Item 1.01. Entry into a Material Definitive Agreement.

Effective March 28, 2023, Southwest Iowa Renewable Energy, LLC (the "Company") entered into Amendment No. 2 (the "Amendment") to the First Amended and Restated Credit Agreement with Farm Credit Services of America, FLCA ("FLCA"), Farm Credit Services of America, PCA ("PCA") and CoBank, ACB ("CoBank") to amend the Company's existing Credit Agreement dated as of July 18, 2022, as amended by Amendment No. 1 dated as of September 21, 2022 (the "Credit Agreement").

The Amendment amended and restated the Company's:

• Third Amended and Restated Term Note dated July 18, 2022 (the "Existing Term

Note") in its entirety, replacing it with the Fourth Amended and Restated Term

Note dated March 28, 2023 (the "Restated Term Note") to make the following

modifications:

- reduce the maximum principal amount from $18,750,000 to $11,250,000;

- decrease the Daily Simple SOFR Rate Spread from 3.25% to 3.15% per annum; and

- provide for a single principal payment of $3,750,000 due and payable on

September 1, 2023 with all other outstanding amounts due upon the maturity date

which remains November 15, 2024.

• Third Amended and Restated Revolving Term Note dated September 21, 2022 (the


   "Existing Revolving Term Note") in its entirety, replacing it with the Fourth
   Amended and Restated Revolving Term Note dated March 28, 2023 (the "Restated
   Revolving Term Note") to decrease the Daily Simple SOFR Rate Spread from 3.25%
   to 3.15% per annum.

• Fourth Amended and Restated Revolving Credit Note dated July 18, 2022 (the

"Existing Revolving Credit Note") in its entirety, replacing it with the Fifth

Amended and Restated Revolving Credit Note dated March 28, 2023 (the "Restated

Revolving Credit Note") to make the following modifications:

- extend the maturity date from February 1, 2023 to April 1, 2024;

- incorporate a one-year renewal option period exercisable by CoBank upon

approval by PCA by written notice to the Company prior to the maturity date;

and

- decrease the Daily Simple SOFR Rate Spread from 3.10% to 3.00% per annum.

The foregoing description of the Amendment, 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       Second Amended and Restated Credit Agreement dated March 28, 2023
               by and among Southwest Iowa Renewable Energy, LLC, Farm Credit
               Services of America, FLCA, Farm Credit Services of America, PCA and
               CoBank, ACB as amended by Amendment No. 1 dated as of September 21,
               2022

    10.2       Fourth Amended and Restated Term Note dated March 28, 2023

    10.3       Fourth Amended and Restated Revolving Term Note dated March 28,
               2023

    10.4       Fifth Amended and Restated Revolving Credit Note dated March 28,
               2023

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