Exhibit 10.15

Dated May 31, 2017
(1) BUNGE SECURITIZATION B.V., as Seller
(2) KONINKLIJKE BUNGE B.V., as Master Servicer
(3) The Conduit Purchasers party hereto
(4) The Committed Purchasers party hereto
(5)   The Purchaser Agents party hereto
(6)   COÖPERATIEVE RABOBANK U.A., as Administrative Agent and Purchaser Agent
(7) BUNGE LIMITED, as Performance Undertaking Provider

 
 
 
ELEVENTH AMENDMENT TO THE RECEIVABLES TRANSFER AGREEMENT

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CONTENTS

    
Clause
 
Page
 
 
 
1.
Definitions and interpretation
1

2.
Amendment of the Receivables Transfer Agreement
2

3.
Representations
5

4.
Italian Receivables Purchase Agreement
5

5.
Continuance
7

6.
Further Assurance
7

7.
Conditions Precedent
7

8.
Notices, etc
7

9.
Execution in counterparts
7

10.
Governing law; submission to jurisdiction
7

11.
No proceeding; limited recourse
8

Exhibits
EXHIBIT A    Address and Notice Information
EXHIBIT B    Biodiesel Bilbao Excluded Obligors
EXHIBIT C    Bunge Italia and Novaol Excluded Obligors
EXHIBIT D    Form of First Notice of Assignment
EXHIBIT E    Form of Monthly Notice of Assignment

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THIS ELEVENTH AMENDMENT TO THE RECEIVABLES TRANSFER AGREEMENT (this “Amendment”)
is dated May 31, 2017 and made among:
(1)
BUNGE SECURITIZATION B.V., a private limited liability company organized under
the laws of the Netherlands, as Seller (the “Seller”);

(2)
KONINKLIJKE BUNGE B.V., a private limited liability company organized under the
laws of the Netherlands, as Master Servicer (the “Master Servicer”);

(3)
the Conduit Purchasers party hereto (the “Conduit Purchasers”);

(4)
the Committed Purchasers party hereto (the “Committed Purchasers”);

(5)
the Purchaser Agents party hereto (the “Purchaser Agents”);

(6)
COÖPERATIEVE RABOBANK U.A., as Administrative Agent (the “Administrative
Agent”); and

(7)
BUNGE LIMITED, a company formed under the laws of Bermuda, as Performance
Undertaking Provider (the “Performance Undertaking Provider”),

the Seller, the Master Servicer, the Conduit Purchasers, the Committed
Purchasers, the Purchaser Agents, the Administrative Agent and the Performance
Undertaking Provider are hereinafter collectively referred to as the “Parties”
and each of them a “Party”.
BACKGROUND:
(A)
This Amendment is supplemental to and amends the receivables transfer agreement
dated June 1, 2011 (as amended and restated on May 26, 2016, as further amended
on June 30, 2016 and on October 11, 2016) made among the Parties to this
Amendment (the "Receivables Transfer Agreement").

(B)
The Parties have agreed to further amend the Receivables Transfer Agreement on
the terms set out below.

(C)
This Amendment is a Transaction Document as defined in the Receivables Transfer
Agreement.

IT IS AGREED that:
1.
DEFINITIONS AND INTERPRETATION

Unless otherwise defined herein, capitalized terms which are used herein shall
have the meanings assigned to such terms in Section 1.1 (Certain defined terms)
of the Receivables Transfer Agreement. The principles of interpretation set
forth in Section 1.2 (Other terms) and Section 1.3 (Computation of time periods)
of the Receivables Transfer Agreement shall apply to this Amendment as if fully
set forth herein.

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2.
AMENDMENT OF THE RECEIVABLES TRANSFER AGREEMENT

With effect from the Amendment Effective Date (as such term is defined in Clause
6 (Conditions Precedent)), the Receivables Transfer Agreement shall be amended
as follows:
(a)    In Section 1.1 (Definitions) the definition of "Obligor Concentration
Factor" shall be deleted and replaced with the following:
“Obligor Concentration Factor” means, with respect to any Obligor (treating each
Obligor and its Affiliates as if they were a single Obligor) as of any date of
determination, the percentage, if applicable, specified (or the percentage
resulting from the calculation specified) under the heading “Obligor
Concentration Factor” in the grid immediately below; except that, (i) with
respect to Conagra Foods, Inc., its “Obligor Concentration Factor” shall be (x)
10% or (y) 4% if at any time Conagra Foods, Inc. (A) has a short-term Debt
Rating lower than A-3 from S&P or P-3 from Moody’s or has no short-term Debt
Rating; or (B) has a long-term Debt Rating lower than BBB- from S&P or Baa3 from
Moody’s or has no long-term Debt Rating and (ii) with respect to Kraft Heinz
Company, its “Obligor Concentration Factor” shall be (x) 10% or (y) 4% if at any
time Kraft Heinz Company (A) has a short-term Debt Rating lower than A-3 from
S&P or P-3 from Moody’s or has no short-term Debt Rating; or (B) has a long-term
Debt Rating lower than BBB- from S&P or Baa3 from Moody’s or has no long-term
Debt Rating.
Obligor’s Short-Term Debt Rating (S&P/Moody’s)
Obligor’s Long-Term Debt Rating (S&P/Moody’s)
Obligor Concentration Factor
A-1+/P-1
AA/Aa2 or better
Loss Reserve Floor
A-1/P-1
AA- to A+/Aa3 to A1
Loss Reserve Floor
A-2/P-2 or better (but less than A-1/P-1)
A to BBB+/A2 to Baa1
Loss Reserve Floor/2
A-3/P-3 or better (but less than A-2/P-2)
BBB to BBB-/Baa2 to Baa3
Loss Reserve Floor/3
Lower than A-3/P-3 or no Debt Rating
Lower than BBB-/Baa3 or no Debt Rating
Loss Reserve Floor/5

The Obligor Concentration Factor shall be based upon an Obligor’s short-term
Debt Ratings unless no such short-term Debt Rating is available from either S&P
or Moody’s, in which case such Obligor’s long-term Debt Ratings will be used.
In the event the ratings of any Obligor from S&P and Moody’s fall within
different ratings levels, the Obligor Concentration Factor for such Obligor
shall be determined using the lower rating.
To the extent that the Receivables owing by any Obligor are subject to Approved
Credit Enhancement and the aggregate Outstanding Balance of Portfolio
Receivables

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owing by such Obligor would otherwise exceed the then applicable Obligor
Concentration Factor for such Obligor based on the applicable Debt Ratings of
such Obligor, the rating of such credit enhancer will be used for the purpose of
determining the applicable Obligor Concentration Factor.
(b)    In Section 1.1 (Definitions) the definition of "Approved Obligor
Jurisdictions" shall be deleted and replaced with the following:
“Approved Obligor Jurisdiction” means (a) all countries that are subject to the
Rome 1 Convention, (b) any State or territory of the U.S. (including but not
limited to Puerto Rico), Canada, Austria, Slovakia, the United Kingdom, Greece,
Lithuania, The Netherlands, France, Slovenia, Bulgaria, Switzerland, Czech
Republic, Luxembourg, Belgium, Cyprus, Poland, Hungary, Germany, Spain,
Portugal, Italy, Denmark, Finland, Ireland, Sweden, Japan, Hong Kong, Singapore,
Mexico and South Korea, and (c) any additional countries may be added as
Approved Obligor Jurisdictions subject to the concentration limitations set
forth in clauses (e) and (f) of the definition of “Concentration Amounts” (any
such additional country described in this clause (c) shall be referred to herein
as a “Limited Exception Approved Obligor Jurisdiction” and collectively shall be
referred to as “Limited Exception Approved Obligor Jurisdictions”); provided,
that under no circumstances shall an “Approved Obligor Jurisdiction” include a
Sanctioned Country.
(c)    In Section 1.1 (Definitions) the definition of "Loss Reserve Floor" shall
be deleted and replaced with the following:
“Loss Reserve Floor” means, at any time, the percentage not less than 8.0% and
not greater than 15.0% specified by the Master Servicer in the most recent
Portfolio Report; provided that the percentage cannot be less than the higher of
the Obligor Concentration Factor for Conagra Foods, Inc. or Kraft Heinz Company.
(d)    In Section 1.1 (Definitions) the definitions of "Limited Exception
Approved Obligor Jurisdiction" and “Limited Exception Approved Obligor
Jurisdictions” shall be deleted and replaced with the following:
“Limited Exception Approved Obligor Jurisdiction” and “Limited Exception
Approved Obligor Jurisdictions” have the meanings assigned to such terms in
clause (c) of the definition of Approved Obligor Jurisdiction.
(e)    Schedule 2 (Address and Notice Information) shall be deleted and replaced
with Exhibit A hereto.
(f)    Schedule 5 (Facility Accounts and Facility Account Banks) shall be
amended by adding the following Italian Collection Accounts and Italian
Collection Account Banks under the headings titled “Italian Collection Accounts”
and “Italian Collection Account Banks”:

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(g)    Schedule 5 (Facility Accounts and Facility Account Banks) shall be
amended by adding the following Spanish Collection Accounts and Spanish
Collection Account Banks under the headings titled “Spanish Collection Accounts”
and “Spanish Collection Account Banks”:
                                
(h)    Schedule 9 (Excluded Obligors) shall be amended by adding the list of
Excluded Obligors contained in Exhibit B hereto immediately before the list of
Bunge Ibérica S.A.U.’s Excluded Obligors in Schedule 9 (Excluded Obligors).
(i)    Schedule 9 (Excluded Obligors) shall be amended by deleting and replacing
the list of Bunge Italia S.p.A.’s Excluded Obligors with the list of Excluded
Obligors contained in Exhibit C hereto.
3.
REPRESENTATIONS

Each of the Seller, the Master Servicer and the Performance Undertaking Provider
represents and warrants to the other Parties hereto that, after giving effect to
this Amendment, each of its representations and warranties set forth in the
Receivables Transfer Agreement, as such representations and warranties apply to
such Person, is true and correct in all material respects on and as of the date
hereof as though made on and as of such date except for representations and
warranties stated to refer to a specific earlier date, in which case such
representations and warranties are true and correct as of such earlier date.
4.
ITALIAN RECEIVABLES PURCHASE AGREEMENT

4.1
The Parties hereby agree that, with effect from the date of the 2017 Italian RPA
(as defined below), unless the context requires otherwise:

(a)
each reference to the “Italian RPA” in any Transaction Document to which they
are party shall be deemed to be a reference to the Italian Receivables Purchase
Agreement dated on or about May 31, 2017 (the “2017 Italian RPA”), among the
Italian Originators, the Italian Seller Agent and the Italian Intermediate
Transferor;

(b)
each reference to an “Italian Account Security Agreement” in any Transaction
Document to which they are party shall be deemed to be a reference to each of:

(i)
the deed of pledge over the Italian Collection Accounts held with Unicredit SpA
and Banca Nazionale del Lavoro SpA dated 1 June 2011, among Bunge Italia S.p.A.,
a joint stock company organized under the laws of the Republic of Italy (“Bunge
Italia”), the Seller, the Italian Intermediate Transferor and the Administrative
Agent, as acknowledged and extended pursuant to a deed of acknowledgement and
extension dated 3 June 2013, and as further

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acknowledged and extended pursuant to a deed of acknowledgment and extension
dated on or about 3 June 2015, and as to be further acknowledged and extended
pursuant to a deed of acknowledgment and extension dated on or about May 31,
2017 (the “2017 Deed of Acknowledgment and Extension” and together with the 2017
RPA, the “New Italian Finance Documents”), among, inter alios, Bunge Italia, the
Seller and the Administrative Agent; and
(ii)
the deed of pledge over the Italian Collection Account held with the Citibank
N.A., Milan branch dated on or about 3 June 2015, among Bunge Italia, the
Seller, the Italian Intermediate Transferor and the Administrative Agent, as to
be acknowledged and extended pursuant to the 2017 Deed of Acknowledgment and
Extension;

(c)
any reference to Exhibits D and E to the Servicing Agreement shall be deemed to
be a reference to Exhibits D and E to this Amendment (and not, for the avoidance
of doubt, to Exhibits A and B to the Seventh Amendment to and Restatement of the
Receivables Transfer Agreement dated May 22, 2015).

It being understood and agreed among the Parties that the foregoing does not (i)
affect or jeopardize in any way the effectiveness of the provisions and
obligations set forth in the relevant Transaction Documents (including the
original Italian law documents) with respect to the Italian RPA, the Italian
Account Security Agreements, the deed of acknowledgement and extension dated 3
June 2013 or the deed of acknowledgement and extension dated 3 June 2015, which
have not been expressly amended and/or replaced by the New Italian Finance
Documents, or (ii) in any event prevent any Party from exercising and/or
protecting its rights arising from the original Transaction Documents (including
the Italian law documents) with respect to the Italian RPA and the Italian
Account Security Agreements in accordance with the provisions set forth
thereunder.
4.2
In addition, the Parties hereby consent to the 2017 Italian RPA.

5.
CONTINUANCE

The Parties hereby confirm that the provisions of the Receivables Transfer
Agreement and the other Transaction Documents shall continue in full force and
effect, subject only to the amendments effected thereto by this Amendment.
6.
FURTHER ASSURANCE

The Parties shall, upon request of the Administrative Agent, and at the cost of
the Seller, do all such acts and things necessary or desirable to give effect to
the amendments effected or to be effected by this Amendment. Each of the Parties
thereto hereby ratifies and confirms each of the Transaction Documents to which
it is a party.

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7.
CONDITIONS PRECEDENT

This Amendment shall become effective as of the date first written above upon
the satisfaction of the following:
(a)
The Administrative Agent shall have received counterparts of this Amendment duly
executed by each of the Parties (the “Amendment Effective Date”).

8.
NOTICES, ETC.

All communications and notices provided for hereunder shall be provided in the
manner described in Schedule 2 (Address and Notice Information) to the
Receivables Transfer Agreement.
9.
EXECUTION IN COUNTERPARTS

This Amendment may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Amendment by facsimile or by electronic
file in a format that is accessible by the recipient shall be effective as
delivery of a manually executed counterpart of this Amendment.
10.
GOVERNING LAW; SUBMISSION TO JURISDICTION

(a)
THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF
THE STATE OF NEW YORK.

(b)
Each of the parties hereto hereby irrevocably and unconditionally submits, for
itself and its property, to the non-exclusive jurisdiction of the Supreme Court
of the State of New York sitting in the Borough of Manhattan and of the United
States District Court for the Southern District of New York, and any appellate
court from any thereof, in any action or proceeding arising out of or relating
to this Amendment. Each party hereto hereby irrevocably waives, to the fullest
extent that it may legally do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding. Each party hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

11.
NO PROCEEDING; LIMITED RECOURSE

(a)
Each of the parties hereto hereby agrees that (i) it will not institute against
any Conduit Purchaser any proceeding of the type referred to in the definition
of Event of Bankruptcy until there shall have elapsed two years plus one day
since the Final Payout Date and (ii) notwithstanding anything contained herein
or in any other Transaction Document to the contrary, the obligations of the
Conduit Purchasers under the Transaction Documents are solely the corporate
obligations of the Conduit

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Purchasers and shall be payable solely to the extent of funds which are received
by the Conduit Purchasers pursuant to the Transaction Documents and available
for such payment in accordance with the terms of the Transaction Documents and
shall be non-recourse other than with respect to such available funds and,
without limiting this Section 11, if ever and until such time as any Conduit
Purchaser has sufficient funds to pay such obligation shall not constitute a
claim against such Conduit Purchaser.
(b)
No recourse under any obligation, covenant or agreement of any Conduit Purchaser
contained in this Amendment or any other Transaction Document shall be had
against any incorporator, stockholder, officer, director, member, manager,
employee or agent of such Conduit Purchaser by the enforcement of any assessment
or by any legal or equitable proceeding, by virtue of any statute or otherwise;
it being expressly agreed and understood that this Amendment and the other
Transaction Documents are solely a corporate obligation of such Conduit
Purchaser, and that no personal liability whatever shall attach to or be
incurred by any incorporator, stockholder, officer, director, member, manager,
employee or agent of such Conduit Purchaser or any of them under or by reason of
any of the obligations, covenants or agreements of such Conduit Purchaser
contained in this Amendment or any other Transaction Document, or implied
therefrom, and that any and all personal liability for breaches by such Conduit
Purchaser of any of such obligations, covenants or agreements, either at common
law or at equity, or by statute, rule or regulation, of every such incorporator,
stockholder, officer, director, member, manager, employee or agent is hereby
expressly waived as a condition of and in consideration for the execution of
this Amendment; provided that the foregoing shall not relieve any such Person
from any liability it might otherwise have as a result of fraudulent actions
taken or fraudulent omissions made by them.

[Signature pages follow.]

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IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and
year first above written.
BUNGE SECURITIZATION B.V., as Seller

By: /s/ Pravien Mahabier    
Name: Pravien Mahabier
Title: Vistra B.V. Proxy Holder

By: /s/ Wouter Swierstra    
Name: Wouter Swierstra
Title: Vistra B.V. Proxy Holder         

KONINKLIJKE BUNGE B.V., as Master Servicer

By: /s/ A.J. de Lange    
Name: A.J. de Lange
Title: Director
    

By: /s/ J.J. Kloet    
Name: J.J. Kloet
Title: Director

BUNGE LIMITED, as Performance Undertaking Provider

By: /s/ Carla Heiss    
Name: Carla Heiss
Title: Secretary

By: /s/ Rajat Gupta    
Name: Rajat Gupta
Title: Treasurer

[Signature to Eleventh Amendment to the Receivables Transfer Agreement]

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COÖPERATIEVE RABOBANK U.A., as Administrative Agent, Committed Purchaser and
Purchaser Agent

By: /s/ E. van Esveld    
Name: E. van Esveld
Title: Managing Director

By: /s/ Jennifer Vervoorn    
Name: Jennifer Vervoorn
Title: Director    

NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V., as Conduit Purchaser

By: /s/ G.J. Huizing    
Name: G.J. Huizing
Title: Intertrust Management BV. Proxy
Holder     

By: /s/ S. Galesloot    
Name: S.J. Galesloot
Title: Intertrust Management BV. Proxy
Holder     

[Signature to Eleventh Amendment to the Receivables Transfer Agreement]

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CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK, as Purchaser Agent and Committed
Purchaser

By: /s/ Frédéric Mazet    
Name: Frédéric Mazet
Title:

By: /s/ Cyril Lesage    
Name: Cyril Lesage
Title:

[Signature to Eleventh Amendment to the Receivables Transfer Agreement]

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Purchaser Agent

By: /s/ Mark Escott    
Name: Mark Escott
Title: Managing Director

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as Committed Purchaser

By: /s/ Mark Escott    
Name: Mark Escott
Title: Managing Director

ALBION CAPITAL CORPORATION S.A., as Conduit Purchaser

By: /s/ Caroline Kinyua    
Name: Caroline Kinyua
Title: Director

By: /s/ Hinnerk Koch     
Name: Hinnerk Koch
Title: Director

[Signature to Eleventh Amendment to the Receivables Transfer Agreement]

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BNP PARIBAS, LONDON BRANCH, as Purchaser Agent

By: /s/ Julien Laffaille    
Name: Julien Laffaille
Title: Attorney

MATCHPOINT FINANCE PLC, as Committed Purchaser and Conduit Purchaser

By: /s/ Brian McDonagh    
Name: Brian McDonagh
Title: Director

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Exhibit A

ADDRESS AND NOTICE INFORMATION

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Exhibit B

BIODIESEL BILBAO S.L.U.

        

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Exhibit C

All Obligors Excluded List

        

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Exhibit D

Form of First Notice of Assignment

        

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Exhibit E

Form of Monthly Notice of Assignment