Exhibit 10.1

 

THIRD EXHIBIT UPDATE, dated as of June 29, 2012 (the “Third 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.             Third 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 Third Exhibit Update, effective as of June 25, 2012.

 

2.             Governing Law; Consent to Jurisdiction.  This Third
Exhibit Update, and the Receivables Purchase Agreement as so amended by this
Third 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.

 

3.             Execution in Counterparts.  This Third 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 Third 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 Third Exhibit Update.

 

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IN WITNESS WHEREOF each Seller, Wells and Parent have caused this Third
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: Director

 

2

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WORLD FUEL SERVICES, INC.,

 

as a Seller

 

 

 

By:

/s/ Adrienne B. Urban

 

 

Name: Adrienne B. Urban

 

 

Title: Vice President, Treasurer

 

3

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WORLD FUEL SERVICES EUROPE, LTD.,

 

as a Seller

 

 

 

 

 

By:

/s/ Adrienne B. Urban

 

 

Name: Adrienne B. Urban

 

 

Title: Director

 

4

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WORLD FUEL SERVICES (SINGAPORE) PTE LTD,

 

as a Seller

 

 

 

 

 

By:

/s/ Francis Lee

 

 

Name: Francis Lee

 

 

Title: Managing Director

 

5

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WORLD FUEL SERVICES TRADING DMCC,

 

as a Seller

 

 

 

 

 

By:

/s/ Timothy R. Bingham

 

 

Name: Timothy R. Bingham

 

 

Title: Director & General Manager

 

6

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WORLD FUEL SERVICES AVIATION LIMITED,

 

as a Seller

 

 

 

By:

/s/ Anthony Key

 

 

Name: Anthony Miles Key

 

 

Title: Vice President, Finance

 

7

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WORLD FUEL SERVICES CORPORATION,

 

as Parent

 

 

 

 

 

By:

/s/ Adrienne B. Urban

 

 

Name: Adrienne B. Urban

 

 

Title: Vice President, Treasurer

 

8

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EXHIBIT A
List of Account Debtors*

 

APL Co. Pte Ltd

 

Purchase Limit (Aggregate) until 6/30/12:

 

$12,310,000

 

 

Purchase Limit (Aggregate) on and following 6/30/12:

 

$0

 

 

Maximum Invoice Terms:

 

30 days

 

 

 

 

 

BHP Billiton Marketing AG

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$7,200,000

30 days

 

 

 

 

 

Cathay Pacific Airways Ltd.

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$9,500,000

30 days

 

 

 

 

 

Deutsche Lufthansa AG (parent)

Austrian Airlines AG (subsidiary)

Lufthansa Cargo AG (subsidiary)

Swiss International Airlines AG (subsidiary)

Deutsche Lufthansa Aktiengessellschaft (subsidiary)

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$8,700,000

30 days

 

 

 

 

 

Edelweiss Air AG

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$300,000

30 days

 

 

 

 

 

Kawasaki Kisen Kaisha Ltd. (parent)

K Line Pte Ltd (subsidiary)

K Line Global Bulk (subsidiary)

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$12,150,000

40 days

 

 

 

 

 

Nippon Yusen Kaisha (NYK)

NYK Global Bulk (subsidiary)

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$9,540,000

40 days

 

 

 

 

 

Noble Group Ltd. (parent)

Noble Chartering, Inc. (subsidiary)

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$6,100,000

30 days

 

 

 

 

 

NYK Trading Corporation

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$6,210,000

30 days

 

 

 

 

 

Singapore Airlines Ltd. (parent)

Singapore Airlines Cargo Pte Ltd. (subsidiary)

SilkAir (Singapore) Private Limited (subsidiary)

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$6,500,000

30 days

 

 

 

 

 

Vale International, S.A.

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$9,500,000

30 days

 

D-3-1

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Federal Express Corporation

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$4,500,000

30 days

 

 

 

 

 

DHL Express (USA) Inc.

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$4,000,000

30 days

 

 

 

 

 

DLA Contract # SP0600-09-D-1012

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$50,000,000

30 days

 

 

 

 

 

DLA Contract # SP0600-10-D-0051

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$50,000,000

30 days

 

 

 

 

 

DLA Contract # SP0600-11-D-1013

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$50,000,000

30 days

 

 

 

 

 

DLA Contract # SP0600-12-D-1002

 

Purchase Limit (Aggregate):

Maximum Invoice Terms:

 

$50,000,000

30 days

 

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* 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.

 

D-3-2

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