Document:

ex10-2.htm

Exhibit 10.2

 

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MATERIAL BELOW MARKED BY AN “***” HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THIS ENTIRE EXHIBIT INCLUDING THE OMITTED CONFIDENTIAL INFORMATION HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

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FIRST AMENDMENT TO PROCESSING AGREEMENT

 

This FIRST AMENDMENT TO PROCESSING AGREEMENT (1st Amendment") is entered into effective this 1st day of November, 2013 ("Effective Date") by and between Vertex Energy, Inc., a Texas Corporation having an office at 200 Atlantic Pipeline Road ("CUSTOMER") and KMTEX LLC, Texas Limited Liability Corporation, having an office at 333 North Sam Houston Parkway East, Suite 1250, Houston, Texas 77060 ("KMTEX").

 

WITNESSETH

 

WHEREAS, effective July 1, 2012, CUSTOMER and KMTEX entered into an agreement for the processing of certain petroleum distillates ("Processing Agreement");

 

WHEREAS, CUSTOMER and KMTEX wish to revise the term and fee schedule of the Processing Agreement;

 

NOW THEREFORE, these premises considered, the parties agree to amend the Processing Agreement as follows:

 

1. Section 2.1 of the Agreement under Article 2 entitled Term and Termination will be deleted in its entirety and the following substituted in its place:

 

	
Section 2.1

	
This agreement commences on the Effective Date and its Initial Term shall expire on December 31, 2015, subject to the other provisions in this Agreement, or as otherwise agreed to by the Parties.

 

2. Attachment D entitled Fees & Quantities will be deleted in its entirety and the following substituted in its place:

Attachment-D- Fees & Quantities

 

	
  

	
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PYGAS FEED

	
 

	
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Processing fee: *** per pound of Pygas Feed processed.

	
 

	
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Includes a dedicated *** barrel tank for Pygas feed, a *** barrel tank for overheads, and a *** barrel tank for Heavy's/Bottoms/Cutter Stock products. These tanks will be provided at no charge as long as a minimum cumulative throughput of *** barrels of material is processed quarterly. In the event the throughput falls below target, KMTEX reserves the right to charge tank rental or designate the tanks for other service.

 

	
 

	
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VSR FEED

	
 

	
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Processing Fee: *** per pound of VSR Feed processed. In the event that the processing rates of a feed material are significantly reduced due to a change in composition that directly effects processing, KMTEX reserves the right to renegotiate the processing fee of that particular feed material.

 

 

  

  

  

 

 

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MATERIAL BELOW MARKED BY AN “***” HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THIS ENTIRE EXHIBIT INCLUDING THE OMITTED CONFIDENTIAL INFORMATION HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

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Tank rental rates to support VSR Feed processing as follows:

 

	
  

	
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*** /month for the following tanks:

	
  

	
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VSR Feed: *** or *** barrel tank

	
  

	
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VSR Feed: *** or *** barrel tank

	
  

	
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VSR Bottoms: Cumulative *** gallons of storage

 

	
  

	
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CAPITAL INVESTMENT IN KMTEX DISTILLATION COLUMN 401 (C401)

 

	
  

	
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Capital Payment: CUSTOMER will pay KMTEX a total of *** to partially fund the construction of KMTEX distillation column 401. CUSTOMER will pay KMTEX on the following schedule:

• October 2013: ***

• November 2013: ***

• December 2013: ***

• January 2014: ***

• February 2014: ***

• March 2014: ***

• April 2014: ***

• May 2014: ***

 

	
  

	
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KMTEX Commitment: Once the construction of C401 is complete and provided that CUSTOMER is able to supply enough feed for processing, KMTEX will commit to processing a minimum of *** barrels of total feed material for CUSTOMER each month by utilizing D401 and other available distillation columns at KMTEX.

	
  

	
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KMTEX guarantees that it will be a priority to utilize C401 as a unit to process CUSTOMER's feed. In the event that CUSTOMER does not have feed available to run on C401 or available tankage to support processing feed on C401, KMTEX reserves the right to utilize C401 to process other feed.

 

	
  

	
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ADDITIONAL STORAGE TANK

	
  

	
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Rental Commitment: KMTEX will build a *** barrel carbon steel tank. Upon completion of construction of the tank, CUSTOMER will commit pay *** per month for the duration of this Agreement for utilization of the new *** barrel tank.

 

	
  

	
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GENERAL TERMS:

	
  

	
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KMTEX will terminal, accumulate and blend materials and charge for tank rental and handling.

 

	
  

	
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In and out charges for additional terminalled product as follows:

	
  

	
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*** per tank truck of incoming unprocessed material

	
  

	
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*** per railcar unloaded of unprocessed material

	
  

	
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Wet, low flash fuel: Either KMTEX (at a cost plus basis) or CUSTOMER will handle the proper disposal of the water co-product from this processing.

	
  

	
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Tank rental rates as follows

	
  

	
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*** /month (*** /day) for an *** barrel tank

	
  

	
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*** /month (*** /day) for a *** barrel tank

	
  

	
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*** /month (*** /day) for a *** barrel tank

*** /month (*** /day) for a *** gallon tank

	
  

	
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*** /month (*** /day) for a *** gallon tank

 

 

  

  

  

 

 

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MATERIAL BELOW MARKED BY AN “***” HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THIS ENTIRE EXHIBIT INCLUDING THE OMITTED CONFIDENTIAL INFORMATION HAS BEEN FILED SEPARATELY WITH THE COMMISSION.

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Regarding Additives

	
 

	
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All additives being delivered to KMTEX will have to be scheduled with the KMTEX logistics department and an unloading time assigned.

	
 

	
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All additives will have to be labeled with CUSTOMER name on the side of the drum / tote.

	
 

	
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There will be a charge of one dollar per gallon for each additive administered with a minimum charge of *** for each additive.

	
 

	
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It will be the responsibility of the CUSTOMER for the disposal of their empty drums. In the event that KMTEX has to dispose of any drums, there will be a charge of *** per drum.

 

	 	
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Anytime CUSTOMER requests a nitrogen roll on a take there will be a charge of *** per hour.

 

3. Miscellaneous

 

All other provisions of the Processing Agreement not specifically amended herein shall remain the same and shall be in full force and effect.

 

This 1st Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and such counterparts together shall constitute one and the same instrument.

 

WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their duly authorized representative on this the 8th day of October 2010 but effective on July 1, 2010.

 

VERTEX ENERGY, INC.

 

By: /s/ Gregory Wallace               

Name: Gregory Wallace               

Title: VP                                          

 

KMTEX Ltd.

 

By:_______________________

Name: Will Baker                            

Title: Regional ManagerEX-10.1

 Exhibit 10.1 

WAIVER TO AMENDED AND RESTATED 

RESTRUCTURING SUPPORT AGREEMENT 

This WAIVER TO AMENDED AND RESTATED RESTRUCTURING SUPPORT AGREEMENT (this “Agreement”) is made as of September 17, 2015
(the “Waiver Effective Date”), by and among (a) Allied Nevada Gold Corp., a Delaware corporation (“ANV”), and its undersigned direct and indirect subsidiaries (together with ANV, the
“Debtors”), (b) the Requisite Consenting Noteholders (as defined in the Amended RSA (as defined below)), and (c) the Requisite Secured Lenders (as defined in the Amended RSA). Capitalized terms used but not otherwise
defined herein have the meanings ascribed to such terms in the Amended RSA. 
 PRELIMINARY STATEMENTS: 

WHEREAS, on July 23, 2015, the Debtors entered into that certain Amended and Restated Restructuring Support Agreement (as amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Amended RSA”) with the entities party thereto as “Creditor Parties” thereunder, which amended and restated in its entirety
that certain Restructuring Support Agreement, dated as of March 10, 2015, pursuant to which the Debtors and such Creditor Parties agreed to implement a restructuring and reorganization as set forth in the Modified Plan; 

WHEREAS, the Debtors have requested that the Requisite Consenting Noteholders and the Requisite Secured Lenders grant certain waivers and
consents under the Amended RSA, as set forth herein; and 
 WHEREAS, the Requisite Consenting Noteholders and the Requisite Secured Lenders
are willing to grant such consents and waivers on the terms, subject to the conditions and in reliance on the representations and warranties set forth herein. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 

1. Waiver of Creditor Party Termination Event. Effective as of the Waiver Effective Date, the Requisite Consenting Noteholders and the
Requisite Secured Lenders grant all waivers and consents that may be necessary or required under the Amended RSA to waive the Creditor Party Termination Event arising under Section 5(a)(vi) of the Amended RSA as a result of the Bankruptcy Court
granting relief terminating the automatic stay (as set forth in section 362 of the Bankruptcy Code) with respect to those assets set forth on Schedule A annexed hereto. 

2. Continued Effect of the Amended RSA. Except as expressly provided herein, this Agreement shall not, by implication or otherwise,
alter, modify, amend or in any way affect any of the obligations or covenants contained in the Amended RSA, all of which are ratified and confirmed in all respects by the parties hereto and shall continue in full force and effect. 

  
 -1- 

 3. Effectiveness. This Agreement shall become effective and binding upon the Debtors and
the Creditor Parties on the Waiver Effective Date; provided, however, that signature pages executed by the Creditor Parties shall be delivered to (i) other Creditor Parties in a redacted form that removes the Creditor
Parties’ holdings of Claims and Interests, and (ii) the Debtors in an unredacted form; provided further, however, that the Debtors shall execute and deliver to the Creditor Parties this Agreement concurrently with the
execution by the Creditor Parties. 
 With respect to any Creditor Party that becomes or has become a party to the Amended RSA by executing
and delivering a Joinder Agreement after the Waiver Effective Date, this Agreement shall become effective and binding as to such Creditor Party at the time such Joinder Agreement is delivered to the Debtors. 

4. Entire Agreement. This Agreement, together with the Amended RSA, constitutes the entire agreement of the parties hereto, and
supersedes all other prior negotiations, with respect to the subject matter hereof. Except as modified by this Agreement, the Amended RSA shall continue in full force and effect. Each reference to the Amended RSA hereafter made in any document,
agreement, instrument, notice or communication shall mean and be a reference to the Amended RSA as modified hereby. 
 5.
Severability. If any provision of this Agreement, or the application of any such provision to any Person or circumstance, shall be held invalid or unenforceable in whole or in part, such invalidity or unenforceability shall attach only to
such provision or part thereof and the remaining part of such provision hereof shall continue in full force and effect. 
 6.
Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same agreement. Execution copies of this Agreement may be
delivered by facsimile or otherwise, which shall be deemed to be an original for the purposes of this Section 6. 
 7.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISIONS WHICH WOULD REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER
JURISDICTION. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed and delivered by
their respective duly authorized officers, solely in their respective capacity as officers of the undersigned and not in any other capacity, as of the Waiver Effective Date. 

 

			
	Allied Nevada Gold Corp.
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Executive Vice President & CFO
	
	Allied Nevada Gold Holdings LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	Allied VGH Inc.
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	Allied VNC Inc.
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	ANG Central LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer

			
	ANG Cortez LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	ANG Eureka LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	ANG North LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	ANG Northeast LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	ANG Pony LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer

			
	Hasbrouck Production Company LLC
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	Hycroft Resources & Development, Inc.
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	Victory Exploration Inc.
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer
	
	Victory Gold Inc.
		
	By:	 	 /s/ Stephen M. Jones

	Name:	 	Stephen M. Jones
	Title:	 	Chief Financial Officer

			
	CONSENTING NOTEHOLDER
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 
			
	SECURED LENDER
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Schedule A 

 

			
	Lessor	  	Equipment Description
	CIT Financial LLC  	  	Komatsu 930E-4 Haul Truck – Serial # A31599
	CIT Financial LLC  	  	Komatsu 930E-4 Haul Truck – Serial # A31604
	Capital One Equipment Finance Corp. f/k/a All Points Capital Corp.	  	Hitachi EX5500-S6 Hydraulic Mining Shovel/Excavator, Serial No. HCM18N00J00001052

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