Document:

d1471065_ex4-63.htm

Exhibit 4.63

 

SECOND AMENDMENT

 

SECOND AMENDMENT, dated as of October 2nd, 2013 (this "Second  Amendment"), to the Trade Receivables Purchase Agreement, dated as of October 17, 2011 (as amended, supplemented or otherwise modified from time to time, the "Purchase Agreement"), by and between Aegean Marine Petroleum S.A. (the "Seller") and Deutsche Bank AG, New York Branch, as purchaser (the "Purchaser") Unless otherwise defined herein, terms used herein shall have the meanings assigned thereto in the Purchase Agreement.

 

W I T N E S S E T H:

 

WHEREAS , the Seller has requested the extension of the Facility Termination Date for an additional period during which a more complete extension can be completed; and

 

WHEREAS, the Purchaser is willing to agree to such extension only upon the terms and subject to the conditions set forth herein; and

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Seller and the Purchaser hereby agree as follows:

 

1.     Amendment to Section 1.1 of the Purchase Agreement. Section 1.1 of the Purchase Agreement is hereby amended as follows by amending the definition of "Availability Termination Date" to read in its entirety as follows:

 

"Facility Termination Date" means the earliest of (i) November 14, 2013, and (ii) the date on which the Purchaser delivers to the Servicer a notice of termination as a result of a Termination Event in accordance herewith (or the date on which such termination becomes effective automatically pursuant to Section 7).

 

2.         Representation and Warranties. The Seller, as of the date hereof and after giving effect to the amendments contained herein, hereby confirms, reaffirms and restates the representations and warranties made by it in the Purchase Agreement, all as if made on the date hereof and hereby represents and warrants to the Purchaser that no Incipient Termination Event or Termination Event has occurred and is continuing, either before or after giving effect to the terms hereof. . The Seller hereby represents and warrants to the Purchaser that the execution, delivery and performance of this Second Amendment and any and all other agreements, documents and instruments executed and/or delivered in connection herewith have been duly authorized by all requisite action on the part of the Seller, constitute the legal, valid and binding obligation, enforceable against it in accordance with their terms and will not violate the Seller's organizational or governing documents. No consent or authorization of, filing with, notice to or other act by or in respect of any Governmental Authority or any other Person is required in connection with the extensions of credit hereunder or with the execution, delivery, performance, validity or enforceability of this Second Amendment. This Second Amendment has been duly executed and delivered on behalf of the Seller.

 

3.     Conditions to Effectiveness. This Second Amendment shall become effective on the date upon which the Purchaser has received (i) counterparts hereof, duly executed and 

 

 

  

  

  

 

delivered by the Seller, and (ii) the ratification of the Limited Guarantee by the Guarantor in form and substance satisfactory to the Purchaser, (the date on which the last of such conditions shall have been satisfied being "Effective Date"). The Purchaser shall inform the Seller of the occurrence of the Effective Date.

 

4.      Limited Effect. The execution, delivery and effectiveness of this Second Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Purchaser under the Purchase Agreement or any other Transaction Document, nor constitute a waiver of any provision of the Purchase Agreement or any other Transaction Document. Except as expressly amended, modified and supplemented herein, all of the provisions and covenants of the Purchase Agreement and the other Transaction Documents are and shall continue to remain in full force and effect in accordance with the terms thereof and are hereby in all respects ratified and confirmed.

 

5.     Governing Law; Counterparts. (a) This Second Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

 

(b)            This Second Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Second Amendment may be delivered by facsimile transmission of the relevant signature pages hereof.

 

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

 

	
SELLER

	  	
AEGEAN MARINE PETROLEUM S.A.

	  	  	  
	  	  	
By

	
/s/Spyros Gianniotis         

	  	  	  	
Name:  Spyros Gianniotis

Title:  CFO

	  	  	  	  
	  	  	
By

	______________________________  
	  	  	  	
Name:

Title:

	  	  	  	  

 

 

 

 

 

  

  

  

	
PURCHASER

	  	
DEUTSCHE BANK AG, NEW YORK BRANCH

	  	  	  
	  	  	
By

	______________________________  
	  	  	  	
Name:

Title:

	  	  	  	  
	  	  	
By

	______________________________  
	  	  	  	
Name:

Title:

	  	  	  	  

 

 

 

 

 

 

SK 23250 0002 1471065d1471061_ex4-64.htm

Exhibit 4.64

To:          Eton Marine Ltd.

Benmore Services S.A. 

and

Ingram Enterprises Co.

 

To:          Aegean Marine Petroleum Network Inc.

and

Aegean Shipholdings Inc. 

(as Corporate Guarantors)

 

To:          Sealand Navigation Inc.

(as Collateral Owner)

 

Dated: 20 June 2013

 

Dear Sirs,

 

Loan Agreement dated 25 October 2006 (as amended)

 

1         We refer to:

 

	
  

	(a)	
the loan agreement dated 25 October 2006 as amended and/or restated and/or supplemented by a supplemental agreement dated 21 May 2010, a second supplemental agreement dated 21 October 2010, a third supplemental agreement dated 25 May 2011 and the fourth supplemental agreement dated 23 June 2011 (together, the "Loan Agreement") and made (inter alios) between (1) Eton Marine Ltd., Benmore Services S.A. and Ingram Enterprises Co. as joint and several borrowers (therein and hereinafter together referred to as the "Borrowers" and individually a "Borrower"), (2) Aegean Baltic Bank S.A. as agent (the "Agent"), security agent (the "Security Agent"), arranger (the "Arranger"), account bank (the "Account Bank") and as swap provider (the "ABB Swap Provider"), (3) HSH Nordbank AG as swap provider (the "HSH Swap Provider") and (4) the banks and financial institutions set out in schedule 1 thereto as lenders (the "Banks"), whereby the Banks agreed (inter alia) to make available to the Borrowers on a joint and several basis, upon the terms and conditions therein contained, a loan of (originally) up to US$26,250,000;

 

	
  

	
(b)

	
the ISDA 1992 Master Agreement dated as of 25 October 2006 made between (1) the Borrowers and (2) the ABB Swap Provider;

 

	
  

	
(c)

	
the ISDA 1992 Master Agreement dated as of 25 October 2006 made between (1) the Borrowers and (2) the HSH Swap Provider; and

 

	
  

	
(d)

	
the corporate guarantee dated 25 October 2006 as amended by the supplemental agreement dated 21 May 2010 and the fourth supplemental agreement dated 23 June 2011 both referred to above (together, the "Aegean Marine Guarantee") made between Aegean Marine Petroleum Network Inc. (the "Aegean Marine Guarantor") and the Security Agent in connection with the Loan Agreement.

 

	
2

	
Words and expressions defined in the Loan Agreement and the Aegean Marine Guarantee shall have the same meanings when used herein.

 

	
3

	
The Borrowers have requested that the Agent, the Security Agent, the Account Bank, the Arranger, the ABB Swap Provider, the HSH Swap Provider and the Banks consent to the following amendments to the Aegean Marine Guarantee:

 

  

1

  

 

	
3.1

	
the deletion of the existing clause 5.3.1 of the Aegean Marine Guarantee in its entirety and the insertion of the following new clause 5.3.1 in its place:

 

	
 

	
"5.3.1 The Guarantor undertakes with the Security Agent that for so long as any moneys are owing under the Security Documents, it will ensure that:

 

	
  

	
(a)

	
Consolidated Book Net Worth

 

at the end of each Accounting Period, the Consolidated Book Net Worth shall not be less than Four hundred and ten million Dollars ($410,000,000);

 

	
  

	
(b)

	
Leverage

 

at the end of each Accounting Period, the Leverage Ratio will not be higher than 0.75:1;

 

	
  

	
(c)

	
Current Ratio

 

the Current Ratio:

 

	
  

	
(i)

	
at the end of each Accounting Period ending on or before 29 March 2012, will not be lower than 1.15:1;

 

	
  

	
(ii)

	
at the end of each Accounting Period ending between 30 March 2012 and 30 June 2013 (both inclusive), will not be lower than 1.05:1;

 

	
  

	
(iii)

	
at the end of each Accounting Period ending after 30 June 2013, not be lower than 1.15:1; and

 

	
  

	
(d)

	
Liquidity Ratio

 

at the end of each Accounting Period, the Liquidity Ratio shall be higher than 0.5:1.0.".

 

	
4

	
The Agent, the Security Agent, the Account Bank, the Arranger, the ABB Swap Provider, the HSH Swap Provider and the Banks hereby confirm their consent to the above amendments to the Aegean Marine Guarantee on condition that each Borrower and the other Security Parties shall have confirmed their agreement and consent to the arrangements of this letter by counter-signing this letter by signatories acceptable to the Agent in all respects and, with effect on and from the date when the Agent advises the Borrowers that it is satisfied that such confirmation has taken place, the Aegean Marine Guarantee shall be hereby amended (and deemed amended) in accordance with the changes referred to in paragraph 3 above.

 

	
5

	
Save as amended by this letter, the provisions of the Aegean Marine Guarantee shall continue in full force and effect and the Aegean Marine Guarantee and this letter shall be read and construed as one instrument.

 

	
6

	
This letter and any non-contractual obligations in connection with it are governed by, and shall be construed in accordance with, English law.

 

	
Yours faithfully,

	  
	  	  
	
/s/ Filippos E. Tsamanis

	 /s/ Melina A. Kapetanaki
	Filippos E. Tsamanis	 Melina A. Kapetanaki
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
AEGEAN BALTIC BANK S.A.

	  
	
as Agent

	  
	  	  
	  	  
	
Date: 20 June 2013

	  

 

  

2

  

We hereby acknowledge and agree to the foregoing.

	
/s/ Filippos E. Tsamanis

	  
	Filippos E. Tsamanis	/s/ Melina A. Kapetanaki
	
Attorney-in-fact

	 Melina A. Kapetanaki
	
for and on behalf of

	  
	
AEGEAN BALTIC BANK S.A.

	  
	
as Account Bank, Arranger, ABB Swap Provider, Bank and Security Agent

	  	  
	
Date: 20 June 2013

	  

We hereby acknowledge and agree to the foregoing.

	
/s/ Justin Tessmer

	
/s/ Matthias Evers

	Justin Tessmer	Matthias Evers 
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
HSN NORDBANK AG

	  
	
as HSH Swap Provider and Bank

	  	  
	
Date: 20 June 2013

	  

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Security Documents (as such term is defined in the Loan Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Security Documents to the Aegean Marine Guarantee or other equivalent references, shall be deem d to be references to the Aegean Marine Guarantee as amended and supplemented by the arrangements thereto contained above.

 

	
/s/ Illegible                                               

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
ETON MARINE LTD

	  
	
as Borrower

	  	  
	
Date: 20 June 2013

	  

	
/s/ Illegible                                       

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
BENMORE SERVICES S.A.

	  
	
as Borrower

	  	  
	
Date: 20 June 2013

	  

	
/s/ Illegible                                              

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
INGRAM ENTERPRISES CO.

	  
	
as Borrower

	  	  
	
Date: 20 June 2013

	  

  

3

  

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Security Documents (as such term is defined in the Loan Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Security Documents to the Aegean Marine Guarantee or other equivalent references, shall be deemed to be references to the Aegean Marine Guarantee as amended and supplemented by the arrangements thereto contained above.

	
/s/ Illegible                                              

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
AEGEAN MARINE PETROLEUM NETWORK INC..

	
as Corporate Guarantor

	  	  
	
Date: 20 June 2013

	  

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Security Documents (as such term is defined in the Loan Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Security Documents to the Aegean Marine Guarantee or other equivalent references, shall be deemed to be references to the Aegean Marine Guarantee as amended and supplemented by the arrangements thereto contained above.

 

	
/s/ Illegible                                              

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
AEGEAN SHIPHOLDINGS INC.

	  
	
as Corporate Guarantor

	  	  
	
Date: 20 June 2013

	  

 

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Security Documents (as such term is defined in the Loan Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Security Documents to the Aegean Marine Guarantee or other equivalent references, shall be deemed to be references to the Aegean Marine Guarantee as amended and supplemented by the arrangements thereto contained above.

	
/s/ Illegible                                              

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
SEALAND NAVIGATION INC.

	  
	
as Collateral Owner

	  	  
	
Date: 20 June 2013

	  

  

4

  

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Security Documents (as such term is defined in the Loan Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Security Documents to the Aegean Marine Guarantee or other equivalent references, shall be deemed to be references to the Aegean Marine Guarantee as amended and supplemented by the arrangements thereto contained above.

	
/s/ Illegible                                              

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
AEGEAN BUNKERING SERVICES INC.

	
as Manager

	  	  
	
Date: 20 June 2013

	  

We hereby acknowledge and agree to the foregoing and confirm and agree that (a) our obligations under the Security Documents (as such term is defined in the Loan Agreement) to which we are a party remain valid and effective notwithstanding the arrangements contained above and (b) references in any such Security Documents to the Aegean Marine Guarantee or other equivalent references, shall be deemed to -references to the Aegean Marine Guarantee as amended and supplemented by the arrange en thereto contained above.

	
/s/ Illegible                                              

	  
	
Attorney-in-fact

	  
	
for and on behalf of

	  
	
AEGEAN MANAGEMENT SERVICES M.C.

	
as Manager

	  	  
	
Date: 20 June 2013

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

5

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