Exhibit 10.1

 

FOURTH EXHIBIT UPDATE, dated as of April 12, 2013 (the “Fourth Exhibit Update”),
to the RECEIVABLES PURCHASE AGREEMENT, dated as of March 31, 2011, as amended
through the date hereof, the “Receivables Purchase Agreement”), among (i) WORLD
FUEL SERVICES, INC., a Texas corporation, WORLD FUEL SERVICES EUROPE, LTD., a
company organized under the laws of England and Wales (together with its
successors and assigns, “WFSE”), WORLD FUEL SERVICES (SINGAPORE) PTE LTD, a
company organized under the laws of Singapore (together with its successors and
assigns, “WFSS”), WORLD FUEL SERVICES TRADING DMCC, a company organized under
rules and regulations of the Dubai Multi Commodities Center and the laws of
Dubai (together with its successors and assigns, “WFST”), and WORLD FUEL
SERVICES AVIATION LIMITED, a private limited liability company organized under
the laws of England and Wales (together with its successors and assigns “WFSA”;
WFSI, WFSE, WFSS, WFST and WFSA, together with its and their successors and
assigns, each individually, “Seller”, and also collectively, as applicable,
“Seller”), (ii) WORLD FUEL SERVICES CORPORATION, a Florida corporation (together
with its successors and assigns, “Parent”), and (iii) WELLS FARGO BANK, NATIONAL
ASSOCIATION, a U.S. national banking association (together with its successors
and permitted assigns, “Wells”).  Terms not otherwise defined herein shall have
the meanings set forth in the Receivables Purchase Agreement.

 

1.                                      Fourth Exhibit Update.  Seller, Parent
and Wells hereby agree to substitute Exhibit A to the Receivables Purchase
Agreement with the new Exhibit A attached to this Fourth Exhibit Update,
effective as of April 12, 2013.

 

2.                                      Confirmation of Parent Guaranty.  By its
execution of this Fourth Exhibit Update, Parent hereby consents to and
acknowledges this Fourth Exhibit Update, and further acknowledges the continuing
validity of the Parent Guaranty and reaffirms all of the terms and obligations
contained in the Parent Guaranty, which shall remain in full force and effect
for all obligations of Seller now or hereafter owing to Wells and acknowledges,
agrees, represents and warrants that no oral or other agreements,
understandings, representations or warranties exist with respect to the Parent
Guaranty or with respect to the obligations of the undersigned thereunder,
except those specifically set forth herein.  Parent further acknowledges and
agrees that neither further notice to, nor consent of, Parent with respect to
the modifications effected by this Fourth Exhibit Update is required under the
terms of the Parent Guaranty.

 

3.                                      Governing Law; Consent to Jurisdiction. 
This Fourth Exhibit Update, and the Receivables Purchase Agreement as so amended
by this Fourth Exhibit Update, shall be interpreted in accordance with and
governed by the laws of the State of New York without giving effect to conflicts
of law principles that would cause the application of the law of any
jurisdiction other than the laws of the State of New York.

 

4.                                      Execution in Counterparts.  This Fourth
Exhibit Update may be executed in any number of counterparts, each of which
shall be an original, but all of which taken together shall constitute one and
the same agreement. Delivery of an executed counterpart of this Fourth
Exhibit Update by PDF copy, telefacsimile or other electronic means shall have
the same force and effect as the delivery of an original executed counterpart of
this Fourth Exhibit Update.

 

1

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IN WITNESS WHEREOF each Seller, Wells and Parent have caused this Fourth
Exhibit Update to be executed by their respective officers thereunto duly
authorized as of the date first above written.

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Purchaser

 

 

 

 

 

By:

/s/ Barbara Van Meerten

 

 

Name: Barbara Van Meerten

 

 

Title: Managing Director

 

[Signature Page to Fourth Exhibit Update]

 

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WORLD FUEL SERVICES, INC.,

 

as a Seller

 

 

 

By:

/s/ Adrienne Urban

 

 

Name: Adrienne Urban

 

 

Title: Vice President, Treasurer

 

[Signature Page to Fourth Exhibit Update]

 

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WORLD FUEL SERVICES EUROPE, LTD.,

 

as a Seller

 

 

 

 

 

By:

/s/ Adrienne Urban

 

 

Name: Adrienne Urban

 

 

Title: Vice President, Treasurer

 

[Signature Page to Fourth Exhibit Update]

 

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WORLD FUEL SERVICES (SINGAPORE) PTE LTD,

 

as a Seller

 

 

 

 

 

By:

/s/ Francis Lee

 

 

Name: Francis Lee

 

 

Title: Executive Vice President

 

[Signature Page to Fourth Exhibit Update]

 

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WORLD FUEL SERVICES TRADING DMCC,

 

as a Seller

 

 

 

 

 

By:

/s/ Richard McMichael

 

 

Name: Richard McMichael

 

 

Title: Senior Vice President — Finance (Aviation)

 

[Signature Page to Fourth Exhibit Update]

 

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WORLD FUEL SERVICES AVIATION LIMITED,

 

as a Seller

 

 

 

 

 

By:

/s/ Christopher White

 

 

Name: Christopher White

 

 

Title: Vice President - Finance, EMEA

 

[Signature Page to Fourth Exhibit Update]

 

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WORLD FUEL SERVICES CORPORATION,

 

as Parent

 

 

 

 

 

By:

/s/ Adrienne Urban

 

 

Name: Adrienne Urban

 

 

Title: Vice President, Treasurer

 

[Signature Page to Fourth Exhibit Update]

 

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EXHIBIT A
List of Account Debtors*

 

BHP Billiton Marketing AG

 

Purchase Limit (Aggregate):

 

$7,200,000

 

 

Maximum Invoice Terms:

 

30 Days

Cathay Pacific Airways Ltd.

 

Purchase Limit (Aggregate):

 

$9,500,000

 

 

Maximum Invoice Terms:

 

30 Days

Deutsche Lufthansa AG (Parent)

 

Purchase Limit (Aggregate):

 

$4,000,000

Austrian Airlines AG (Subsidiary)

 

Maximum Invoice Terms:

 

30 Days

Lufthansa Cargo AG (Subsidiary)

 

 

 

 

Swiss International Airlines AG (Subsidiary)

 

 

 

 

Deutsche Lufthansa Aktiengessellschaft (Subsidiary)

 

 

 

 

Edelweiss Air AG (Subsidiary)

 

Purchase Limit (Aggregate):

 

$300,000

 

 

Maximum Invoice Terms:

 

30 Days

Kawasaki Kisen Kaisha Ltd. (Parent)

 

Purchase Limit (Aggregate):

 

$15,150,000

K Line Pte. Ltd (Subsidiary)

 

Maximum Invoice Terms:

 

40 Days

K Line Global Bulk (Subsidiary)

 

 

 

 

Nippon Yusen Kaisha (NYK) (Parent)

 

Purchase Limit (Aggregate):

 

$11,240,000

NYK Global Bulk (Subsidiary)

 

Maximum Invoice Terms:

 

40 Days

Noble Group Ltd. (Parent)

 

Purchase Limit (Aggregate):

 

$6,100,000

Noble Chartering, Inc. (Subsidiary)

 

Maximum Invoice Terms:

 

30 Days

NYK Trading Corporation

 

Purchase Limit (Aggregate):

 

$10,710,000

 

 

Maximum Invoice Terms:

 

30 Days

Singapore Airlines Ltd. (Parent)

 

Purchase Limit (Aggregate):

 

$6,500,000

Singapore Airlines Cargo Pte. Ltd. (Subsidiary)

 

Maximum Invoice Terms:

 

30 Days

SilkAir (Singapore) Private Limited (Subsidiary)

 

 

 

 

Vale International, S.A.

 

Purchase Limit (Aggregate):

 

$9,500,000

 

 

Maximum Invoice Terms:

 

30 Days

Federal Express Corporation

 

Purchase Limit (Aggregate):

 

$4,500,000

 

 

Maximum Invoice Terms:

 

30 Days

DHL Express (USA) Inc.

 

Purchase Limit (Aggregate):

 

$2,000,000

 

 

Maximum Invoice Terms:

 

30 Days

DLA Contract #SP0600-10-D-0051

 

Purchase Limit (Aggregate):

 

$50,000,000

 

 

Maximum Invoice Terms:

 

30 Days

DLA Contract #SP0600-11-D-1013(1)

 

Purchase Limit (Aggregate):

 

$50,000,000

 

 

Maximum Invoice Terms:

 

30 Days

DLA Contract #SP0600-12-D-1002(2)

 

Purchase Limit (Aggregate):

 

$50,000,000

 

 

Maximum Invoice Terms:

 

30 Days

A.P. Møller — Mærsk A/S (Parent)

 

Purchase Limit (Aggregate):

 

$5,400,000

Mærsk Line Ltd. (State of Delaware) (Subsidiary)

 

Maximum Invoice Terms:

 

30 Days

Mærsk A/S (Subsidiary)

 

 

 

 

Mærsk Drilling Australia Pty. Ltd. (Subsidiary)

 

 

 

 

Mærsk Supply Services A/S (Subsidiary)

 

 

 

 

Mærsk Tankers A/S (Subsidiary)

 

 

 

 

 

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(1) DLA Contract # SP0600-09-D-1012 (“Contract 1012”) expired in August of 2011
and was renewed under DLA Contract # SP0600-11-D-1013 (“Contract 1013”) .
Purchases of Receivables occurring after the expiration of Contract 1012 that
referenced Contract 1012 shall be deemed to have been purchases for Receivables
arising under Contract 1013 for all purposes.

 

A-1

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(2) Purchases of Receivables that referenced DLA Contract #SP0600-02-D-1002
shall be deemed to have been purchases for Receivables arising under Contract
DLA Contract #SP0600-12-D-1002 for all purposes.

 

* Each Purchase Limit reflects the aggregate Purchase Limit for the applicable
parent and its subsidiaries, if any, that are listed beneath such parent on this
Exhibit A. Pursuant to Section 1.18(a) of this Agreement, in order to be an
Eligible Receivable, the Receivable must be evidenced by an invoice or other
documentation delivered to the Account Debtor (or a subsidiary of an Account
Debtor, of which such Account Debtor directly owns more than 50% of the voting
share capital and which is listed on this Exhibit A), which by its terms is due
and payable by the Due Date, provided that the Due Date with respect to the
Receivable is no greater than the number of days after the Purchase Date than
the number of days designated as the “Maximum Invoice Term” for each Account
Debtor set forth on this Exhibit A.

 

A-2

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