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Exhibit 10.5
 

[image00001.jpg]
10868 189th Street
Council Bluffs, IA 51503
Phone: 712-366-0392
Fax: 712-366-0394
Email: SIRE@SIREethanol.com
 

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.
 

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Bunge North America, Inc.
December 5, 2014
Page 2

 
Very truly yours,  
         
SOUTHWEST IOWA RENEWABLE ENERGY, LLC
           
By:
/s/ Brian T. Cahill
     
Name:  Brian T. Cahill
     
Title:  CEO and General Manager

ACCEPTED AND AGREED:
     
BUNGE NORTH AMERICA, INC.
     
By:
/s/ John P. Gilsinn      
Name:   John P. Gilsinn
     
Title:     Vice President
 

 
 

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