Document:

d1185737_ex4-32.htm

Exhibit 4.32

  

  

	
KBC Bank

 

KBC BC ANTWERPEN NOORD

	

KC3740 – NOORDERLAAN 119 box B4 – 2030 ANTWERPEN - BELGIE

________________________________________________________________________________________________________________________________

 

Credit contract

 

	  	  	
CKZ

727-3821178-19

	  	  	  
	  	  	  

The naamloze vennootschap (company with limited liability) VERBEKE BUNKERING, with registered office at 7 Nijverheidsstraat, 2960 Brecht, established on 01-08-1972, entered in the Register of Legal Persons under number 0412.527.142,

 

hereinafter referred to as 'the borrowers', even if there is only one, and

 

the naamloze vennootschap (company with limited liability) KBC Bank, with registered office at 2 Havenlaan, 1080 Brussels (Sint-Jans-Molenbeek), incorporated at Brussels by deed executed on the seventeenth of March nineteen hundred and ninety-eight, published in the Appendices to the Belgian Official Gazette of the second of April nineteen hundred and ninety-eight under number 980402-183, entered in the Register of Legal Persons at Brussels under number 0462.920.226, and with VAT number BE 462.920.226,

 

hereinafter referred to as 'the bank', have reached agreement as follows.

 

article 1

 

The credit facility with reference number 727-3821178-19 described in the credit contract of 27-04-2010 has been fixed at an amount of 70 000 000.00 USD and 542 507.73 EUR.

 

This credit facility will be subject to the General Credit Terms and Conditions of 01-03-2010. The borrowers have already signed a copy of these terms and conditions.

 

article 2

 

This credit facility may be drawn down as follows.

 

The rates and charges are either set out below next to the form of credit concerned, or they will be agreed verbally upon each drawdown and subsequently confirmed by letter or statement of account.

 

A line of business credit in the amount of 70 000 000.00 USD, with reference number 727-8543343-30.

 

This line of credit may be utilized in the following forms:

 

	
-

	
KBC Advance in current account in the amount of 70 000 000.00 USD.

This credit may be drawn down via the following account : BE83 4128 1220 3815. Interest will be charged every three months on the amounts drawn down. For drawings in USD the interest rate will be based on the USD LIBOR with an increase of 2.50 %.

 

	
-

	
Documentary credit import subject to the Uniform Customs and Practice for Documentary Credits in force at the time the documentary credit is issued, for an amount of 70 000 000.00 USD.

 

As is customary, the goods and documents described in the documentary credit will constitute a pledge in favour of the bank, along with the claims against the insurance companies.

 

Registered office: KBC Bank NV – Havenlaan 2 – 1080 Brussels– Belgie

VAT BE 0462.920.226 – RLP Brussels – CBFA 026256 A

Member of the KBC group

	
727-3821178-19/015/046/001

	
06/10/2010

	
Page 1 of 5

  

  

  

	
KBC Bank

 

KBC BC ANTWERPEN NOORD

	

KC3740 – NOORDERLAAN 119 box B4 – 2030 ANTWERPEN - BELGIE

________________________________________________________________________________________________________________________________

 

	
-

	
Commitment credit, such as abstract guarantees, secondary guarantees and bonds for an amount of 70 000 000.00 USD.

The relevant conditions will be communicated by the bank on simple request and, contrary to what has been set out in the General Credit Terms and Conditions, payable quarterly in advance and due in full for each quarter or part thereof.

 

	
-

	
Straight Loan for an amount of 70 000 000.00 USD.

The interest rate will be fixed when a drawdown is requested, based on the USD LIBOR, with an increase of 2.00 %.

 

If by reason of circumstances affecting the market, the offered USD LIBOR rate does no longer represent the cost to the bank of funding the facility, the borrowers and the bank shall enter into negotiations in good faith with a view to establish a satisfactory alternative basis for computing interest on the facility.

 

This line of credit may be drawn down for an amount equivalent to:

	
-

	
100 % of the value of the cash deposits with KBC Bank NV, pledged in favour of the bank as stipulated in article 3,

	
-

	
90 % of the Approved Receivables and Order Forms, as defined hereunder.

 

Receivables and order forms are considered as 'approved' when all of the following conditions are met :

	
-

	
assigned to KBC Bank NV, i.e. payable into the borrowers' account with KBC Bank NV

	
-

	
maximum term of financing the receivables is up to 45 days as from invoice date,

	
-

	
maximum term of financing the order forms is up to 10 days as from the issue date ,

	
-

	
the total amount of order forms is set to a maximum of 30 % of the total amount of receivables and order forms assigned to KBC Bank NV.

 

The borrowers will provide the bank on a weekly basis with an overview of all outstanding approved receivables and order forms in progress, indicating by which bank they are financed. This report must be sent to the bank no later than the fifth day of each week. The bank reserves the right to suspend the credit facility forthwith if the reports are discontinued.

 

Based on the weekly reports, it will be determined how much will be made available under the above line of credit for the following week. The borrowers will be informed of the amount available under the line of credit. The remainder will consequently be unavailable.

 

As agreed, the following will be excluded from the receivables reported by the borrowers :

	
-

	
disputed invoices;

	
-

	
intercompany receivables from the companies;

	
-

	
advance and pro forma invoices.

 

A monthly credit line fee of 0.01042 % will be charged, calculated on the average undrawn amount over the past period and 0.50 % on the highest overrun for this period. The minimum charge in each case is 2.50 EUR.

 

A line of business credit in the amount of 500 000.00 EUR, with reference number 727-3823054-52.

 

All the existing terms and conditions remain in full force and effect.

 

This line of credit may be utilized in the following forms:

 

	
-

	
KBC Advance in current account in the amount of 500 000.00 EUR.

All the existing terms and conditions remain in full force and effect.

 

	
-

	
Straight Loan for an amount of 500 000.00 EUR.

The interest rate will be fixed when a drawdown is requested, based on the EURIBOR, with an increase of 2.00 %.

 

If by reason of circumstances affecting the market, the offered EURIBOR rate does no longer represent the cost to the bank of funding the facility, the borrowers and the bank shall enter into negotiations in good faith with a view to establish a satisfactory alternative basis for computing interest on the facility.

 

	
727-3821178-19/015/046/001

	
06/10/2010

	
Page 2 of 5

  

  

  

	
KBC Bank

 

KBC BC ANTWERPEN NOORD

	

KC3740 – NOORDERLAAN 119 box B4 – 2030 ANTWERPEN - BELGIE

________________________________________________________________________________________________________________________________

The credit in the amount of 12 153.54 EUR (initially 20 000.00 EUR) with reference number 726-5789964-17 (KBC Investment Credit).

The previously agreed terms and conditions for this credit, including the special provisions or special terms and conditions governing this credit, as well as any specific security, remain in full force and effect.

 

Only the General Provisions of the General Credit Terms and Conditions mentioned in Article 1 apply to this credit.

 

The credit in the amount of 20 551.72 EUR (initially 35 000.00 EUR) with reference number 726-5707165-56 (KBC Investment Credit).

The previously agreed terms and conditions for this credit, including the special provisions or special terms and conditions governing this credit, as well as any specific security, remain in full force and effect.

 

Only the General Provisions of the General Credit Terms and Conditions mentioned in Article 1 apply to this credit.

 

The credit in the amount of 9 802.47 EUR (initially 20 000.00 EUR) with reference number 726-5414636-79 (KBC Investment Credit).

The previously agreed terms and conditions for this credit, including the special provisions or special terms and conditions governing this credit, as well as any specific security, remain in full force and effect.

 

Only the General Provisions of the General Credit Terms and Conditions mentioned in Article 1 apply to this credit.

 

Professional limit:

 

In order to allow the borrowers to hedge risks stemming from their normal commercial activities, the bank and the borrowers will enter into an ISDA Master Agreement to establish the contractual framework that will be applied to derivatives contracts (hereinafter referred to as 'Transactions') that may be concluded between the bank and the borrowers. Transactions may only be concluded after the ISDA Master Agreement is signed properly and has entered into force.

 

The following provisions of this article will apply under the condition that the bank and the borrowers will enter into an ISDA Master Agreement.

 

The bank hereby provides that the total negative market-weighted value of all outstanding Transactions may not, until further notice, exceed 300 000.00 EUR. The market-weighted value of each Transaction is calculated daily on the basis of independent market data and the potential future exposure as evaluated by the bank based on the type of transaction and the remaining term to maturity. For more information, don't hesitate to contact the KBC Corporate Centre.

 

Any overrun of the above-mentioned maximum amount constitutes an 'Additional Termination Event' under the ISDA Master Agreement in which the borrower in question is the 'Affected Party (both terms as defined in the ISDA Master Agreement). Within no more than five banking days after such an Additional Termination Event has been invoked by the bank, parties will decide by mutual agreement how to remedy this. In the absence of a mutual agreement within the indicated term, the bank will be entitled to unilaterally select one, more or all Transactions as Affected Transactions whereupon they will be terminated prematurely pursuant to the terms of the ISDA Master Agreement.

 

A Transaction exhibiting a speculative nature, either when it is concluded or during its term, constitutes an Additional Termination Event under the ISDA Master Agreement. The borrower concerned is the Affected Party and the speculative Transaction, the Affected Transaction. The bank has the right to prematurely terminate all Affected Transactions pursuant to the terms of the ISDA Master Agreement.

 

The security, provided at any time to cover credit mentioned in this credit agreement (among others) will also serve as security for the repayment of amounts of any nature whatsoever due as a result of Transactions.

 

The provisions set out in this article are an amendment to and constitute an integral part of the aforementioned ISDA Master Agreement. In the event of any discrepancy between this article and the terms of the aforementioned ISDA Master Agreement, the provisions of this article will take precedence.

 

	
727-3821178-19/015/046/001

	
06/10/2010

	
Page 3 of 5

  

  

  

	
KBC Bank

 

KBC BC ANTWERPEN NOORD

	

KC3740 – NOORDERLAAN 119 box B4 – 2030 ANTWERPEN - BELGIE

________________________________________________________________________________________________________________________________

Neither this article nor the aforementioned ISDA Master Agreement entitles the borrowers to conclude Transactions with the bank up to the maximum risk amount mentioned above. They merely set out the general contractual framework that will be applied to Transactions that may be concluded between the bank and the borrowers, on the understanding that the bank may assess each application at its own discretion and may refuse without having to give reason therefore.

 

article 3

 

All security previously established or agreed for the borrowers' commitments towards the bank will apply in respect of this credit facility, more particularly :

 

	
-

	
the pledge granted by the borrowers of all present and future credit balances on the following account(s): BE63 4128 1220 3108 and BE83 4128 120 3815.

 

To secure all their commitments towards the bank, the borrowers will establish the following new security (or have it established):

 

	
-

	
a joint and several guarantee in the amount of 70 000 000.00 USD from AEGEAN MARINE PETROLEUM NETWORK INC., a corporation incorporated at the Marschall Islands.

 

	
-

	
a pledge of the present and future receivables and order forms held against present and future clients assigned to and financed by the bank, granted by the borrowers.

 

A confirmation of Dexia Bank NV that the above mentioned pledge of the receivables and order forms is excluded from the pledge of the business in favour of Dexia Bank NV, will be provided to the bank by the borrowers.

 

Release of security

After this credit contract has been duly signed and the new security has been established, the 'pari passu' agreement between KBC Bank NV and Dexia Bank NV will no longer be applicable and the KBC Bank NV will release the following security in respect of this credit facility.

 

	
-

	
the power of attorney (mandate) to establish a pledge of the business in the amount of 8 482 870.49 EUR granted on 25-11-2009 by the borrowers.

 

	
-

	
the pledge of a claim by the borrowers, under the agreement with Dexia Factors NV, dated on 25-07-2005.

 

article 4

 

The following has been agreed for all of the borrowers' commitments towards the bank:

 

	
-

	
the borrowers undertake not to enter into supplementary credit nor to provide security to other financial institutions without the previous written consent of the bank.

 

	
-

	
all payments of assigned receivables and/or order forms assigned to the bank, must be paid into the borrowers' account with KBC Bank NV. In case an assigned transaction is paid into the account held with another financial institution, the borrowers undertake to wire the related funds to their account with KBC Bank NV.

 

	
-

	
AEGEAN MARINE PETROLEUM NETWORK INC. will at all times remain, directly or indirectly, the majority shareholder of the borrowers.

 

	
-

	
the borrowers undertake to provide the bank yearly with the consolidated financial figures of AEGEAN MARINE PETROLEUM NETWORK INC, within 120 days after the end of each financial year.

 

	
727-3821178-19/015/046/001

	
06/10/2010

	
Page 4 of 5

  

  

	
KBC Bank

 

KBC BC ANTWERPEN NOORD

	

  

KC3740 – NOORDERLAAN 119 box B4 – 2030 ANTWERPEN - BELGIE

________________________________________________________________________________________________________________________________

	
-

	
the borrowers undertake to provide the bank yearly with their audited financial report, within 120 days after the end of each financial year.

 

	
-

	
the borrowers undertake to provide the bank every six months with their semi-annual report, within 90 days.

 

	
-

	
The borrowers' tangible net worth must at all times come to at least 15 000 000.00 EUR.

 

This tangible net worth must be calculated based on the figures filed on behalf of VERBEKE BUNKERING NV and is defined as follows (the figures to be filled in must be taken from the annual accounts, without a sign) :

 

Capital and reserves (10/15) (XBRL also — 19) - formation expenses (20) — intangible assets (21) — own shares (50) —amounts receivable from directors, managers or shareholders (9500) + debt subordinated in favour of KBC Bank NV.

 

article 5

 

Loan origination charges

 

The bank charges a loan origination fee of 1 000,00 EUR for processing this credit application.

 

Administrative fee

 

At the start of each quarter, the bank will charge a fee of 1 500,00 EUR for handling this credit facility. The bank may change this amount, pursuant to Article 6 of the General Credit Terms and Conditions.

 

article 6

 

This contract has been drawn up using the information available to the bank on 06-10-2010.

 

If the bank does not receive a copy signed by the borrowers before 21-10-2010, it reserves the right to consider this contract null and void.

 

The new security must also be signed before this date.

 

	
Signed at

	St-Job-in-'t Goor  	
on

	 12/10/2010 	
  in duplicate.

	  	  	  	  	  
	  	  	  	  	  

 

	
the borrowers

	 	 
	
Please state the name and job title of the signatory.

	 	 
	 	 	 
	
VERBEKE BUNKERING NV

	  	  
	  	  	  
	
VERBEKE BUNKERING N.V.

	/s/ Antoon Vertommen	/s/ Andreas Athanasiadis
	
Nijverheidsstraat 7

	Antoon Vertommen  	Andreas Athanasiadis  
	
2960 ST-JOB-IN-'T GOOR

	  	  
	
Tel. 03-652 06 08 – Fax 03-652 14 22

	  	  
	  	  	  
	  	  	  
	
the bank

	  	  
	  	  	  
	  	  	  
	  	  	  
	/s/ Yves Bouvez  	  	/s/ Inge Gonthier  
	
Yves Bouvez

	  	
Inge Gonthier

	
Relationship Manager

	  	
General Manager

	
Corporate Center Antwerpen North

	  	
Corporate Banking Office North

Stamp duty of 0,15 euros received and paid on declaration by KBC Bank NV.

	
727-3821178-19/015/046/001

	
06/10/2010

	
Page 5 of 5d1185744_ex4-33.htm

Exhibit 4.33

 

Dossier no 7053

 

	
FREE TRANSLATION

	  	
Credit Risk Management

	
Verbeke Bunkering N.V.

	  	
Credits for enterprises

	
At the attention of Mr Tony Vertommen

	  	
Region Center

	
Nijverheidsstraat 7

	  	
Boulevard Pachéco 44

	
2960 Brecht

	  	
1000 Brussels

	  	  	  
	  	  	  
	  	  	  
	
Correspondent: Filip Decruyenaere

	
Date: 05/11/2010

	  
	
Tel.: +32 3 202 70 75

	
File no.: 7053

	  
	
Fax: +32 3 202 70 68

	
Our ref GI12/13/AVDP/LVH

	
E-mail: Filip.Decruyenaere@dexia.com

	  	  
	  	  	  
	  	  	  
	  	  	  

Dear Sir,

 

Enclosed please find the agreement, hereinafter "letter of credit", between :

 

Dexia Bank Belgium S A., with its registered offices at Boulevard Pacheco 44, B-1000 Brussels, RLE Brussels, VAT BE 0403 201 185, CBFA No : 019649 A,

 

hereinafter referred to as "Dexia Bank" and

 

Verbeke Bunkering N.V., RLE Antwerp, VAT BE 0412 527 142 with its registered offices at Nijverheidsstraat 7 , 2960 Brecht,

 

hereinafter referred to as "the Debtor",

 

The following has been agreed:

 

Further to the application , Dexia Bank herewith confirms the Debtor the new terms for the credit line granted by its previous correspondence, and in particular by the letters of credit dated 25/02/2009 and 01/10/2009 We also refer to the letter of 04/02/2010, in which we granted you to use the facility in form of documentary credit.

 

The amount of the credit line of 40 000.000 USD (forty million US Dollar) is raised to 55 000.000 USD (fifty-five million (US Dollar) and the credit line which amounts € 2.800.000 (two million eight hundred thousand euro) in accordance with the repayment schedule, remains unaltered.

 

This amendment letter does not carry with it any novation with respect to the previous agreements. Apart from the amendments contained in this letter, all previously agreed terms and conditions remain unchanged.

 

The centralizing account for this credit line carries the number 564-5103600-32. When afterwards several centralizing accounts are used, they will be considered as a single and indivisible account All credit charges of whatsoever nature will be booked on this/these account(s).

 

  

*initials of all signatories/1

  

Dossier no 7053

Until further notice, this credit line shall be subject to the Credit regulations of November 2009, hereinafter referred to as the "Credit Regulations", and the "Standard Terms of Business", insofar as they are not explicitly waived by the terms of this letter of credit The parties declare that they have received a copy thereof, have read and approved the contents thereof without reserve, and are aware that the above-mentioned terms and conditions constitute an integral part of this letter of credit

 

AVAILABILITY

 

The increase of the present credit line is made available from 29/10/2010 if it subjects to the following conditions:

 

	
-

	
the signing of the corporate guarantee by Aegean Marine Petroleum Network Inc

 

	
-

	
the availability of the legal opinion in accordance with the legal consistency of the guarantor in relation with the issue of the corporate guarantee

 

FORMS OF UTILISATION

 

This credit line may be used as follows:

 

	
Ø

	
for 55 000 000 USD within a framework line in which each use is subject to the prior agreement of Dexia Bank. The form and the terms of this mixed line are as follows:

 

	
-

	
an overdraft facility that can be used in euro and/or foreign currencies.

The overdraft facility in EUR bears the number 071-1052389-97and that in foreign currencies the number 071-1052390-01;

 

The previously agreed terms of credit remain applicable

 

	
-

	
a straight loan that can be used in euro and/or foreign currencies

The straight loan in EUR bears the number 071-4120421-19 and that in foreign currencies the number 071-4120422-20 ;

 

	
-

	
a guarantee credit that can be used in euro and/or foreign currencies for the issuing of a guarantees

The guarantee credit bears the number 071-3028851-87; The previously agreed terms of credit remain applicable

 

	
-

	
a documentary credit that can be used in euro and/or foreign currencies (documents against sight payment and/or against deferred payment and/or against acceptance), bearing the number 071-4302832-70;

 

The previously agreed terms of credit remain applicable

 

Credit line centralizing account: this line of credit can be used under the centralizing account 564-5103600-32

 

It is agreed that uses of this credit line will be covered at all times in an amount of 90 % of the Creditee's commercial receivables and order forms Dexia Bank has the right to execute an audit of the borrowing base This audit will take place on regular bases

This control happens by means of lists of commercial receivables which will be financed by KBC Bank N.V and Dexia Bank. These lists will be provided two times a week by way of one document send to the both banks By way of a separate letter KBC Bank N V and Dexia Bank will give each other the priviledge over the receivables financed by each bank

  

*initials of all signatories/2

  

Dossier no 7053

 

	

Ø

	

for 2.800.000 EUR, i.e. the balance due on the investment credit No 071-0800325-39 granted for an amount of 4.000.000 EUR

 

	
  

	
The previously agreed terms of this credit facility remain in force.

 

	
  

	

Centralization account : 564-5103600-32 in the name of Verbeke Bunkering N V.

 

 

SURETIES

 

Without prejudice to the general sureties provided for in the Credit Regulations and in the Standard Terms of Business, it is agreed that all commitments of the Debtor towards Dexia Bank, whatever their nature, are among others guaranteed by:

 

General sureties

 

	
-

	
The pledging in favour of Dexia Bank of the current and future receivables that Verbeke Bunkering N.V., the creditor, holds or will hold against all his debtors and due to order forms. (contract of 31/03/2000 in our possession)

 

This pledge is limited, however, to those operations financed by Dexia,

 

The creditor undertakes to hand to Dexia Bank twice a week in the form of lists, an overview of the not-yet due receivables which have been pledged in favour of Dexia Bank, mentioning the identity of the debtors, the amount of the receivables, the dates they were created and the dates at which they fall due.

 

We draw your attention to the fact that higher described guarantee have to been drawn up in the explanation of the annual account conform the valid accounting rules.

 

	
-

	
A corporate guarantee to be sent to Dexia Bank, by Aegean Marine Petroleum Network Inc, having its registered office at Marshall Islands, Ajeltake Road, Majuro, 1V11-1 96960.

 

	
-

	
The irrevocable commitment that Verbeke Bunkering makes towards Dexia Bank, by signing the present letter of credit, to maintain a solvency ratio [Shareholders' Equity (1) to balance sheet total] of the company of at least 20 %.

 

	
-

	
The irrevocable commitment that the Creditee's shareholders make towards Dexia Bank, by signing the present letter of credit, to maintain their participating interest in the Creditee's company, throughout the term of the present commitment, at a level at least equal to that which they currently hold, and to advise Dexia Bank in advance of any significant change in its shareholder structure, in which case Dexia Bank reserves the possibility to review the principles and/or the arrangements of its support.

 

Specific sureties

 

The credit facility of an amount of EUR 2 800.000 for use in the form of investment credit (will be specifically guaranteed by:

 

	
-

	
The pledging In favour of Dexia Bank by VERBEKE BUNKERING N V of 100 % of the registered shares of Jadaco B V. owned by the pledgor

 

  

*initials of all signatories/3

  

Dossier no 7053

Sureties to be released :

 

	
-

	
The pledging in favour of Dexia Bank of the business assets belonging to VERBEKE BUNKERING N.V., currently exploited under enterprise no BE 0412.527.142, currently exploited at 2960 Brecht, Nijverheidsstraat 7 under establishment unit no 2007375111, or which the pledgor might subsequently exploit elsewhere, in a principal global amount of EUR 8,482.870,49

 

	
-

	
The pledging in favour of Dexia Bank of the factoring contract concluded between Verbeke Bunkering N.V., and the factoring company Dexia Factors.

 

COLLABORATION

 

The Debtor undertakes to centralise 50% his/her banking transactions at Dexia Bank. This undertaking can be assessed annually. Dexia Bank reserves the right to revise the credit conditions, should the Debtor fail to respect this undertaking

 

DOCUMENTS TO BE RETURNED

 

Please return the following documents, duly initialled and signed, to Dexia Bank:

 

	
-

	
a copy of the letter of credit

 

	
-

	
a copy of the Credit regulations

 

	
-

	
a corporate guarantee from Aegean Marine Petroleum Network Inc to Dexia Bank, drawn up on the basis of the attached model and using the letterhead of the committing party

 

	
-

	
additional documents requested under the heading AVAILABILITY.

 

CHARGES

 

The administrative fees, amounting to EUR 600, will be debited from the centralizing account 564-5103600-32

 

The monthly administrative fees for the follow-up of the borrowing base, amounting to 1 250 EUR , will be debited from the centralizing account 564-5103600-32,

 

Competents courts

 

Any dispute concerning the credit facility or the credit line as well as all their effects fall within the exclusive jurisdiction of the courts of Brussels. However, the Bank is entitled to bring proceedings before any other competent court in accordance with ordinary law.

 

Data privacy.

 

The information collected from the undersigned and/or from the representatives of the undersigned, should the latter be a legal entity, are necessary for approving the credit fine or the above-mentioned credit. The undersigned and/or the representatives of the undersigned, should the latter be a legal entity, accept that Dexia Bank, the approved/registered entities belonging to the group (in application of the Law of 12 June 1991 or the Law of 4 August 1992 respectively), together with the companies with which Dexia Bank has contractual relations for specific tasks, will process his/her/their personal data, including those involving payment transactions and his/her/their personal assets in general. Processing may involve transmitting or exchanging data between the group's various units.

Such data is processed for the purpose of granting and managing credits or means of payment, for offering new financial, insurance or other related services and products, for evaluating customer relations, combating abuse, detecting fraud, managing litigation, checking that the bank's mandated agents are operating in respect of their contractual obligations and for respecting applicable legislation

Dexia Bank may enter into service contracts with third parties, who will proces certain customer data for the bank as part of their assigned tasks Such third parties will provide undertakings to respect data confidentiality and take appropriate measures for guaranteeing data protection.

  

*initials of all signatories/4

  

Dossier no 7053

Any person whose data is processed by Dexia Bank may oppose at any time his/her personal data being used for direct marketing purposes, either by giving written notice to Dexia Banque SA, Customer Relations Management, Boulevard Pacheco 44, B-1000 Brussels, or by requesting such at a branch office using the document provided for that purpose He/she may exercise his/her rights of accessing and correcting personal data by writing to the same address and enclosing a copy of the front side of his/her identity card.

For security reasons, Dexia Bank premises may be placed entirely or partially under camera surveillance The data thereby collected is processed with a view to ensuring the safety of persons and property.

 

Dexia Bank transmits to the National Bank of Belgium (BNB), located at Boulevard de Berlaimont 14, B-1000 Brussels, the data referred to in Article 91 of the Act of March 22, 1993 relating to the status and supervision of credit institutions. In the case of a payment default, the bank also transmits data for credit risk assessment to the File of Non-Regulated Registrations (Fichier des Enregistrements Non Regis (ENR)) kept by the National Bank of Belgium.

 

Signatures

 

Dexia Bank reserves the right to consider this letter of credit null and void if it does not receive the Debtor's agreement by 05/12/2010 at the latest,

 

If a company or partnership is involved, the signatories need to have the authority to enter into commitments other than those of daily management, and must clearly state their forenames, names and positions.

 

The Debtor and all parties having a distinct interest confirm their agreement to the foregoing by initialing all the pages of each copy of this letter of credit and signing each copy with their signature preceded by their names, forenames and positions.

 

Done in two original copies. Each party having a distinct interest acknowledges receiving an original copy of the contract.

 

	  	  
	
For Dexia Bank Belgium S.A.,

	  
	  	  
	  	  
	
signature 

	  
	/s/ Luc Declerq	  /s/ Patrick Van Tiggel
	
LUC DECLERCQ

	
PATRICK VAN TIGGEL

	  	  
	
The Creditee

	  
	  	  
	
VERBEKE BUNKERING,

	  
	  	  
	  	  
	  	  
	
Date and signature.

	/s/ Antoon Vertommen	/s/ Andreas Athanasiadis
	
Forename Name (and position)

	Antoon Vertommen	Andreas Athanasiadis  
	  	  

  

*initials of all signatories/5

  

Dossier no 7053

	  	  
	
The third persons,

	  
	  	  
	
AEGEAN MARITIME PETROLEUM NETWORK INC HOLDINGS

	  
	  	  
	  	  
	  	  
	
Date and signature.

	/s/ Andreas Athanasiadis	  
	 	Andreas Athanasiadis 	  
	
Forename Name (and position)

	05-11-2010	  
	  	  
	
AEGEAN MARITIME PETROLEUM NETWORK INC INVESTMENTS

	  	  
	  	  
	
Date and signature.

	/s/ Andreas Athanasiadis	  
	 	Andreas Athanasiadis  	  
	
Forename Name (and position)

	
05-11-2010

	  
	  	  
	  	  
	  	  
	  	  
	  	  
	  	  
	
For authentication of signatures on documents related to this credit line,

	  	  
	  	  
	
Date and signature

	  
	
For Dexia Bank Belgium S.A.,

	  

 

  

*initials of all signatories/6

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