Document:

Exhibit
10.15

 

The Royal Bank of Scotland plc

 No 2214

Piraeus Branch

 

CONTRACT
FOR THE GRANTING OF CREDIT BY A CURRENT ACCOUNT

 

In Piraeus this 3 October 2005 between The Royal Bank of Scotland plc
of Edinburgh, Piraeus Branch, lawfully represented by Mr Fotis Bratimos
(hereinafter called “the Bank”) of the first part and Aegean Marine Petroleum
Network Inc (hereinafter called “the Borrower”) of the second part, Mr
Dimitrios Melissanides and Leveret International Inc (hereinafter called “the
Guarantor”) of the third part, it was mutually agreed as follows:

 

1. CREDIT

 

The Bank in consideration of
interest and commission grants to the Borrower credit up to the amount of US$
35,000,000.- (United States Dollars Thirty Five Million) (hereinafter referred
to as “the Credit”), to assist in the purchase by the Borrower of
approximately 8% of the outstanding shares from Leverel International Inc
representing the beneficial interest of the siblings of Mr Dimitrios
Melissanides in Aegean Marine Petroleum Network Inc and enabling Leveret to
re-purchase the 8% shareholding.

 

2. ACCOUNT

 

The present credit shall be
served by an open current account (hereinafter referred to as “the Account”)
between the Bank and the Borrower.

 

3. SERVICE
OF THE CREDIT

 

3.1. The
Borrower

 

3.1.1.
The Borrower may make use of the credit either by way of withdrawals of funds
directly by the Borrower or by cheques drawn by the Borrower on the Account or
by written orders to the Bank to make payments to third parties, such orders
being given either by letter or as a consequence of the opening of confirmed
credit, or by discounting of promissory notes or bills of exchange.

 

The aforementioned use of the
credit is made at the Borrower’s request for his own convenience and at his own
risk, while any forgery, or alteration or misuse of the cheque forms given to
the Borrower by the Bank or receipts of withdrawals or orders of his as well as
any forgery of the signature of the Borrower or the holder or the endorsee are
exclusively to the charge of the Borrower. Any payment made by the Bank on the
basis of such a forged, altered or misused cheque, receipt or order of the
Borrower is deemed to be legal and binding on the Borrower.

 

3.1.2.
The Borrower shall make use of the account in accordance with the rules,
regulations, conditions, limitations and purposes from time to time laid down
by the Currency Committee, of the Bank of Greece, any other competent authority
and the Bank

 

3.1.3.
Revolving use of the credit

 

The Borrower may repeatedly
make use of the credit under the following terms and conditions:

 

3.1.3.1.
The Borrower, without prejudice to c1. (3.1.3.2) and (3.2.3), is obliged to
deposit to the credit of the Account(s) the sums drawn from the Credit within
the time-limits set out by the Bank at the Bank’s own discretion and in
accordance with the specific or general rules and regulations of the Bank of
Greece or any other competent authority. In case of the Borrower defaults in
discharging this obligation, c1. (7.2) of the present deed will apply.

 

3.1.3.2.
In the event that the debit balance of the Account exceeds the agreed limit of
the Credit specified in c1. (1) herewith (overdraft) the Borrower shall deposit
immediately to the credit of the Account(s) an amount equivalent to the amount
overdraft otherwise the Bank is entitled, acting at its discretion to close the
account and call on the credit.

 

3.2. The
Bank

 

3.2.1.
The Borrower agrees that the Bank is entitled at its own discretion, at any
time to set off and compensate any claim of the Borrower towards the Bank,
regardless of the time and cause that gave rise to such claim, against any
indebtedness of the Borrower arising hereunder. The Borrower also agrees that
the Bank is entitled to debit the present account with any amount owed or due
to be owed at any time by the Borrower to the Bank for any reason whatsoever
either as primary obligor or as guarantor or otherwise.

 

3.2.2.
The Bank is entitled at any time at its own discretion and for any reason
whatsoever, even if there is no overdraft, to close definitively the Account
even prior use of it without having to give any notice to the borrower.

 

3.2.3.
The Bank is entitled without giving any notice to the Borrower either to
transfer the amount, which is not deposited according to c1. (3.1.3.2), to a
separate account (on which amount interest is due at the default interest rate
provided for by 5,4 of the present contract or to limit the credit and close
definitively the Current Account to an extent equal to the non-deposited amount
under the consequences set out in c1. (7.2). In the latter case the Borrower
may make further use of the credit in respect of the non-closed part

 

3.2.4.
The Bank may at any time unilaterally and according to its own book keeping and
accounting necessities divide the Account in several accounts or amalgamate
(consolidate) several accounts kept with the Bank pursuant to the present or to
other contracts.

 

3.2.5.
If the account should present any credit balance in favour of the Borrower, the
Bank shall pay the interest each time applicable for sight deposits.

 

1

 

4. PAYMENTS

 

4.1. The Borrower
(a) shall pay principal, interest, commission and any other amount payable
under this contract in New York Clearing House Funds, which at the date of
payment shall be immediately available to the credit of the account of Bank’s Piraeus
branch or any other branch or office that the Bank may specify, free and clear
of any deduction for any present or future tax, duty, levy, impost or any other
charge of similar nature which has been levied, asserted or paid to or on
account of the government of any country or political subdivision of them or
any tax authority except for the income Tax or Franchise Tax of the federal
Government of U.S.A., New York State, U.K. or any other political subdivision
of them, (b) shall pay U.S. Interest Equalization Tax and any stamp duty,
turnover tax, v.a.t., duty and charge either existing or imposed at any time in
the future, payable by or imposed to the bank or any other tax in relation to
the drafting, execution, delivery, performance of the Credit or any security
agreement which secures the indebtedness of the Borrower arising under this
contract. If the Bank pays any tax from the aforementioned, the Borrower shall
indemnify the Bank on demand.

 

4.2. If any change
in any law or regulation or in the interpretation thereof by any Government or
authority (a) subjects the bank to any tax, impost, duty, deduction or charge
whatsoever, (b) changes the basis of calculating the taxes on paid-off
principal and interest to the bank, except for the taxes on the net income of
the Bank, (c) imposes or modifies any reserve requirements against assets held
by or deposits in or for the account or loans by the Bank of Greece or (d)
imposes on the Bank any other condition with respect to the credit and the
result of the foregoing is to increase the cost to the Bank of making or
maintaining the Credit or to reduce the amount of principal or interest
receivable by the Bank hereunder, then the Borrower shall indemnify the Bank on
demand for such additional cost or reduction.

 

4.3. All taxes and
duties imposed or to be imposed on interest, commissions etc. shall be
exclusively to the charge of the Borrower and the Borrower shall therefore be
obliged to reimburse the Bank at the time of payment of the said interests,
commissions etc. for any amount paid by the Bank for the above reasons.
Furthermore, all taxes, duties and disbursements in general connected with the
conclusion, amendment or termination hereof, the operation of the account, the
payment of the Bank’s claims or arising out of any other cause whatsoever shall
also be exclusively to the charge of the Borrower and the Borrower shall be
obliged to pay all the said without further notice. In case of non-payment of
any of the above mentioned amounts, the Bank is entitled without any other
requirement to debit the Borrower’s account with the said amount and with
interest thereon at the contractual or at the overdue indebtedness rate, as the
case may be.

 

4.4. All expenses
and disbursements in relation with the drafting, conclusion, delivery and
enforcement of the contract and any other security agreement which secures the
obligations of the Borrower to the Bank, including the fees of the legal
advisors of the Bank appointed by the Bank in this and any other jurisdiction
in connection with actions provided for by the present contract as well as the
fees of any auditor, inspector, or other surveyor for any advice or service
which will be deemed necessary or expedient in connection with the conclusion
of the present contract and any other security agreement which secures the
credit and the maintenance or assessment of the security granted hereunder,
shall go to the charge of the Borrower and shall be reimbursable by him to the
Bank with interest at the default interest rate provided for by cl. 5.4 from
the moment on which the disbursement etc. incurred until the moment of actual
payment.

 

4.5. A flat fee of
US$ 8,000 (United States Dollars Eight Thousand) is payable by the Borrower on
the date of signing of this contract being commitment commission.

 

4.6. The Bank is
entitled to debit the disbursements, taxes, expenses etc. provided for in cl.
(4.1), (4.2), (4.3), (4.4) of the present contract to any account of the
Borrower kept at any of its branches.

 

5. INTEREST RATE CALCULATION

 

5.1. The Borrower is
obliged to pay interest at a rate equal to zero point forty five per cent
(0.45%) over one month Liber (the “Interest Rate”). The interest rate will be
refixed on the first Business Day of each month (in the present contract such
day means every day on which the Banks in Piraeus are open for domestic and
foreign exchange Business) and will be valid until it will be refixed again.
Interest shall be assessed on the amount of the Credit at any time unpaid and
on the basis of a year of 360 days and will be payable on the last Business Day
of each month, and on the final repayment date of the facility.

 

5.2. For
the purposes of the present contract, the Best Interest Rate for credits of
eurodollars vis-a-vis current account from Bank’s Piraeus branch to its best
customers means the arithmetic average (rounded upwards to the nearest one
eighth) increased by 2 percentage units of the rates at which 30 days
Eurodollar deposits are offered at the Banks’ Office in London by first class
banks in the London Interbank Market on each Monday and Tuesday of each week,
as such rates are offered to the Bank at 11:00 a.m. on the preceding
Thursday or Friday respectively. The Bank shall notify to the Borrower the
manner of fixing the rate of interest each time applicable on the credit.

 

5.3. The Bank’s
written notice to Borrower shall constitute prima facie evidence about the
level of rates of interest for Eurodollar deposits valid on the London
Interbank Market, the Borrower bearing thus the burden of proof that the
prevailing rate of interest is different. In any case, it is expressly agreed
that, if the written notice about the level of the rate of interest has been sent
from the Bank to the Borrower within 5 days from the aforementioned day of
refixing the rate of interest due on the credit and the Borrower has not within
10 days from the date on which such notice had been sent notified the Bank of
its objections, if any, against the rate of interest stated in the Bank’s
notice, then the Borrower shall be conclusively deemed to have accepted the
rate of interest applying each time on the Credit, no other means of evidence,
not even the oath, being permitted.

 

5.4. In the event that
the Borrower shall default on the payment for any reason whatsoever, pursuant
to cl. 7, the default interest shall be the above calculated, according to cl.
5.1 and 5.2, increased by 0.45%. On top of the Interest Rate the contribution
of Law 128/75 at 0.6% per annum (or whichever percentage is applied by the Bank
of Greece) shall be paid by the Borrower.

 

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6. BALANCE

 

6.1. The account
shall be periodically closed pursuant to Art. 112 of the Introductory Act to
the Civil Code on the 21st March, 21st June, 21st September and 21st December
of each year.  It is expressly agreed
that in the event that interest and commission due to the Bank have not been
paid by the above closing dates of the account which serves this present
credit, the above interest shall bear interest counting from the first day of
the delay.  The said interest over the
interest shall immediately and without any further requirement be added by the
Bank to the balance due, at semi-annual intervals, irrespectively by the said
act of the Bank the total amount due exceeds the credit granted by this
present.  In any case the provisions of
the article 112 of the Introductory Act to the Civil Code shall apply.

 

6.2. The Bank is
entitled unilaterally and according to its bookkeeping and accounting
necessities to charge the above maturity dates of interest and commission and
the dates of closing of the account, provided however that in such case the
account shall be closed at least every three months.

 

6.3. At the end of
calendar month the Bank shall send to the Borrower an exact copy of the
Borrower’s account, showing the movement thereof during the previous months as
well as the balance resulting quarterly at the periodical closing of the account.
Within the month following the end of each calendar quarter the Borrower must
notify the Bank in writing and against receipt of the non-reception by him of
the copy of his account or of his non-approval of the entries therein or the
balance thereof, as the case may be.  If
the Bank does not receive any such notification, it shall be deemed that the
Borrower has approved the entries and the quarterly balance; consequently the
balance of the Account shall be deemed to have been acknowledged in the sense
of Art. 874 of the Civil Code.  The fact
that the Borrower has not received a copy of the Account shall be evidence of exclusively
by the written proof that a notification in writing to the above effect was
addressed from the Borrower to the Bank within one month from each quarterly
closing of the Account; all other means of evidence, including even the oath,
shall be excluded.

 

6.4. The Borrower
agrees that excerpts, copies or photocopies of the Bank’s books, cheques
invalidated and returned to the Borrower and the monthly statements sent to the
Borrower and showing the movement of the account shall be conclusive evidence
of the relations between the Borrower arising out of the present contract and
of any indebtedness of the Borrower to the Bank.

 

7. REVOCATION OF CREDIT - DUE AND REPAYABLE -
DEFAULT

 

7.1. The Bank is
entitled at any time at its own discretion to revoke wholly or partially the
credit and to close definitively the account.

 

7.2. Apart from the
provisions of cl. (3.2.2), in the event that the credit is definitively closed,
the balance becomes immediately due and repayable and the Borrower shall
automatically fall in the position of a debtor with overdue debts pursuant to
cl. (5.4).  The Borrower is also entitled
at any time to discharge his indebtedness to the Bank and to request that the
account be definitively closed.

 

7.3. More Borrowers
are liable towards the Bank jointly and severally in full.  The default, the summoning, the negligence
and the judicial precedent in respect of one of the co-debtors, are
automatically binding and valid against the others.

 

8. CONNECTED CONTRACTS

 

8.1. Any particular
documents, additional deeds or contracts concerning the granting by the
Borrower to the Bank, of third party guarantees or other securities (as e.g.
pledges of goods or of documents of title) as security for the Bank’s claims
hereunder or arising out of any other cause, shall be deemed to constitute an
integral part hereof.  In case use is
made of the credit on payments by opening of confirmed credits or for the
performance of advance payments, the Bank shall, as from the payments of each
moneys, acquire the right of pledge on the goods covered by the bill of lading,
as provided in Art. 25 and 34 of the Legislative Decrees dated 17 July / 13 August
1923 re special provisions concerning stock companies, regardless of any
particular agreement concerning the pledging thereof.  Regardless of the above guarantees and
securities, the Bank is entitled to seek at any time to satisfy, its claims
against the Borrower out of any other assets of the Borrower.

 

8.2. Any negotiable
instruments for any reason endorsed payable to the order of the Bank or for any
reason delivered to the Bank shall not be deemed to have been endorsed or
delivered in lieu of any pre-existing debt or account, but they maintain their
individuality and the Bank shall be entitled to enforce all its rights arising
therefrom against all obligors thereunder, including the Borrower.

 

9. SECURITIES

 

9.1. As security of
the all abovementioned obligations, the borrower grants in favour of the Bank
XXXXXX for the amount of XXXXXX.

 

The amount secured by the above will at any time be due and repayable
on demand according to the provisions of cl. (3.2.2), (5.4), (6.1), (7.1),
(7.2) or (3.4) as well as in any other event of default or any breach of the
terms and conditions of the present contract.

 

9.2. The Bank is
entitled to request from the Borrower to grant in favour of the Bank as
security for any claim arising under the present contract and any future
increase of the amount of the credit as well as any overdraft facility, apart
from any other collateral securities, and a pledge over negotiable instruments
claims, or things, which cover the total value of Bank’s claims (as determined
in the above clauses).  The Borrower
consents that the Bank is entitled to sub-pledge or use, either in personam or
through an agent, the negotiable instruments, claims and things over which the
pledge in favour of the Bank is granted.

 

10. MORE ACCOUNTS

 

In case of closing of the credit the Account or kept in connection with
the said credit shall also be definitively closed and the Bank shall be
entitled to amalgamate (consolidate) all such Accounts into one single Account
by adding or otherwise setting off the balances thereof.  Regardless of such amalgamation
(consolidation), in case of enforcement and/or foreclosure, one consolidated
request for payment shall be served on the Borrower and it shall be accompanied
by an exact statement demonstrating the movement of the Account since the last
acknowledgement by the Borrower, the credit balance of the account or accounts
as well as the one

 

3

 

resulting from the addition or setting off of the balances of the other
accounts all being the definitive, consolidated and indivisible total of the
indebtedness resulting from the present credit, secured by all personal and
real securities granted as security thereof.

 

11. REPRESENTATIONS OF BORROWER

 

In the case that the physical
person or persons, who sign the contract in the name and on behalf of the
Borrower, should not have full power to act in the name and to bind the
Borrower, then the present contract shall be valid under the same terms for the
benefit of the said physical persons, who under Art. 231 of Civil Code, are in
such a case personally liable towards the Bank.

 

12.
GOVERNING LAW AND JURISDICTION

 

12.1
This Agreement shall be governed by and construed in accordance with the Greek
law and the parties irrevocably agree for the exclusive benefit of the Bank
that the Courts of Piraeus, Greece are to have jurisdiction to settle any
disputes which may arise out of or in connection with this Agreement and the
Security Documents and that accordingly any suit, action or proceedings arising
out of or in connection with this Agreement and the Security Documents may be
brought in the said Courts and the Borrower hereby irrevocably submits to the
jurisdiction of the aforementioned Courts.

 

12.2
Nothing contained in this clause shall limit the right of the Bank to take
proceedings against the Borrower in any other Court of competent jurisdiction
nor shall the taking of proceedings in one or more jurisdiction preclude the
taking of proceedings in any other jurisdiction whether concurrently or not.

 

12.3 The Borrower irrevocably
waives (and irrevocably agrees not to raise) any objection which he may have
now or subsequently to the laying of the venue of any proceedings in any such
Court as is referred to in this Clause and any claim that any such proceedings
have been brought in an inconvenient forum and further irrevocably agrees that
a judgement in any proceedings brought in any such Court as is referred to in
this clause shall be conclusive and binding upon the Borrower and may be enforced
in the Courts of any other jurisdiction.

 

12.4
This present contract is subject to:

 

a) the Bank’s regulations as
same may be at any time in force.

 

b) the provisions of the
Legislative Decree dated 17.7/13.81923 are special provisions for anonymous
companies,

 

c) any provisions concerning
granting a privilege to the Bank,

 

d) the relevant P.D.T.E and
resolutions of the Bank of Greece in force, and

 

e) all other provisions of the
Greek Law, as above.

 

12.5
Any service on the Borrower shall be deemed as properly made if made at the
following address: 42 Hatzikiriakou Ave. 18538 Piraeus, or if made to the
following representative (entikloitos) whom the Borrower hereby appoints for
the purpose of accepting service of process and documents that is XXXXX.  Any change to the above address and/or to the
above representative may be opposed to the Bank only after such change has been
notified in writing to the Bank by the Borrower as the case may be.  In case of absence of the Borrower or its
representative for service or in case of change of their address that has not
been made known to the Bank, the above facts being conclusively evidenced by
the statement of the Judicial Bailiff to the effect that he did not find them
without any further research and/or liability of the Bank, any service to be
made on them shall be properly made by delivering the document to the Clerk of
the Court of First Instance of Piraeus who is hereby appointed as
representative of the Borrower to accept service.  Finally, any service on the Bank shall be
made to its branch at 45, Akti Miaculi, Piraeus.

 

13.
NOTICES

 

Any service on the Borrower
shall deemed as properly made if made at the following address:

 

42 Hatzikiriakou Ave., 185 38, Piraeus,
or if made to the following representative whom the Borrower herby appoints for
the purpose of accepting service of process and documents: XXXXX

 

Any change in the above
addresses or in the above representatives may be opposed to the Bank only after
such change has been notified in writing to the Bank by the Borrower or the
Guarantor, as the case may be.  In case
of absence of the Borrower or their representative for service or in case of
change of their address that has not been made known to the Bank, (the above
facts being conclusively evidenced by the statement of the judicial bailiff to
the effect that he did not find them, without any further research required
and/or liability of the Bank), any service to be made on them shall be properly
made by delivering the document to the Clerk of the Court of First Insurance of
Piraeus, who is hereby appointed as their representative to accept service.

 

14.
PENALTY

 

14.1 The facilities granted and
under this present are subject to the decisions of the Monetary Authorities
related to the financing of the Economy as in force from time to time which the
Borrower declared that he is fully aware.

 

14.2 Following each drawdown of
the loan, as per the above, the Borrower shall execute, if necessary and at the
absolute discretion of the Bank, a declaration, the contents of which shall be
determined according to the decision to the Monetary Authorities in force from
time to time, and in which:

 

a) He will declare his
compliance with the financing terms as valid in his case.

 

4

 

b) He will undertake the obligation to pay penalty in favour of the
Greek State for any violation of the terms of his financing.

 

14.3 Given that the
said penalty is determined, as stated hereinabove, by the terms and the rates
in force from time to time according to the relevant decisions of the Monetary
Authorities, it is agreed that in case the said rates are increased or reduced
or other terms are added or are omitted, the new terms and rates shall apply,
as same will be determined by the relative decisions of the Monetary
Authorities.

 

15. FOREIGN EXCHANGE

 

It is stated that the present contract is executed and is denominated
in foreign exchange according to the Resolution 1558/12/17.4.70 of the Currency
Committee of the Bank of Greece. The amount of Credit will be drawn exclusively
from the Bank’s free foreign exchange funds abroad and the payment of
principal, interest and commissions by the Borrower will be in free foreign
exchange of New York and from his own free foreign exchange funds. Consequently,
the present contract and the collateral agreement, are not subject to stamp
duties according to Art. 6 of Legislative Decree 189/1973.

 

16. MISCELLANEOUS

 

16.1 All terms
hereof are essential and no complementation or amendment thereof shall be valid,
unless made in writing.

 

16.2 The Borrower
declares that he got knowledge of the contents of the terms and conditions of
granting of this loan as same are described by the particular provisions of the
laws, regulations, acts and decisions of the relative authorities in force
today, and the Borrower unconditionally and unreservedly declares that he is
aware of their contents and that he accepts same.

 

16.3 The Borrower
unconditionally and unreservedly waives the right to object and declare this
present null and void for any reason whatsoever particularly according to the
articles 138, 140 fol. 147 fol. 154, 177, 178 and 388 of Civil Code.

 

17. GUARANTEE

 

17.1 The Guarantor
hereby declares that he got knowledge of the relative contracts, applications
and additional deeds between, inter alia, the Bank and the Borrower, the terms
of which constitute an integral part hereof, he guarantees to the Bank in
favour of the Borrower the proper, punctual and on the whole fulfilment of all
the Borrower’s obligations to the Bank referred to in this present Loan
Agreement for the principal amount, interest, commissions and expenses in the
full extent provided for in Art. 851 of the Civil Code.

 

17.2 The Guarantor
further declares that he undertakes the said liability as primary obligor and
that he waives the rights of plea of excuse and division as well as any right
and/or objections arising out of Articles 853, 855, 862, 863, 866, 867, 868 and
869 of the Civil Code, as well as of any other objection brought against the Bank
including objections and personam or not of the Borrower against the Bank, and
that any acknowledgement by the Borrower of debts covered by the present
Guarantee shall be binding on the Guarantor as well.

 

17.3 The Guarantor
hereby irrevocably authorizes the Bank to bring any amount owed to the Bank by
the Borrower as well as any taxes, interests, commissions and expenses in any
way connected therewith to the debit of any existing or future account of the
Guarantor with the Bank, in any currency and with any branch of the Bank the
said account may be kept and/or to set off the said amounts from any claim of
the Guarantor against the Bank even though such claim may arise out of deposits
and/or remittances and the Guarantor hereby acknowledges as valid whatever the
Bank may do by virtue of its present authority.

 

17.4 The Guarantor
declares that he is also liable for ancillary obligations agreed between the
Bank and the Borrower even if the above obligations were due and payable at the
time of signing this present guarantee or the Guarantor was not aware of the
existence of the same at the time of signing this present guarantee.

 

17.5 The Guarantor
acknowledges that extracts, photocopies or microfilms of the Bank’s books or
statements issued by the Bank shall be conclusive evidence of any amount due to
the Bank.

 

17.6 Any notice or
communications to the Guarantor shall be deemed as validly made at the
following address: 42 Hatzilkiriakou Ave., 185 38, Piracus.

 

17.7 The Guarantor
shall hear all dues and expenses connected with the conclusion of this present
guarantee e.g. stamp duty, turnover tax, etc. The Guarantor agrees that the
Bank, in case the latter has advanced the above expenses, is entitled to bring
the relative amounts to the debit of the Guarantor’s account with the Bank.

 

17.8 If at any time
the Bank fails to exercise any of its rights hereunder or if any of the said
rights are exercised by the Guarantor with the consent of the Bank or if the
Bank shows any leniency towards the Guarantor at any time, it will not
constitute a waiver of the Bank’s rights not shall it prejudice the said rights
and the Bank shall not be hindered from acting in the future in strict
compliance with its rights hereunder.

 

17.9 The present
guarantee shall be valid even if the Borrower’s obligations to the Bank hereby
secured are considered by the Bank void or unenforceable for any reason
whatsoever. In that case the Guarantor expressly undertakes the obligation
towards the Bank as prime obligor and by way of indemnity for the same amount
for which the Guarantor would have been liable by way of guarantee, as if a
valid indebtedness or liability as between the Borrower and the Bank has been
created.

 

17.10 The present
security is given in addition to any other security the Bank has or may have
for the claims secured by this present and it does not affect such securities
nor is it affected by them.

 

17.11 The Guarantor
undertakes not to obtain or request any security encumbering the Borrower’s
assets without the prior written consent of the Bank.

 

5

 

17.12 The Guarantor
further undertakes not to demand payments of any amount due to him by the
Borrower unless all of the Borrower’s debts to the Bank secured hereby have
first been fully paid.

 

17.13 The Guarantor
declares that he got knowledge of the opening of the account(s) no.113011 in
the name of the Borrower with the Bank in connection with the said facility
granted to the Borrower by the Bank and that he waives any and all rights to accept
service of photocopies or extracts of the said account(s) and that he
unreservedly acknowledges any balance acknowledged by the Borrower.

 

17.14 The Guarantor
hereby irrevocably and unreservedly waives the right to object and request the
annulment of this present for any reason whatsoever particularly according to
the articles 138, 140 fol., 147 fol., 154, 177, 178 and 388 of the Civil Code.

 

17.15 The Bank
through its aforementioned representative accepts all the declarations of the
Guarantor and the contents of his guarantee.

 

 

	
  THE BORROWER

  	
   

  	
  THE GUARANTOR

  	
  THE BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  For the Royal Bank of
  Scotland plc,

  [ILLEGIBLE] Branch

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ AEGEAN MARINE

  	
   

  	
  /s/ DIMITRIOS MELISSANIDES

  	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  
	
  AEGEAN MARINE

  PETROLEUM NETWORK INC

  	
   

  	
  DIMITRIOS MELISSANIDES

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
   

  
	
   

  	
   

  	
  LEVERET INTERNATIONAL INC

  	
   

  
									

 

6Exhibit 10.16

 

SHORT TERM FINANCING AGREEMENT

 

THIS AGREEMENT is made the 7th day of October 2005.

 

BETWEEN:

 

1.               Leveret International
Inc., a Liberian Corporation of 80 Broad street, Monrovia, Liberia (hereinafter
the “Lender”)

 

2.               Baltic Navigation
Company of Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960,
Marshall Islands (hereinafter the “Borrower”).

 

WHEREAS :

 

The Borrower has requested the Lender to make
available to it a short term financing of USD 620,000 (Six Hundred and Twenty Thousand),
(hereinafter called the “Facility”), which the Lender agreed to grant on the
following terms and conditions:

 

A.           TERMS OF FACILITY

 

a.               The Lender makes
available to the Borrower the Facility to be used for the finance the payment
of the 10% deposit for the acquisition of the motor tanker “OMEGA AF DONSO”,
IMO No.8027200 from Messrs PARTEDERIET for Omega Af Donso of Sweden as per
Memorandum of Agreement dated 7 October 2005. The Facility will bear no
interest at all.

b.              The Borrower hereby
acknowledges states and confirms receipt of the Facility.

c.               The Facility is
repayable upon Lender’s first written demand for the repayment of the Facility
in part or in whole not later than four (4) months as of today.

 

B.             REPRESENTATIONS AND
WARRANTIES

 

The Borrower hereby represents and warrants to
the Lender, that:

 

a.               The Borrower is a
company duly organized and validly existing and in good standing under the laws
of the Republic of Marshall Islands and has the corporate authority to
own/acquire assets and carry out its business and other activities as they are
now or in the future going to be conducted.

 

 

b.             The Borrower has the
power to enter into and perform this Agreement and to authorize the execution
of this Agreement and any other documents related thereto.

c.              This Agreement
constitutes legally binding obligation of the Borrower and is enforceable in
accordance with its terms.

d.             The Borrower has the
legal ability to undertake towards the Lender the repayment of the Facility
upon Lender’s first demand in whole or in part(s) in foreign exchange in any
part of the world and in Greece and the Borrower has and/or will have in Greece
available funds of its own or through its affiliate companies or through
further banking borrowing facilities in foreign exchange free and not subject
to any mandatory assignment to the Bank of Greece, pursuant to any provisions
of any law, decision or regulation of any governmental body or other regulatory
authority and out of such funds the Borrower may without any restrictions whatsoever
effect payments to the Lender in connection with this Agreement.

 

C.             LAW/JURISDICTION

 

a.               This Agreement shall
be governed and construed in all respects in accordance with the laws of
Greece.

b.              All disputes under
this Agreement including enforcement proceedings and the taking of any
conservative measures are submitted to the exclusive jurisdiction of the Courts
of Piraeus.

 

IN WITNESS whereof these presents were issued the date
first above written.

 

	
  THE LENDER

  	
  THE BORROWER

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Dimitrios Melisanidis

  	
   

  	
  By:

  	
  /s/ Apostolos Manitsas

  	
   

  
	
  Dimitrios Melisanidis

  	
  Apostolos Manitsas

  
						

 

2

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