Credit Agreement between Golden Grain Energy, LLC and Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA dated September 1, 2020

THIS CREDIT AGREEMENT (this “Agreement”), dated as of _________________________ is entered into by and between Golden Grain Energy, LLC, Mason City, Iowa, a limited liability company (the “Borrower”), and FARM CREDIT SERVICES OF AMERICA, FLCA and FARM CREDIT SERVICES OF AMERICA, PCA, a federally-chartered instrumentality of the United States (“Lender”).

In consideration of the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender agree as follows:

ARTICLE 1.Defined Terms; Accounting Principles. Certain capitalized terms used in this Agreement bear the definitions given to them in this Agreement. References to accounting standards are to United States generally accepted accounting principles, consistently applied (the “Accounting Standards”).

a.Promissory Note. In the event the Borrower desires to borrow from Lender and Lender is willing to lend to the Borrower, or in the event the parties desire to consolidate any existing loans hereunder, the parties will enter into a promissory note (a “Promissory Note”). Each Promissory Note will set forth Lender’s commitment to make a loan or loans to the Borrower, the amount of the loan(s), the purpose of the loan(s), the interest rate or rate options applicable to the loan(s), the repayment terms of the loan(s), and any other terms and conditions applicable to the particular loan(s). Each Promissory Note will also contain the Borrower’s promise to make payments of interest on the unpaid principal balance of the loan(s), and fees and premiums, if any, and to repay the principal balance of the loan(s). Each loan will be governed by the terms and conditions contained in this Agreement and in the Promissory Note relating to that loan.

b.Sale of Participation Interests and Appointment of Administrative Agent. The Borrower acknowledges that concurrent with the execution of this Credit Agreement and related Promissory Note(s), Lender is selling a participation interest in this Credit Agreement and each Promissory Note to CoBank, FCB, an affiliate of CoBank, ACB (“CoBank”). Pursuant to an Administrative Agency Agreement and Intercreditor Agreement dated of even date herewith (“Agency

Agreement”), Lender has appointed CoBank as Administrative Agent (“Agent”) in place of Lender hereunder and under each Promissory Note and any security documents to be executed hereunder. All advances of funds hereunder shall be made by Agent, all repayments by the Borrower hereunder shall be made to Agent, and all notices to be made to Lender hereunder shall be made to Agent. Agent shall be solely responsible for the administration of this agreement, each Promissory Note and the security documents to be executed by the Borrower hereunder and the enforcement of all rights and remedies of Lender hereunder and thereunder. The Borrower acknowledges the appointment of Agent and consents to such appointment.

c.Availability. Loans will be made available on any day on which Agent and the Federal Reserve Banks are open for business (a “Business Day”) upon the telephonic or written request of an authorized employee of the Borrower. Requests for loans must be received by 12:00 p.m. Denver, Colorado time on the date the loan is desired. Loans will be made available by wire transfer of immediately available funds. Wire transfers will be made to such account or accounts as may be authorized by the Borrower.

d.Security. The Borrower’s obligations under this Agreement, each Promissory Note, and each interest rate swap, hedge, cap, collar, forward fix or similar agreement, including any master agreement published by the International Swap and Derivatives Association, Inc., between the Borrower and Lender and/or CoBank, designed to protect the Borrower from fluctuations in interest rates (the “Interest Rate Agreement”) will be secured by a statutory first lien on all equity that the Borrower may now own or hereafter acquire or be allocated in Lender (including Lender’s parent company, as applicable) and/or CoBank. In addition, except as otherwise provided in a Promissory Note or in a closing instruction letter signed by the parties (an “Instruction Letter”), the Borrower’s obligations hereunder and under each Promissory Note will be:

i.secured by a first priority lien (subject only to exceptions approved in writing by Agent) on all real and personal property of the Borrower, whether now existing or hereafter acquired. The Borrower agrees to take such steps, including, without limitation, the execution and recordation or filing, as applicable, of mortgages, deeds of trust, security agreements, intercreditor or parity agreements, pledge agreements, control agreements, financing statements, and amendments to any of the foregoing, and such other instruments and documents as Agent may require to enable Agent to obtain, perfect, and maintain a lien on such property, and the payment of any applicable mortgage recording, documentary stamp, or intangible taxes; and

ii.guaranteed by an unsecured or secured, limited or continuing guarantee of payment, in form and substance and from such parties as may be required by Agent from time to time. If Agent requires such guarantee(s) to be secured by lien on the real and/or personal property of a guarantor (a “Guarantor”), Borrower will cause each Guarantor to take such steps, including, without limitation, the execution and recordation or filing, as applicable, of mortgages, deeds of trust, security agreements, pledge agreements, control agreements, financing statements, and amendments to any of the foregoing, and such other instruments and documents as Agent may require to enable Agent to obtain, perfect, and maintain a lien on such property, and the payment of any applicable mortgage recording, documentary stamp, or intangible taxes.

iii.In addition, the Borrower agrees, as may be required by Agent from time to time, to provide to Agent ALTA lender’s policies of title insurance in face amounts and from title companies acceptable to Agent insuring the lien under any mortgage or deed of trust granted by the Borrower or any Guarantor to

Agent and Lender. The Borrower agrees to pay the cost of such title policies, together with such endorsements as may be reasonably requested by Agent.

e.Payments Generally. The Borrower’s obligation to repay each loan will be evidenced by a Promissory Note. Agent will maintain a record of all loans, the interest accrued thereon, and all payments made with respect thereto, and such record will, absent proof of manifest error, be conclusive evidence of the outstanding principal and interest on the loans. Payments under each Promissory Note will be made by wire transfer of immediately available funds, by check, or by automated clearing house (ACH) or other similar cash handling processes as specified by separate agreement between the Borrower and Agent. Wire transfers will be made to ABA No. 307088754 for advice to and credit of “CoBANK” (or to such other account as Agent may direct by notice). The Borrower will give Agent telephonic notice no later than 12:00 p.m. Denver, Colorado time on the day the Borrower intends to pay by wire of such intent, and funds received after 3:00 p.m. Denver, Colorado time will be credited on the next Business Day. Checks will be mailed to CoBANK, Department 167, Denver, Colorado 80291-0167 (or to such other place as Agent may direct by notice). Credit for payment by check will not be given until the later of the next Business Day after receipt of the check or the day on which Agent receives immediately available funds. If any installment of principal or interest is due on a date that is not a Business Day, then such installment will be due and payable on the next Business Day.

1.This Agreement. A duly executed copy of this Agreement, the other Loan Documents (as defined below), the Instruction Letter accompanying this Agreement, and all instruments and documents contemplated hereby and thereby.

2.Banking Service Agreements. A duly completed and executed copy of any banking service agreement, including any agreement relating to the provision by CoBank of cash management services, required by Agent from time to time. Agent will be entitled to rely on (and will incur no liability to the Borrower in acting on) any request or direction furnished in accordance with the terms thereof.

3.Promissory Note. A duly executed copy of the Promissory Note and all instruments and documents contemplated by the Promissory Note.

4.Instruction Letter. Any and all items or requirements detailed in an Instruction Letter.

5.Evidence of Perfection. Such evidence as Agent may require that it has duly perfected liens as required under this Agreement.

6.Evidence of Authority. Such certified board resolutions, certificates of incumbency, and other evidence that Agent may require that the Promissory Note, all instruments and documents executed in connection therewith, and, in the case of the initial Promissory Note hereto, this Agreement, the other Loan Documents (as defined below) and all instruments and documents executed in connection herewith and therewith, including any security documents, have been duly authorized and executed.

7.Fees and Other Charges. Any fees or other charges provided for herein, in the Promissory Note or in any invoice provided by Agent.

8.Insurance. Such evidence as Agent may require that the Borrower is in compliance with Section 5.4 below.

c.Conditions to Each Loan. Lender’s obligation under each Promissory Note to make any loan to the Borrower thereunder is subject to the condition that no “Event of Default” (as defined in Section 8.1 below) or event that, with the giving of notice and/or the passage of time and/or the occurrence of any other condition, would ripen into an Event of Default (a “Potential Default”) will have occurred and be continuing or would be caused by the making of such loan.

The execution by the Borrower of this Agreement and each Promissory Note hereunder, or any renewal or extension by Agent on behalf of Lender of any Promissory Note hereunder, will constitute a representation and warranty by the Borrower that:

h.Accurate Financial Information. Each submission of financial information or documents relating to a Loan Party will constitute a representation and warranty by the Loan Party that such information and documents (a) are true and accurate in all material respects, and (b) do not fail to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading, and (c) have been reviewed by a Principal Financial Officer of the Borrower or, as applicable, the relevant Loan Party. As used herein, the term “Principal Financial Officer” means an officer of the applicable Loan Party responsible for overseeing the financial activities of the Loan Party.

j.Margin Stock. No Loan Party is not engaged or intends to engage principally, or as one of its important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board of Governors of the Federal Reserve System of the United States of America (the “Board”)). No part of the proceeds of any loan made by Lender to the Borrower has been or will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or in any way that is inconsistent with the provisions of the regulations of the Board. No Loan Party or any Subsidiary of any Loan Party holds or intends to hold margin stock in such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of any Loan Party are or will be represented by margin stock.

Unless otherwise agreed to in writing by Agent, while this Agreement is in effect, the Borrower agrees to, and with respect to Sections 5.3, 5.4, 5.5, and 5.8, agrees to cause each subsidiary, if any, listed on SCHEDULE 5.0 attached hereto (singularly a “Subsidiary”, and collectively the “Subsidiaries”) to:

9.Annual Financial Statements.  As soon as available, but in no event more than 90 days after the end of each fiscal year of the Borrower occurring during the term hereof, annual consolidated and consolidating financial statements of the Borrower and its consolidated Subsidiaries, prepared in accordance with the Accounting Standards. Such financial statements will: (1) be audited by independent certified public accountants selected by the Borrower and acceptable to Agent; (2) be accompanied by a report of such accountants containing an opinion thereon acceptable to Agent; (3) be prepared in reasonable detail and in comparative form; and (4) include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flows, and all notes and schedules relating thereto.

10.Interim Financial Statements. As soon as available, but in no event more than 30 days after the end of each month (other than the last month in each fiscal year of the Borrower), a consolidated balance sheet of the Borrower and its consolidated Subsidiaries, as of the end of such month, a consolidated statement of income for the Borrower and its consolidated Subsidiaries, for such period and for the period year to date, and such other interim statements as Agent may specifically request, all prepared in reasonable detail and in comparative form in accordance with the Accounting Standards; and, if required by written notice from Agent, certified by a Principal Financial Officer of the Borrower.

11.Notice of Default. Promptly after becoming aware thereof, notice of the occurrence of an Event of Default or a Potential Default, including, without limitation, any error in the Borrower’s financial information previously provided to Agent and the occurrence of any breach, default, event of default or event that, with the giving of notice and/or the passage of time and/or the occurrence of any other condition, would become a breach, default or event of default under any loan agreement, indenture, mortgage, or other credit or security agreement or instrument to which a Loan Party is a party or by which it or any of its property may be bound or affected.

12.Notice of Litigation, Environmental Matters, Etc. Promptly after becoming aware thereof, notice of: (1) the commencement of any action, suit or proceeding before any court, arbitrator or governmental department, commission, board, bureau, agency, or instrumentality having jurisdiction over any Loan Party or any Subsidiary, that, if adversely decided, could result in a Material Adverse Change; (2) the receipt of any notice, indictment, pleading or other communication alleging a condition that may require any Loan Party or any Subsidiary to undertake or to contribute to a clean-up or other response under any environmental Law, or that seeks penalties, damages, injunctive relief, criminal sanctions or other relief as a result of an alleged violation of any such Law, or that claims personal injury or property damage as a result of environmental factors or conditions; and (3) any matter that could cause a Material Adverse Change, including any decision of any regulatory authority or commission.

13.Notice of Certain Events. (1) Notice at least 30 days prior thereto, of any change in the Borrower’s name or corporate structure; (2) notice at least 30 days prior thereto, of any change in the Borrower’s organizational documents or membership and marketing agreements (or similar documents), which changes must be approved in writing by Agent in its reasonable discretion; (3) notice at least 30 days prior thereto, of any change in the principal place of business of the Borrower or the office where its records concerning its accounts are kept; and (4) as soon as available after any changes thereto, copies of the Borrower’s organizational documents or membership and marketing agreements (or similar documents), in each case certified by the Borrower’s Secretary or equivalent officer acceptable to Agent.

14.Compliance Certificates.  Together with each set of financial statements furnished to Agent pursuant to Section 5.1(a) and Section 5.1(b) above, as applicable, a certificate of a Principal Financial Officer of the Borrower, in form and content acceptable to Agent:  (1) certifying that no Event

of Default or Potential Default occurred during the period covered by such statement(s) or, if an Event of Default or Potential Default occurred, a description thereof and of all actions taken or to be taken to remedy same; and (2) setting forth calculations showing compliance with the financial covenants set forth in Article 7 below.

g.Indemnity for Taxes.  At all times indemnify and hold and save Lender and Agent harmless from and against any and all actions or causes of action, claims, demands, liabilities, loss, damage or expense of whatsoever kind and nature incurred by Lender and/or Agent as a result of the non-payment of any documentary stamp tax, intangible tax, interest or penalties associated therewith or any other local, state or federal assessment required to be paid, but not paid in conjunction with the indebtedness evidenced by the Loan Documents. The Borrower agrees to pay to Agent, its successors and assigns, all sums of money requested by Agent hereunder within ten days of such request, which Lender and/or Agent will or may advance, pay or cause to be paid, or become liable to pay, on account of or in connection with failure to pay as required by the regulations of the governmental authority so imposing said payment. Agent will be entitled to charge for any and all disbursements made by it in good faith, under the reasonable belief that it or the Borrower is or was liable for the amount so assessed. Any default by the Borrower in making any payments required under this covenant will constitute a payment Event of Default under the Loan Documents and Agent may, at its option, declare the entire amount of principal plus accrued interest thereon due and payable without notice or demand.

Unless otherwise agreed to in writing by Agent, while this Agreement is in effect, the Borrower will not and will not permit its Subsidiaries to:

(a) railroad leases.

(b) railcar leases provided, however, no such lease will exceed an initial or extended term of 120 months.

“Operating Lease” shall have the meaning given to it under Accounting Principles existing on the date hereof and such meaning shall be used in preparing statements required by Sections 5.1(a) and 5.1(b).

Unless otherwise agreed to in writing by Agent, while this Agreement is in effect:

a.Working Capital. The Borrower will have at the end of each period for which financial statements are required to be furnished pursuant to this Agreement an excess of consolidated current assets over consolidated current liabilities of not less than $25,000,000, except that in determining consolidated current assets, any amount available under any revolving term promissory note with Lender hereunder (less the amount that would be considered a current liability if fully advanced hereto) may be included (all as determined in accordance with the Accounting Standards).

b.Debt Service Coverage Ratio. Beginning with fiscal year 2021, the Borrower will have at the end of each fiscal year of the Borrower a Debt Service Coverage Ratio (as defined below) for such year of not less than 2.00 to 1.00. For purposes hereof, “Debt Service Coverage Ratio” means: (a) net income (after taxes), plus depreciation and amortization, minus non-cash income from patronage/investments, minus extraordinary gains (plus losses), minus gains (plus losses) on asset sales; divided by (b) $5,000,000.00 (all as determined in accordance with the Accounting Standards).

3.Payment Default. The Borrower should fail to make any payment to Agent when due, or should fail to purchase any equity in Agent and/or Lender or Lender’s parent Association as and when required by the Capital Plan and/or Bylaws of Agent and/or Lender or its parent Association.

4.Representations and Warranties. Any representation, warranty, certification or statement of fact made at any time by the Borrower, herein or in any other Loan Document, or in any certificate, other instrument or statement furnished to Agent by or on behalf of the Borrower, will have been false or misleading in any material respect as of the time it was made or furnished.

5.Covenants. The Borrower will default in the observance or performance of any covenant set forth in Article 5 (other than Sections 5.1(c), 5.1(d), 5.1(e)(1), 5.1(e)(2), and 5.2 above), and such default continues for 30 days after written notice thereof will have been delivered to the Borrower by Agent.

6.Other Covenants and Agreements. The Borrower will default in the observance or performance of Sections 5.1(c), 5.1(d), 5.1(e)(1), 5.1(e)(2), and 5.2 or any other covenant or agreement contained herein or in any other Loan Document or if Borrower uses the proceeds of any loan for any unauthorized purpose.

7.Cross Default. Any Loan Party should, after any applicable grace period, breach or be in default under the terms of any other Loan Document (including, without limitation, any security instrument or document) or any other agreement between any Loan Party and Lender or CoBank, or between any Loan Party and any Affiliate of Lender or CoBank, including without limitation Farm Credit Leasing Services Corporation.

8.Other Indebtedness. Any Loan Party or Subsidiary should fail to pay when due any indebtedness to any other person or entity for borrowed money or any long-term obligation for the deferred purchase price of property (including any capitalized lease), or any other event occurs that, under any agreement or instrument relating to such indebtedness or obligation, has the effect of accelerating or permitting the acceleration of such indebtedness or obligation, whether or not such indebtedness or obligation is actually accelerated or the right to accelerate is conditioned on the giving of notice, the passage of time, or otherwise.

9.Judgments. A judgment, decree, or order for the payment of money will have been rendered against any Loan Party and either: (1) enforcement proceedings will have been commenced; (2) a Lien prohibited by this Agreement, any security instrument, or any other Loan Document, will have been obtained; or (3) such judgment, decree, or order will continue unsatisfied and in effect for a period of 30 consecutive days without being vacated, discharged, satisfied, bonded, or stayed pending appeal.

10.Loan Document Unenforceable. Any of the Loan Documents ceases to be a legal, valid, and binding agreement enforceable against any Loan Party or is in any way terminated (except in accordance with its terms) or becomes or is declared ineffective or inoperative.

11.Revocation of Guaranty. Any guaranty, suretyship, subordination agreement, maintenance agreement, or other agreement furnished in connection with the Borrower’s obligations hereunder and under any Promissory Note will, at any time, cease to be in full force and effect, or will be revoked or declared null and void, or the validity thereof will be contested by the Guarantor, surety or other maker thereof, or the Guarantor will deny any further liability or obligations thereunder, or will fail to perform its obligations thereunder, or any representation or warranty set forth therein will be breached, or the Guarantor will breach or be in default under the terms of any other agreement with Lender and/or Agent (including any loan agreement or security agreement), or a default set forth in sections (f) through (h) will occur with respect to the Guarantor.

12.Insolvency, Etc. Any Loan Party or Subsidiary will: (1) become insolvent or will generally not, or will be unable to, or will admit in writing its inability to, pay its debts as they become due; or (2) suspend its business operations or a material part thereof or make an assignment for the benefit of creditors; or (3) apply for, consent to, or acquiesce in the appointment of a trustee, receiver, or other custodian for it or any of its property; or (4) have commenced against it any action or proceeding for the

appointment of a trustee, receiver, or other custodian and such action or proceeding is not dismissed within 30 days of the date thereof, or a trustee, receiver, or other custodian is appointed for all or any part of its property; or (5) receive notice from any regulatory or governmental authority to the effect that such authority intends to replace the management of any Loan Party or assume control over any Loan Party or Subsidiary; or (6) commence or have commenced against it any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, or liquidation law of any jurisdiction.

13.Material Adverse Change. Any Material Adverse Change occurs, as reasonably determined by Agent.

14.Termination and Acceleration. Terminate any commitment and declare the unpaid principal balance of the loans, all accrued interest thereon, and all other amounts payable under this Agreement, each Promissory Note, and all other Loan Documents to be immediately due and payable. Upon such a declaration, the unpaid principal balance of the loans and all such other amounts will become immediately due and payable, without protest, presentment, demand, or further notice of any kind, all of which are hereby expressly waived by the Borrower.

15.Enforcement. Proceed to protect, exercise, and enforce such rights and remedies as may be provided by this Agreement, any security instrument or document, any other Loan Document, or under Law. Each and every one of such rights and remedies will be cumulative and may be exercised from time to time, and no failure on the part of Lender or Agent to exercise, and no delay in exercising, any right or remedy will operate as a waiver thereof, and no single or partial exercise of any right or remedy will preclude any future or other exercise thereof, or the exercise of any other right. Without limiting the foregoing, Agent may hold and/or set off and apply against the Borrower’s obligations to Lender the proceeds of any equity in Lender or Lender’s parent Association, any cash collateral held by Lender or Agent, or any balances held by Lender or Agent for the Borrower’s account (whether or not such balances are then due).

16.Application of Funds. Agent may apply all payments received by it to the Borrower’s obligations to Lender in such order and manner as Agent may elect in its sole discretion.

ARTICLE 11 Administrative Fee. The Company agrees to pay to Agent on October 1, 2020, and on each October 1 thereafter, for as long as the Company has commitments from Lead Lender, an administrative fee in the amount of $5,000.00.

IN WITNESS WHEREOF, the parties hereto, by their duly authorized officers, have executed this Agreement.

IN WITNESS WHEREOF, the parties hereto, by their duly authorized officers, have executed this Agreement.