Item 1.01. Entry into a Material Definitive Agreement.

Effective July 18, 2022, Southwest Iowa Renewable Energy, LLC (the "Company"), Farm Credit Services of America, FLCA ("FLCA"), Farm Credit Services of America, PCA ("PCA") and CoBank, ACB ("CoBank"), entered into the First Amendment and Restated Credit Agreement (the "Restated Credit Agreement") which amends and restates the Company's existing Credit Agreement dated as of June 24, 2014, as amended by Amendment No. 1 dated as of February 11, 2015, Amendment No. 2 dated as of February 11, 2015, Amendment No. 3 dated as of January 25, 2016, Amendment No. 4 dated as of November 14, 2019, Amendment No. 5 dated as of February 26, 2021, Amendment No. 6 dated as of July 30, 2021, Amendment No. 7 dated as of October 29, 2021 and Amendment No. 8 dated February 25, 2022 (collectively the "Original Credit Agreement").

The Restated Credit Agreement amends and restates the Original Credit Agreement to incorporate all of the prior amendments to the Original Credit Agreement into the Restated Credit Agreement. The credit facility continues to be secured by substantially all of the Company's assets.

The Restated Credit Agreement also made the following key modifications:

• The Second Amended and Restated Term Note dated February 26, 2021 (the


   "Existing Term Note") was replaced in its entirety by the Third Amended and
   Restated Term Note dated July 18, 2022 (the "Restated Term Note"). The Restated
   Term Note was amended to provide for a maximum principal amount of $18,750,000
   and for all borrowings thereunder to bear interest at a rate selected by the
   Company equal to either (a) the Daily Simple SOFR Rate plus a spread equal to
   3.25% per annum, or (b) a Quoted Rate Option (the a fixed rate per annum quoted
   to the Company by Agent to be applicable for a period determined by CoBank),
   the Quoted Rate with such Quoted Rate to remain fixed for such period as is
   confirmed to the Company by CoBank. The Daily Simple SOFR Rate itself is
   calculated, in part, based upon the greater of (a) a floor of 0.00% and (b) the
   Secured Overnight Financing Rate, as established by the Federal Reserve Bank of
   New York (or a successor establisher of such rate) from time to time ("SOFR").
   All other terms of the Existing Term Note remain in full force and effect
   including the maturity date of November 15, 2024.

• The First Amended and Restated Revolving Term Note dated November 8, 2019 (the


   "Existing Revolving Term Note") was replaced in its entirety by the Second
   Amended and Restated Revolving Term Note dated July 18, 2022 (the "Restated
   Revolving Term Note"). The Restated Revolving Term Note continues to provide
   for a maximum principal amount of $18,750,000 but was amended to provide for
   all borrowings thereunder to bear interest at a rate selected by the Company
   equal to either (a) the Daily Simple SOFR Rate plus a spread equal to 3.25% per
   annum, or (b) a Quoted Rate Option (the a fixed rate per annum quoted to the
   Company by Agent to be applicable for a period determined by CoBank), the
   Quoted Rate with such Quoted Rate to remain fixed for such period as is
   confirmed to the Company by CoBank. The Daily Simple SOFR Rate itself is
   calculated as set forth in the paragraph above. The full amount of the Restated
   Revolving Term Note continues to remain available on a revolving basis from
   time to time through maturity which maturity date remains November 15, 2024.
   All other terms of the Existing Revolving Term Note remain in full force and
   effect.

• The Third Amended and Restated Revolving Credit Note dated February 25, 2022


   (the "Existing Revolving Credit Note") was replaced in its entirety by the
   Fourth Amended and Restated Revolving Term Note dated July 18, 2022 (the
   "Restated Revolving Credit Note"). The Restated Revolving Credit Note continues
   to provide for a maximum principal amount of $10,000,000 and that all
   borrowings thereunder bear interest at a rate equal to the Daily Simple SOFR
   Rate plus a spread; however, the spread was decreased from 3.45% per annum to
   3.10% per annum. All other terms of the Existing Revolving Credit Note remain
   in full force and effect including the maturity date of February 1, 2023.

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The foregoing description of the Restated Credit Agreement, the Restated Term Note, the Restated Revolving Term Note and the Restated Revolving Credit Note do not purport to be complete and are qualified in their entirety by reference to the full text of these documents, which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03, as if fully set forth herein.

Item 9.01. Financial Statements and Exhibits





(d) Exhibits

  Exhibit    Description
   Number
    10.1     First Amended and Restated Credit Agreement dated July 18, 2022 by
             and among Southwest Iowa Renewable Energy, LLC, Farm Credit
             Services of America, FLCA, Farm Credit Services of America, PCA and
             CoBank, ACB
    10.2     Third Amended and Restated Term Note dated July 18, 2022
    10.3     Second Amended and Restated Revolving Term Note dated July 18, 2022
    10.4     Fourth Amended and Restated Revolving Credit Note dated July 18,
             2022

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