business Day in the case of overnight courier service) at the following addresses
(or at such other address for a party as shall be specified by like notice): 
  

	 	(a)	if to the Buyer, to: 

Green Plains Grain Company TN LLC 

9420 Underwood Ave. Suite 100 

Omaha NE 68114 

Attention: Chief Executive Officer 

Facsimile: (402) 884-8776 

Telephone: (402) 884-8700 
  

 21 

	 	(b)	if to the Seller 

Farmers Grain of Trenton LLC 

Farmers Grain Crop Insurance, LLC 

Wilson Street Properties L.L.C. 

PO Box 193 

Trenton TN 38382 

Attention: Eric Partee 

Telephone: (731) 855-1025 

Email: epartee@west-tenn.net 

Section 9.02 Definitions. Definitions are set forth in Schedule 9.02.

Section 9.03 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any Applicable Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of
being enforced, such term or other provision will be interpreted so as to best accomplish the intent of the parties within the limits of Applicable Law. 

Section 9.04 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one
and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. 

Section 9.05 Entire Agreement; No Third-Party Beneficiaries. Each of the representations, warranties, covenants and
agreements of any party hereto contained in any Schedule or Exhibit hereto or any certificate delivered by or on behalf of such party pursuant to Section 6.02 or 6.03 of this Agreement will be deemed incorporated and contained in this Agreement
and will constitute representations, warranties, covenants and agreements of such party. This Agreement (including the Annexes, Schedules and Exhibits hereto) supersedes any other agreement, whether written or oral, that may have been made or
entered into by any party or any of their respective Affiliates (or by any director, officer or representative thereof) with respect to the subject matter hereof. This Agreement (including the Annexes, Schedules and Exhibits hereto), together with
the other Transaction Agreements, constitutes the entire agreement by and among the parties hereto with respect to the subject matter hereof and there are no agreements or commitments by or among such parties or the Affiliates with respect to the
subject matter hereof except as expressly set forth herein. No investigation or receipt of information by or on behalf of the Buyer at any time, whether before or after the execution and delivery of the Agreement or the Closing Date, will diminish
or obviate any of the representations, warranties, covenants or agreements of the Seller under this Agreement or the conditions to obligations of the Buyer under this Agreement. No investigation or receipt of information by or on behalf of the
Seller at any time, whether before or after the execution and delivery of the Agreement or the Closing Date, will diminish or obviate any of the representations, warranties, covenants or agreements of the Buyer under this Agreement or the conditions
to the obligations of the Seller under this Agreement. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the parties hereto and their respective permitted successors and assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement. 
 Section 9.06 Amendments. No modification or
amendment of this Agreement and no waiver of any of the terms or conditions hereof shall be valid or binding unless made in writing and executed by all of the parties hereto. 

 

 22 

 Section 9.07 Assignment; Successors in Interest. Any purported assignment in
violation of this Section 12.07 shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns. In the event that
the Seller sells, transfers or leases all or substantially all of its assets, or is not the surviving corporation in any merger, consolidation or other business combination in which it may enter with any Person, the Seller will cause such purchaser
or surviving corporation, as the case may be, to assume the Seller’s obligations under this Agreement upon the consummation of any such transaction, so long as any of such obligations remain outstanding, unpaid or unperformed. 

Section 9.08 Governing Law. This Agreement shall be governed by and construed under the laws of the State of Nebraska
(irrespective of its choice of law principles). 
 Section 9.09 Resolution of Conflicts 

(a) Any dispute or other Proceeding arising out of or relating to this Agreement or any of the Transaction Agreements must
be brought in any United States District Court located in the State of Nebraska (to the extent that such court has subject-matter jurisdiction). Each party (i) accepts, generally and unconditionally, the jurisdiction of such court and any
related appellate court over such disputes or Proceedings and (ii) irrevocably waives any objection it may now or hereafter have as to personal jurisdiction, venue or inconvenient forum (forum non conveniens). 

(b) THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING TO WHICH THEY ARE BOTH PARTIES INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH, THIS AGREEMENT. 
 (c) If an
indemnifying party hereunder (an “Indemnifying Party”) shall object in writing to the indemnity of a Buyer Indemnitee or Seller Indemnitee in respect of any claim for Damages made pursuant to Sections 7.1 or 7.2 within the period
specified in the applicable section, the Seller and the Buyer shall attempt in good faith to resolve any disputes promptly by negotiation between and among executives of the Buyer and executives of the Seller, in each case who, if possible, shall be
at a higher management level than the individuals with direct responsibility for administration of this Agreement (the “Negotiators”). Any party may give the other party written notice of any dispute not resolved in the normal
course of business. Within fifteen (15) Business Days after delivery of the notice, the receiving party shall submit to the others a written response. The notice and response shall include (i) a statement of each party’s position and
a summary of arguments supporting that position, and (ii) the name and title of the Negotiators and of any other individual who will accompany them. Within thirty (30) days after delivery of the disputing party’s notice, the
Negotiators shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to attempt to resolve the dispute. If the matter has not been resolved by these individuals within sixty (60) days of the
disputing party’s notice, or if the parties fail to meet within thirty (30) days, any party may pursue other remedies available at law or equity. All negotiations pursuant to Section 9.09 shall be confidential and shall be treated as
compromise and settlement negotiations. 
 (d) Notwithstanding anything contained herein to the contrary, the
parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement or the Transaction Agreements were not performed in accordance with their specific terms or were otherwise breached. It is accordingly
agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or any of the Transaction Agreement and to enforce specifically the terms and provisions of this Agreement and the Transaction
Agreements, this being in addition to any other remedy to which they are entitled at law or in equity. Each party shall continue to perform its obligations under this Agreement pending final resolution of any dispute arising out of or relating
hereto. 
 . 
  

 23 

 Section 9.10 Risk of Loss. 

(a) If, before the Closing Date, the Real Property or the Acquired Assets are damaged by any insured casualty and the
damage does not constitute a Seller Material Adverse Effect, then this Agreement shall remain in full force and effect and, on the Closing Date, any insurance proceeds (or, if not theretofore received, the right to receive such proceeds) payable to
the Seller on account of the damage shall be transferred to the Buyer and the amount of any deductible under the Seller’s insurance policy to the extent of the restoration cost as reasonably determined by the Seller and the Buyer shall be a
credit to the Buyer against the Purchase Price for the Acquired Assets and will be deducted from the Closing Payment. 

(b) If, before the Closing Date, the Real Property or portion of the Real Property is taken and such taking does not
constitute a Seller Material Adverse Effect, the Seller agrees to assign to the Buyer at the Closing its rights to any such compensation and damage award, and will not settle any Proceedings relating to such taking without the Buyer’s prior
written consent. 
 Section 9.11 Interpretation. 

(a) Unless the context otherwise requires, (i) all references made in this Agreement to an Annex, Section, Schedule
or an Exhibit are to an Annex, Section, Schedule or an Exhibit of or to this Agreement, and (ii) words in the singular include the plural and vice versa. The table of contents and headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they
shall be deemed to be followed by the words “without limitation.” 
 (b) An individual will be
deemed to have “knowledge” of a particular fact or other matter if (i) such individual is actually aware of such fact or other matter or (ii) a prudent individual when taking into account their position and responsibilities could
be expected to discover or otherwise become aware of such fact or other matter in the course of conducting a reasonable investigation concerning the existence of such fact or other matter. 

(c) In the event of an ambiguity or question of intent or interpretation, this Agreement shall be construed as if drafted
jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the extent to which any such party or its counsel participated in the drafting of any provision hereof or by virtue of the extent
to which any such provision is inconsistent with any prior draft hereof. 
 (d) References to “Seller”
herein shall be interpreted as a reference to each Seller, with respect to itself, unless otherwise specified. 

Section 9.12 Waiver. The failure of any of the parties to enforce at any time any of the provisions of this Agreement or the
other Transaction Agreements shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any other Transaction Agreement or any part hereof or thereof or the right of any party
thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement or any other Transaction Agreement shall be held to be a waiver of any other subsequent breach or non-compliance. 

[the remainder of this page intentionally left blank] 

 

 24 

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

					
	GREEN PLAINS GRAIN COMPANYTN LLC, a Delaware limited liability company
		
	By	 	 /s/ Todd Becker

		 	Name:	 	 Todd Becker

		 	Title:	 	 President & CEO

	
	FARMERS GRAIN OF TRENTON LLC, a Tennessee limited liability company
		
	By	 	 /s/ Eric H. Partee

		 	Name:	 	 Eric H. Partee

		 	Title:	 	 Chief Manager

	
	FARMERS GRAIN CROP INSURANCE, LLC, a Tennessee limited liability company
		
	By	 	 /s/ Eric H. Partee

		 	Name:	 	 Eric H. Partee

		 	Title:	 	 Chief Manager

	
	WILSON STREET PROPERTIES L.L.C., a Tennessee limited liability company
		
	By	 	 /s/ Eric H. Partee

		 	Name:	 	 Eric H. Partee

		 	Title:	 	 Chief ManagerSecond Amended and Restated Credit Agreement

 Exhibit 10.3 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

Green Plains Grain Company LLC 

and Green Plains Grain Company TN LLC 

as Borrowers 

with 
 First
National Bank of Omaha 
 as Lender 

dated as of April 19, 2010 

 TABLE OF CONTENTS 

 

					
	 SECTION 1.
	  	DEFINITIONS AND INTERPRETATION	  	1
	 1.1.
	  	Terms Defined	  	1
	 1.2.
	  	Matters of Construction	  	14
	 1.3.
	  	Accounting Principles	  	14
	 SECTION 2.
	  	THE LOANS	  	14
	 2.1.
	  	Description	  	14
	 2.2.
	  	Funding Procedures	  	16
	 2.3.
	  	Interest	  	16
	 2.4.
	  	Payments	  	17
	 2.5.
	  	Use of Proceeds	  	18
	 2.6.
	  	Fees	  	18
	 2.7.
	  	[This section intentionally omitted]	  	18
	 2.8.
	  	Increased Costs.	  	18
	 2.9.
	  	Break Funding Payments	  	19
	 2.10.
	  	Taxes	  	19
	 SECTION 3.
	  	CLOSING AND CONDITIONS PRECEDENT TO ADVANCES	  	21
	 3.1.
	  	Conditions Precedent to Closing	  	21
	 3.2.
	  	Conditions Precedent to Advances	  	23
	 3.3.
	  	Compliance with this Agreement	  	23
	 3.4.
	  	Closing	  	24
	 3.5.
	  	Non-Waiver of Rights	  	24
	 SECTION 4.
	  	REPRESENTATIONS AND WARRANTIES	  	24
	 4.1.
	  	Organization, Powers, Authorization and Enforceability	  	24
	 4.2.
	  	No Conflicts	  	24
	 4.3.
	  	Financial Condition / Full Disclosure	  	24
	 4.4.
	  	Governmental Approval	  	25
	 4.5.
	  	Pending Litigation	  	25
	 4.6.
	  	Taxes	  	25
	 4.7.
	  	Insurance	  	25
	 4.8.
	  	Contracts, etc.	  	25
	 4.9.
	  	Compliance with Laws	  	26
	 4.10.
	  	Equity Interests	  	26
	 4.11.
	  	Associations	  	26
	 4.12.
	  	Labor Matters	  	26
	 4.13.
	  	ERISA	  	26
	 4.14.
	  	Debt	  	26
	 4.15.
	  	Title to Property	  	27
	 4.16.
	  	Collateral Locations	  	27
	 4.17.
	  	Location of Bank and Brokerage Accounts	  	27
	 SECTION 5.
	  	BORROWERS’ AFFIRMATIVE COVENANTS	  	27
	 5.1.
	  	Financial and Business Information	  	27
	 5.2.
	  	Tax Returns and Reports	  	28
	 5.3.
	  	Material Adverse Effect	  	28
	 5.4.
	  	Litigation / Loss	  	28
	 5.5.
	  	Places of Business; Jurisdiction of Organization; Name	  	28
	 5.6.
	  	Maintenance of Insurance, Financial Records and Legal Existence	  	29
	 5.7.
	  	Business Conducted	  	30
	 5.8.
	  	Payment of Obligations, Taxes and Claims	  	30
	 5.9.
	  	Financial Covenants	  	30
	 5.10.
	  	Capital Contribution.	  	30
	 5.11.
	  	Maintenance of Property / Inspection	  	30

					
	 SECTION 6.
	  	BORROWERS’ NEGATIVE COVENANTS	  	30
	 6.1.
	  	Debt	  	31
	 6.2.
	  	Liens, Claims and Encumbrances	  	31
	 6.3.
	  	Loans, Advances and Investments	  	31
	 6.4.
	  	Distributions	  	31
	 6.5.
	  	Sale of Assets, Merger, Consolidation, Dissolution or Liquidation of Borrowers	  	31
	 6.6.
	  	Change of Control of Parent	  	32
	 6.7.
	  	Transactions With Affiliates	  	32
	 6.8.
	  	Bank and Brokerage Accounts; Deposits	  	33
	 6.9.
	  	Hedging	  	33
	 SECTION 7.
	  	DEFAULT	  	33
	 7.1.
	  	Events of Default	  	33
	 7.2.
	  	Cure	  	35
	 7.3.
	  	Rights and Remedies on Default	  	35
	 7.4.
	  	Nature of Remedies	  	36
	 7.5.
	  	Set-Off	  	36
	 7.6.
	  	Equity Cure	  	36
	 SECTION 8.
	  	MISCELLANEOUS	  	37
	 8.1.
	  	GOVERNING LAW	  	37
	 8.2.
	  	Integrated Agreement	  	37
	 8.3.
	  	Waiver and Indemnity	  	37
	 8.4.
	  	Time	  	38
	 8.5.
	  	Expenses of Lender	  	38
	 8.6.
	  	Confidentiality	  	38
	 8.7.
	  	Notices	  	39
	 8.8.
	  	Headings	  	39
	 8.9.
	  	Survival	  	39
	 8.10.
	  	Successors and Assigns	  	39
	 8.11.
	  	Duplicate Originals	  	39
	 8.12.
	  	Modification	  	39
	 8.13.
	  	Signatories	  	39
	 8.14.
	  	Third Parties	  	40
	 8.15.
	  	Waivers	  	40
	 8.16.
	  	CONSENT TO JURISDICTION	  	40
	 8.17.
	  	WAIVER OF JURY TRIAL	  	41
	 8.18.
	  	Discharge of Taxes, Borrowers’ Obligations, Etc.	  	41
	 8.19.
	  	Injunctive Relief	  	41
	 8.20.
	  	Transfers and Participations	  	41
	 SECTION 9.
	  	SPECIAL INTER-BORROWER PROVISIONS	  	42
	 9.1.
	  	Certain Borrower Acknowledgments and Agreements	  	42
	 9.2.
	  	Maximum Amount Of Joint and Several Liability	  	43
	 9.3.
	  	Authorization of IA Borrower by TN Borrower	  	43
	 SECTION 10.
	  	NOTICE - WRITTEN AGREEMENTS	  	44

  

			
	EXHIBITS	 	SCHEDULES
	 A1 – IA Real Property
	 	 4.15 – Agreements Regarding Rights, Options and Leases

	 A2 – TN Real Property
	 	 4.16 – Collateral Locations

	 B – Revolving Credit Note
	 	 4.17 – Location of Bank and Brokerage Accounts

	 C – Term Loan Note
	 	
	 D – Borrowing Base Report
	 	
	 E – Compliance Certificate
	 	

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

This Second Amended and Restated Credit Agreement (as the same may from time to time be amended, restated, modified or otherwise
supplemented, this “Agreement”) is dated this          day of April, 2010 by and among Green Plains Grain Company LLC, a Delaware limited liability company (“IA
Borrower”), Green Plains Grain Company TN, LLC, a Delaware limited liability company (“TN Borrower”, together with IA Borrower and their successors and assigns, each a “Borrower” and collectively, the
“Borrowers”), and First National Bank of Omaha, a national banking association (together with its successors and assigns, the “Lender”). 

RECITALS 

WHEREAS, pursuant to that certain First Amended and Restated Credit Agreement dated March 31, 2009 (the “Existing Credit
Agreement”), Lender has made loans to IA Borrower via a revolving credit facility and a term loan facility; 
 WHEREAS,
TN Borrower is a wholly-owned subsidiary of IA Borrower and desires to become a party to the Existing Credit Agreement as a Borrower; 

WHEREAS, Borrowers and Lender desire to amend and restate the Existing Credit Agreement as set forth herein to make loans available to
Borrowers of up to eighty-five million dollars ($85,000,000) via (a) a sixty-five million dollar ($65,000,000) revolving credit facility and (b) a twenty million dollar ($20,000,000) term loan facility; 

WHEREAS, the loans will generally be secured by (a) the personal property of Borrowers (other than rolling stock and equipment), now
existing or hereafter acquired, and (b) the real property of Borrowers described on Exhibit A1 and Exhibit A2 attached hereto and all improvements now or hereafter existing thereon; and 

NOW, THEREFORE, for and in consideration of Lender making the loans to Borrowers, the premises set forth above, which are incorporated
herein by this reference and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows: 

SECTION 1. DEFINITIONS AND INTERPRETATION 

1.1. Terms Defined. As used in this Agreement, the following terms have the following respective meanings: 

“Account” means a right to payment of a monetary obligation including, without limitation, all accounts, contract
rights, instruments, documents, chattel paper and general intangibles in which Borrowers now have or hereafter acquire any right. 

“Account Debtor” means the Person who is obligated on an Account. 

“Advance” means any monies advanced or credit extended as Revolving Credit Loans or the Term Loan to or for the benefit
of Borrowers by Lender. 
 “Affiliate” means, with respect to any specified Person, (a) any Person which
directly or indirectly controls, or is controlled by, or is under common control with, the specified Person, and (b) any director or officer (or, in the case of a Person which is not a corporation, any individual having analogous powers) of the
specified Person or of a Person who is an Affiliate of 
  

 1 

 
the specified Person within the meaning of the preceding clause (a). For purposes of the preceding sentence, “control” of a Person shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management or policies of such Person, or direct or indirect ownership (beneficially or of record) of, or direct or indirect power to vote, five percent (5%) or more of the equity interests of
such Person. 
 “Agreement” has the meaning set forth in the introductory paragraph of this Agreement.

 “Authorized Officer” means officers of Borrowers or their sole members authorized by specific resolutions of
Borrowers and their sole members to execute and deliver the Loan Documents and request Revolving Credit Loans or the Term Loan, as set forth in the incumbency certificate referred to in Section 3.1(h) hereof. 

“Base Facility” has the meaning set forth in Section 2.1(a) hereof. 

“Borrower” and “Borrowers” have the meanings set forth in the introductory paragraph of this Agreement.

 “Borrowing Base” means an amount equal to the lesser of (a) the Revolving Credit Commitment and
(b) the Borrowing Base Factors, in each case, minus the sum of: 
  

	 	(i)	accrued and unpaid interest on the Debt; 

  

	 	(ii)	outstanding letters of credit issued on behalf of any Borrower; and 

  

	 	(iii)	an amount determined by Lender in its sole discretion to represent the credit exposure of Borrowers due to any Swap Obligations. 

“Borrowing Base Factors” means the sum of: 

 

	 	(i)	80% of the Value of Eligible Accounts Receivable; plus 

  

	 	(ii)	70% of the Value of Eligible Non-Grain Inventory; plus 

  

	 	(iii)	90% of the Value of Eligible Grain Inventory Evidenced By Warehouse Receipts; plus 

 

	 	(iv)	80% of the Value of Eligible Grain Inventory Not Evidenced By Warehouse Receipts; plus 

 

	 	(v)	70% of the Value of Supplier Prepayments; plus 

  

	 	(vi)	85% of the Value of Eligible Grain Inventory In Transit; plus 

  

	 	(vii)	70% of the Value of Grain Cash Forward Purchase & Sale Contracts (100% if Value is negative); plus 

 

	 	(viii)	90% of the Value of Hedging Accounts; plus 

  

	 	(ix)	100% of the Value of Lender Accounts; minus 

  

 2 

	 	(x)	100% of amounts payable by Borrowers with respect to Grain Inventory included in clauses (iii), (iv) and (vi) above; minus 

 

	 	(xi)	100% of outstanding checks and other outstanding forms of payment by Borrowers to satisfy amounts payable under clause (x) above (to the extent the corresponding
payable has been reduced); minus 

  

	 	(xii)	100% of customer prepayments to Borrowers with respect to Non-Grain Inventory and Grain Inventory included in clauses (ii), (iii), (iv) and (vi) above.

 As of any date, the Borrowing Base Factors shall be determined on the basis of the information contained in the most recent
Borrowing Base Report and shall be subject to adjustment by Lender in its sole discretion if it has reason to believe the Borrowing Base Factors are not accurate. 

“Borrowing Base Report” has the meaning set forth in Section 3.1(t) hereof. 

“Borrowing Notice” means a written, telex, telecopy or telephonic notice by Borrowers to Lender specifying (a) the
Effective Date of making any Advance under the Revolving Credit Facility and (b) the amount of any Advance requested under the Revolving Credit Facility. 

“Business Day” means any day other than a Saturday, Sunday or any day on which banking institutions in Omaha, Nebraska
are permitted or required by law, executive order or governmental decree to remain closed or a day on which Lender is closed for business. 

“Capital Expenditures” means, with respect to any period, the expenditures of Borrowers for such period in connection
with the purchase of any fixed or capital assets required to be capitalized for financial reporting purposes in accordance with GAAP. 

“Capitalized Lease” means a lease that is required to be capitalized for financial reporting purposes in accordance with
GAAP. 
 “Change in Law” means (a) the adoption of any law, rule or regulation by any governmental
authority after the Closing Date, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any governmental authority after the Closing Date or (c) compliance by Lender with any binding request,
guideline or directive (whether or not having the force of law) of any governmental authority made or issued after the Closing Date. 

“Change of Control” has the meaning set forth in Section 6.6 hereof. 

“Closing” has the meaning set forth in Section 3.4 hereof. 

“Closing Date” has the meaning set forth in Section 3.4 hereof. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations and rulings issued
thereunder. 
 “Collateral” means the Personal Property, Real Property and all other Property that now or
hereafter secures the payment and performance of any of the Obligations pursuant to any of the Loan Documents or otherwise. 

“Compliance Certificate” has the meaning set forth in Section 3.1(u) hereof. 

 

 3 

 “Control Agreements” has the meaning set forth in Section 3.1(d)
hereof. 
 “Cure Amount” has the meaning set forth in Section 7.6 hereof. 

“Cure Right” has the meaning set forth in Section 7.6 hereof. 

“Debt” means, with respect to any date, whether or not included as indebtedness or liabilities in accordance with GAAP,
the sum of the: (a) obligations of Borrowers for borrowed money; plus (b) obligations of Borrowers evidenced by bonds, debentures, notes or other similar instruments; plus (c) obligations of Borrowers under conditional sale or other
title retention agreements relating to property purchased to the extent of the value of such property; plus (d) obligations of Borrowers to pay the deferred purchase price of property or services (other than trade accounts payable arising in
the ordinary course of business and due within six months of the incurrence thereof); plus (e) obligations of Borrowers under Capitalized Leases; plus (f) obligations of Borrowers under operating leases for rolling stock and equipment;
plus (g) obligations of Borrowers, contingent or otherwise, to purchase, redeem, retire or otherwise acquire securities or other property which arise out of or connection with the sale of the same or substantially similar securities or
property; plus (h) obligations of Borrowers to reimburse any other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument and the amount available to be drawn under a letter of credit,
banker’s acceptance or similar instrument; plus (i) Swap Obligations of Borrowers; plus (j) obligations of any other Person, to the extent such obligations are guaranteed by any Borrower; plus (k) obligations of any other Person,
to the extent such obligations are secured by a lien or security interest on any Borrower’s Property (whether or not such obligations have been assumed by any Borrower); plus (l) obligations of any other Person, to the extent any Borrower
is reasonably likely to be liable for such obligations. 
 “Default Rate” means the rate of interest otherwise
applicable on Revolving Credit Loans and the Term Loan plus five percent (5%). 
 “Disclosures” has the meaning
set forth in Section 8.20(b) hereof. 
 “Distribution” means (a) dividends or other distributions on
the equity interests of Borrowers, (b) the redemption, repurchase or acquisition of such equity interests or of warrants, rights or other options to purchase such equity interests and (c) loans made to any member of Borrowers. 

“EBITDAR” means, with respect to any date, for the most recently ended four fiscal quarters of Borrowers, the sum of
Borrowers’: (a) Net Income for such period; plus (b) any amount which, in the determination of Net Income for such period, has been deducted for (i) Interest Expense, (ii) provisions for federal, state, local and foreign
income taxes, (iii) depreciation, amortization (including, without limitation, amortization of goodwill and other intangible assets), impairment of goodwill and other non-recurring non-cash charges (excluding any such non-cash charge to the
extent that it represents amortization of a prepaid cash expense that was paid in a prior period or an accrual of, or a reserve for, cash charges or expenses in any future period), (iv) rent and lease expense and (v) unrealized losses on
mark-to-market accounting for hedging activities; minus (c) any amount which, in the determination of Net Income for such period, has been added for (i) interest income, (ii) any non-cash income or non-cash gains, (iii) any
extraordinary, unusual or non-recurring income and (iv) unrealized gains on mark-to-market accounting for hedging activities; all as determined in accordance with GAAP. For purposes of compliance with the financial covenant set forth in
Section 5.9(e) hereof, EBITDAR shall take into account the TN Acquisitions by including a pro forma addition of 

 

 4 

 
one million three hundred seventeen thousand dollars ($1,317,000) for each of the fiscal quarters of Borrowers ended on September 30, 2009, December 31, 2009, March 31,
2010 and June 30, 2010, to the extent applicable. For the avoidance of doubt, September 30, 2010 shall be the first fiscal quarter of Borrowers incorporating actual EBITDAR attributable to the TN Acquisitions for purposes of compliance
with Section 5.9(e) hereof. 
 “Effective Date” means any Business Day designated by Borrowers in a
Borrowing Notice or Prepayment Notice as the date any Advance or prepayment, as the case may be, shall become effective. 

“Eligible Accounts Receivable” means any Account in which Lender has a first priority perfected security interest and
which complies with each of the following requirements: 
  

	 	(a)	it arises out of a bona fide sale of goods or services sold and delivered by or on behalf of Borrowers, or is in the process of being delivered by or on behalf of
Borrowers, to the Account Debtor on said Account; 

  

	 	(b)	it has been identified to Lender by Borrowers in a manner reasonably satisfactory to Lender; 

 

	 	(c)	it is evidenced by an invoice to the Account Debtor thereunder; 

  

	 	(d)	it has not remained unpaid in whole or in part for a period of more than ninety (90) days from the due date set forth in the original invoice (such due date not to
exceed twenty (20) days from the original invoice date); 

  

	 	(e)	it is not owed by an Account Debtor who is an employee of or which is an Affiliate of Borrowers (other than Accounts that (i) arise with respect to the sale of
grain by Borrowers to Affiliates for use at their ethanol plants in accordance with Section 6.7 hereof and (ii) have not remained unpaid in whole or in part for a period of more than eight (8) days from the original invoice date);

  

	 	(f)	it is not owing by any Account Debtor located outside of the United States; 

 

	 	(g)	the amount of such Account represented as owing is not disputed and it is net of any credit or allowance given by Borrowers to such Account Debtor; and

  

	 	(h)	the Account is not subject to any counterclaim or defense asserted by the Account Debtor thereunder, nor is it subject to any offset or contra account payable to the
Account Debtor or to any repurchase obligations or return rights. 

 “Eligible Grain Inventory Evidenced
By Warehouse Receipts” means any Grain Inventory in which Lender has a first priority perfected security interest and which complies with each of the following requirements: 

 

	 	(a)	it is owned by Borrowers and such ownership is evidenced by warehouse receipt; 

 

	 	(b)	it is readily usable or marketable by Borrowers in the ordinary course of their business; 

 

	 	(c)	it substantially conforms to the represented specifications and other quality standards of Borrowers; 

 

 5 

	 	(d)	it has been identified to Lender by Borrowers in a manner reasonably satisfactory to Lender; 

 

	 	(e)	it is located at a location in the United States of America disclosed to and approved by Lender and, if requested by Lender, any Person (other than Borrowers) owning or
controlling such location shall have waived all right, title and interest in and to such Grain Inventory in a manner satisfactory to Lender; 

  

	 	(f)	it is priced in accordance with GAAP and consistent with Borrowers’ method of pricing of Grain Inventory elected in its year-end financial statements referred to
in Section 5.1(a) hereof; and 

  

	 	(g)	it has not given rise to an Account. 

“Eligible Grain Inventory In Transit” means any Grain Inventory in which Lender has a first priority perfected security
interest and which complies with each of the following requirements: 
  

	 	(a)	it is owned by Borrowers and under contract to be shipped and sold within four (4) weeks of its original invoice date; 

 

	 	(b)	it is readily usable or marketable by Borrowers in the ordinary course of their business; 

 

	 	(c)	it substantially conforms to the represented specifications and other quality standards of Borrowers; 

 

	 	(d)	it has been identified to Lender by Borrowers in a manner reasonably satisfactory to Lender; 

 

	 	(e)	it is located at a location in the United States of America disclosed to and approved by Lender and, if requested by Lender, any Person (other than Borrowers) owning or
controlling such location shall have waived all right, title and interest in and to such Grain Inventory in a manner satisfactory to Lender; 

  

	 	(f)	it is priced in accordance with GAAP and consistent with Borrowers’ method of pricing of Grain Inventory elected in its year-end financial statements referred to
in Section 5.1(a) hereof; and 

  

	 	(g)	it has not given rise to an Account. 

“Eligible Grain Inventory Not Evidenced By Warehouse Receipts” means any Grain Inventory in which Lender has a first
priority perfected security interest and which complies with each of the following requirements: 
  

	 	(a)	it is owned by Borrowers and such ownership is not evidenced by warehouse receipt; 

 

	 	(b)	it is readily usable or marketable by Borrowers in the ordinary course of their business; 

 

 6 

	 	(c)	it substantially conforms to the represented specifications and other quality standards of Borrowers; 

 

	 	(d)	it has been identified to Lender by Borrowers in a manner reasonably satisfactory to Lender; 

 

	 	(e)	it is located at a location in the United States of America disclosed to and approved by Lender and, if requested by Lender, any Person (other than Borrowers) owning or
controlling such location shall have waived all right, title and interest in and to such Grain Inventory in a manner satisfactory to Lender; 

  

	 	(f)	it is priced in accordance with GAAP and consistent with Borrowers’ method of pricing of Grain Inventory elected in its year-end financial statements referred to
in Section 5.1(a) hereof; and 

  

	 	(g)	it has not given rise to an Account. 

“Eligible Non-Grain Inventory” means any Non-Grain Inventory in which Lender has a first priority perfected security
interest and which complies with each of the following requirements: 
  

	 	(a)	it is owned by Borrowers; 

  

	 	(b)	it is readily usable or marketable by Borrowers in the ordinary course of their business; 

 

	 	(c)	it substantially conforms to the represented specifications and other quality standards of Borrowers; 

 

	 	(d)	it has been identified to Lender by Borrowers in a manner reasonably satisfactory to Lender; 

 

	 	(e)	it is located at a location in the United States of America disclosed to and approved by Lender and, if requested by Lender, any Person (other than Borrowers) owning or
controlling such location shall have waived all right, title and interest in and to such Non-Grain Inventory in a manner satisfactory to Lender; 

  

	 	(f)	it is priced in accordance with GAAP and consistent with Borrowers’ method of pricing of Non-Grain Inventory elected in its year-end financial statements referred
to in Section 5.1(a) hereof; and 

  

	 	(g)	it has not given rise to an Account. 

“Environmental Indemnity Agreements” has the meaning set forth in Section 3.1(e) hereof. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations and
rulings issued thereunder. 
  

 7 

 “ERISA Affiliate” means any Person that, together with Borrowers, is
treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, Section 414(m) of the Code. 

“ERISA Event” means: (a) the occurrence of a “reportable event,” as defined in Section 4043 of ERISA
or the regulations issued thereunder with respect to a Plan unless the 30 day notice period requirement with respect to such event has been waived or the requirements of subsection (1) of Section 4043(b) of ERISA (without regard to
subsection (2) of such Section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of
ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) for plan years beginning prior to 2008, the existence with respect to any Plan of an “accumulated funding deficiency” (as defined in
Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by Borrowers or their ERISA
Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by Borrowers or their ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate
any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by Borrowers or their ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or
(g) the receipt by Borrowers or their ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from Borrowers or their ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a
Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 

“Event of Default” has the meaning set forth in Section 7.1 hereof. 

“Exchange Act” has the meaning set forth in Section 6.6(a) hereof. 

“Existing Credit Agreement” has the meaning set forth in the Recitals of this Agreement. 

“Expenses” has the meaning set forth in Section 8.5 hereof. 

“Fixed Charge EBITDAR Deductions” means, with respect to any date, for the most recently ended four fiscal quarters of
Borrowers, the sum of Borrowers’: (a) provisions for federal, state, local and foreign income taxes (i.e., amounts added to Net Income in the calculation of EBITDAR); plus (b) Capital Expenditures; plus (c) Distributions.

 “Fixed Charge Coverage Ratio” means, with respect to any date, the ratio of: (a) EBITDAR as of such
date minus Fixed Charge EBITDAR Deductions as of such date; to (b) Fixed Charges as of such date. 
 “Fixed
Charges” means, with respect to any date, for the most recently ended four fiscal quarters of Borrowers, the sum of Borrowers’: (a) Interest Expense; plus (b) current maturities of Debt (excluding the principal amount of any
Revolving Credit Loans outstanding); plus (c) rent and lease expense. 
 “GAAP” means generally accepted
accounting principles, consistently applied. 
 “Grain Cash Forward Purchase & Sale Contracts” means
contracts entered into by Borrowers, outstanding as of any date, under which Borrowers commit to purchase or sell grain to be delivered within fifteen (15) months of such date, and with respect to which (a) Borrowers are hedged with a
futures contract maintained in a Hedging Account and (b) Lender has a first priority perfected security interest. 
  

 8 

 “Grain Inventory” means corn, soybeans, oats and other grains held for sale
by Borrowers. 
 “Great Lakes Grain Storage” means Great Lakes Grain Storage, L.L.C., an Iowa limited liability
company. 
 “Hedging Accounts” means commodity trading accounts maintained by Borrowers for hedging purposes
with any reputable broker reasonably acceptable to Lender, and in which Lender has a first priority perfected security interest. 

“Hedging Policy” means a policy setting forth standards, practices and procedures with respect to Borrowers’
hedging activities approved by the Board of Directors of Parent and reasonably acceptable to Lender. 
 “IA
Borrower” has the meaning set forth in the introductory paragraph of this Agreement. 
 “IA Real
Property” means the real property of IA Borrower described on Exhibit A1 attached hereto and in the Mortgages and all improvements now or hereafter existing thereon. 

“Incumbent Directors” has the meaning set forth in Section 6.6(b) hereof. 

“Indemnified Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any governmental authority (other than income and franchise taxes imposed on the net income of Lender). 

“Interest Expense” means, with respect to any period, the interest expense of Borrowers for such period payable in
connection with Debt (including all computed interest on Capitalized Leases and operating leases for rolling stock and equipment). 

“Lender” has the meaning set froth in the introductory paragraph of this Agreement. 

“Lender Accounts” means deposit accounts maintained by Borrowers with Lender, and in which Lender has a first priority
perfected security interest. 
 “Loan Documents” means this Agreement, the Revolving Credit Note, the Term Loan
Note, the Mortgages, the Security Agreements, the UCC-1 Financing Statements, the Control Agreements, the Environmental Indemnity Agreements and any other agreements, instruments, documents and certificates executed and/or delivered in connection
with this Agreement, as each may be amended, restated, modified or otherwise supplemented from time to time. 
 “Loan
Pool” means: (a) in the context of a Transfer, all loans which are sold, transferred or assigned to the same transferee; and (b) in the context of a Participation, all loans as to which participating interests are granted to the
same participant. 
 “Material Adverse Effect” means a material adverse effect on (a) the business,
assets, operations or condition, financial or otherwise, of any Borrower, (b) the ability of any Borrower to perform any of its obligations under any Loan Document or (c) the rights of, or benefits available to, Lender under any Loan
Document. 
  

 9 

 “Minimum Notice Period” means a period commencing no later than 10:00 a.m.,
Omaha time, (a) on the Effective Date of any Advance under the Revolving Credit Facility and (b) three Business Days prior to the Effective Date of any payment under the Term Loan Facility (other than the quarterly payments required by
Section 2.4(c) hereof). 
 “Mortgages” has the meaning set forth in Section 3.1(b) hereof.

 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Net Income” means, with respect to any period, the net income (loss) of Borrowers for such period, determined in
accordance with GAAP. 
 “Non-Grain Inventory” means all raw materials, work in process, finished goods,
supplies and goods (other than Grain Inventory) held for sale or lease or furnished or to be furnished under contracts of service in which Borrowers now have or hereafter acquire any right. 

“Non-Use Fee Rate” means an annual rate of interest equal to thirty-seven and one-half basis points (0.375%).

 “Notice of Intent to Cure” has the meaning set forth in Section 7.6 hereof. 

“Obligations” means all now existing or hereafter arising loans, advances, liabilities, debts, obligations, covenants
and duties of payment or performance of every kind, matured or unmatured, direct or contingent, owing, arising, due or to become due, or payable to Lender, by or from Borrowers, in each case to the extent arising out of this Agreement or any other
Loan Document or otherwise including, without limitation, all obligations to repay principal of and interest on Revolving Credit Loans and the Term Loan, all obligations to pay interest, fees, costs, charges, expenses and any other sums chargeable
to Borrowers under the Loan Documents or any other agreement with Lender, whether or not evidenced by any note or other instrument. The Obligations shall also include any Swap Obligations owing to Lender or Swap Lender. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes,
charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 

“Parent” means Green Plains Renewable Energy, Inc., an Iowa corporation. 

“Participation” means one or more grants by Lender to a third party of a participation interest in notes evidencing
obligations to repay secured or unsecured loans owned by Lender or any or all servicing rights with respect thereto. 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity
performing similar functions. 
 “Permitted Exceptions” means: (a) the liens for current taxes and
assessments with respect to the Real Property, not yet due and payable; (b) liens and security interests in favor of Lender; (c) those easements, restrictions, liens and encumbrances with respect to the Real Property set forth as
exceptions in the title insurance policies issued to Lender and approved by Lender in its reasonable discretion; and (d) any other matters which have been approved in writing by Lender. 

 

 10 

 “Person” means any individual, corporation, partnership, limited liability
partnership, limited liability company, association, trust, unincorporated organization, joint venture, court or government or political subdivision or agency thereof, or other entity. 

“Personal Property” means the personal property of Borrowers (other than rolling stock and equipment) described in the
Security Agreement, now existing or hereafter acquired. 
 “Plan” means any employee pension benefit plan
(other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which Borrowers or their ERISA Affiliates are (or, if such plan were terminated, would
under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Prepayment Notice” means a written, telex, telecopy or telephonic notice by Borrowers to Lender pursuant to
Section 2.4(d) hereof specifying the amount of principal to be prepaid and the Effective Date of such prepayment. 

“Property” means an interest of Borrowers in any kind of property or asset, whether real or personal, tangible or
intangible, and includes the Collateral and any equity interest in Borrowers. 
 “Real Property” means the IA
Real Property and TN Real Property. 
 “Revolving Credit Commitment” means an amount equal to
(a) forty-five million dollars ($45,000,000) for the Base Facility from April 1 through September 30 of any year and (b) sixty-five million dollars ($65,000,000) for the Base Facility and Seasonal Facility from January 1
through March 31 and October 1 through December 31 of any year. 
 “Revolving Credit Facility”
has the meaning set forth in Section 2.1(a) hereof. 
 “Revolving Credit Loans” has the meaning set forth
in Section 2.1(b) hereof. 
 “Revolving Credit Maturity Date” has the meaning set forth in
Section 2.1(d) hereof. 
 “Revolving Credit Note” has the meaning set forth in Section 2.1(c) hereof.

 “Seasonal Facility” has the meaning set forth in Section 2.1(a) hereof. 

“Security Agreements” has the meaning set forth in Section 2.1(c) hereof. 

“Senior Leverage Ratio” means, with respect to any date, the ratio of (a) Debt (excluding the principal amount of
any Revolving Credit Loans outstanding) as of such date to (b) EBITDAR as of such date. 
 “Subsidiary”
shall mean any corporation, limited liability company, partnership, joint venture, trust or other legal entity of which Borrowers own, directly or indirectly, fifty percent (50%) or more of the outstanding voting stock or equity interests, or
of which Borrowers have effective control, by contract or otherwise. 
  

 11 

 “Supplier Prepayments” means payments made by Borrowers to suppliers for
the purchase of Non-Grain Inventory, and with respect to which (a) Borrowers have not acquired title to Non-Grain Inventory and (b) Lender has a first priority perfected security interest. 

“Swap Lender” means any Person who is a party to an arrangement with Borrowers evidencing Swap Obligations and holds a
participating interest in the Revolving Credit Loans or the Term Loan. 
 “Swap Obligations” means the
obligations of Borrowers pursuant to any arrangement with Lender or Swap Lender, whereby, directly or indirectly, Borrowers are entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of
interest on a stated notional amount in exchange for periodic payments made to Lender or Swap Lender calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate
swaps, caps, floors, collars and similar agreements. 
 “Tangible Net Worth” means, with respect to any date,
the sum of Borrowers’: (a) total assets (excluding any assets which are treated as intangibles in conformity with GAAP); minus (b) total liabilities, all as determined in accordance with GAAP. 

“Term Loan Commitment” means an amount equal to twenty million dollars ($20,000,000). 

“Term Loan Facility” has the meaning set forth in Section 2.1(a) hereof. 

“Term Loan Maturity Date” has the meaning set forth in Section 2.1(d) hereof. 

“Term Loan Note” has the meaning set forth in Section 2.1(c) hereof. 

“Term Loan” has the meaning set forth in Section 2.1(b) hereof. 

“TN Acquisitions” means the acquisitions of assets by TN Borrower from TN Sellers on or about the date hereof.

 “TN Borrower” has the meaning set forth in the introductory paragraph of this Agreement. 

“TN Real Property” means the real property of TN Borrower described on Exhibit A2 attached hereto and in the
Mortgages and all improvements now or hereafter existing thereon. 
 “TN Sellers” means Union City Grain
Company LLC, a Tennessee limited liability company, Dyer Gin Company, Inc., a Tennessee corporation, Thomas W. Wade, Jr. Living Trust, Farmers Grain of Trenton LLC, a Tennessee limited liability company, Farmers Grain Crop Insurance LLC, a Tennessee
limited liability company, and Wilson Street Properties LLC, a Tennessee limited liability company. 

“Transfer” means one or more sales, transfers or assignments by Lender to a third party of notes evidencing obligations
to repay secured or unsecured loans owned by Lender or any or all servicing rights with respect thereto. 
 “Unmatured
Event of Default” means an event which with the passage of time, giving of notice or both, would become an Event of Default. 
  

 12 

 “Value” means, as of any given date, an amount equal to: 

 

	 	(a)	for Eligible Accounts Receivable, the amount owing; 

  

	 	(b)	for Eligible Non-Grain Inventory, the lesser of (i) cost determined on a FIFO inventory basis of accounting (all in accordance with GAAP) and (ii) market
price for inventory of similar kind, quality, quantity and condition; 

  

	 	(c)	for Eligible Grain Inventory Evidenced By Warehouse Receipts and Eligible Grain Inventory Not Evidenced By Warehouse Receipts, the closing daily cash price at which
Borrowers purchased inventory of similar kind, quality, quantity and condition; 

  

	 	(d)	for Supplier Prepayments, the amount paid; 

  

	 	(e)	for Eligible Grain Inventory In Transit, the invoice price at which Borrowers agreed to sell inventory of similar kind, quality, quantity and condition;

  

	 	(f)	for Grain Cash Forward Purchase & Sale Contracts, the aggregate (net) excess or deficit sum of: 

 

	 	(i)	the product of (A) the futures price (per bushel) quoted on the Chicago Board of Trade for each futures only cash purchase contract minus the applicable contract
price (per bushel) multiplied by (B) the remaining number of bushels to be delivered under the applicable contract; 

  

	 	(ii)	the product of (A) the closing daily cash price (per bushel) for each cash purchase contract minus the applicable contract price (per bushel) multiplied by
(B) the remaining number of bushels to be delivered under the applicable contract; 

  

	 	(iii)	the product of (A) the applicable contract price (per bushel) for each futures only cash sale contract minus the futures price (per bushel) quoted on the Chicago
Board of Trade multiplied by (B) the remaining number of bushels to be delivered under the applicable contract; and 

  

	 	(iv)	the product of (A) the applicable contract price (per bushel) for each cash sale contract minus the closing daily cash price (per bushel) multiplied by
(B) the remaining number of bushels to be delivered under the applicable contract. 

 Under the above
calculation, any excess amount (net unrealized gain) shall result in a positive Value and any deficit amount (net unrealized loss) shall result in a negative Value. Borrowers represent and warrant that the statements delivered to Lender pursuant to
Section 5.1(a)(vii) hereof will reflect the Value (as defined by the foregoing formula); 
  

	 	(g)	 for Hedging Accounts, the aggregate (net) excess or deficit sum of (i) the account balances that would exist if all contracts held in such
accounts were liquidated so that all gains and losses on such contracts were realized plus (ii) all amounts held as margin (whether initial, maintenance or otherwise) in such accounts. Under the above calculation, any excess amount (net
unrealized gain) shall result in a 

  

 13 

	 	
positive Value and any deficit amount (net unrealized loss) shall result in a negative Value). Borrowers represent and warrant that the statements delivered to Lender pursuant to
Section 5.1(a)(vii) hereof will reflect the Value (as defined by the foregoing formula); and 

  

	 	(h)	for Lender Accounts, the cash held in such accounts. 

Notwithstanding the foregoing, the above Values shall be subject to the following limitations: (i) the Value of Eligible Accounts Receivable and the
Value of Grain Cash Forward Purchase & Sale Contracts which, in either case, is derived from Affiliates shall not exceed twelve million dollars ($12,000,000) in the aggregate, (ii) the Value of Grain Cash Forward Purchase &
Sale Contracts shall not exceed fifteen million dollars ($15,000,000) and (iii) the Value of Eligible Grain Inventory Not Evidenced By Warehouse Receipts shall not exceed thirty million dollars ($30,000,000). 

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Working
Capital” means, with respect to any date, the sum of Borrowers’: (a) current assets; minus (b) current liabilities (including the principal amount of any Revolving Credit Loans outstanding and current maturities under the
Term Loan Facility), all as determined in accordance with GAAP. 
 1.2. Matters of Construction. The terms
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any pronoun used shall be deemed to cover all genders.
Wherever appropriate in the context, terms used herein in the singular also include the plural and vice versa. All references to statutes and related regulations shall include any amendments of same and any successor statutes and regulations. Unless
otherwise provided, all references to any instruments or agreements to which Lender is a party including, without limitation, references to any of the Loan Documents, shall include any and all modifications or amendments thereto and any and all
extensions or renewals thereof. 
 1.3. Accounting Principles. Where the character or amount of any asset or liability or
item of income or expense is required to be determined or any consolidation or other accounting computation is required to be made for the purposes of this Agreement, this shall be done in accordance with GAAP, to the extent applicable, except as
otherwise expressly provided in this Agreement. 
 SECTION 2. THE LOANS 

2.1. Description. 
  

	 	(a)	Subject to the other terms and conditions of this Agreement, Lender hereby agrees to make loans available for the benefit of Borrowers of up to eighty-five million
dollars ($85,000,000) consisting of (i) a sixty-five million dollar ($65,000,000) revolving credit facility (the “Revolving Credit Facility”) and (ii) a twenty million dollar ($20,000,000) term loan facility (the
“Term Loan Facility”). The Revolving Credit Facility shall consist of (i) a forty-five million dollar ($45,000,000) base facility (the “Base Facility”) and (ii) a twenty million dollar ($20,000,000)
seasonal facility (the “Seasonal Facility”). 

  

 14 

	 	(b)	The Revolving Credit Facility permits Advances to be extended by Lender to or for the benefit of Borrowers from time to time hereunder in the form of revolving credit
loans (the “Revolving Credit Loans”). The aggregate outstanding amount of Revolving Credit Loans outstanding, at any time, shall not exceed the Borrowing Base. Subject to such limitation, the outstanding balance of all Revolving
Credit Loans may fluctuate from time to time, through repayments and reborrowings. In no event shall the principal amount of any Advance under the Revolving Credit Facility be less than one hundred thousand dollars ($100,000). The Term Loan Facility
permits a single Advance to be extended by Lender to or for the benefit of Borrowers on or after the Closing Date in the form of a term loan (the “Term Loan”). The aggregate outstanding amount of the Term Loan outstanding, at any
time, shall not exceed the Term Loan Commitment. Any Advance under the Term Loan Facility which is repaid is not available for reborrowing. The Obligations of Borrowers under the Revolving Credit Facility, the Term Loan Facility, this Agreement and
the other Loan Documents shall at all times be absolute and unconditional. 

  

	 	(c)	At Closing, Borrowers shall duly execute and deliver to Lender (i) a Second Amended and Restated Revolving Credit Note made payable to the order of Lender in the
principal amount of the Revolving Credit Commitment (as the same may be amended, restated, modified or replaced from time to time, the “Revolving Credit Note”) and (ii) a Second Amended and Rested Term Loan Note made payable to
the order of Lender in the principal amount of the Term Loan Commitment (as the same may be amended, restated, modified or replaced from time to time, the “Term Loan Note”). The Revolving Credit Note and the Term Loan Note shall
evidence Borrowers’ absolute and unconditional obligation to repay Lender for all Revolving Credit Loans made by Lender under the Revolving Credit Facility and the Term Loan made by Lender under the Term Loan Facility, with interest as herein
and therein provided. Each and every Advance under the Revolving Credit Facility shall be evidenced by the Revolving Credit Note and each and every Advance under the Term Loan Facility shall be evidenced by the Term Loan Note. The Revolving Credit
Note and the Term Loan Note are incorporated herein by reference and made a part hereof. The Revolving Credit Note and the Term Loan Note shall be substantially in the form of Exhibit B and Exhibit C, respectively, attached hereto.

  

	 	(d)	The term of the Revolving Credit Facility shall expire on August 1, 2011 (with respect to the Base Facility) and April 1, 2011 (with respect to the Seasonal
Facility). All Revolving Credit Loans under the Revolving Credit Facility shall be repaid on or before the earlier of (i) August 1, 2011 (with respect to the Base Facility) or April 1, 2011 (with respect to the Seasonal Facility), as
applicable, (ii) termination of the Revolving Credit Facility and (iii) termination of this Agreement (the earliest of such dates, the “Revolving Credit Maturity Date”). After the Revolving Credit Maturity Date, no further
Advances under the Revolving Credit Facility shall be available from Lender. The term of the Term Loan Facility shall expire on May 1, 2015. Any Term Loan under the Term Loan Facility shall be repaid on or before the earlier of
(i) May 1, 2015, (ii) termination of the Term Loan Facility and (iii) termination of this Agreement (the earliest of such dates, the “Term Loan Maturity Date”). 

 

 15 

 2.2. Funding Procedures. 

 

	 	(a)	Subject to the terms and conditions of this Agreement and so long as no Event of Default or Unmatured Event of Default has occurred hereunder, Lender will make Advances
to Borrowers under the Revolving Credit Facility on the Effective Dates specified in Borrowing Notices received by Lender and a single Advance to Borrowers under the Term Loan Facility on or after the Closing Date. 

 

	 	(b)	Not less than the Minimum Notice Period prior to any Effective Date, Borrowers shall deliver to Lender a Borrowing Notice for an Advance under the Revolving Credit
Facility. 

  

	 	(c)	Subject to the terms and conditions of this Agreement, if the Borrowing Notice is delivered to Lender not less than the Minimum Notice Period prior to any Effective
Date, and any other conditions set forth in this Agreement are satisfied, Lender will make the requested Advance to Borrowers on the Effective Date (or the next applicable Business Day if the Borrowing Notice is delivered to Lender less than the
Minimum Notice Period prior to the Effective Date). 

 2.3. Interest. 

 

	 	(a)	Each Revolving Credit Loan and the Term Loan shall bear interest on the outstanding principal amount thereof from the date made until such Revolving Credit Loan or Term
Loan is paid in full. Borrowers agree to pay interest on the unpaid principal amount of each Revolving Credit Loan from time to time outstanding hereunder at the rate of interest set forth in the Revolving Credit Note. Borrowers agree to pay
interest on the unpaid principal amount of the Term Loan from time to time outstanding hereunder at the rate of interest set forth in the Term Loan Note. 

  

	 	(b)	[This section intentionally omitted.] 

  

	 	(c)	If any Event of Default shall occur, the rate of interest applicable to Revolving Credit Loans and the Term Loan then outstanding shall be the Default Rate. The Default
Rate shall apply from the date of the Event of Default until the date such Event of Default is waived or cured, as determined by Lender in its reasonable discretion, and interest accruing at the Default Rate shall be payable upon demand.

  

	 	(d)	Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of three hundred sixty (360) days, including the date a
Revolving Credit Loan or the Term Loan, as applicable, is made and excluding the date such Revolving Credit Loan or Term Loan, as applicable, or any portion thereof is paid or prepaid. 

 

	 	(e)	All contractual rates of interest chargeable on any outstanding Revolving Credit Loan or the Term Loan, as applicable, shall continue to accrue and be paid even after
default, maturity, acceleration, judgment, bankruptcy, insolvency proceedings of any kind or the happening of any event or occurrence similar or dissimilar. 

  

 16 

	 	(f)	In no contingency or event whatsoever shall the aggregate of all amounts deemed interest hereunder and charged or collected pursuant to the terms of this Agreement
exceed the highest rate of interest permissible under applicable law. In the event that any court of competent jurisdiction determines Lender has charged or received interest hereunder in excess of the highest applicable rate of interest, Lender
may, in its reasonable discretion, apply and set off such excess interest received by Lender against other Obligations due or to become due and such rate of interest shall automatically be reduced to the maximum rate of interest permitted by such
law. 

 2.4. Payments. 
  

	 	(a)	 All accrued interest on the Revolving Credit Loans shall be due and payable in arrears (i) on the first
(1st) day of each month, commencing on May 1,
2010, until the Revolving Credit Maturity Date, (ii) on the Revolving Credit Maturity Date and (iii) upon payment in full. All accrued interest on the Term Loan shall be due and payable in arrears (i) on the first
(1st) day of each calendar quarter, commencing on
July 1, 2010, until the Term Loan Maturity Date, (ii) on the Term Loan Maturity Date and (iii) upon payment in full. After the Revolving Credit Maturity Date or Term Loan Maturity Date, as applicable, interest shall be payable on
demand. 

  

	 	(b)	If, at any time, the aggregate principal amount of all Revolving Credit Loans outstanding exceeds the Borrowing Base then in effect, Borrowers shall immediately make
such principal prepayments of the Revolving Credit Loans as is necessary to eliminate such excess. If, at any time, the aggregate principal amount of the Term Loan outstanding exceeds the Term Loan Commitment, Borrowers shall immediately make such
principal prepayments of the Term Loan as is necessary to eliminate such excess. 

  

	 	(c)	 The entire outstanding principal balance of the Revolving Credit Loans, together with all unpaid accrued interest thereon, shall be due and payable on
the Revolving Credit Maturity Date. Borrowers shall repay the Term Loan to Lender on the first
(1st) day of each calendar quarter, commencing on
July 1, 2010, through and including the Term Loan Maturity Date, in consecutive quarterly payments of principal equal to five hundred thousand dollars ($500,000). The entire outstanding principal balance of the Term Loan, together with all
unpaid accrued interest thereon, shall be due and payable on the Term Loan Maturity Date. 

  

	 	(d)	 Upon receipt by the Lender of a Prepayment Notice not less than the Minimum Notice Period prior to the Effective Date thereof, Borrowers may prepay
without penalty the principal of Revolving Credit Loans and the Term Loan at any time. Notwithstanding the preceding sentence, Borrowers acknowledge that prepayment make-whole payments, premiums or penalties may be required in connection with the
prepayment of the Term Loan on any day other than the first
(1st) day of any calendar quarter.

  

	 	(e)	 All payments and prepayments shall be applied first to any unpaid interest and fees and thereafter to the principal of the Revolving Credit Loans and
Term Loan and to other amounts due Lender. Except as otherwise provided herein, all payments of principal, interest, fees or other amounts payable by Borrowers hereunder shall be remitted to Lender in immediately available funds not later

  

 17 

	 	
than 12:00 p.m., Omaha time, on the day due. Whenever any payment is stated as due on a day which is not a Business Day, the maturity of such payment shall be extended to the next succeeding
Business Day and interest shall continue to accrue during such extension. 

 2.5. Use of Proceeds. The
proceeds of the Revolving Credit Loans shall be used to finance Borrowers’ working capital needs. The proceeds of the Term Loan shall be used to refinance Borrowers’ existing debt and for general business purposes. 

2.6. Fees. 
  

	 	(a)	 Borrowers shall pay to Lender a non-use fee, which shall accrue at the Non-Use Fee Rate on the average daily unused amount of the Revolving Credit
Commitment during the period from the Closing Date until the Revolving Credit Maturity Date. All accrued non-use fees shall be due and payable (i) on the first
(1st) day of each calendar quarter, commencing on
July 1, 2010, until the Revolving Credit Maturity Date and (ii) on the Revolving Credit Maturity Date. All non-use fees shall be computed for the actual number of days elapsed on the basis of a year consisting of three hundred sixty
(360) days, including the Closing Date and excluding the Revolving Credit Maturity Date. 

  

	 	(b)	On the Closing Date, Borrowers shall pay to Lender (i) a non-refundable commitment fee of six hundred seventy-five thousand dollars ($675,000) with respect to the
Revolving Credit Facility and Term Loan Facility and (ii) a non-refundable administrative fee of twenty thousand dollars ($20,000). 

2.7. [This section intentionally omitted]. 

2.8. Increased Costs. 
  

	 	(a)	If any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the
account of, or credit extended by, Lender; or (ii) impose on Lender or the London interbank market any other condition affecting this Agreement; and the result of any of the foregoing shall be to increase the cost to Lender of making or
maintaining any Revolving Credit Loan or the Term Loan (or of maintaining its obligation to make any such loan) or to reduce the amount of any sum received or receivable by Lender (whether of principal, interest or otherwise), then Borrowers shall
pay to Lender such additional amount or amounts as will compensate Lender for such additional costs incurred or reduction suffered. 

  

	 	(b)	If Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on Lender’s capital or on
the capital of Lender’s holding company, if any, as a consequence of this Agreement to a level below that which Lender or Lender’s holding company, if any, could have achieved but for such Change in Law (taking into consideration
Lender’s policies and the policies of Lender’s holding company, if any, with respect to capital adequacy), then from time to time Borrowers shall pay to Lender such additional amount or amounts as will compensate Lender or Lender’s
holding company, if any, for any such reduction suffered. 

  

 18 

	 	(c)	A certificate of Lender setting forth the amount or amounts necessary to compensate Lender or its holding company, if any, as specified in paragraphs (a) or
(b) above shall be delivered to Borrowers, demonstrating in reasonable detail the calculation of the amounts, and shall be conclusive absent manifest error. Borrowers shall pay Lender the amount shown as due on any such certificate within
ten (10) days after receipt thereof. 

  

	 	(d)	Failure or delay on the part of Lender to demand compensation pursuant to this Section 2.8 shall not constitute a waiver of Lender’s right to demand such
compensation; provided that Borrowers shall not be required to compensate Lender pursuant to this Section 2.8 for any increased costs or reductions incurred more than one hundred eighty (180) days prior to the date that Lender notifies
Borrowers of the Change in Law giving rise to such increased costs or reductions and of Lender’s intention to claim compensation therefore; provided further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive and if Lender notifies Borrowers of such Change of Law within one hundred eighty (180) days after the adoption, enactment or similar act with respect to such Change of Law, then the one hundred eighty (180) day period referred
to above shall be extended to include the period from the effective date of such Change of Law to the date of such notice. 

2.9. Break Funding Payments. In the event of (a) the payment of any principal of the Term Loan
(other than the quarterly payments required by Section 2.4(c) hereof) other than on the first
(1st) day of any calendar quarter or (b) the
failure to borrow or pay any Revolving Credit Loan or the Term Loan on the applicable Effective Date, then, in any such event, Borrowers shall compensate Lender for the loss, cost and expense attributable to such event. Such loss, cost or
expense to Lender shall be deemed to include an amount determined by Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such loan had such event not occurred, at the annual rate of
interest that would have been applicable to such loan, for the period from the date of such event to the last day of the then current interest period (or, in the case of a failure to borrow, for the period that would have been the interest period
for such loan) over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable
amount and period from other banks in the London interbank market. A certificate of Lender setting forth any amount or amounts that Lender is entitled to receive pursuant to this Section 2.8, demonstrating in reasonable detail the
calculation of the amounts, shall be delivered to Borrowers and shall be conclusive absent manifest error. Borrowers shall pay Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof. 

2.10. Taxes. 
  

	 	(a)	Any and all payments by or on account of any obligation of Borrowers under this Agreement or any other Loan Document shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided that if Borrowers shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that after making
all required deductions or withholdings (including deductions applicable to additional sums payable under this Section 2.10) Lender receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrowers
shall make such deductions or withholdings and (iii) Borrowers shall pay the full amount deducted or withheld to the relevant governmental authority in accordance with applicable law. 

 

 19 

	 	(b)	In addition, Borrowers shall pay any Other Taxes to the relevant governmental authority in accordance with applicable law. 

 

	 	(c)	Borrowers shall indemnify Lender, within thirty (30) days after written demand therefore, for the full amount of any Indemnified Taxes or Other Taxes paid by
Lender on or with respect to any payment by or on account of any obligation of Borrowers under this Agreement or any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section 2.10) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant governmental
authority. A certificate as to the amount of such payment or liability delivered to Borrowers by Lender demonstrating in reasonable detail the calculation of the amounts shall be conclusive absent manifest error. However, Lender shall not
be entitled to receive any payment with respect to Indemnified Taxes or Other Taxes that are incurred or accrued more than one hundred eighty (180) days prior to the date Lender gives notice and demand thereof to Borrowers.

  

	 	(d)	As soon as reasonably practicable after any payment of Indemnified Taxes or Other Taxes by Borrowers to a governmental authority, Borrowers shall deliver to Lender the
original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Lender. 

 

	 	(e)	Lender, if requested by Borrowers, shall deliver such properly completed and executed documentation prescribed by applicable law or reasonably requested by Borrowers as
will enable Borrowers to determine whether or not Lender is subject to backup withholding or information reporting requirements. 

  

	 	(f)	If Lender determines, in its reasonable discretion, that it has received a refund of any taxes or Other Taxes as to which it has been indemnified by Borrowers or with
respect to which Borrowers have paid additional amounts pursuant to this Section 2.10, it shall pay over such refund to Borrowers (but only to the extent of indemnity payments made, or additional amounts paid, by Borrowers under this
Section 2.10 with respect to the taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of Lender and without interest (other than any interest paid by the relevant governmental authority with respect to such
refund); provided, that Borrowers, upon the request of Lender, agree to repay the amount paid over to Borrowers (plus any penalties, interest or other charges imposed by the relevant governmental authority) to Lender in the event Lender is required
to repay such refund to such governmental authority. This Section 2.10 shall not be construed to require Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to Borrowers or
any other Person. 

  

 20 

 SECTION 3. CLOSING AND CONDITIONS PRECEDENT TO ADVANCES 

Closing under this Agreement and the making of each Advance are subject to the following conditions precedent (all documents to be in form
and substance satisfactory to Lender): 
 3.1. Conditions Precedent to Closing. Prior to the Closing, Borrowers shall
have delivered to Lender the following: 
  

	 	(a)	A duly and fully executed Agreement, Revolving Credit Note and Term Loan Note. 

 

	 	(b)	Duly and fully executed deeds of trust or mortgages, security agreements, fixture financing statements and assignments of leases and rents with respect to the Real
Property, together with amendments to any such documents previously delivered (as the same may from time to time be amended, restated, modified or otherwise supplemented, the “Mortgages”). The Mortgages shall secure the Obligations
and create first priority liens on the Real Property, subject only to the Permitted Exceptions. 

  

	 	(c)	Duly and fully executed security agreements, together with amendments to any such agreements previously delivered (as the same may from time to time be amended,
restated, modified or otherwise supplemented, the “Security Agreements”) and UCC-1 Financing Statements. The Security Agreements and UCC-1 Financing Statement shall secure the Obligations and create a first priority perfected
security interest on the Personal Property, subject only to the Permitted Exceptions. 

  

	 	(d)	Duly and fully executed control agreements with respect to the bank and brokerage accounts set forth on Schedule 4.17 hereto (as the same may from time to time
be amended, restated, modified or otherwise supplemented, the “Control Agreements”). The Control Agreements shall secure the Obligations and create a first priority perfected security interest on the bank and brokerage accounts set
forth on Schedule 4.17 hereto, subject only to the Permitted Exceptions. 

  

	 	(e)	Duly and fully executed environmental indemnity agreements, together with amendments to any such agreements previously delivered (as the same may from time to time be
amended, restated, modified or otherwise supplemented, the “Environmental Indemnity Agreements”). 

  

	 	(f)	Each instrument, document and agreement required to be executed under any provision of this Agreement or any other Loan Document. 

 

	 	(g)	Certified copies of (i) resolutions of Borrowers and their sole members, authorizing the execution, delivery and performance of this Agreement and the other Loan
Documents and the transactions contemplated thereby and (ii) Borrowers’ and their sole members’ organizational and governing documents and agreements. 

 

	 	(h)	Incumbency certificates identifying all Authorized Officers, with specimen signatures. 

 

 21 

	 	(i)	A certificate of good standing for Borrowers and their sole members issued by appropriate governmental authorities. 

 

	 	(j)	A written opinion of Borrowers’ internal and external counsel. 

  

	 	(k)	Independent written appraisals of the value of the Real Property, prepared by qualified and licensed real estate appraisers satisfactory to Lender, together with a
letter from each real estate appraiser stating that Lender can rely upon such appraisal in connection with this Agreement. 

  

	 	(l)	ALTA lender’s policies of title insurance for the Real Property, with Lender as the insured, insuring the Mortgages as first priority liens on the Real Property,
subject only to the Permitted Exceptions, together with datedown endorsements to any such policies previously delivered. All standard exceptions to such policies shall be deleted, and the policies shall contain such endorsements as Lender may
reasonably require. On the Closing Date, Lender shall receive a “mark-up” of the title insurance commitment for such insurance showing that (i) all requirements for issuance of the policies have been satisfied, (ii) the Mortgages
are first priority liens on the Real Property, subject only to the Permitted Exceptions, (iii) the standard exceptions to coverage will be deleted from the final policies and (iv) the final policies will contain the requested endorsements.

  

	 	(m)	ALTA-ACSM surveys of the Real Property, prepared by a registered land surveyor satisfactory to Lender, together with a letter from each land surveyor stating that
Lender and the title company issuing the title insurance for the Real Property can rely upon such survey in connection with this Agreement and that no material changes have occurred to the Real Property in question since the survey was prepared.

  

	 	(n)	Complete copies of phase 1 environmental assessments for the Real Property, prepared by environmental assessment firms satisfactory to Lender, together with a
letter from each environmental assessment firm stating that Lender can rely upon such assessment in connection with this Agreement. 

  

	 	(o)	Satisfactory evidence of hazard insurance coverage on the Collateral and general liability, auto liability, workers compensation and other insurance, as may be required
by any of the Loan Documents. 

  

	 	(p)	Flood certificates indicating that the Real Property is not within the 100-year flood plain or identified as a special flood hazard area as defined by the Federal
Emergency Management Agency. 

  

	 	(q)	Complete copies of the fully executed asset purchase agreements with respect to the TN Acquisitions. The TN Acquisitions shall have been, or substantially
simultaneously with the Closing shall be, consummated in accordance with the asset purchase agreements and applicable law, without any amendment to or waiver of any terms or conditions of the asset purchase agreements not approved by Lender (such
approval not to be unreasonably withheld or delayed). Lender shall have received copies of the material documents and agreements evidencing the closing of the TN Acquisitions and all material due diligence materials relating to the TN Acquisitions.

  

 22 

	 	(r)	Satisfactory evidence of payoff of all existing debt and obligations owing from TN Sellers to Farm Credit Services of Mid-America PCA, First State Bank and Regions Bank
and discharge of related liens and security interests. 

  

	 	(s)	Payment of the commitment fee and administrative fee referenced in Section 2.6(b) hereof and all Expenses associated with the Revolving Credit Facility and Term
Loan Facility incurred to the Closing Date. 

  

	 	(t)	A borrowing base report substantially in the form of Exhibit D attached hereto, together with supporting documentation (as the same may from time to time be
amended, restated, modified or otherwise supplemented, the “Borrowing Base Report”). 

  

	 	(u)	A compliance certificate substantially in the form of Exhibit E attached hereto, together with supporting documentation (as the same may from time to time be
amended, restated, modified or otherwise supplemented, the “Compliance Certificate”). 

  

	 	(v)	Commitments from other financial institutions, insurance companies or similar entities reasonably satisfactory to Lender to fund at least thirty-nine million dollars
($39,000,000) of the Revolving Credit Commitment. 

  

	 	(w)	All other instruments, certificates, documents, information and reports reasonably required or requested to be executed and/or delivered by Borrowers.

 3.2. Conditions Precedent to Advances. Lender’s obligation to make Advances shall be subject to the
satisfaction of each of the following conditions, as set forth herein: 
  

	 	(a)	All representations and warranties of Borrowers shall be deemed reaffirmed as of the making of any Advance and shall be true, correct and complete both before and after
giving effect to each such Advance. 

  

	 	(b)	No Event of Default or Unmatured Event of Default shall have occurred and be continuing, Borrowers shall be in compliance with this Agreement and the other Loan
Documents and Borrowers shall be deemed to have certified such matters to Lender. 

  

	 	(c)	Cash from Parent or other financial institutions, insurance companies or similar entities reasonably satisfactory to Lender to fund at least twenty million dollars
($20,000,000) of the Term Loan Commitment shall be delivered to Lender prior to making any Advance with respect to the Term Loan Facility. 

  

	 	(d)	Borrowers shall have taken such other actions, including the delivery of documents and opinions, as Lender may reasonably request. 

3.3. Compliance with this Agreement. Borrowers shall have performed and complied with all agreements, covenants and conditions
contained herein including, without limitation, the provisions of Sections 5 and 6 hereof, which are required to be performed or complied with by Borrowers before or at the Closing Date and as of the date of each Advance. 

 

 23 

 3.4. Closing. Subject to the conditions of this Section 3, this Agreement shall
be effective on the date (the “Closing Date”) this Agreement is duly executed and all of the conditions contained in Section 3.1 hereof are completed (the “Closing”). 

3.5. Non-Waiver of Rights. By completing the Closing hereunder, or by making Advances hereunder, Lender does not thereby waive a
breach of any warranty, representation or covenant made by Borrowers hereunder or under any agreement, document or instrument delivered to Lender or otherwise referred to herein, and any claims and rights of Lender resulting from any breach or
misrepresentation by Borrowers are specifically reserved by Lender. 
 SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce Lender to complete the Closing and continue to make Advances under the Revolving Credit Facility, Borrowers represents and
warrants to Lender that: 
 4.1. Organization, Powers, Authorization and Enforceability. 

 

	 	(a)	Borrowers are duly organized, validly existing and in good standing under the laws of the state of their formation, have lawful power and authority to engage in the
business they conduct and are qualified to do business and in good standing in each state and other jurisdiction where the nature and extent of their business requires qualification, except where the failure to so qualify could not have a Material
Adverse Effect. 

  

	 	(b)	Borrowers have all requisite power and authority to enter into and perform this Agreement and the other Loan Documents and to incur the Obligations herein provided for,
and have taken all proper and necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents. 

  

	 	(c)	This Agreement and the other Loan Documents, when executed and delivered, will be legal, valid and binding upon Borrowers and enforceable against Borrowers in
accordance with their respective terms. 

 4.2. No Conflicts. The execution, delivery and performance of
this Agreement, the other Loan Documents and all related agreements and each document required by any provision hereof will not violate any law, government rule or regulation, violate the organizational or governing documents and agreements of
Borrowers or violate or result in a default of (immediately or with the passage of time) any contract, agreement or instrument to which Borrowers are a party, or by which Borrowers or their Property are bound, which violation or default could have a
Material Adverse Effect. Borrowers are not in violation of nor have they knowingly caused any Person to violate any term of any agreement or instrument to which they or such Person is a party or by which they or their Property may be bound, which
violation could have a Material Adverse Effect. Borrowers are not in violation of their organizational or governing documents and agreements. 

4.3. Financial Condition / Full Disclosure. Borrowers have delivered to Lender their balance sheet and statements of operations,
cash flows and member equity as of and for the fiscal year ended December 31, 2009. Such financial statements present fairly the financial position and results of operations and cash flows of Borrowers as of such date and for such

  

 24 

 
period in accordance with GAAP. The other financial statements and information relating to Borrowers and TN Sellers and delivered to Lender in connection with the negotiation of this Agreement
present fairly the financial position of Borrowers and TN Sellers as of the date thereof and the results of their operations as of the period thereof. Since December 31, 2009, there has been no Material Adverse Effect. Neither the written
statements furnished by Borrowers to Lender in connection with the negotiation of this Agreement nor those contained in any financial statements or documents relating to Borrowers contain any untrue statement of a material fact or omit a material
fact necessary to make the statements contained therein or herein not misleading. 
 4.4. Governmental Approval. Neither
the nature of Borrowers or of Borrowers’ business or Property, nor any relationship between Borrowers and any other Person, nor any circumstance affecting Borrowers in connection with the issuance or delivery of any Loan Document, is such as to
require a consent, approval or authorization of, or filing, registration or qualification with, any governmental authority on the part of Borrowers in connection with the execution and delivery of this Agreement or the other Loan Documents, except:
(a) for the filing of the UCC-1 Financing Statements; and (b) for instances in which the lack of such consent, approval or authorization of, or filing, registration or qualification with, any governmental authority on the part of Borrowers
could not have a Material Adverse Effect. 
 4.5. Pending Litigation. There are no judgments, judicial or administrative
orders, suits, actions, proceedings or investigations (civil or criminal) pending, or to the knowledge of Borrowers, threatened, against Borrowers or affecting their Property in any court or before any governmental authority, regulatory agency or
arbitration board or tribunal, none of which, if adversely determined, could have a Material Adverse Effect. Borrowers are not in default with respect to any order of any court, governmental authority, regulatory agency or arbitration board or
tribunal. No officer of Borrowers or their sole members have been indicted or convicted in connection with or is engaging in any criminal conduct, or is currently subject to any lawsuit or proceeding or under investigation in connection with any
anti-racketeering or other related conduct or activity. 
 4.6. Taxes. All tax returns required to be filed by Borrowers
in any jurisdiction have in fact been filed, and all taxes, assessments, fees and other governmental charges upon Borrowers, or any of their Property, income or franchises, which are shown to be due and payable on such returns have been paid, except
for those taxes being contested in good faith with due diligence by appropriate proceedings. Borrowers are not aware of any proposed additional tax assessment or tax to be assessed against or applicable to Borrowers that could reasonably be expected
to have a Material Adverse Effect. 
 4.7. Insurance. All premiums due in respect of all insurance maintained by
Borrowers or with respect to their Property have been paid. 
 4.8. Contracts, etc. 

 

	 	(a)	Borrowers are not a party to any contract or agreement, or subject to any other restriction, which unduly materially and adversely affects their business, financial
condition, Property or prospects. 

  

	 	(b)	Except as otherwise specifically provided in this Agreement, Borrowers have not agreed or consented to cause or permit any Property to be subject in the future (upon
the happening of a contingency or otherwise) to any lien, claim or encumbrance of any nature whatsoever not permitted by this Agreement. 

  

 25 

 4.9. Compliance with Laws. Borrowers are not in violation of, have not received
written notice that they are in violation of, nor have they knowingly caused any Person to violate, any applicable statute, regulation or ordinance of the United States, or of any state, city, town, municipality, county or of any other jurisdiction,
or of any agency, or department thereof (including without limitation, environmental laws and regulations), which violation could have a Material Adverse Effect. 

4.10. Equity Interests. The authorized and outstanding equity interests of IA Borrower are owned by Parent. The authorized and
outstanding equity interest of TN Borrower are owned by IA Borrower. All of the equity interests of Borrowers have been duly and validly authorized and issued and are fully paid and non-assessable and have been sold and delivered to the holder
thereof in compliance with, or under valid exemption from, all federal and state laws and the rules and regulations of all regulatory bodies thereof governing the sale and delivery of securities. There are no subscriptions, warrants, options, calls,
commitments, rights or agreements by which Borrowers or Parent are bound relating to the issuance, transfer, voting or redemption of Borrowers’ equity interests or any pre-emptive rights held by any Person with respect to the equity interests
of Borrowers. Borrowers have not issued any securities convertible into or exchangeable for their equity interests or any options, warrants or other rights to acquire such equity interests or securities convertible into or exchangeable for such
equity interests. 
 4.11. Associations. Borrowers are not engaged in, nor do they have any interest in, any joint
venture or partnership with any other Person. Borrowers do not have any Subsidiaries, except Great Lakes Grain Storage and TN Borrower are Subsidiaries of IA Borrower. 

4.12. Labor Matters. There are no strikes, lockouts or slowdowns against Borrowers pending or, to the knowledge of Borrowers,
threatened. The hours worked by and payments made to employees of Borrowers have not been in violation of the Fair Labor Standards Act or any other applicable federal, state, local or foreign law dealing with such matters. All payments due from
Borrowers, or for which any claim may be made against Borrowers, on account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of Borrowers, in each of such cases so as to not
cause a Material Adverse Effect. 
 4.13. ERISA. No ERISA Event has occurred or is reasonably expected to occur that,
when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to have a Material Adverse Effect. The present value of all accumulated benefit obligations under each Plan (based
on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed the fair market value of the assets of such Plan, and
the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed the fair market value of the assets of all such underfunded Plans, in each of such cases so as to cause a Material Adverse Effect. 

4.14. Debt. Borrowers do not have existing Debt, except Debt permitted by Section 6.1 hereof. 

 

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 4.15. Title to Property. Borrowers have good and marketable title to their Property,
free from all liens, claims and encumbrances of any nature whatsoever, except liens, claims and encumbrances permitted by Section 6.2 hereof. None of the Borrowers’ Property is subject to any right of first refusal, right of first offer,
option to purchase or lease, except pursuant to the agreements set forth on Schedule 4.15 hereto. 
 4.16. Collateral
Locations. Attached hereto as Schedule 4.16 is a complete and accurate list showing all places at which the Collateral is located on the date hereof. Such list indicates whether the premises are owned or leased by Borrowers or whether the
premises are the premises of a warehouseman or other third party, and if owned by a third party, the name and address of such third party. 

4.17. Location of Bank and Brokerage Accounts. Attached hereto as Schedule 4.17 is a complete and accurate list of all
deposit, checking, savings, securities, investment, hedging, commodity trading and other accounts maintained with any bank, broker or dealer and all other similar accounts maintained by Borrowers on the date hereof, together with a description
thereof. Each of the accounts set forth on Schedule 4.17 hereto is maintained with the corresponding financial institution indicated thereon. 

SECTION 5. BORROWERS’ AFFIRMATIVE COVENANTS 

Borrowers covenant that until all of the Obligations are paid and satisfied in full and the Revolving Credit Facility and Term Loan
Facility have been terminated: 
 5.1. Financial and Business Information. Borrowers shall deliver to Lender the
following (all to be in form and substance satisfactory to Lender): 
  

	 	(a)	Financial Statements and Reports: 

  

	 	(i)	as soon as available, but in any event within ninety (90) days after the end of each fiscal year of Parent, financial statements of Parent for such year which
present fairly Parent’s financial condition, including the balance sheet as of the end of such fiscal year and a statement of operations, a statement of cash flows and a statement of stockholder equity for such fiscal year, all on a
consolidated basis and accompanied by consolidating schedules, prepared in accordance with GAAP, and audited by an independent certified public accounting firm of recognized standing selected by Parent and reasonably satisfactory to Lender, together
with an unqualified opinion on the financial statements from such accounting firm; 

  

	 	(ii)	as soon as available, but in any event within forty-five (45) days after the end of each fiscal quarter of Parent, internally prepared financial statements of
Parent for such quarter, along with year to date information and comparative information from the same periods of the preceding fiscal year, which present fairly Parent’s financial condition, including balance sheet, statement of operations,
statement of cash flows and statement of stockholder equity, all on a consolidated basis and accompanied by consolidating schedules, prepared in accordance with GAAP; 

 

	 	(iii)	as soon as available, but in any event within thirty (30) days after the end of each month, internally prepared financial statements of Borrowers for such month,
along with year to date information and comparative information from the same periods of the preceding fiscal year, which present fairly Borrowers’ financial condition, including balance sheet, statement of operations and statement of member
equity, prepared in accordance with GAAP (subject to absence of footnotes); 

  

 27 

	 	(iv)	as soon as available, but in any event within forty-five (45) days after the end of each fiscal quarter of Borrowers, a Compliance Certificate;

  

	 	(v)	as soon as available, but in any event within thirty (30) days after the end of each month, a Borrowing Base Report; 

 

	 	(vi)	as soon as available, but in any event within ninety (90) days after the end of each fiscal year of Borrowers, financial projections of Borrowers for the then
current fiscal year, together with an explanation of the assumptions used to forecast such financial projections; 

  

	 	(vii)	daily, electronic copies of all broker statements of Borrowers indicating all activities with respect to Hedging Accounts; 

 

	 	(viii)	as soon as available, but in any event within thirty (30) days after any third party grain warehouse examination, copies of all reports related to such
examination; and 

  

	 	(ix)	such other data, reports, statements and information (financial or otherwise) as Lender may reasonably request. 

 

	 	(b)	Notice of Event of Default - promptly upon becoming aware of the existence of any condition or event which constitutes an Event of Default or Unmatured Event of Default
under this Agreement, a written notice specifying the nature and period of existence thereof and what action Borrowers are taking (and proposes to take) with respect thereto. 

5.2. Tax Returns and Reports. At Lender’s request from time to time, Borrowers shall promptly furnish Lender with copies of
the annual federal and state income tax returns of Borrowers. 
 5.3. Material Adverse Effect. Borrowers agree that
immediately upon any of them, their sole members or any of them or their sole members’ officers becoming aware of any development or other information which could reasonably be expected to result in a Material Adverse Effect, they shall give to
Lender telephonic or facsimile notice specifying the nature of such development or information and such anticipated Material Adverse Effect. In addition, such verbal communication shall be confirmed by written notice thereof to Lender on the next
Business Day after such verbal notice is given. 
 5.4. Litigation / Loss. Borrowers shall give prompt notice to Lender
of any (a) litigation claiming in excess of two hundred fifty thousand dollars ($250,000) from Borrowers, or which could otherwise have a Material Adverse Effect or (b) any damage, loss, theft or destruction in excess of two hundred fifty
thousand dollars ($250,000) with respect to any portion of Borrowers’ Property, or which could otherwise have a Material Adverse Effect. 

5.5. Places of Business; Jurisdiction of Organization; Name. Borrowers shall give thirty (30) days prior written notice to
Lender of any changes in the location of any of their chief executive offices or any other places of business, any changes in their jurisdiction of organization, changes of name or the establishment of any new, or the discontinuance of any existing
place of business. 
  

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 5.6. Maintenance of Insurance, Financial Records and Legal Existence. 

 

	 	(a)	Property Insurance - Borrowers shall maintain or cause to be maintained insurance on their Property against fire, casualty and such other hazards in such amounts, with
such deductibles and with such insurers as are customarily used by companies operating in the same industry as Borrowers. The policies of all such casualty insurance shall contain standard lender loss payable and additional insured clauses issued in
favor of Lender pursuant to which all losses thereunder shall be paid to Lender as Lender’s interests may appear. Such policies shall expressly provide that the requisite insurance cannot be altered or canceled without thirty (30) days
prior written notice to Lender and shall insure Lender notwithstanding the act or neglect of the insured. At or prior to Closing, Borrowers shall furnish Lender with insurance certificates certified as true and correct and being in full force and
effect as of the Closing Date or such other evidence of insurance as Lender may require, provided that Borrowers shall furnish to Lender such insurance certificates naming Lender as loss payee and as additional insured no later than sixty
(60) days subsequent to the Closing Date. In the event Borrowers fail to procure or cause to be procured any such insurance or to timely pay or cause to be paid the premium(s) on any such insurance, Lender may do so for Borrowers, but Borrowers
shall continue to be liable for the same. Borrowers hereby appoint Lender as their attorney-in-fact, exercisable at Lender’s option, to endorse any check which may be payable to Borrowers in order to collect the proceeds of such insurance.

  

	 	(b)	Public Liability and Business Interruption Insurance - Borrowers shall maintain, and shall deliver to Lender upon Lender’s request evidence of, public liability
and business interruption insurance in such amounts as is customary for companies in the same or similar businesses located in the same or similar area. 

  

	 	(c)	Financial Records - Borrowers shall keep current and accurate books of records and accounts in which full and correct entries will be made of all of their business
transactions, and will reflect in their financial statements adequate accruals and appropriations to reserves, all in accordance with GAAP. Borrowers shall provide written notice to Lender promptly upon any change to their fiscal year end date.

  

	 	(d)	Existence and Rights - Borrowers shall do (or cause to be done) all things necessary to preserve and keep in full force and effect their legal existence, good standing,
rights and franchises. 

  

	 	(e)	Compliance with Laws - Borrowers shall be in compliance with any and all laws, ordinances, governmental rules and regulations, and court or administrative orders or
decrees to which they or their Property is subject, whether federal, state or local (including, without limitation, environmental or environmental-related laws, statutes, ordinances, rules, regulations and notices) and shall obtain and maintain any
and all licenses, permits, franchises, certificates or other governmental authorizations necessary to the ownership of their Property or to the conduct of their businesses, which violation or failure to obtain could materially adversely affect the
business, financial condition, Property or prospects of Borrowers. 

  

 29 

 5.7. Business Conducted. Borrowers shall continue in the primary business presently
engaged in by them, it being agreed that Borrowers may engage in businesses reasonably related to their primary business. 

5.8. Payment of Obligations, Taxes and Claims. Borrowers shall pay, before they become delinquent, all debts, obligations, taxes,
assessments, governmental charges, levies and claims imposed upon them or upon their Property, except for those being contested in good faith with due diligence by appropriate proceedings and for which appropriate reserves have been maintained under
GAAP. 
 5.9. Financial Covenants. Borrowers shall perform and comply with each of the following financial covenants as
reflected and computed from their financial statements: 
  

	 	(a)	Borrowers shall maintain, at all times, Working Capital equal to or more than: (i) eleven million dollars ($11,000,000) from April 1 through September 30
of any year; and (ii) thirteen million dollars ($13,000,000) from January 1 through March 31 and October 1 through December 31 of any year. 

 

	 	(b)	Borrowers shall maintain, at all times, Tangible Net Worth equal to or more than twenty-seven million dollars ($27,000,000). 

 

	 	(c)	Borrowers shall maintain, at all times, a Fixed Charge Coverage Ratio of 1.25x or more. 

 

	 	(d)	Borrowers shall maintain, at all times, unfinanced Capital Expenditures equal to or less than two million dollars ($2,000,000) during fiscal 2010 and each fiscal year
thereafter (excluding Capital Expenditures for the purchase price of the TN Acquisitions in fiscal 2010); provided, however, that any unused portion of Capital Expenditures from any fiscal year may be added to the two million dollar ($2,000,000)
limit in the next succeeding year. 

  

	 	(e)	Borrowers shall maintain, at all times, a Senior Leverage Ratio that does not exceed 2.50x. 

5.10. Capital Contribution. Prior to Parent’s transfer of its participation interest in the Term Loan Note to any third
party, Borrowers shall deliver to Lender satisfactory evidence that Parent made a new cash contribution to the equity of IA Borrower in an amount equal to or more than eight million dollars ($8,000,000) on or after the Closing Date. 

5.11. Maintenance of Property / Inspection. Borrowers shall keep and maintain their Property in good working order and condition,
ordinary wear and tear excepted. Borrowers shall permit any of Lender’s officers or other representatives to visit and inspect Borrowers’ Property during regular business hours to examine and audit all of Borrowers’ books of account,
records, reports and other papers, to make copies and extracts therefrom and to discuss their affairs, finances and accounts with its officers, employees and independent certified public accountants and attorneys. 

SECTION 6. BORROWERS’ NEGATIVE COVENANTS 

Borrowers covenant that until all of the Obligations are paid and satisfied in full and the Revolving Credit Facility and Term Loan
Facility have been terminated: 
  

 30 

 6.1. Debt. Borrowers shall not create, incur, assume or suffer to exist, voluntarily
or involuntarily, any Debt, except (a) the Obligations, (b) purchase money obligations, obligations under Capitalized Leases and obligations under operating leases for rolling stock and equipment in an aggregate amount not to exceed two
million dollars ($2,000,000) outstanding at any one time, (c) unsecured and subordinated obligations owing to Parent not in excess of two million dollars ($2,000,000) in the aggregate at any one time outstanding and (d) unsecured and
subordinated obligations owing to TN Sellers for the purchase price of the TN Acquisitions not in excess of three million three hundred thousand dollars ($3,300,000) in the aggregate at any one time outstanding. No payment of principal or interest
shall be made by Borrowers with respect to obligations owing to Parent if an Unmatured Event of Default or Event of Default would occur as a result of such payment. 

6.2. Liens, Claims and Encumbrances. Borrowers shall not (a) execute a negative pledge agreement with any Person covering any
Property, except as set forth in this Agreement, or (b) cause or permit or consent to cause or permit (upon the happening of a contingency or otherwise) its Property to be subject to any lien, claim or encumbrance of any nature whatsoever,
except (i) the Permitted Exceptions and (ii) liens and security interests with respect to the Property subject to the purchase money obligations, obligations under Capitalized Leases and obligations under operating leases for rolling stock
and equipment permitted by Section 6.1 hereof. 
 6.3. Loans, Advances and Investments. Borrowers shall not make, or
be permitted to have outstanding, any loans or advances to, or investments in, any Person, except (a) advances to employees in the ordinary course of business not in excess of one hundred thousand dollars ($100,000) in the aggregate at any one
time outstanding, (b) extensions of trade credit or similar advances in the ordinary course of business (other than trade credit or advances to Affiliates in excess of twenty-four million dollars ($24,000,000) in the aggregate or that remain
unpaid in whole or in part for a period of more than sixteen (16) days from the original invoice date) and (c) Great Lakes Grain Storage and TN Borrower. 

6.4. Distributions. Borrowers shall not declare, pay or make any form of Distribution, except (a) periodic Distributions to
Parent in an amount equal to Borrowers’ reasonable overhead and operating expenses paid by Parent, (b) periodic Distributions to Parent which, over the course of any calendar year, are in an aggregate amount equal to Parent’s federal,
state, local and foreign income tax liability for such year in respect of taxable income derived from Borrowers (net of tax refunds), (c) commencing with the fiscal year of Borrowers ending on December 31, 2010, periodic Distributions to
Parent which, over the course of any calendar year, are in an aggregate amount that does not exceed the lesser of (i) two million dollars ($2,000,000) and (ii) the lesser of (x) sixty percent (60%) of the amount by which Working
Capital as of the end of the previous fiscal year of Borrowers exceeds fourteen million dollars ($14,000,000) and (y) sixty percent (60%) of the amount by which Tangible Net Worth as of the end of the previous fiscal year of Borrowers
exceeds twenty-eight million dollars ($28,000,000) and (d) periodic Distributions to IA Borrower. 
 6.5. Sale of
Assets, Merger, Consolidation, Dissolution or Liquidation of Borrowers. 
  

	 	(a)	 Borrowers shall not sell, lease, license, transfer or otherwise dispose of their Property, agree to the same or convey any rights regarding the same,
except (i) Property sold in the ordinary course or ordinary operation of Borrowers’ business, (ii) sales of assets (other than as otherwise set forth in this Section 6.1(a)) for fair market value in an aggregate amount not to
exceed two hundred fifty thousand 

  

 31 

	 	
dollars ($250,000) per fiscal year and (iii) pursuant to the agreements set forth on Schedule 4.15 hereto. Borrowers shall not materially amend, restate, modify, supplement, extend,
renew or take any similar material actions with respect to the agreements set forth on Schedule 4.15 hereto. 

  

	 	(b)	Borrowers shall not merge or consolidate with, acquire any equity interests in (except the currently outstanding equity interests in Great Lakes Grain Storage), acquire
all or substantially all of the assets of or otherwise engage in any form of business combination with, any other Person, or commence a dissolution or liquidation. 

 

	 	(c)	IA Borrower shall remain wholly-owned by Parent. TN Borrower shall remain wholly-owned by IA Borrower. 

6.6. Change of Control of Parent. No Change of Control shall occur with respect to Parent. For the purposes of this
Section 6.6, “Change of Control” means: 
  

	 	(a)	the acquisition, directly or indirectly, by any person, entity or “group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of the combined voting power of Parent’s then
outstanding voting securities entitled to vote generally in the election of directors; 

  

	 	(b)	individuals who, as of the Closing Date, constitute the Board of Directors of Parent (the “Incumbent Directors”) cease for any reason to constitute at least a
majority of the Board of Directors of Parent, provided that any person becoming a director subsequent to the Closing Date whose election, or nomination for election by the shareholders of Parent, was approved by a vote of at least a majority of the
Incumbent Directors who are directors at the time of such vote shall be, for purposes of this Agreement, an Incumbent Director; or 

  

	 	(c)	consummation of (i) a reorganization, merger or consolidation, in each case, with respect to which persons who were the shareholders of Parent immediately prior to
such reorganization, merger or consolidation (other than the acquirer) do not, immediately thereafter, beneficially own more than fifty percent (50%) of the combined voting power of the reorganized, merged or consolidated company’s then
outstanding voting securities entitled to vote generally in the election of directors or (ii) a liquidation or dissolution of Parent or the sale of all or substantially all of the assets of Parent (whether such assets are held directly or
indirectly) to a third party. 

 6.7. Transactions With Affiliates. Borrowers shall not enter into any
transaction with any Affiliate including, without limitation, the purchase, sale, lease or exchange of Property, or the loaning, capitalization or giving of funds to any such Affiliate, unless (a) such Affiliate is engaged in a business
substantially related to the business permitted to be conducted by Borrowers hereunder, (b) the transaction is in the ordinary course of and pursuant to the reasonable requirements of Borrowers’ business and upon terms substantially the
same and no less favorable to Borrowers as they would obtain in a comparable arm’s-length transactions with any Person not an Affiliate and (c) such transaction is not prohibited hereunder. 

 

 32 

 6.8. Bank and Brokerage Accounts; Deposits. Borrowers shall not establish any new
deposit, checking, savings, securities, investment, hedging, commodity trading or other similar accounts, maintain any account other than those accounts specified on Schedule 4.17 hereto, deposit proceeds from the sale of Collateral in any
account other than a deposit account specified on Schedule 4.17 hereto or permit the cash balance of the accounts set forth on Schedule 4.17 hereto to exceed the corresponding balance limit indicated on Schedule 4.17 hereto. The
accounts set forth on Schedule 4.17 hereto that are maintained with financial institutions other than Lender and in which Lender does not have a first priority perfected security interest shall not have an aggregate balance limit in excess of
one hundred thousand dollars ($100,000). 
 6.9. Hedging. Each Borrower shall not (a) violate the Hedging Policy,
(b) permit more than one hundred thousand (100,000) bushels of any commodity constituting Grain Inventory to be unhedged against future price risk as of the close of the Chicago Board of Trade on each Business Day or (c) enter into
any short position in any futures contract traded on the Chicago Board of Trade with a term that expires in excess of twelve (12) months from the contract date. 

SECTION 7. DEFAULT 

7.1. Events of Default. Each of the following events shall constitute an event of default (“Event of Default”) and Lender
shall thereupon have the option to declare the Obligations immediately due and payable, all without demand, notice, presentment or protest or further action of any kind (it also being understood that the occurrence of any of the events or conditions
set forth in subparagraphs (j), (k) or (l) shall automatically cause an acceleration of the Obligations): 
  

	 	(a)	Payments - if any Borrower fails to make any payment of principal or interest on the date when such payment is due and payable; or 

 

	 	(b)	Other Charges - if any Borrower fails to pay any other charges, fees, Expenses or other monetary obligations owing to Lender, arising out of or incurred in connection
with this Agreement on the date when such payment is due and payable, whether upon maturity, acceleration, demand or otherwise and such failure continues for a period of ten (10) days after the earlier of any Borrower becoming aware of such
failure or any Borrower receiving written notice from Lender of such failure; provided however, that the ten (10) day grace period shall not be applicable if such payments are due and payable due to maturity, acceleration or demand, whether
following an Event of Default, or otherwise; or 

  

	 	(c)	Particular Covenant Defaults - if any Borrower fails to perform, comply with or observe any covenant or undertaking contained in this Agreement not otherwise described
in this Section 7.1, and such failure continues for a period of thirty (30) days after the earlier of any Borrower becoming aware of such failure or any Borrower receiving written notice from Lender of such failure; or

  

	 	(d)	Financial Information - if any statement, report, financial statement or certificate made or delivered by any Borrower, its sole member or any of its officers,
employees or agents, to Lender is not true and correct, in all material respects, when made; or 

  

 33 

	 	(e)	Uninsured Loss - if there shall occur any uninsured damage, loss, theft or destruction in excess of two hundred fifty thousand dollars ($250,000) with respect to any
portion of any Borrower’s Property; or 

  

	 	(f)	Warranties or Representations - if any warranty, representation or other statement by or on behalf of any Borrower contained in or pursuant to this Agreement, any of
the other Loan Documents, or in any document, agreement or instrument furnished in compliance with, relating to or in reference to this Agreement, is false, erroneous or misleading in any material respect when made; or 

 

	 	(g)	Agreements with Others - if any Borrower shall default beyond any grace period under any agreement with any creditor for borrowed money having an outstanding principal
amount of two hundred fifty thousand dollars ($250,000) or more and (i) such default consists of the failure to pay any principal or interest with respect to such indebtedness or (ii) such default consists of the failure to perform any
covenant or agreement with respect to such indebtedness, if the effect of such default is to cause or permit such Borrower’s, or any of its obligations which are the subject thereof, to become due prior to their maturity date or prior to their
regularly scheduled date of payment; or 

  

	 	(h)	Related Agreements – if, after the passage of all applicable notice and cure or grace periods, any Borrower breaches or violates the terms of, or if a default or
an event of default occurs under, (i) any other existing or future agreement between or among such Borrower and Lender that is in any way related to this Agreement including, without limitation, the Loan Documents or (ii) any Swap
Obligations; or 

  

	 	(i)	Judgments - if any final, nonappealable judgment for the payment of money in excess of two hundred fifty thousand dollars ($250,000) which is not covered by insurance
or an appeal bond, or for which any Borrower has not established a cash or cash equivalent reserve in the amount of such judgment, shall be rendered and shall remain unsatisfied and unstayed for a period of at least thirty (30) days; or

  

	 	(j)	Assignment for Benefit of Creditors, etc. - if any Borrower makes or proposes an assignment for the benefit of creditors generally, offers a composition or extension to
creditors, or makes or sends notice of an intended bulk sale of any business or assets now or hereafter owned or conducted by such Borrower which might materially and adversely affect such Borrower; or 

 

	 	(k)	Bankruptcy, Dissolution, etc. - upon the commencement of any action for the dissolution or liquidation of any Borrower, or the commencement of any proceeding to avoid
any transaction entered into by any Borrower, or the commencement of any case or proceeding for reorganization or liquidation of any Borrower, or any of its debts under the Bankruptcy Code or any other state or federal law, now or hereafter enacted
for the relief of debtors, whether instituted by or against any Borrower; provided, however, that each Borrower shall have sixty (60) days to obtain the dismissal or discharge of involuntary proceedings filed against such Borrower, it being
understood that during such sixty (60) day period, Lender shall not be obligated to make Advances hereunder and Lender may seek adequate protection in any bankruptcy proceeding; or 

 

 34 

	 	(l)	Receiver - upon the appointment of a receiver, liquidator, custodian, trustee or similar official or fiduciary for any Borrower or for any of such Borrower’s
Property; or 

  

	 	(m)	Execution Process, Seizure, etc. - the issuance of any execution or distraint process affecting any material portion of the Property of any Borrower, or any material
portion of the Property of any Borrower is seized by any governmental entity, federal, state or local; or 

  

	 	(n)	Pension Benefits, etc. - if any Borrower fails to comply with ERISA, so that grounds exist to permit the appointment of a trustee under ERISA to administer such
Borrower’s employee plans or to allow the Pension Benefit Guaranty Corporation to institute proceedings to appoint a trustee to administer such plan(s), or to permit the entry of a lien to secure any deficiency or claim; or

  

	 	(o)	Material Adverse Effect - a Material Adverse Effect occurs which impairs any Borrower’s ability to repay the Obligations in full as and when due; or

  

	 	(p)	Change of Control - if any Borrower fails to perform, comply with or observe Section 6.1 hereof or Section 6.6 hereof. 

7.2. Cure. Nothing contained in this Agreement or the Loan Documents shall be deemed to compel Lender to accept a cure of any
Event of Default hereunder, except as outlined in Section 7.1 hereof. 
 7.3. Rights and Remedies on Default.

  

	 	(a)	In addition to all other rights, options and remedies granted or available to Lender under this Agreement or the Loan Documents, or otherwise available at law or in
equity, upon or at any time after the occurrence and during the continuance of an Event of Default or Unmatured Event of Default, Lender may, in its reasonable discretion, withhold or cease making Advances. 

 

	 	(b)	In addition to all other rights, options and remedies granted or available to Lender under this Agreement or the Loan Documents (each of which is also then exercisable
by Lender), Lender may, in its reasonable discretion, upon or at any time after the occurrence and during the continuance of an Event of Default, terminate the Revolving Credit Facility and Term Loan Facility. 

 

	 	(c)	In addition to all other rights, options and remedies granted or available to Lender under this Agreement or the Loan Documents (each of which is also then exercisable
by Lender), Lender may, upon or at any time after the occurrence and during the continuance of an Event of Default, exercise all rights under the Uniform Commercial Code and any other applicable law or in equity, and under all Loan Documents
permitted to be exercised after the occurrence of an Event of Default, including the following rights and remedies (which list is given by way of example and is not intended to be an exhaustive list of all such rights and remedies):

  

	 	(i)	 The right to “take possession” of the Collateral, and notify all Account Debtors of Lender’s security interest in the Accounts and
require payment under the Accounts to be made directly to Lender and Lender may, in its own name or in 

 

 35 

	 	
the name of the Borrowers, exercise all rights of a secured party with respect to the Collateral and collect, sue for and receive payment on all Accounts, and settle, compromise and adjust the
same on any terms as may be satisfactory to Lender, in its reasonable discretion for any reason or without reason and Lender may do all of the foregoing with or without judicial process (including, without limitation, notifying the United States
postal authorities to redirect mail addressed to Borrowers, to an address designated by Lender); or 

  

	 	(ii)	Require Borrowers, at Borrowers’ expense, to assemble all or any part of the Collateral and make it available to Lender; or 

 

	 	(iii)	The right to reduce or modify the Revolving Credit Commitment or Term Loan Commitment, or to modify the terms and conditions upon which Lender may be willing to
consider making Advances. 

  

	 	(d)	Borrowers hereby agree that a notice received by them at least ten (10) days before the time of any intended public sale or of the time after which any private
sale or other disposition of the Collateral is to be made, shall be deemed to be reasonable notice of such sale or other disposition. If permitted by applicable law, any Collateral which threatens to speedily decline in value or which is sold on a
recognized market may be sold immediately by Lender without prior notice to Borrowers. Borrowers covenant and agree not to interfere with or impose any obstacle to Lender’s exercise of its rights and remedies with respect to the Collateral.

 7.4. Nature of Remedies. All rights and remedies granted Lender hereunder and under the Loan Documents,
or otherwise available at law or in equity, shall be deemed concurrent and cumulative, and not alternative remedies, and Lender may proceed with any number of remedies at the same time until all Obligations are satisfied in full. The exercise of any
one right or remedy shall not be deemed a waiver or release of any other right or remedy, and Lender, upon or at any time after the occurrence and during the continuance of an Event of Default, may proceed against Borrowers at any time, under any
agreement, with any available remedy and in any order. 
 7.5. Set-Off. If any bank account or other Property held by or
with Lender, or any Affiliate of Lender, or any participant is attached or otherwise liened or levied upon by any third party, Lender (and such participant) shall have and be deemed to have, without notice to Borrowers, the immediate right of
set-off and may apply the funds or other amounts or property thus set off against any of the Obligations hereunder. 
 7.6.
Equity Cure. 
 Notwithstanding anything to the contrary contained in this Section 7, in the event that Borrowers fail
to comply with the financial covenants set forth in Sections 5.9(a), (b) or (d) hereof, Borrowers shall have the right (the “Cure Right”) (at any time until the date that is five (5) days after the
date the Compliance Certificate is required to be delivered pursuant to Section 5.1(a)(iv) hereof) to issue equity interests for cash or otherwise receive cash contributions to their equity (the “Cure Amount”),
and thereupon Borrowers’ compliance with Sections 5.9(a), (b) or (d) hereof shall be recalculated giving effect to the following pro forma adjustment: (a) with respect to Section 5.9(a) hereof, the Cure Amount shall
constitute a corresponding increase in Working Capital; (b) with respect Section 5.9(b) hereof, the Cure 
  

 36 

 
Amount shall constitute a corresponding increase in Tangible Net Worth; and (c) with respect to Section 5.9(d) hereof, the Cure Amount shall constitute a corresponding decrease in
Capital Expenditures. If, after giving effect to the foregoing recalculations, the requirements of Sections 5.9(a), (b) or (d) hereof shall be satisfied, then the requirements of Sections 5.9(a), (b) or (d) shall be
deemed satisfied as of the end of the relevant fiscal quarter of Borrowers with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of Sections 5.9(a), (b) or
(d) that had occurred shall be deemed cured for the purposes of this Agreement. 
 Notwithstanding anything herein to the
contrary, (a) the Cure Amount for any cure of Section 5.9(a) hereof may not exceed five hundred thousand dollars ($500,000) in any fiscal quarter of Borrowers and (d) upon Lender’s receipt of a notice from Borrowers that they
intend to exercise the Cure Right (a “Notice of Intent to Cure”), until the fifth (5th) day following the date of delivery of the Compliance Certificate pursuant to Section 5.1(a)(iv) hereof to which such
Notice of Intent to Cure relates, Lender shall not exercise the right to accelerate the Revolving Credit Loans or Term Loan or exercise any right to foreclose on or take possession of the Collateral solely on the basis of an Event of Default having
occurred and being continuing under Sections 5.9(a), (b) or (d) hereof. 
 SECTION 8. MISCELLANEOUS 

8.1. GOVERNING LAW. THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL RELATED AGREEMENTS AND DOCUMENTS SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF NEBRASKA. THE PROVISIONS OF THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL OTHER AGREEMENTS AND DOCUMENTS REFERRED TO HEREIN ARE TO BE DEEMED SEVERABLE, AND THE INVALIDITY OR
UNENFORCEABILITY OF ANY PROVISION SHALL NOT AFFECT OR IMPAIR THE REMAINING PROVISIONS WHICH SHALL CONTINUE IN FULL FORCE AND EFFECT. 

8.2. Integrated Agreement. The Revolving Credit Note, the Term Loan Note, the Mortgages, the Security Agreements, the Control
Agreements, the Environmental Indemnity Agreements and the other Loan Documents, all related agreements and this Agreement shall be construed as integrated and complementary of each other and as augmenting and not restricting Lender’s rights
and remedies. If, after applying the foregoing, an inconsistency still exists, the provisions of this Agreement shall constitute an amendment thereto and shall control. 

8.3. Waiver and Indemnity. 
  

	 	(a)	No omission or delay by Lender in exercising any right or power under this Agreement or any related agreements and documents will impair such right or power or be
construed to be a waiver of any default, or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or power will not preclude other or further exercise thereof or the exercise of any other right, and as to
Borrowers no waiver will be valid unless in writing and signed by Lender and then only to the extent specified. 

  

	 	(b)	 Borrowers release and shall indemnify, defend and hold harmless Lender, and its respective officers, employees and agents, of and from any claims,
demands, liabilities, obligations, judgments, injuries, losses, damages and costs and expenses (including, without limitation, reasonable legal fees) resulting from (i)

 

 37 

	 	
acts or conduct of Borrowers under, pursuant or related to this Agreement and the other Loan Documents, (ii) Borrowers’ breach, or alleged breach, or violation of any representation,
warranty, covenant or undertaking contained in this Agreement or the other Loan Documents and (iii) Borrowers’ failure, or alleged failure, to comply with any or all laws, statutes, ordinances, governmental rules, regulations or standards,
whether federal, state or local, or court or administrative orders or decrees (including without limitation environmental laws, etc.), and all costs, expenses, fines, penalties or other damages resulting therefrom, unless, in each case resulting
from acts or conduct of Lender constituting willful misconduct or gross negligence. 

  

	 	(c)	Lender shall not be liable for, and Borrowers hereby agree that Lender’s liability in the event of a breach by Lender of this Agreement shall be limited to
Borrowers’ direct damages suffered and shall not extend to, any consequential or incidental damages. In the event Borrower bring suit against Lender in connection with the transactions contemplated hereunder, and Lender is found not to be
liable, Borrowers shall indemnify and hold Lender harmless from all costs and expenses, including attorneys’ fees, incurred by Lender in connection with such suit. 

8.4. Time. Except as otherwise set forth in this Agreement, whenever Borrowers shall be required to make any payment, or perform
any act, on a day which is not a Business Day, such payment may be made, or such act may be performed, on the next succeeding Business Day. Time is of the essence in Borrowers’ performance under all provisions of this Agreement and all related
agreements and documents. 
 8.5. Expenses of Lender. Borrowers will pay all out-of-pocket expenses incurred by Lender on
demand (including, without limitation, search costs, audit fees, inspection fees, appraisal fees, and the fees and expenses of legal counsel for Lender) relating to this Agreement, and all related agreements and documents, including, without
limitation, expenses incurred in the analysis, negotiation, preparation, closing, administration and enforcement of this Agreement and the other Loan Documents. In the event of any Event of Default or Unmatured Event of Default which requires action
by Lender in accordance with the terms of the Loan Documents, Borrowers will pay all out-of-pocket expenses incurred by Lender on demand relating to the enforcement, protection and defense of the rights of Lender in and to the Collateral or
otherwise hereunder. Additionally, Borrowers will pay any reasonable expenses relating to extensions, amendments, waivers or consents pursuant to the provisions hereof, or any related agreements and documents or relating to agreements with other
creditors, or termination of this Agreement. The fees, expenses and other costs set forth in this Section 8.5 are collectively referred to as the “Expenses.” Any Expenses not paid upon demand by Lender shall bear interest at
the Default Rate. 
 8.6. Confidentiality. Borrowers and Lender agree to maintain the confidentiality of this Agreement,
the other Loan Documents and any financial and business information delivered to Lender pursuant to Section 5.1 hereof and not to disclose such information or provide a copy thereof to any third party, except (a) as required by law or
regulation (including the regulations of the Securities and Exchange Commission), (b) to accountants, lawyers and financial advisers of the parties who are informed of and agree to be bound by this Section 8.6, (c) to any assignee or
participant (or potential assignee or participant) of Lender’s interests herein or any rating agencies, guarantors or insurers and (d) to the extent such information is available to the public. 

 

 38 

 8.7. Notices. 

 

	 	(a)	Any notices or consents required or permitted by this Agreement shall be in writing and shall be deemed given if delivered in person or if sent by facsimile or by
nationally recognized overnight courier, or via first class, certified or registered mail, postage prepaid, to the address of such party set forth on the signature pages hereof, unless such address is changed by written notice hereunder.

  

	 	(b)	Any notice sent by Lender or Borrowers by any of the above methods shall be deemed to be given when so received. 

 

	 	(c)	Lender shall be fully entitled to rely upon any facsimile transmission or other writing purported to be sent by any Authorized Officer (whether requesting an Advance or
otherwise) as being genuine and authorized. 

 8.8. Headings. The headings of any paragraph or section of
this Agreement are for convenience only and shall not be used to interpret any provision of this Agreement. 
 8.9.
Survival. All warranties, representations, and covenants made by Borrowers herein, in any Loan Document, or in any agreement referred to herein or on any certificate, document or other instrument delivered by it or on its behalf under this
Agreement, shall be considered to have been relied upon by Lender, and shall survive the delivery to Lender of any Loan Document, regardless of any investigation made by Lender or on its behalf. All statements in any such certificate or other
instrument prepared and/or delivered for the benefit of Lender shall constitute warranties and representations by Borrowers hereunder. Except as otherwise expressly provided herein, all covenants made by Borrowers hereunder, in any Loan Document or
under any other agreement or instrument shall be deemed continuing until all Obligations are satisfied in full. 
 8.10.
Successors and Assigns. 
  

	 	(a)	This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties. Borrowers may not transfer, assign or delegate any
of their duties or obligations hereunder. 

  

	 	(b)	Lender may at any time assign all of its Advances and commitments hereunder to any other Person. 

8.11. Duplicate Originals. Two or more duplicate originals of this Agreement may be signed by the parties, each of which shall be
an original but all of which together shall constitute one and the same instrument. This Agreement may be executed in counterparts, all of which counterparts taken together shall constitute one completed fully executed document. 

8.12. Modification. No modification hereof or of any agreement referred to herein shall be binding or enforceable unless in
writing and signed by Borrowers and Lender. 
 8.13. Signatories. Each individual signatory hereto represents and
warrants that such signatory is duly authorized to execute this Agreement on behalf of such signatory’s principal and that such signatory executes the Agreement in such capacity and not as a party. 

 

 39 

 8.14. Third Parties. No rights are intended to be created hereunder, or under any
related agreements or documents for the benefit of any third party donee, creditor or incidental beneficiary of Borrowers. Nothing contained in this Agreement shall be construed as a delegation to Lender of Borrowers’ duty of performance
including, without limitation, Borrowers’ duties under any account or contract with any other Person. 
 8.15. Waivers.

  

	 	(a)	Borrowers hereby irrevocably, unconditionally and fully subordinate in favor of Lender, any and all rights they may have at any time (whether arising, directly or
indirectly, by operation of law or contract) to assert or receive payment on any claim against it, on account of payments made under this Agreement, including without limitation, any and all rights of subrogation, reimbursement, exoneration,
contribution or indemnity. Borrowers waive any event or circumstances which might constitute a legal or equitable defense of, or discharge of, Borrowers. Furthermore, Borrowers agree that if any payment on the Obligations are recovered from or
repaid by Lender in whole or in part in any bankruptcy, insolvency or similar proceeding instituted by or against Borrowers, Borrowers shall be obligated to the same extent as if the recovered or repaid payment had never been originally made on such
Obligation. 

  

	 	(b)	Borrowers hereby consent and agree that Lender, at any time or from time to time in its reasonable discretion, may: (i) settle, compromise or grant releases for
liabilities of any Person or Persons liable for any Obligations, (ii) exchange, release, surrender, sell, subordinate or compromise any Collateral to the extent allowed under federal, state or local law including, without limitation,
administrative pronouncements of any party now or hereafter securing any of the Obligations and (iii) following an Event of Default, apply any and all payments received at any time against the Obligations in any order as Lender may determine;
all of the foregoing in such manner and upon such terms as Lender may see fit, without notice to or further consent from Borrowers who hereby agree and shall remain bound upon this Agreement notwithstanding any such action on Lender’s part.

  

	 	(c)	The liability of Borrowers hereunder is absolute and unconditional and shall not be reduced, impaired or affected in any way by reason of (i) any failure to
obtain, retain or preserve, or the lack of prior enforcement of, any rights against any Person or Persons or in any Property, (ii) the invalidity or unenforceability of any Obligations or rights in any Collateral, (iii) any delay in making
demand upon any other Person or Persons or any delay in enforcing, or any failure to enforce, any rights against any other Person or Persons or in any Collateral even if such rights are thereby lost, (iv) any failure, neglect or omission to
obtain, perfect or retain any lien upon, protect, exercise rights against, or realize on, any Property of Borrowers, or any other party securing the Obligations, (v) the existence or non-existence of any defenses which may be available to any
other Person or Persons with respect to the Obligations or (vi) the commencement of any bankruptcy, reorganization, liquidation, dissolution or receivership proceeding or case filed by or against Borrowers. 

8.16. CONSENT TO JURISDICTION. BORROWERS AND LENDER HEREBY IRREVOCABLY CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED IN DOUGLAS COUNTY, NEBRASKA IN ANY AND ALL ACTIONS AND PROCEEDINGS WHETHER ARISING HEREUNDER OR UNDER ANY OTHER AGREEMENT OR UNDERTAKING. BORROWERS WAIVE ANY OBJECTION TO IMPROPER VENUE AND

  

 40 

 
FORUM NON-CONVENIENS TO PROCEEDINGS IN ANY SUCH COURT AND ALL RIGHTS TO TRANSFER FOR ANY REASON. BORROWERS IRREVOCABLY AGREE TO SERVICE OF PROCESS BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED TO
THE ADDRESS OF THE APPROPRIATE PARTY SET FORTH HEREIN. 
 8.17. WAIVER OF JURY TRIAL. BORROWERS AND LENDER HEREBY WAIVE
ANY AND ALL RIGHTS THEY MAY HAVE TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION COMMENCED BY OR AGAINST LENDER WITH RESPECT TO RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO OR UNDER THE LOAN DOCUMENTS, WHETHER SOUNDING IN TORT, CONTRACT OR
OTHERWISE. 
 8.18. Discharge of Taxes, Borrowers’ Obligations, Etc. Lender, in its reasonable discretion, shall
have the right at any time, and from time to time, with prior notice to Borrowers, if Borrowers fail to do so five (5) Business Days after requested in writing to do so by Lender, to: (a) pay for the performance of any of Borrowers’
obligations hereunder and (b) discharge taxes or liens, at any time levied or placed on any of Borrowers’ Property in violation of this Agreement unless Borrowers are in good faith with due diligence by appropriate proceedings contesting
such taxes or liens. Expenses and advances shall be deemed Advances hereunder and shall bear interest at the Default Rate until reimbursed to Lender. Such payments and advances made by Lender shall not be construed as a waiver by Lender of an Event
of Default under this Agreement. 
 8.19. Injunctive Relief. The parties acknowledge and agree that, in the event of a
breach or threatened breach of any party’s obligations hereunder, they may have no adequate remedy in money damages and, accordingly, shall be entitled to an injunction (including without limitation, a temporary restraining order, preliminary
injunction, writ of attachment, or order compelling an audit) against such breach or threatened breach. However, no specification in this Agreement of a specific legal or equitable remedy shall be construed as a waiver or prohibition against any
other legal or equitable remedies in the event of a breach or threatened breach of any provision of this Agreement. 
 8.20.
Transfers and Participations. 
  

	 	(a)	A material inducement to Lender’s willingness to complete the transactions contemplated by this Agreement and the other Loan Documents is Borrowers’
agreement that Lender may, at any time, complete a Transfer or Participation with respect to the Revolving Credit Note, Term Loan Note or any of the other Loan Documents, or any or all servicing rights with respect thereto.

  

	 	(b)	 Borrowers agree to cooperate in good faith with Lender in connection with any such Transfer or Participation of the Revolving Credit
Note, Term Loan Note or any of the other Loan Documents, or any or all servicing rights with respect thereto, including, without limitation: (i) providing such documents, financial and other data, and other information and materials
which would typically be required with respect to Borrowers by a purchaser, transferee, assignee, servicer, participant, investor or rating agency involved with respect to such Transfer or Participation, as applicable; provided, however,
Borrowers shall not be required to make disclosures of any confidential information or any information which has not previously been made public unless required by applicable federal or state securities laws (the
“Disclosures”); and (ii) amending the non-financial terms of the transactions evidenced by the Loan Documents to the extent necessary so as 

 

 41 

	 	
to satisfy the requirements of purchasers, transferees, assignees, servicers, participants, investors or selected rating agencies involved in any such Transfer or Participation, so long as such
amendments would not have a Material Adverse Effect. Lender shall be responsible for preparing at its expense any documents evidencing the amendments referred to in clause (ii) above and compliance with any applicable law.

  

	 	(c)	Borrowers consent to Lender providing the Disclosures, as well as any other information which Lender may now have or hereafter acquire with respect to Borrowers,
to each purchaser, transferee, assignee, servicer, participant, investor or rating agency involved with respect to each Transfer or Participation, as applicable. Lender and Borrowers shall each pay their own attorneys’ fees and other
out-of-pocket expenses incurred in connection with the performance of their respective obligations under this Section 8.20. 

SECTION 9. SPECIAL INTER-BORROWER PROVISIONS 

9.1. Certain Borrower Acknowledgments and Agreements. 

 

	 	(a)	Each Borrower acknowledges that it will enjoy significant benefits from the business conducted by the other Borrower because of, inter alia, their combined ability to
bargain with other Persons including, without limitation, their ability to receive the Revolving Credit Facility and Term Loan Facility on favorable terms granted by this Agreement and the other Loan Documents which would not have been available to
an individual Borrower acting alone. Each Borrower has determined that it is in its best interest to procure the Revolving Credit Facility and Term Loan Facility which each Borrower may utilize directly and which receive the credit support of the
other Borrower as contemplated by this Agreement and the other Loan Documents. 

  

	 	(b)	Lender has advised Borrowers that it is unwilling to enter into this Agreement and the other Loan Documents and make available the Revolving Credit Facility and Term
Loan Facility extended hereby to any Borrower unless each Borrower agrees, among other things, to be jointly and severally liable for the due and proper payment of the Obligations of each other Borrower under this Agreement and other Loan Documents.
Each Borrower has determined that it is in its best interest and in pursuit of its purposes that it so induce Lender to extend credit pursuant to this Agreement and the other documents executed in connection herewith (i) because of the
desirability to each Borrower of the Revolving Credit Facility and Term Loan Facility, the interest rates and the modes of borrowing available hereunder, (ii) because each Borrower may engage in transactions jointly with the other Borrower and
(iii) because each Borrower may require, from time to time, access to funds under this Agreement for the purposes herein set forth. 

  

	 	(c)	 Each Borrower has determined that it has and, after giving effect to the transactions contemplated by this Agreement and the other Loan Documents
(including, without limitation, the inter-Borrower arrangement set forth in this Section 9.1), will have assets having a fair saleable value in excess of the amount required to pay its probable liability on its existing debts as they fall due
for payment and that the sum of its debts is not and will not then be greater than all of its Property at a fair valuation, that such Borrower has, and will have, 

 

 42 

	 	
access to adequate capital for the conduct of its business and the ability to pay its debts from time to time incurred in connection therewith as such debts mature and that the value of the
benefits to be derived by such Borrower from the access to funds under this Agreement (including, without limitation, the Inter-Borrower arrangement set forth in this Section 9.1) is reasonably equivalent to the obligations undertaken pursuant
hereto. 

 9.2. Maximum Amount Of Joint and Several Liability. To the extent that applicable law otherwise
would render the full amount of the joint and several obligations of any Borrower hereunder and under the other Loan Documents invalid or unenforceable, such Borrower’s obligations hereunder and under the other Loan Documents shall be limited
to the maximum amount which does not result in such invalidity or unenforceability, provided, however, that each Borrower’s obligations hereunder and under the other Loan Documents shall be presumptively valid and enforceable to their fullest
extent in accordance with the terms hereof or thereof, as if this Section 9.2 were not a part of this Agreement. 
 9.3.
Authorization of IA Borrower by TN Borrower. 
  

	 	(a)	TN Borrower hereby irrevocably authorizes IA Borrower to give notices, make requests, make payments, receive payments and notices, give receipts and execute agreements,
make agreements or take any other action whatever on behalf of TN Borrower under and with respect to any Loan Document and TN Borrower shall be bound thereby. This authorization is coupled with an interest and shall be irrevocable, and Lender may
rely on any notice, request, information supplied by IA Borrower, every document executed by IA Borrower, every agreement made by IA Borrower or other action taken by IA Borrower in respect of Borrowers or any thereof as if the same were supplied,
made or taken by any or all Borrowers. Without limiting the generality of the foregoing, the failure of one or more Borrowers to join in the execution of any writing in connection herewith shall not, unless the context clearly requires, relieve any
such Borrower from obligations in respect of such writing. 

  

	 	(b)	Borrowers acknowledge that the credit provided hereunder is on terms more favorable than any Borrower acting alone would receive and that each Borrower benefits,
directly and indirectly, from all Advances hereunder. Each of the Borrowers shall be jointly and severally liable for all Obligations regardless of, inter alia, which Borrower requested (or received the proceeds of) a particular Advance.

  

 43 

 SECTION 10. Notice - Written Agreements. 

This notice is provided pursuant to Nebraska Revised Statutes 45-1,112 et. seq. This Agreement is a credit agreement. A credit agreement
must be in writing to be enforceable under Nebraska Law. To protect you and us from any misunderstandings or disappointments, any contract, promise, undertaking or offer to forebear repayment of money or to make any other financial accommodation in
connection with this loan of money or grant or extension of credit, or any amendment of, cancellation of, waiver of or substitution for any or all of the terms or provisions of any instrument or document executed in connection with this loan of
money or grant or extension of credit, must be in writing to be effective. 
  

			
	INITIALED:	 	
		
	/s/ T.B.	 	 
	Borrowers	 	

 [Signature Page Follows] 

 

 44 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
set forth above. 
  

											
	Address For Notices to Borrowers:	 		 	Borrowers:
			
	Green Plains Grain Company LLC	 		 	Green Plains Grain Company LLC
	 9420 Underwood Avenue, Suite 100

Omaha, Nebraska 68114
	 		 	
				
	Attn: Jerry Peters	 		 	By:	 	/s/ Todd Becker
	         Michelle Mapes	 		 		 	Name:	 	Todd Becker
	Fax: (402) 884-8776	 		 		 	Title:	 	President and Chief Executive Officer
			
		 		 	Green Plains Grain Company TN LLC
				
		 		 	By:	 	/s/ Todd Becker
		 		 		 	Name:	 	Todd Becker
		 		 		 	Title:	 	President and Chief Executive Officer
				
		 		 		 	Lender:
	Address for notices to Lender:	 		 		 		 	
		 		 		 	First National Bank of Omaha
					
	 First National Bank of Omaha

625 Maryville Center Drive, Suite 100
	 		 		 		 	
	St. Louis, Missouri 63141	 		 	By:	 	/s/ Kenneth Feaster
	Attn: Kenneth Feaster	 		 		 	Name:	 	Kenneth Feaster
	Fax: (314) 317-1695	 		 		 	Title:	 	Vice President
					
	 And:
  

First National Bank of Omaha
 1620 Dodge Street,
Stop 1040
 Omaha, Nebraska 68197
 Attn:
Tom Jensen
 Fax: (402) 633-3518
  

With a copy to:
  

McGrath North Mullin & Kratz, PC LLO

First National Tower, Suite 3700
 1601 Dodge
Street
 Omaha, Nebraska 68102
 Attn:
Robert Bothe
          Jason Benson

Fax: (402) 341-0216
	 		 		 		 	

  

 45

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