Exhibit 10.1
Southwest Iowa Renewable Energy, LLC

June 17, 2010

ICM, Inc.
310 North First Street
Colwich, KS 67030

Commerce Bank, N.A.
Clayton Banking Center
P.O. Box 11573
St. Louis, MO 63105

LOAN SATISFACTION AGREEMENT

Ladies and Gentlemen:
 
Upon acceptance by you, this letter will confirm our agreement as follows:
 
 
1.
As of the date hereof, Southwest Iowa Renewable Energy, LLC (“SIRE”) has an
outstanding bridge loan from Commerce Bank, N.A. (“Commerce”) in the principal
amount of $8,773,299.75, which loan matured on June 15, 2010 (the “Bridge
Loan”).  Credit support for the Bridge Loan is provided by Letter of Credit No.
08SBLC0345 issued by INTRUST Bank, N.A. in favor of Commerce for the account of
ICM, Inc. (“ICM”)(the “L/C”).

 
 
2.
SIRE, Commerce, and ICM have acknowledged and agreed that upon maturity of the
Bridge Loan, ICM will pay to Commerce the sum of $8,773,299.75, in payment in
full of all principal, accrued interest and other fees and expenses under the
Bridge Loan (such amount, the “Payoff Amount”).  Upon receipt of the Payoff
Amount, Commerce acknowledges and agrees that (a) ICM and SIRE shall be released
from any and all liabilities and obligations under the Bridge Loan and the L/C,
(b) the L/C shall be promptly surrendered, cancelled and terminated, and (c)
Commerce shall execute any and all additional agreements, instruments and other
documents required to effectuate the foregoing.

 
 
3.
Upon payment of the Payoff Amount to Commerce by ICM, SIRE shall issue a
Convertible Subordinated Term Loan Note to ICM (the “ICM Term Note”), in form
and substance satisfactory to ICM, in an amount equal to the Payoff Amount plus
$1,196,516.33, the amount due to ICM as set forth in Section 4(d) of that
certain Series C Unit Issuance Agreement, dated March 7, 2008, by and among ICM
and SIRE (as amended from time to time, the “Series C Unit Issuance
Agreement”).  ICM shall execute and deliver (a) that certain Subordination
Agreement with AgStar Financial Services, PCA and Bunge N.A. Holdings, Inc.

 

 
 

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(“Bunge”) and (b) that certain Intercreditor Agreement with Bunge, each in form
and substance satisfactory to ICM.

 
 
4.
This loan satisfaction agreement embodies the entire agreement and understanding
between the parties relating to the subject matter hereof and supersedes any
prior agreements and understandings relating to the subject matter hereof.

 
 
5.
This loan satisfaction agreement may be executed in multiple counterparts, each
of which shall be deemed an original and all of which taken together shall
constitute one instrument binding on all the parties, notwithstanding that all
the parties are not signatories to the original or the same counterpart.

 
 
6.
This loan satisfaction agreement shall for all purposes be interpreted, governed
by and construed in accordance with the internal laws of the State of Iowa.

 
If the foregoing is acceptable to you, please indicate by placing your signature
in the appropriate space set forth below, whereupon this letter shall become a
binding obligation of each of the undersigned.
 

   Very truly yours,           Southwest Iowa Renewable Energy, LLC          
 
By:
/s/ Brian T. Cahill       Name: Brian T. Cahill.       Title:   President      
   

 
 
 

 

AGREED AND ACCEPTED this 17th day of June, 2010.

ICM, Inc.

By:  /s/ Brian Burris
Name:  Brian Burris
Title: Secretary & General Counsel

 
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AGREED AND ACCEPTED this 17th day of June, 2010.

Commerce Bank, N.A.

By:  /s/ Anthony Clarkson
Name: Anthony Clarkson
Title:  VP & Sr. Relationship Manager

 
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