Amendment dated June 23, 2019 to the Credit Agreement dated July 3, 2017, as previously amended, between the Company and Farm Credit Services of America, FLCA and Farm Credit Services of America, PCA

THIS AMENDMENT is entered into as of June 23, 2019, between LINCOLNWAY ENERGY, LLC Nevada, 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"). Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Agreement (as defined below).

The Borrower and Lender are parties to Credit Agreement Number 00031748SLA dated as of July 3, 2017 (such agreement, as may be amended, hereinafter referred to as the "Agreement"). The Borrower and Lender now desire to amend the Agreement. For that reason, and for valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Borrower and Lender agree as follows:

ARTICLE 7       Financial Covenants. Unless otherwise agreed to in writing by Agent, while this Agreement is in effect:

7.1       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 current assets over current liabilities of not less than $7,500.000.00, except that in determining current assets: (a) the note receivable related to the REI dryer guarantee is to be excluded; and (b) any amount available under any revolving term promissory note with Lender (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).

7.2        Net Worth. 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 total assets over total liabilities of not less than $25,000,000.00, except that in determining total assets, the note receivable related to the REI dryer guarantee is to be excluded (all as determined in accordance with the Accounting Standards).

7.3       Debt Service Coverage Ratio. 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 1.70 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) 53,600,000.00 (all as determined in accordance with the Accounting Standards).