Document:

EX-4.6

Exhibit 4.6

AMENDMENT TO CREDIT AGREEMENT

	 	 	 	 	 
	PROCEEDING: This document is incorporated into my
	 	 	 	 
	 	 	 
	REGISTRY BOOK SECTION A:

	 	RECORD No. [stamp:] 326
	 	DATE 15 February 2008

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Unicaja

	 	 	 	 	 
	BRANCH:	 	COMMERCIAL LOAN AGREEMENT NO.	 	AMOUNT EUROS:
	 
	 	 	 	 
	5000 — ALMERIA 10

	 	2103 5000 6 7 0600087428
	 	***12,600,000.00 EUROS***

In Seville, on February 15 of two thousand and eight.
 

BY AND BETWEEN:

MONTES DE PIEDAD Y CAJA DE AHORROS DE RONDA, CÁDIZ, ALMERÍA, MÁLAGA Y ANTEQUERA (hereinafter called
UNICAJA), a Public Beneficent Institution created through a certified document on March 18, 1991,
with domicile in [***], and Tax Identification Code [***],
registered in the Commercial Registry of Malaga, Volume [***]

Represented by Mr. Francisco Javier González Pareja, with National
Identification Document
[***] and with domicile in [***] an instrument formalized before the notary of Malaga Mr. José Manuel de Torres Puentes, on
July 24, 1997, at number 3250 of his register, which was recorded in Commercial Registry 5 of
Malaga in volume 1137, folio 152, page MA-2447, record 168.

BORROWER

UTE TELVENT INABENSA (TELVENT INTERACTIVA, S.A. TELVENT TRAFICO Y TRANSPORTES, S.A. AND [illegible]
INABENSA, S.A.) with Fiscal Identification Code [***] and
domicile at [***]. Represented by (***)

TELVENT INTERACTIVA, S.A. F.I.C. [***] represented by Mr. ENRIQUE GONZALEZ OLIVEROS ID
[***], attorney-in-fact in virtue of a power of attorney executed before the notary Mr.
Ignacio Paz Ares Rodriguez on 11/07/2005, no. 2740.

TELVENT TRAFICO Y TRANSPORTE, S.A. F.I.C. [***] represented by Mr. ENRIQUE GONZALEZ OLIVEROS
attorney-in-fact in virtue of a power of attorney executed before the notary Mr. Juan Alvarez
Sala Walther on 11/07/2005, no. 2541 of his notarial register.

INSTALACIONES INABENSA, S.A., F.I.C. [***], represented by MR. ENRIQUE GONZALEZ OLIVEROS,
attorney-in-fact in virtue of a power of attorney executed before me, on 11/07/2005 no. 6797
of my protocol.

hereinafter called the CUSTOMER.

JOINT AND SEVERAL GUARANTORS

 

hereinafter called the GUARANTORS

WHEREAS:

I) On
November 10, 2005 party of the first part, UNICAJA, and party of the second part, the
business company UTE TELVENT INABENSA (CIUDAD DIGITAL), as CUSTOMER, formalized, with the
involvement of the Notary Mr. Jose Ruiz Granados, a Business Loan Agreement in the amount of twelve
million six hundred thousand euros (12,600,000.00 euros), under the conditions resulting from the
aforementioned agreement which, known by the parties, are deemed herein reproduced (hereinafter
called the AGREEMENT).

II) Before the end of the grace period for payment of the principal agreed under the specific
conditions of the AGREEMENT, the parties agreed verbally to extend it for an additional 12-month
period, and therefore its total duration is 36 months and the total term of the agreement is 23
years.

III) For the effects of memorializing the verbal agreement adopted in due course by the parties,
they sign this Amendment Agreement pursuant to the following

 

 

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Unicaja

STIPULATIONS:

FIRST: Extension of the term of the loan

The grace period for the loan indicated in Recital I of this agreement is extended for 12 months,
its total duration being set at 36 months, and its expiration on November 10, 2008. As a result,
the term for the loan is extended and set at 23 years, its new final payment being on November 10,
2028.

In relation to the extension of the grace period instituted in this clause, the following sections
of the SPECIFIC CONDITIONS of the AGREEMENT are in turn amended:

	 	1.	 	Due date of the first payment: December 10, 2008.
	 
	 	2.	 	Final payment: November 10, 2028.

SECOND: Expenses

     The CUSTOMER shall bear all fees and expenses arising from this Amendment of the Commercial Loan
Agreement.

THIRD: Subsistence of agreements

Insofar as not expressly amended by this agreement, the Commercial Loan agreement indicated in
Recital I), which is included in this document as an appendix, remains in full force and effect.

 

In witness whereof, this document is signed, at the place and on the date indicated above.

	 	 	 
	For the CUSTOMER

	 	For UNICAJA

With my involvement

THE NOTARY

	 	 	 	 	 
	 

	 	WITH MY INVOLVEMENT: I CERTIFY the identity, capacity, and legitimacy of the
signatures of the grantors, as well as their agreement with and approval of
this [hw:] 4-page document, including the appendices
and documents attached as written.
	 	 

THE NOTARY

 

 

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Unicaja

MR. PEDRO COSTA SAMANIEGO DIRECTOR CAPITAL MARKETS AND REAL ESTATE DIVISION AND MR. MIGUEL ANGEL
TROYA ROPERO DIRECTOR COMMERCIAL HOLDINGS AND DEVELOPMENT, OF MONTES DE PIEDAD Y CAJA DE AHORROS DE
RONDA, CADIZ, ALMERIA, MALAGA Y ANTEQUERA (UNICAJA).

CERTIFY:

     That in virtue of the power of attorney dated May twenty-fourth of two thousand and five
granted by this Institution before the Notary of this City Mr. Federico Pérez Padilla García,
number [***] of his register, pursuant to the resolution of the Board of Directors of this
Institution, dated May sixth of two thousand and five, in use of the authorities granted IT HAS
RESOLVED to amend the Commercial Loan Agreement with UTE TELVENT INABENSA (CIUDAD DIGITAL), in the
amount of twelve million six hundred thousand euros formalized before the Notary Mr. Jose Ruiz
Granados, dated November 10, 2005, registered with UNICAJA under number [***],
as follows:

	 	•	 	Expand the effective period through November 10, 2008, setting the new final
expiration for November 10, 2028.
	 
	 	•	 	The fees and expenses arising as a result of this amendment shall be borne by the CUSTOMER.
	 
	 	•	 	The other conditions of the current-account loan shall remain unchanged.

     And in witness whereof, we issue this certification in Malaga on January thirty-first of two
thousand and eight.

	 	 	 
	[signature]

	 	[signature]

	 	 	 
	[stamp:]

	 	NOTARY OFFICE OF MR. JOSE RUIZ GRANADOS

[seal]

SEVILLEEX-10.1

Exhibit 10.1

[Letterhead of GasRock Capital LLC]

September 23, 2008

Via Overnight Delivery

BPI Energy, Inc.

Attn: James G. Azlein, President

30775 Bainbridge Road, Suite 280

Solon, Ohio 44139

	 	 	 	 	 
	 

	 	Re:
	 	Advancing Term Credit Agreement dated as of July 27, 2007 (as amended by the
First Amendment dated November 29, 2007, and as further amended from time to time, the
“Credit Agreement”), among BPI Energy, Inc., as borrower (“Borrower”), and GasRock
Capital LLC, as lender (“Lender”)

Gentlemen:

     Reference is made to the Credit Agreement. Capitalized terms used but not defined in this
letter have the meanings given them in the Credit Agreement.

     Borrower has failed to comply with the following covenants and agreements which has resulted
in the occurrence of certain Defaults and Events of Default under the Credit Agreement (the
“Existing Defaults”):

	 	1.	 	Borrower’s failure to replace James E. Craddock with another manager acceptable
to Lender within 90 days from Mr. Craddock’s official separation date of March 31,
2008, as required by Section 10.1(l) of the Credit Agreement.
	 
	 	2.	 	Borrower’s failure to prevent its adjusted current liabilities from exceeding
its adjusted current assets, as required by Section 7.2(s) of the Credit
Agreement for any period ending prior to the date of this letter.
	 
	 	3.	 	Borrower’s failure to pay all indebtedness due to Superior Well Services, Inc.
and other creditors within 60 days after its due date, as required by Section
7.1(k) of the Credit Agreement.
	 
	 	4.	 	Borrower’s failure to use Discretionary D&A Loans proceeds only for uses
approved by Lender, as required by Sections 2.1 and 2.8 of the Credit
Agreement.

 

 

BPI Energy, Inc.

September 23, 2008

Page 2 of 5

     In addition, as we have discussed, that certain Coal Bed Gas Lease, dated May 22, 2008, by and
between Western Fuels-Illinois, Inc., as lessor, and BPI Energy, Inc., as lessee (the “Additional
Lease”), recorded by that certain Memorandum of Coal Bed Gas Lease in the Official Public Records
of Saline County, Illinois at Book 1938/Page 156-159, is part of the Collateral pursuant to the
terms of the Credit Agreement and the Security Documents. It is an additional Event of Default if
Lender does not have a perfected first priority Lien on any part of the Collateral. Furthermore,
any disposition of the Additional Lease or other Collateral (including without limitation the
granting of any lien or other security interest) without Lender’s express written consent is
prohibited under Section 7.2(a) of the Credit Agreement (and other terms of the Security
Documents) and would constitute an Event of Default under the Credit Agreement. For the purposes
of perfecting Lender’s interest in the Additional Lease, please execute (and have notarized) the
enclosed Mortgage, Security Agreement, Financing Statement and Assignment of Production and
Revenues (the “Additional Mortgage”) covering the Additional Lease and return it to my attention in
the enclosed federal express envelope immediately upon receipt of this letter.

     Borrower has requested that Lender forbear from exercising its rights and remedies under the
Loan Documents in connection with the Existing Defaults until January 30, 2009 (or until March 31,
2009 if Borrower meets certain requirements set out below), and also to forbear from exercising its
rights and remedies under the Loan Documents in connection with the following potential Defaults
and Events of Defaults (the “Potential Future Defaults”) until January 30, 2009 (or until March 31,
2009 if Borrower meets certain requirements set out below):

	 	1.	 	Borrower’s potential failure to prevent its adjusted current liabilities from
exceeding its adjusted current assets, or to prevent its Loan to Value Ratio to exceed
1.0 to 1.0 as required by Section 7.2(s) of the Credit Agreement for any period
ending after the date of this letter.
	 
	 	2.	 	Net Revenue attributable to Proved Reserves becomes insufficient to fully
amortize the Loans as required by Section 10.1 (b) of the Credit Agreement.
	 
	 	3.	 	Borrower’s potential failure to pay the full amount of accrued and unpaid
interest at the Pay Rate as required by Section 2.6(b) of the Credit Agreement
between the date of this letter and January 30, 2009.

Item 3 of the definition of Potential Future Defaults above shall be included in definition of
Potential Future Defaults only if 100% of the Net Revenue for each month is applied to pay accrued
and unpaid interest at the Pay Rate. Any remaining accrued and unpaid interest shall be
capitalized and added to the principal under the Note.

     During the period that Lender has agreed to forbear with respect to the Existing Defaults and
the Potential Future Defaults, provided that no other Default or Event of Default has

 

 

BPI Energy, Inc.

September 23, 2008

Page 3 of 5

occurred, the term “Pay Rate” in the Credit Agreement shall mean “an annual fixed rate equal
to 4% through January 30, 2009, and 8% thereafter.”

     During the period that Lender has agreed to forbear with respect to the Existing Defaults and
the Potential Future Defaults, provided that no other Default or Event of Default has occurred, the
term “Initial Termination Date” in the Credit Agreement shall mean “March 31, 2009.”

     Effective upon Lender’s receipt of

     (a) an original executed and notarized Additional Mortgage from Borrower covering the
Additional Lease, and

     (b) the consent of Borrower, represented by its signature below, to amend the Credit Agreement
to provide for a $200,000 forbearance fee (the “Forbearance Fee”) from Borrower to Lender, and to
add such Forbearance Fee amount to the principal amount against the Note,

Lender agrees to forbear from exercising any rights and remedies under the Loan Documents solely in
connection with the Existing Defaults and the Potential Future Defaults until January 30, 2009.

     Effective upon Lender’s receipt of, on or before January 30, 2009,

     (a) a fully executed, binding and definitive agreement acceptable to Lender in its sole
discretion with Blue Source, LLC or another party acceptable to Lender for the sale of all or part
of the Delta Properties in an amount sufficient to pay all of the Obligations on or before March
31, 2009, or

     (b) a fully executed, binding and definitive agreement reasonably acceptable to Lender with a
party acceptable to Lender which provides for financing to Borrower in an amount sufficient to pay
all of the Obligations on or before March 31, 2009,

Lender agrees to forbear from exercising any rights and remedies under the Loan Documents solely in
connection with the Existing Defaults and Potential Future Defaults until March 31, 2009.

     The foregoing agreements to forbear shall not be construed to waive Borrower’s compliance with
all other covenants, obligations, restrictions and agreements in the Credit Agreement and other
Loan Documents.

     The parties agree that the Forbearance Fee will be advanced as a Loan under the Credit
Agreement and added to the principal amount against the Note, and that this letter shall serve as a
Request for Commitment in connection with the Forbearance Fee.

 

 

BPI Energy, Inc.

September 23, 2008

Page 4 of 5

     Borrower agrees that the proceeds received by Borrower arising directly or indirectly from any
claim, settlement, lawsuit, litigation or other proceeding, including without limitation the
following litigation:

	 	(a)	 	Case No. 07-CV-186-DRH; BPI Energy, Inc., et. al. v. IEC (Montgomery), LLC, et.
al.; In the United States District Court for the Southern District of Illinois,

	 	(b)	 	Case No. 07-CH-20; ICG Natural Resources, LLC v. BPI Energy, Inc, et. al.; In
the Circuit Court of the Twentieth Judicial Circuit, Perry County, Illinois,

shall be immediately applied (a) first against any outstanding and unpaid fees that are owed by
Borrower as of the date of this letter to Thompson Hine LLP, and (b) second against the outstanding
principal under the Note (including capitalized interest thereunder). Borrower further agrees that
the foregoing agreement shall constitute a covenant under the Credit Agreement for all purposes and
any non-compliance shall result in an immediate Event of Default under the Credit Agreement. For
the purpose of clarity, the parties acknowledge that the foregoing agreement shall no longer apply
if the Obligations are otherwise paid in full.

     This letter is only intended to operate as a limited forbearance and agreement between the
parties. This letter is not intended to operate as a waiver of rights and remedies and
does not constitute or operate as (a) a waiver of (or a consent to) any existing Default or
Event of Default (including without limitation the Existing Defaults), or any other violation of or
noncompliance with any provision of the Credit Agreement or any Loan Document, (b) an agreement to
waive any future Default or Event of Default (including without limitation the Potential Future
Defaults), (c) a waiver of Lender’s right to insist upon strict compliance with each term,
covenant, condition and provision of the Credit Agreement or the other Loan Documents, or (d) an
admission by Borrower of any existing Default or Event of Default. Lender reserves any and all
rights and remedies under the Loan Documents at law and in equity. Any single or partial exercise
by Lender of any right or remedy shall not preclude any other or further exercise of any available
right or remedy. Borrower releases Lender from any liability for actions or failures to act in
connection with the Loan Documents prior to the date of this letter.

     If Borrower understands and accepts the provisions set forth in this letter, please execute
and return one counterpart of this letter and the Additional Mortgage to Lender to the attention of
Mr. Marshall Lynn Bass by facsimile at (713) 300-1401 and in the enclosed overnight delivery envelope.
This letter and the forbearance offered under this letter will not be effective if (a) Lender has
not received an original executed counterpart of this letter and (b) the other conditions to the
effectiveness of the forbearance have not been satisfied, by October 1, 2008.

[Signatures on following page]

 

 

BPI Energy, Inc.

September 23, 2008

Page 5 of 5

Very truly yours,

GASROCK CAPITAL, LLC

	 	 	 	 	 
	By:

	 	/s/ Scott W. Johnson	 	 
	 

	 	 

Scott W. Johnson
	 	 
	 

	 	Principal	 	 

Accepted and agreed to this 25th day of September, 2008.

BORROWER:

BPI ENERGY, INC.,

a Nevada corporation

	 	 	 	 	 
	By:

	 	/s/ James G. Azlein	 	 
	 

	 	 

James G. Azlein
	 	 
	 

	 	President

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