Document:

form10qexh998_081109.htm

 

Exhibit 10.1

*PORTIONS OF THIS AMENDED AND RESTATED RAILCAR LEASE AGREEMENT 

HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL 

TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES 

AND EXCHANGE COMMISSION.

 

AMENDED AND RESTATED RAILCAR LEASE AGREEMENT

 

This Amended and Restated Railcar Lease Agreement, dated as of March 25, 2009 (the “Lease”), is made by and between Bunge North America, Inc., a New York corporation (“Lessor”)
and Southwest Iowa Renewable Energy, LLC, an Iowa limited liability company (“Lessee”).

 

WHEREAS, the parties previously entered into that certain Railcar Sublease Agreement dated as of June 25, 2007 (the “2007 Lease”) relating to Lessor’s provision of certain railcars (consisting of 325 tank cars and 300 grain hopper cars) for Lessee’s
use in connection with its ethanol operations; and

 

WHEREAS, Lessor is leasing the Cars from a different railcar lessor (the “Equipment Lessor”) than contemplated in the 2007 Lease under the terms of a Lease Agreement with the Equipment Lessor (the “Equipment
Lease”); and

 

WHEREAS, the parties have agreed to certain changes to the 2007 Lease to reflect Lessor’s purchase and subsequent sale/leaseback of the Cars, and therefore desire to amend and restate the 2007 Lease in its entirety;

 

NOW, THEREFORE, the parties agree as follows:

 

1.           Lease Agreement; Reliance.  Subject to the terms and conditions of this Lease and the Equipment Lease, Lessor shall furnish and Lease to Lessee, and Lessee shall accept and lease from Lessor,
the railcars (each, a “Car” and collectively, the “Cars”) set forth on Riders 1 and 2 attached hereto.

 

2.           Delivery.  Except as provided otherwise in this Lease, Lessor agrees to deliver each Car to Lessee, freight charges collect, to Lessee’s facility in Council Bluffs, Iowa, and Lessee agrees
to accept such delivery.

 

3.           Condition of Cars – Acceptance.

 

(a)           All cars delivered under this Lease shall be in compliance with all applicable laws and industry and government regulations and rules, including, without limitation, the Association of American Railroad Rules for the Interchange of Freight Cars (the “Interchange
Rules”), in satisfactory condition for movement in the normal interchange of rail traffic, empty, clean, and free of residue; but Lessee shall be solely responsible for determining that cars are in proper condition for loading and shipment, except for those responsibilities which, under applicable law and regulations, have been assumed by the railroads.  Lessee shall inspect cars promptly after they are delivered and shall notify Lessor in writing within three business days after delivery
of its rejection of any car, and the specific reasons for such rejection.  Failure by Lessee to inspect such cars within three business days after delivery, and/or the successful

 

 

  

  

  

loading of any such car by Lessee, shall constitute acceptance of such car or cars, as the case may be, by Lessee.  At Lessor’s request, Lessee shall deliver to Lessor an executed Certificate of Acceptance in the form of Exhibit A with respect to all Cars accepted by Lessee.

 

(b)           If Lessee rejects any car, Lessor shall have the right to have the rejected car inspected by an inspector acceptable to both Lessor and Lessee.  The cost of such inspection will be paid by Lessor if the cause for rejection is affirmed by the inspector, otherwise
such cost will be borne by Lessee.  Lessee shall be deemed to have accepted any such car for which the inspector determines that good cause for rejection did not exist.  The decision of the inspector shall be final and binding upon the parties.

 

(c)           If Lessee properly rejects any car, Lessor shall promptly repair such car to the standards set forth in this Section 3 or promptly replace the car with another railcar reasonably acceptable to Lessee which meets such standards.  In either event, Lessor
shall deliver to Lessee the repaired or replaced car and Lessee shall have the right to accept or reject such car as provided in this Section 3.

 

(d)           Lessee’s acceptance, however effected, shall be deemed effective as of the acceptance date and the monthly rentals as hereinafter set forth shall accrue from the acceptance date.  Such acceptance shall presumptively establish that such Cars conform to
the applicable standards set forth in this Lease and the Interchange Rules.

 

(e)           For all Cars physically delivered to Lessee at its facility in Council Bluffs, Iowa before January 30, 2009, the test for acceptance shall be as set forth in Section 3 hereof.  For all other Cars (which Cars are now fully constructed but, at Lessee’s
request, have not been physically delivered to Lessee), notwithstanding anything herein to the contrary, Lessee is deemed to have accepted such Cars as of January 30, 2009.

 

4.           Rentals.  Lessee agrees to pay to Lessor for the use of each Car the monthly rental set forth in the applicable Rider from the date such Car is accepted by Lessee until such car is returned to
Lessor, as hereinafter provided in Section 18.  The rental shall be payable in U.S. Dollars and in advance on or before the first day of each calendar month (provided, that the rental for each car for the month in which it is accepted shall be prorated for the number of days, including the day of acceptance, remaining in such month at a daily rate based upon a 365 day year and shall be payable on or before the first day of the next
succeeding month) to Lessor at 11720 Borman Drive, St. Louis, MO 63146, or at such other address as Lessor may specify by written notice to Lessee.  Except as set forth in this Lease, rental shall be paid without deduction, set-off or counterclaim.

 

5.           Mileage Allowance.  Lessor shall use commercially reasonable efforts to collect all mileage earned by the Cars, and, subject to all rules of the tariffs of the railroads, Lessor shall credit to
Lessee’s rental account such mileage as and when received during the term of this Lease.  Lessee agrees to promptly refund to Lessor any mileage allowances that are reclaimed by the railroads upon Lessee’s receipt of notice therefor together with reasonably acceptable documentation from the railroads that any such mileage allowance has been reclaimed.

 

                                                                  

  

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6.           Term.  This Lease shall be effective as dated and will expire upon the completion of the leasing arrangement shown on the attached Riders of the last Car or Cars covered thereunder.  The
Lease term, with respect to all Cars covered by a particular Rider, shall commence on the average date of delivery of the Cars covered by such Rider; and shall terminate as specified in such Rider, unless sooner terminated in accordance with provisions of this Lease.

 

7.           Use and Possession.  Subject to the obligations of Lessor under the Equipment Lease, throughout the continuance of this Lease so long as Lessee is not in default under this Lease, Lessee shall
be entitled to possession of each Car from the date the Lease becomes effective as to such Car; and shall use such Car only in the manner for which it was designed and intended, and so as to subject it only to ordinary wear and tear; provided, however, that Lessee agrees that the Cars shall at all times be used: (a) in conformity with all Interchange Rules; (b) in compliance with the terms and conditions of this Lease; and (c) only in the continental United
States, Canada and Mexico, provided that in no event shall the Cars be used in a location excluded from coverage by any insurance policy required to be maintained under this Lease, and provided further that in no event will more than 50% of the aggregate number of Cars leased hereunder be, at any time, located in Mexico.  In the event any Car is used by Lessee outside of the continental United States, for any reason whatsoever, Lessee shall assume full responsibility (and reimburse Lessor and/or Equipment
Lessor) for all costs, taxes (other than taxes on the income of Lessor), duties or other charges incidental to such use, including costs incurred in returning the car to the continental United States.  Lessor shall promptly furnish Lessee with copies of all receipts, invoices or other requests for payment that it receives with respect to such costs, taxes, duties or other charges.

 

8.           Empty Mileage Indemnification.  Lessee will use its best efforts to use the Cars such that their total mileage under load will equal or exceed their mileage empty on each railroad over which the
Cars move.  Should the empty mileage exceed the loaded mileage such that Lessor is obligated to pay for such excess at the rate and at the time established by the tariff of the railroad on which such excess of empty miles has accrued, then Lessee shall reimburse 100% of such amount to Lessor.  For the purpose of this Section 8, the railroad mileage reports received by Lessor shall be prima facie evidence of the facts reported therein.

 

9.           Additional Charges by Railroads.  Lessee agrees to use the Cars, upon each railroad over which Cars shall move, in accordance with the then prevailing tariffs to which each railroad shall be a
party; and if the operation or movements of any of the Cars during the term hereof shall result in any charges being made against Lessor and/or Lessor by any such railroad, Lessee shall pay to Lessor the amount of such charges within the period prescribed by and at the rate and under the conditions of the then prevailing tariffs.  Lessee agrees to indemnify Equipment Lessor and Lessor against any such charges.  Lessee shall be liable for any switching, demurrage, track storage, detention or
special handling charges imposed on any Car during the term hereof, except (i) charges incurred while the car is en route to a shop for maintenance or repairs that are Lessor’s responsibility under this Lease or (ii) charges incurred as a result of Lessor’s failure to perform its obligations under this Lease.

 

10.           Lessee’s Right To Transfer or Lease.  Lessee shall not transfer, lease or assign any Car or any of its interests and obligations pursuant to this Lease without Lessor’s prior written
consent, and any attempted transfer, lease or assignment without such consent shall be

 

                                                        

  

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void and ineffective against Lessor and Equipment Lessor.  No transfer, lease or assignment of the Lease, or of any Car, shall relieve Lessee from any of its obligations to Lessor under this Lease.  This Lease shall be binding upon the parties hereto and their respective successors and assigns.

 

11.           Maintenance Responsibility.

 

(a)           Subject to the other terms of this Lease, Lessor will maintain the Cars, at its sole cost and expense, in good working order, condition and repair according to applicable law and regulations, including, without limitation, the Interchange Rules.  Lessee agrees
to notify Lessor promptly, after learning that any Car is damaged or in need of repair, and to forward such Cars and any other Cars subject to this Lease to shops as directed by Lessor for repairs and/or periodic maintenance and inspections.  No repairs to any of the Cars shall be made by Lessee without Lessor’s prior written consent, except that Lessee shall, at its expense, replace any removable part (dome covers, hatch covers, outlet caps, etc.) if lost or broken.  Running repairs
(as specified in the Interchange Rules) may be performed by railroads or hauling Carriers without prior consent.  Replacement or repair of any parts, equipment and/or accessories on any of the Cars shall be with parts, equipment and/or accessories that are of like kind and of at least equal quality to those being replaced or repaired, unless otherwise agreed in writing by the parties.

 

(b)           On tank Cars, Lessee will be responsible for maintenance and replacement of all movable parts, including angle valves and check valves and, if such Cars are so equipped, thermometer wells, gauging devices, regulator valves, safety heads and top unloading valves.  On
hopper Cars, Lessee will be responsible for inspection and cleaning of the operating mechanisms of the outlets, hatches, dome covers, and special fittings on such Cars leased herein, and damage to such outlets, hatches, dome covers, special fittings or the operating mechanisms will be repaired for the account of Lessee.

 

(c)           When a Car is placed in a shop for maintenance or repair as provided in this Lease, the rental charges shall cease on date of arrival in the shop, except in the case where a Car arrives without advance notice of defects from Lessee, in which case rental charges will
cease on communication of such defects to Lessor from Lessee, and shall be reinstated on the date that maintenance and repairs have been completed and the Car is forwarded from the shop or on the date that the Car is ready to leave, awaiting disposition instructions from Lessee.  If any Car is derailed and requires repairs, the rental charges for such Car will cease effective as of the date of the derailment and will resume as of the date the Car is forwarded from the repair shop.  If any
repairs are required as a result of the misuse by or negligence of Lessee or its consignee, agent or Lessee or while on a railroad that does not subscribe to, or fails to meet its responsibility under the Interchange Rules, the rental charges shall continue during the repair period, and Lessee agrees to pay Lessor for the cost of such repairs.  If any repairs are required while on any private siding or track or any private or industrial railroad, the rental charges shall continue during the repair period.

 

                                                               

  

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12.           Loss or Destruction.

 

(a)           If any of the Cars shall be completely destroyed, or if the physical condition of any Car shall become such that the Car cannot be operated in railroad service, as determined by Lessor, rental will cease as to such Car as of the date on which such event occurred.  Lessor
may cancel this Lease as to such Car as of the date on which such event occurred, or may substitute another Car reasonably acceptable to Lessee within a reasonable period of time.  Lessee shall notify Lessor of the occurrence of any such event within three business days after learning of such event.  In the event of such substitution, the substituted Car shall be held pursuant to all the terms and conditions of this Lease.  Lessee agrees that if a Car is lost or destroyed or is in
such physical condition that it cannot be operated in railroad service by reason of misuse or negligence of Lessee or its consignee, agent or Lessee or while on a railroad that does not subscribe to the Interchange Rules or while on any private siding or track or any private or industrial railroad, Lessee will pay Lessor, in cash, the depreciated value of such Car as determined by Rule #107 of the Interchange Rules within 15 days following a request by Lessor for such payment.  Any amount payable by
Lessee to Lessor pursuant to this Section 12 shall be reduced by any amounts received by Lessor from any third party responsible for such loss, destruction or damage.  Lessee shall be subrogated to the rights of Lessor against any person to the extent that the actions or omissions of such person caused Lessee to incur liability under this Section 12, and Lessor shall cooperate fully with Lessee in its pursuit of these subrogation rights.  Lessor and Lessee shall cooperate with and
assist each other in any reasonable manner requested, but without affecting their respective obligations under this Section 12 or Section 22, to establish proper claims against parties responsible for the loss, destruction of or damage to, the Cars.  With respect to any Car for which Lessor has received payment from Lessee of the depreciated value, Lessor shall, at Lessee's request, use commercially reasonable efforts to cause Equipment Lessor to execute and deliver to Lessee a bill of sale
transferring to Lessee, free and clear of all security interests and other liens, all of Equipment Lessor’s right, title and interest in and to such Car, as well as all claims and rights Equipment Lessor may have against any manufacturer, supplier, vendor, repairer, Carrier or dealer of such Car, and any part thereof.

 

(b)           Lessee shall obtain commercial general liability insurance against claims for bodily injury, death or third party property damage, designating Lessor and Equipment Lessor as additional insureds with respect to Lessee's operation and use of the Cars under this Lease
in an amount of not less than $10 million per occurrence.  The insurance coverage shall:

 

(i)           be valid for the term of this Lease as defined in Section 6;

 

(ii)           be primary without any right of contribution from any other insurance that is carried by Lessee, any Insured Party (as defined below) or any other person;

 

(iii)           expressly provide that all of the provisions thereof, except the limits of liability, shall operate in the same manner as if there were a separate policy covering each insured and shall waive any right of subrogation of the insurers (including any right of the insurers
to set-off or counterclaim or any other deduction) against the Insured Parties;

 

                                                               

  

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(iv)           name the following parties under the Equipment Lease as additional insureds: Lessor, Equipment Lessor, Trust Company (in its individual capacity and as Owner Trustee), Owner Participant, the Loan Participants and the Indenture Trustee (the “Insured Parties”);

 

(v)           provide that the insurers agree that such coverage is extended to insure the Cars for liability purposes; and

 

(vi)           provide that the respective interests of the Insured Parties shall not be invalidated by any act of negligence of or breach of warranty or representation by Lessee, any other additional insured, or any other person having an interest in the Cars.

 

(c)           Lessee shall endeavor to provide 30-days advance written notice to Lessor of any policy cancellation, other than cancellation for failure to pay premiums (which shall require only 10 days advance notice), respecting the Cars or any Insured Party.  Lessee shall
deliver to Lessor, Indenture Trustee, the Loan Participants and Owner Participant on or before each Funding Date and not less often than annually thereafter, a certificate of insurance, substantially in the same form as delivered by Lessee to such parties on each Funding Date except for the changes in the report or the coverage consistent with the terms hereof.

 

(d)           Lessee shall be solely responsible for any and all payments under the insurance policy.  If Lessee does not comply with its obligations under this Section 12(b), Lessor may obtain insurance for the Cars itself, at the sole expense and responsibility of Lessee.  Any
payment received by Lessor from the insurance company shall be credited to the amount that Lessee is obligated to pay under Section 12(a), unless such insurance policy has been obtained by Lessor or Lessor has paid any premium under such insurance policy.

 

13.           Loss of Commodity.  Lessor shall not be liable for any loss of, or damage to, commodities, or any part thereof, loaded or shipped in or on any of the Cars however such loss or damage shall be
caused or shall result.  Lessee agrees to assume responsibility for, to indemnify Lessor against, and to save it harmless from any such loss or damage or claim therefor.

 

14.           Damage to Car by Commodity.  Lessee shall be liable for damage to any Car covered by this Lease, whether or not due to Lessee’s negligence, if caused by or as a result of the commodity
loaded therein or caused by trying to remove product from the Cars during the Lease term.  Lessee assumes responsibility for such damage to any Car, including without limitation, as applicable, for tank Cars, to the tank, fittings or appurtenances thereto, ordinary wear and tear (including for any interior linings) excepted, and for covered hopper Cars, any damage to the exterior of the Cars including without limitation, hammer damage or similar damage to the side of the Cars and cracked paint and rust
on the exterior of the Car, ordinary wear and tear excepted.  Hammer damage, cracked paint and rust will not be considered ordinary wear and tear.  Lessee will use the Cars for the transportation and handling of commodities which will not injure the Cars.

 

15.           Alteration and Lettering.  Lessee will not in any way alter the physical structure of the Cars without the advance approval, in writing, of Lessor.  Lessee shall cause each Car to be
kept stenciled with the reporting mark as shall be set forth in this Lease or any applicable

 

                                                                  

  

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Rider.  Except as otherwise contemplated herein, Lessee shall place no lettering or marking of any kind upon the Cars without Lessor’s prior written consent.

 

16.           Linings and Coatings.  The application, maintenance and removal of interior protective linings and coatings in Cars so equipped is to be at the expense of Lessee.  Commodity or mechanical
damage to such linings or coatings shall be for the account of Lessee.

 

17.           Interior Preparation for Commodities.  Any cleaning or special preparation of the interior of Cars to make them suitable for the shipment of commodities by or for Lessee during the term of the
Lease shall be done at Lessee’s expense unless otherwise agreed.

 

18.           Return of Cars – Cleaning.  At the expiration of the Lease term as provided in the applicable Rider, Lessee shall, at its expense, return the Cars described in that Rider to Lessor or its
designee at a point designated by Lessor, empty, clean and free from residue (including, without limitation, sludge, heel or other similar materials) for use in the type of service for which the Cars were used hereunder, and in the same condition as the Cars were in when delivered, except for: (i) normal wear and tear and (ii) those items that were Lessor’s obligation to maintain and repair.  At the expiration of the Lease term, should cleaning be required to place the Car in the condition required
hereunder, Lessee shall bear the full cost of cleaning and the rental shall continue until the Car is so cleaned.

 

19.           Modifications.  If, at any time after Lessee’s acceptance of a Car, the Federal Railroad Administration or any other governmental agency or non-governmental organization having jurisdiction
over the operation, safety or use of such Car, requires that Lessor modify such Car to qualify it for operation in railroad interchange, Lessor shall promptly perform all required modifications and the cost of those modifications shall be reflected in an increase in the monthly rental rate per Car according to the rental escalation formula shown on the Rider for that Car.  Rental charges will cease on the first day the Car is no longer in Lessee’s service and will be reinstated on the date the
Car has been modified and is forwarded from the shop.  If Lessor, in its sole discretion, elects to remove a Car from Lessee’s service rather than make such a modification, the rent with respect to such Car shall terminate upon the date specified in writing by Lessor, provided that such date must be prior to the date such modification is required to be made.

 

20.           High Mileage and Weight Limitation.  Since the rentals and other terms of this Lease are based on normal usage of Cars in non-unit train or other non-high mileage operations, Lessee agrees not
to use the Cars in unit train or other designated high mileage usage without prior written consent of Lessor.  Each Car will be subject to a surcharge shown on the applicable Rider for all excess miles.  Lessee shall not exceed the weight limitations prescribed for operation of Cars in unrestricted interchange service as set forth under Interchange Rule 91.  Lessee shall not load any of the Cars in excess of the load limit stenciled thereon or any load limit prescribed by tariff,
circular, or regulation.

 

21.           Use of Cars on Certain Roads Under AAR Circular OT-5.  Upon the written request of Lessee (which request shall name the railroads involved), Lessor shall use reasonable best efforts to obtain
from each named railroad authority to place the Cars (other than tanks) in service under the provisions of AAR Circular OT-5 as promulgated by the AAR and all

 

                                                                  

  

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supplements thereto and reissues thereof (such authority hereinafter called “consent(s)”).  Lessee shall furnish to Lessor such information as is necessary to apply for and obtain such consents.  Lessor, however, shall not be liable for failure to obtain such consents for any reason whatsoever and this
Lease shall remain in full force and effect notwithstanding any failure of Lessor to obtain such consents.

 

22.           Indemnifications.

 

(a)           Lessee shall defend (if such defense is tendered to Lessee), indemnify and hold Lessor and Equipment Lessor harmless from and against and does hereby release Lessor and Equipment Lessor from all claims, suits, liabilities, losses, damages, costs and expenses, including
reasonable attorney’s fees, in any way arising out of, or resulting from, the storage, use or operation of the Cars during the term of this Lease, except to the extent: (i) the same arises from or is related to the negligence or willful misconduct of Equipment Lessor and/or Lessor, or either of their employees or agents, (ii) a railroad or other third party has assumed full responsibility and satisfies such responsibility, (iii) the same arises from or is related to Lessor’s failure to perform its
obligations under this Lease, (iv) the same accrues with respect to any Car while such Car is in a repair shop undergoing maintenance and repairs, or (v) the same arises from or is related to the use or condition of the Cars prior to being in Lessee’s service under this Lease.

 

(b)           Lessor shall defend (if such defense is tendered to Lessor), indemnify and hold Lessee harmless from and against and does hereby release Lessee from all claims, suits, liabilities, losses, damages, costs and expenses, including reasonable attorney’s fees, in any
way arising out of, or resulting from, the repair and maintenance of the Cars during the term of this Lease, except to the extent: (i) the same arises from or is related to the negligence or willful misconduct of Lessee, its employees or agents, (ii) a railroad or other third party has assumed full responsibility and satisfies such responsibility, or (iii) the same arises from or is related to Lessee’s failure to perform its obligations under this Lease.

 

23.           Taxes and Liens.  Lessee shall not be liable for any Federal, State or other governmental property taxes assessed or levied against the Cars, except that (i) Lessee shall be liable for and
pay such taxes when the Cars bear Lessee’s reporting marks and numbers and (ii) Lessee shall be liable for and shall pay or reimburse Lessor for the payment of any sales, use, leasing, operation, excise, gross receipts and other taxes with respect to the Cars (together with any penalties, fines or interest thereon), duties, imposts, taxes, investment tax credit reductions and similar charges arising out of Lessee’s use of Cars outside the continental United States, except to the extent levied
or assessed on Lessor’s income.  Lessee acknowledges and agrees that by the execution of this Lease it does not obtain, and by payments and performance hereunder it does not, and will not, have or obtain any title to the Cars or any property right or interest therein, legal or equitable, except solely as Lessee hereunder and subject to all of the terms hereof.  Lessee shall keep the Cars free from any liens or encumbrances created by or through Lessee.

 

24.           Defaults and Remedies.  If (a) Lessee defaults in the payment of any sum of money to be paid under this Lease and such default continues five days after written notice to Lessee of such
default, or (b) Lessee fails to perform any covenant or condition required to be

 

                                                                  

  

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performed by Lessee, which failure shall not be remedied within ten days after written notice thereof by Lessor to Lessee or (c) Lessee shall dissolve, make or commit any act of bankruptcy or if any proceeding under any bankruptcy or insolvency statute or any laws relating to relief of debtors is commenced by Lessee or if any such
proceeding is commenced against Lessee and same shall not have been stayed, vacated, removed or dismissed within 60 days after the date of the filing thereof or (d) a receiver, trustee or liquidator is appointed for Lessee or for all or a substantial part of Lessee’s assets with Lessee’s consent or, if without Lessee’s consent, the same shall not have been stayed, vacated, removed or dismissed within 60 days after the date of the appointment thereof or if a writ of attachment or execution
is levied on any Car as a result of a judgment against Lessee and the same is not stayed, vacated or discharged within 30 days thereafter, or (e) Lessee fails to keep all of the Cars free from any lien or encumbrance arising by, through or under it which may encumber or otherwise affect title to any Car, and within 20 days after Lessee receives written notice of any such lien or encumbrance, Lessee has not discharged such lien or encumbrance, Lessor may exercise one or more of the following remedies with
respect to the Cars:

 

	
  
	
1.
	
Immediately terminate this Lease and Lessee’s rights hereunder;

 

	
  
	
2.
	
Require Lessee to return the Cars to Lessor at Lessee’s expense, and if Lessee fails to so comply, Lessor may take possession of such Cars without demand or notice and without court order or legal process.  Lessee acknowledges that it may have a right to notice of possession and the taking of possession with a court order or other legal process.  Lessee, however, knowingly waives
any right to such notice of possession and the taking of such possession without court order or legal process;

 

	
  
	
3.
	
Lease the Cars to such persons, at such rental, and for such period of time as Lessor shall elect.  Lessor shall apply the proceeds from such leasing, less all costs and expenses reasonably incurred in the recovery, repair (if such repairs are otherwise Lessee’s obligation under this Lease), storage and renting of such Cars, toward the payment of Lessee’s obligations hereunder.  Lessee
shall remain liable for any deficiency, which, at Lessor’s option, shall be paid monthly as suffered or immediately, or at the end of the Lease term as damages for Lessee’s default;

 

	
  
	
4.
	
Bring legal action to recover all rent or other amounts then accrued or thereafter accruing from Lessee to Lessor under any provisions hereunder;

 

	
  
	
5.
	
Pursue any other remedy which Lessor may have.

 

Each of the foregoing remedies is cumulative and may be enforced separately or concurrently, and in addition to any other remedy referred to herein or otherwise available to Lessor in law or equity, and action upon one such remedy shall not be deemed to constitute an election or waiver of the other remedies or rights of action.  Any
repossession or sale of any Car by Lessor shall not bar an action for a deficiency as herein provided and the bringing of an action or entering of a judgment against Lessee shall not bar Lessor’s right to repossess any or all of the Cars.  In the event of default, Lessee shall pay to Lessor upon demand all costs and expenses, including reasonable attorneys’ fee expended by Lessor in the enforcement of its rights and remedies

 

                                                                    

  

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hereunder, and Lessee shall pay interest on any amount owing to Lessor from the time such amount becomes due hereunder at a rate per annum equal to one and one-half percentage points (1.5%) above the prime rate of JPMorgan Chase Bank N.A. (or its successor), such rate to be reduced,
however, to the extent it exceeds the maximum rate permitted by applicable law.  In addition, Lessee shall, without expense to Lessor, assist Lessor in repossessing the Cars.

 

If Lessee fails to perform any of its obligations hereunder, Lessor, at Lessee’s expense, and without waiving any rights it may have against Lessee for such nonperformance, may, with prior written notice to Lessee, itself render such performance.  Lessee shall reimburse Lessor on demand for all sums so paid by Lessor on
Lessee’s behalf, together with interest at a rate per annum equal to one and one-half percentage points (1.5%) above the prime rate of JPMorgan Chase Bank N.A. (or its successor), such rate to be reduced, however, to the extent it exceeds the maximum rate permitted by applicable law.

 

25.           Lessor’s or Equipment Lessor’s Right to Assign; Subordination.  All of Lessee’s rights under this Lease are subject and subordinate to the rights of the Equipment Lessor set
forth in this Section 25.  All rights of Lessor may be assigned to the Equipment Lessor (or any related indenture trustee) as security for Lessor’s obligations under the Equipment Lease.  All rights of Equipment Lessor in the Equipment Lease may be assigned, pledged, mortgaged, leased, transferred or otherwise disposed of, either in whole or in part, and/or Equipment Lessor may assign, pledge, mortgage, lease, transfer or otherwise dispose of title to the Cars, with or without prior
notice to Lessor or Lessee.  In the event of any such assignment, pledge, mortgage, lease, transfer or other disposition, the Equipment Lease and all rights of Lessor thereunder, and all rights of Lessee in this Lease, will be subject and subordinate to the terms, covenants and conditions of any assignment, pledge, mortgage, lease, or other agreements covering the Cars heretofore or hereafter created and entered into by Equipment Lessor, its successors or assigns and to all of the rights of any such
assignee, pledgee, mortgagee, lessor, transferee or other holder of legal title to or security interest in the Cars.  At the request of Equipment Lessor or any assignee, pledgee, mortgagee, lessor, transferee or other holder of the legal title to or security interest in the Cars may, if applicable, place on each side of each Car, in letters not less than one inch in height, the words “Ownership Subject to a Security Lease Filed with the Surface Transportation Board” or other appropriate
words reasonably requested.  In the event that Equipment Lessor assigns its interest in the Equipment Lease, Lessee, at the request of Lessor, shall execute and deliver to Equipment Lessor and Lessor an Acknowledgment of Assignment in substantially the form attached hereto as Exhibit A.

 

26.           Warranties.  EXCEPT AS OTHERWISE PROVIDED IN THIS LEASE, LESSOR MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO THE CONDITION, MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE
OR ANY OTHER MATTER CONCERNING THE CARS.  Lessee shall be solely responsible for determining that the specifications and design of any Car are appropriate for the commodities loaded therein.

 

27.           Right of Inspection and Notices.  Lessor, Equipment Lessor (including any related indenture trustee, noteholders, or owner participant), or any of their assignees or representatives, shall, at
any reasonable time and without interfering with Lessee’s operations, have the right to inspect the Cars, and, upon reasonable advance notice (which may be verbal) and during

 

                                                                 

  

10

  

ordinary business hours, all books and records of Lessee that relate to the Cars, by its authorized representative wherever they may be located for the purpose of determining compliance by Lessee with its obligations hereunder.  Lessee shall use commercially reasonable efforts to obtain permission, if necessary, for Lessor or
its representative to enter upon any premises where the Cars may be located.  Lessee shall notify Lessor, in writing, within three business days after any attachment, lien (including any tax and mechanics’ liens) or other judicial process arising by, through or under Lessee attaches to any of the Cars.

 

28.           Miscellaneous.  This Lease, together with any and all exhibits attached hereto, constitutes the entire agreement between Lessor and Lessee with respect to the subject matter addressed herein,
and it shall not be amended, altered or changed except by written agreement signed by the parties hereto.  No waiver of any provision of this Lease or consent to any departure by either party therefrom shall be effective unless the same shall be in writing, signed by both parties and then such waiver of consent shall be effective only in the specific instance and for the purpose for which it was given.

 

	
  
	
1.
	
Governing Law.  This Lease shall be interpreted under and performance shall be governed by the laws of the State of Illinois.

 

	
  
	
2.
	
Conflict with Interchange Rules.  In the event the Interchange Rules conflict with any provision of this Lease, this Lease shall govern.

 

	
  
	
3.
	
Exhibits.  All exhibits attached hereto are incorporated herein by this reference.

 

	
  
	
4.
	
Payments.  All payments to be made under this Lease shall be made at the address set forth in Section 4.

 

	
  
	
5.
	
Severability.  If any term or provision of this Lease or the application thereof shall, to any extent, be invalid or unenforceable, such invalidity or unenforceability shall not affect or render invalid or unenforceable any other provision of this Lease, and this Lease shall be valid and enforced to the fullest extent permitted by law.

 

	
  
	
6.
	
Headings.  The headings that have been used to designate the various Sections and Articles hereof are solely for convenience in reading and ease of reference and shall not be construed in any event or manner as interpretative or limiting the interpretation of the same.

 

	
  
	
7.
	
Governmental Laws.  Lessor shall comply with all governmental laws, rules, regulations, requirements and the Interchange Rules (herein collectively referred to as the “Rules”) with respect to the repair and maintenance of the Cars and any part thereof.  Lessee shall comply with all Rules with respect to the use, operation and maintenance of any interior lading protective devices,
special interior linings or removable parts.  Lessee, at its expense, shall further comply with the Rules in the event such Rules require a change or replacement of such devices, linings or parts.

 

                                                                

  

11

  

	
  
	
8.
	
Survival.  All indemnities contained in this Lease shall survive the termination hereof, but only with respect to indemnified claims that accrue with respect to events occurring prior to the expiration or earlier termination of this Lease.  In addition, the obligation to pay any deficiency, as well as the obligation for any and all other payments hereunder shall survive the termination
of this Lease or the Lease contained herein.

 

29.           Addressing of Notices.  All notices and other communications required or permitted by this Agreement shall be in writing and deemed given to a party when (a) delivered by hand or by nationally
recognized overnight courier service; (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee if sent by certified mail, return receipt requested, in each case (a) - (c) to the following addresses or facsimile numbers and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number, or person as a party may designate by notice to the other party):

 

	
Lessor to Lessee:

 

TO:     Southwest Iowa Renewable Energy LLC

2101 42nd Avenue

Council Bluffs, Iowa  51501

Fax No. (712) 366-0394

ATTN:  Chief Executive Officer
	
Lessee to Lessor:

 

Bunge North America, Inc.

11720 Borman Drive

St. Louis, Missouri  63146-1000

Fax No. (314) 292-4276

ATTN: Darrell R. Wallace

Vice President - Transportation

30.           Administration of Lease.  Lessee agrees to make available to Lessor information concerning the movement of the Cars reasonably required for the efficient administration of this Lease.  Lessee
agrees to cooperate with Lessor for the purpose of complying with any reasonable requirements of any lender, the Surface Transportation Board or the provisions of Article 9 of the Uniform Commercial Code provided such cooperation does not materially affect the rights, obligations or liabilities of Lessee hereunder.

 

31.           Recordation of Lease.  If Lessor or Equipment Lessor elect or are required to record a memorandum of this lease with the Surface Transportation Board, then Lessee will cooperate with the preparation,
execution, and filing of such memorandum.

 

[signatures on following page]

                                                                   

  

12

  

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed and delivered as of the day and year first above written.

 

 

	Lessor:	 	 	Lessee:	 
	 	 	 	 	 
	BUNGE NORTH AMERICA, INC.	 	 	SOUTHWEST IOWA RENEWABLE ENERGY, LLC	 
	 	 	 	 	 
	 	 	 	 	 
	
By:  /s/ Eric Hakmiller
	 	 	
By:  /s/ Karol King
	 
	
Title:  Vice President Bunge Biofuels 
	 	 	
Title:  Chairman of the Board
	 
	
 
	 	 	
 
	 

 

 

                                                                    

  

13

  

Rider No: 001 to Railcar Lease Agreement

 

It is hereby agreed as of March 25, 2009 that this Rider shall become part of the Amended and Restated Railcar Lease Agreement, dated as of March 25, 2009 (the “Lease”), between Bunge North America, Inc. (“Lessor”) and Southwest Iowa Renewable Energy, LLC (“Lessee”), and that the Cars described
herein shall be placed in Lessee’s service, subject to the following terms and conditions:

 

Capitalized Terms:  All capitalized terms defined in the Lease shall have the meanings defined therein when used in this Rider No. 001 except that the term “Cars” as used herein shall only refer to the railcars described in this Rider.

 

Number of Cars:  Three hundred (300).

 

Description:  6,351 cu. ft. covered hopper cars with gravity outlet gates and with 286,000 pound gross load weight capacity.

 

Car Initials and Numbers:  See Schedule 1 attached hereto.

 

Lease Rental Rate:  $* per Car per month, subject to the following provisions:

 

	
(a)
	
If Lessor is required to modify a Car in accordance with Section 19 of the Lease, then the Lease Rental Rate will increase by $* for each $* cost incurred by Lessor in the course of making modifications.

 

*OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

	
(b)
	
In accordance with Section 20 of the Lease, in the event that a Car travels more than 35,000 miles (empty and loaded) in Lessee’s service during any calendar year, Lessee shall pay Lessor $* per mile for each mile over * traveled by such Car.

 

*OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

Impact Damage:  Impact damage resulting from striking the car with hammers, lances, sledges, or other such mechanical device shall not be considered normal wear and tear to the extent such damage results in (a) cracks, punctures, or tears of the steel sheet, or
(b) dents to the steel sheet exceeding one inch (1”) in depth, or (c) penetration of the exterior paint film exposing the steel sheet to the elements; all of the preceding enumerated items shall collectively be defined as “Lessee Responsibility Damage”.  Lessee Responsibility Damage shall be repaired at Lessee’s expense by means of straightening dents, welding any cracks, patching punctures
or tears, and spot painting any repaired or exposed surfaces.

 

Weight Limitation:  Lessee shall not exceed the weight limitations prescribed for operation of cars in unrestricted interchange service as set forth under AAR Interchange Rule 70.

 

                                                                    

  

14

  

Minimum Rental Period:  The minimum rental period for the Cars Leased hereunder shall be 120 months, and the Cars shall continue under Lease thereafter for successive one (1) month terms, at the same rate and under the same conditions, unless notice, in writing,
requesting cancellation shall be given by either party to the other at least 30 days prior to expiration of the initial term or any successive term for Cars covered by this Rider.  Thereafter, this Rider shall terminate automatically upon the date of release of the last Car covered by this Rider.

 

Miscellaneous:  The parties acknowledge that all of the Cars to be Leased under this Rider are being built and will be delivered to Lessee’s service as released from the manufacturer.

 

[signatures on following page]

                                                                   

  

15

  

IN WITNESS WHEREOF, the parties hereto have caused this Rider to be executed and delivered as of the day and year first above written.

 

 

	Lessor:	 	 	Lessee:	 
	 	 	 	 	 
	BUNGE NORTH AMERICA, INC.	 	 	SOUTHWEST IOWA RENEWABLE ENERGY, LLC	 
	 	 	 	 	 
	 	 	 	 	 
	
By:  /s/ Eric Hakmiller
	 	 	
By:  /s/ Karol King
	 
	
Title:  Vice President Bunge Biofuels 
	 	 	
Title:  Chairman of the Board
	 
	
 
	 	 	
 
	 

 

 

 

                                                               

  

16

  

Schedule 1 to Rider No: 001 to Railcar Lease Agreement

 

	
BNGX
	
20003
	
BNGX
	
20128
	
BNGX
	
20177

	
BNGX
	
20007
	
BNGX
	
20129
	
BNGX
	
20178

	
BNGX
	
20011
	
BNGX
	
20131
	
BNGX
	
20179

	
BNGX
	
20014
	
BNGX
	
20132
	
BNGX
	
20180

	
BNGX
	
20022
	
BNGX
	
20133
	
BNGX
	
20181

	
BNGX
	
20028
	
BNGX
	
20134
	
BNGX
	
20182

	
BNGX
	
20029
	
BNGX
	
20135
	
BNGX
	
20183

	
BNGX
	
20030
	
BNGX
	
20136
	
BNGX
	
20184

	
BNGX
	
20031
	
BNGX
	
20137
	
BNGX
	
20185

	
BNGX
	
20032
	
BNGX
	
20138
	
BNGX
	
20186

	
BNGX
	
20036
	
BNGX
	
20139
	
BNGX
	
20187

	
BNGX
	
20038
	
BNGX
	
20140
	
BNGX
	
20188

	
BNGX
	
20040
	
BNGX
	
20141
	
BNGX
	
20189

	
BNGX
	
20041
	
BNGX
	
20142
	
BNGX
	
20190

	
BNGX
	
20042
	
BNGX
	
20143
	
BNGX
	
20191

	
BNGX
	
20046
	
BNGX
	
20144
	
BNGX
	
20192

	
BNGX
	
20049
	
BNGX
	
20145
	
BNGX
	
20193

	
BNGX
	
20051
	
BNGX
	
20146
	
BNGX
	
20194

	
BNGX
	
20054
	
BNGX
	
20147
	
BNGX
	
20195

	
BNGX
	
20055
	
BNGX
	
20148
	
BNGX
	
20196

	
BNGX
	
20057
	
BNGX
	
20149
	
BNGX
	
20197

	
BNGX
	
20058
	
BNGX
	
20150
	
BNGX
	
20198

	
BNGX
	
20059
	
BNGX
	
20151
	
BNGX
	
20199

	
BNGX
	
20061
	
BNGX
	
20152
	
BNGX
	
20200

	
BNGX
	
20062
	
BNGX
	
20153
	
BNGX
	
20201

	
BNGX
	
20063
	
BNGX
	
20154
	
BNGX
	
20202

	
BNGX
	
20065
	
BNGX
	
20155
	
BNGX
	
20203

	
BNGX
	
20067
	
BNGX
	
20156
	
BNGX
	
20204

	
BNGX
	
20068
	
BNGX
	
20157
	
BNGX
	
20205

	
BNGX
	
20073
	
BNGX
	
20158
	
BNGX
	
20206

	
BNGX
	
20077
	
BNGX
	
20159
	
BNGX
	
20207

	
BNGX
	
20081
	
BNGX
	
20160
	
BNGX
	
20208

	
BNGX
	
20086
	
BNGX
	
20161
	
BNGX
	
20209

	
BNGX
	
20094
	
BNGX
	
20162
	
BNGX
	
20210

	
BNGX
	
20098
	
BNGX
	
20163
	
BNGX
	
20211

	
BNGX
	
20101
	
BNGX
	
20164
	
BNGX
	
20212

	
BNGX
	
20104
	
BNGX
	
20165
	
BNGX
	
20213

	
BNGX
	
20107
	
BNGX
	
20166
	
BNGX
	
20214

	
BNGX
	
20108
	
BNGX
	
20167
	
BNGX
	
20215

	
BNGX
	
20109
	
BNGX
	
20168
	
BNGX
	
20216

	
BNGX
	
20114
	
BNGX
	
20169
	
BNGX
	
20217

	
BNGX
	
20116
	
BNGX
	
20170
	
BNGX
	
20218

	
BNGX
	
20118
	
BNGX
	
20171
	
BNGX
	
20219

	
BNGX
	
20119
	
BNGX
	
20172
	
BNGX
	
20220

	
BNGX
	
20120
	
BNGX
	
20173
	
BNGX
	
20221

	
BNGX
	
20124
	
BNGX
	
20174
	
BNGX
	
20222

	
BNGX
	
20126
	
BNGX
	
20175
	
BNGX
	
20223

	
BNGX
	
20127
	
BNGX
	
20176
	
BNGX
	
20224

 

 

 

17

 

 

 

	
BNGX
	
20225
	
BNGX
	
20278
	
BNGX
	
20331

	
BNGX
	
20226
	
BNGX
	
20279
	
BNGX
	
20332

	
BNGX
	
20227
	
BNGX
	
20280
	
BNGX
	
20333

	
BNGX
	
20228
	
BNGX
	
20281
	
BNGX
	
20334

	
BNGX
	
20229
	
BNGX
	
20282
	
BNGX
	
20335

	
BNGX
	
20230
	
BNGX
	
20283
	
BNGX
	
20336

	
BNGX
	
20231
	
BNGX
	
20284
	
BNGX
	
20337

	
BNGX
	
20232
	
BNGX
	
20285
	
BNGX
	
20338

	
BNGX
	
20233
	
BNGX
	
20286
	
BNGX
	
20339

	
BNGX
	
20234
	
BNGX
	
20287
	
BNGX
	
20340

	
BNGX
	
20235
	
BNGX
	
20288
	
BNGX
	
20341

	
BNGX
	
20236
	
BNGX
	
20289
	
BNGX
	
20342

	
BNGX
	
20237
	
BNGX
	
20290
	
BNGX
	
20343

	
BNGX
	
20238
	
BNGX
	
20291
	
BNGX
	
20344

	
BNGX
	
20239
	
BNGX
	
20292
	
BNGX
	
20345

	
BNGX
	
20240
	
BNGX
	
20293
	
BNGX
	
20346

	
BNGX
	
20241
	
BNGX
	
20294
	
BNGX
	
20347

	
BNGX
	
20242
	
BNGX
	
20295
	
BNGX
	
20348

	
BNGX
	
20243
	
BNGX
	
20296
	
BNGX
	
20349

	
BNGX
	
20244
	
BNGX
	
20297
	
BNGX
	
20350

	
BNGX
	
20245
	
BNGX
	
20298
	
BNGX
	
20351

	
BNGX
	
20246
	
BNGX
	
20299
	
BNGX
	
20352

	
BNGX
	
20247
	
BNGX
	
20300
	
BNGX
	
20353

	
BNGX
	
20248
	
BNGX
	
20301
	
BNGX
	
20354

	
BNGX
	
20249
	
BNGX
	
20302
	
BNGX
	
20355

	
BNGX
	
20250
	
BNGX
	
20303
	
BNGX
	
20356

	
BNGX
	
20251
	
BNGX
	
20304
	
BNGX
	
20357

	
BNGX
	
20252
	
BNGX
	
20305
	
BNGX
	
20358

	
BNGX
	
20253
	
BNGX
	
20306
	
BNGX
	
20359

	
BNGX
	
20254
	
BNGX
	
20307
	
BNGX
	
20360

	
BNGX
	
20255
	
BNGX
	
20308
	
BNGX
	
20361

	
BNGX
	
20256
	
BNGX
	
20309
	
BNGX
	
20362

	
BNGX
	
20257
	
BNGX
	
20310
	
BNGX
	
20363

	
BNGX
	
20258
	
BNGX
	
20311
	
BNGX
	
20364

	
BNGX
	
20259
	
BNGX
	
20312
	
BNGX
	
20365

	
BNGX
	
20260
	
BNGX
	
20313
	
BNGX
	
20366

	
BNGX
	
20261
	
BNGX
	
20314
	
BNGX
	
20367

	
BNGX
	
20262
	
BNGX
	
20315
	
BNGX
	
20368

	
BNGX
	
20263
	
BNGX
	
20316
	
BNGX
	
20369

	
BNGX
	
20264
	
BNGX
	
20317
	
BNGX
	
20370

	
BNGX
	
20265
	
BNGX
	
20318
	
BNGX
	
20371

	
BNGX
	
20266
	
BNGX
	
20319
	
BNGX
	
20372

	
BNGX
	
20267
	
BNGX
	
20320
	
BNGX
	
20373

	
BNGX
	
20268
	
BNGX
	
20321
	
BNGX
	
20374

	
BNGX
	
20269
	
BNGX
	
20322
	
BNGX
	
20375

	
BNGX
	
20270
	
BNGX
	
20323
	
BNGX
	
20376

	
BNGX
	
20271
	
BNGX
	
20324
	
BNGX
	
20377

	
BNGX
	
20272
	
BNGX
	
20325
	
BNGX
	
20378

	
BNGX
	
20273
	
BNGX
	
20326
	
BNGX
	
20379

	
BNGX
	
20274
	
BNGX
	
20327
	
BNGX
	
20380

	
BNGX
	
20275
	
BNGX
	
20328
	  	  
	
BNGX
	
20276
	
BNGX
	
20329
	  	  
	
BNGX
	
20277
	
BNGX
	
20330
	  	  

 

 

 

 

18

 

Rider No: 002 to Railcar Lease Agreement

 

It is hereby agreed as of March 25, 2009 that this Rider shall become part of the Amended and Restated Railcar Lease Agreement, dated as of March 25, 2009 (the “Lease”), between Bunge North America, Inc. (“Lessor”) and Southwest Iowa Renewable Energy, LLC (“Lessee”), and that the Cars described
herein shall be placed in Lessee’s service, subject to the following terms and conditions:

 

Capitalized Terms:  All capitalized terms defined in the Lease shall have the meanings defined therein when used in this Rider No. 002 except that the term “Cars” as used herein shall only refer to the railcars described in this Rider.

 

Number of Cars:  Three hundred twenty-five (325).

 

Description:  30,145 gallon tank cars, equipped with 2” x 1” top unloading capability.

 

Commodity:  Ethanol.

 

Car Initials and Numbers:  See Schedule 1 attached hereto.

 

Rental Rate:  $* per Car per month, subject to the following provisions:

 

	
(a)
	
If Lessor is required to modify a Car in accordance with Section 19 of the Lease, then the Lease Rental Rate will increase by $* for each $* cost incurred by Lessor in the course of making modifications.

 

*OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

	
(b)
	
In accordance with Section 20 of the Lease, in the event that a Car travels more than 35,000 miles (empty and loaded) in Lessee’s service during any calendar year, Lessee shall pay Lessor $* per mile for each mile over * traveled by such Car.

 

*OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

Weight Limitation:  Lessee shall not exceed the weight limitations prescribed for operation of cars in unrestricted interchange service as set forth under AAR Interchange Rule 70.

 

Minimum Rental Period:  The minimum rental period for the Cars Leased hereunder shall be 120 months, and the Cars shall continue under Lease thereafter for successive one (1) month terms, at the same rate and under the same conditions, unless notice, in writing,
requesting cancellation shall be given by either party to the other at least 30 days prior to expiration of the initial term or any successive term for Cars covered by this Rider.  Thereafter, this Rider shall terminate automatically upon the date of release of the last Car covered by this Rider.

 

                                                                   

  

19

  

Miscellaneous:  The parties acknowledge that all of the Cars to be Leased under this Rider are being built and will be delivered to Lessee’s service as released from the manufacturer.

 

[signatures on following page]

                                                                   

  

20

  

IN WITNESS WHEREOF, the parties hereto have caused this Rider to be executed and delivered as of the day and year first above written.

 

 

	Lessor:	 	 	Lessee:	 
	 	 	 	 	 
	BUNGE NORTH AMERICA, INC.	 	 	SOUTHWEST IOWA RENEWABLE ENERGY, LLC	 
	 	 	 	 	 
	 	 	 	 	 
	
By:  /s/ Eric Hakmiller
	 	 	
By:  /s/ Karol King
	 
	
Title:  Vice President Bunge Biofuels 
	 	 	
Title:  Chairman of the Board
	 
	
 
	 	 	
 
	 

 

 

 

 

 

 

                                                                   

  

21

  

Schedule 1 to Rider No: 002 to Railcar Lease Agreement

 

 

 

	 BRCX	 10001	 BRCX	 10049	 BRCX	 10097
	 BRCX	 10002	 BRCX 	 10050	 BRCX	 10098
	 BRCX	 10003	 BRCX	 10051	 BRCX	 10099
	 BRCX	 10004	 BRCX	 10052	 BRCX	 10100
	 BRCX	 10005	 BRCX	 10053	 BRCX	 10101
	 BRCX	 10006	 BRCX	 10054	 BRCX	 10102
	 BRCX	 10007	 BRCX	 10055	 BRCX	 10103
	 BRCX	 10008	 BRCX	 10056	 BRCX	 10104
	 BRCX	 10009	 BRCX	 10057	 BRCX	 10105
	 BRCX	 10010	 BRCX	 10058	 BRCX	 10106
	 BRCX	 10011	 BRCX	 10059	 BRCX	 10107
	 BRCX	 10012	 BRCX	 10060	 BRCX	 10108
	 BRCX	 10013	 BRCX	 10061	 BRCX	 10109
	 BRCX	 10014	 BRCX	 10062	 BRCX	 10110
	 BRCX	 10015	 BRCX	 10063	 BRCX	 10111
	 BRCX	 10016	 BRCX	 10064	 BRCX	 10112
	 BRCX	 10017	 BRCX	 10065	 BRCX	 10113
	 BRCX	 10018	 BRCX	 10066	 BRCX	 10114
	 BRCX	 10019	 BRCX	 10067	 BRCX	 10115
	 BRCX	 10020	 BRCX	 10068	 BRCX	 10116
	 BRCX	 10021	 BRCX	 10069	 BRCX	 10117
	 BRCX	 10022	 BRCX	 10070	 BRCX	 10118
	 BRCX	 10023	 BRCX	 10071	 BRCX	 10119
	 BRCX	 10024	 BRCX	 10072	 BRCX	 10120
	 BRCX	 10025	 BRCX	 10073	 BRCX	 10121
	 BRCX	 10026	 BRCX	 10074	 BRCX	 10122
	 BRCX	 10027	 BRCX	 10075	 BRCX	 10123
	 BRCX	 10028	 BRCX	 10076	 BRCX	 10124
	 BRCX	 10029	 BRCX	 10077	 BRCX	 10125
	 BRCX	 10030	 BRCX	 10078	 BRCX	 10126
	 BRCX	 10031	 BRCX	 10079	 BRCX	 10127
	 BRCX	 10032	 BRCX	 10080	 BRCX	 10128
	 BRCX	 10033	 BRCX	 10081	 BRCX	 10129
	 BRCX	 10034	 BRCX	 10082	 BRCX	 10130
	 BRCX	 10035	 BRCX	 10083	 BRCX	 10131
	 BRCX	 10036	 BRCX	 10084	 BRCX	 10132
	 BRCX	 10037	 BRCX	 10085	 BRCX	 10133
	 BRCX	 10038	 BRCX	 10086	 BRCX	 10134
	 BRCX	 10039	 BRCX	 10087	 BRCX	 10135
	 BRCX	 10040	 BRCX	 10088	 BRCX	 10136
	 BRCX	 10041	 BRCX	 10089	 BRCX	 10137
	 BRCX	 10042	 BRCX	 10090	 BRCX	 10138
	 BRCX	 10043	 BRCX	 10091	 BRCX	 10139
	 BRCX	 10044	 BRCX	 10092	 BRCX	 10140
	 BRCX	 10045	 BRCX	 10093	 BRCX	 10141
	 BRCX	 10046	 BRCX	 10094	 BRCX	 10142
	 BRCX	 10047	 BRCX	 10095	 BRCX	 10143
	 BRCX	 10048	 BRCX	 10096	 BRCX	 10144

 

  

22

  

	
BRCX
	
10145
	
BRCX
	
10195
	
BRCX
	
10245

	
BRCX
	
10146
	
BRCX
	
10196
	
BRCX
	
10246

	
BRCX
	
10147
	
BRCX
	
10197
	
BRCX
	
10247

	
BRCX
	
10148
	
BRCX
	
10198
	
BRCX
	
10248

	
BRCX
	
10149
	
BRCX
	
10199
	
BRCX
	
10249

	
BRCX
	
10150
	
BRCX
	
10200
	
BRCX
	
10250

	
BRCX
	
10151
	
BRCX
	
10201
	
BRCX
	
10251

	
BRCX
	
10152
	
BRCX
	
10202
	
BRCX
	
10252

	
BRCX
	
10153
	
BRCX
	
10203
	
BRCX
	
10253

	
BRCX
	
10154
	
BRCX
	
10204
	
BRCX
	
10254

	
BRCX
	
10155
	
BRCX
	
10205
	
BRCX
	
10255

	
BRCX
	
10156
	
BRCX
	
10206
	
BRCX
	
10256

	
BRCX
	
10157
	
BRCX
	
10207
	
BRCX
	
10257

	
BRCX
	
10158
	
BRCX
	
10208
	
BRCX
	
10258

	
BRCX
	
10159
	
BRCX
	
10209
	
BRCX
	
10259

	
BRCX
	
10160
	
BRCX
	
10210
	
BRCX
	
10260

	
BRCX
	
10161
	
BRCX
	
10211
	
BRCX
	
10261

	
BRCX
	
10162
	
BRCX
	
10212
	
BRCX
	
10262

	
BRCX
	
10163
	
BRCX
	
10213
	
BRCX
	
10263

	
BRCX
	
10164
	
BRCX
	
10214
	
BRCX
	
10264

	
BRCX
	
10165
	
BRCX
	
10215
	
BRCX
	
10265

	
BRCX
	
10166
	
BRCX
	
10216
	
BRCX
	
10266

	
BRCX
	
10167
	
BRCX
	
10217
	
BRCX
	
10267

	
BRCX
	
10168
	
BRCX
	
10218
	
BRCX
	
10268

	
BRCX
	
10169
	
BRCX
	
10219
	
BRCX
	
10269

	
BRCX
	
10170
	
BRCX
	
10220
	
BRCX
	
10270

	
BRCX
	
10171
	
BRCX
	
10221
	
BRCX
	
10271

	
BRCX
	
10172
	
BRCX
	
10222
	
BRCX
	
10272

	
BRCX
	
10173
	
BRCX
	
10223
	
BRCX
	
10273

	
BRCX
	
10174
	
BRCX
	
10224
	
BRCX
	
10274

	
BRCX
	
10175
	
BRCX
	
10225
	
BRCX
	
10275

	
BRCX
	
10176
	
BRCX
	
10226
	
BRCX
	
10276

	
BRCX
	
10177
	
BRCX
	
10227
	
BRCX
	
10277

	
BRCX
	
10178
	
BRCX
	
10228
	
BRCX
	
10278

	
BRCX
	
10179
	
BRCX
	
10229
	
BRCX
	
10279

	
BRCX
	
10180
	
BRCX
	
10230
	
BRCX
	
10280

	
BRCX
	
10181
	
BRCX
	
10231
	
BRCX
	
10281

	
BRCX
	
10182
	
BRCX
	
10232
	
BRCX
	
10282

	
BRCX
	
10183
	
BRCX
	
10233
	
BRCX
	
10283

	
BRCX
	
10184
	
BRCX
	
10234
	
BRCX
	
10284

	
BRCX
	
10185
	
BRCX
	
10235
	
BRCX
	
10285

	
BRCX
	
10186
	
BRCX
	
10236
	
BRCX
	
10286

	
BRCX
	
10187
	
BRCX
	
10237
	
BRCX
	
10287

	
BRCX
	
10188
	
BRCX
	
10238
	
BRCX
	
10288

	
BRCX
	
10189
	
BRCX
	
10239
	
BRCX
	
10289

	
BRCX
	
10190
	
BRCX
	
10240
	
BRCX
	
10290

	
BRCX
	
10191
	
BRCX
	
10241
	
BRCX
	
10291

	
BRCX
	
10192
	
BRCX
	
10242
	
BRCX
	
10292

	
BRCX
	
10193
	
BRCX
	
10243
	
BRCX
	
10293

	
BRCX
	
10194
	
BRCX
	
10244
	
BRCX
	
10294

  

23

  

	
BRCX
	
10295
	
BRCX
	
10306
	
BRCX
	
10317

	
BRCX
	
10296
	
BRCX
	
10307
	
BRCX
	
10318

	
BRCX
	
10297
	
BRCX
	
10308
	
BRCX
	
10319

	
BRCX
	
10298
	
BRCX
	
10309
	
BRCX
	
10320

	
BRCX
	
10299
	
BRCX
	
10310
	
BRCX
	
10321

	
BRCX
	
10300
	
BRCX
	
10311
	
BRCX
	
10322

	
BRCX
	
10301
	
BRCX
	
10312
	
BRCX
	
10323

	
BRCX
	
10302
	
BRCX
	
10313
	
BRCX
	
10324

	
BRCX
	
10303
	
BRCX
	
10314
	
BRCX
	
10325

	
BRCX
	
10304
	
BRCX
	
10315
	  	  
	
BRCX
	
10305
	
BRCX
	
10316
	  	  

  

24

  

 

EXHIBIT A

 

CERTIFICATE OF ACCEPTANCE OF RAILROAD CAR

 

This Certificate relates to the railroad cars listed below leased by Bunge North America, Inc. to Southwest Iowa Renewable Energy, LLC under a Lease for 625 railroad cars dated as of March 25, 2009 into which this certificate is incorporated (by Section 3 thereof).

 

Railcar Numbers

 

	
BRCX
	
10001
	
BRCX
	
10039
	
BRCX
	
10077

	
BRCX
	
10002
	
BRCX
	
10040
	
BRCX
	
10078

	
BRCX
	
10003
	
BRCX
	
10041
	
BRCX
	
10079

	
BRCX
	
10004
	
BRCX
	
10042
	
BRCX
	
10080

	
BRCX
	
10005
	
BRCX
	
10043
	
BRCX
	
10081

	
BRCX
	
10006
	
BRCX
	
10044
	
BRCX
	
10082

	
BRCX
	
10007
	
BRCX
	
10045
	
BRCX
	
10083

	
BRCX
	
10008
	
BRCX
	
10046
	
BRCX
	
10084

	
BRCX
	
10009
	
BRCX
	
10047
	
BRCX
	
10085

	
BRCX
	
10010
	
BRCX
	
10048
	
BRCX
	
10086

	
BRCX
	
10011
	
BRCX
	
10049
	
BRCX
	
10087

	
BRCX
	
10012
	
BRCX
	
10050
	
BRCX
	
10088

	
BRCX
	
10013
	
BRCX
	
10051
	
BRCX
	
10089

	
BRCX
	
10014
	
BRCX
	
10052
	
BRCX
	
10090

	
BRCX
	
10015
	
BRCX
	
10053
	
BRCX
	
10091

	
BRCX
	
10016
	
BRCX
	
10054
	
BRCX
	
10092

	
BRCX
	
10017
	
BRCX
	
10055
	
BRCX
	
10093

	
BRCX
	
10018
	
BRCX
	
10056
	
BRCX
	
10094

	
BRCX
	
10019
	
BRCX
	
10057
	
BRCX
	
10095

	
BRCX
	
10020
	
BRCX
	
10058
	
BRCX
	
10096

	
BRCX
	
10021
	
BRCX
	
10059
	
BRCX
	
10097

	
BRCX
	
10022
	
BRCX
	
10060
	
BRCX
	
10098

	
BRCX
	
10023
	
BRCX
	
10061
	
BRCX
	
10099

	
BRCX
	
10024
	
BRCX
	
10062
	
BRCX
	
10100

	
BRCX
	
10025
	
BRCX
	
10063
	
BRCX
	
10101

	
BRCX
	
10026
	
BRCX
	
10064
	
BRCX
	
10102

	
BRCX
	
10027
	
BRCX
	
10065
	
BRCX
	
10103

	
BRCX
	
10028
	
BRCX
	
10066
	
BRCX
	
10104

	
BRCX
	
10029
	
BRCX
	
10067
	
BRCX
	
10105

	
BRCX
	
10030
	
BRCX
	
10068
	
BRCX
	
10106

	
BRCX
	
10031
	
BRCX
	
10069
	
BRCX
	
10107

	
BRCX
	
10032
	
BRCX
	
10070
	
BRCX
	
10108

	
BRCX
	
10033
	
BRCX
	
10071
	
BRCX
	
10109

	
BRCX
	
10034
	
BRCX
	
10072
	
BRCX
	
10110

	
BRCX
	
10035
	
BRCX
	
10073
	
BRCX
	
10111

	
BRCX
	
10036
	
BRCX
	
10074
	
BRCX
	
10112

	
BRCX
	
10037
	
BRCX
	
10075
	
BRCX
	
10113

	
BRCX
	
10038
	
BRCX
	
10076
	
BRCX
	
10114

 

 

 

25

 

 

	
BRCX
	
10115
	
BRCX
	
10165
	
BRCX
	
10215

	
BRCX
	
10116
	
BRCX
	
10166
	
BRCX
	
10216

	
BRCX
	
10117
	
BRCX
	
10167
	
BRCX
	
10217

	
BRCX
	
10118
	
BRCX
	
10168
	
BRCX
	
10218

	
BRCX
	
10119
	
BRCX
	
10169
	
BRCX
	
10219

	
BRCX
	
10120
	
BRCX
	
10170
	
BRCX
	
10220

	
BRCX
	
10121
	
BRCX
	
10171
	
BRCX
	
10221

	
BRCX
	
10122
	
BRCX
	
10172
	
BRCX
	
10222

	
BRCX
	
10123
	
BRCX
	
10173
	
BRCX
	
10223

	
BRCX
	
10124
	
BRCX
	
10174
	
BRCX
	
10224

	
BRCX
	
10125
	
BRCX
	
10175
	
BRCX
	
10225

	
BRCX
	
10126
	
BRCX
	
10176
	
BRCX
	
10226

	
BRCX
	
10127
	
BRCX
	
10177
	
BRCX
	
10227

	
BRCX
	
10128
	
BRCX
	
10178
	
BRCX
	
10228

	
BRCX
	
10129
	
BRCX
	
10179
	
BRCX
	
10229

	
BRCX
	
10130
	
BRCX
	
10180
	
BRCX
	
10230

	
BRCX
	
10131
	
BRCX
	
10181
	
BRCX
	
10231

	
BRCX
	
10132
	
BRCX
	
10182
	
BRCX
	
10232

	
BRCX
	
10133
	
BRCX
	
10183
	
BRCX
	
10233

	
BRCX
	
10134
	
BRCX
	
10184
	
BRCX
	
10234

	
BRCX
	
10135
	
BRCX
	
10185
	
BRCX
	
10235

	
BRCX
	
10136
	
BRCX
	
10186
	
BRCX
	
10236

	
BRCX
	
10137
	
BRCX
	
10187
	
BRCX
	
10237

	
BRCX
	
10138
	
BRCX
	
10188
	
BRCX
	
10238

	
BRCX
	
10139
	
BRCX
	
10189
	
BRCX
	
10239

	
BRCX
	
10140
	
BRCX
	
10190
	
BRCX
	
10240

	
BRCX
	
10141
	
BRCX
	
10191
	
BRCX
	
10241

	
BRCX
	
10142
	
BRCX
	
10192
	
BRCX
	
10242

	
BRCX
	
10143
	
BRCX
	
10193
	
BRCX
	
10243

	
BRCX
	
10144
	
BRCX
	
10194
	
BRCX
	
10244

	
BRCX
	
10145
	
BRCX
	
10195
	
BRCX
	
10245

	
BRCX
	
10146
	
BRCX
	
10196
	
BRCX
	
10246

	
BRCX
	
10147
	
BRCX
	
10197
	
BRCX
	
10247

	
BRCX
	
10148
	
BRCX
	
10198
	
BRCX
	
10248

	
BRCX
	
10149
	
BRCX
	
10199
	
BRCX
	
10249

	
BRCX
	
10150
	
BRCX
	
10200
	
BRCX
	
10250

	
BRCX
	
10151
	
BRCX
	
10201
	
BRCX
	
10251

	
BRCX
	
10152
	
BRCX
	
10202
	
BRCX
	
10252

	
BRCX
	
10153
	
BRCX
	
10203
	
BRCX
	
10253

	
BRCX
	
10154
	
BRCX
	
10204
	
BRCX
	
10254

	
BRCX
	
10155
	
BRCX
	
10205
	
BRCX
	
10255

	
BRCX
	
10156
	
BRCX
	
10206
	
BRCX
	
10256

	
BRCX
	
10157
	
BRCX
	
10207
	
BRCX
	
10257

	
BRCX
	
10158
	
BRCX
	
10208
	
BRCX
	
10258

	
BRCX
	
10159
	
BRCX
	
10209
	
BRCX
	
10259

	
BRCX
	
10160
	
BRCX
	
10210
	
BRCX
	
10260

	
BRCX
	
10161
	
BRCX
	
10211
	
BRCX
	
10261

	
BRCX
	
10162
	
BRCX
	
10212
	
BRCX
	
10262

	
BRCX
	
10163
	
BRCX
	
10213
	
BRCX
	
10263

	
BRCX
	
10164
	
BRCX
	
10214
	
BRCX
	
10264

 

 

26

 

	
BRCX
	
10265
	
BRCX
	
10315
	
BNGX
	
20104

	
BRCX
	
10266
	
BRCX
	
10316
	
BNGX
	
20107

	
BRCX
	
10267
	
BRCX
	
10317
	
BNGX
	
20108

	
BRCX
	
10268
	
BRCX
	
10318
	
BNGX
	
20109

	
BRCX
	
10269
	
BRCX
	
10319
	
BNGX
	
20114

	
BRCX
	
10270
	
BRCX
	
10320
	
BNGX
	
20116

	
BRCX
	
10271
	
BRCX
	
10321
	
BNGX
	
20118

	
BRCX
	
10272
	
BRCX
	
10322
	
BNGX
	
20119

	
BRCX
	
10273
	
BRCX
	
10323
	
BNGX
	
20120

	
BRCX
	
10274
	
BRCX
	
10324
	
BNGX
	
20124

	
BRCX
	
10275
	
BRCX
	
10325
	
BNGX
	
20126

	
BRCX
	
10276
	  	  	
BNGX
	
20127

	
BRCX
	
10277
	  	  	
BNGX
	
20128

	
BRCX
	
10278
	  	  	
BNGX
	
20129

	
BRCX
	
10279
	
BNGX
	
20003
	
BNGX
	
20131

	
BRCX
	
10280
	
BNGX
	
20007
	
BNGX
	
20132

	
BRCX
	
10281
	
BNGX
	
20011
	
BNGX
	
20133

	
BRCX
	
10282
	
BNGX
	
20014
	
BNGX
	
20134

	
BRCX
	
10283
	
BNGX
	
20022
	
BNGX
	
20135

	
BRCX
	
10284
	
BNGX
	
20028
	
BNGX
	
20136

	
BRCX
	
10285
	
BNGX
	
20029
	
BNGX
	
20137

	
BRCX
	
10286
	
BNGX
	
20030
	
BNGX
	
20138

	
BRCX
	
10287
	
BNGX
	
20031
	
BNGX
	
20139

	
BRCX
	
10288
	
BNGX
	
20032
	
BNGX
	
20140

	
BRCX
	
10289
	
BNGX
	
20036
	
BNGX
	
20141

	
BRCX
	
10290
	
BNGX
	
20038
	
BNGX
	
20142

	
BRCX
	
10291
	
BNGX
	
20040
	
BNGX
	
20143

	
BRCX
	
10292
	
BNGX
	
20041
	
BNGX
	
20144

	
BRCX
	
10293
	
BNGX
	
20042
	
BNGX
	
20145

	
BRCX
	
10294
	
BNGX
	
20046
	
BNGX
	
20146

	
BRCX
	
10295
	
BNGX
	
20049
	
BNGX
	
20147

	
BRCX
	
10296
	
BNGX
	
20051
	
BNGX
	
20148

	
BRCX
	
10297
	
BNGX
	
20054
	
BNGX
	
20149

	
BRCX
	
10298
	
BNGX
	
20055
	
BNGX
	
20150

	
BRCX
	
10299
	
BNGX
	
20057
	
BNGX
	
20151

	
BRCX
	
10300
	
BNGX
	
20058
	
BNGX
	
20152

	
BRCX
	
10301
	
BNGX
	
20059
	
BNGX
	
20153

	
BRCX
	
10302
	
BNGX
	
20061
	
BNGX
	
20154

	
BRCX
	
10303
	
BNGX
	
20062
	
BNGX
	
20155

	
BRCX
	
10304
	
BNGX
	
20063
	
BNGX
	
20156

	
BRCX
	
10305
	
BNGX
	
20065
	
BNGX
	
20157

	
BRCX
	
10306
	
BNGX
	
20067
	
BNGX
	
20158

	
BRCX
	
10307
	
BNGX
	
20068
	
BNGX
	
20159

	
BRCX
	
10308
	
BNGX
	
20073
	
BNGX
	
20160

	
BRCX
	
10309
	
BNGX
	
20077
	
BNGX
	
20161

	
BRCX
	
10310
	
BNGX
	
20081
	
BNGX
	
20162

	
BRCX
	
10311
	
BNGX
	
20086
	
BNGX
	
20163

	
BRCX
	
10312
	
BNGX
	
20094
	
BNGX
	
20164

	
BRCX
	
10313
	
BNGX
	
20098
	
BNGX
	
20165

	
BRCX
	
10314
	
BNGX
	
20101
	
BNGX
	
20166

 

27

 

	
BNGX
	
20167
	
BNGX
	
20217
	
BNGX
	
20267

	
BNGX
	
20168
	
BNGX
	
20218
	
BNGX
	
20268

	
BNGX
	
20169
	
BNGX
	
20219
	
BNGX
	
20269

	
BNGX
	
20170
	
BNGX
	
20220
	
BNGX
	
20270

	
BNGX
	
20171
	
BNGX
	
20221
	
BNGX
	
20271

	
BNGX
	
20172
	
BNGX
	
20222
	
BNGX
	
20272

	
BNGX
	
20173
	
BNGX
	
20223
	
BNGX
	
20273

	
BNGX
	
20174
	
BNGX
	
20224
	
BNGX
	
20274

	
BNGX
	
20175
	
BNGX
	
20225
	
BNGX
	
20275

	
BNGX
	
20176
	
BNGX
	
20226
	
BNGX
	
20276

	
BNGX
	
20177
	
BNGX
	
20227
	
BNGX
	
20277

	
BNGX
	
20178
	
BNGX
	
20228
	
BNGX
	
20278

	
BNGX
	
20179
	
BNGX
	
20229
	
BNGX
	
20279

	
BNGX
	
20180
	
BNGX
	
20230
	
BNGX
	
20280

	
BNGX
	
20181
	
BNGX
	
20231
	
BNGX
	
20281

	
BNGX
	
20182
	
BNGX
	
20232
	
BNGX
	
20282

	
BNGX
	
20183
	
BNGX
	
20233
	
BNGX
	
20283

	
BNGX
	
20184
	
BNGX
	
20234
	
BNGX
	
20284

	
BNGX
	
20185
	
BNGX
	
20235
	
BNGX
	
20285

	
BNGX
	
20186
	
BNGX
	
20236
	
BNGX
	
20286

	
BNGX
	
20187
	
BNGX
	
20237
	
BNGX
	
20287

	
BNGX
	
20188
	
BNGX
	
20238
	
BNGX
	
20288

	
BNGX
	
20189
	
BNGX
	
20239
	
BNGX
	
20289

	
BNGX
	
20190
	
BNGX
	
20240
	
BNGX
	
20290

	
BNGX
	
20191
	
BNGX
	
20241
	
BNGX
	
20291

	
BNGX
	
20192
	
BNGX
	
20242
	
BNGX
	
20292

	
BNGX
	
20193
	
BNGX
	
20243
	
BNGX
	
20293

	
BNGX
	
20194
	
BNGX
	
20244
	
BNGX
	
20294

	
BNGX
	
20195
	
BNGX
	
20245
	
BNGX
	
20295

	
BNGX
	
20196
	
BNGX
	
20246
	
BNGX
	
20296

	
BNGX
	
20197
	
BNGX
	
20247
	
BNGX
	
20297

	
BNGX
	
20198
	
BNGX
	
20248
	
BNGX
	
20298

	
BNGX
	
20199
	
BNGX
	
20249
	
BNGX
	
20299

	
BNGX
	
20200
	
BNGX
	
20250
	
BNGX
	
20300

	
BNGX
	
20201
	
BNGX
	
20251
	
BNGX
	
20301

	
BNGX
	
20202
	
BNGX
	
20252
	
BNGX
	
20302

	
BNGX
	
20203
	
BNGX
	
20253
	
BNGX
	
20303

	
BNGX
	
20204
	
BNGX
	
20254
	
BNGX
	
20304

	
BNGX
	
20205
	
BNGX
	
20255
	
BNGX
	
20305

	
BNGX
	
20206
	
BNGX
	
20256
	
BNGX
	
20306

	
BNGX
	
20207
	
BNGX
	
20257
	
BNGX
	
20307

	
BNGX
	
20208
	
BNGX
	
20258
	
BNGX
	
20308

	
BNGX
	
20209
	
BNGX
	
20259
	
BNGX
	
20309

	
BNGX
	
20210
	
BNGX
	
20260
	
BNGX
	
20310

	
BNGX
	
20211
	
BNGX
	
20261
	
BNGX
	
20311

	
BNGX
	
20212
	
BNGX
	
20262
	
BNGX
	
20312

	
BNGX
	
20213
	
BNGX
	
20263
	
BNGX
	
20313

	
BNGX
	
20214
	
BNGX
	
20264
	
BNGX
	
20314

	
BNGX
	
20215
	
BNGX
	
20265
	
BNGX
	
20315

	
BNGX
	
20216
	
BNGX
	
20266
	
BNGX
	
20316

 

28

 

 

	
BNGX
	
20317
	
BNGX
	
20339
	
BNGX
	
20361

	
BNGX
	
20318
	
BNGX
	
20340
	
BNGX
	
20362

	
BNGX
	
20319
	
BNGX
	
20341
	
BNGX
	
20363

	
BNGX
	
20320
	
BNGX
	
20342
	
BNGX
	
20364

	
BNGX
	
20321
	
BNGX
	
20343
	
BNGX
	
20365

	
BNGX
	
20322
	
BNGX
	
20344
	
BNGX
	
20366

	
BNGX
	
20323
	
BNGX
	
20345
	
BNGX
	
20367

	
BNGX
	
20324
	
BNGX
	
20346
	
BNGX
	
20368

	
BNGX
	
20325
	
BNGX
	
20347
	
BNGX
	
20369

	
BNGX
	
20326
	
BNGX
	
20348
	
BNGX
	
20370

	
BNGX
	
20327
	
BNGX
	
20349
	
BNGX
	
20371

	
BNGX
	
20328
	
BNGX
	
20350
	
BNGX
	
20372

	
BNGX
	
20329
	
BNGX
	
20351
	
BNGX
	
20373

	
BNGX
	
20330
	
BNGX
	
20352
	
BNGX
	
20374

	
BNGX
	
20331
	
BNGX
	
20353
	
BNGX
	
20375

	
BNGX
	
20332
	
BNGX
	
20354
	
BNGX
	
20376

	
BNGX
	
20333
	
BNGX
	
20355
	
BNGX
	
20377

	
BNGX
	
20334
	
BNGX
	
20356
	
BNGX
	
20378

	
BNGX
	
20335
	
BNGX
	
20357
	
BNGX
	
20379

	
BNGX
	
20336
	
BNGX
	
20358
	
BNGX
	
20380

	
BNGX
	
20337
	
BNGX
	
20359
	  	  
	
BNGX
	
20338
	
BNGX
	
20360
	  	  

 

 

Lessee hereby certifies that the railcars listed above were delivered to and received by Lessee, determined to be acceptable under the applicable standards (set forth in Section 3 of the Lease); and Lessee hereby certifies its acceptance of the railcars as of January 30, 2009.

 

 

LESSEE:

 

SOUTHWEST IOWA RENEWABLE ENERGY, LLC

 

 

BY: /s/ Karol King_________________

 

TITLE: Chairman of the Board_______

                                                                   

  

29Exhibit 10.1

August 10, 2009

 

NRDC Acquisition Corp.

3 Manhattanville Road

Purchase, NY 10577

 

Banc of America Securities LLC

9 West 57th Street

New York, NY 10019

 

	
     
 	
  Re: NRDC Acquisition Corp. Conversion
 

 

Gentlemen:

 

This letter (the “Letter Agreement”) is being delivered to you for the purposes of amending the terms of the Letter Agreement (the “Insider Letter”) that you entered into in connection with the Underwriting Agreement, dated October 17, 2007 (the “Underwriting Agreement”), by and between Banc of America Securities LLC, as representative of the several underwriters named in Schedule A thereto, and NRDC Acquisition Corp. (the “Company”), relating to an underwritten initial public offering (the “IPO”) of 41,400,000 of the Company’s Units (including the underwriter’s option to purchase 5,400,000 Units),
each comprised of one share of the Company’s common stock, par value $0.0001 per share (“Common Stock”), and one warrant exercisable for one share of Common Stock (a “Warrant”) and cancelling your Shares (as defined below). 

 

Background

 

On August 7, 2009, the Company entered into a Framework Agreement (the “Framework Agreement”) by and between the Company and NRDC Capital Management, LLC (the “Sponsor”), pursuant to which, upon the terms and subject to the conditions set forth therein, the Company will convert from a special purpose acquisition corporation into a corporation that will be qualified as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”).  In order to consummate the transactions contemplated by the Framework Agreement, the Company must amend its amended and restated certificate of incorporation, as described in more detail
herein, and is seeking the affirmative vote of a majority of the outstanding shares of common stock entitled to vote thereon to approve such amendment (the “Stockholder Approval”). 

 

Amendments to Insider Letter

 

1.            Upon receipt of the Stockholder Approval, Paragraph 7 of the Insider Letter relating to the Company obtaining an opinion from an independent investment banking firm that such transaction is fair to the Company’s stockholders from a financial perspective shall be terminated and be of no force and effect as if it was never originally included in the Insider Letter.  

 

2.            Upon receipt of the Stockholder Approval, Paragraph 10 of the Insider Letter relating to recommending or taking any action to amend or waive any provisions of Article Fifth or Sixth of the Company’s Second Amended and Restated Certificate of Incorporation shall be terminated and be of no force and effect as if it was never originally included in the Insider Letter.

 

3.            Upon consummation of the transactions contemplated by the Framework Agreement (the “Closing”), Paragraph 6 of the Insider Letter shall be amended in its entirety and replaced with the following:

 

 

 

 

 

	
             
 	
            “6.
 	
            Neither the undersigned nor any affiliate of the undersigned will be entitled to receive, and no such person will accept (a) any compensation, finder’s fee, reimbursement or cash payment from the Company for services rendered to the Company prior to or in connection with the consummation of a Business Combination and (b) any finder’s fee, consulting fee or any other compensation or fees from the Company or any other person or entity in the event the undersigned or any affiliate of the undersigned originates a Business Combination; provided, that the undersigned and any affiliate of the undersigned will be entitled to reimbursement from the Company for the undersigned’s reasonable out-of-pocket expenses related to identifying, investigating and consummating a Business Combination.”
 

 

4.            Upon the Closing, Paragraph 12 of the Insider Letter shall be amended in its entirety and replaced with the following:

 

	
             
 	
            “12.
 	
            As used herein, (a) a “Business Combination” shall mean (i) the Company’s initial acquisition of one or more operating businesses, through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination, having an aggregate fair market value of at least 80% of the balance held in the Trust Account (excluding the amount held in the Trust Account representing the deferred underwriting discounts and commissions and taxes payable) at the time of such acquisition or (ii) consummation of substantially all of the transactions contemplated by the Framework Agreement, dated as of August 7, 2009, by and between the Company and NRDC Capital Management, LLC; (b) “Founders” shall mean NRDC Capital Management, LLC, William L. Mack, Robert C. Baker, Richard A. Baker and Lee Neibart; (c) “Insiders” shall mean the Founders and all other officers, directors and stockholders of the Company immediately prior to the Offering; (d) “Insiders Shares” shall mean all of the shares of Common Stock owned by an Insider prior to the Offering (and shall include any shares of Common Stock issued as dividends with respect to such shares); (e) “Placement Warrants” means the Warrants the undersigned has agreed to purchase in a private placement concurrently with the Offering; (f) “Public Stockholders” shall mean the holders of securities issued in the Offering; (g)
“Second Restated Certificate” shall mean the Company’s Second Amended and Restated Certificate of Incorporation, as the same may be amended from time to time; and (h) “Trust Account” shall mean the trust account established for the benefit of the Public Stockholders into which a portion of the net proceeds of the Offering will be deposited.”
 

 

5.            On or prior to the Closing, the undersigned shall cause the Company to instruct its transfer agent to cancel the number of issued and outstanding shares of Common Stock set forth opposite the undersigned’s name on Attachment A hereto, which number shall not include any shares of Common Stock directly or indirectly acquired by the undersigned after the IPO (the “Shares”), except that after the Closing, the undersigned will continue to hold its Warrants, subject to the revision of the terms of such Warrants pursuant to the Supplement & Amendment to Warrant Agreement, substantially in the form attached hereto as Attachment B. On the Closing
the transfer agent shall cancel such Shares in accordance with Section 2.7 of the Framework Agreement, if not previously cancelled.  The undersigned hereby agrees to execute such additional documents and to provide the Company or its transfer agent with any further assurances as may be necessary to effect the cancellation of the Shares.

 

 

 

 

6.            The validity, interpretation, and performance of this Letter Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles. The parties agree that all actions and proceedings arising out of this Letter Agreement or any of the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or in a New York State Court in the County of New York and that, in connection with any such action or proceeding, submit to the jurisdiction of, and venue in, such court. Each of the parties hereto also irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out of this Letter Agreement or the transactions contemplated
hereby.

 

7.            This Letter Agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives and assigns.  This Letter Agreement shall terminate upon the termination of the Framework Agreement.

 

 

 

 

The undersigned have executed this Letter Agreement as of this 10th day of August, 2009.

 

NRDC CAPITAL MANAGEMENT, LLC

 

By: /s/ Richard A. Baker

Name:  Richard
A. Baker

Title:  Manager

 

Agreed and acknowledged, this 10th day of August, 2009:

 

NRDC ACQUISITION CORP.

 

By: /s/ Richard A. Baker

	
    Name:  
 	
  Richard A. Baker
 
	
      Title:  
 	
  Chief Executive Officer
 

 

 

Agreed and acknowledged, this 13th day of August, 2009:

 

BANC OF AMERICA SECURITIES LLC

 

By: /s/ Douglas E. Neal

	
    Name:  
 	
  Douglas E. Neal
 
	
      Title:  
 	
  Managing Director
 

 

 

Signature Page to Letter Amendment Agreement

 

 

 

Attachment A

 

Number of Shares to Be Cancelled

 

	
    Name
 	
  Number of Shares to Be Cancelled
 
	
      William L. Mack
 	
  0
 
	
      Robert C. Baker
 	
  0
 
	
      Richard A. Baker
 	
  0
 
	
      Lee S. Neibart
 	
  0
 
	
      Michael J. Indiveri
 	
  20,000
 
	
      Edward H. Meyer
 	
  20,000
 
	
      Laura
      Pomerantz
 	
  20,000
 
	
      Ronald
      W. Tysoe
 	
  20,000
 
	
      Vincent Tese
 	
  20,000
 
	
      NRDC Capital Management, LLC
 	
  10,125,000
 

 

 

 

 

Attachment B

 

Form of Supplement & Amendment to Warrant Agreement

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