Attached files
Exhibit 10.5
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10868 189th Street
Council Bluffs, IA 51503
Phone: 712-366-0392
Fax: 712-366-0394
Email: SIRE@SIREethanol.com
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December 5, 2014
Bunge North America, Inc.
11720 Borman Drive
St. Louis, Missouri 63146
Attn: Vice President –Grain
RE: SIRE – Bunge Agreements
Ladies and Gentlemen:
Today Bunge North America, Inc. (“Bunge”) and Southwest Iowa Renewable Energy, Inc. (“SIRE”) are amending and restating a number of agreements. As part of these transactions, Bunge and SIRE agree that the following two agreements are terminated effective December 31, 2014:
Corn Oil Agency Agreement dated November 12, 2010; and
Risk Management Services Agreement dated December 15, 2008.
In addition, Bunge is the holder of a certain Subordinated Term Loan Note dated as of June 23, 2014 in an original principal amount of $19,517,136.99 (“Note”). Bunge has the right pursuant to the Note to convert the Note into units of membership interest in SIRE. Bunge agrees that it waives it right to convert the Note into units.
SIRE thanks Bunge very much for the long relationship and the continued partnership with SIRE.
If you are in agreement with the matters set forth in this letter, please execute this letter in the space provided below.
Bunge North America, Inc.
December 5, 2014
Page 2
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Very truly yours,
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SOUTHWEST IOWA RENEWABLE ENERGY, LLC
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By:
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/s/ Brian T. Cahill
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Name: Brian T. Cahill
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Title: CEO and General Manager
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ACCEPTED AND AGREED:
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BUNGE NORTH AMERICA, INC.
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By:
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/s/ John P. Gilsinn | |
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Name: John P. Gilsinn
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Title: Vice President
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